FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 騰訊控股有限公司 呈交日期： 2025年9月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 00700 | 說明 | | | | | | | | 多櫃檯證券代號 | 80700 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [4]. Core Viewpoints - The report highlights the potential growth of the game "Delta Action" within the FPS market, indicating that it has the potential to carve out a new growth path [4]. - The FPS market remains a significant segment, with a stable monthly market size of approximately 1-1.5 billion in China, driven by a new generation of players [11][14]. - The "Loot Extraction" genre is identified as having greater growth potential compared to other FPS sub-genres, with the report suggesting that it is becoming a key differentiated sub-category within the shooting game ecosystem [22][39]. Summary by Sections Industry Performance - The FPS market is characterized by a stable user base and strong monetization capabilities, with shooting games accounting for 13.89% of revenue among the top 100 mobile games in 2024 despite only representing 5% of the total number of products [11][14]. Game Analysis - "Delta Action" has shown strong performance metrics, ranking first in downloads on iOS in April and May 2025, and achieving a monthly active user (MAU) count of 38.63 million by June 2025 [4][42]. - The game has successfully integrated classic IP value and innovative gameplay, filling a market gap for high-tactical, resource-driven experiences [5][6]. Market Trends - The report notes that the "Loot Extraction" genre is evolving, with significant contributions from major developers like Tencent and NetEase, indicating a trend towards lighter, localized adaptations of this genre [36][39]. - The report emphasizes the importance of continuous updates and operational optimizations, which have helped "Delta Action" maintain a top position in the mobile game sales rankings [52].

Core Viewpoint - The article discusses a recent incident where multiple users reported that their WeChat accounts posted content without their knowledge, raising concerns about the app's security and privacy features [1][2][12]. User Experience - A user named Wang Ran experienced an unexpected post on her WeChat account, which included a photo and text that she did not authorize [1]. - Other users also reported similar incidents, with some claiming their accounts posted content while they were not actively using their devices [5][6][7]. WeChat's User Base and Functionality - WeChat has grown to become a national-level application in China, boasting approximately 1.411 billion monthly active users, significantly outpacing competitors like Douyin and Taobao [1][14]. - The app serves multiple functions beyond messaging, including mobile payments, content reading, gaming, and e-commerce [1]. Security Concerns - Users expressed heightened concerns about the security of their accounts, especially given the app's strong real-name verification system, which ties users' identities closely to their accounts [1][14]. - WeChat staff indicated that they had not received widespread reports of bugs or security issues, suggesting that the incidents may be isolated [2][12][14]. Investigation and Response - WeChat's team reviewed logs from affected accounts and found that the posts were made through the normal publishing process, raising questions about potential accidental triggers [9][13]. - Users were encouraged to upload their logs for further investigation, but privacy concerns limited the data available for analysis [13]. Public Reaction - The incidents sparked a significant online discussion, with many users sharing their experiences on platforms like Xiaohongshu, leading to a broader conversation about WeChat's reliability [4][12]. - Some users faced skepticism regarding their claims, with suggestions that they might be fabricating stories or experiencing psychological issues [9][10].

Core Viewpoint - The article discusses the recovery and growth of the Chinese internet sector, highlighting a 47% increase in the China Internet ETF since early 2025, emphasizing the importance of patience and strategic investment during challenging times [4][5][6]. Group 1: Historical Context and Recovery - The Chinese internet sector faced significant challenges over the past three years, including regulatory pressures and market sentiment issues, leading to a decline that tested investors' beliefs and strategies [4][5]. - The author previously addressed concerns about the potential collapse of the Chinese internet industry, asserting that while some companies may falter, the overall sector is unlikely to disappear due to its deep integration into daily life [7]. - The recovery of the sector is likened to a "smile curve," illustrating the importance of time and common sense in investment [6]. Group 2: Interest Rate Cycle and Valuation - The article explains that interest rates significantly influence the valuation of technology sectors, with rising rates increasing costs and pressuring growth assets, while falling rates create a more favorable environment for valuations [10][11]. - Recent actions by the Federal Reserve, including a rate cut from 4.25-4.5% to 4-4.25%, signal a shift towards a more accommodative monetary policy, which could benefit growth sectors like the internet [12][13]. - The historical context of post-pandemic monetary easing is referenced, noting that it previously led to a rapid recovery in technology and internet asset valuations [14]. Group 3: Safety Margin and Current Valuation Strategies - The article recommends using the Price-to-Sales (PS) ratio for evaluating the Chinese internet sector, as traditional Price-to-Earnings (PE) ratios may not accurately reflect the volatility of early-stage companies [16]. - Current PS and PE ratios indicate that the sector is undervalued, with a PS of 3.04 and a PE of 21.65, suggesting a favorable safety margin compared to historical averages [19][20][26]. - A comparative analysis shows that the Chinese internet sector has a lower valuation relative to other technology indices, indicating a potential investment opportunity [27]. Group 4: Investment Strategy and Recommendations - The article emphasizes the importance of maintaining a diversified portfolio and managing positions carefully, especially during market fluctuations [8][9]. - Investors are advised to remain patient and not be swayed by short-term market movements, with a focus on long-term strategies and safety margins [28][29]. - For those unfamiliar with the sector, caution is advised, and starting with broader indices may be a prudent approach [30].

Core Viewpoint - Feiyu Technology has entered a significant partnership with Tencent to develop a new mini-game based on Tencent's IP, with a production cost of 12.5 million yuan, marking a new phase in their collaboration [1][2]. Group 1: Partnership Details - The agreement requires Feiyu Technology to meet tight deadlines: a game development plan in one month, a test version in three months, and a commercial version in seven months [1]. - The payment structure is linked to project milestones: 30% upon signing, 40% after the development plan, and the final 30% after the commercial version is delivered [1]. - Tencent indirectly holds approximately 14.97% of Feiyu Technology's issued share capital, establishing a strong capital foundation for the partnership [2]. Group 2: Strategic Implications - This collaboration allows Feiyu Technology to learn from Tencent's development processes, enhancing its technical capabilities and experience in mini-game development [2][5]. - The partnership is expected to improve Feiyu Technology's reputation in the industry and foster long-term collaboration opportunities with Tencent [2][4]. - Feiyu Technology's recent success with its mini-game "One Step Two Steps," which reached the 8th position on the WeChat mini-game sales chart, demonstrates its potential in this market [1]. Group 3: Market Reaction - Following the announcement, Feiyu Technology's stock price surged over 10%, indicating strong investor confidence in the partnership's long-term value [3]. - The market's positive response reflects optimism regarding Feiyu Technology's mini-game strategy and future performance [4]. Group 4: Future Prospects - The collaboration may lead to more projects between Feiyu Technology and Tencent, enhancing Feiyu's position as a stable partner for future opportunities [5]. - Feiyu Technology plans to extend product lifecycles and initiate overseas promotion starting in Southeast Asia, leveraging the experience gained from this partnership [4].

Core Viewpoint - Tencent has launched an AI assistant called "Yuanbao," which can be triggered by users in the latest version of WeChat by entering "@Yuanbao + your question" in the comment section of public accounts and video accounts [1] Group 1 - The AI assistant supports Tencent's mixed model and DeepSeek dual model [1]

小红书、微博、抖音等平台更像是"公共舆论广场"。相比之 下，微信使用强实名制，用户的身份与手机联系人、亲朋好友 等现实社交圈子紧密绑定，微信好友间是基于现实身份的强关 系模式，这也使得用户对微信账号的安全性提出了更高的要 求。 作者： 陈月芹 9月9日以前，王冉从来没有怀疑过微信的安全性。 这一天，她在小红书上发帖称遇到了"微信离谱事件"：当天7:22，她的微信在没人操作的情况下发出了一条全公开的朋友圈，配文"三天了"，配图是手 机相册里6月份拍摄的一张照片。 而3天前正是2025年中元节。或许是因为提到"微信隐私安全"和"中元节奇幻事件"等标签，这条帖子点赞数超5000，评论接近3000条，部分网友在评论 区晒出自己也遇到过的微信朋友圈"幽灵发帖"经历。 自2011年诞生以来，微信一步步发展成为国民级应用，凭14.11亿的月活用户数和抖音、淘宝等拉开绝对差距。它不仅是一款即时通讯和社交软件，还 覆盖了移动支付、内容阅读、游戏、电商购物等功能。 在高度实名化规则下，一个人的微信账号相当于个人数字身份，用户通过微信进行社交、工作、生活缴费、衣食住行等，几乎没有匿名"隐身"的空间， 一言一行都代表其本人。 经济观 ...

Group 1 - The core viewpoint is that Chinese internet companies have room for valuation recovery, trading at 22x FY25E PE compared to 29x for overseas counterparts, indicating a significant discount [1] - The domestic internet and software sector is expected to see an EPS growth of 17% by 2026, slightly lower than the 21% growth for overseas counterparts, but still attractive from a valuation perspective [1] - Major Chinese internet companies are positioned to enhance internal efficiency and external competitiveness, suggesting potential for revaluation of their investment portfolios [1] Group 2 - The liquidity trend in the Chinese stock market (A+H market) is improving, and the narrative around AI is becoming more positive [1] - The performance of the semiconductor and cloud infrastructure sectors in the US has shown higher earnings and valuation elasticity, with AI software applications expected to match hardware sector growth in the medium to long term [1] - Companies like Alibaba, Baidu, Microsoft, Tencent, and Kuaishou are highlighted as having strong growth potential driven by cloud business and AI applications [1] Group 3 - The market shows increased enthusiasm for AI-related investments, driven by better-than-expected revenue growth in cloud services from Chinese internet companies and advancements in large model capabilities [2] - Notable developments include Baidu's release of the Wenxin large model X1.1 and Alibaba's next-generation model Qwen3-Next, which have improved performance while reducing training costs [2] - The focus on Chinese chip companies is rising, with significant advancements reported by Alibaba's T-head in AI PPU chips, enhancing market sentiment [2] Group 4 - AI applications are expected to significantly impact revenue growth in cloud computing and advertising sectors, with notable year-on-year growth reported for major companies in Q2 2025 [3] - For instance, Alibaba and Baidu's cloud computing revenues grew by 26% and 27% respectively, while Tencent and Kuaishou's advertising revenues increased by 20% and 13% [3] - The commercialization of AI is also progressing, with Kuaishou's AI revenue projected to reach 9.5 million yuan for FY25, and Salesforce's AI business showing substantial growth in annual recurring revenue [3]

Core Viewpoint - The article discusses a recent incident where multiple users reported that their WeChat accounts posted content without their knowledge or consent, raising concerns about the app's security and privacy features [2][4][10]. User Experiences - A user named Wang Ran reported that her WeChat account posted a public moment at 7:22 AM on September 9 without her interaction, leading to widespread discussion on social media about similar experiences [2][4]. - Other users also shared their experiences of unexpected posts, including a user from Liaoning and another from Guangdong, who encountered similar issues on the same day [5][6][7]. WeChat's Response - WeChat representatives stated that they had not received reports of a large-scale bug affecting the app, emphasizing that with the user base of approximately 1.411 billion, any significant issue would have resulted in numerous complaints [3][11]. - The WeChat team suggested that the unexpected posts could be due to accidental touches or misoperations, as logs indicated that the posts were made through the normal publishing process [8][10]. Privacy and Security Concerns - The article highlights the strong association between WeChat accounts and users' real identities, which raises the stakes for privacy and security concerns among users [11]. - Users expressed fears about the potential for account hacking or other security breaches, especially given the app's role in personal and financial transactions [9][10]. Social Media Reactions - The incident sparked significant discussion on platforms like Xiaohongshu, with many users sharing their own experiences and some questioning the authenticity of the reports [4][8]. - Some users suggested that the original poster might be fabricating the story, leading to debates about mental health and the reliability of user accounts [8][9]. Conclusion - The article underscores the importance of user trust in WeChat's security measures, especially as it serves as a critical platform for communication and transactions in China [11].

Group 1 - The Ministry of Culture and Tourism plans to launch a variety of quality products, special activities, and discount measures during the National Day holiday combined with the Mid-Autumn Festival [1] - Over 25,000 cultural and tourism consumption activities will be held across the country during the consumption month [1] Group 2 - CITIC Securities indicates that Hong Kong stocks are expected to stabilize and achieve positive growth in H1 2025, with net profit margins and ROE remaining at high levels [1] - The earnings outlook for Hong Kong stocks is optimistic, with a projected turning point in earnings growth for H2 2025 [1] - The Hong Kong consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, encompassing leading companies in internet e-commerce and new consumption sectors [1]