Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, totaling HKD 27.27 billion on November 28, with notable net purchases in stocks like Alibaba, Pop Mart, and Xiaomi [1][2]. Group 1: Northbound Trading Activity - Northbound trading through Stock Connect recorded a net purchase of HKD 27.27 billion, with HKD 9.33 billion from the Shanghai Stock Connect and HKD 17.94 billion from the Shenzhen Stock Connect [1]. - The most purchased stocks included Alibaba-W (09988) with a net inflow of HKD 10.94 billion, Pop Mart (09992) with HKD 5.49 billion, and Xiaomi Group-W (01810) with HKD 4.7 billion [4][5]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a total trading volume of HKD 44.08 billion, with a net inflow of HKD 8 billion, driven by the launch of its new AI product, Quark AI Glasses S1 [2][4]. - Pop Mart (09992) benefited from government initiatives to promote consumer goods, resulting in a net inflow of HKD 2.08 billion [5]. - Xiaomi Group-W (01810) saw a net inflow of HKD 3.66 billion, supported by its recent share buyback program totaling over HKD 12 billion this month [5]. - Other notable stocks included Meituan-W (03690) and Tencent Holdings (00700), which received net inflows of HKD 4.7 billion and HKD 2.62 billion, respectively [6]. Group 3: Net Sell-offs - The stocks with the highest net sell-offs included Semiconductor Manufacturing International Corporation (00981) and Zijin Mining (02899), with net outflows of HKD 3 billion and HKD 2.81 billion, respectively [6]. - The semiconductor sector continues to face selling pressure, as evidenced by the net sell-off of Huahong Semiconductor (01347) amounting to HKD 1.23 billion [6].

Core Insights - The global deployment of China's large models is accelerating, with Tencent's Hunyuan 3D creation engine officially launching its international site, allowing users to create high-quality 3D works through text descriptions, images, and sketches [1] Group 1: Hunyuan 3D Model Overview - Hunyuan 3D is Tencent's self-developed generative AI model, recognized for its strong performance among developers and 3D creators, with over 3 million downloads in its community, making it one of the most popular 3D open-source models globally [2] - The Hunyuan 3D series has evolved through multiple versions since its first model was open-sourced in November 2024, significantly improving generation effects and modeling precision [2] - The latest version, Hunyuan 3D 3.0, introduces a 3D-DiT hierarchical sculpting model, enhancing modeling precision by three times compared to previous versions, supporting 1536³ geometric resolution and 3.6 billion voxel ultra-high-definition modeling [2] Group 2: Applications and Benefits - Generative AI is transforming 3D content creation, reducing the production cycle from days or weeks to minutes by allowing users to generate 3D models with simple text prompts or a few images [3] - The platform supports various input methods, including text-to-3D, image-to-3D, and sketch-to-3D, enabling users to create models quickly and accurately [6][8] - Hunyuan 3D has been adopted across multiple industries, including game development, 3D printing, product design, industrial design, education, and jewelry design, significantly streamlining workflows and enhancing user engagement [12][13]

Core Viewpoint - Tencent Holdings announced a share buyback plan, investing HKD 636 million to repurchase 1.039 million shares at a price range of HKD 609 to HKD 616.5 per share [1] Summary by Category Company Actions - Tencent Holdings will execute a share buyback on November 28, 2025, with a total expenditure of HKD 636 million [1] - The buyback involves repurchasing 1.039 million shares at prices between HKD 609 and HKD 616.5 per share [1]

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11月28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） ...

Core Viewpoint - The collaboration between Fangzhou Yunkang and Tencent Health aims to integrate technology and practical scenarios to provide comprehensive support for the "AI + Chronic Disease Management" solution, promoting the intelligent, compliant, and efficient transformation of the internet healthcare industry [1][2]. Group 1: Policy Empowerment - The recent policies from the 20th Central Committee of the Communist Party of China emphasize the implementation of "Artificial Intelligence +" actions, accelerating the integration of AI in the healthcare sector [2]. - The joint initiative by Fangzhou Yunkang and Tencent Health responds to these policies, aiming to enhance the accessibility and quality of healthcare services through AI [2]. Group 2: Technological Integration - Fangzhou Yunkang's "AI + H2H (Hospital to Home) Smart Medical Ecosystem" combines its expertise in chronic disease management with Tencent Health's advanced technological capabilities, creating a robust solution for the industry [3]. - The "AI + Chronic Disease Management" solution leverages Tencent Health's TI platform for efficient model optimization, aligning closely with real business needs [3]. Group 3: Performance and Impact - The effectiveness of the solution is evidenced by a significant 2.4 times increase in the user base for AI functionalities on the platform in October, indicating strong growth [4]. - Features like the "Report Interpretation" function on the Jianke Doctor APP address common patient challenges, enhancing user engagement and platform dependency [4]. - The AI Health Steward provides 24/7 health consultations and intelligent triage, while the AI Medication Assistant offers a photo recognition feature, improving service efficiency and user experience [4]. Group 4: Future Outlook - The company plans to deepen strategic collaborations with Tencent Health and other industry partners to continuously optimize the "AI + Chronic Disease Management" solution, aiming to provide smarter and more reliable services [5].

Core Insights - Tencent's investment of €1.16 billion in Ubisoft's subsidiary Vantage Studios marks a significant collaboration in the AAA gaming sector, allowing Tencent to acquire a 26.32% economic stake while Ubisoft retains full control [1] - The newly formed Vantage Studios integrates major Ubisoft IPs and a large development team, with a valuation of €3.8 billion, exceeding Ubisoft's current market value [1] Group 1: Ubisoft's Financial Situation - The investment is crucial for Ubisoft, which has a net debt of €1.2 billion and has faced technical defaults on loans, alongside disappointing sales of key titles [2] - By establishing Vantage Studios, Ubisoft aims to secure funding for debt repayment and restructure its development process to enhance creative autonomy and explore IP extensions in film and esports [2] - CEO Yves Guillemot emphasizes the goal of this initiative is to secure a ten-year development window for core IPs, with leadership by family members to stabilize the team and resist external acquisitions [2] Group 2: Tencent's Strategic Goals - Tencent's investment strategy is driven by the need to enhance its presence in the AAA gaming sector, where it currently has a shortfall, despite generating ¥197.7 billion in gaming revenue in 2024 [3] - The investment provides Tencent with strategic advantages, including technological collaboration and access to Southeast Asian markets, while maintaining a non-controlling stake to avoid regulatory issues [3] - Tencent's establishment of a dedicated cooperation department and appointment of experienced personnel for IP operations indicates a commitment to deepening its involvement with Ubisoft [3] Group 3: Industry Dynamics and Challenges - The transaction represents a "East-West fusion" experiment in the AAA gaming industry, with both companies aiming to overcome cultural and operational barriers [4] - Potential risks include regulatory scrutiny from the EU regarding control transfer, challenges in team stability due to industry competition, and possible cultural conflicts in game development [4] - The success of this partnership will depend on balancing Tencent's commercial approach with Ubisoft's creative vision, with the upcoming release of "Assassin's Creed: Dynasty" serving as a critical test [5]

国家知识产权局信息显示，腾讯科技（深圳）有限公司取得一项名为"弹窗显示的控制方法及装置"的专 利，授权公告号CN115933920B，申请日期为2021年8月。 天眼查资料显示，腾讯科技（深圳）有限公司，成立于2000年，位于深圳市，是一家以从事软件和信息 技术服务业为主的企业。企业注册资本200万美元。通过天眼查大数据分析，腾讯科技（深圳）有限公 司共对外投资了15家企业，参与招投标项目274次，财产线索方面有商标信息5000条，专利信息5000 条，此外企业还拥有行政许可574个。 作者：情报员 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 ...

Core Insights - The National Press and Publication Administration released information on the approval of domestic online games for November 2025, issuing a total of 184 licenses, including 178 domestic and 6 imported games [1] - The number of game licenses issued in November set a new annual high, with a total of 1,624 licenses granted in 2025 so far, surpassing the total of 1,416 licenses issued in 2024 [1] - Notable companies such as Tencent, Perfect World, Bilibili, and others received approvals for key products, including Tencent's "No Man's Land" and Perfect World's "New Zhu Xian: Light Enjoy" [1] Group 1: Game Approvals - A total of 184 online games received licenses in November, marking a significant increase in the number of approvals compared to previous months [1] - The cumulative number of game licenses issued in 2025 reached 1,624, with 1,532 for domestic games and 92 for imported games [1] - The approval of 184 games includes several key products from well-known companies, indicating a robust market for new game releases [1] Group 2: Specific Game Insights - Bilibili's new game "Shining! Luming" is likely a pet-catching and nurturing game, marking Bilibili's entry into the pet game segment [2] - The competitive landscape for pet-catching games is intense, with major players like miHoYo and NetEase also launching similar titles [4] - "Star Sand Island," developed by Seed Lab, is a farming simulation game set to release in February 2026 on multiple platforms, highlighting the popularity of life simulation games [4] Group 3: Imported Games - The imported game "Rhythm Source Point" is the domestic version of the popular music game "Arcaea," known for its unique 3D gameplay and high reputation among players [5]

近日，杭州智诊科技有限公司（以下简称"智诊科技"）与腾讯云在2025腾讯云城市峰会无锡峰会期间正式签署战略合作协议。双方将在"AI+医疗健康"领域 展开深度合作，凭借智诊科技的技术优势和腾讯云的数字化技术及生态产品，共同构建开放、安全的AI医疗基础设施，推动智慧医疗的落地与普惠应用。 在智诊科技首席运营官王锋，腾讯云副总裁、产业生态合作业务负责人杨晨，智诊科技产品总监罗龙生，腾讯云渠道售前总经理尹晟宇，腾讯云东区渠道总 经理徐泳泽等的共同见证下，智诊科技市场总监惠靖博与腾讯云东区渠道总监尤仙仙代表双方签署战略合作协议。 此次合作不仅是双方技术与资源的高度互补，也将携手迈向以"AI+医疗健康"为核心的全新发展阶段。未来，智诊科技与腾讯云将持续深化合作，共同构建 开放、安全、智能的医疗健康服务体系，让AI医疗惠及更多民众。 来源：鲁网 在大模型训练方面，腾讯云将基于高性能算力基础设施、星脉高性能计算网络、CFS Turbo存储与AI原生算力平台，为智诊科技提供高效、稳定的模型训练 与推理环境，保障 WiseDiag 大模型的持续优化与快速迭代。 在生态协同方面，腾讯云将依托微信及企业微信的生态连接能力，助力智诊科 ...

Core Viewpoint - The collaboration between Ark Health and Tencent Health marks a new development phase in the domestic chronic disease management sector, providing comprehensive support for technological validation, scenario implementation, and large-scale deployment in the industry [1][5]. Group 1: AI and Chronic Disease Management - The "AI + Chronic Disease Management" solution is based on Ark Health's effective practices in the field, demonstrating significant value through substantial business data, with a 2.4 times increase in AI function experience user volume in October [1][2]. - The AI technology effectively addresses user pain points, such as the common difficulty patients face in understanding medical reports, leading to increased user engagement and trust in the AI functionalities [2][3]. Group 2: Technical Foundation and Security Measures - The solution is built on a solid technical foundation, utilizing Tencent Health's TI platform to create a large model base, enabling efficient fine-tuning and continuous optimization of models [3][4]. - Ark Health has implemented multiple security measures to ensure reliable application in the sensitive medical field, including knowledge base optimization and compliance upgrades to mitigate risks associated with large models [2][3]. Group 3: Industry Collaboration and Policy Response - The partnership aims to integrate Ark Health's AI capabilities with Tencent Health's comprehensive service capabilities, facilitating safe, efficient, and compliant digital upgrades for industry partners [3][5]. - This collaboration aligns with recent policy initiatives from the National Health Commission and other departments to promote and regulate the application of AI in healthcare, positioning AI medical solutions as a vital component of public health infrastructure [5]. Group 4: Future Outlook - Ark Health plans to continue driving technological innovation and deepen collaborations with Tencent Health and other industry partners, aiming to enhance chronic disease management services towards greater efficiency, precision, and accessibility [5].