Market Overview - The Hang Seng Index (HSI) closed at 26,523.97, down by 20.88 points or 0.08% as of September 18, 16:00 Eastern Time [1] - The index reached a high of 26,568.27 and a low of 26,422.86 during the trading session, with a trading volume of 74.7354 million [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 108.106, up by 0.85% compared to the Hong Kong closing price [2] - Tencent Holdings closed at HKD 642.805, reflecting a slight increase of 0.13% from the Hong Kong closing price [2] Individual Stock Movements - Tencent Holdings saw a decrease of HKD 19.500, or 2.95%, with an ADR price of 642.805 [3] - Alibaba Group (ADR) decreased by HKD 3.200, or 1.98%, with an ADR price of 157.960 [3] - HSBC Holdings increased by HKD 0.600, or 0.56%, with an ADR price of 108.106 [3] - China Construction Bank decreased by HKD 0.190, or 2.42%, with an ADR price of 7.641 [3] - AIA Group saw a decline of HKD 1.300, or 1.74%, with an ADR price of 73.536 [3] - NetEase experienced a drop of HKD 6.000, or 2.44%, with an ADR price of 237.834 [3] - Hong Kong Exchanges and Clearing fell by HKD 14.000, or 3.06%, with an ADR price of 446.269 [3] - Ping An Insurance decreased by HKD 1.500, or 2.69%, with an ADR price of 54.170 [3] - JD.com saw a decline of HKD 2.400, or 1.76%, with an ADR price of 137.583 [3] - Kuaishou Technology dropped by HKD 1.850, or 2.37%, with an ADR price of 72.913 [3]

Core Viewpoint - Internet platform companies are experiencing a surge in stock prices, driven by increased investments in AI, while simultaneously ramping up bond financing to support these investments [1][7]. Group 1: Stock Performance - Tencent Holdings' stock reached a high of 664.50 HKD on September 18, marking its highest point since March 2021, with other companies like Alibaba and Baidu also seeing significant stock price increases [1]. - The overall trend indicates a strong market interest in internet companies, particularly those investing in AI technologies [1]. Group 2: Bond Issuance - Tencent announced plans to issue bonds totaling 9 billion RMB, with various maturities and interest rates, marking its first bond issuance since April 2021 [2]. - Baidu plans to issue offshore bonds worth 4.4 billion RMB, with proceeds aimed at general corporate purposes, including debt repayment [2]. - Alibaba has also been active in the bond market, planning to issue approximately 3.2 billion USD in zero-coupon convertible bonds [3]. Group 3: Financial Strategy - Internet companies are leveraging their strong cash flows to issue bonds, which is seen as a strategy to optimize debt structure and lock in low interest rates [4][5]. - The current low interest rate environment allows these companies to reduce financing costs by issuing bonds instead of equity [6]. - Historical data shows that companies often issue bonds during low interest periods to enhance capital efficiency, as seen with Apple during similar conditions [6]. Group 4: AI Investment - The integration of AI into business operations is accelerating, with major internet companies expected to increase capital expenditures significantly by 2025 [7]. - Alibaba plans to allocate 80% of the proceeds from its bond issuance to enhance cloud infrastructure, indicating a strong focus on AI and technology upgrades [7]. - The demand for funding in AI and other advanced sectors is driving these companies to utilize bond issuance as a key financing method [7].

Core Insights - Tencent Cloud is focusing on two main strategic directions: "intelligentization" and "globalization," with AI empowerment for customers and international business as key priorities [1][2] Intelligentization Engine - The intelligentization engine is divided into two main aspects: accelerating AI application scenarios and enhancing intelligent agent deployment [3][4] - For C-end applications, the daily active users (DAU) of Yuanbao have entered the top three among domestic AI native applications, while the QQ browser's AI monthly active users have increased by 17.8 times since April [4] - For B-end applications, the user base for Tencent Meeting's AI features has grown by 150% year-on-year, and the AI programming tool CodeBuddy supports 50% of Tencent's new code generation, improving development efficiency by over 16% [4][5] Globalization Engine - Tencent Cloud's international business has achieved high double-digit growth over the past year, with the number of overseas customers doubling [2][6] - The company plans to upgrade its international strategy in three areas: infrastructure, technology, and services. It has established 11 regional offices and 9 global technical support centers [2][6] - Over 90% of internet companies and 95% of leading gaming companies going abroad have chosen Tencent Cloud [2][6] Multi-modal and 3D Model Progress - Tencent Cloud has launched the mixed Yuan 3D 3.0 model, which has tripled modeling accuracy compared to the previous version [7] - The company introduced a one-stop tool, Mixed Yuan 3D Studio, for professional 3D producers, covering seven core processes applicable in game development, animation production, and industrial design [7] - The production efficiency of 3D assets has significantly improved, reducing the generation cycle from 5-7 days to just a few minutes using the Mixed Yuan 3D AI production pipeline [7]

Company Updates - Tencent held the 2025 Global Digital Ecosystem Conference on September 16, announcing advancements in AI technologies and products, and committing to fully open its AI capabilities to accelerate the implementation of "usable AI" [1] - The latest release of the mixed Yuan 3D 3.0 model has improved modeling accuracy by three times, supporting ultra-high-definition modeling with 3.6 billion voxels, applicable in gaming, animation, and industrial design [1] - Tencent is adapting to domestic chips and integrating various types of chips through a heterogeneous computing platform, aiming to provide cost-effective AI computing services [1] Industry Insights - Tencent's B/C-end applications are expanding, with its Yuanbao app ranking in the top three for daily active users among domestic AI-native applications, and the IMA knowledge base surpassing 100 million files [2] - The user base for AI features in Tencent Meeting has increased by 150% over the past year, while the AI programming tool CodeBuddy supports 50% of new code generation internally, reducing coding time by 40% and improving development efficiency by over 16% [2] - Tencent Cloud's AI Agent development platform has been upgraded to version 3.0, supporting multiple intelligent agent development frameworks, which enhances Tencent's own agent development and strengthens its ecosystem partnerships [2] Profit Forecast and Valuation - The company maintains its revenue and profit forecasts for 2025/2026, with a target price of HKD 700, corresponding to 23x/20x 2025e/2026e Non-IFRS P/E, indicating an 8.5% upside potential from the current stock price [2]

凤凰网科技讯 9月18日，有网友分享了一串能帮助微信"去重瘦身"的Python代码，专门针对微信"每一次转发都会重新保存一份"的情况，删除重复的 文件。 对此，腾讯微信员工"客村小蒋"回应："非常不建议这么做，没用，而且可能带来不好的后果。这里有挺大的误解：1）微信并没有对多次转发的同一 个文件重复存储，电脑里看到的同文件名加(1)、(2)，是硬链接，实际只有一份真实存储；2）这里的代码，是通过名字重复来判断，非常粗暴，删除之 后，可能导致原来消息打不开，还存在误删可能性。" 所以从理论上来说,直接编写一个删除重复文件的程 序, 就能搞定微信这个易胖体质, 代码来自"木人 舟"同学■▶ import os import stat import re import tkinter as tk from tkinter import filedialog import send2trash def delete_file(folder_path): pattern = re.compile(r'.*\(\d\).*') filelist=os.listdir(folder_path) matchfilelist= ...

近日，国际投行相继上调多只中国股票目标价，阿里巴巴、腾讯、百度、比亚迪等企业均获看好。 与此同时，国际资本也在积极加仓中国科技板块，其认为，在AI、机器人、生物科技等前沿领域，中国已具备全球竞争力，股市估值修复窗口正在打 开。 18日，高盛发布最新观点，称维持对A股和H股的超配评级，并预测未来12个月两个市场的潜在上行空间分别为8%和3%。 高盛：维持中国股市超配评级 当前市场属于盘整而非反转 9月18日，高盛研究部首席中国股票策略分析师刘劲津及团队发表最新观点称，维持对A股和H股的超配评级，预测未来12个月两个市场的潜在上行空间分 别为8%和3%；建议投资者逢低吸纳，看好"中国民营企业十杰"、AI、反内卷及股东回报等主题。 高盛表示，本轮由估值及流动性驱动的股市上涨在全球资本市场均有所体现。长期看上涨需要盈利支持，但"流动性"是所有上涨趋势的必要条件。当前， A股形成向上趋势的条件较此前更好。本轮中国市场的上涨中，基本面支撑也是贡献因素之一。中国主要指数的盈利在今年及明年仍将维持中高个位数增 长趋势。 作为衡量境内风险偏好的综合指标，高盛构建的A股散户情绪指标显示，当前市场更多属于盘整而非反转。估值方面，多 ...

Core Viewpoint - Recent bond issuance by internet platform companies has attracted significant market attention, driven by increased investments in AI [1] Group 1: Bond Issuance Trends - Tencent announced plans to issue a total of RMB 90 billion in bonds, with maturities ranging from 5 to 30 years and interest rates between 2.10% and 3.10% [2] - Baidu plans to issue offshore RMB-denominated bonds worth RMB 44 billion, with proceeds aimed at general corporate purposes, including debt repayment [2] - Alibaba has also been active in the bond market, planning to issue approximately USD 3.2 billion in zero-coupon convertible bonds and completing a HKD 12.023 billion zero-coupon exchangeable bond issuance [3] Group 2: Financial Strategy - Tencent's bond issuance may serve as refinancing for upcoming debt maturities, despite having sufficient cash flow to cover these obligations [4][5] - The current low-interest-rate environment allows internet companies to lock in lower funding costs through bond issuance, which is seen as a strategic move to optimize debt structure [5][6] Group 3: AI Investment Focus - The increasing bond issuance is linked to the need for funding AI investments, with a projected capital expenditure of USD 32 billion by major Chinese internet firms by 2025, up from USD 13 billion in 2023 [7] - Alibaba plans to allocate approximately 80% of the proceeds from its bond issuance to enhance cloud infrastructure, while the remaining 20% will support international business expansion [7] - The growing demand for funds to support AI initiatives is making bond issuance a vital financing channel for internet companies [7]

Core Insights - Tencent and Alibaba's market capitalization has recently surpassed four-year highs, reflecting restored confidence in the Chinese tech industry [1] - The strong rebound in stock prices is driven by robust performance and strategic upgrades, alongside a favorable macroeconomic environment [1] - Both companies are investing heavily in AI and cloud infrastructure, with Alibaba committing 380 billion yuan over three years and Tencent reporting capital expenditures of 83.16 billion yuan since accelerating its AI strategy [2] Group 1: Financial Performance and Market Position - Tencent and Alibaba reported steady revenue and profit growth in their Q2 financial results, indicating a solid recovery [1] - Alibaba's Tongyi model holds a 17.7% market share in China's enterprise-level large model market, ranking first [1] - The competitive landscape is intensifying, with companies like JD.com and Meituan entering the "instant retail war" [1] Group 2: Strategic Initiatives and Industry Trends - Both companies are restructuring their organizations and strategies to solidify their core businesses while seeking new growth engines [2] - The focus on AI as a mainstream trend is evident, with major players like Tencent, Alibaba, and Baidu adopting an open and collaborative approach to innovation [3] - The emergence of AI, domestic substitution trends, and significant changes in consumer behavior present new and relatively equitable opportunities for both giants and startups [4] Group 3: Responsibilities and Industry Impact - Tencent and Alibaba, as industry benchmarks, are expected to take on greater responsibilities and contribute more to the ecosystem due to their substantial resources and influence [4]

| 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.09.18 | 84.80 | 664.000 | 636.000 | 55033.11 | | 2025.09.17 | 83.90 | 663.500 | 645.500 | 55088.19 | | 2025.09.16 | 85.30 | 649.000 | 641.000 | 55057.88 | | 2025.09.15 | 85.60 | 648.000 | 637.500 | 55088.04 | | 2025.09.12 | 85.20 | 649.000 | 642.000 | 55043.65 | | 2025.09.11 | 87.40 | 633.000 | 624.000 | 55048.01 | | 2025.09.10 | 86.60 | 638.500 | 628.500 | 55042.11 | | 2025.09.09 | 88.30 | 627.500 | ...

Core Insights - On September 18, Hong Kong Broadband made its first appearance on the active trading list of Hong Kong Stock Connect in nearly a month [2] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 763.71 billion, accounting for 36.27% of the day's total trading amount, with a net buying amount of HKD 33.31 billion [2] Trading Activity Summary - The top traded stock was Alibaba-W with a trading volume of HKD 210.72 billion, followed by SMIC and Tencent Holdings with trading volumes of HKD 140.50 billion and HKD 91.65 billion, respectively [2] - Over the past month, Alibaba-W and Tencent Holdings were the most frequently listed stocks, appearing 23 times, indicating strong interest from Hong Kong Stock Connect funds [2] Hong Kong Broadband Performance - On the day of its first listing, Hong Kong Broadband had a trading volume of HKD 26.49 billion and a net buying amount of HKD 4.28 billion, with its stock price increasing by 68.55% [2]