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]

深市港股通前十大成交活跃股中，成交额居首的是阿里巴巴-W，成交金额79.09亿港元；其次是中芯国 际、腾讯控股，成交金额分别为50.05亿港元、35.31亿港元。以净买卖金额统计，有9只股为净买入，净 买入金额最多的是阿里巴巴-W，净买入8.95亿港元，该股收盘下跌1.98%。净卖出金额最多的是华虹半 导体，净卖出4.20亿港元，收盘股价上涨8.62%。（数据宝） 9月18日港股通成交活跃股 9月18日恒生指数下跌1.35%，报收26544.85点，全天南向资金通过港股通渠道合计净买入62.88亿港 元。 证券时报·数据宝统计，9月18日港股通全天合计成交金额为2105.50亿港元，成交净买入62.88亿港元。 具体来看，沪市港股通成交金额1337.66亿港元，成交净买入19.07亿港元；深市港股通成交金额767.84 亿港元，成交净买入43.82亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，阿里巴巴-W成交额为131.63亿港元，成交金额居 首；其次是中芯国际、腾讯控股，成交金额分别为90.44亿港元、56.34亿港元。以净买卖金额统计，泡 泡玛特净买入额为7.43亿港元，净买入金额居首，该股收盘 ...

Market Overview - On September 18, the Hang Seng Index fell by 1.35%, with southbound trading totaling HKD 210.55 billion, comprising HKD 108.42 billion in buying and HKD 102.13 billion in selling, resulting in a net buying amount of HKD 6.28 billion [1] Southbound Trading Details - Southbound trading through the Shenzhen Stock Connect had a total trading amount of HKD 76.78 billion, with buying at HKD 40.58 billion and selling at HKD 36.20 billion, leading to a net buying of HKD 4.38 billion [1] - The Shanghai Stock Connect recorded a total trading amount of HKD 133.77 billion, with buying at HKD 67.84 billion and selling at HKD 65.93 billion, resulting in a net buying of HKD 1.84 billion [1] Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total trading amount of HKD 210.72 billion, followed by SMIC and Tencent Holdings with HKD 140.50 billion and HKD 91.65 billion respectively [1] - In terms of net buying, Meituan-W led with a net buying amount of HKD 14.12 billion, followed by Alibaba-W with HKD 12.10 billion and Pop Mart with HKD 12.07 billion [1] - The stock with the highest net selling was Hua Hong Semiconductor, with a net selling amount of HKD 11.65 billion, while Tencent Holdings and SMIC had net selling amounts of HKD 4.18 billion and HKD 2.77 billion respectively [1] Continuous Net Buying - Two stocks, Alibaba-W and Meituan-W, have seen continuous net buying for over three days, with Alibaba-W having a total net buying of HKD 561.01 billion over 20 days and Meituan-W with HKD 49.01 billion over 4 days [2]

作者 | 周以 统筹 ｜ 王浩天 视觉 | 顾芗 过去一年，如果我们纵观全球企业的风云动态并重新复盘，不难发现，国际化都是大家坚定不移的锚 点。 在企业走向国际化的过程中，云服务商通过提供在国内反复验证过的、高可用的经验和技术，能够快速 提高企业出海的效率和质量。也因此我们看到，过去这一年多，各大云厂商都在国际化上集体发力，坚 定按下加速键。 腾讯云的动作尤其迅速。这个一贯以"稳"著称的云厂商，如今在海外展现出极强的进攻性和进取心，海 外开区速度全行业最快；大量产品快速推出国际版、适配海外技术生态和全球客户需求。 腾讯云与智慧产业事业群"掌门人"汤道生，在会上略带自豪地说，腾讯云国际化业务，过去三年实现 了"高双位数"的增长，远远超过中国公有云市场的平均增速；服务客户数也比去年再增长一倍，不仅有 国内知名企业，也包括印尼最大的互联网公司Goto、泰国正大、法国电信等海外当地龙头企业；同时， 90%以上的互联网企业和95%以上头部游戏公司，出海都选择了腾讯云。 腾讯集团高级执行副总裁、云与智慧产业事业群CEO汤道生 国际化已然与智能化一起，构成了腾讯To B 业务增长的双引擎。腾讯Q2财报显示，腾讯金融科技与企 ...

近期，互联网平台公司频频发债募资备受市场关注。 腾讯控股9月18日的股价一度攀升至664.50港元，创2021年3月以来新高，距离历史最高价近在咫尺，阿 里巴巴、百度集团等互联网企业的股价也接连攀升，创下阶段新高。 资本热捧的背后，是互联网大厂在AI领域的投资不断加大。今年9月以来，腾讯控股、百度集团、阿里 巴巴等互联网企业纷纷发力债券融资，加码AI投资布局。 受访人士认为，多数互联网企业现金充足却进行债券融资，背后既是优化债务结构，锁定低利率的战略 布局，也是加码AI基础设施投入，为长期业务发展储备弹药的重要举措。 掀起发债热潮 锁定低息资金 数据显示，从腾讯控股目前债务情况来看，公司有一笔10亿美元的债券将于2026年1月到期，另一笔5亿 美元的票据将于2026年4月到期。为此，有市场分析人士认为，此次腾讯控股发新债可能是为了到期债 务提供再融资。 不过，以腾讯控股当下的充沛现金流状况来看，公司的现金流足以覆盖到期债务，到期兑付毫无压力。 对此，债券行业资深分析人士向证券时报记者表示，以人民币计价的点心债融资成本低，流动性好，为 发行方提供融资便利，点心债发行吸引力增强。 当前债券市场利率处于历史低位，该 ...

近期，互联网平台公司频频发债募资备受市场关注。 腾讯控股9月18日的股价一度攀升至664.50港元，创2021年3月以来新高，距离历史最高价近在咫尺，阿里巴巴、百度集团等互联网企业的股价也接连攀升，创下 阶段新高。 资本热捧的背后，是互联网大厂在AI领域的投资不断加大。今年9月以来，腾讯控股、百度集团、阿里巴巴等互联网企业纷纷发力债券融资，加码AI投资布局。 受访人士认为，多数互联网企业现金充足却进行债券融资，背后既是优化债务结构，锁定低利率的战略布局，也是加码AI基础设施投入，为长期业务发展储备弹药 的重要举措。 掀起发债热潮 9月17日，腾讯控股发布公告称，公司已与经办人就根据计划发行本金总额人民币90亿元的票据订立认购协议，票据预期将于9月23日发行。 对此，债券行业资深分析人士向证券时报记者表示，以人民币计价的点心债融资成本低，流动性好，为发行方提供融资便利，点心债发行吸引力增强。 其中，腾讯计划发行金额20亿元2030年9月23日到期的5年期票据的年利率为2.10%，发行金额60亿元；2035年9月23日到期的10年期票据的年利率为2.50%， 发行金额10亿元；2055年9月23日到期的30年期票 ...

Core Insights - The dim sum bond market is transitioning from rapid expansion to stable growth, with a total issuance of 771.4 billion yuan this year, representing a year-on-year decline of 10.79% [1][2] - The diversity of issuers in the dim sum bond market is increasing, with notable entries from emerging industries, shifting the traditional focus from financial and municipal investment entities [1][3] - Major tech companies like Tencent and Baidu have recently issued dim sum bonds, attracting market attention and indicating a trend among internet giants to utilize this financing avenue [1][4] Issuance Trends - In 2024, the total issuance of dim sum bonds is projected to reach 1.27 trillion yuan, marking a new high despite a decrease in issuance scale compared to last year [2] - The issuance of dim sum bonds has accelerated since August, likely due to the expansion of the southbound bond connect, with nearly 200 billion yuan issued in this period [2][3] - The current outstanding dim sum bonds amount to approximately 1.69 trillion yuan, with nearly half issued by financial institutions [2] Market Dynamics - The net increase in issuances from real estate and financial sectors has been negative, while other industries, including technology and utilities, have shown significant growth in issuance [3] - The ongoing AI boom is driving capital expenditure among global tech giants, including domestic internet companies, which may further enhance the attractiveness of dim sum bonds for financing [3][4] - The expansion of the southbound bond connect is expected to continue to boost the appeal of the dim sum bond market for companies looking to finance overseas operations [4]

Company News - China Pacific Insurance (02601.HK) reported original insurance premium income of 217.05 billion yuan for the first eight months, a year-on-year increase of 13.2%. The original insurance premium income for Taiping Property Insurance was 142.809 billion yuan, a year-on-year increase of 0.4%. The total original insurance premium income is approximately 360 billion yuan [2] - Datang Renewable (01798.HK) achieved a cumulative power generation of approximately 23.53 million megawatt-hours in the first eight months, an increase of 13.04% year-on-year. In August, the power generation was 2.169 million megawatt-hours, a year-on-year increase of 27.5% [2] - Green Energy Technology Group (00979.HK) issued a profit warning, expecting an annual net loss of approximately 15 to 18 million Hong Kong dollars [2] - Timekeeper (02033.HK) issued a profit warning, expecting a loss attributable to shareholders of approximately 17 million Hong Kong dollars for the fiscal year 2025 [2] - Fuhong Hanlin (02696.HK) completed the administration of the first patient in Australia for the international multi-center phase II clinical study of HLX43 for the treatment of advanced non-small cell lung cancer (NSCLC) [2] - IFBH (06603.HK) entered into a foreign exchange contract with Citibank [2] Buyback Activities - Tencent Holdings (00700.HK) repurchased 848,000 shares at a cost of 550 million Hong Kong dollars, with buyback prices ranging from 636 to 664 Hong Kong dollars [3] - HSBC Holdings (00005.HK) repurchased 1.48 million shares at a cost of approximately 158 million Hong Kong dollars, with buyback prices between 106.4 and 106.9 Hong Kong dollars [3] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately 23.8 million Hong Kong dollars, with buyback prices ranging from 118.5 to 119.6 Hong Kong dollars [3] - MGM China (02282.HK) repurchased 1.2 million shares at a cost of 18.758 million Hong Kong dollars, with buyback prices between 15.50 and 15.77 Hong Kong dollars [3]

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company being analyzed [5]. Core Insights - The company has successfully integrated AI capabilities into various applications, significantly enhancing user experience and operational efficiency. The AI native application "Yuanbao" has become one of the top three in terms of daily active users (DAU) in China [1]. - The company has launched the "Tencent Cloud Intelligent Agent Strategy" to enhance its AI solutions, introducing nearly 600 new features and over 12 mainstream models to improve decision-making and execution capabilities across various industries [2]. - The integration of AI into SaaS applications has led to substantial productivity improvements, with over 40% of new code generated by AI and a 34% increase in monthly delivery rates for programmers [3]. - The company's international business is experiencing high double-digit growth, with a significant increase in the number of global customers, indicating a strong push towards globalization [4]. Summary by Sections AI Integration and Development - The company has enhanced its AI application "Yuanbao," which has become a leading AI native application in China, with a significant increase in user engagement across multiple platforms [1]. - The introduction of the Tencent Cloud Intelligent Agent Strategy aims to create a robust ecosystem for AI applications, with a focus on improving the accuracy and reliability of AI-driven processes [2]. - The company has released over 30 new models in the past year, focusing on low-cost models to accelerate industry adoption, with the Tencent Mixed Yuan 3D model achieving high popularity in the open-source community [3]. SaaS and Productivity Enhancements - AI capabilities have been integrated into core SaaS applications, resulting in a notable increase in efficiency, with AI generating a significant portion of new code and improving task review processes [3]. - The accuracy of AI in contract compliance checks has improved significantly, reducing risks and speeding up the review process [3]. Global Expansion - The company's international business has seen substantial growth, with a doubling of global customer numbers and a strong preference for Tencent Cloud among leading internet and gaming companies [4]. - The company is focused on enhancing its global infrastructure and service capabilities to support its international strategy [4].

Core Insights - The rapid adoption of AI large models is driving exponential growth in global computing power demand, positioning companies that provide effective computing solutions as key players in the market [2] - Tencent's cloud division has made significant strides in adapting to mainstream domestic chips and optimizing software and hardware integration, reinforcing its long-term strategy in AI infrastructure [2][4] - Tencent is prioritizing the development of its own AI models and enhancing its vast business operations over aggressively competing for market share in the AI sector [2][4] Group 1: AI Infrastructure and Growth - Tencent Cloud's revenue from To B services is projected to achieve double-digit growth, reaching 55.5 billion yuan by Q2 2025, with its overseas customer base doubling in the past year [4] - The demand for AI-related services, including GPU leasing and API token usage, has accelerated Tencent Cloud's revenue growth in Q2 this year [5] - Tencent's capital expenditure for AI-related business development reached 83.16 billion yuan as of Q2 this year, indicating substantial investment in AI infrastructure [5] Group 2: AI Product Development and Strategy - Tencent Cloud has established a comprehensive product matrix around large models, including foundational infrastructure, self-developed models, and intelligent application platforms [8] - The company is focusing on enhancing user experience and expanding application scenarios for its AI products, such as Yuanbao, which has seen a significant increase in daily user inquiries [10][11] - Tencent's AI applications are becoming integral to its core business growth, driving performance in sectors like gaming and advertising [11][12] Group 3: Market Position and Valuation - Tencent's stock price has recently reached a nearly four-year high, with market capitalization approaching 6 trillion HKD, reflecting positive investor sentiment towards its AI strategy [3][12] - The integration of AI capabilities into Tencent's offerings is seen as a critical factor for market re-evaluation of technology companies, with AI becoming a key indicator of value [12]