Group 1 - The Tencent Charity Foundation has initiated its first batch of donations amounting to 10 million HKD for emergency relief efforts in Tai Po, Hong Kong [1] - The funds will be allocated for urgent needs such as emergency rescue, transitional housing, supply of living materials, and emotional support for affected residents [1] - The foundation will continue to monitor the disaster situation and collaborate with various parties based on the needs arising from the disaster [1]

据了解，《剑星》今年 6 月登陆 PC 后在 Steam 表现强劲，刷新索尼单机游戏在 PC 端的同时在线人数 纪录。（IT之家） Shift Up 此前对该作的定位是"次文化跨平台作品"，创意灵感来自"东方幻想"。 Level Infinite 曾在 2022 年发行《胜利女神：妮姬》，而 Shift Up 随后凭借索尼发行的《剑星》在全球 大获成功。 双方在联合声明中表示，Level Infinite 希望依托 Shift Up 在《胜利女神：妮姬》与《剑星》上的成功经 验，为全球玩家带来新一代游戏体验。声明同时说明，双方已进一步扩大合作范围，包括发行与共同开 发。 【#剑星开发商与腾讯达成合作#，将共同打造虚幻5跨平台新游】《剑星》开发商 Shift Up 昨天宣布将 与腾讯展开合作，由腾讯旗下 Level Infinite 负责发行新作 Project Spirits。 Project Spirits 为跨平台游戏，计划登陆 PC、主机与移动端，由 Shift Up 与腾讯关联企业永星互动采用 虚幻引擎 5 共同制作。该项目早期代号为 Project Witches，之后统一更名为 Project S ...

Core Viewpoint - The Hong Kong technology sector is experiencing a strong rally, driven by multiple favorable factors including increased expectations for Federal Reserve interest rate cuts and improved market liquidity, alongside significant revenue growth in Alibaba's cloud business and a resurgence in AI focus [1]. Group 1: Market Performance - As of November 27, 2025, the CSI Hong Kong Stock Connect Technology Index (931573) has seen a strong increase, with notable gains in constituent stocks such as Huahong Semiconductor (up 5.36%), Kangfang Biotech (up 4.89%), and Li Auto (up 3.87%) [1]. - The Hong Kong Technology ETF (159751) has risen by 0.73%, marking its fourth consecutive increase, with the latest price reported at 1.1 HKD [1]. Group 2: Influencing Factors - The recent rally in the Hong Kong technology sector is attributed to the anticipated easing of monetary policy by the Federal Reserve, which is expected to enhance liquidity in the market [1]. - The combination of the Federal Reserve's halt on balance sheet reduction and the relaxation of SLR regulations is expected to limit liquidity pressure in the medium term [1]. Group 3: Index Composition - The CSI Hong Kong Stock Connect Technology Index comprises 50 large-cap technology companies with high R&D investment and revenue growth, reflecting the overall performance of leading technology stocks within the Hong Kong Stock Connect [1]. - As of October 31, 2025, the top ten weighted stocks in the index include Alibaba-W, Tencent Holdings, and SMIC, collectively accounting for 66.81% of the index [2].

Summary of Conference Call on AI Infrastructure and Related Industries Industry Overview AI Data Center (AIDC) - China's AIDC market experienced a significant surge in the second half of 2025, driven by rapid AI adoption and advancements in domestic chip technology [1][7] - ByteDance's token usage increased dramatically from 4 trillion in February to 30 trillion in September 2025 [1][7] - AIDC investments are primarily led by cloud vendors, telecom operators, and third-party firms, with construction costs ranging from RMB 17,000 to 23,000 per kW [1][8][9] - Major players like ByteDance, Tencent, and Huawei are actively pursuing new data center projects, including a notable 800MW park for ByteDance [1][10] Liquid Cooling - Liquid cooling technology in China has low adoption rates, remaining below 10% in 2025, compared to over 3,000 units deployed overseas [2][14] - The market for liquid cooling is projected to grow at a 64% CAGR from 2025 to 2030, with penetration expected to rise from 10% in 2025 to 45% by 2030 [2] - Cold plate systems dominate the liquid cooling market with a 90% share, while immersion cooling faces high costs and lacks standardization [2][15] - Domestic competition is intense, leading to significant price gaps; CDU pricing ranges from US$10 to 230 per kW [2][16] Optical Fiber - China accounts for approximately 50% of global fiber demand, with projections of 260 million fiber-km domestically and 568 million globally by 2025 [3][19] - The optical cable market is expected to grow at a 5% CAGR, with a shift towards high-end products like G654E fiber and hollow-core fiber [3][20] - Profitability in the optical fiber market is concentrated upstream, with preforms contributing 70% of profits, fiber 20%, and cables only 10% [3][22] - Intense domestic competition has led to price reductions, making it challenging for smaller players to survive [3][21] Key Insights AIDC Developments - The AIDC market is rebounding due to broader AI applications across various sectors, including manufacturing and healthcare [7] - Domestic chips are being commercially deployed, although they still lag behind NVIDIA's technology [7] - The construction of training clusters in western China is part of the "Eastern Data, Western Computing" strategy [8] Liquid Cooling Market Dynamics - The domestic AI market is in an early stage of rapid growth, with server memory prices tripling [13] - Liquid cooling systems are becoming critical components of the data center value chain, with export opportunities emerging [11][18] - Future growth in liquid cooling will depend on cost reductions and advancements in microchannel technology [2][18] Optical Fiber Market Trends - The demand for fiber optic communication is projected to reach nearly 170 million fiber-kilometers in 2025 [19] - Export opportunities are concentrated in Southeast Asia, while Europe and North America present challenges due to trade barriers [20] - Emerging technologies like hollow-core fiber and multi-core fiber are expected to enhance competitiveness in the market [21] Conclusion - The AIDC, liquid cooling, and optical fiber industries are poised for significant growth driven by technological advancements and increasing demand for AI applications. However, challenges such as intense competition and reliance on imported components may impact profitability and market dynamics in the near future.

Summary of Key Points Core Viewpoint - A total of 40 companies conducted share buybacks on November 26, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent on buybacks. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.022 million shares for a total of 636 million yuan, representing 0.848% of its total share capital for the year [1][2] - Xiaomi Group-W (01810) repurchased 7.5 million shares for 301 million yuan, accounting for 0.230% of its total share capital [2] - China Petroleum & Chemical Corporation (00386) repurchased 11 million shares for 48.64 million yuan, which is 0.160% of its total share capital [2] - China Merchants Industry Holdings (01919) repurchased 3 million shares for 39.93 million yuan, representing 1.812% of its total share capital [2] - Kuaishou-W (01024) repurchased 400,000 shares for 27.49 million yuan, accounting for 0.128% of its total share capital [2] Group 2: Other Notable Buybacks - Vitasoy International (00345) repurchased 3.962 million shares for 26.62 million yuan, which is 0.951% of its total share capital [2] - China Feihe (06186) repurchased 2.3 million shares for 9.49 million yuan, representing 2.019% of its total share capital [2] - Guosheng Tang (02273) repurchased 227,300 shares for 6.79 million yuan, accounting for 3.983% of its total share capital [2] - Weigao Group (01066) repurchased 160,000 shares for 901,200 yuan, which is 4.440% of its total share capital [3] - Kangchen Pharmaceutical (01681) repurchased 131,000 shares for 1.96 million yuan, representing 13.300% of its total share capital [3]

格隆汇勾股大数据显示，腾讯控股(00700)、小米集团-W(01810)、美的集团(00300)、顺丰控股(06936)、 中国石油化工股份(00386)、中远海控(01919)、快手-W(01024)、VITASOY INT'L(00345)、德康农牧 (02419)、速腾聚创(02498)、金山软件(03888)、中国飞鹤(06186)、固生堂(02273)、富智康集团(02038)、 碧桂园服务(06098)、昊海生物科技(06826)、网龙(00777)、MONGOL MINING(00975)、布鲁可 (00325)、津上机床中国(01651)、北森控股(09669)、蒙牛乳业(02319)、明源云(00909)、名创优品 (09896)、康臣药业(01681)、多点数智(02586)、联易融科技-W(09959)、绿城服务(02869)、威高股份 (01066)、博雅互动(00434)、粉笔(02469)、朝聚眼科(02219)、希玛医疗(03309)、微泰医疗-B(02235)、叮 当健康(09886)、家乡互动(03798)、畅捷通(01588)、汇通达网络(09878)、首佳科技(新)(00 ...

Core Insights - The top three companies by Hong Kong Stock Connect shareholding ratios are China Telecom (72.63%), Power Assets Holdings (70.19%), and GCL-Poly Energy Holdings (69.17%) [1] - The companies with the largest increase in shareholding amounts over the last five trading days are Universal Gold Group (+12.088 billion), Alibaba Group Holding Limited (+6.346 billion), and Tencent Holdings (+3.004 billion) [1][2] - The companies with the largest decrease in shareholding amounts over the last five trading days are SMIC (-1.278 billion), Ganfeng Lithium (-0.558 billion), and Innovent Biologics (-0.518 billion) [2] Hong Kong Stock Connect Shareholding Ratios - China Telecom (00728): 10.081 billion shares, 72.63% [1] - Power Assets Holdings (01635): 0.375 billion shares, 70.19% [1] - GCL-Poly Energy Holdings (01330): 0.280 billion shares, 69.17% [1] - Other notable companies include: - Hengtian International Investment (01341): 74.74 billion shares, 68.90% [1] - China Shenhua Energy (01088): 2.276 billion shares, 67.38% [1] Recent Increases in Shareholding - Universal Gold Group (03939): +12.088 billion, +37.96584 million shares [2] - Alibaba Group Holding Limited (09988): +6.346 billion, +4.09920 million shares [2] - Tencent Holdings (00700): +3.004 billion, +0.48492 million shares [2] - Other companies with significant increases include: - Yinhua Fund (02800): +2.182 billion, +8.36760 million shares [2] - Kuaishou Technology (01024): +1.750 billion, +2.54847 million shares [2] Recent Decreases in Shareholding - SMIC (00981): -1.278 billion, -1.85636 million shares [2] - Ganfeng Lithium (01772): -0.558 billion, -1.13178 million shares [2] - Innovent Biologics (01801): -0.518 billion, -0.54621 million shares [2] - Other companies with notable decreases include: - WuXi Biologics (02269): -0.513 billion, -1.60715 million shares [2] - New China Life Insurance (01336): -0.435 billion, -0.92361 million shares [2]

Short Selling Ratios - Geely Automobile-R (80175), Kuaishou-WR (81024), and JD Health-R (86618) have the highest short selling ratios at 100.00% each [1][2] - China Ping An-R (82318) has a short selling ratio of 89.61%, while SenseTime-WR (80020) and China Resources Beer-R (80291) follow with 89.27% and 75.13% respectively [2] Short Selling Amounts - Alibaba-SW (09988) leads in short selling amount with 3.768 billion, followed by Meituan-W (03690) at 2.272 billion and Xiaomi Group-W (01810) at 1.584 billion [3] - Tencent Holdings (00700) and AIA Group (01299) also feature in the top five with short selling amounts of 1.242 billion and 0.582 billion respectively [3] Short Selling Deviation Values - China Ping An-R (82318) has the highest deviation value at 64.42%, indicating significant divergence from its historical short selling average [4] - Geely Automobile-R (80175) and Kuaishou-WR (81024) follow with deviation values of 56.33% and 40.21% respectively [4] - Baidu Group-SWR (89888) also shows a notable deviation value of 36.29% [4]

Key Points - On November 24, Alibaba-W (09988), Tencent Holdings (00700), and Kuaishou-W (01024) ranked the top three in net inflow of southbound funds, with net inflows of 4.06 billion, 1.168 billion, and 817 million respectively [1] - In terms of net outflow, SMIC (00981), CNOOC (00883), and Hua Hong Semiconductor (01347) led the market with net outflows of -1.033 billion, -380 million, and -336 million respectively [1] - In terms of net inflow ratio, Tuhu-W (09690), Yuexiu Transport Infrastructure (01052), and China Resources Beverage (02460) topped the market with ratios of 65.44%, 57.38%, and 53.66% respectively [1] - Conversely, China International Marine Containers (02039), Zhongzhou Securities (01375), and Zoomlion Heavy Industry (01157) had the highest net outflow ratios at -58.23%, -44.11%, and -43.10% respectively [1] Top 10 Net Inflow Stocks - Alibaba-W (09988) had a net inflow of 4.06 billion, representing a 13.22% increase, closing at 154.500 (+4.67%) [2] - Tencent Holdings (00700) saw a net inflow of 1.168 billion, with an 8.38% increase, closing at 624.500 (+2.38%) [2] - Kuaishou-W (01024) recorded a net inflow of 817 million, with a 17.96% increase, closing at 68.550 (+7.11%) [2] - Other notable stocks include Southern Hang Seng Technology (03033) with a net inflow of 634 million and a 6.56% increase, and Xiaomi Group-W (01810) with a net inflow of 484 million and a 5.33% increase [2] Top 10 Net Outflow Stocks - SMIC (00981) experienced the largest net outflow of -1.033 billion, with a -10.62% decrease, closing at 68.050 (-1.09%) [2] - CNOOC (00883) had a net outflow of -380 million, representing a -16.00% decrease, closing at 21.220 (-1.49%) [2] - Hua Hong Semiconductor (01347) saw a net outflow of -336 million, with a -6.02% decrease, closing at 69.650 (-4.91%) [2] - Other significant outflows included Innovent Biologics (01801) with -303 million and a -19.38% decrease, and Zijin Mining (02899) with -215 million and a -9.18% decrease [2] Top 10 Net Inflow Ratios - Tuhu-W (09690) led with a net inflow ratio of 65.44%, with a net inflow of 13.1377 million, closing at 17.130 (+1.90%) [3] - Yuexiu Transport Infrastructure (01052) followed with a net inflow ratio of 57.38%, with a net inflow of 2.1533 million, closing at 4.420 (+1.84%) [3] - China Resources Beverage (02460) had a net inflow ratio of 53.66%, with a net inflow of 1.74498 million, closing at 10.370 (-0.29%) [3]

Group 1 - Tencent has secured global publishing rights for SHIFT UP's new game "Project Spirits," further deepening their strategic partnership after the success of "NIKKE" [1] - "Project Spirits" is a cross-platform game developed using UE5, themed around "Eastern Fantasy," and is expected to launch globally in 2027 [1] - This collaboration strengthens Tencent's leading position in the global gaming distribution sector and reserves important IP for future revenue growth [1] Group 2 - Century Huatong's chairman Wang Ji addressed investors for the first time after the company successfully removed its delisting risk, indicating a shift in value focus towards the application layer as industry infrastructure improves [2] - The core profit structure of the company is primarily driven by "DianDian Interactive," which accounts for about two-thirds of profits, while other business segments contribute the remaining third [2] - Wang Ji's comments on the impact of the Apple-WeChat revenue sharing agreement suggest limited effects on domestic revenue, while potentially enhancing user retention and payment efficiency [2] Group 3 - Sony's "Death Stranding 2: Director's Cut" PC version has received ESRB certification, rated M for mature audiences, indicating its upcoming cross-platform release [3] - The game, which launched on PS5 on June 26, is expected to expand its user base and generate additional revenue streams for Sony [3] - This move reinforces the "console first, then PC" business model in the gaming industry, benefiting developers with strong IPs and boosting market confidence in the longevity of AAA titles [3]