Core Viewpoint - Tencent's stock price has surpassed 660 HKD per share, with a market capitalization exceeding 6 trillion HKD, reflecting strong investor confidence and growth potential in the company [3]. Group 1: Stock Performance - Tencent's stock price reached a peak of over 700 HKD per share in 2021, while it started this year around 400 HKD per share and crossed 600 HKD in August [5]. - The company has been actively repurchasing shares, with 19.849 million shares bought back over 22 consecutive trading days, intended for cancellation [6]. Group 2: Business Developments - At the 2025 Tencent Global Digital Ecosystem Conference, Tencent's Senior Executive Vice President announced that the number of overseas customers for Tencent Cloud has doubled year-on-year [6]. - Tencent plans to expand its cloud business internationally, with new availability zones set to be established in Osaka, Japan, and Saudi Arabia [6]. Group 3: AI and Revenue Growth - Tencent's AI application, Yuanbao, has become one of the top three AI native applications in terms of daily active users, with monthly active users increasing 80 times over six months [6]. - In Q2 of this year, Tencent reported revenue of 184.504 billion CNY, a 15% year-on-year increase, and a non-IFRS operating profit of 69.248 billion CNY, up 18% year-on-year [7]. - The growth in enterprise service revenue has accelerated due to increased demand for AI-related services, including GPU leasing and API token usage [7]. Group 4: Financial Strategy - Tencent has announced a bond issuance plan totaling 9 billion CNY, with the largest tranche being a 6 billion CNY 10-year bond at an interest rate of 2.5% [6]. - The company has significantly increased capital expenditure for IT infrastructure and data centers, totaling 83.1 billion CNY from Q4 last year to Q2 this year [6].

Summary of Key Points Core Viewpoint - As of September 17, 163 stocks reached their 52-week highs, indicating a positive trend in the market, with notable performances from companies like Aux International, China Water Industry Group, and Xixiang Group [1]. Stock Performance Highlights - Aux International (02080) achieved a closing price of 0.530 with a peak of 0.680, marking a high rate of 65.85% [1]. - China Water Industry Group (01129) closed at 0.940, reaching a high of 1.280, resulting in a 43.82% increase [1]. - Xixiang Group (02473) had a closing price of 10.550 and a peak of 13.340, reflecting a 35.43% rise [1]. Additional Notable Stocks - Other stocks that reached significant highs include: - Bitland (00897) with a 27.50% increase [1]. - China Science Education Industry (01756) at 27.03% [1]. - WMCH Global (08208) with a 20.00% rise [1]. Market Trends - The overall trend shows a strong performance in various sectors, with many companies experiencing substantial growth in their stock prices, indicating investor confidence and market recovery [1][2].

有业内人士预计，跨境二维码统一网关支持下的若干新合作将很快落地。合作将帮助更多海外商旅人 士"一个钱包游遍中国"，繁荣旅游经济，促进经济和文化交流。 9月17日，继人民银行副行长陆磊首次透露跨境二维码统一网关（以下简称"统一网关"）进展，微信支 付、支付宝等多家支付机构官宣，已接入跨境二维码统一网关，并将进一步支持更多的境外钱包在华使 用，以提高外籍来华人员在境内支付的便利度。 据了解，统一网关作为跨境支付基础设施，坚持公共性、包容性、普惠性原则，支持符合条件的市场机 构，接入开展跨境二维码支付业务。统一网关已于7月底上线试运行，有效解决了"外包内用"多头连接 等技术问题。人民银行数据显示，截至9月11日，统一网关办理的业务达到了198.1万笔，金额4.27亿 元。 腾讯宣布，将通过统一网关进一步开放微信支付"外包内用"服务，支持更多境外钱包在中国境内通过微 信支付二维码支付。支付宝则指出，蚂蚁集团"外包内用"业务随统一网关成功上线试运行，未来将继续 加大投入。 据介绍，蚂蚁国际旗下全球整合钱包网关服务Alipay+持续拓展全球合作生态。截至目前，已与亚太地 区为主的全球36个电子钱包和8个国家级二维码网络达 ...

据悉，上述三只ETF均为规模靠前、流动性好的品种，且在底层资产端各有侧重。恒生科技ETF龙头 （513380）跟踪恒生科技指数，聚焦港股泛科技资产；港股通科技ETF（159262）跟踪恒生港股通科技 主题指数，行业层面剔除医药、汽车、家电，聚焦港股通范围内的AI和半导体等科技资产，科技锐度 更高，截至9月16日，该指数近一年涨幅翻倍；中概互联ETF（159605）跟踪中证海外中国互联网30指 数，一键打包港交所及其他海外交易所上市的中国互联网资产，更聚焦科技互联网公司。 北京时间9月18日凌晨，美联储将公布议息会议决策。受美联储降息预期升温、流动性改善影响，港股 近期持续走高。展望后市，东方财富证券认为，历史上预防式降息期间港股弹性更大，预计具备景气支 撑和业绩想象空间的AI算力、半导体、创新药以及走向AI叙事的恒生科技、港股互联网或将继续受 益；若我国货币政策跟进宽松，也看好后续非银金融板块表现。（王鹤静） 中证网讯 9月17日，港股科技板块爆发，腾讯控股、阿里巴巴、小米集团等大型科技股集体上涨，带动 相关ETF走强。恒生科技ETF龙头（513380）收涨4.01%，单日成交额超9亿元；中概互联ETF （1 ...

Core Viewpoint - JD.com will officially cease operations on September 30, indicating the end of the long-standing "WeChat - JD Shopping" entry point, while Alibaba is negotiating terms with WeChat to integrate Taobao into the WeChat ecosystem through mini-programs, suggesting a shift in Tencent's resource allocation strategy [1][2] Group 1 - JD.com has lost its privileged entry in WeChat, transitioning from a special partnership to a standard cooperation, which diminishes its previous exclusive advantages [2] - Tencent's strategy appears to be moving towards a more flexible approach, allowing multiple platforms like Taobao, Pinduoduo, and JD.com to compete for traffic through mini-programs [2] - The adjustment indicates Tencent's recognition of its limitations in the e-commerce space, as past attempts to establish a strong e-commerce presence have not yielded significant results [1][2] Group 2 - Tencent may be exploring a new e-commerce model in the AI era, focusing on leveraging social connections and mini-program ecosystems rather than relying on self-operated platforms or subsidies [2] - The success of Taobao's integration into WeChat will depend on the seamless connection between WeChat's social ecosystem and Taobao's live-streaming e-commerce capabilities [2] - This strategic shift suggests that Tencent is no longer placing all its bets on JD.com, indicating a broader distribution of traffic resources among various e-commerce platforms [2]

Core Viewpoint - Consumption investment can yield significant profits, as demonstrated by Tencent's successful investments in companies like Amer Sports and Lao Pu Gold, which have shown remarkable returns [2][10][15]. Group 1: Tencent's Investment in Amer Sports - In 2019, Tencent participated in a consortium led by Anta Group to acquire Amer Sports for €4.6 billion (approximately ¥36 billion at the time) [3]. - Following the acquisition, Amer Sports went public in 2024 with a market capitalization of approximately $21 billion (around ¥150 billion) [6]. - Tencent's stake in Amer Sports is estimated to yield a paper profit exceeding ¥50 billion, reflecting the company's growth and market expansion [8][10]. Group 2: Investment in Lao Pu Gold - Lao Pu Gold's IPO in 2024 was initially priced at HK$40.5 per share, but the stock surged to HK$726.5, marking a 1699% increase [10]. - Tencent acted as a cornerstone investor in Lao Pu Gold's IPO, investing $3.5 million and acquiring approximately 4% of the company [11]. - The investment has resulted in a paper profit of over HK$50 billion for Tencent, making it one of the most lucrative consumer investments [12]. Group 3: Market Trends and Future Outlook - The consumer investment landscape is experiencing a resurgence, with significant interest from capital markets, particularly in Hong Kong [17]. - Companies like Pop Mart, Mixue Ice City, and Lao Pu Gold have demonstrated impressive stock performance, indicating a renewed confidence in consumer investments [17]. - The consumer sector is viewed as resilient and capable of generating substantial returns, especially in a market with a large population like China [17].

Core Insights - Tencent has been actively repurchasing its shares, completing 22 consecutive trading days of buybacks as of September 16, with a total of 19.849 million shares repurchased, which will be used for cancellation [3] - The stock price of Tencent surpassed 660 HKD per share on September 17, leading to a market capitalization exceeding 6 trillion HKD [1][3] - Tencent's highest historical stock price was over 700 HKD per share in 2021, while it started this year around 400 HKD per share and reached 600 HKD per share in August [3] Financial Performance - In Q2 of this year, Tencent reported revenue of 184.504 billion CNY, a year-on-year increase of 15%, and a non-IFRS operating profit of 69.248 billion CNY, up 18% year-on-year [4] - The growth in enterprise service revenue accelerated due to increased demand for AI-related services, including GPU leasing and API token usage [4] Strategic Initiatives - Tencent is enhancing its capital expenditure to invest in IT infrastructure and data centers, with total capital expenditure reaching 83.1 billion CNY from Q4 of last year to Q2 of this year [4] - The company is also expanding its cloud business internationally, planning to establish availability zones in Osaka, Japan, and Saudi Arabia [3] - Tencent's AI application, Yuanbao, has become one of the top three AI native applications in terms of daily active users, with a monthly active user growth of 80 times over six months [3] Debt Issuance - Tencent announced its first bond issuance in four years, planning to issue a total of 9 billion CNY in notes, with the largest tranche being a 6 billion CNY 10-year bond at an interest rate of 2.5% [3]

Core Insights - The global economy is facing multiple risks such as economic fluctuations, trade barriers, and supply chain disruptions, leading to increased costs and shrinking profits for companies, which are now in a dilemma of revenue growth without profit [2] - Embracing AI is seen as essential for companies to achieve efficient growth in a competitive global landscape, with a recommendation for businesses to adopt a cautious approach when integrating large models [2] AI Application Growth - AI applications are experiencing explosive growth, with China's average daily token consumption increasing from 1 trillion at the beginning of 2024 to over 30 trillion by mid-2023, a growth of over 300 times in just 18 months [3] - Tencent's R&D investment rose by 17% year-on-year to 20.25 billion yuan, while capital expenditure surged by 119% to 19.11 billion yuan in Q2 [3] AI Infrastructure Investment - Tencent plans to continue investing in AI infrastructure to support both its own business applications and customer needs, viewing AI as a fundamental infrastructure akin to utilities [3] - The competition in large models is described as a marathon, with Tencent committed to long-term strategies rather than short-term losses [3] International Expansion - Tencent Cloud's overseas customer base has doubled in the past year, making it one of the fastest-growing segments for the company, with plans to invest $150 million in a data center in Saudi Arabia [4] - The expansion of Chinese cloud providers is aimed at supporting domestic companies going global and catering to local overseas clients [4] Competitive Landscape - The technological gap between domestic and international cloud computing providers is narrowing, with Chinese firms benefiting from unique supply chain advantages [5] - Tencent emphasizes a long-term, sustainable business model over engaging in price wars, focusing on improving operational efficiencies to build competitive advantages [5]

宏观日报 | 2025-09-17 关注下游扩大服务消费政策 中观事件总览 生产行业： 1）9月16日，2025腾讯全球数字生态大会在深圳举行，会上公布多项AI技术和产品最新进展，并宣布 全面开放腾讯AI落地能力及优势场景。面对各界关注的算力问题，腾讯集团副总裁、腾讯云总裁邱跃鹏宣布，目 前腾讯已经全面适配主流的国产芯片，并积极参与和回馈开源社区。与此同时，软硬件协同全栈优化是腾讯云的 长期战略投入，通过异构计算平台的软件能力，整合不同类型的芯片对外提供高性价比的AI算力。 服务行业： 1）商务部等9部门9月16日对外发布《关于扩大服务消费的若干政策措施》，提出五方面19条举措，包 括开展"服务消费季"系列促消费活动；支持优质消费资源与知名IP跨界合作；因地制宜延长热门文博场馆、景区营 业时间，优化预约方式，鼓励推行免预约；优化学生假期安排，完善配套政策等。增加优质服务供给，更好满足 人民群众多样化服务消费需求。 数据来源：iFind，华泰期货研究院 行业总览 上游：1）黑色：玻璃价格回落，煤炭库存升高。2）农业：鸡蛋价格回升超10%。 中游：1）化工：PX、PTA开工率近期回升。 下游：1）地产：一、二、三 ...

Core Viewpoint - The Hong Kong stock market experienced a significant surge, with major tech stocks like Baidu, NIO, Meituan, and JD.com seeing substantial gains, driven by positive sentiment and upgraded ratings from foreign investors [1][2][4]. Group 1: Market Performance - The Hang Seng Technology Index rose over 3.6%, while the Hang Seng Index increased by more than 1.4%, indicating a strong performance compared to the A-share market [1][2]. - Alibaba's stock opened 2.74% higher, reaching a nearly four-year high, contributing to the total market capitalization of Hong Kong stocks returning to 3 trillion HKD [2]. Group 2: Analyst Ratings and Forecasts - Citigroup maintained a buy rating for Tencent, setting a target price of 735 HKD per share, based on a comprehensive valuation method [4]. - Goldman Sachs raised Alibaba's cloud valuation from 36 USD to 43 USD per ADS, adjusting the target price for Alibaba's stock to 174 HKD [5]. - Credit Suisse reaffirmed a positive outlook for BYD, with target prices set at 140 HKD for H-shares and 140 RMB for A-shares, anticipating a recovery in gross margins [4]. Group 3: Market Sentiment and Trends - The Hong Kong stock market is characterized by a shift towards new economy companies, with their weight in the MSCI China Index rising from below 30% to 70% [6]. - The overall market turnover rate remains at 60%-70%, lower than A-shares and US stocks, indicating potential for upward valuation adjustments [6]. - Analysts suggest that the market is in a bullish trend, supported by external factors such as potential interest rate cuts by the Federal Reserve [7].