Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [48]. Core Insights - The media sector outperformed the broader market, with a decline of only 1.25% compared to a 3.77% drop in the CSI 300 index, indicating a relative strength in the sector [9]. - The report highlights the significant advancements in AI applications, particularly with Google's Gemini 3 model and its implications for content understanding and advertising efficiency [32]. - The gaming market remains robust, with Tencent's products dominating the iOS sales charts, reflecting strong consumer engagement [16]. - The film market shows signs of recovery, with total box office revenue reaching 41.178 billion yuan, recovering approximately 75% of the pre-pandemic levels [19]. Market Performance Review - The media sector index decreased by 1.25% last week, while the CSI 300 index fell by 3.77%, resulting in a 2.52% outperformance of the media sector [9]. - The gaming market continues to show strong performance, with Tencent's titles consistently ranking at the top of the iOS sales charts [16]. - The film market's total box office revenue reached 41.178 billion yuan, with a recovery rate of approximately 75% compared to 2019 [19]. Industry News and Key Company Announcements - Tencent's HunyuanVideo 1.5 model was released, significantly lowering the cost of AI video production, which could accelerate the adoption of AIGC in short films and advertisements [29]. - Luma AI raised $900 million to build a 2GW computing cluster for multi-modal AI systems, indicating a shift towards infrastructure competition in AI video generation [30]. - Alibaba's Qwen-based app "Qianwen" surpassed 600 million downloads, highlighting the growing importance of AI-driven applications in the media landscape [33].

Core Insights - The Hang Seng Index rose by 1.97% on November 24, with southbound trading totaling HKD 102.72 billion, resulting in a net inflow of HKD 8.57 billion [1][2] Trading Activity - Southbound trading saw a total turnover of HKD 1,027.23 million, with buy transactions amounting to HKD 556.47 million and sell transactions at HKD 470.76 million, leading to a net buy of HKD 85.71 million [1] - The Hong Kong Stock Connect (Shenzhen) recorded a total turnover of HKD 437.54 million, with net buying of HKD 64.94 million, while the Hong Kong Stock Connect (Shanghai) had a turnover of HKD 589.69 million and a net buy of HKD 20.78 million [1] Active Stocks - Alibaba-W was the most actively traded stock with a total turnover of HKD 167.75 million and a net buy of HKD 40.66 million, closing up by 4.67% [1][2] - Other notable stocks included Tencent Holdings with a net buy of HKD 11.67 million and Kuaishou-W with a net buy of HKD 8.19 million [1] - Semiconductor company SMIC saw the highest net sell of HKD 10.24 million, closing down by 1.09% [1][2] Continuous Net Buying - Alibaba-W, Southern Hang Seng Technology, and Tencent Holdings experienced continuous net buying for 8, 5, and 3 days respectively, with Alibaba-W leading in net buy amount at HKD 173.86 million [2]

Market Overview - On November 24, the Hang Seng Index rose by 1.97%, closing at 25,716.50 points, with a net inflow of HKD 8.571 billion through the southbound trading channel [1][3] - The total trading volume for the southbound trading on that day was HKD 102.723 billion, with a net buy of HKD 8.571 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 58.969 billion, with a net buy of HKD 2.078 billion [1] - The Shenzhen Stock Exchange's southbound trading had a total transaction amount of HKD 43.754 billion, with a net buy of HKD 6.494 billion [1] Active Stocks - Alibaba-W was the most actively traded stock, with a transaction amount of HKD 96.853 billion on the Shanghai Stock Exchange and HKD 70.891 billion on the Shenzhen Stock Exchange, resulting in a net buy of HKD 8.823 billion and HKD 31.84 billion respectively, with a closing price increase of 4.67% [2] - Semiconductor Manufacturing International Corporation (SMIC) had the highest net sell amount of HKD 4.83 billion, with a closing price decrease of 1.09% [1][2] - Other notable stocks included Xiaomi Group-W and Tencent Holdings, with transaction amounts of HKD 24.54 billion and HKD 21.19 billion respectively, and closing price increases of 1.52% and 2.38% [2]

Core Points - Tencent Holdings has been actively repurchasing its shares, with a total of 1.27 million shares bought back this year, amounting to HKD 641.43 billion [1][2][3] - The stock price showed a slight increase of 2.38% on the day of the latest repurchase, closing at HKD 624.50 [1] - The company has conducted 105 repurchase transactions this year, indicating a strong commitment to returning value to shareholders [1][2] Summary by Category Share Buyback Activity - On November 24, Tencent repurchased 1.022 million shares at prices ranging from HKD 613.50 to HKD 626.50, totaling HKD 63.569 million [1] - Since November 18, the company has repurchased a total of 5.121 million shares, with a cumulative expenditure of HKD 317.9 million [1] - The stock has experienced a cumulative decline of 1.89% during the recent repurchase period [1] Financial Metrics - The total amount spent on share repurchases this year is HKD 641.43 billion, reflecting a significant investment in its own stock [1][2] - The average price of shares repurchased varies, with the highest recorded price being HKD 683.00 on October 2 [1][2][3] Market Performance - The stock's trading volume on the day of the latest buyback was HKD 13.93 billion, indicating strong market interest [1] - The stock has shown resilience with a 2.38% increase on the day of the latest repurchase despite recent declines [1]

随着公募、私募、险资等机构资金持续入场，南向资金的增量空间仍值得期待；11月世界互联网大会乌镇峰 会、2025全球计算大会等科技盛会接连揭幕，有望点燃新的产业预期，最终推动港股科技行情向上拓展。 AI重塑全球股市 10月帷幕之下，全球科技巨头再度以夺目的市场表现，昭示其无可撼动的"统治力"。 英伟达于10月29日叩开5万亿美元市值之门，微软市值一度站上4万亿美元关口；OpenAI与AWS签署的380亿美 元算力协议，也将亚马逊股价推至历史新高。 美国科技七巨头的强势，直接带动纳指和标指走高。这场狂欢背后，本质上是AI产业从概念逐渐落地的缩 影。大模型训练、云服务、算力需求都在快速变现，产业浪潮仍处在增长势头中。 在中国，AI产业链在政策与资本的助推下狂飙突进。宏观和微观层面的变动，也让全球投资者看到了中国科 技产业的希望，并积极借道港股来参与。 即便在当前港股调整之际，南向资金却依旧表现出强烈的买入意愿，近三个月买入近4000亿港元，年内净流入 量更是达到1.26万亿港元。当各路资金对港股科技板块维持"扫货"态势时，港股通互联网ETF（159792）的规 模也在不断扩张，一度接近千亿元关口。 当旧金山、杭州、 ...

Core Viewpoint - Tencent's subsidiary, WeChat Pay's microloan service, has received regulatory approval to increase its registered capital from approximately 10.526 billion yuan to 15 billion yuan, reflecting a significant growth in capital over the past five years [1][2] Group 1: Capital Increase Details - The recent capital increase amounts to approximately 4.474 billion yuan, marking the sixth increase since 2020, with total capital rising from 300 million yuan to 15 billion yuan, a 50-fold increase [1][2] - Tencent contributed 4.25 billion yuan through Shenzhen Tencent Network and 224 million yuan through Shenzhen Tencent Computer, resulting in ownership stakes of 95% and 5% respectively [1] Group 2: Industry Context - Nearly 30 microloan companies have undertaken capital increases this year, with Tencent's WeChat Pay microloan service ranking among the top three in the industry alongside ByteDance's Zhongrong Microloan and Ping An's Jinlian Yuntong [3] - The total number of microloan companies in China has decreased from 5,257 at the end of 2024 to 4,863 by September 2025, indicating a trend of consolidation in the industry [3] Group 3: Regulatory and Competitive Landscape - The implementation of new regulations in January 2025 has set capital adequacy requirements that directly influence the business scale of microloan companies, with the leverage ratio for microloan companies capped at approximately 5-6 times compared to over 12.5 times for consumer finance companies [4] - WeChat Pay's microloan service, which competes with Ant Group's Huabei, operates under a microloan license, while Huabei operates under a consumer finance license, highlighting the differences in regulatory frameworks and operational capabilities [4][5] Group 4: Financial Performance - As of June 2025, the loan balance for WeChat Pay's microloan service reached 112.588 billion yuan, with a daily interest rate of 0.04%, translating to an annualized rate of 14.6% [5] - Tencent's financial technology and enterprise services reported a revenue of 58.2 billion yuan in Q3 2025, reflecting a 10% year-on-year growth, driven by increased commercial payment activities and consumer loan services [5]

Core Viewpoint - Ubisoft's recent financial performance shows a significant recovery in net bookings, driven by strong performance from key IPs, while the completion of Tencent's investment is expected to alleviate the company's financial pressures [1][5][8]. Financial Performance - For the first half of the 2025-2026 fiscal year, Ubisoft reported a net booking increase of 20.3% to €772.4 million, with the second quarter seeing a 39% rise to €491 million, surpassing previous guidance [5][6]. - Despite revenue growth, the company still faced operational losses, with an IFRS operating loss of €120.2 million and a net loss of €161.3 million for the same period [7]. Strategic Partnership - Tencent's investment of €11.6 billion in the newly established Vantage Studios gives it a 26.32% stake, while Ubisoft retains exclusive control over the studio [4][5]. - The partnership is expected to provide crucial funding for Ubisoft, aiding in debt reduction and improving the overall financial structure [5][8]. Cost Management - Ubisoft aims to reduce fixed costs by at least €100 million by the end of the 2026-2027 fiscal year, with fixed costs for the first half of 2025-2026 reported at €701 million, down 9% year-over-year [8]. - The company plans to continue cost control measures to enhance financial stability amid ongoing challenges in the gaming market [8].

Group 1 - The semiconductor industry is experiencing a new growth cycle driven by the rapid evolution of AI, with significant increases in revenue and net profit expected in 2025 [4][14][30] - The semiconductor sector's revenue for the first three quarters of 2025 reached CNY 499.37 billion, a year-on-year increase of 13.95%, while net profit was CNY 44.46 billion, up 48.21% year-on-year [14][21] - The semiconductor index has outperformed the broader market, with a cumulative increase of 41.67% in 2025, significantly surpassing the Shanghai and Shenzhen 300 index by 25.57 percentage points [23][24] Group 2 - The demand for computing power is surging due to the rapid deployment of large AI models, with domestic computing power expected to break through as local AI chip companies accelerate their market presence [4][31] - The AI-driven expansion in storage is leading to a sustained shortage and price increases, with major storage companies raising prices significantly since September 2025 [4][23] - The semiconductor equipment sector is benefiting from increased capital expenditure in wafer expansion, with domestic alternatives gaining traction [4][31] Group 3 - Advanced packaging is becoming a crucial method for enhancing chip performance, aligning with the characteristics of AI development, and is expected to expand significantly [4][5] - The semiconductor industry is positioned to leverage AI as a core driver of growth, with opportunities across computing power, storage, equipment, and advanced packaging [5][30] - The overall profitability of the semiconductor sector has improved, with gross margins and net margins showing year-on-year increases [16][21]

Core Insights - On November 24, 2025, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 9.685 billion, 4.391 billion, and 2.454 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also ranked as the top three, with trading amounts of 7.089 billion, 4.143 billion, and 2.119 billion respectively [1] Southbound Trading Activity - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong)** - Alibaba-W (09988): Trading amount of 9.685 billion, net buying of 0.882 billion [2] - SMIC (00981): Trading amount of 4.391 billion, net selling of 0.483 billion [2] - Xiaomi Group-W (01810): Trading amount of 2.454 billion, net buying of 0.107 billion [2] - Other notable companies include Hua Hong Semiconductor (01347) with 2.341 billion and Tencent Holdings (00700) with 2.145 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong)** - Alibaba-W (09988): Trading amount of 7.089 billion, net buying of 3.184 billion [2] - SMIC (00981): Trading amount of 4.143 billion, net selling of 0.541 billion [2] - Tencent Holdings (00700): Trading amount of 2.119 billion, net buying of 1.054 billion [2] - Other significant companies include Hua Hong Semiconductor (01347) with 1.997 billion and Xiaomi Group-W (01810) with 1.443 billion [2]

Core Insights - Digital finance is identified as a core engine driving high-quality economic development, supported by national strategies and policies [1] - The 2023 Central Financial Work Conference has included "technology finance, green finance, inclusive finance, pension finance, and digital finance" in its strategic deployment [1] - The third Digital Finance Case Collection activity was launched in October 2023 to identify benchmark cases and extract replicable transformation experiences [1] Digital Finance Case Highlights - Four cases from four financial institutions were selected for recognition [3] - Tencent Cloud's financial version of Tencent Meeting features cloud-local integrated deployment, ensuring compliance and security for financial institutions [4] - Industrial Bank's online inclusive financing project utilizes big data technology to create an intelligent approval model, enhancing service efficiency while maintaining asset quality [4] -浦银理财 has focused on digital transformation to become a leading asset management institution, achieving comprehensive system coverage across eight key areas [5] - 兴银理财 is developing its digital capabilities through a three-pronged approach of research, data, and operations, achieving significant advancements in its system construction [5]