Group 1 - Tencent's gaming revenue is expected to grow by 16% for the year, despite a decline in domestic game revenue due to high base effects from previous titles [1] - New game launches are expected to offset the decline in older game revenues, with a strong pipeline of upcoming titles [1] - Tencent's overseas revenue increased by 4.7 billion yuan, driven by games like "Clash Royale," which saw significant growth in both year-on-year and month-on-month comparisons [1] Group 2 - NetEase's mobile game revenue maintained a year-on-year increase of 2 billion yuan, supported by new titles and the performance of "Egg Party" [2] - The overseas revenue for NetEase grew by 0.5 billion yuan, benefiting from new game releases [2] - Upcoming new games include Tencent's "Valorant: Source Action," which is projected to generate 5-7 billion yuan in its first month, and NetEase's "Destiny: Stars," expected to exceed 1 billion yuan in its first month [2]

权重龙头集体走强，阿里巴巴-W一度涨逾4%，创近4年新高；腾讯控股涨近2%，续刷年内新高；此 外，金山云涨近10%，哔哩哔哩-W涨超7%，快手-W、美团-W涨超2%。 | | 代码 | | 内固档 | 现价 | | 张笑临 | | --- | --- | --- | --- | --- | --- | --- | | | 3896 | 我们之 | | 8.260 | | | | 2 | 9626 | 哔哩哔哩-W | | 198.3 | | 1.25% | | 3 | 6686 | 网易云音乐 | | 288.800 | | | | 4 | 0268 | 全媒国际 | | 16.230 | | 39786 | | 5 | 2423 | 贝壳-W | | 52.950 | 1.450 | 287% | | 6 | 2556 | 迈富时 | | 53.450 | 1.400 | 2.69% | | 7 | 9988 | 阿里巴巴-W | | 145.40 | 3 500 | | | 8 | 3690 | 美团-W | | | 2.450 | 246% | | 9 | 3888 | 金山软件 | | 343120 ...

9月10日早盘，港股三大指数集体上涨。盘面上，科网股多数走强，光伏板块走低。A股同赛道规模最 大的恒生科技指数ETF（513180）涨超1.5%，持仓股中，哔哩哔哩、京东集团、百度集团、美团等领 涨，腾讯控股一度涨近2%，昨日刷新年内新高。 今年以来，港股上市公司回购持续升温。数据显示，截至9月9日，年内共有223家港股上市公司累计回 购股份53.20亿股，回购总额达1225.69亿港元。回购金额方面，头部企业集中度尤为显著，其中，腾讯 控股以488.52亿港元回购金额位居榜首。 另一方面，招商证券表示，在板块轮动的背景下，港股互联网行业具备补涨机会。该机构认为，就长期 而言，科技产业是未来中国新经济的增长引擎。以AI为代表高科技行业对产业链上下游、软硬件供应 链的拉动作用明显。并且，科技行业受宏观经济周期影响较小，长期配置价值仍然很高。招商证券指 出，恒生科技指数估值仅为纳斯达克一半，有修复空间。 以恒生科技指数ETF（513180）为代表的港股科技板块，当前仍处于历史相对低估区间。在南向资金持 续不断流入、美国新一轮降息周期有望启动的背景下，港股9月或迎内外资共振，而外部流动性敏感、 此前受压制较多的恒生 ...

Core Viewpoint - Tencent Holdings (00700) announced a share buyback of 883,000 shares for a total expenditure of HKD 551 million, with a buyback price range of HKD 619.0 to HKD 627.5 per share [1] Group 1 - Tencent Holdings executed a buyback on September 9, 2025, spending HKD 551 million [1] - The total number of shares repurchased was 883,000 [1] - The price range for the buyback was set between HKD 619.0 and HKD 627.5 per share [1]

Group 1 - Tencent Holdings (00700) announced a share buyback plan, committing HKD 551 million to repurchase 883,000 shares [1] - The buyback price is set between HKD 619.0 and HKD 627.5 per share [1]

Core Viewpoint - Tencent Holdings (00700.HK) announced a share buyback of 883,000 shares at a cost of HKD 550 million on September 9 [1] Group 1 - The company spent HKD 550 million on the buyback [1] - A total of 883,000 shares were repurchased [1]

FF305 | | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1). | 已購回作註銷但尚未註銷的股份 | | 931,000 | 0.01015 % | HKD | 591.2352 | | | 變動日期 | 2025年8月18日 | | | | | | 2). | | 已購回作註銷但尚未註銷的股份 | 932,000 | 0.01016 % | HKD | 590.5673 | | | 變動日期 | 2025年8月19日 | | | | | | 3). | | 已購回作註銷但尚未註銷的股份 | 934,000 | 0.01018 % | HKD | 589.7859 | | | 變動日期 | 2025年8月20日 | | | | | | 4). | | 已購回作註銷但尚未註銷的股份 | 928,000 | 0.01012 % | HKD | 593.584 | | | 變動日期 | 2025年8月21日 | | | | | | 5). | | 已購回作註銷但尚 ...

Core Insights - In August, the Chinese mobile game market showed strong performance, with 32 Chinese publishers making it to the global top 100 mobile game revenue list, collectively earning $2.04 billion, accounting for 35.1% of the total revenue of the top 100 publishers globally, excluding third-party Android channel revenues from China [1] Group 1: Company Performance - Tencent maintained its position as the top global mobile game publisher, with a 10% revenue growth driven by flagship titles like "Peacekeeper Elite" and "Honor of Kings," with in-game purchases for "Peacekeeper Elite" increasing by 28% month-over-month [1] - Century Huatong's subsidiary "DianDian Interactive" ranked second, with an 11% increase in global revenue, supported by successful titles like "Whiteout Survival" and "Kingshot," which achieved cumulative revenues of $3.3 billion and $300 million respectively [2] - Lemon Microfun achieved a 12% revenue growth, reaching fourth place in the revenue rankings, with a year-over-year increase of 171% compared to the same period in 2024 [2] Group 2: Notable Game Releases - The mobile shooting game "Valorant: Source Energy Action," launched on August 19, topped the Chinese iOS download chart and entered the revenue list at 18th place [3] - Giant Network's revenue surged by 72% due to the success of "Supernatural Action Group," which reached the 10th position in the Chinese iOS revenue chart [3] - "Gold Shovel Battle" saw a 74% revenue increase in August, moving up five places in the rankings, while "League of Legends Mobile" experienced a 42% revenue boost due to the launch of new skins [2]

Core Viewpoint - The Hong Kong stock market experienced a strong rebound, with the Hang Seng Index and Hang Seng Tech Index both rising over 1%, reaching a nearly four-year high above 26,000 points, driven by significant gains in major technology stocks [1]. Group 1: Market Performance - The Hang Seng Index surpassed the 26,000-point mark, marking a new high in nearly four years [1]. - Major technology stocks showed strong performance, with Bilibili-W up over 5%, Kuaishou-W up over 4%, Alibaba-W up over 3%, Xiaomi Group-W up over 2%, and Tencent Holdings up over 1% [1]. Group 2: ETF and Fund Flows - The Hong Kong Internet ETF (513770) opened high and rose by 1.17%, indicating strong market interest and liquidity [3]. - The Hong Kong Internet ETF has seen significant inflows, accumulating a total of 7.2 billion yuan over the past four days, with net inflows of 17.5 billion yuan and 23.4 billion yuan over the past 10 and 20 days, respectively [6]. Group 3: Macro and Fundamental Factors - The macroeconomic environment is favorable, with expectations of a Federal Reserve interest rate cut, which could enhance liquidity in the Hong Kong market, particularly benefiting high-growth technology stocks [4]. - Alibaba's recent cloud revenue and capital expenditures exceeded market expectations, suggesting a shift back to AI narratives, which could aid in valuation recovery for the sector [6]. - Southbound capital has shown a strong buying trend, with a cumulative net inflow of 1.03 trillion HKD this year, particularly favoring major technology stocks like Alibaba-W, Tencent Holdings, and Meituan-W [6]. Group 4: Future Outlook - Analysts predict that the Hong Kong stock market may continue its upward trend, supported by increased capital inflows and a shift towards AI-driven narratives in the fourth quarter [8]. - The Hong Kong Internet ETF has outperformed the Hang Seng Tech Index, with a cumulative increase exceeding 10 percentage points, highlighting its strong performance and potential for future growth [10].

Core Viewpoint - Tencent is considering issuing offshore RMB bonds as early as this month, marking its first issuance of dim sum bonds and the first bond issuance in any currency since April 2021 [1] Group 1: Bond Issuance Details - Investment banks are currently assessing investor interest in this potential bond transaction [1] - The specifics of the bond issuance may be adjusted based on feedback from investors [1] Group 2: Existing Debt Obligations - Tencent has a $1 billion bond maturing in January 2026 and another $500 million note maturing in April [1]