据彭博社，腾讯公司已与苹果公司达成一项协议，根据该协议，苹果将处理微信小游戏和应用中的支付 事宜，并从中抽取15%的分成。 11月13日，在腾讯控股2025年三季度业绩电话会议上，有投资者提问该市场消息是否属实。 对此，腾讯高管在业绩会上回应称，腾讯与苹果有很好的关系，在不同领域展开合作，也在持续沟通推 动小游戏生态进一步发展，目前可以说对当前进度持建设性态度，具体内容还需等待官方公告。 在去年8月腾讯的二季度财报电话会上，腾讯首席战略官詹姆斯·米切尔也首次承认，腾讯正在与苹果就 微信小游戏的收入进行谈判，探索通过iOS 支付系统提供应用内交易的方式，这将使苹果开始从游戏内 交易中分成，但双方能否达成一致尚存疑。 事实上，苹果对App Store上的应用开发者一直有"抽成"惯例。2017年时，苹果发布新版App Store审核 规定，将虚拟货币打赏视为应用内购买，要求必须走苹果支付渠道，苹果从中提取30%的分成，"苹果 税"由此而来。 目前，苹果对年收入100万美元以上的应用，其内部发生的数字内容消费收取30%的分成，对年收入100 万美元以下的中小开发者抽成比例为15%。 据智通财经，第三方数据统计机构Se ...

Core Insights - Tencent Holdings reported Q3 2025 revenue of 192.9 billion RMB, a 15% year-over-year increase, with net profit attributable to equity holders reaching 63.1 billion RMB, up 19% [1] - The company aims to continue expanding its international gaming business and will seek acquisitions of overseas game studios while promoting self-developed games globally [2][3] Financial Performance - Revenue for Q3 2025 was 192.9 billion RMB, a 15% increase year-over-year [1] - Net profit attributable to equity holders was 63.1 billion RMB, reflecting a 19% year-over-year growth [1] - Non-IFRS net profit attributable to equity holders was 70.6 billion RMB, up 18% year-over-year [1] Gaming Business - The international gaming business has seen accelerated growth due to recent acquisitions and successful game launches, such as "Dying Light: The Beasts" [2] - Future growth in the international gaming segment is expected to slow down, aligning more closely with basic growth trends [2] Capital Expenditure - The company reported capital expenditures of approximately 51.3 billion RMB for the quarter, with cash payments of 20 billion RMB, indicating a timing difference in server-related expenses [3] - Capital expenditure for 2024 is projected to increase by 221%, accounting for 12% of revenue, while 2025's capital expenditure is expected to be lower than previous guidance but higher than 2024 [3] AI and Infrastructure - The company is enhancing its AI capabilities through the "Yuanbao" team and infrastructure upgrades, aiming to improve data preparation and model training [3][6] - The "Yuanbao" AI features have been integrated into WeChat, enhancing user experience and engagement [6][7] Advertising and Marketing - The automated advertising solution, AI Plus, is expected to improve ad performance and ROI for small and medium-sized advertisers [4][5] - Advertising revenue growth is anticipated to continue, driven by improved consumer spending and AI capabilities [8][14] Financial Technology and Cloud Business - The financial technology segment includes payment, wealth management, and credit services, with consumer credit growth expected to improve as consumer confidence rises [13] - Cloud business revenue has shown growth, with profitability achieved, although AI chip supply constraints may limit further expansion [13] Strategic Investments - The company is actively adjusting its investment portfolio, focusing on new growth opportunities in gaming and digital content, while also investing in promising AI startups [10]

每经编辑｜许绍航 目前，苹果对年收入100万美元以上的应用，其内部发生的数字内容消费收取30%的分成，对年收入100万美元以下的中小开发者抽成比例为15%。 据智通财经，第三方数据统计机构Sensor Tower统计，2023年，"苹果税"在全球大约收入223.4亿美元（约合人民币1506亿元），而仅在中国，这一数字就 超过400亿元。 值得一提的是，消息传出当日，腾讯还发布了三季度财报，公司第三季度实现收入1928.69亿元，同比增长15%；实现净利润631.33亿元，同比增长19%。 编辑|许绍航 杜恒峰 据彭博社，腾讯公司已与苹果公司达成一项协议，根据该协议，苹果将处理微信小游戏和应用中的支付事宜，并从中抽取15%的分成。 11月13日，在腾讯控股2025年三季度业绩电话会议上，有投资者提问该市场消息是否属实。 对此，腾讯高管在业绩会上回应称，腾讯与苹果有很好的关系，在不同领域展开合作，也在持续沟通推动小游戏生态进一步发展，目前可以说对当前进度 持建设性态度，具体内容还需等待官方公告。 在去年8月腾讯的二季度财报电话会上，腾讯首席战略官詹姆斯・米切尔也首次承认，腾讯正在与苹果就微信小游戏的收入进行谈判， ...

Core Insights - The conversation between Fang Sanwen and Duan Yongping highlighted the importance of understanding what not to do in investment, emphasizing that avoiding unsuitable actions can lead to fewer mistakes and better decision-making [2][37] - Duan Yongping discussed the concept of "margin of safety," clarifying that it relates more to the depth of understanding of a company rather than just its price [3][33] - The discussion included a recommendation to invest in the S&P 500 index for long-term gains, suggesting that this approach can yield positive results over time [4][24] Investment Philosophy - Duan Yongping shared his experience of investing in the oil and gas index, where he lost over $10 million, and emphasized the importance of quickly correcting mistakes in investment decisions [5][48] - He expressed a cautious approach to investing, stating that he only invests in companies he understands, such as Moutai, and highlighted the risks of "copying" investment strategies without understanding the underlying companies [53][50] - The conversation pointed out that many retail investors lose money in both bull and bear markets, with an estimated 80% of them facing losses [10][59] Company Analysis - Duan Yongping mentioned that Moutai is a relatively easy-to-understand company and suggested that it may be a worthwhile investment for many, despite concerns about changing consumer habits [12][62] - He also discussed the potential for Apple to grow significantly in the future, although he noted that its current price is not attractive for investment [38][40] - The dialogue included reflections on past investments, such as General Electric, where changes in corporate culture and business model led to a decision to sell [41][44] Market Trends - The impact of AI and quantitative funds on stock trading was discussed, with Duan Yongping warning that these advancements make it increasingly difficult for individual investors to succeed in short-term trading [11][58] - He emphasized that true investment requires a deep understanding of companies and their business models, rather than relying on market trends or technical analysis [65][66] - The conversation concluded with a recognition that while investing can be challenging, it is possible to succeed by focusing on companies that one understands and believes in [61][67]

Group 1: OpenAI and AI Model Developments - OpenAI has launched the GPT-5.1 series models, emphasizing that effective AI should not only be intelligent but also engaging in conversations [1] - The GPT-5.1 Instant model is designed to be warmer, smarter, and better at following instructions [1] - The GPT-5.1 Thinking model focuses on advanced reasoning, performing faster on simple tasks and more persistently on complex ones [1] Group 2: 3D World Generation by Li Feifei's Team - Li Feifei's team, World Labs, has released the Marble model for 3D world generation, supporting various input modalities including text, images, and videos [2] - Marble introduces AI-native editing tools for local replacements and structural adjustments, with the Chisel feature allowing for style separation [2] - Subscription options range from a free version (7000 points/month) to a flagship version (120000 points/month), supporting multiple export formats for game engines [2] Group 3: Anthropic's Infrastructure Investment - Anthropic has announced a $50 billion partnership with Fluidstack to build customized data centers in Texas and New York [3] - This marks Anthropic's first significant investment in tailored infrastructure, aligning with its internal forecast of achieving $70 billion in revenue and $17 billion in positive cash flow by 2028 [3] - Fluidstack, established in 2017, has collaborated with companies like Meta and Mistral and is among the first third-party suppliers to receive Google's custom TPU [3] Group 4: Google Gemini Voice Upgrade - Google has upgraded its Gemini Live voice capabilities, introducing features like real-time speech rate adjustment and emotional tone responses [4] - The Gemini 2.5 Flash model has significantly improved the voice engine's ability to model nuances in tone, stress, pauses, and pitch variations [4] - The upgraded voice features are seamlessly integrated into the Google ecosystem, allowing for hands-free activation and ensuring that voice data is not stored by default [4] Group 5: Baidu's Wenxin 5.0 Release - Baidu has officially launched Wenxin 5.0, which focuses on a native multimodal approach, integrating language, images, video, and audio into a unified training framework [5] - The model supports full multimodal input and multi-output capabilities, achieving a score of 1432 on the LMArena text leaderboard [5] - With over 2.4 trillion parameters, the model employs a sparse activation design with an activation ratio below 3%, and is available on various platforms [5] Group 6: Tencent's Industrial-Grade Model - Tencent has introduced the industrial-grade native multimodal model, Mixed Yuan Image 3.0, available on LiblibAI [6] - This model can accurately interpret complex prompts and generate coherent content, supporting both Chinese and English text generation [6] - It excels in aspects like realistic lighting, material styles, and logical continuity in content generation [6] Group 7: Sina Weibo's VibeThinker-1.5B Model - Sina Weibo has released the open-source VibeThinker-1.5B model, which has 1.5 billion parameters and a training cost of under $8000 [7] - The model outperformed larger models in top mathematical competition benchmarks, showcasing its efficiency [7] - It utilizes an innovative principle to decouple training objectives, achieving a remarkable cost-effectiveness ratio [7] Group 8: Google DeepMind's AlphaProof - Google DeepMind's AlphaProof system has published its technical details after winning a silver medal at the 2024 IMO [8] - The core innovation combines Lean formal language with reinforcement learning, generating a vast number of formal statements from natural language math propositions [8] - The system employs "Test-Time Reinforcement Learning" to progressively tackle complex problems through easier variants [8] Group 9: New Coding Evaluation System - LMArena has launched a new coding evaluation system called Code Arena, which reconstructs the assessment of code performance and interaction quality [9] - The domestic model GLM-4.6 has topped the new rankings, tying with Claude and GPT-5, surpassing Gemini and Grok [9] - GLM-4.6 achieved a code modification success rate of 94.9%, narrowing the gap with Claude Sonnet 4.5 [9]

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Core Viewpoint - Tencent Holdings reported a strong performance in Q3, with revenue reaching RMB 192.87 billion, a year-on-year increase of 15%, and operating profit (Non-IFRS) of RMB 72.57 billion, up 18% year-on-year, indicating stable growth momentum compared to Q2 [1][2][10]. Revenue Breakdown - Marketing services revenue grew by 21% year-on-year to RMB 36.24 billion, accounting for 19% of total revenue [2][5]. - The To B segment (financial technology and enterprise services) saw a 10% year-on-year increase in revenue to RMB 58.17 billion, representing 30% of total revenue [2][4]. - The value-added services segment, primarily driven by gaming, reported a 16% year-on-year increase in revenue to RMB 95.86 billion, making up 50% of total revenue [4][7]. Gaming Performance - Total revenue from online games reached RMB 63.6 billion, with international game revenue surpassing RMB 20.8 billion, a 43% year-on-year increase [6][7]. - Domestic game revenue was RMB 42.8 billion, reflecting a 15% year-on-year growth, supported by new game releases and ongoing success of established titles [7]. AI and Technology Investments - Tencent's capital expenditure for Q3 was RMB 12.98 billion, down from RMB 17.09 billion in the same period last year, while R&D spending reached a record high of RMB 22.8 billion, up 28% year-on-year [10][11]. - The company emphasized that its GPU resources are sufficient, and it is focused on enhancing its AI model, "Mix Yuan," to improve performance and user engagement [9][12]. Future Outlook - Tencent's management expressed satisfaction with the current progress in AI and team development, indicating plans for further enhancements in infrastructure and talent acquisition [10][12].

美股三大指数全线低开，热门中概股逆市走强。 当地时间11月13日，美股三大指数集体低开，纳指一度跌超1%。截至发稿，道指跌0.1%，纳指跌 0.89%，标普500指数跌0.49%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | DJI | 道琼斯工业平均 | 48206.77 | -48.05 | -0.10% | | IXIC | 纳斯达克指数 | 23198.91 | -207.55 | -0.89% | | SPX | 标普500 | 6817.31 | -33.61 | -0.49% | 中概股逆市走强，纳斯达克中国金龙指数低开后拉升翻红，截至发稿涨0.45%。 中概科技龙头股中，比亚迪股份ADR、阿里巴巴均涨超2%，腾讯控股ADR涨超1%。其他热门中概股 中，阿特斯太阳能涨超6%，霸王茶姬涨超4%，虎牙、贝壳等涨超2%，理想汽车、亿鹏能源、唯品会等 涨超1%。 据央视新闻，美国白宫新闻秘书卡罗琳·莱维特12日警告，受联邦政府"停摆"影响，10月美国消费者价 格指数（CPI）和就业数据统计报告"可能永远不会"发布。 当地时间 ...

前三季度，腾讯营收5573.95亿元，同比增长14%，经营利润（Non-IFRS）2111.38亿元，同比增长18%。 腾讯的游戏业务收入本季度录得增长，AI也在这份财报中唱主角，但与AI投入相关的资本开支下降了。 资本开支减少了 从重点业务看，腾讯微信活跃账户数还在增长，QQ活跃账户数则在下降。截至第三季度末，微信及WeChat合并月活跃账户数14.14亿，同比增长2%，QQ移 动终端月活跃账户数5.17亿，同比减少8%。 分业务看，腾讯第三季度游戏业务增长较明显，其中本土游戏收入428亿元，同比增长15%，国际市场游戏收入208亿元，同比增长43%，本土游戏《三角洲 行动》是第三季度行业流水前三。得益于视频号直播服务收入、小游戏平台服务费增长等，社交网络收入323亿元，同比增长5%。包括游戏和社交网络在 内，该季度腾讯增值服务收入958.6亿元，同比增长16%。 营销服务第三季度收入则为362.42亿元，同比增长21%。金融科技及企业服务收入为581.74亿元，同比增长10%，其中企业服务收入同比增长十几个百分 点。 AI在这份财报中多次出现。财报称，该季度AI驱动了广告定向，所有行业广告主投放均有增长， ...

经营业绩： 重大事项： 上海实业控股(00363)：上海华氏及上实城开上海大健康管理拟7359.8万元出售上海上实医疗美容医院 49%股权 恒瑞医药(01276)：瑞维鲁胺片获得药物临床试验批准通知书 康希诺生物(06185)：吸入用结核病加强疫苗于印度尼西亚启动I期临床试验并完成首例受试者入组 中慧生物-B(02627)：四价流感病毒亚单位疫苗(佐剂)及三价流感病毒亚单位疫苗(佐剂)的I期临床试验启 动 智云健康(09955)与京东健康(06618)订立服务合作协议 拓宽莉芙敏片®及其他P2M管线产品的线上销售 与服务渠道 华润置地(01109)拟配售华润万象生活(01209)股份 推动股东结构多元化 首程控股(00697)：北京机器人基金投资星动纪元 京东健康(06618)发布第三季度业绩 经营盈利12.43亿元 同比增加125.3% 中芯国际(00981)公布第三季度业绩 公司拥有人应占盈利约1.92亿美元 环比增长44.7% 同比增长28.9% 哔哩哔哩-W(09626)第三季度净利润4.69亿元 同比扭亏为盈 各项核心用户指标均创历史新高 中国太保(02601)：太平洋人寿保险前10个月原保险保费收 ...