证券时报·数据宝统计，腾讯控股在港交所公告显示，11月25日以每股620.500港元至634.500港元的价格 回购101.40万股，回购金额达6.36亿港元。该股当日收盘价625.000港元，上涨0.08%，全天成交额93.27 亿港元。 | 2025.06.11 | 96.90 | 518.000 | 514.500 | 50052.03 | | --- | --- | --- | --- | --- | | 2025.06.10 | 97.30 | 520.000 | 509.000 | 50045.30 | | 2025.06.09 | 96.80 | 520.500 | 513.000 | 50057.43 | | 2025.06.06 | 97.50 | 516.500 | 511.500 | 50084.93 | | 2025.06.05 | 97.50 | 517.500 | 509.500 | 50066.06 | | 2025.06.04 | 98.00 | 513.000 | 507.500 | 50034.58 | | 2025.06.03 | 99.40 | 505.000 | 50 ...

Core Viewpoint - On November 25, the Hang Seng Index rose by 0.69%, closing at 25,894.55 points, with a net inflow of HKD 11.166 billion through the southbound trading channel [1]. Group 1: Market Activity - The total trading volume for the southbound trading on November 25 was HKD 1,012.80 billion, with a net buying amount of HKD 11.166 billion [1]. - The Shanghai Stock Exchange's southbound trading accounted for HKD 617.70 billion in trading volume, with a net buying of HKD 7.137 billion [1]. - The Shenzhen Stock Exchange's southbound trading had a volume of HKD 395.10 billion, resulting in a net buying of HKD 4.028 billion [1]. Group 2: Active Stocks - Alibaba-W was the most actively traded stock, with a trading volume of HKD 1,005.98 million and a net buying amount of HKD 350.41 million, closing with a price increase of 2.14% [2]. - Xiaomi Group-W followed with a trading volume of HKD 506.06 million, but had a net selling of HKD 20.34 million, closing up by 4.35% [2]. - Semiconductor Manufacturing International Corporation (SMIC) had a trading volume of HKD 282.32 million, with a net selling of HKD 24.59 million, and closed down by 0.15% [2].

在性能方面，HunyuanOCR在复杂文档解析评测OmniDocBench中获得94.1分，超过谷歌Gemini3-pro等 模型；在涵盖文档、街景、手写等九大场景的测试集上，其文字检测与识别能力领先同类开源及商业模 型。同时，该模型支持14种小语种翻译，并在ICDAR2025文档翻译比赛中获得小模型赛道冠军。 目前该模型已应用于票据字段抽取、视频字幕识别及拍照翻译等场景，并正式对外开放源代码。 凤凰网科技讯 11月25日，腾讯混元于11月25日推出开源OCR模型HunyuanOCR，该模型参数量为1B， 基于混元原生多模态架构构建，在多项OCR应用评测中取得当前最优效果。 该模型采用端到端训练推理范式，通过单次前向推理即可完成多项任务，相比传统级联方案更具效率优 势。其架构由原生分辨率视频编码器、自适应视觉适配器与轻量化语言模型三部分组成。 ...

以下文章来源于Vista氢商业 ，作者何愚 "不过，所谓'荣誉退休'，是大厂独一份的顶级福利，还是'35岁优化'的另一美化版本？" 本文来自微信公众号： Vista氢商业 ，作者：何愚，编辑：卢力麟，原文标题：《"40岁前在腾讯一 次性拿到21个月工资荣誉退休"，提心吊胆怕35岁裁员的大厂打工人快羡慕哭了？》，题图来自：AI 生成 打工人每天在工位上思考的三大终极人生问题：中午吃什么，晚上吃什么，我到底还有多久才能退 休。 甚至已经有活通透了的秋招大学生先行一步，在听闻腾讯工作满15年就能提前退休之后，还没入 职，就已经开始迫不及待地找HR打听贵司有没有类似政策，结果得知贵司才刚过完8周年纪念日。 今年双十一，刚好是腾讯27岁的生日。时至今日，它终于赶上了自己15年前的员工平均年龄，俨然 已是国内活得最久的互联网企业之一。 就在四年前，当大家还在掰着手指头数自己得再熬三十年还是四十年才能退休时，腾讯抛出了一个时 间上打五折的方案，满15年就能提前退休，并额外获得"N+6" （N为工作年限） 的一次性退休金。 在腾讯内部，这项政策又被称为"荣誉退休"。 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣 ...

Investment Rating - The report rates the industry as "Outperforming the Market" [5] Core Insights - The release of advanced AI models by Google and Alibaba marks a significant milestone in AI application development, indicating a shift in the computer sector's fundamentals, particularly in cloud infrastructure, AI, and domestic innovation [1][4] - The commercial viability of AI in the computer sector is expected to improve by 2026, driven by rapid advancements in domestic large models and a recovery in fundamentals, suggesting a potential revaluation of the industry [1][4] Summary by Sections Google Developments - Google introduced the Gemini 3 Pro model, which excels in reasoning and multimodal capabilities, achieving a groundbreaking score of 1501 Elo, outperforming its predecessor [2] - The Gemini 3 Pro demonstrated high scores in various AI benchmarks, showcasing its reliability in solving complex problems across multiple domains [2] - The Nano Banana Pro model allows for the visualization of ideas and designs, leveraging Gemini 3's advanced reasoning to create useful content and connect to Google's extensive knowledge base [2] Alibaba Developments - Alibaba launched the Qianwen App, an AI application aimed at C-end users, achieving over 10 million downloads by November 24, 2025, indicating strong market penetration [3] - The Lingguang AI features include interactive capabilities and real-time data processing, enhancing user engagement and information accessibility [3] Industry Implications - The advancements in AI models are expected to benefit various sectors, including large model companies (Alibaba, Tencent), AI in office applications (Kingsoft, Foxit), marketing (Zhenai Meijia, Maifushi), healthcare (Jingtai Holdings, Alibaba Health), finance (Jiufang Zhitu, Tonghuashun), video (Danghong Technology, Hongsoft Group), and AI hardware (Xiechuang Data, Cambrian) [4]

格隆汇11月25日｜据Vista氢商业，2021年，腾讯推出了国内互联网行业的首个退休方案。腾讯的"荣誉 退休"与普通的退休有两点明显的不同：一是钱更多，在法定退休福利之外，公司将额外提供"N+6"的 一次性退休金；二是时间更早，入职满15年之后的任意一年都可以"提前解锁"这一福利。 但荣誉退休的前提是，必须在腾讯以正式员工的身份连续工作满15周年，不包括实习，不算中途离职及 之前的时间，以及最近一次绩效考核不能落在最差的一级。 在鹅厂荣誉退休到底是怎样一种体验？氢商业找到了一位鹅厂工龄15年，并刚刚在四个月前实现荣休的 程序员Lily。39岁的Lily在腾讯当程序员的15年间，一共经历了30次考核，换了5次团队和岗位，从P8一 路升到了P11，年薪也水涨船高到百万级别。 "早在2020年，我就给自己定下五年后要FIRE（财务独立、提早退休）的计划。所以2021年腾讯推出荣 誉退休政策时，我心里的第一反应就是——太好了，不用再纠结怎么样才能把我按时裁掉。" "大厂工作时间真的太久了。"虽然腾讯在行业中已经算得上相对"佛系"，但"敏捷迭代"依旧是刻在互联 网基因里的东西。比如AI火起来的时候，老板要求她两周内就 ...

Investment Rating - Investment Rating: Buy [2] Core Views - Tencent Holdings continues to show strong financial performance with increasing revenue and profit margins, driven by its gaming, marketing services, and fintech sectors [5][14][19] - The company's focus on AI integration across its business segments is expected to enhance operational efficiency and revenue growth [22][23] Financial Performance - Revenue for 2025 is projected to be 726,283 million RMB, with an operating profit of 220,183 million RMB, reflecting a PE ratio of 23.29 for 2025 [7][11] - In Q3 2025, Tencent reported revenue of 192,869 million RMB, a 15% year-on-year increase, with net profit reaching 63,133 million RMB, up 19% [13][14] - The gross margin improved from 53% to 56%, indicating a positive shift in the company's profitability structure [14] Business Development - The marketing services segment is a key revenue driver, achieving a 21% year-on-year growth, primarily due to the expansion of video ads and AI-driven advertising optimization [16][17] - The value-added services segment, which includes gaming, saw a 16% increase in revenue, with domestic game revenue growing by 15% and international game revenue by 43% [18] - The fintech and enterprise services segment reported a 10% revenue growth, supported by recovery in offline commerce and increased online payment penetration [19] Profitability Forecast - The forecast for net profit in 2025 is 197,213 million RMB, with a projected growth rate of 9.19% [9][11] - Operating profit margin is expected to remain stable at around 32% across the forecast period [9][11] Market Analysis - The global digital advertising market is rapidly shifting towards digital channels, with significant growth expected in the Asia-Pacific region [20] - The gaming market is projected to reach 188.8 billion USD in 2025, with Tencent positioned to benefit from both domestic and international growth [21] R&D Investment - Tencent's R&D expenditure reached approximately 22,820 million RMB in Q3 2025, marking a 28% increase year-on-year, focusing on AI talent and infrastructure [22] - The company is transitioning from isolated AI products to a comprehensive AI platform integrated across its core applications [22] Future Outlook - Tencent's management emphasizes embedding AI deeply into existing business lines and pursuing global expansion as dual growth engines [23] - The company anticipates that AI-related capital expenditures will account for a low double-digit percentage of revenue, indicating a commitment to long-term investment in AI infrastructure [23]

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 64.02 亿元 | +21.12 亿元 | | 小米集团-W(01810) | 25.23 亿元 | +4.35 亿元 | | 中芯国际(00981) | 20.70 亿元 | -4.22 亿元 | | 腾讯控股(00700) | 19.92 亿元 | +7893.05 万元 | | 快手-W(01024) | 10.86 亿元 | +4.47 亿元 | | 中国海洋石油(00883) | 7.77 亿元 | -2.03 亿元 | | 汇量科技(01860) | 6.28 亿元 | -6434.96 万元 | | 中国移动(00941) | 6.07 亿元 | +1.65 亿元 | | 赣锋锂业(01772) | 5.68 亿元 | +2720.67 万元 | | 长飞光纤光缆(06869) | 5.20 亿元 | +4935.83 万元 | 智通财经APP获悉，2025年11月25日当天，阿里巴巴-W(09988)、小米集团-W(01810)、中芯国际( ...

打工人每天在工位上思考的三大终极人生问题：中午吃什么，晚上吃什么，我到底还有多久才能退休。 甚至已经有活通透了的秋招大学生先行一步，在听闻腾讯工作满15年就能提前退休之后，还没入职，就已经开始迫不及待地找HR打听贵司有没有类似政 策，结果得知贵司才刚过完8周年纪念日。 图源：小红书@英短乳白发言人 今年双十一，刚好是腾讯27岁的生日。时至今日，它终于赶上了自己15年前的员工平均年龄，俨然已是国内活得最久的互联网企业之一。 就在四年前，当大家还在掰着手指头数自己得再熬三十年还是四十年才能退休时，腾讯抛出了一个时间上打五折的方案，满15年就能提前退休，并额外获 得"N+6"（N为工作年限）的一次性退休金。在腾讯内部，这项政策又被称为「荣誉退休」。 "不过，所谓「荣誉退休」，是大厂独一份的顶级福利，还是「35岁优化」的另一美化版本？" 在腾讯工作15年后，她决定"退休" 打工人所关心的话题每隔几年就会换一茬：最开始聊买房，前几年聊转行，这几年更是聊起了提前退休——无论赚多赚少，不如退休养老，少走几十年弯 路，拒绝职场PUA，直抵人生的终极目标。 2021年，腾讯推出了国内互联网行业的首个退休方案，首次将互联网和"退 ...

当下，人工智能技术正迎来爆发点，成为推动全球变革的关键力量。在这一进程中，"AI向善"不仅是世界变局中的珍贵共识，更在持续引导技术走向实践、推动 社会创新，为可持续发展注入源源不断的动能。 面对AI时代的机遇与挑战，我们如何更好地创造社会价值，助力可持续发展目标的实现？12月3日，北京将迎来一场关于可持续未来的关键对话——2025可持续社 会价值创新大会 （以下简称"S大会"） 。本届大会以"解法"为行动指针，旨在人工智能技术深刻重塑社会的当下，探索科技助力可持续发展的可行路径。 自2024年首次举办以来，S大会已从一场思想盛宴演进为一个持续生长、不断融合的开放平台。大会期待携手全球行动者，在充满不确定性的时代共绘可持续的未 来图景，推动AI向善与社会创新从理念走向实践。 从共识到解法， 前沿洞察拓展思想边界 在上午的S大会主论坛上，来自联合国驻华协调员办公室、中国企业改革与发展研究会、清华大学及腾讯的代表将发表洞见。 届时，全球可持续发展领域的创新引领者、一线行动者、前沿研究者与理念倡导者将齐聚一堂，多维度展开深度对话。会议还将聚焦社会创新的生态构建与全球 合作，探索如何将技术创新与可持续发展目标深度融合， ...