Core Viewpoint - Tencent Holdings Limited has issued new shares and conducted share buybacks, reflecting its ongoing capital management strategy and employee incentive programs [1] Share Issuance - On August 26, 2023, Tencent issued 230,683 new shares due to the exercise of stock options under the 2023 stock option plan, with an exercise price of HKD 337.28 per share [1] - The total number of issued shares increased from 9,171,874,499 to 9,172,105,182 shares [1] Share Buyback - Tencent conducted a continuous share buyback from August 18 to August 26, 2023, repurchasing a total of 5,436,000 shares, which represents approximately 0.059% of the issued shares [1] - The buyback price ranged from HKD 589.79 to HKD 617.50, with 899,000 shares repurchased on August 26 alone, costing about HKD 551 million [1] Other Important Information - The buyback authorization is based on the resolution from the shareholders' meeting on May 14, 2025, allowing a maximum repurchase of 919 million shares [1] - Year-to-date, Tencent has repurchased 43.906 million shares, accounting for 0.48% of the shares issued at the time of the authorization [1] - There is a 30-day suspension period for share buybacks following the repurchase, lasting until September 25, 2023 [1] - All repurchased shares are intended to be canceled, with no stock held in reserve [1]

Investment Rating - The report maintains a "Positive" outlook for the media industry [4] Core Insights - The recent policy document from the State Council emphasizes the implementation of "Artificial Intelligence +" actions, which is expected to significantly boost the AI industry chain, similar to the "Internet +" policy in 2015 [7] - The report anticipates a fourfold increase in AI penetration rate within three years, aiming for 70% by 2027 and 90% by 2030, indicating substantial growth potential in AI user base [7][8] - The demand for AI computing power is projected to surge, with major players like Alibaba, Baidu, Tencent, and Huawei expected to benefit from this trend [7] - The report highlights the strategic importance of AI applications, suggesting that new "killer apps" may emerge as AI penetration increases [7] Summary by Sections Investment Recommendations and Targets - Focus on AI applications in two key areas: AI + video/image (Kuaishou-W, Meitu) and AI + recruitment (BOSS Zhipin-W, Tongdao Liepin, Beisen Holdings) [2] - Major companies to watch include Alibaba-W, Tencent Holdings, Kuaishou-W, Baidu Group-SW, and ByteDance [2] - Companies involved in data and copyright in the industry include People’s Daily, Zhejiang Shuzhi Culture, Vision China, and Zhongwen Online [2] Policy and Market Dynamics - The policy document outlines a three-step strategy for AI penetration, with specific targets for 2027 and 2030 [8] - Key areas of focus include AI integration in science and technology, industrial development, and consumer quality enhancement [8][9] - The report emphasizes the need for a supportive environment for AI applications, including the establishment of national AI application pilot bases [7][8] AI Ecosystem Development - The report discusses the importance of fostering an open-source ecosystem for AI, which is seen as crucial for rapid advancements in domestic AI models [7] - It highlights the need for enhanced data supply, intelligent computing power coordination, and talent development to support AI growth [12]

相关ETF 恒生医药ETF （原标题：8月26日港股通净买入165.73亿港元） 8月26日恒生指数下跌1.18%，报收25524.92点，全天南向资金通过港股通渠道合计净买入165.73亿港元。 证券时报•数据宝统计，8月26日港股通全天合计成交金额为1487.44亿港元，成交净买入165.73亿港元。 具体来看，沪市港股通成交金额904.65亿 港元，成交净买入96.05亿港元；深市港股通成交金额582.79亿港元，成交净买入69.67亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，盈富基金成交额为50.10亿港元，成交金额居首；其次是中芯国际、阿里巴巴-W，成交金额 分别为38.61亿港元、32.89亿港元。以净买卖金额统计，盈富基金净买入额为49.97亿港元，净买入金额居首，该股收盘股价下跌1.29%。净卖出金 额最多的是中芯国际，净卖出7.08亿港元，收盘股价下跌2.77%。 深市港股通前十大成交活跃股中，成交额居首的是阿里巴巴-W，成交金额21.85亿港元；其次是中芯国际、腾讯控股，成交金额分别为19.52亿港 元、18.10亿港元。以净买卖金额统计，有6只股为净买入，净买入金额最多的是盈 ...

Summary of Key Points Core Viewpoint - On August 26, the Hang Seng Index fell by 1.18%, with southbound funds recording a total transaction amount of HKD 148.744 billion, resulting in a net inflow of HKD 16.573 billion [1]. Southbound Fund Activity - The total transaction amount for the southbound funds included HKD 82.658 billion in buying and HKD 66.086 billion in selling, leading to a net buying amount of HKD 16.573 billion [1]. - The Hong Kong Stock Connect (Shenzhen) had a cumulative transaction amount of HKD 58.279 billion, with net buying of HKD 6.967 billion, while the Hong Kong Stock Connect (Shanghai) had a cumulative transaction amount of HKD 90.465 billion, with net buying of HKD 9.605 billion [1]. Active Stocks - The most actively traded stock by southbound funds was the Tracker Fund of Hong Kong (盈富基金), with a total transaction amount of HKD 6.644 billion and a net buying amount of HKD 6.546 billion, despite a closing price drop of 1.29% [1][2]. - Other notable stocks included SMIC (中芯国际) with a total transaction amount of HKD 5.812 billion and a net selling amount of HKD 0.983 billion, closing down by 2.77% [1][2]. - Alibaba (阿里巴巴-W) had a total transaction amount of HKD 5.474 billion with a net buying amount of HKD 0.134 billion, closing down by 2.57% [1][2]. Continuous Net Buying - Three stocks experienced continuous net buying for more than three days, with Tencent Holdings (腾讯控股) leading with a net buying amount of HKD 6.883 billion over eight days, followed by Meituan-W (美团-W) with HKD 2.921 billion over four days, and Alibaba-W with HKD 2.318 billion over three days [2].

Market Overview - On August 26, the Hang Seng Index fell by 1.18%, with southbound trading totaling HKD 148.744 billion, comprising HKD 82.658 billion in buying and HKD 66.086 billion in selling, resulting in a net buying amount of HKD 16.573 billion [2][3]. Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total transaction amount of HKD 58.279 billion, with buying at HKD 32.623 billion and selling at HKD 25.656 billion, leading to a net buying of HKD 6.967 billion [2]. - Southbound trading through the Stock Connect (Shanghai) had a total transaction amount of HKD 90.465 billion, with buying at HKD 50.035 billion and selling at HKD 40.430 billion, resulting in a net buying of HKD 9.605 billion [2]. Active Stocks - The most actively traded stock by southbound funds was the Tracker Fund of Hong Kong (盈富基金), with a total transaction amount of HKD 66.44 billion and a net buying of HKD 65.46 billion, despite a closing price drop of 1.29% [2][3]. - Other notable stocks included SMIC (中芯国际) with a total transaction amount of HKD 58.12 billion and a net selling of HKD 9.83 billion, closing down by 2.77% [2][3]. - Alibaba (阿里巴巴-W) had a total transaction amount of HKD 54.74 billion with a net buying of HKD 13.46 billion, closing down by 2.57% [2][3]. Continuous Net Buying - Three stocks experienced continuous net buying for more than three days, with Tencent Holdings (腾讯控股) leading at 8 days of net buying, followed by Meituan (美团-W) at 4 days, and Alibaba (阿里巴巴-W) at 3 days [3]. - The total net buying amounts during this period were HKD 68.83 billion for Tencent, HKD 29.21 billion for Meituan, and HKD 23.18 billion for Alibaba [3].

Core Insights - The Cologne International Game Show recently showcased Tencent Games' first professional AI model, VISVISE, which garnered significant attention through live demonstrations [1][3]. Group 1: VISVISE Overview - VISVISE is designed as a comprehensive solution for game art production, covering four main pipelines: animation production, 3D model generation, intelligent NPCs, and digital asset management [4][10]. - The model streamlines six key stages of game creation: model generation, texture production, skin binding, animation production, scene construction, and rendering [4][6]. Group 2: Industry Adoption and Trends - Over 50 external companies, including Perfect World and Kuro Game, have adopted VISVISE, indicating its growing influence in the industry [3][8]. - According to Unity's 2025 Game Industry Trends Report, 96% of game studios are integrating AI tools into their workflows, although developers are becoming more cautious and focused on practical solutions [9]. Group 3: Efficiency and Cost Reduction - VISVISE significantly enhances efficiency, with skin binding processes reduced from 1-3.5 days per item to over eight times faster, and animation production becoming fully automated through keyframe generation and intelligent interpolation [3][6]. - The AI tools allow for rapid response to changing game design requirements, reducing costs and time associated with traditional motion capture methods [7][10]. Group 4: Customization and Unique Styles - The application of VISVISE allows game developers to input unique data sets, enabling the creation of distinctive styles tailored to specific projects, thus addressing concerns about aesthetic homogenization in AI-generated content [9][10]. - The product operates on a SaaS-like business model, charging based on service usage, and aims to continuously introduce advanced AI tools to support global game developers [10].

Investment Rating - The report maintains a "Recommended" rating for the gaming industry, indicating a positive outlook for the sector [3][6]. Core Insights - In August 2025, a total of 173 game licenses were issued, with 166 being domestic and 7 imported, marking a significant increase in the number of licenses issued compared to the same period in 2024 [1][6]. - The report highlights key games that received approval, including titles from major companies such as Tencent, NetEase, and Bilibili, which are expected to contribute positively to their respective revenues [6]. - The issuance of game licenses has been stable and consistent throughout 2025, with a total of 1,050 domestic and 69 imported licenses issued so far this year, reflecting a strong recovery in the gaming market [6]. Industry Overview - The gaming industry is characterized by a total of 160 listed companies, with a total market capitalization of 2,014.6 billion and a circulating market capitalization of 1,832.2 billion [3]. - The absolute performance of the industry has shown a significant increase of 75.8% over the past 12 months, indicating strong growth potential [5]. - The report emphasizes the ongoing success of established games and the potential for new releases to drive revenue growth, particularly for companies like Tencent and Giant Network [6].

Group 1 - The establishment of the private equity fund "Suzhou Kuanyu Equity Investment Fund Partnership" has been officially completed with a total investment of 22.429 billion yuan [2][4] - Tencent is the largest contributor to the fund, with a subscription amount of approximately 9.959 billion yuan, accounting for about 44.4% of the total [2][6] - The fund is specifically set up for the acquisition of 48 Wanda Plaza properties, which was approved by the State Administration for Market Regulation three months prior [4][6] Group 2 - The second largest contributor to the fund is JD.com, through its wholly-owned subsidiary, with a subscription amount of approximately 4.780 billion yuan, representing about 22.2% [6][8] - Sunshine Life Insurance is the third largest contributor, with a subscription amount of approximately 4.454 billion yuan, accounting for about 19.86% [8] - The fund's total investment amount is significantly lower than the previously speculated 50 billion yuan, which was expected to be raised through various financing channels [8] Group 3 - The Wanda Group has been facing liquidity issues, prompting Tencent to engage in multiple asset acquisitions related to Wanda [6][10] - As of the end of 2024, Wanda operates 513 Wanda Plazas across the country, with a total commercial operating area of 70.9 million square meters [9][10] - The rental income for Wanda Management in the first half of 2023 was reported at 26.32 billion yuan, with an average rental rate of approximately 100 yuan per square meter per month [10][12]

Group 1 - The private equity fund "Suzhou Kuanyu Equity Investment Fund Partnership" has been established with a total investment of approximately 22.43 billion yuan (224.29 billion) from 13 companies, including Tencent, which contributed about 9.96 billion yuan (99.59 million) [1][4][10] - Tencent holds a significant stake in the fund, accounting for approximately 44.4% of the total contributions, while other major contributors include Pando Commercial Management with about 4.78 billion yuan (47.80 million) and Sunshine Life Insurance with approximately 4.45 billion yuan (44.54 million) [1][10] - This fund is specifically set up for the acquisition of 48 Wanda Plaza properties, which was previously approved by the State Administration for Market Regulation [4][5][10] Group 2 - The establishment of the fund marks the preliminary completion of a major transaction valued at over 20 billion yuan (200 billion) [2][4] - The fund's total investment amount is significantly lower than the previously speculated 50 billion yuan (500 billion), which was expected to be composed of various financing sources including loans from major banks [11] - The core asset of Wanda is its Wanda Plaza, with a total of 513 plazas across the country, generating substantial rental income [14][13] Group 3 - In the first half of 2023, Wanda Commercial Management reported total rental income of approximately 26.32 billion yuan (263.2 million), with an average rental rate of about 100 yuan per square meter per month [14][17] - The average occupancy rate of Wanda Plazas has remained high, with rates of 97.76% to 98.67% over the past few years [14] - The company has been actively restructuring its assets, having sold nearly 100 Wanda Plazas and other assets in recent years, which has reduced the available assets for monetization [14][13]

Group 1 - Tencent Holdings announced a share buyback plan, committing HKD 551 million to repurchase 899,000 shares [1] - The buyback is scheduled to take place on August 26, 2025 [1] - This move reflects the company's strategy to enhance shareholder value [1]