Market Overview - On August 18, the Hang Seng Index fell by 0.37%, with southbound trading totaling HKD 181.83 billion, comprising HKD 91.61 billion in buying and HKD 90.22 billion in selling, resulting in a net inflow of HKD 1.39 billion [1] Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total of HKD 69.21 billion, with buying at HKD 34.33 billion and selling at HKD 34.88 billion, leading to a net outflow of HKD 0.56 billion [1] - Southbound trading through the Stock Connect (Shanghai) totaled HKD 112.62 billion, with buying at HKD 57.28 billion and selling at HKD 55.34 billion, resulting in a net inflow of HKD 1.94 billion [1] Active Stocks - The most actively traded stock by southbound funds was the Tracker Fund of Hong Kong, with a total trading volume of HKD 64.49 billion, followed by Tencent Holdings at HKD 58.68 billion and Hua Hong Semiconductor at HKD 57.26 billion [1] - The net buying stocks included China Life Insurance with a net inflow of HKD 6.73 billion, Alibaba-W with HKD 6.17 billion, and Hua Hong Semiconductor with HKD 3.89 billion [1] - The stock with the highest net selling was the Tracker Fund of Hong Kong, with a net outflow of HKD 64.13 billion, while Hang Seng China Enterprises and Southern Hang Seng Technology experienced net outflows of HKD 14.45 billion and HKD 5.74 billion, respectively [1] Continuous Net Buying - Among the stocks, Alibaba-W, Hua Hong Semiconductor, and SMIC have seen continuous net buying for more than three days, with Alibaba-W leading at a total net inflow of HKD 25.27 billion over five days [2] - The net buying amounts for SMIC and Hua Hong Semiconductor were HKD 10.35 billion and HKD 4.35 billion, respectively [2] Summary of Active Stocks on August 18 - China Life Insurance: Total trading volume HKD 173.14 million, net buying HKD 67.28 million, price change +2.87% [2] - Alibaba-W: Total trading volume HKD 531.96 million, net buying HKD 61.74 million, price change +0.42% [2] - Hua Hong Semiconductor: Total trading volume HKD 572.57 million, net buying HKD 38.92 million, price change -6.20% [2] - Xiaomi Group-W: Total trading volume HKD 392.47 million, net selling HKD 21.09 million, price change +0.38% [2] - Tracker Fund of Hong Kong: Total trading volume HKD 644.91 million, net selling HKD 641.28 million, price change -0.54% [2]

| 代码 | 简称 | 类型 | 成交金额 | 成交净买入 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | | （万港元） | （万港元） | （%） | | 02800 | 盈富基金 | 港股通(沪) | | 414760.59 -412967.40 | -0.54 | | 00700 | 腾讯控股 | 港股通(沪) | | 365448.73 109753.90 | -0.84 | | 01347 华虹半导体 | | 港股通(沪) | 336541.34 | 96624.86 | -6.20 | | 09988 阿里巴巴-W | | 港股通(沪) | 330115.42 | 24339.03 | 0.42 | | 00981 | 中芯国际 | 港股通(沪) | 281527.17 | 21917.23 | -1.80 | | 01810 小米集团-W | | 港股通(沪) | 249964.26 | -16917.07 | 0.38 | | 01347 华虹半导体 | | 港股通(深) | 236025.00 | -57702.88 | -6.20 ...

（原标题：南向资金今日净买入13.86亿港元，中国人寿净买入6.73亿港元） 8月18日恒生指数下跌0.37%，南向资金全天合计成交金额为1818.27亿港元，其中，买入成交916.07亿港元，卖出成交902.21亿港元，合计净买入 金额13.86亿港元。具体来看，港股通（深）累计成交金额692.11亿港元，买入成交343.28亿港元，卖出成交348.83亿港元，合计净卖出金额5.55亿 港元；港股通（沪）累计成交金额1126.17亿港元，买入成交572.79亿港元，卖出成交553.38亿港元，合计净买入金额19.42亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是盈富基金，合计成交额64.49亿港元，腾讯控股、华虹半导体成交额紧随其后，分 别成交58.68亿港元、57.26亿港元。以净买卖金额统计，净买入的个股共有6只，中国人寿净买入额为6.73亿港元，净买入金额居首，该股收盘股 价上涨2.87%，阿里巴巴-W净买入额为6.17亿港元，华虹半导体净买入额为3.89亿港元。净卖出金额最多的是盈富基金，净卖出64.13亿港元，该 股收盘股价下跌0.54%，恒生中国企业、南方恒生科技遭净卖出14 ...

| 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.08.18 | 93.10 | 595.500 | 587.000 | 55044.00 | | 2025.07.10 | 100.80 | 498.000 | 494.400 | 50034.87 | | 2025.07.09 | 100.50 | 504.000 | 495.200 | 50032.13 | | 2025.07.08 | 99.50 | 505.000 | 500.000 | 50031.26 | | 2025.07.07 | 100.20 | 502.000 | 494.400 | 50058.94 | | 2025.07.04 | 100.70 | 501.000 | 493.000 | 50026.92 | | 2025.07.03 | 100.40 | 503.000 | 495.000 | 50065.76 | | 2025.07.02 | 99.60 | 508. ...

Investment Rating - Industry Rating: Outperform the Market (Maintained Rating) [1] Core Views - The report is optimistic about the potential of AI glasses, particularly focusing on the Meta ecosystem and its upcoming high-end smart glasses, Celeste, which is expected to exceed expectations [10][12] - Apple is making significant strides in AI, with plans to launch a desktop AI virtual companion robot and expand into home security systems, which could enhance its market position [15][18] - Tencent's AI initiatives are driving substantial revenue growth, with a reported total revenue of 364.5 billion yuan, reflecting a 14% year-on-year increase [24][26] Summary by Sections AI Glasses and Meta Ecosystem - Meta Connect 2025 is set to showcase high-end smart glasses, Celeste, and innovations in AI interaction through muscle-sensing wristbands [12][13] - The Celeste glasses feature a unique single-eye full-color display and are expected to revolutionize AR interaction [13] - Meta is also developing a smartwatch in collaboration with domestic manufacturers, further expanding its metaverse vision [14] Apple's AI Developments - Apple is developing a desktop robot that can interact with users and manage daily tasks, alongside a new version of Siri [15][17] - The company announced a $100 billion investment plan in the U.S., which is expected to enhance its competitive edge by reducing production costs [18][19] - Apple's Q3 2025 revenue reached $94 billion, a 10% increase year-on-year, driven by strong iPhone and service sales [21][23] Tencent's Performance - Tencent's total revenue for the first half of 2025 was 364.5 billion yuan, with a 14% year-on-year growth, showcasing strong resilience and technological drive [24][26] - The company is leveraging AI to enhance its WeChat and gaming services, resulting in significant user growth and revenue increases [27][28] PCB and AI Chip Packaging - CoWoP technology is expected to reduce costs by 30%-50% and improve efficiency in PCB production, responding quickly to the rising demand for AI devices [30][35] - The transition from CoWoS to CoWoP packaging is anticipated to create new technical barriers and redefine AI hardware standards [32][36] Panel Industry Trends - The demand for panels is slowing, with price adjustments expected; however, leading companies are showing resilience [38][39] - TrendForce predicts a stabilization in panel prices, with some sizes expected to maintain or slightly decrease in price [41]

Core Viewpoint - Tencent's performance shows significant improvement driven by AI, enhancing various business segments and indicating a positive trend in the industry [2][4]. Group 1: Tencent's Financial Performance - Tencent reported a revenue of 364.5 billion yuan (+14%) for the first half of the year, with a net profit of 124.4 billion yuan (+16%) [2]. - In Q2, Tencent's revenue reached 184.5 billion yuan (+15%), with a non-IFRS operating profit of 69.25 billion yuan (+18%) and a net profit of 63.1 billion yuan (+10%) [2]. - The growth in Q2 was driven by increased revenue from value-added services in gaming, advertising, and fintech, with gaming revenue at 91.37 billion yuan (+16%) and international gaming revenue at 18.8 billion yuan (+35%) [2]. Group 2: AI's Impact on Business - AI is significantly enhancing Tencent's vertical business areas, leading to improved efficiency and quality across its services [2]. - The monthly active users of WeChat reached 1.411 billion (+3%), highlighting the importance of AI in social networking applications [2]. Group 3: U.S. Government's Investment in Intel - The Trump administration plans to invest national funds directly into Intel, focusing on reviving its Ohio wafer plant and boosting domestic advanced manufacturing capacity [3]. - This initiative is expected to alleviate Intel's cash flow pressures and signal strong support for the semiconductor industry, with Intel's stock price rising by 8.9% following the announcement [3]. Group 4: AI Infrastructure and Demand - There has been an explosive growth in inference demand, with Google reporting a consumption of 48 trillion inference tokens in May and 98 trillion in July [4]. - Google plans to invest $9 billion in expanding its cloud and AI infrastructure over the next two years to meet this demand [4]. - In China, the daily consumption of inference tokens is projected to grow from 100 billion to over 30 trillion by mid-2025, reflecting rapid growth in AI applications [4].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of HK$685.00, representing a potential upside of 17% from the current price of HK$586.00 [1][7][16]. Core Insights - Tencent's online gaming revenue grew by 22% year-on-year in Q2 2025, with domestic market growth at 17% and international market growth at 35%. The growth was driven by popular titles and new game launches [5][6]. - The advertising revenue increased by 20% year-on-year, supported by AI-driven improvements in ad targeting and user engagement [6][14]. - Financial technology and enterprise services also saw a 10% year-on-year growth, with significant contributions from commercial payments and cloud services [6][14]. - The adjusted operating profit margin reached 37.5%, up 120 basis points year-on-year, indicating improved profitability due to business expansion and higher margins from new services [7][14]. Financial Summary - Revenue projections for 2025 are estimated at RMB 748.6 billion, with a net profit of RMB 255.5 billion and an EPS of RMB 27.46 [8][14]. - The report anticipates continued growth in both domestic and international gaming segments, with revised growth expectations of 16% for domestic and 23% for international markets in 2025 [5][14]. - The adjusted operating profit margin forecasts for Q3 2025 and 2025 are raised to 38.5% and 38.0%, respectively, reflecting strong performance in high-margin business areas [14][15]. Valuation - The SOTP (Sum of the Parts) valuation for Tencent is set at HK$685.00, based on various business segment performance forecasts [16][17]. - The core gaming segment is valued at HK$2.1 trillion, while the advertising segment is valued at HK$1.5 trillion, both based on a 20x P/E ratio for 2025 [17][18].

北京商报讯（记者 魏蔚）8月18日，第三方机构IDC发布了《中国AI公有云服务市场份额，2024》（以 下简称"报告"）。根据报告，2024年中国AI公有云服务市场规模195.9亿元，其中百度智能云、阿里云 位居市场并列第一，市场份额24.6%，其次是腾讯云和华为云。增长驱动力一方面来源于生成式AI应用 的扩展，另一方面也来源于机器学习训推需求的明显增长，带动了平台层以及应用层的AI市场增长。 具体到在自然语言处理公有云服务市场，2024年市场规模22.2亿元，相比2023年增长51.1%。百度智能 云、华为云、阿里云位居市场前三名。 ...

Group 1 - On August 18, 2025, the top three companies by trading volume in the Southbound Stock Connect were Yingfu Fund (02800) with 4.148 billion, Tencent Holdings (00700) with 3.654 billion, and Hua Hong Semiconductor (01347) with 3.365 billion [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, the top three companies were Hua Hong Semiconductor (01347) with 2.360 billion, Yingfu Fund (02800) with 2.301 billion, and Tencent Holdings (00700) with 2.214 billion [1] Group 2 - In the Southbound Stock Connect, the most active companies included Yingfu Fund (02800) with a trading amount of 4.148 billion and a net buy amount of -4.130 billion, Tencent Holdings (00700) with 3.654 billion and a net buy amount of +1.098 billion, and Hua Hong Semiconductor (01347) with 3.365 billion and a net buy amount of +0.966 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Hua Hong Semiconductor (01347) had a trading amount of 2.360 billion with a net buy amount of -0.577 billion, Yingfu Fund (02800) had 2.301 billion with a net buy amount of -2.283 billion, and Tencent Holdings (00700) had 2.214 billion with a net buy amount of -0.798 billion [2]

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The WAIC 2025 showcased advancements in AI models, computing chips, and server technologies, indicating a robust growth trajectory for the domestic AI industry [2][5]. - Domestic AI models and intelligent agents are rapidly evolving, with significant improvements in performance and cost efficiency [10][19]. - The report emphasizes the importance of long-term investment opportunities in the domestic AI supply chain, despite external challenges [2][8]. Summary by Sections WAIC 2025 Highlights - WAIC 2025 focused on AI models, computing chips, and servers, featuring top tech companies and innovations [5][6]. - Key products included the Step-3 model by Jieyue Star, SenseNova V6.5 by SenseTime, and Tencent's Hunyuan 3D World Model, showcasing advancements in multi-modal capabilities [10][19][25]. Domestic AI Model Developments - Jieyue Star's Step-3 model achieved state-of-the-art results in various benchmarks, with a total parameter count of 321 billion and activation parameters of 38 billion [11][12]. - SenseTime's SenseNova V6.5 model demonstrated a threefold improvement in cost-performance ratio compared to its predecessor [21][23]. - Tencent's Hunyuan 3D World Model 1.0 gained over 2.3 million downloads, highlighting its popularity and effectiveness in generating editable virtual worlds [25][28]. GPU Innovations - Muxi's flagship GPU, Xiyun C600, represents a significant breakthrough in domestic high-performance GPUs, featuring a complete supply chain and advanced capabilities [7][42]. - Huawei's Cloud Matrix 384, equipped with Ascend 910C chips, offers 300 PFLOPs of computing power, suitable for large model inference and training [46][50]. Investment Opportunities - The report suggests that the domestic AI industry is progressing in multiple areas, including model capabilities and hardware specifications, making it a worthwhile investment focus [2][8].