Group 1 - HarmonyOS 5 terminal count has surpassed 10 million, marking a significant milestone for the Harmony ecosystem [1] - The CCTV program "Dialogue" featured discussions on building the Harmony ecosystem with representatives from Huawei, Tencent, Alibaba, and academia [1] - Tencent's representative highlighted the collaborative development process with HarmonyOS, emphasizing the positive feedback loop in addressing challenges [1] Group 2 - Huawei's executive expressed gratitude towards Chinese tech companies for their collective efforts in achieving the milestone [1] - Tencent's development team experienced initial challenges but found the iterative feedback process with HarmonyOS to be beneficial [1] - The term "listening to advice" was used to describe the effective collaboration between Tencent and HarmonyOS during the development phase [1]

8月18日，南下资金净买入港股13.86亿港元。其中： 净买入中国人寿6.72亿港元、阿里巴巴-W 6.17亿港元、华虹半导体3.89亿港元、腾讯控股2.99亿港元、 东方甄选2.99亿港元、中芯国际1.62亿港元；净卖出盈富基金64.13亿港元、恒生中国企业14.45亿港元、 南方恒生科技5.73亿港元、小米集团-W 2.1亿港元、快手-W 1.49亿港元。 北水关注个股 中国人寿：据天眼查工商信息显示，近日，长沙聚财壹号股权投资基金合伙企业（有限合伙）成立，执 行事务合伙人为国寿置业投资管理有限公司，出资额8.01亿人民币，经营范围包括以私募基金从事股权 投资、投资管理、资产管理等活动。股权全景穿透图显示，该基金由财信吉祥人寿保险股份有限公司、 中国人寿旗下国寿置业投资管理有限公司共同出资。 据统计，南下资金已连续5日净买入中芯国际，共计10.3549亿港元；连续3日净买入阿里巴巴，共计 25.2673亿港元。 华虹半导体：中金发表研究报告指出，华虹半导体次季营收5.66亿美元，按年升18.3%，符合此前指引 的5.5至5.7亿美元区间；毛利率10.9%，按年升0.4个百分点，超出此前指引7%至9%；归母 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth 1.386 billion HKD today [1] - The top net purchases included China Life (672 million HKD), Alibaba-W (617 million HKD), and Hua Hong Semiconductor (389 million HKD) [1] - Southbound funds have net bought SMIC for five consecutive days, totaling 1.03549 billion HKD, and Alibaba for three consecutive days, totaling 2.52673 billion HKD [1] Group 2 - The net sales included the Tracker Fund of Hong Kong (6.413 billion HKD), Hang Seng China Enterprises (1.445 billion HKD), and Southern Hang Seng Technology (573 million HKD) [1] - Notable stock performance changes included Tencent Holdings down 0.8% and Hua Hong Semiconductor down 6.2% [3] - China Life saw an increase of 2.9%, while Oriental Selection increased by 5.2% [3]

Core Insights - Tencent's Q2 2025 earnings report highlighted the unexpected success of the game "Delta Action," which has rapidly climbed to the top of the industry in terms of daily active users (DAU) and revenue [1][4][10] Game Performance - "Delta Action" launched in September last year and has shown significant growth, entering the top five in industry DAU and top three in revenue [1][4] - The game achieved over 10 billion yuan in revenue in Q4 last year and currently boasts over 20 million daily active users, marking a 66% quarter-on-quarter increase [4][10] - It has become a rare dual-platform evergreen product, performing exceptionally well on both PC and mobile [4][10] Strategic Importance - Tencent's management has consistently highlighted "Delta Action" as a key contributor in every earnings report since Q3 last year, positioning it alongside major titles like "Honor of Kings" and "Peace Elite" [2][5] - The game aligns with Tencent's strategy for long-term service-oriented games (GAAS), marking it as the most successful self-developed evergreen product since "Peace Elite" in 2019 [5][20] Market Dynamics - "Delta Action" has reached a peak of nearly 200,000 concurrent users on the Steam platform and ranks among the top three in net bar popularity [6] - On mobile, it competes closely with "Peace Elite," ranking in the top three of both the App Store free and revenue charts [8] - The game has the highest average daily active accounts among new releases in the past three years [9] Revenue Structure - The strong performance of "Delta Action" has shifted Tencent's revenue structure towards self-developed products, directly enhancing the gross margin of Tencent's value-added services, which saw a year-on-year increase of 23% [10] Competitive Landscape - Tencent's management has addressed concerns regarding potential cannibalization among its flagship games, emphasizing that the shooting game genre in China remains underexploited compared to Western markets [15] - The company believes that the introduction of new gameplay modes can expand the user base rather than merely competing for existing users [15] - "Delta Action" and "Peace Elite" currently have low overlap in user demographics, reducing immediate competition [15][18] Future Considerations - Tencent aims for "Delta Action" to complement "Peace Elite," potentially attracting players interested in extraction gameplay [18] - The company holds the IP for "Delta Action," allowing for greater revenue control and operational flexibility compared to "Peace Elite," which is based on an IP controlled by a third party [20] - The competition between Tencent's internal studios could lead to significant shifts in its game development strategy, especially if "Delta Action" continues to outperform "Peace Elite" [20]

Group 1 - Tencent Holdings announced a share buyback plan on August 18, 2025, with an expenditure of HKD 550 million to repurchase 931,000 shares [1] - The buyback price range is set between HKD 587 and HKD 595.5 per share [1]

腾讯控股(00700)发布公告，于2025年8月18日，该公司斥资5.5亿港元回购93.1万股。 ...

智通财经APP讯，腾讯控股(00700)发布公告，于2025年8月18日，该公司斥资5.5亿港元回购93.1万股。 ...

FF305 第 1 頁 共 7 頁 v 1.3.0 | 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 | | | | | 備註： 以上A部第1項的每股發行價為每股加權平均發行價。 第 2 頁 共 7 頁 v 1.3.0 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 騰訊控股有限公司 呈交日期： 2025年8月18日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | ...

Core Viewpoint - Tencent's Q2 2025 earnings report exceeded market expectations, showcasing strong growth across all major business segments, driven by its AI strategy [4][12]. Group 1: Financial Performance - Tencent reported revenue of 184.5 billion yuan, a year-on-year increase of 15%, and a net profit of 55.6 billion yuan, up 17% [4]. - The stock price surged by 4.74% following the earnings announcement, pushing its market capitalization back above 5 trillion HKD [4]. - All three main business segments showed robust performance: gaming revenue increased by 22%, advertising grew by 20%, and financial technology and enterprise services rose by 10% [4]. Group 2: Gaming Business - The gaming segment remains a significant revenue driver, with domestic game revenue reaching 40.4 billion yuan (up 17%) and international revenue at 18.8 billion yuan (up 35%) [6]. - The game "Delta Action" achieved over 20 million daily active users in July, while "Honor of Kings" became the only mobile game globally to surpass 1 billion USD in revenue in the first half of 2025 [6]. - Tencent's gaming strategy combines local and international markets, with a strong pipeline of new releases, including "Fearless Covenant: Source Action" set to launch on August 19 [6]. Group 3: Advertising Business - Tencent's marketing services revenue reached 35.8 billion yuan, reflecting a 20% year-on-year growth and marking 11 consecutive quarters of double-digit growth [8]. - AI technology has significantly enhanced advertising effectiveness, with WeChat and WeChat combined monthly active users reaching 1.411 billion, a 3% increase year-on-year [9]. - The integration of AI in advertising has transformed Tencent's approach from relying solely on traffic to leveraging precision marketing, enhancing overall profitability [9]. Group 4: AI Empowerment - Tencent's R&D expenditure reached 20.25 billion yuan, a 17% increase, while capital expenditure surged to 19.11 billion yuan, up 119%, primarily for AI infrastructure [11]. - The breakthrough in the "Hunyuan" model, with over 2.3 million downloads, showcases Tencent's advancements in AI capabilities [11]. - AI applications are being integrated across various business lines, including gaming and WeChat functionalities, contributing to a 20% year-on-year revenue growth in mini-games [11]. Group 5: New Growth Points - The acceleration in enterprise services indicates a shift towards industrial internet, with increased demand for GPU leasing and API tokens [12]. - Tencent's international expansion is evident, with WeChat mini-programs covering 92 countries and regions, and its payment network connecting 2.6 million overseas merchants [12]. Group 6: Strategic Transformation - Tencent has transformed from a gaming company to an AI-driven technology giant, with a 30% increase in stock price and a market capitalization increase of over 170 billion USD in 2025 [15]. - The company faces ongoing challenges, including maintaining innovation in gaming and closing the gap with international AI leaders [16]. - The earnings report signals a broader trend in China's tech industry, moving from model innovation to hard tech innovation, driven by AI [17].

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [4] Core Insights - The report emphasizes the importance of monitoring the financial disclosures of leading internet companies like Tencent and NetEase, particularly regarding industry development directions and guidance. It highlights the ongoing penetration of AI into various sectors and the sustained performance of gaming, film, and trendy products. The report suggests that fluctuations in high-frequency data still present trading opportunities [4] - WeChat has initiated a gray-scale rollout of AI search, enhancing its search functionality and commercial potential within its ecosystem. The report advises paying attention to the AI integration progress of super apps like WeChat [4] Summary by Sections Gaming Sector - The summer season is seeing new game releases and significant updates to existing titles. High-quality products have not yet shown signs of a downturn, with notable performances from games like "Supernatural Action Group" by Giant Network, which ranked 4th on the iOS bestseller list. The report suggests that the positive performance of quality products may continue to catalyze trading opportunities [5] - Key companies to watch include Tencent, NetEase, and others involved in AI and gaming integration [5] Film Sector - The summer box office is performing well, with a daily box office of 298 million yuan on August 16. Notable films include "Wang Wang Mountain Little Monster," which accounted for 32.3% of the daily box office. The report anticipates steady growth in the film market driven by quality releases [6] - Companies to focus on include Shanghai Film, Wanda Film, and others involved in film production and distribution [6] AI Applications - The report notes the official release of GPT-5 and the ongoing evolution of AI models, suggesting that companies like DeepSeek and Kimi should be monitored for their advancements. The financial reports of major companies like Microsoft and Tencent are also highlighted as key areas of interest [7] - The report emphasizes the importance of AI applications in various sectors, including e-commerce and live streaming, recommending a focus on companies involved in these areas [8] Internet Sector - The report advises a rational assessment of platform strategies in food delivery and instant retail, suggesting that market competition will stabilize as low-price competition is regulated. It highlights the resilience of leading companies like Tencent and Alibaba in the face of these changes [10] - Companies to watch include Tencent, Alibaba, Meituan, and others that are adapting their strategies [10] Card and Trendy Toys - The report notes a high level of enthusiasm in the card and trendy toy sectors, with companies increasingly focusing on integrating their products with popular trends. It suggests monitoring companies involved in these sectors for potential growth [11] State-Owned Publishing - The report highlights the ongoing exploration of new business models by state-owned publishing companies, suggesting that investors should pay attention to their merger and acquisition activities [12]