Core Viewpoint - The article emphasizes the importance of long-term value investing and the need for investors to remain patient and focused on their investment goals, even when market trends do not align with their current holdings [2][3]. Group 1: Market Trends and Investment Strategy - The current market is characterized by a focus on bank stocks and small-cap stocks, which the author's friend's portfolio lacks, leading to underperformance compared to market trends [2]. - A portfolio consisting of high ROE stocks can outperform the market over the long term, provided that investors are not overly focused on short-term gains [3]. - Investors should be cautious of high-risk investments, as most individuals lack the ability to manage such risks effectively, and high returns are not guaranteed [4]. Group 2: Valuation Metrics - The banking sector currently has a dividend yield of around 4%, but the high leverage involved poses significant risks, making it less attractive compared to lower-leverage consumer stocks with similar yields [4]. - The current PE ratio of the CSI 2000 index is 132, placing it in the 92.36th percentile historically, indicating limited upward potential [4]. - The PB ratio of the CSI 2000 index is 2.46, which is in the 94.98th percentile historically, suggesting that valuations are stretched and may not support further price increases [4][5]. Group 3: Investment Philosophy - The article advocates for a rational and detached approach to investing, where investors avoid chasing trends and instead focus on the long-term value of their holdings [5]. - The "Snowball Three-Point Method" is introduced as a strategy for long-term investment and asset allocation, emphasizing diversification across assets, markets, and timing to achieve risk mitigation and diversified returns [6].

金融界7月10日消息，周四港股小幅低开，盘面上，生物医药概念股走强，截至13：06，港股通科技 ETF（513860）涨0.10%，该基金今年已累计涨超28%。 热门个股方面，舜宇光学科技涨超6%，比亚迪 电子涨超5%，狮腾控股涨超4%，鸿腾精密科技、金蝶国际、瑞声科技等涨超2%。 资金净流入方面来 看，Wind数据统计，截至最新收盘日，港股通科技ETF（513860）连续5个交易日获得资金净流入2.70 亿元，近三月区间净流入额5.45亿元，年初至今区间净流入额6.86亿元。 消息面上，据证券时报•数据 宝统计显示，7月9日有包括腾讯控股等37家香港上市公司进行了股份回购，合计回购4901.08万股，回 购金额11.29亿港元！其中腾讯控股昨日回购5亿港元，年内累计回购395.43亿港元。药明生物昨日回购 2.98亿港元，年内累计回购17.08亿港元。 中国银河证券指出，近期全球宏观风险再次升温预期，市场 的风险偏好受到影响。在全球权益市场中，港股绝对估值处于相对低位水平、估值分位数处于历史中上 水平，中长期配置价值仍然较高。国元香港认为，为了应对关税影响，下半年在经济动能减弱时仍可能 会有相关政策出台，政 ...

最近，Sensor Tower发布了2025年6月中国手游发行商在全球App Store & Google Play的收入排行TOP30。（下称TOP30，仅统计发行商收入，且不包括中 国地区第三方安卓渠道） | 腾讯 | 途游游戏 | 1 | 16 | | | | --- | --- | --- | --- | --- | --- | | 点点互动 | 露珠游戏 | 2 | 17 | | | | 沐瞳科技 | 网易 | 3 | 18 | | | | 米哈游 | 心动网络 | 4 | 19 | | | | 柠檬微趣 | IGG | 5 | 20 | | | | 悠星网络 | Florere Game | 6 | 21 | | | | 哔哩哔哩 | 七互娱 | 7 | 22 | | | | 叠纸网络 | 麦吉太 | 8 | 23 | | | | Tap4Fun | 江娱互动 | 9 | 24 | | | | 库洛游戏 | 乐元素 | 10 | 25 | | | | 莉莉丝游戏 | 雷霆网络 | 11 | 26 | | | | 海彼游戏 | 益世界 | 12 | 27 | | | | 壳木游戏 | 友塔游戏 | ...

| 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | 港元） | （港元） | （港元） | （万港元） | | 00700 | 腾讯控股 | 100.50 | 50032.13 | 504.000 | 495.200 | 3954259.10 | | 02269 | 药明生物 | 1150.00 | 29795.46 | 26.150 | 25.650 | 170758.39 | | 01299 | 友邦保险 | 400.00 | 27428.79 | 68.950 | 68.050 | 1693481.39 | | 00670 | 中国东方航 空股份 | 441.20 | 1326.69 | 3.030 | 2.990 | 55706.16 | | 00345 | VITASOY INT'L | 67.60 | 625.44 | 9.260 | 9.230 | 12018.74 | | 01681 | 康臣药业 | 48.90 | 545 ...

Core Insights - The emergence of AI agents with autonomous planning and task closure capabilities is reshaping the technology landscape, attracting major global tech companies to compete in this space [1][6] - The year 2025 is anticipated to be the "year of industrialization for AI agents," as these technologies transition from experimental phases to practical applications across various industries [3][12] Group 1: Industry Development - AI agents are defined as AI applications built on large models, characterized by autonomy, interactivity, responsiveness, and adaptability, enabling them to perceive environmental changes and make decisions [2][4] - Major tech companies, including Microsoft, Google, Alibaba, Tencent, and Baidu, are investing in AI agent development platforms to facilitate the creation of various agents [3][4] - The market for AI agents is projected to grow significantly, with estimates indicating an increase from $5.1 billion in 2024 to $47.1 billion by 2030, reflecting a compound annual growth rate of 44.8% [7] Group 2: Technological Advancements - The development of AI agents is supported by advancements in large model generation, coding capabilities, image and video processing, and 3D modeling, providing a solid foundation for their application [4][11] - AI agents complement large models by enabling practical execution of tasks, thus enhancing the overall functionality of AI systems [4][5] - The integration of AI agents into enterprise operations is expected to address challenges such as fragmented AI applications and low return on investment [5] Group 3: Market Challenges - Many AI agents are still in the "semi-finished" stage, struggling to achieve a complete task closure, which hinders their practical application [8][9] - The need for a unified communication framework and task allocation rules among multiple AI agents is critical for effective collaboration and maximizing their potential [9][10] - The current landscape shows a high product turnover rate for AI agents, primarily due to their inability to fully meet user needs and complete complex tasks [8][9] Group 4: Strategic Initiatives - Companies are adopting a combination of ecosystem, technology, and policy strategies to overcome challenges in the AI agent market [10][11] - Collaborations, such as that between Alibaba and Manus, exemplify how integrating specialized capabilities into existing ecosystems can enhance user retention and reduce development costs [10] - The establishment of industry standards and supportive policies is expected to accelerate the development and application of AI agents [11]

腾讯斥资11.6亿欧元入股育碧新公司后，终于有了进一步动作。南都记者获悉，7月8日腾讯游戏发布内部邮件开 启了新一轮架构调整。据悉，腾讯游戏新成立了K9合作部，该部门将负责与育碧的战略合作相关工作，以发行代 理及IP合作业务为出发点，逐步推动育碧核心IP向长青化品牌转型。 成立K9合作部后，原K1合作部助理总经理陈侃将调任为K9合作部负责人，向腾讯集团高级副总裁马晓轶汇报。 据悉，陈侃此前是《穿越火线》系列发行制作人，2023年开始带领团队接手育碧IP产品《彩虹六号》《舞力全 开：派对》等产品的发行与IP合作业务。其中，《舞力全开：派对》也在今年4月22日SPARK2025腾讯游戏发布 会上曝光了最新进展。 今年3月，法国知名游戏厂商育碧发布公告称，将剥离《刺客信条》《孤岛惊魂》和《彩虹六号》3大游戏IP成立 子公司，而腾讯将斥资11.6亿欧元（当时约合人民币91亿元）投资这家子公司，并获得25%的股权。公告还提 到，腾讯与育碧有着共同目标，即进一步提升单机叙事体验的质量、通过更频繁的内容更新扩展多人游戏服务、 引入免费游玩入口，以及整合更多社交功能。 腾讯总裁刘炽平对此表示，腾讯很高兴通过此次投资延续与育碧 ...

Market Overview - On July 9, the Hang Seng Index fell by 1.06%, closing at 23,892.32 points, while southbound funds through the Stock Connect recorded a net purchase of HKD 9.256 billion [1][3] - The total trading volume for the Stock Connect on July 9 was HKD 132.654 billion, with a net purchase of HKD 9.256 billion [1] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 88.533 billion, with a net purchase of HKD 6.585 billion; in the Shenzhen Stock Connect, the trading volume was HKD 44.122 billion, with a net purchase of HKD 2.672 billion [1] - The most actively traded stock in the Shanghai Stock Connect was Legend Holdings, with a trading volume of HKD 10.867 billion, followed by Guotai Junan International and Alibaba-W, with trading volumes of HKD 9.711 billion and HKD 4.349 billion, respectively [1][2] - In terms of net buying, China Construction Bank led with a net purchase of HKD 1.1 billion, despite its stock price declining by 0.24% [1] - Tencent Holdings had the highest net selling amount at HKD 49 million, with its stock price down by 1.37% [1] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Guotai Junan International topped the trading volume with HKD 3.649 billion, followed by Legend Holdings and Alibaba-W with HKD 3.320 billion and HKD 3.072 billion, respectively [2] - The stock with the highest net purchase was China National Pharmaceutical Group, with a net purchase of HKD 309 million, and its stock price increased by 10.06% [2] - Alibaba-W experienced the highest net selling amount at HKD 25 million, with its stock price down by 3.83% [2]

7月9日，腾讯旗下QQ浏览器公布数据，2025年高考季累计为超5000万用户提供免费的高考服务，AI高 考工具在考生和家长志愿填报过程中的使用更加普及。（全天候科技） ...

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 国泰君安国际(01788) | 36.49 亿元 | +6311.76 万元 | | 巨星传奇(06683) | 33.20 亿元 | +1.55 亿元 | | 阿里巴巴-W(09988) | 30.72 亿元 | -2453.99 万元 | | 腾讯控股(00700) | 13.11 亿元 | +8770.15 万元 | | 小米集团-W(01810) | 12.18 亿元 | +9209.28 万元 | | 美团-W(03690) | 11.25 亿元 | +2.50 亿元 | | 中芯国际(00981) | 7.54 亿元 | +2.55 亿元 | | 香港中旅(00308) | 7.49 亿元 | +2785.46 万元 | | 中国生物制药(01177) | 5.62 亿元 | +3.09 亿元 | | 协鑫科技(03800) | 5.17 亿元 | +89.28 万元 | | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 巨星传奇(06683) | 108.67 亿元 ...

7月4日推薦的騰訊衍生產品在隨後兩個交易日表現出色，其中中銀認購證13873上漲12%，摩通牛證65043上漲11%，瑞銀牛證65136和中銀認購證29579均錄 得10%的升幅，同期正股僅上漲1.15%。這組數據顯示，在正股溫和上漲的環境下，槓桿產品能夠有效放大投資回報。特別值得注意的是，這些產品的實際 槓桿倍數與其理論槓桿基本吻合，顯示發行商定價合理，跟蹤效率良好。 關鍵位分析 當前第一支持位落在487元，第二支持位在470元，這兩道防線將是判斷短期趨勢的重要參考。上方阻力方面，518元為近期反彈高點，突破後有望挑戰535元 關口。值得注意的是，騰訊5日振幅僅3.1%，波動率處於相對低位，可能預示著即將出現方向性選擇。保力加通道收窄也強化這一技術判斷，投資者應為潛 在的突破行情做好準備。 技術走勢現況 騰訊控股(00700)近期股價在500元關口附近展開拉鋸戰，最新（11點30分）報503.5元，微升0.2%。從技術指標觀察，股價正處於關鍵轉折點，10日均線 (505.48元)與30日均線(507.83元)形成上方阻力，而60日均線(497.11元)則在下方提供支撐。MACD指標呈現賣出信號，但動量震盪指 ...