Core Insights - The Hang Seng Index rose by 1.84% on October 15, with southbound trading totaling HKD 1,436.45 billion, resulting in a net sell of HKD 54.43 billion [1] Trading Activity - Southbound trading saw a total buy of HKD 691.01 billion and a total sell of HKD 745.44 billion, leading to a net sell of HKD 54.43 billion [1] - The cumulative trading amount for the Stock Connect (Shenzhen) was HKD 536.02 billion, with a net buy of HKD 8.66 billion, while the Stock Connect (Shanghai) had a cumulative trading amount of HKD 900.43 billion, resulting in a net sell of HKD 63.10 billion [1] Active Stocks - Alibaba-W had the highest trading volume among southbound stocks, with a total trading amount of HKD 111.82 billion and a net buy of HKD 8.57 billion, closing up by 3.86% [1][2] - Other notable stocks included Huahong Semiconductor with a total trading amount of HKD 47.25 billion and a net buy of HKD 4.46 billion, and Xiaomi Group-W with a net buy of HKD 2.96 billion [2] - The stock with the highest net sell was the Tracker Fund of Hong Kong, with a net sell of HKD 85.75 billion, despite a closing price increase of 1.68% [1][2] Continuous Net Buying - Xiaomi Group-W has seen continuous net buying for 8 days, with a total net buy amount of HKD 59.28 billion during this period [2]

Core Viewpoint - On October 15, the Hang Seng Index rose by 1.84%, closing at 25,910.60 points, while southbound funds through the Stock Connect recorded a net sell of 5.443 billion HKD [1]. Group 1: Market Activity - The total trading amount for the Stock Connect on October 15 was 143.645 billion HKD, with a net sell of 5.443 billion HKD [1]. - The Shanghai Stock Connect had a trading amount of 90.043 billion HKD, with a net sell of 6.310 billion HKD, while the Shenzhen Stock Connect had a trading amount of 53.602 billion HKD, with a net buy of 0.866 billion HKD [1]. Group 2: Active Stocks - In the Shanghai Stock Connect, Alibaba-W had the highest trading amount at 7.132 billion HKD, followed by the Tracker Fund of Hong Kong and SMIC, with trading amounts of 6.349 billion HKD and 5.361 billion HKD, respectively [1]. - Tencent Holdings recorded the highest net buy amount at 0.612 billion HKD, while the Tracker Fund of Hong Kong had the highest net sell amount at 6.271 billion HKD, closing with a price increase of 1.68% [1]. - In the Shenzhen Stock Connect, Alibaba-W also led with a trading amount of 4.049 billion HKD, followed by SMIC and Tencent Holdings, with trading amounts of 3.042 billion HKD and 2.685 billion HKD, respectively [2].

Core Viewpoint - The discussion around WeChat's Moments feature has intensified, with a notable observation that fewer users are posting on Moments, leading to speculation and debate about potential new features like visitor tracking and read receipts [1][3]. Group 1: User Engagement and Data - WeChat reported that 780 million users access Moments daily, with 120 million users actively posting [3]. - This user engagement data has remained relatively stable over the years, indicating a consistent level of activity on the platform [3]. Group 2: Feature Speculation and Company Stance - WeChat's public relations director stated that there will be no visitor feature for Moments, emphasizing that the platform aims to reduce social pressure on users [4]. - The company has also ruled out the possibility of a secondary editing feature for Moments, reinforcing the idea that users should not alter their historical posts [4]. - Tencent executives have previously denied rumors regarding the introduction of read receipts and visitor tracking, citing concerns over increased social pressure [7][12]. Group 3: Public Reaction and Ongoing Discussions - There has been significant public discourse regarding the potential introduction of read receipts and visitor tracking, with many users expressing opposition to these features due to the associated social pressures [9][10]. - The topic has resurfaced multiple times on social media, prompting responses from Tencent executives who reiterated their stance against these features [12][13].

近日，腾讯全球数字生态大会在深圳举行。本大会以"智向远大"为核心主题，探讨如何以自主创新技术，助力千行百业深挖智能化、国际化新机遇，以高 效数字化推动产业升级与可持续发展。作为领先的全球化社交娱乐企业，大会期间，米可世界副总裁Beau在"中国式创新与全球竞争力构建"主题圆桌论坛 上分享了在全球化实践中的经验与思考。 Beau在圆桌现场 让"听得见炮火的人做决策"，凸显不是"赚一笔就走"的诚意……企业出海要站稳脚跟，有哪些门道？Beau首先抛出一个独特且有趣的洞察："中东可能和 大家的固有印象不太一样，当地人有着非常强烈的'聊天'意愿。" 他介绍，米可世界一款游戏社交产品诞生前，主创团队曾深入中东多国开展调研，发现不少当地人为与好友相聚畅谈，不惜花费两小时乘坐公交车前往咖 啡馆，畅聊两三小时后再花两小时返程。 这样旺盛的社交需求深深触动了主创团队，在首个版本上线时，便打出了"线上咖啡厅"的核心理念，精准契合了当地用户的社交刚需。 谈及出海从0到1的突破之道，Beau将米可的经验归结为"三个本地化"。他表示，"做出海业务，需要全方位、全身心拥抱本地市场，怀揣尊重与敬畏，用 更耐心的方式起承转合。 "这一布局也收获 ...

Core Viewpoint - Southbound funds recorded a net sell-off of HKD 54.43 billion in Hong Kong stocks, with notable net purchases in Alibaba, Hua Hong Semiconductor, and Xiaomi, while significant sell-offs occurred in the Tracker Fund and China Enterprises Index [1][4]. Group 1: Southbound Fund Activity - Southbound funds net bought Alibaba-W for HKD 8.57 billion, Hua Hong Semiconductor for HKD 4.45 billion, and Xiaomi Group-W for HKD 2.96 billion [1]. - The largest net sell-off was in the Tracker Fund at HKD 85.75 billion, followed by China Enterprises Index at HKD 33.38 billion, and SMIC at HKD 6.42 billion [1][4]. - Xiaomi has seen continuous net buying for 8 days, totaling HKD 59.2844 billion, while SMIC has been reduced for 5 consecutive days, amounting to HKD 72.2905 billion [4]. Group 2: Company-Specific Developments - Alibaba is preparing for the Tmall Double 11 event, offering significant discounts and a record coupon package for 88VIP members [5]. - Hua Hong Semiconductor and SMIC are expected to benefit from increased domestic semiconductor equipment market share due to overseas restrictions, with a rapid rise in domestic manufacturing investment opportunities [5]. - Xiaomi Group-W led the retail sales growth in the new energy vehicle sector with a year-on-year increase of 209.4% [5]. - Tencent Holdings is projected to maintain stable performance in mobile gaming, with new game releases expected to contribute to revenue growth [6]. - Sanhua Intelligent Control is rumored to have received a large order worth USD 685 million from Tesla, with ongoing verification of the news [6].

Core Insights - WeChat will not introduce a visitor feature for Moments to avoid increasing social pressure on users, aiming for a more comfortable and boundary-defined experience [1] - The lack of a secondary editing function for Moments is due to the belief that a person's history should not be easily altered, reflecting the idea that life cannot be rewritten [1] - The sorting logic for Moments is based on time rather than interaction frequency, as algorithms cannot fully understand the nuances of personal relationships [1] - WeChat has conducted extensive research on deceased accounts and will no longer recycle accounts that have not been logged into for an extended period since September [1] User Engagement - The number of users engaging with Moments remains stable, with 780 million users accessing it daily and 120 million users posting content [2]

Core Viewpoint - The Hong Kong stock market has rebounded following the Federal Reserve's dovish stance, with significant gains in technology stocks, particularly Alibaba and Bilibili [1][4]. Group 1: Market Performance - Alibaba's stock rose by 3.86%, reaching a peak increase of 4.56% during the trading session [1]. - Bilibili's stock increased by over 4%, while Xiaomi and Meituan saw gains of over 1% [1]. - The Hong Kong Internet ETF (513770) experienced a 2.54% increase, ending a four-day decline with a trading volume of 875 million yuan [2][3]. Group 2: Investment Trends - The Hong Kong Internet ETF has seen a net inflow of 130 million yuan over the past four days, indicating strong buying interest [3]. - The ETF's total size has surpassed 11 billion yuan, marking a historical high, with an average daily trading volume exceeding 600 million yuan this year [10]. Group 3: Industry Outlook - The ongoing global interest rate cut cycle is expected to provide upward momentum for the stock market, with Hong Kong's tech sector poised to attract foreign capital due to its valuation advantages [4][5]. - The AI industry is accelerating in China, with major players like Alibaba and Tencent making significant advancements, which could lead to a revaluation of internet stocks [4][5]. - The Hong Kong Internet sector is currently trading at a lower valuation, with a price-to-earnings ratio of 26.69, which is significantly lower than that of US and A-share tech stocks [8]. Group 4: Key Players - The top three holdings in the Hong Kong Internet ETF are Alibaba (18.92% weight), Tencent (15.60% weight), and Xiaomi (11.54% weight), collectively accounting for over 73% of the ETF [5][6]. - The ETF tracks the CSI Hong Kong Internet Index, which has shown significant outperformance compared to the Hang Seng Tech Index this year [7].

Core Insights - The company is expected to achieve a revenue of 188.6 billion yuan in Q3 2025, representing a year-on-year growth of 13% [1] - The growth in value-added services is projected to be 91.6 billion yuan, with gaming revenue at 59.1 billion yuan (YoY +14%) and social networking at 32.6 billion yuan (YoY +5%) [1] - Online advertising revenue is anticipated to reach 36.7 billion yuan, showing a year-on-year increase of 22% [2] - Financial technology and enterprise services are expected to generate 58.9 billion yuan, with a growth rate of 11% [2] Gaming Sector - Revenue from gaming is projected to grow by 14% year-on-year in Q3 2025, with domestic and overseas markets growing by 8% and 29% respectively [1] - The domestic gaming market remains stable, with the shooting genre performing particularly well, and the game "Delta Force" expected to exceed 8 billion yuan in single-quarter revenue [1] Marketing Services - Revenue from marketing services is expected to increase by 22% year-on-year in Q3 2025, driven primarily by the WeChat ecosystem [2] - The advertising business benefits from strong performance in video accounts, mini-programs, and search ads, with improved advertising efficiency and conversion rates due to the synergy of content ecology and AI capabilities [2] Financial Technology and Enterprise Services - Revenue in this segment is projected to grow by 11% year-on-year in Q3 2025, with stable performance in payment services and double-digit growth in wealth management and micro-loan services [2] - Cloud business is expected to accelerate, with a year-on-year growth rate likely to exceed 20% [2] Profit Forecast and Investment Rating - The company has adjusted its profit expectations, forecasting revenues of 748.6 billion yuan, 840.3 billion yuan, and 923.6 billion yuan for 2025-2027 [2] - The projected NON-IFRS net profit for the same period is 257.8 billion yuan, 295.4 billion yuan, and 329.9 billion yuan, with corresponding EPS of 28, 32, and 36 yuan [2] - Based on the SOTP valuation method, the target market value for Tencent Holdings in 2026 is set at 6.5 trillion yuan, corresponding to a target price of 773 HKD, maintaining a "buy" rating [2]

Company Overview - The company continues to show strong performance in its gaming business, with robust growth in advertising, financial services, and enterprise services, indicating sustained high-quality growth [1][2]. Gaming Business - For Q3 2025, domestic game revenue is expected to maintain a rapid growth rate of 11% year-on-year, particularly in the shooting game sector, with notable daily active users (DAU) for titles like "Peacekeeper Elite" exceeding 33 million, "Delta Action" surpassing 30 million, and "Dark Zone Breakthrough" breaking 10 million [1]. - Internationally, the company anticipates a 25% year-on-year increase in overseas game revenue for Q3 2025, driven by the successful monetization of quality games from its subsidiary Supercell [1]. Advertising Growth - Advertising revenue is projected to grow by 19% year-on-year in Q3 2025, fueled by improvements in AI advertising efficiency, increased ad loads from video accounts, mini-programs, and search functionalities [1][2]. Financial Services - The company expects a combined revenue growth of over 20% year-on-year for lending and wealth management services in Q3 2025, alongside a recovery in commercial payment income [2]. - Overall, financial and enterprise services revenue is anticipated to grow by 11% year-on-year in Q3 2025, supported by increased cloud computing demand and optimization efforts [2]. AI Development - Recent advancements in AI models, such as the mixed Yuan image 3.0, indicate progress that can compete with leading closed-source models in the industry [2]. - Although AI investments have not yet reached the commercialization phase, the company maintains high-quality growth in other business areas, contributing to margin improvement [2]. Profitability Forecast - Adjusted operating profit is expected to increase by 18.5% year-on-year, while adjusted net profit is projected to rise by 12% in Q3 2025 [2]. Valuation and Target Price - The company maintains its revenue and profit forecasts for 2025/2026, with a rating of "outperform" and a target price of HKD 700, implying a 9.5% upside from the current stock price [2].

责任编辑：王天昊 相关新闻："人去世了朋友圈会消失吗"上热搜，回应来了 10月15日，据"微信派"微信公众号消息，对于去世的人朋友圈会否消失，微信公关总监@粥姨姨 在播 客中表示，微信产品团队针对逝者账号做了许多研究和努力，从今年9月开始，微信对长时间不使用的 微信账号已经不再进行回收处理。 ...