里昂发表研究报告指，美国与中国紧张局势升温，虽然打击市场情绪，但相信对腾讯及阿里的业务经营 影响应有限，相信美国的管制措施短期内难以遏止中国人工智能发展。里昂指出，除游戏业务外，腾讯 业务主要集中于国内市场，公司并已为未来发展储备足够高性能芯片，同时可透过采购国内替代品、采 用多种型号及升级软件等方式管理芯片需求；而阿里国际已拓展至不同地区，美国市场占比极为有限， 云业务预期可凭借强劲AI需求及自主开发新芯片的推动，维持较高速增长。 ...

Core Insights - The recent update of WeChat to version 8.0.64 has sparked discussions about the deletion of mutual friends and the visibility of interactions in the Moments feature, with users expressing mixed feelings about the changes [1] - The update continues WeChat's strategy of incremental improvements, focusing on social management, operational efficiency, and interface aesthetics [1] - A significant change in this version allows users to retain chat history even after deleting friends, which can be done through a specific setting [1] User Reactions - Many users have commented positively on the ability to forget past interactions, suggesting it helps in moving on from relationships [1] - There is a notable emotional response from users regarding the permanence of digital interactions, especially in the context of loss and the potential disappearance of accounts after death [5][8] Account Management - WeChat's customer service has clarified that accounts may be recycled if not logged in for an extended period, typically over a year, to ensure security [8] - If an account is recycled, all content, including Moments, profile pictures, and signatures, will be permanently deleted and cannot be recovered [10] - Users are advised to regularly log in to maintain account activity and back up important data to external storage devices [10] WeChat Ecosystem - WeChat was launched in January 2011, with significant features like Moments and WeChat Official Accounts introduced in 2012 [10] - As of now, WeChat's ecosystem includes Moments, Official Accounts, Mini Programs, Video Accounts, and WeChat Stores [10] - From 2017 to 2021, Mini Programs saw substantial growth, with daily active users increasing from over 100 million to over 500 million, and transaction volume rising from over 500 billion to around 10 trillion [10] - According to Tencent's Q1 2025 financial report, the combined monthly active users of WeChat and WeChat reached 1.402 billion, reflecting a year-on-year growth of 3% and a quarter-on-quarter growth of 1% [10]

里昂证券：美国与中国紧张局势升温，虽然打击市场情绪，但相信对腾讯及阿里的业务经营影响应有限，美国的管制措施短期内难以遏止中国人工智能发展。除游戏业务外，腾讯业务主要集中于国内市场，公司并已为未来发展储备足够高性能芯片，同时可通过采购国内替代品、采用多种型号及升级软件等方式管理芯片需求；而阿里国际已拓展至不同地区，美国市场占比极为有限，云业务预期可凭借强劲AI需求及自主开发新芯片的推动，维持较高速增长。 ...

Group 1 - The core viewpoint of the news highlights the performance and investment potential of the Sci-Tech Innovation Board Artificial Intelligence ETF (588930), which has seen a 1.09% increase and a trading volume exceeding 7 million yuan, with a turnover rate of 0.31% [1] - The ETF has experienced a net inflow of over 93 million yuan over the past two days, indicating strong investor interest [3] - The underlying index, the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index, consists of 30 large-cap companies involved in providing foundational resources, technology, and application support for artificial intelligence [3] Group 2 - OpenAI and Broadcom have announced a partnership to develop a 10-gigawatt custom AI accelerator, with deployment expected to begin in the second half of 2026 and completion by the end of 2029 [3] - AI is showing significant impacts on the advertising business of internet giants, with Tencent's advertising growth at 20% and Alibaba Cloud's growth accelerating to 26% in Q2 [4] - Companies like Baidu and Alibaba are launching self-developed chips, enhancing their market share in the AI sector by completing the full chain of chip, model, and application [4]

Core Insights - The article highlights the short-selling ratios and amounts for various companies, indicating significant market sentiment towards these stocks [1][2] Short-Selling Ratios - AIA Group Limited (友邦保险-R) and Anta Sports Products Limited (安踏体育-R) both have a short-selling ratio of 100.00%, indicating extreme bearish sentiment [1] - China Mobile Limited (中国移动-R) has a short-selling ratio of 84.48%, suggesting a notable level of short interest [1] Short-Selling Amounts - Alibaba Group Holding Limited (阿里巴巴-SW) leads in short-selling amount with 6.289 billion, followed by Xiaomi Corporation (小米集团-W) at 4.095 billion and Tencent Holdings Limited (腾讯控股) at 3.779 billion [2] - Other notable companies in the top short-selling amounts include Meituan (美团-W) at 1.692 billion and Semiconductor Manufacturing International Corporation (中芯国际) at 1.525 billion [2] Deviation Values - The highest deviation value is for Xinyuan Renewable Energy (协合新能源) at 40.24%, indicating a significant difference from its historical short-selling average [1][2] - Other companies with high deviation values include Jiangsu Nanjing Highway (江苏宁沪高速公路) at 26.40% and AIA Group Limited (友邦保险-R) at 26.17% [1][2]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are Green Power Environmental (70.05%), China Telecom (69.96%), and COSCO Shipping Energy (68.73%) [1][2] - The companies with the largest increase in holding amounts over the last five trading days are Zijin Mining (+1 billion), Kuaishou (+0.981 billion), and Pop Mart (+0.624 billion) [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are SMIC (-2.258 billion), Hua Hong Semiconductor (-1.222 billion), and Alibaba (-0.714 billion) [1][4] Hong Kong Stock Connect Holding Ratios - Green Power Environmental (01330) has a holding of 283 million shares, representing 70.05% [2] - China Telecom (00728) has a holding of 9.711 billion shares, representing 69.96% [2] - COSCO Shipping Energy (01138) has a holding of 891 million shares, representing 68.73% [2] - Other notable companies include Changfei Optical Fiber (06869) at 68.48% and China Shenhua (01088) at 67.25% [2] Recent Increases in Holdings - Zijin Mining (02899) saw an increase of 1 billion in holding amount, with a change of 29.19 million shares [2][4] - Kuaishou (01024) experienced an increase of 0.981 billion, with a change of 12.19 million shares [2][4] - Pop Mart (09992) had an increase of 0.624 billion, with a change of 2.39 million shares [2][4] Recent Decreases in Holdings - SMIC (00981) had a decrease of 2.258 billion in holding amount, with a change of 28.18 million shares [4] - Hua Hong Semiconductor (01347) saw a decrease of 1.222 billion, with a change of 13.86 million shares [4] - Alibaba (09988) experienced a decrease of 0.714 billion, with a change of 4.39 million shares [4]

Group 1 - The core viewpoint is that despite short-term volatility due to rising trade tensions, the long-term outlook for Chinese assets remains positive, with opportunities for investors to buy on dips [1][3][6] - The Nasdaq Golden Dragon China Index rose by 3.21%, with significant gains in various Chinese ETFs, indicating a strong rebound in Chinese stocks [2][6] - UBS reports that the MSCI China Index may find strong support around the 74 level, suggesting that investors are likely to buy on dips [6][7] Group 2 - Analysts from multiple firms believe that the current market environment differs from April, with a clearer "loose monetary + loose fiscal" policy, which may provide support for the market [3][4] - The long-term trend for A-shares is expected to remain bullish, driven by structural recovery in earnings and credit [4][7] - Foreign capital inflows into the Chinese stock market have rebounded significantly, with $4.6 billion net inflow in September, indicating renewed confidence from global investors [7][8] Group 3 - Goldman Sachs has raised its capital expenditure forecast for Tencent to 350 billion yuan, citing AI's positive impact on its business lines [8] - Alibaba's capital expenditure forecast has also been significantly increased to 460 billion yuan, with a positive outlook on its cloud revenue growth [8] - The overall sentiment among foreign investment firms is optimistic regarding the Chinese market, with many viewing recent stock price corrections as buying opportunities [6][7][8]

本报记者 李豪悦 中国游戏在全球电竞舞台影响力的提升，也不断推动国内电竞产业获得投资人青睐。 同花顺数据显示，截至10月13日收盘，A股电子竞技概念股年内涨幅为32.32%。《2025年1-6月中国电 子竞技产业报告》显示，2025年上半年，中国电子竞技产业持续发展，实现收入127.61亿元，同比增长 6.10%；截至6月份，中国电子竞技用户规模近4.93亿人。 EWC是沙特自2024年开始举办的全球性顶级电竞赛事，已成为中国电竞游戏彰显海外影响力的重要平 台。 "中国电竞产业已经在产品、赛事、直播、俱乐部等领域形成一条相对成熟的完整产业链。未来，赛事 门票、版权、IP授权以及文旅融合等，都有庞大潜力待挖掘。"广州艾媒数聚信息咨询股份有限公司 CEO张毅向《证券日报》记者表示。 沐瞳科技相关负责人向《证券日报》记者表示，中国电竞游戏参与全球竞争，为不同文化背景的玩家提 供了交流互动的平台。中国电竞游戏在全球舞台上的亮相，能够推动电竞产业发展，有助于完善电竞产 业链。从游戏研发、赛事运营，到电竞教育、衍生品开发等，都能得到进一步发展。 责任编辑：屠欣怡 目前来看，腾讯、沐瞳科技旗下均有游戏连续3年成为EWC正赛 ...

10月7日，拳头「英雄联盟IP」格斗游戏《2XKO》在PC平台开启了不删档公测。这款游戏于2019年EVO大赛（进化冠军系列赛，全球规模最大的格斗游 戏电子竞技赛事之一）期间首次曝出。 而在今年6月，由索尼发行、知名格斗游戏《罪恶装备》系列开发商Arc System Works开发的「漫威IP」格斗游戏《漫威斗魂》公布了预告，这款游戏将于 2026年登陆PS5及PC平台。 8月，腾讯魔方工作室的格斗游戏《异人之下》也结束了二测「百相测试」。 在主流论调里，街机时代叱咤风云的格斗游戏在如今已经是式微、小众的旧时代残党。这种论调也不能说错，即使是新世代最火的格斗游戏《街霸6》 Steam平台的日常最高在线也就4万左右。 什么是格斗游戏？ 与同是动作游戏分支的射击游戏不同，格斗游戏与其他动作游戏分支并不是那么泾渭分明。毕竟，拿枪射击和近身战斗很好区分，但如果同样是拳头战 斗，就很难去区分了。 即使是有着「游戏界奥斯卡」之称的TGA，也在2022年将《师父》提名为最佳格斗游戏。这让很多FTG玩家费解，即使它有搓招和博弈的设计，但它更像 3D版本的清版动作游戏，而非格斗游戏。 那么拳头、索尼、腾讯这些大厂为啥都扎堆做格 ...

Group 1 - Tencent's new game "Code GP" has launched a technical test recruitment, focusing on high mobility and solo shooting gameplay, with "爽打" (爽打) as a core competitive feature [1] - The game differentiates itself from Tencent's existing titles like "Exoborne" and "Code: Eclipse," representing a new self-developed project [1] - Despite having a first-mover advantage, "Code GP" faces challenges from increased competition in the genre and the balance between "爽打" and strategic elements affecting player retention [1] Group 2 - Youxing Network's first self-developed game "Star Tower Traveler" is set for public testing on October 20, featuring a lightweight operation system and strategic construction core [2] - The game aims to carve out a new niche in the crowded open-world anime game market, with a focus on controllable development costs and shorter recovery cycles [2] - The 2025 market for anime games shows signs of recovery, but past failures of titles like "White Night Extreme" and "Mist Realm Sequence" highlight industry risks [2] Group 3 - Ruyi Jingxiu's simulation game "Immortal World Master" is scheduled for its first test on October 23, combining popular elements of "infinite flow crossing" and "apocalyptic cultivation" [3] - The game seeks to differentiate itself in the competitive Xianxia genre through innovative storytelling and diverse gameplay [3] - Challenges include rising user acquisition costs and the need for frequent content updates to maintain player engagement, as seen in other titles that failed to sustain momentum [3]