股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 騰訊控股有限公司 FF301 第 1 頁 共 10 頁 v 1.1.1 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00700 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 80700 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 50,000,000,000 | HKD | | 0.00002 | HKD | | 1,000,000 | | 增加 / 減少 (-) | | | | | | | | HKD | | | | 本月底結 ...

即便没有任何形容词，只要把"大厂"和"中年人"这两个词并列放在一起，就已经足以勾勒出本世纪最具灾难感的职场图景。 一般来说，大厂没有中年人。在"年轻化"、"35岁红线"这样的硬性要求下，人到中年却在大厂仍能有一席之地的，大多都已经走上了领导岗位。 所以我们定义的"中年"，其实也不过30来岁，他们在互联网的巅峰时期进入大厂，并在这里工作了6~10年。 这群人属于大厂老人，但由于种种原因，他们之前没有升职，未来大概率也不再有升职的机会，因此仍然囿于一线业务的基础工作。但同时，随着大厂业 务的不断调整，他们入职时曾经炙手可热的业务如今又早已边缘化，因此内卷、消耗、困顿又成为这份工作的常态。 对于这些人来说，长年累月的职场生涯早已经磨平了他们的热情。 图片来自小红书，图源见水印 想离职？好像除了这份工作之外，其他地方再没有比这里给的更多；而且上了年纪之后，再找有潜力的新工作也确实是个挑战。再加上家庭、孩子、车 贷、房贷也不允许他们有更多的动荡。 继续干下去？似乎也不太可能，几乎所有人都知道，他们总有一天会被大厂抛弃，只是或早或晚。 就这样，他们被困在其中，进退两难。于是，"等死"就成了一种日常。 在职场，"死"的终极 ...

Group 1 - The core point of the article is that Xizhi Technology, a provider of optoelectronic hybrid computing power, has completed a Series C financing round exceeding 1.5 billion RMB [1] - The financing round attracted participation from well-known investment institutions including China Mobile, Shanghai Guotou, Guoxin Fund, and Pudong Venture Capital [1] - Existing shareholders such as Zhongke Chuangxing, Yijing Capital, and a certain internet company, which is Tencent, also increased their investments [1]

Core Insights - The Hong Kong stock market saw a net inflow of 706 million HKD from Northbound trading on September 4, with a net buy of 1.386 billion HKD from the Shanghai Stock Connect and a net sell of 680 million HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - The top net bought stocks included UBTECH (09880), Xiaomi Group-W (01810), and Alibaba-W (09988) [1] - The most sold stocks were SMIC (00981), Hua Hong Semiconductor (01347), and Tencent Holdings (00700) [1] Group 2: Detailed Stock Transactions - Alibaba-W had a net buy of 4.042 billion HKD and a sell of 3.633 billion HKD, resulting in a net inflow of 409 million HKD [2] - UBTECH received a net buy of 1.437 billion HKD and a sell of 860 million HKD, leading to a net inflow of 577 million HKD [2] - Xiaomi Group-W had a net buy of 1.057 billion HKD and a sell of 911 million HKD, resulting in a net inflow of 146 million HKD [2] Group 3: Company Announcements - UBTECH announced a procurement contract worth 250 million RMB for humanoid robots, expected to start delivery within the year [6] - Xiaomi reported over 30,000 vehicle deliveries in August and plans to open 32 new stores in September to meet demand [6] - Alibaba's cloud business revenue reached 33.398 billion RMB, with significant increases in capital expenditure and cloud revenue exceeding expectations [7] Group 4: Market Sentiment - SMIC and Hua Hong Semiconductor faced significant net sells of 11.58 billion HKD and 6.88 billion HKD, respectively, amid a positive outlook for the semiconductor industry driven by AI and domestic substitution [9] - Meituan-W and Changfei Optical Cable received net buys of 5.27 billion HKD and 1.06 billion HKD, while Tencent faced a net sell of 3.37 billion HKD [10]

Group 1 - Southbound funds net bought Hong Kong stocks worth 706 million HKD today [1] - Notable net purchases include: UBTECH Robotics at 827 million HKD, Xiaomi Group-W at 702 million HKD, Alibaba-W at 550 million HKD, Meituan-W at 526 million HKD, CNOOC at 512 million HKD, Horizon Robotics-W at 401 million HKD, and Yangtze Optical Fibre and Cable at 105 million HKD [1] - Significant net sales include: SMIC at 1.158 billion HKD, Hua Hong Semiconductor at 688 million HKD, Kuaishou-W at 541 million HKD, and Tencent Holdings at 336 million HKD [1] Group 2 - Southbound funds have net bought Alibaba for 10 consecutive days, totaling 17.37889 billion HKD [1] - Southbound funds have net sold SMIC for 3 consecutive days, totaling 2.30585 billion HKD [1] - Southbound funds have net sold Hua Hong Semiconductor for 3 consecutive days, totaling 2.1089 billion HKD [1]

Market Overview - The Hang Seng Index closed down 1.12% at 25,058.51 points, with a high opening followed by a decline throughout the day [1] - The Hang Seng Technology Index fell 1.85% to 5,578.86 points, while the National Enterprises Index decreased by 1.25% to 8,937.09 points [1] - The main board recorded a trading volume exceeding 302.2 billion HKD, with 751 stocks rising, 1,466 falling, and 951 remaining unchanged [1] Sector Performance - Most sectors experienced declines, with wind power and energy storage stocks showing some increases [1] - Technology, coal, and banking stocks had mixed performances, while sectors like biomedicine, gold, chips, and new energy vehicle companies mostly declined [1] Notable Stocks - Shandong Gold fell by 1.65%, Lingbao Gold dropped 7.19%, and SMIC decreased by 6.67% [1] - Ideal Automotive saw a slight increase of 0.16%, while NIO fell by 6.42% [1] - Baidu Group rose by 2.13%, and China Shenhua increased by 0.80% [1] - Agricultural Bank of China gained 2.07%, while Industrial and Commercial Bank of China fell by 0.17% [1] - Hong Kong Travel Holdings surged by 10.27%, and Derlin Holdings rose by 9.03% [1] Top Traded Stocks - Alibaba saw a decline of 3.21% with a trading volume exceeding 19.3 billion HKD [2] - Tencent Holdings dropped by 1.00%, with a trading volume over 10.7 billion HKD [2] - SMIC experienced a significant drop of 6.67%, with a trading volume exceeding 10.6 billion HKD [2]

Core Insights - The Chinese shooting game market is dominated by realistic shooting games, with Tencent being the leading player, holding a significant share of the top products [1][2][4] - Tencent has a robust pipeline of upcoming shooting games, including both self-developed and overseas licensed titles, indicating a strategic focus on diversifying its offerings [2][3] - The overall landscape of shooting games is evolving, with a shift towards differentiation in gameplay and themes, as companies explore new genres and innovative mechanics [13][30] Tencent's Position - Tencent's dominance in the shooting genre is evident, with several top titles like "Peace Elite" and "Call of Duty Mobile" under its belt, showcasing its strong market presence [1][4] - The company is actively developing new titles that avoid the saturated military realism theme, focusing instead on fantasy and unique gameplay experiences [3][5] - Tencent's upcoming titles include "Rainbow Six" and "The Division: Dawn," which are set to expand its portfolio in the shooting genre [2][3] Industry Trends - The shooting game market is experiencing saturation in the military realism segment, prompting companies to seek differentiation through innovative gameplay and thematic diversity [13][30] - There is a growing trend towards "PVE" and "PVPVE" modes, which may become focal points for future competition, as they cater to diverse player preferences [34][35] - The integration of AI technology in game development is expected to enhance gameplay experiences, leading to new innovations in shooting games [34][35] Global Market Dynamics - The global shooting game market remains dominated by realistic titles, with major franchises like "Call of Duty" and "Battlefield" achieving significant sales [14][16] - Companies like Sony and Microsoft are also exploring new gameplay styles and themes, indicating a broader trend towards diversification in the shooting genre [22][24] - The emergence of new gameplay mechanics, such as "search and rescue" combined with battle royale elements, reflects the industry's shift towards innovative and hybrid gaming experiences [19][30]

Group 1 - WeChat and QQ have launched the Steam account binding feature, allowing players to showcase their game data to friends, enhancing user engagement and platform value for Tencent [1] - This move is expected to strengthen the integration of social platforms and the gaming ecosystem, promoting deeper user interaction and community content [1] - The market may respond positively to the collaboration between social and gaming sectors, supporting overall sentiment [1] Group 2 - Tencent's new PC game "Escape from Tarkov: Infinite" will enter global open beta on September 16, with over 2.1 million players adding it to their Steam wishlists [2] - This launch is likely to solidify Tencent's position in the hardcore shooting genre and stimulate the PC gaming market [2] - Competitors may accelerate their responses, increasing activity in the gaming sector, while market confidence in leading game developers' global strategies and content innovation may rise [2] Group 3 - The 2025 DOTA 2 International Invitational (TI14) will commence, featuring 16 teams competing for direct qualification spots and elimination rounds [3] - The participation of Chinese teams highlights the globalization and commercialization of the esports industry [3] - The event is expected to boost platform traffic and user engagement, benefiting the esports content, streaming, and merchandise markets, while enhancing the value of top teams and sponsors [3]

Group 1 - The Hong Kong stock market, particularly the technology sector, has experienced volatility, yet there has been a notable inflow of capital, with large internet companies being the top net buyers [1] - Recent data indicates that Hong Kong technology ETFs have seen a strong inflow of funds, totaling 51.6 billion yuan over the past month, reflecting investor confidence in the sector [1] - Factors contributing to the underperformance of the Hong Kong market compared to A-shares include tight liquidity, low AH share premium rates, and downward revisions in earnings for major stocks [1] Group 2 - The Hang Seng Tech Index, which includes 30 major Hong Kong internet and manufacturing companies, is expected to capture opportunities in the tech sector, covering both soft and hard technology industries [1] - As of September 3, 2025, the top five constituents of the Hang Seng Tech Index are Tencent Holdings, Alibaba-W, SMIC, NetEase-S, and Xiaomi Group-W [1] - The Hang Seng Tech ETF (513130) has a current size of 36.869 billion yuan and an average daily trading volume of 5.3 billion yuan since August, indicating strong liquidity and potential for capturing rebound opportunities in the tech sector [1]

Core Viewpoint - The competition among tech giants like Tencent, Alibaba, and Microsoft in the open-source intelligent agent frameworks is not merely a technical contest but a strategic positioning for future market dominance in the AI era [2][4][18]. Group 1: Company Strategies - Tencent has launched the Youtu-Agent framework, achieving a 71.47% accuracy on the WebWalkerQA benchmark, which sets a new record for open-source models [1]. - Tencent's approach is cautious, focusing on practical applications such as file management and data analysis, rather than making bold promises about defining new digital entry points [9][10]. - Alibaba's AgentScope 1.0 is more aggressive, aiming to create a comprehensive platform for the entire lifecycle of intelligent agent development, reflecting its strategy of building a foundational infrastructure [10][12]. - Microsoft has embedded intelligent agent capabilities directly into its Office suite and Copilot, leveraging its existing user base to enhance productivity without requiring users to learn a new framework [14][15]. Group 2: Market Dynamics - The value of intelligent agents as a new digital entry point has yet to be validated in real business scenarios, leading companies to explore open-source frameworks as a low-cost market entry strategy [5][6][21]. - The current competition is characterized more by a struggle for narrative and positioning rather than immediate commercial success, as most applications remain in pilot stages [21][26]. - The open-source movement is seen as a strategic defense mechanism, allowing companies to secure their positions in anticipation of future demand for intelligent agents [21][26]. Group 3: Future Implications - The race to establish intelligent agent frameworks is reminiscent of past technology battles, where the winner could define interaction rules and control traffic entry points [17][18]. - The open-source frameworks serve as a testing ground for developers, but the long-term success of these initiatives will depend on sustained investment and the ability to address industry-specific challenges [23][24]. - The ongoing competition among these tech giants indicates that the battle for dominance in the intelligent agent space is far from over, with the current open-source trend merely setting the stage for future developments [26].