Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced a net sell-off of 3.99 billion HKD from northbound trading, with significant movements in various stocks, indicating a shift in investor sentiment and trading strategies. Group 1: Northbound Trading Activity - Northbound trading saw a net sell of 12.2 billion HKD in the Shanghai-Hong Kong Stock Connect and a net buy of 8.21 billion HKD in the Shenzhen-Hong Kong Stock Connect [1] - The most bought stocks included Xiaomi Group-W (01810), Pop Mart (09992), and ZTE Corporation (00763) [1] - The most sold stocks were SMIC (00981), Alibaba-W (09988), and Hua Hong Semiconductor (01347) [1] Group 2: Stock-Specific Insights - Xiaomi Group-W (01810) had a net buy of 9.33 billion HKD, with a reported increase in electric vehicle deliveries to over 40,000 units in September, up from 36,000 in August [4] - Pop Mart (09992) received a net buy of 6.69 billion HKD, with new product launches selling out quickly and expectations for strong sales during upcoming festive seasons [5] - ZTE Corporation (00763) saw a net buy of 4.9 billion HKD, with analysts highlighting its unique position in providing end-to-end communication solutions and potential benefits from AI development [5] Group 3: Notable Sell-offs - Alibaba-W (09988) faced a net sell of 18.1 billion HKD, while Tencent (00700) experienced a net sell of 9.51 billion HKD, reflecting concerns over market valuations and potential corrections [6] - SMIC (00981) and Hua Hong Semiconductor (01347) were sold off significantly, with net sells of 27.08 billion HKD and 11.44 billion HKD respectively, attributed to high static P/E ratios leading to adjustments in margin financing [6]

（文/陈济深 编辑/张广凯） 腾讯旗下新顶流游戏《三角洲行动》，在国庆期间陷入了其上市一年来最大的舆论风波。 10月5日，官方发布的一则"烽火地带平衡性更新"公告，在短短一小时内登上各大游戏社区热搜，其中仅在B站社区中就引发了55万条留言，热门评论基本 全是反对声。 10月8日，官方发文向玩家致歉，不仅没有成功安抚玩家，反而引发了玩家更加激烈的反弹。 这场由"共享监狱"玩法调整引发的争议，让玩家几乎一边倒地站在官方的对立面，在各类三角洲相关视频的弹幕和评论区中充斥着玩家们串联"10月10日集 体罢游"的呼吁。 《三角洲行动》原本是腾讯今年最成功的游戏之一，9月26日还在杭州举行了规模盛大的游戏一周年庆，获得大量好评。 作为腾讯自研的首款全球发行的多端互通射击游戏，2024年9月，《三角洲行动》开启公测。今年4月，三角洲DAU突破1200万，7月突破2000万，9月21日 更是宣布DAU突破3000万。仅仅一年，《三角洲行动》已经成为腾讯近年来诸多新品中增长最猛的游戏。 作为在腾讯财报中被单独提及并点名表扬的新顶流，名利双收的《三角洲行动》为何在半个月不到的时间里，引发了其上线以来最大的舆论危机？ 究其原因，《 ...

Group 1 - Southbound funds recorded a net sell of HKD 399 million in Hong Kong stocks today [1] - Notable net purchases included Xiaomi Group-W at HKD 933 million, Pop Mart at HKD 669 million, and ZTE Corporation at HKD 490 million [1] - Significant net sells were observed in SMIC at HKD 2.709 billion, Alibaba-W at HKD 1.81 billion, and Tencent Holdings at HKD 951 million [1] Group 2 - Southbound funds have continuously net bought Xiaomi for 5 days, totaling HKD 3.82084 billion [1] - There has been a consecutive 2-day reduction in holdings for SMIC, amounting to HKD 5.105 billion [1] - A similar trend of reduction was noted for Hua Hong Semiconductor, with a total decrease of HKD 2.286 billion over 2 days [1]

Core Insights - Hong Kong stock market has become a significant window for capturing China's growth dividends, with Hong Kong Stock Connect funds being a primary tool for investors to access this market without the need for currency exchange or separate accounts [1][2] Group 1: Investment Opportunities - Hong Kong Stock Connect funds allow investors to conveniently allocate to Hong Kong stocks without needing QDII qualifications or foreign exchange quotas [2] - The Hang Seng Index has a higher proportion of consumer discretionary and software services sectors compared to the Shanghai Composite Index, indicating a strong growth potential in these areas, particularly in new consumption and technology sectors [3] - The valuation of Hong Kong stocks is relatively low compared to other major global markets, with the Hang Seng Index's current price-to-book ratio at 51.32%, suggesting a high cost-performance ratio for investors [6] Group 2: Market Trends - Southbound capital has seen a cumulative net inflow of HKD 979 billion in 2025, a 21% increase compared to the entire year of 2024, with a focus on technology, pharmaceuticals, and consumer sectors [9] - The overall performance of Hong Kong stocks has been strong this year, driven by the revaluation of Chinese assets in sectors like new consumption, technology, and innovative pharmaceuticals [10] Group 3: Fund Selection Criteria - Investors should assess the risk characteristics of different Hong Kong Stock Connect funds to ensure alignment with their risk tolerance, noting that funds focused on technology and innovative pharmaceuticals typically carry higher risk [14] - It is essential to choose fund managers with extensive experience in Hong Kong investments to better capture investment opportunities [15] - Investors are encouraged to adopt a systematic investment approach, planning regular contributions to take advantage of market fluctuations [17][18]

Core Viewpoint - Tencent Holdings (00700.HK) announced a share buyback plan, intending to repurchase 839,000 shares at a cost of HKD 550 million, with a buyback price range of HKD 648 to HKD 669 per share [1] Summary by Category - **Company Actions** - Tencent plans to spend HKD 550 million to buy back 839,000 shares [1] - The buyback price is set between HKD 648 and HKD 669 per share [1] - **Financial Implications** - The total expenditure for the buyback is HKD 550 million, indicating a significant investment in its own shares [1] - The share repurchase may reflect the company's confidence in its financial health and future prospects [1]

近日，有媒体报道，腾讯视频VIP账号因登录设备超出限制，被平台封禁7天，若超限次数累计达到第6次，将存在彻底封号的可能。 《腾讯视频账号保护规则》显示，同一腾讯视频VIP账号最多可在3个设备上使用，且同一时间同一账号最多可在1个设备上使用；而SVIP账号最多可在8 个设备上使用，同一时间同一账号最多可在3个设备上使用。超出上述范围使用的，经系统核实，账号将进入安全保护期。 其中还提到，如账号存在多次恶意使用行为，包括不限于将账号进行转让、出租、借用、分享、出售等方式提供给他人，进行直播、录制、观看、上传参 加活动等使用。系统检测到存在此类行为，账号将进入永久安全保护期，需重新注册并合理使用。 腾讯视频不同等级VIP权益对比。图/腾讯视频 白金VIP可支持2台设备同时播放，而基础VIP与白金VIP每月的差价为32元（不含首月及连续包月优惠）。芒果TV视频会员同样只允许1台设备同时使 用，升级为SVIP才支持3台设备同时使用。 据《南方都市报》，早在2023年，腾讯视频和优酷率先将会员等级分为了VIP和SVIP，后者最开始与前者的主要区别在于"可使用的设备数量"以及"是否 可全端播放"。2024年12月，腾讯视频 ...

FF305 | | | 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 | | 858,000 | 0.00937 % | HKD | 641.6494 | | | 變動日期 | 2025年9月24日 | | | | | | 2). | | 已購回作註銷但尚未註銷的股份 | 844,000 | 0.00922 % | HKD | 652.0152 | | | 變動日期 | 2025年9月25日 | | | | | | 3). | | 已購回作註銷但尚未註銷的股份 | 850,000 | 0.00929 % | HKD | 647.4374 | | | 變動日期 | 2025年9月26日 | | | | | | 4). | | 已購回作註銷但尚未註銷的股份 | 837,000 | 0.00914 % | HKD | 657.9676 | | | 變動日期 | 2025年9月29日 | | | | | | 5). | | 已購回作註銷但 ...

Core Viewpoint - The report from Jefferies maintains a "Buy" rating for Tencent Holdings (00700) and raises the target price from HKD 706 to HKD 794, highlighting AI-driven growth factors in marketing services and the acceleration of non-payment financial technology and cloud services [1] Group 1: Financial Performance - Tencent's revenue growth in marketing services is driven by multiple AI-related factors [1] - The financial technology and enterprise services sectors benefit from the acceleration of non-payment businesses, such as consumer loans, and cloud services [1] Group 2: Strategic Outlook - Jefferies reaffirms Tencent as a preferred stock for 2026, with AI expected to act as a growth catalyst across various business areas [1] - The company's third-quarter online gaming product mix strategy is driving growth, with a continued focus on creating top-tier gaming titles [1] Group 3: Product Development - The game "Delta Action" is anticipated to reach a new daily active user milestone by September 2025, expected to become another evergreen title for the company [1]

Core Viewpoint - The report from Jefferies maintains a "Buy" rating for Tencent Holdings (00700) and raises the target price from HKD 706 to HKD 794, highlighting AI-driven growth factors in marketing services and the acceleration of non-payment financial technology and cloud services [1] Group 1: Financial Performance - Tencent's revenue growth in marketing services is driven by multiple AI-related factors [1] - The financial technology and enterprise services sectors benefit from the acceleration of non-payment businesses, such as consumer loans, and cloud services [1] Group 2: Strategic Outlook - Jefferies reaffirms Tencent as a preferred stock for 2026, with AI expected to act as a growth catalyst across various business areas [1] - The company's third-quarter online gaming product mix strategy has contributed to growth, with a continued focus on creating top-tier gaming titles [1] Group 3: Product Development - The game "Delta Action" is anticipated to reach a new daily active user milestone by September 2025, and it is expected to become another evergreen title for the company [1]

智通财经查询爱奇艺发现，目前爱奇艺黄金VIP会员只能在1台设备上同时播放，可在5台设备上同时登 录。账号不得以转让、出租、出借、售卖、分享或者其他任何方式交由他人使用。因存在上述违规行为 触发爱奇艺账号安全管理风控策略导致出现验证、账号异常、被封停等风险，均由账号持有者自行承担 等。（智通财经，德塔） > 腾讯视频 VIP VIP 首页 电视剧 NBA 电影 对此，腾讯视频相关工作人员对密度财经表示，账号首次超限进入保护期后，前2次可通过手动操作解 除限制，但随着超限次数增加，保护期会逐步延长，其中7天封禁已属于较长时长的处罚，若累计达到 第6次，将存在彻底封号的可能。 智通财经查询腾讯视频APP账号保护规则发现，同一腾讯视频VIP账号最多可在3台设备登录，且同一时 间同一账号最多可在1台设备上使用；SVIP账号最多可在8台设备上使用，且同一时间同一账号最多可 在3个设备上使用，超出上述范围使用的，为保护账号安全和会员权益、资产、隐私等，账号将进入安 全保护期。 此外，腾讯方面在接受《科创板日报》采访时表示，对超出限制设备数量的账号进行封号，是为了防止 黑灰产。一位接近腾讯视频的知情人士称，整个影视行业里的黑 ...