来源：微信派 别急，真别急。微信这几个功能记得用起来。 消息错发，一次性撤回 现在，微信可以一次性撤回本次发送的全部消息（包括多选转发、批量发送的图片视频和文件）。 以 前，一条条撤回，匆匆忙忙连滚带爬；现在，一次性撤回，从从容容游刃有余。 *该功能正在逐步覆盖中，请大家耐心等待～ 工作群错发n条消息，又被免打扰过的群"@所有人"接连轰炸，删好友时再漏掉聊天记录这茬把"赛博工 作痕迹"一起删了…… 人删了，聊天记录能留下 现在， 删除好友时，新增"删除联系人同时清空聊天记录"选项。 若不勾选，哪怕删除了联系人，也能 在主界面中保留与其的聊天记录。 删除联系人 即将删除联系人 ■ ■ ■ ■ ■ ■ ■ ■ ■ 删除后对方不会收到通知 删除联系人同时清空聊天记录 > 取消 群聊信息，留重要的看 总有些群免打扰了但仍会收到群里@所有人的通知，打开一看又"与我无关"…… 现在， 微信群消息免打扰后也能选择性接收重要通知。 点击「群聊右上角-以下消息仍通知」，可勾 选" @我、@所有人、群公告"还能添加 4 位重要群成员，收到他们的消息提醒。群聊翻天手机也不震， 想看的重要信息也不错过。 *该功能正在逐步覆盖中，请大 ...

Core Insights - The report by IDC indicates that Tencent Cloud continues to lead the Chinese gaming cloud market in terms of usage scale, while Alibaba Cloud maintains a 41% market share for the fifth consecutive year [1][8] - Tencent Cloud's growth is attributed to its integration of PaaS and MaaS solutions, particularly in gaming and audio-visual sectors [1] - The gaming industry is increasingly adopting AI technologies, which are enhancing efficiency and quality in game development and operations [4] Market Overview - The Chinese gaming cloud market is projected to reach $1.01 billion in the first half of 2025, marking an 11.2% year-on-year growth, the first double-digit growth since 2022 [6] - The normalization of game license issuance and the release of major new games are driving demand for cloud services [6] Company Performance - Tencent Cloud has established partnerships with over 95% of domestic game companies, supporting them throughout the game development lifecycle [1] - Tencent Cloud's AI Code Assistant, CodeBuddy, has improved development efficiency by over 10% in collaboration with game developers [5] - Alibaba Cloud's gaming cloud infrastructure revenue has increased by 15.3% year-on-year, further solidifying its market position [8]

Group 1 - In Q3 2025, the total market value of public actively managed equity funds and Stock Connect holdings in A-shares significantly increased, with public equity funds holding A-shares worth 3.56 trillion, a substantial increase of 21.5% from the previous quarter, and Stock Connect holdings reaching 2.59 trillion, up 12.9% [5][18][124] - The overall position of public actively managed equity funds continued to rise, with an overall position of 85.77%, an increase of 1.31 percentage points from the previous quarter, and over 40% of funds now have a high position of over 90% [5][25][31] - The concentration of heavily held stocks in public funds has increased, with CR10, CR20, and CR50 concentration rising by 1.64, 2.21, and 1.68 percentage points respectively [5][107] Group 2 - Both public funds and foreign capital through Stock Connect showed a high degree of consensus in style selection, significantly increasing their holdings in the growth sector (domestic +8.68%, foreign +10.52%) while reducing their positions in the financial sector (domestic -4.07%, foreign -6.17%) and consumer sector (domestic -4.17%, foreign -3.62%) [6][130] - In the consumer sector, both domestic and foreign investors continued to significantly reduce their holdings in food and beverage (domestic -1.67%, foreign -2.08%), as well as in automobiles (domestic -1.54%, foreign -0.30%) and home appliances (domestic -0.89%, foreign -0.79%) [6][51] - In the growth sector, both domestic and foreign investors significantly increased their holdings in electronics (domestic +3.79%, foreign +4.86%) and electrical equipment (domestic +2.01%, foreign +4.87%) [6][65] Group 3 - The financial sector saw a significant reduction in holdings, with both domestic and foreign investors heavily reducing their positions in banks (domestic -3.96%, foreign -4.38%) [6][97] - In the cyclical sector, there was a high degree of consensus, with both domestic and foreign investors significantly increasing their holdings in non-ferrous metals (domestic +1.42%, foreign +1.21%) while reducing their positions in public utilities [6][75] - The overall position in the cyclical sector continued to decline slightly, with more than half of the industries being reduced, particularly in public utilities and transportation [6][76]

Group 1 - Southbound funds net bought Hong Kong stocks worth 13.641 billion HKD today [1] - The top net purchases included: - Tracker Fund of Hong Kong (46.33 million HKD) - Alibaba Group (8.75 million HKD) - Meituan (8.05 million HKD) - Hang Seng China Enterprises Index (7.72 million HKD) - CNOOC (5.74 million HKD) - Hua Hong Semiconductor (4.69 million HKD) - Xiaomi Group (2.01 million HKD) [1] - The top net sales included: - ZTE Corporation (3.23 million HKD) - Ganfeng Lithium (3.06 million HKD) - Tencent Holdings (2.64 million HKD) - Innovent Biologics (1.72 million HKD) [1] Group 2 - Southbound funds have net bought SMIC for 7 consecutive days, totaling 30.4402 million HKD [1] - Southbound funds have net bought Hua Hong Semiconductor for 4 consecutive days, totaling 19.2152 million HKD [1]

Core Insights - The 2025 Hurun Women Entrepreneurs List was released, highlighting the rise of female entrepreneurs in China, with Zhong Huijuan of Hansoh Pharmaceutical becoming the richest woman in China with a wealth of 141 billion RMB, marking a significant milestone in the list's 20-year history [1][2] Group 1: Wealth Rankings - Zhong Huijuan and her daughter ranked first with a wealth of 1410 billion RMB, experiencing an 83% increase [2] - Zhou Qunfei, the chairwoman of Lens Technology, ranked second with a wealth of 1100 billion RMB, reflecting a 75% increase [2] - Zong Fuli, the successor of Wahaha Group, ranked third with 875 billion RMB, down two places from the previous year but still the richest woman in the food and beverage sector [2] Group 2: Historical Context - Over the past 20 years, the Hurun Women Entrepreneurs List has seen eight women reach the top, compared to 14 men on the men's list [3] - The coincidence of both the top female and male entrepreneurs sharing the surname "Zhong" is noted, as this surname accounts for less than 1% of the total in the overall wealth rankings [3] Group 3: Overall Wealth Trends - The 2025 Hurun Rich List featured 1434 individuals with wealth exceeding 5 billion RMB, a 31% increase from the previous year [3] - The total wealth of these individuals approached 30 trillion RMB, marking a 42% increase year-on-year [3] Group 4: Sector Performance - The consumer electronics sector showed strong performance, with Zhou Qunfei's wealth increasing by 470 billion RMB, and other notable figures like Wang Laichun and Zeng Fangqin ranking fourth and sixth, respectively [4] - The beverage industry also saw significant representation, with Zong Fuli maintaining her position despite a drop in ranking [2][4] Group 5: New Entrants - A record 376 new faces appeared on the list, with notable newcomers including Xu Gaoming and Xu Dongbo from Laopu Gold, and the founders of popular tea brands [6] - Xiaomi's Lei Jun was highlighted as a "growth king," with a wealth increase of 196 billion RMB due to the explosive growth of its automotive business [6]

Core Insights - On October 30, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 6.451 billion, 5.219 billion, and 3.290 billion respectively [1][2] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) also ranked as the top three, with trading amounts of 4.611 billion, 3.820 billion, and 2.408 billion respectively [1][2] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong)** - Alibaba-W (09988): Trading amount of 6.451 billion, net buy of -0.386 billion - SMIC (00981): Trading amount of 5.219 billion, net buy of +0.563 billion - Tencent Holdings (00700): Trading amount of 3.290 billion, net buy of -0.310 billion - Meituan-W (03690): Trading amount of 3.203 billion, net buy of +0.535 billion - Xiaomi Group-W (01810): Trading amount of 3.070 billion, net buy of +0.456 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong)** - Alibaba-W (09988): Trading amount of 4.611 billion, net buy of +1.261 billion - SMIC (00981): Trading amount of 3.820 billion, net buy of -0.537 billion - Xiaomi Group-W (01810): Trading amount of 2.408 billion, net buy of -0.254 billion - Tencent Holdings (00700): Trading amount of 2.234 billion, net buy of +0.046 billion - Huahong Semiconductor (01347): Trading amount of 2.094 billion, net buy of +0.613 billion [2]

Report Industry Investment Rating - The report does not explicitly mention a comprehensive industry investment rating. However, it provides a "Buy" rating for stocks and an "Overweight" rating for industries in the investment rating description section [29]. Core Viewpoints of the Report - In Q3 2025, the concentration of actively managed funds' heavy - holding stocks increased, with a shift towards the "technology manufacturing + energy resources" sectors, showing a pattern of "less defense, more growth". The market is expected to start a new upward trend in Q4, driven by the repair of macro - expectations and policy expectations, and the structural preference for technology growth and high - end manufacturing will continue to strengthen [3][4][24]. Summary by Relevant Catalogs 2025Q3 Active Fund Heavy - Holding Stock Position Structure Overview - **AH Stock Position Market Value Increase**: The number of heavy - holding stocks decreased from 2,946 in Q2 to 2,902 in Q3. The total A - share position market value rose from 1.39 trillion yuan to 1.78 trillion yuan, a 27.58% increase, and the Hong Kong stock position increased from 341.3 billion yuan to 418.5 billion yuan, a 22.62% increase [3][5]. - **Industry Concentration and Capital Flow**: The top five industries in terms of A - share market value in the first three quarters were electronics, power equipment, medicine and biology, communication, and non - ferrous metals. The heavy - holding market value CR3 reached 46%, and CR5 reached 62%, indicating a significant concentration. The communication, electronics, and media sectors were the top three in terms of position increase, while defensive and traditional consumption sectors such as public utilities, banks, and social services saw significant position reductions [3][6][7]. - **Sector - Specific Changes**: The electronics sector's position increased from 18% in Q2 to 25%, the communication sector from 5% to 9%, and the power equipment sector from 10% to 12%. The medicine and biology sector decreased from 11% to 9%, and the non - ferrous metals sector slightly increased to 6% [8]. Q3 Active Fund Top Heavy - Holding Stock Tracking - **A - Share Top 20 Heavy - Holding Stock Changes**: Seven companies newly entered the top 20 heavy - holding stocks in Q3, mainly from the electronics, communication, and new energy sectors, benefiting from the improvement of computing power infrastructure and the new energy industry. Seven companies exited the list, mostly from traditional industries with stable fundamentals but limited profit growth [15][16]. - **Hong Kong Stock Position Adjustment**: Tencent Holdings and Alibaba - W remained the most concentrated and fundamentally best - performing targets in the Hong Kong stock market. Alibaba's position market value soared to 52.9 billion yuan. Consumer electronics and trendy toy stocks such as Pop Mart and Xiaomi Group were reduced [17]. Q3 Industry Leader Heavy - Holding Stock Tracking - **Sectors with Increased Positions**: In Q3, funds significantly increased their positions in five industries: communication, electronics, media, non - ferrous metals, and power equipment. For example, in the communication industry, the focus was on optical module and communication equipment leaders; in the electronics industry, there was a shift from traditional consumer electronics to the upstream of semiconductors and electronic components [3][21][22]. - **Sectors with Reduced Positions**: Defensive industries such as transportation, household appliances, banks, insurance, and public utilities were significantly reduced due to the increase in market risk appetite and the attraction of the technology market [23]. Investment Recommendations - **Focus on the AI Diffusion Main Line**: In Q4, attention should be paid to the penetration opportunities in the AI application layer, including robots, edge - side AI, industrial vision, and intelligent manufacturing. The Hong Kong stock market's Hang Seng Tech Index has room for phased repair [24][25]. - **"Anti - involution" Main Line**: Pay attention to new energy segments such as polysilicon and photovoltaic modules, which have attractive valuations after previous adjustments [26]. - **Financial Repair Main Line**: Securities firms may face a window for valuation re - evaluation, both in the short - term due to market activity and in the long - term due to policy support [27].

Core Viewpoint - The Hong Kong stock market has stabilized after recent uncertainties, with positive outcomes from the US-China meetings, alleviating concerns over tariff impacts. The upcoming earnings season for internet stocks is expected to drive performance, particularly in the fourth quarter, with a focus on technology stocks and the potential for a rebound in the Hang Seng Tech Index [1]. Group 1: Market Conditions - The Hong Kong stock market has been in a sideways trading phase for the past two weeks, with no significant volatility [1]. - The easing of uncertainties is expected to create a favorable macro environment for the market, leading to a potential recovery process [22]. Group 2: Investment Opportunities - The upcoming earnings season for internet stocks is anticipated to provide more certainty regarding performance, making it a key focus for investors [1]. - The Hang Seng Tech ETF (513010) is highlighted as a potential investment opportunity as the market stabilizes [1][22]. Group 3: AI and Internet Stocks - According to BofA, Chinese internet stocks present compelling opportunities in the AI sector, driven by efficiency, practical applications, and ecosystem integration [3]. - The closed-loop ecosystems of companies like Tencent and Alibaba allow for direct AI application, enhancing their competitive edge [3]. - Chinese internet companies are actively reducing token costs to facilitate AI applications [4]. Group 4: Valuation Insights - BofA notes that the current valuation of the industry is low compared to historical averages, with a forward P/E ratio of 17 times, significantly below the 10-year average of 22 times [7]. - Tencent and Alibaba's valuations remain lower than their US counterparts, with Tencent's expected P/E for 2026 at 19 times, below its 10-year average of 23 times [12]. Group 5: Regulatory Environment - BofA emphasizes that tail risks in the regulatory environment are decreasing, with a shift towards more support for the private sector [11]. - The return of key founders and the alignment of technological self-sufficiency with corporate growth confidence are seen as positive indicators [11]. Group 6: Foreign Investment Trends - As of September, active foreign investment in Chinese stocks has increased, with allocations rising from 6.7% in August to 7.2% [22]. - The "binary" divergence in investment strategies is intensifying, with Asian funds significantly over-allocating while emerging market funds are under-allocating [22].

Core Insights - The article discusses the launch of the HarmonyOS version of Tencent News, which features exclusive "selected cards" for efficient news reading and personalized content delivery [1][3][26] Group 1: New Features - The HarmonyOS version integrates unique features such as "selected cards" that allow users to access news directly from their desktop without opening the app, enhancing the efficiency of news consumption [3][26] - The app includes a "hot news" section that aggregates a vast amount of selected information, ensuring users stay updated with real-time hot topics and in-depth reports [5][26] - A "special topic" section is available, allowing users to view multiple reports on trending events, providing a comprehensive understanding of ongoing news [8][26] Group 2: User Engagement - The "hot questions" channel compiles popular inquiries and insightful answers, enabling users to explore diverse perspectives on current events [11][26] - Personalized subscription options are offered, allowing users to customize their news feed based on specific interests, enhancing the relevance of the content they receive [14][26] - An AI assistant, referred to as "News Sister," provides 24/7 support for fact-checking and health-related inquiries, ensuring users have access to reliable information [16][26] Group 3: Accessibility and Convenience - The app features an AI reading function that allows users to listen to news articles, making it convenient to stay informed while multitasking [19][26] - The latest version of Tencent News is available for HarmonyOS 5 and above users, emphasizing the app's evolution from a simple news tool to a smart companion for users [26]

Core Insights - The article discusses a year-long research project involving 100 elderly individuals learning to use large AI models, aiming to explore how AI technology impacts their lives and how they redefine their understanding of algorithms through their experiences [2][6][50]. Group 1: Research Design and Methodology - The research employed a comprehensive "teach-use-track-interview" process over one year, inviting 100 elderly participants to interact with various popular domestic AI models [6][10]. - The study included baseline surveys, focused teaching sessions, regular follow-ups, and in-depth interviews to document the participants' experiences and challenges [10][11]. Group 2: Participant Demographics and Data Collection - The study collected data from diverse participants across different regions, resulting in a corpus of over 10,236 valid entries, capturing the varied experiences and needs of elderly users [12][14]. - The data included both voice and text records, highlighting significant differences in functional and emotional needs between elderly individuals from eastern, central, and western regions of China [14]. Group 3: Initial Hesitations and Trust Calibration - Many elderly participants expressed initial confusion about the necessity of using AI technology, often viewing it as non-essential to their already fulfilling lives [16][17]. - Trust calibration emerged as a critical theme, with participants navigating their trust in AI through trial and error, leading to varying levels of acceptance and interaction [21][22]. Group 4: Interaction Dynamics and Gender Differences - The study revealed a "question gap," where elderly individuals hesitated to ask questions due to cultural norms and self-imposed limitations, impacting their engagement with AI [25][28]. - Gender roles within families influenced the time and resources available for elderly women to explore AI technology, leading to disparities in usage and confidence [31][33]. Group 5: Emotional Needs and Long-term Engagement - The relationship between elderly users and AI models evolved from initial curiosity to emotional reliance, with many participants finding companionship and support in their interactions [36][39]. - Long-term users demonstrated resilience and adaptability, often viewing AI as a reliable companion that complemented their social interactions rather than replacing them [39][40]. Group 6: Ideal AI Characteristics for Elderly Users - Elderly participants expressed a desire for AI that is empathetic, relatable, and capable of understanding their daily lives, rather than merely a simplified version of existing technology [41][44]. - The ideal AI companion should provide emotional support, health advice, and companionship, addressing the deeper social and psychological needs of elderly individuals [45][46]. Group 7: Conclusion and Societal Implications - The research highlights that technology should not only be designed for elderly users but should also foster a more inclusive understanding of "slower" lifestyles, reflecting a broader societal perspective on progress [51][52]. - The findings suggest that technology's value lies in its ability to integrate into daily life meaningfully, emphasizing the importance of empathy and understanding in technological development [52].