Core Viewpoint - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 8, 2025, highlighting significant players in the industry and their respective valuations [1]. Group 1: Top Companies by Market Capitalization - TSMC leads the list with a market capitalization of approximately $11,885.95 million [3]. - Tencent Holdings follows with a valuation of about $5,867.71 million [3]. - Alibaba ranks third with a market cap of $2,535.66 million [3]. - Xiaomi Group is positioned fourth with a market capitalization of $1,935.90 million [3]. Group 2: Additional Notable Companies - JD.com is ranked eighth with a market cap of $461.57 million [4]. - SMIC (Semiconductor Manufacturing International Corporation) is close behind at $456.82 million, ranking ninth [4]. - Kuaishou is in the tenth position with a valuation of $356.39 million [4]. - Tencent Music and Baidu are also notable, with market caps of $310.40 million and $308.67 million, respectively [4]. Group 3: Emerging Players - Li Auto and Beike are valued at $286.24 million and $216.73 million, respectively, indicating their growing presence in the market [4]. - Xpeng Motors and iFlytek have market caps of $170.73 million and $149.98 million, showcasing their potential in the automotive and AI sectors [4]. - Other companies like Zhongtong Express and Baoson Software are also making strides with valuations of $143.32 million and $94.87 million [4]. Group 4: Market Trends - The rankings reflect the competitive landscape of the Chinese technology sector, with significant fluctuations in market capitalizations among various companies [1]. - The data is calculated based on the daily market values, indicating the dynamic nature of the industry [6].

Investment Rating - The report assigns an "Attractive" investment rating to the China Internet and Other Services industry, specifically focusing on Entertainment and OTAs [1]. Core Insights - The report highlights a sharp recovery in the gaming sector, particularly driven by PC games, with a low base effect expected to end in Q3 2025 [5]. - The gaming revenue forecast indicates a significant year-on-year growth, with PC games grossing expected to reach Rmb 39,471 million in FY25, reflecting a 54% growth from the previous year [14]. - The report emphasizes the importance of new game releases and the expansion of mobile and PC gaming as key drivers for revenue growth [12][14]. Summary by Sections Online Entertainment - The gaming industry is experiencing a recovery, with a notable increase in PC game contributions [6]. - The report provides a detailed game pipeline for NetEase, showcasing upcoming titles that are expected to enhance revenue streams [12]. Revenue Forecasts - Total game revenue is projected to grow significantly, with mobile games grossing expected to stabilize around Rmb 56,800 million in FY25, showing a 0% growth year-on-year [14]. - The report outlines specific revenue forecasts for various game titles, indicating a diverse portfolio that supports revenue stability [14]. Market Share - The report analyzes the market share of major players in the gaming industry, with Tencent and NetEase being the leading companies [11]. - It highlights the competitive landscape and the potential for market share shifts as new games are released [10]. Financial Performance - Non-GAAP net profit margins are expected to improve, driven by effective cost management and revenue growth strategies [16][46]. - The report indicates a strong capital return strategy, with buybacks and dividends projected to increase over the coming years [21]. OTA Sector - The report notes that Trip.com is positioned for solid profit growth in its core OTA business, with revenue expected to grow 14% year-on-year in 2025 [98]. - The analysis of the overseas total addressable market (TAM) presents significant opportunities for growth in international travel services [89].

深市港股通前十大成交活跃股中，成交额居首的是阿里巴巴-W，成交金额23.32亿港元；其次是美团- W、国泰君安国际，成交金额分别为20.55亿港元、18.34亿港元。以净买卖金额统计，有8只股为净买 入，净买入金额最多的是盈富基金，净买入6.96亿港元，该股收盘下跌0.16%。净卖出金额最多的是泡 泡玛特，净卖出2.35亿港元，收盘股价上涨2.37%。（数据宝） 7月7日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 01788 | 国泰君安国际 | 港股通(沪) | 545675.26 | 16908.70 | 10.77 | | 03690 | 美团-W | 港股通(沪) | 306729.52 | 77988.25 | -1.49 | | 09988 | 阿里巴巴-W | 港股通(沪) | 241911.79 | 20000.14 | 0.29 | | 09988 | 阿里巴巴-W | 港股通(深) | 233211.00 | 8487.74 | 0. ...

Group 1 - The Hang Seng Index fell by 0.12% on July 7, with southbound trading totaling HKD 101.765 billion, comprising HKD 56.916 billion in buying and HKD 44.849 billion in selling, resulting in a net inflow of HKD 12.067 billion [1] - The southbound trading through Stock Connect (Shenzhen) had a total turnover of HKD 40.903 billion, with net buying of HKD 6.276 billion, while Stock Connect (Shanghai) had a turnover of HKD 60.862 billion, with net buying of HKD 5.791 billion [1] - The most actively traded stock by southbound funds was Guotai Junan International, with a total turnover of HKD 72.91 billion, followed by Meituan-W and Alibaba-W with turnovers of HKD 51.22 billion and HKD 47.51 billion respectively [1] Group 2 - Among the stocks with significant net buying, the top was the Yingfu Fund with a net inflow of HKD 24.99 billion, despite a closing price drop of 0.16%, followed by Meituan-W with HKD 7.17 billion and China Construction Bank with HKD 6.21 billion [1] - The stocks that saw continuous net buying for more than three days included SMIC, Innovent Biologics, and China Construction Bank, with net buying days of 12, 7, and 3 respectively [2] - The total net buying amount for SMIC was HKD 77.01 billion, followed by Innovent Biologics with HKD 22.89 billion and China Construction Bank with HKD 8.49 billion [2]

Core Insights - On July 7, Health Road made its debut on the Hong Kong Stock Connect active trading list for the first time in a month, indicating increased investor interest [2] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 344.29 billion, accounting for 33.83% of the day's total trading amount, with a net buying amount of HKD 63.29 billion [2] - The top three stocks by trading volume were Guotai Junan International (HKD 72.91 billion), Meituan-W (HKD 51.22 billion), and Alibaba-W (HKD 47.51 billion) [2] Trading Activity Summary - Health Road's trading volume on July 7 was HKD 14.54 billion, with a net buying amount of HKD 0.28 billion, and the stock closed up by 15.27% [2] - The stocks with the highest number of appearances on the active trading list over the past month were Alibaba-W and Tencent Holdings, each appearing 20 times, indicating strong interest from Hong Kong Stock Connect funds [2] - Other notable stocks included Xiaomi Group-W (HKD 31.57 billion), China Construction Bank (HKD 12.28 billion), and Kuaishou-W (HKD 8.83 billion) [2]

Group 1 - On July 7, 2025, Guotai Junan International (01788), Meituan-W (03690), and Alibaba-W (09988) ranked as the top three in southbound trading volume under the Shanghai-Hong Kong Stock Connect, with transaction amounts of 54.57 billion, 30.67 billion, and 24.19 billion respectively [1] - In the southbound trading volume under the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Meituan-W (03690), and Guotai Junan International (01788) also ranked as the top three, with transaction amounts of 23.32 billion, 20.55 billion, and 18.34 billion respectively [1] Group 2 - The top active companies in southbound trading under the Shanghai-Hong Kong Stock Connect included Guotai Junan International (01788) with a net buy of 1.69 billion, Meituan-W (03690) with a net buy of 7.80 billion, and Alibaba-W (09988) with a net buy of 2.00 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988) had a net buy of 848.75 million, while Meituan-W (03690) experienced a net sell of 628.12 million [2]

Investment Rating - The industry investment rating is "Strongly Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [32]. Core Insights - Oracle announced a $30 billion order and plans to expand data centers in the U.S., with multi-cloud database revenue growing at over 100% [4][7]. - CoreWeave received the first batch of NVIDIA GB300 servers, significantly enhancing AI processing capabilities and efficiency [8]. - Figma is preparing for a major IPO, projecting $749 million in revenue for 2024, with a focus on integrating AI into its design platform [9][13]. - The AI sector is experiencing a new technology cycle driven by increased computational power, model iteration, and accelerated commercialization [4]. - ByteDance's Doubao launched a new "In-Depth Research" feature, enhancing its AI capabilities for complex task processing [22][26]. Summary by Sections Oracle - Oracle's CEO stated a strong start to FY26, with multi-cloud database revenue growing over 100% and a significant contract with OpenAI expected to contribute over $30 billion annually starting FY28 [4][7]. CoreWeave - CoreWeave announced the receipt of NVIDIA's latest GB300 servers, which enhance AI model output efficiency by up to 50 times, marking a significant advancement in AI cloud services [8]. Figma - Figma aims for a $1.5 billion IPO, with 2024 revenue projected at $749 million, reflecting a 48% year-over-year growth. The platform is embedding AI to improve design efficiency [9][13]. AI Dynamics - The AI industry is witnessing a robust cycle characterized by high demand for computational power and rapid advancements in AI applications, with major companies like Oracle and CoreWeave leading the charge [4]. ByteDance - ByteDance's Doubao introduced the "In-Depth Research" feature, which allows users to process complex tasks and generate structured reports, indicating a shift towards deeper AI application capabilities [22][26].

Group 1 - Southbound funds had a significant net purchase of 12.067 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), the top net purchases were in the Yingfu Fund and Meituan-W, with net purchases of 1.804 billion HKD and 780 million HKD respectively [1] - Xinda Biologics had the highest net sell amount at 259 million HKD [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), the Yingfu Fund and Kuaishou-W had net purchases of 696 million HKD and 530 million HKD respectively [1] - Pop Mart had the highest net sell amount at 235 million HKD [1]

Market Overview - The US stock market was closed on July 4th for Independence Day [1] Hong Kong Stock Market Highlights - Yum China (09987) rose over 3% after announcing the establishment of an innovation fund to convert operational needs into practical applications [2] - H&H International Holdings (01112) fell over 7%, expecting a 45% to 65% decline in net profit for the first half of the year [2] - China Rare Earth Holdings (03788) surged nearly 9% as it plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Health Road (02587) jumped over 18% as its controlling shareholder voluntarily extended the lock-up period, focusing on digital health services [2] - Smoore International (06969) increased over 5% with the launch of Glo Hilo in Japan, maintaining high profit margins [2] - Tencent Music (01698) rose nearly 3% as institutions noted that recent acquisition plans would enhance overall content supply [2] - Jihong Co., Ltd. (02603) surged over 7%, with a projected net profit increase of over 55% year-on-year for the first half [2] - Solar stocks collectively declined, with Xinyi Solar (00968) down 4.86%, Fuyao Glass (06865) down 3.88%, New Energy (01799) down 3.19%, and Xinyi Glass (00868) down 2.64% [2] Other Notable Movements - Kuaishou-W (01024) rose over 3% as it plans to launch a live streaming initiative across multiple cities to create a collaborative ecosystem [3] - Gold stocks faced pressure, with Shandong Gold (01787) down 5.09%, China Gold International (02099) down 3.44%, Lingbao Gold (03330) down 2.68%, and Chifeng Jilong Gold (06693) down 2.33% [3] - China Shipbuilding Defense (00317) increased over 3% after the approval of a merger and acquisition restructuring plan, optimizing resources in the shipbuilding industry [3] - Medical device stocks saw a broad increase, with Spring Medical (01858) up 6.36%, Yongsheng Medical (01612) up 7.27%, Xinwei Medical-B (06609) up 3.55%, and Microneuroscience (02172) up 1.12% [3] - Some stablecoin concept stocks rose, with Victory Securities (08540) up 6.9%, Guotai Junan International (01788) up 5.15%, Yika (09923) up 2.59%, and China Everbright Holdings (00165) up 1.96% [3] - SF Express City (09699) rose nearly 7% amid intensified competition in the food delivery sector, with expectations of increased order volume [3] - HSSP International (03626) fell over 20% after being named by the Hong Kong Securities and Futures Commission for high stock concentration [3] Strategic Partnerships and New Listings - Shengye (06069) opened nearly 15% higher after forming a strategic partnership with Stand Robot to enhance its robotics industry chain [4] - Beverage stocks opened high, with Cha Bai Dao (02555) up 15%, Nayuki's Tea (02150) up 9.87%, Gu Ming (01364) up 5.77%, Hu Shang Ayi (02589) up 2.99%, and Mixue Group (02097) up 2.92% [4] - FWD Group (01828) had a flat opening on its first day of listing, being a life insurance company under Li Zeqiang's control [4]

Core Viewpoint - The article discusses the shift in the ranking of China's top internet companies from the traditional BAT (Baidu, Alibaba, Tencent) to the current ATM (Alibaba, Tencent, Xiaomi), highlighting the decline of Baidu and the rise of Xiaomi due to its successful automotive sales [2][4][5]. Group 1: Market Capitalization Rankings - The current top 10 internet companies in China by market capitalization are led by Tencent at 588.5 billion, followed by Alibaba at 270.5 billion, and Xiaomi at 198.7 billion [4]. - Baidu has fallen out of the top 10, now valued less than Tencent Music, indicating a significant decline in its market position [5]. Group 2: Campus Recruitment Salaries - Tencent's campus recruitment offers range from 24k to 33k monthly, with total annual packages between 36 million to 55.5 million [7][8]. - Alibaba's offers are competitive, with total packages ranging from 41.8 million to 54.4 million [9][10]. - Xiaomi's offers are lower, with total packages between 16.5 million to 39 million [11][12]. - Pinduoduo offers the highest salaries, with total packages reaching up to 66.6 million [13][14]. - Meituan's offers range from 29.45 million to 62 million, indicating a strong recruitment strategy [15]. - NetEase offers packages between 33 million to 60.8 million, reflecting its profitability in the gaming sector [16][17]. - JD's offers are competitive, with total packages exceeding 50 million for some positions [18][19]. - Ctrip's offers range from 33 million to 42 million, comparable to leading internet companies [20][21]. - Kuaishou's average annual salary for campus recruits is over 40 million, showing a significant increase from the previous year [22]. - Tencent Music's recruitment packages are also competitive, reflecting its rising market value [23]. Group 3: Historical Context - A comparison of internet company rankings from 2015 shows Tencent, Alibaba, and Baidu as the top three, while projections for 2025 suggest Tencent, Alibaba, and Xiaomi will lead the market [24][25].