Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong Technology Index, which has shown significant growth, with a year-to-date increase of 35.11% [1] - The index consists of 50 large-cap technology companies listed in Hong Kong, selected based on their market capitalization, R&D investment, and revenue growth [1] - The top ten weighted companies in the index include Xiaomi Group-W (10.24%), Tencent Holdings (9.72%), Alibaba-W (9.62%), Meituan-W (8.32%), BYD Company (7.9%), NetEase-S (6.81%), JD Group-SW (6.59%), Baidu Group-SW (3.98%), SMIC (3.72%), and Kuaishou-W (3.49%) [1] Group 2 - The sector distribution of the index's holdings shows that consumer discretionary accounts for 41.28%, communication services for 26.09%, information technology for 21.39%, healthcare for 10.79%, and industrials for 0.45% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Public funds tracking the Hong Kong technology sector include the Southern China Securities Hong Kong Technology ETF and the China Merchants Securities Hong Kong Technology ETF [3]

算力服务方面，贵州已经为全球50多个国家和地区、20多万用户提供了云渲染算力服务，像《哪吒2》这样的国产大片，很多渲染工作都是在贵州完成 的。 面向2025年"十四五"规划收官之年，贵州将坚定不移做大智算规模，加快华为云、美的、网易等数据中心、智算中心建设，华为云在贵州正在建设第三个 大型园区。 坚定不移加快算力基础设施建设，贵州要把光网络搞得更快更稳，当前的重点是推进"东数西算"南部大通道建设，同时，还要想办法把数据中心电费降下 来一点，绿电比例提升上去，把算力底座打牢。 坚定不移拓展算力服务，贵州要把"贵州算力券"政策优化落实到位，重点满足大模型训练、动漫渲染、电竞等产业的算力需求，让"贵州算力"品牌越来越 响亮！ 7月22日，记者从2025中国国际大数据产业博览会新闻发布会了解到，近年来，贵州大力推进"东数西算"，加快从以前的"以存为主"，转向"存算一体、智 算优先"，全力打造面向全国的算力保障基地。 数据中心方面，贵州在建和投运的重点数据中心已经达到48个，其中大型数据中心就有28个，存储能力已经达到25EB。 算力规模（FP16）方面，现在全省智算规模已经达到85EFLOPS，智算占比超过98%。 ...

Group 1 - The article highlights the increasing consumer issues related to children's in-game purchases, particularly focusing on a case where a mother discovered nearly 20,000 yuan was spent by her 12-year-old daughter on games without her consent [1] - The games involved are "Identity V" and "Party Animals," both developed by NetEase, with the mother seeking refunds for the unauthorized charges [1] - NetEase is currently verifying the situation and has indicated that if the refund for "Identity V" is approved, both game charges will be refunded together [1] Group 2 - The article references legal frameworks, specifically the Civil Code of the People's Republic of China, which states that minors over the age of eight have limited civil capacity and require parental consent for legal actions [2] - It also mentions that minors under eight years old are considered to have no civil capacity, further emphasizing the need for parental involvement in financial transactions [2]

Summary of NetEase, Inc. Conference Call Company Overview - **Company**: NetEase, Inc (NTES.O) - **Industry**: Internet Entertainment - **Market Cap**: US$87.283 billion - **Current Share Price**: US$136.12 - **Price Target**: Raised from US$145.00 to US$151.00, indicating an 11% upside potential [5][21] Key Financial Metrics - **2Q25 Revenue Growth**: Expected to be 12% YoY for game revenue and 20% for non-GAAP profit [2][8] - **Adjusted Net Profit**: Projected to grow 20% YoY to RMB 9.4 billion [8] - **EPS Estimates**: Slight increases of 1-2% for 2025-2027 [3][20] - **Revenue Projections**: - 2025: RMB 114,060 million - 2026: RMB 118,798 million - 2027: RMB 123,673 million [5][24] Business Developments - **Game Titles Performance**: - **Marvel Rival S3**: Popularity rebound, ranked 2 on Steam in July [7] - **Once Human**: Strong PC gross ranking post mobile launch, estimated annual revenue contribution of RMB 800 million to 1 billion [7] - **New Titles**: Five new games scheduled for summer 2025, expected to contribute marginally in 3Q [7] Market Positioning - **Competitive Landscape**: NetEase is well-positioned amid fund inflows from the food delivery segment, with positive business developments justifying its outperformance [1] - **Marketing Strategy**: Focus on long-term marketing expense ratio rather than short-term savings [2] Valuation and Risk Assessment - **Valuation Method**: Sum of the parts (SOTP) with a target P/E of 15x for the games business [30] - **Risk Factors**: - Shorter-than-expected life cycle of games - Weaker-than-expected margins due to loss-making businesses [41] Investment Thesis - **Overweight Rating**: Reiterated with a focus on market share gains through development capabilities and global expansion [31] - **Margin Improvement**: Expected from a favorable revenue mix and better cost control, leading to operating profit margin expansion towards 34% [31] Additional Insights - **Revenue Growth Drivers**: Anticipated acceleration in game revenue driven by localized content and new titles [32] - **Consensus Rating Distribution**: 90% Overweight, 10% Equal-weight [34] Conclusion - **Outlook**: Positive growth trajectory with a focus on game revenue and margin expansion, supported by a strong pipeline of new titles and strategic market positioning [43]

工银瑞信中国机会全球配置股票型证券投 资基金 基金管理人：工银瑞信基金管理有限公司 基金托管人：中国银行股份有限公司 报告送出日期：2025 年 7 月 21 日 工银瑞信中国机会全球配置股票型证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 日复核了本报告 中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或 者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 4 月 1 日起至 6 月 30 日止。 §2 基金产品概况 基金简称 工银全球股票（QDII） 基金主代码 486001 基金运作方式 契约型开放式 基金合同生效日 2008 年 2 月 14 ...

Group 1 - Nvidia's CEO Jensen Huang emphasized the importance of the gaming industry in the context of AI applications, highlighting 11 Chinese companies involved in game development during his visit to China [1][2] - The gaming industry is transitioning from mere entertainment to a leading force in AI applications, as exemplified by the game "Black Myth: Wukong," which utilizes significant AI technology [2][4] - The Chinese gaming industry is experiencing a spiral growth, with market revenue projected to reach 325.8 billion yuan in 2024, while user growth is slowing down amid increasing global competition [4][7] Group 2 - The integration of AI in gaming is supported by recent policies from major cities like Beijing and Shanghai, which aim to enhance the gaming sector's embrace of AI as a new productive force [7][10] - Major gaming companies are investing heavily in AI technology, with Tencent integrating AI into its popular game "Peacekeeper Elite" and NetEase introducing AI-driven NPCs in "Nirvana in Fire" [7][10] - The gaming industry recognizes AI as a foundational infrastructure for future competitiveness, with companies that effectively integrate AI likely to gain a competitive edge [8][10] Group 3 - The Chinese gaming industry has undergone several transformations, from importing games to developing them independently and expanding globally, with significant milestones like the release of "Black Myth: Wukong" [9][10] - Companies like Tencent are focusing on enhancing production efficiency through AI, with initiatives like the "VISVISE" solution aimed at improving game development processes [10][12] - AI is being utilized to automate repetitive tasks in game development, allowing creative teams to focus on core design and business model refinement [12][13] Group 4 - The emergence of AI-native games, such as "Whispers from the Star," showcases how AI can fundamentally reshape game creation and player experience through dynamic storytelling [13][15] - The gaming industry is on a dual path of enhancing production efficiency and innovating player experiences, both of which are crucial for the industry's evolution [16][17] - The gaming sector is positioned as a testing ground for AI technologies, with companies like Anuttacon aiming to leverage gaming as a medium for technological exploration [17][20] Group 5 - The ongoing AI revolution in gaming reflects a broader shift in the tech industry, with major companies increasing their AI investments to reshape market dynamics [20][21] - The journey of Nvidia from a low-value tech company to a leader in the AI space serves as a model for Chinese tech firms aiming to redefine their competitive edge in the AI era [21]

Group 1 - The top 50 Chinese technology and internet companies by market capitalization as of July 21, 2025, are listed, with TSMC leading at $124.684 billion [3][4]. - Tencent Holdings ranks second with a market cap of $60.3704 billion, followed by Alibaba at $28.679 billion [3][4]. - Xiaomi Group and Pinduoduo hold the fourth and fifth positions, with market caps of $18.9457 billion and $15.4741 billion, respectively [3][4]. Group 2 - Meituan and NetEase are ranked sixth and seventh, with market caps of $10.3371 billion and $8.6191 billion [4]. - JD.com, SMIC, and Kuaishou follow, with market caps of $4.8896 billion, $4.8429 billion, and $3.948 billion, respectively [4][5]. - Li Auto and Tencent Music are also in the top 15, with market caps of $3.404 billion and $3.3193 billion [5]. Group 3 - Baidu, Beike, and Tonghuashun are ranked 13th, 14th, and 15th, with market caps of $3.0187 billion, $2.2374 billion, and $2.0827 billion, respectively [5][6]. - The list includes various companies from different sectors, indicating a diverse representation within the technology and internet industry [6]. - The market capitalization figures are calculated based on the current exchange rate of USD to HKD [6].

数据显示，该基金近3个月收益率13.98%，近一年收益率52.72%，成立以来收益率为53.53%。其股票持 仓前十分别为：腾讯控股、美团-W、小米集团-W、中芯国际、德康农牧、赤子城科技、理想汽车-W、 阿里巴巴-W、快手-W、网易-S，前十持仓占比合计52.65%。 截至2025年6月30日，中欧基金旗下中欧港股数字经济混合发起(QDII)C（015885）期末净资产1.30亿 元，比上期减少12.45%，该基金经理为FANG SHENSHEN。 简历显示，FANG SHENSHEN女士:澳大利亚国籍,本科、学士。历任高盛私人财富管理部税务分析 师,Cooper Investors助理基金会计师、交易员、新兴市场组研究员,曾任中欧基金管理有限公司研究员、 高级研究员,现任中欧基金管理有限公司的基金经理。2024年05月31日起担任中欧港股数字经济混合型 发起式证券投资基金(QDII)基金经理。2024年7月1日起任中欧中证港股通央企红利指数发起式证券投资 基金(QDII)的基金经理。2025年01月14日起任中欧恒生科技指数发起式证券投资基金(QDII)基金经理。 近期份额规模变动情况： 日期期间申购（亿 ...

Group 1 - The Nasdaq China Golden Dragon Index increased by 0.6% [1] - Popular Chinese concept stocks mostly rose, with JD.com up over 3% [1] - Alibaba, Bilibili, and NetEase each rose over 2%, while Li Auto increased by over 1% [1]

Core Viewpoint - The approval of domestic and imported games in China has reached a record high in June 2025, indicating a recovery in the gaming industry with a total of 158 new games approved, surpassing previous months' records [3][5]. Group 1: Game Approval Statistics - In June 2025, a total of 158 games received approval, including 147 domestic and 11 imported games [1][3]. - For the first half of 2025, 812 games were approved, the highest in five years, with 757 domestic and 55 imported games [5]. - The average monthly approval rate for games in the first half of 2025 was 135, an increase from 115 in the same period last year [5]. Group 2: Major Game Releases and Issues - Tencent received 7 game approvals in the first half of 2025, including 4 imported and 3 domestic games [5][8]. - Notable games include "Honor of Kings World," which has high expectations with over 860,000 reservations and a score of 8.1 on Taptap [6]. - "Star Resonance," another Tencent game, faced significant issues at launch, including server instability and negative reviews, leading to a score drop to 4.0 on Taptap [6]. Group 3: Competitor Activities - NetEase secured 6 game approvals, including 3 imported and 3 domestic titles, with "The Last Home of Ice and Fire" receiving mixed reviews [10][12]. - Kyeing Network emerged as a significant player, holding over 10 game approvals and signing licensing agreements for popular IPs [12][14]. - Other companies like Perfect World and 37 Interactive Entertainment are also in the process of developing multiple games, with "Eternal Ring" generating high anticipation [15]. Group 4: Market Performance - The gaming industry in China is showing signs of recovery, with sales revenue exceeding 1.4 trillion yuan in the first five months of 2025, a year-on-year increase of 16.99% [17]. - Stock prices of gaming companies have generally risen, with 21 out of 26 companies seeing increases, and some experiencing significant gains of over 80% [17][18].