Core Viewpoint - HUYA Inc. is set to report its third quarter 2025 unaudited financial results on November 12, 2025, before the U.S. market opens, indicating ongoing transparency and engagement with investors [1][2]. Group 1: Financial Reporting - The company will host a Tencent Meeting Webinar at 5:00 a.m. U.S. Eastern Time on November 12, 2025, to discuss its business and financial performance [2]. - Participants can register online to join the webinar, with access information provided via email upon registration [3][4]. Group 2: Company Overview - HUYA Inc. is recognized as a leading provider of game-related entertainment and services, delivering live streaming and video content across various interactive entertainment genres [5]. - The company has developed a robust entertainment ecosystem utilizing AI and advanced technologies, catering to a diverse community of game enthusiasts and industry partners [5]. - HUYA has expanded its services to include game distribution, in-game item sales, and advertising, aiming to meet the evolving needs of gamers and content creators [5].

Market Overview - On October 21, U.S. stock indices opened mixed, with the Dow Jones up by 0.89%, the Nasdaq down by 0.16%, and the S&P 500 up by 0.18% [1][2] Index Performance - Dow Jones Industrial Average: 47,121.38, up 414.80 points (0.89%) [2] - Nasdaq Index: 22,953.11, down 37.43 points (-0.16%) [2] - S&P 500: 6,747.05, up 11.92 points (0.18%) [2] - Nasdaq 100: 25,116.01, down 25.01 points (-0.10%) [2] - Major U.S. tech stocks index down 0.42%, with Amazon leading gains at 2.39% and Google leading losses at 3.3% [2][3] Individual Stock Movements - Amazon (AMZN): $221.65, up 2.39% [3] - Apple (AAPL): $262.90, up 0.25% [3] - Microsoft (MSFT): $517.45, up 0.13% [3] - Tesla (TSLA): $445.73, down 0.38% [3] - Nvidia (NVDA): $181.63, down 0.55% [3] - Beyond Meat surged by 45%, while General Motors rose over 15% after raising its full-year guidance [3] Chinese Stocks Performance - Most Chinese stocks declined, with the Nasdaq China Golden Dragon Index down 0.6% [4] - Notable declines included NIO, Baidu, and Alibaba, each down over 2% [4] - Bilibili rose over 6%, and Huya increased by over 2% [4] Education Sector - The online education sector maintained its upward trend, with Intelligent Future up over 7% and New Oriental up over 4% [4][5] Precious Metals Market - Gold and silver prices fell sharply, with gold dropping to $4,106.82 per ounce, marking a decline of over 6% [6] - Silver also saw a significant drop, falling over 8% [6] - Analysts attributed the decline to profit-taking and a decrease in safe-haven demand due to easing global trade tensions [6] Geopolitical Factors - Changes in the Russia-Ukraine situation have introduced volatility in the gold market, with European leaders supporting a ceasefire and planning to use frozen Russian assets to aid Ukraine [7] - Analysts noted that while ETF holdings of gold have not reached previous peaks, historical trends suggest that buying momentum may eventually turn to selling [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The liquidity of the REITs market has bottomed out and rebounded, with two new projects attracting over 200 billion yuan in funds. The first - level market's new - issue enthusiasm remains high, and the overall liquidity has improved, especially in the affordable housing sector [3]. - As of October 10, 2025, 18 REITs have been successfully issued this year, with a scale of 36.34 billion yuan, a year - on - year decrease of 21.5%. Three new - issue and two expansion - issue REITs have made new progress this week [4]. - This week, the CSI REITs Total Return Index closed at 1043.46 points, down 1.44%. The liquidity of both property - type and franchise - type REITs has increased, and the data center sector is the most active. In terms of valuation, the warehousing and logistics, transportation, and park sectors rank among the top [5]. 3. Summary According to the Directory 3.1 First - level Market: Three New - issue Public REITs Made New Progress - As of October 17, 2025, 77 REITs have been issued, with a total issuance scale of 199.6 billion yuan, a total market value of 217.4 billion yuan, and a circulating market value of 108 billion yuan. Among them, property - type REITs account for a large proportion in terms of quantity and scale [16]. - This week, three new - issue REITs made progress: E Fund Guangxi Beitou Expressway REIT has been declared, and China AMC China Overseas Commercial REIT and CITIC Construction Investment Shenyang International Software Park REIT have completed fundraising [4][17]. - Two expansion - issue REITs made progress: China AMC China Resources Commercial REIT has been accepted, and China AMC China Resources Youchao REIT has received feedback [4][18]. 3.2 Second - level Market: Liquidity Bottomed out and Rebounded this Week 3.2.1 Market Review: CSI REITs Total Return Index Fell 1.44% - This week, the CSI REITs Total Return Index closed at 1043.46 points, down 1.44%, outperforming the CSI 300 by 0.78 percentage points and underperforming the CSI Dividend by 2.11 percentage points. Year - to - date, it has risen 7.81%, underperforming the CSI 300 by 6.91 percentage points and outperforming the CSI Dividend by 7.54 percentage points [5]. - By project attribute, property - type REITs fell 2.09%, and franchise - type REITs fell 1.64%. By asset type, the data center, transportation, environmental protection and water services, and park sectors performed better [5]. - Among individual bonds, 4 rose and 70 fell. The top three were Huatai - PineBridge Nanjing Jianye REIT, Southern Runze Technology Data Center REIT, and Huatai - PineBridge Baowan Logistics REIT, while the bottom three were Yin Hua Shaoxing Raw Water Conservancy REIT, Hongtu Shenzhen Anju REIT, and Huatai - PineBridge Baowan Logistics REIT [5]. 3.2.2 Liquidity: Turnover Rate Bottomed out and Rebounded, with the Affordable Housing Sector Improving Most Significantly - The average daily turnover rates of property - type and franchise - type REITs this week were 0.39% and 0.36% respectively, an increase of 8.58 and 4.88 basis points compared to last week. The trading volumes were 366 million and 102 million shares respectively, a week - on - week increase of 28.35% and 15.87% [5][27]. - The data center sector was the most active, and the affordable housing sector had the most significant improvement in liquidity [3][27]. 3.2.3 Valuation: The Affordable Housing Sector has a Higher Valuation - According to the China Bond valuation yield, the yields of property - type and franchise - type REITs are 3.94% and 4.16% respectively. The warehousing and logistics, transportation, and park sectors rank among the top [5][32]. 3.3 This Week's News and Important Announcements - News: The Ministry of Civil Affairs supports the cultivation of pension REITs; 9 departments including the Ministry of Housing and Urban - Rural Development support eligible new - type urban infrastructure to issue REITs; the bid - evaluation result of the financial advisor for Qingcheng Mountain - Dujiangyan Scenic Area REITs has been announced [36]. - Announcements: China AMC Joy City Commercial REIT will conduct a second dividend in 2025; the Q3 operating conditions of AVIC Shougang Green Energy REIT and CITIC Construction Investment Mingyang Smart New Energy REIT have been announced; the strategic placement shares of China Merchants Shekou Rental Housing REIT will be lifted from restrictions [37].

Group 1 - The legal representative of Guangzhou Huya Information Technology Co., Ltd. has changed from Huang Junhong to Li Ping [1] - The board member change occurred on September 9, 2025, with Huang Junhong exiting and Li Ping entering [2] - Huya's Q2 2025 revenue reached 1.57 billion yuan, a year-on-year increase of 1.95% [2] Group 2 - Revenue from game-related services, advertising, and other businesses was 414 million yuan, showing a year-on-year growth of 34.1% [2] - Non-GAAP net profit for Q2 2025 was 47.5 million yuan, a decline of 51% year-on-year [2] - Live streaming revenue for Q2 2025 was 1.153 billion yuan, a year-on-year decrease of 6.5% [2] Group 3 - Total Monthly Active Users (MAU) for Huya in Q2 2025 reached approximately 160 million [2] - R&D expenses for Q2 2025 were 122 million yuan, down 5.1% year-on-year [2] - Sales and marketing expenses were 57.7 million yuan, a decrease of 6.5% year-on-year, while general and administrative expenses were 63.7 million yuan [2]

Market Performance - On September 11, US stock indices reached historical highs, with the S&P 500 up 0.85%, Nasdaq up 0.72%, and Dow Jones up 1.36% [1] - Major tech stocks showed mixed results, with Micron Technology rising 7.55%, Tesla up 6.04%, and Apple up 1.43%, while Nvidia, Meta, and Amazon saw slight declines [1] Chinese Stocks - The Nasdaq Golden Dragon China Index increased by 2.89%, with notable gains from companies like Global Data and Century Internet, which rose over 14%, and Alibaba, which rose 8% [1] AI Chip Development - Alibaba and Baidu have reportedly begun using self-designed chips for training their AI models, partially replacing Nvidia's chips, although neither company has confirmed this information [1] Unemployment Claims - The number of first-time unemployment claims in the US reached 263,000, marking the highest level since October 2021, with an increase of 27,000 from the previous week [3] Inflation Data - The US Consumer Price Index (CPI) for August showed a month-on-month increase of 0.4% and a year-on-year increase of 2.9%, while the core CPI rose 0.3% month-on-month and 3.1% year-on-year [5] Federal Reserve Expectations - Following the CPI data, the probability of a 25 basis point rate cut by the Federal Reserve in September is estimated at 89.1%, with a 10.9% chance for a 50 basis point cut [5]

Company Changes - The legal representative of Guangzhou Huya Information Technology Co., Ltd. has changed from "Huang Junhong" to "Li Ping" [1][2] Regulatory Penalties - In August 2025, Guangzhou Huya Information Technology Co., Ltd. was fined RMB 10,000 for providing online performances containing content harmful to social morals, and RMB 14 of illegal income was confiscated [3][4] - The penalty was issued by the Guangzhou Municipal Bureau of Culture, Radio, Television and Tourism, based on Article 6 of the "Regulations on the Management of Online Performance Activities" and Article 16 of the "Interim Regulations on Internet Culture Management" [3][4]

Core Insights - The "Lángyá Cup" esports event successfully integrated local culture with esports, showcasing a new model of "government-led + platform-enabled" innovation [1][3] - The Qingdao team won the championship, receiving a prize of 100,000 yuan, demonstrating high-level tactical execution and teamwork [1][3] Event Overview - The event was guided by the Shandong Provincial Sports Center and organized by various local government and sports associations [3] - The knockout stage began on September 5, featuring intense matches, including a decisive 2-0 victory for the Dezhou team over Qingdao in the initial round [3] - The finals took place on September 7, where Qingdao defeated Dezhou with a score of 4-1 in a best-of-seven format [3] Innovation and Impact - The event introduced the "Esports Lángyá Ranking" dynamic scoring system, merging competitive outcomes with regional culture [5] - This initiative aims to elevate esports from a mere competitive activity to a digital infrastructure for rural revitalization, contributing to local economic development [5]

Group 1: Market Performance - The U.S. stock market showed mixed results with the Nasdaq rising by 1.02% and the S&P 500 increasing by 0.51%, while the Dow Jones fell by 0.05% [1] - Major tech stocks had varied performances, with Google up over 9%, Apple up over 3%, and Tesla up over 1%, while Nvidia, Intel, and AMD experienced slight declines [1] - The Nasdaq Golden Dragon China Index decreased by 0.19%, with mixed performances among popular Chinese stocks [1] Group 2: Trade Policy Uncertainty - President Trump indicated that if U.S. courts rule his global tariff policy illegal, trade agreements with the EU, Japan, and South Korea may be nullified [2] - Trump emphasized that his tariff policy has provided leverage in negotiations with trade partners, which he believes is crucial for U.S. economic prosperity [2][3] - The legal uncertainty surrounding the tariff agenda could impact trillions of dollars in global trade, raising questions about Trump's authority to unilaterally set tariffs [3] Group 3: Economic Conditions - The Federal Reserve's latest Beige Book report indicated that economic activity across most regions of the U.S. has remained stable with little change [4] - The report highlighted that consumer spending has stagnated or declined due to wages not keeping pace with rising prices, with most regions reporting price increases [5] - The transmission of tariffs into the economy has led businesses to raise prices to offset rising costs, while employment levels showed little net change across most districts [6]

Group 1 - The core issue is that Huya Live, operated by Guangzhou Huya Information Technology Co., Ltd., was fined 10,000 RMB for providing online performances containing content harmful to social ethics [1] - The fine was accompanied by the confiscation of illegal gains amounting to 14 RMB [1] - The penalties were based on specific regulations, namely Article 6, Item 1 of the "Regulations on the Management of Online Performance Business Activities" and Article 16, Item 9 of the "Interim Regulations on Internet Culture Management" [1] Group 2 - Guangzhou Huya Information Technology Co., Ltd. was established in August 2016 and has a registered capital of 92,293,000 RMB [5] - The company is wholly owned by Linzhi Tencent Technology Co., Ltd. [5] - Current risk assessments show that the company has 1,007 self-reported risks, 250 surrounding risks, 7 historical risks, and 145 warning alerts [5]

Core Insights - Tiger Tooth (HUYA) experienced a 5.12% increase in stock price, reaching $3.448 per share, with a total market capitalization of $767 million as of August 25 [1] - As of June 30, 2025, the total revenue of Tiger Tooth was 3.076 billion RMB, reflecting a year-on-year growth of 0.99%, while the net profit attributable to shareholders was -4.564 million RMB, a decrease of 104.54% year-on-year [1] Company Overview - Tiger Tooth is an internet technology company focused on live streaming, with diversified services related to gaming, including the well-known live streaming platform Tiger Tooth Live and the global entertainment and gaming live streaming platform Nimo [1] - The platform covers multiple game genres and esports events, featuring numerous world-class signed teams, professional players, and top streamers, along with a comprehensive copyright event and self-hosted event system [1] Strategic Focus - Leveraging its leading position in game live streaming, Tiger Tooth is emphasizing game distribution, in-game item sales, and game advertising under its new strategy, aiming to meet the evolving needs of global gaming enthusiasts, content creators, and industry partners [1]