从中证香港互联网指数持仓样本的行业来看，可选消费占比39.29%、通信服务占比38.32%、信息技术 占比18.76%、医药卫生占比3.07%、金融占比0.56%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。如果在香港市场新上市互联网 公司发行市值超过100亿美元且在全部样本公司中排名前二十，将在其上市第十一个交易日快速纳入指 数。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算 与维护细则处理。 金融界6月5日消息，上证指数高开震荡，中证香港互联网指数 (港股互联网，931638)报1284.19点。 数据统计显示，中证香港互联网指数近一个月上涨0.94%，近三个月下跌1.66%，年至今上涨19.85%。 据了解，中证香港互联网指数从香港市场选取30只涉及互联网相关业务的上市公司证券作为指数样本， 以反映香港市场互联网主题上市公司证券的整体表现。该指数以2016年1 ...

存量时代运营为王。 作者 | 王毓婵 编辑 | 乔芊 杨轩 "我们保卫了上海！这是属于全世界玩家的胜利！" 一位玩家在《绝地潜兵2》的Steam评论区 激情留言 。 但这次胜利，也戏剧性地酿出了一场"史诗级运营事故"。 根据游戏设定，5月20日，光能族入侵了超级地球。超级地球一共有七座 赛博大 都市， 对应着 纽 约、上海、 瑞典 等7座现实中的城市。 开战两天，几座城市相继沦陷，只有上海在中国玩家们的 努力下苦 撑，并等来了美国玩家们"放弃纽 约、转战上海"的 驰援 ，迎来了"中美大团结"。 今年5月，这场享誉太平洋两岸的战争以激昂的开头和不足的结局再次证明：一款游戏为什么"成也运 营，败也运营"。 运营之于一款游戏，正变得空前重要 。 腾讯公司2024Q1业绩会上，首席战略官詹姆斯·米歇尔说："如果一款应该是常青树的游戏停滞不 前，问题通常不在于游戏本身，而在于运营游戏的团队。我们需要改变团队，有时改变的是心态，有 时改变的是人。" "有正确的人运营游戏，就能获得正确的结果。"米歇尔说。 游戏公司中的运营分很多种， 跟玩家们（特别是手游玩家们）离的最近的，是" 玩家运营"。 但是打赢"上海保卫战"后，《绝 ...

存量时代运营为王。 作者 | 王毓婵 编辑 | 乔芊 杨轩 "我们保卫了上海！这是属于全世界玩家的胜利！" 一位玩家在《绝地潜兵2》的Steam评论区 激情留言 。 但这次胜利，也戏剧性地酿出了一场"史诗级运营事故"。 根据游戏设定，5月20日，光能族入侵了超级地球。超级地球一共有七座 赛博大 都市， 对应着 纽约、上海、 瑞典 等7座现实中的城市。 开战两天，几座城市相继沦陷，只有上海在中国玩家们的 努力下苦 撑，并等来了美国玩家们"放弃纽约、转战上海"的 驰援 ，迎来了"中美大团结"。 但是打赢"上海保卫战"后，《绝地潜兵2》却新增大量差评，因为玩家们发现上海的解放 进度条卡在99.9783%不动了。他们怀疑"游戏运营设计玩家们应该在游戏公司所在地瑞典完成 最终胜利"，而上海的胜利并不在运营的策划内，所以刻意锁了进度条，愚弄了大家。 这场"事故"最终以游戏运营后知后觉发来上海捷报而告终。 《绝地潜兵2》在不久前，刚刚获得TGA 2024最佳持续运营奖项，因为它通过运营的力量，让玩家人数在跌至谷底后重新回 春。 今年5月，这场享誉太平洋两岸的战争以激昂的开头和不足的结局再次证明：一款游戏为什么"成也运营，败 ...

金十图示：2025年06月05日（周四）全球主要科技与互联网公司市值变化 | Atlassian | 553 | 0.01% | 210.92 | | --- | --- | --- | --- | | SMIC | 552 | ↑ 2.47% | 5.3 | | 恩智浦 | 530 | 1 5.56% | 210.02 | | Infineon infineon | 259 | 1 4.21% | 40.73 | | Coupang | 512 | ↑ 0.46% | 28.35 | | Dassault 35 Systemes | 491 | 1 1.6% | 37.49 | | 泰科电子 | 480 | 0.09% | 162.07 | | 京东 | 480 | 1 2.84% | 33.33 | | Veeva Systems | 464 | + -0.41% | 283.57 | | Zscaler | 462 | 0.51% | 296.85 | | FICO FICO | 427 | 0.77% | 1755.03 | | 繁德信息技术 Fis | 422 | 1 0.25% | 80.34 | ...

Group 1 - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of June 5, 2025 [1] - Xiaomi Group ranks 4th with a market capitalization of 1768.55 billion [3] - Pinduoduo follows in 5th place with a market capitalization of 1414.68 billion [3] Group 2 - Meituan is ranked 6th with a market capitalization of 1134.9 billion [3] - NetEase is in 7th place with a market capitalization of 805.55 billion [3] - JD.com ranks 8th with a market capitalization of 480.45 billion [4] Group 3 - Semiconductor Manufacturing International Corporation (SMIC) is ranked 9th with a market capitalization of 422.73 billion [4] - Li Auto is in 10th place with a market capitalization of 315.35 billion [4] - Kuaishou is ranked 11th with a market capitalization of 297.97 billion [4] Group 4 - Baidu ranks 12th with a market capitalization of 291.83 billion [4] - Tencent Music is in 13th place with a market capitalization of 274.16 billion [4] - Beike ranks 14th with a market capitalization of 224.29 billion [4] Group 5 - XPeng Motors is ranked 15th with a market capitalization of 193.88 billion [4] - ZTO Express is in 16th place with a market capitalization of 136.36 billion [4] - NIO ranks 17th with a market capitalization of 84.92 billion [4] Group 6 - New Oriental is ranked 19th with a market capitalization of 75.58 billion [4] - Vipshop is in 20th place with a market capitalization of 74.04 billion [4] - TAL Education ranks 21st with a market capitalization of 63.52 billion [4] Group 7 - Kingsoft ranks 22nd with a market capitalization of 58.61 billion [4] - Qifu Technology is in 23rd place with a market capitalization of 57.05 billion [4] - Kingdee International ranks 24th with a market capitalization of 56.89 billion [4] Group 8 - Wancloud Data is ranked 25th with a market capitalization of 50.52 billion [5] - China Civil Aviation Information Network is in 26th place with a market capitalization of 41.6 billion [5] - China Literature ranks 27th with a market capitalization of 38.54 billion [5] Group 9 - Meitu Inc. is ranked 28th with a market capitalization of 38.16 billion [5] - Autohome is in 30th place with a market capitalization of 29.14 billion [5] - Weibo ranks 31st with a market capitalization of 23.71 billion [5] Group 10 - iQIYI is ranked 33rd with a market capitalization of 15.99 billion [6] - Century Internet is in 34th place with a market capitalization of 15.66 billion [6] - Tiger Brokers ranks 35th with a market capitalization of 14.86 billion [6]

Core Insights - China's technology sector is expected to show resilience in H2 2025, leveraging global trade pressures to foster indigenous innovation despite facing significant U.S. tariffs and export restrictions [2] - Major Chinese tech companies are pivoting investments towards AI infrastructure and emerging technologies, with strong demand for AI outpacing supply [2] - The semiconductor industry in China has captured over 25% of the global market share in advanced packaging technologies, showcasing its competitive edge [5] Company Highlights - **NetEase**: - Demonstrated strong financial momentum with Q1 2025 gaming revenues increasing by 12.1% year over year to RMB24.0 billion and net income rising by 35% to RMB10.3 billion [9][11] - Upcoming game titles and a robust pipeline position the company for growth in the second half of 2025 [10][11] - **Alibaba**: - Reported Q4 fiscal 2025 non-GAAP earnings surged by 23% year over year to $1.73 per ADS, exceeding estimates by 16.89% [12][13] - The Cloud Intelligence segment achieved 18% revenue growth, with AI-related products maintaining triple-digit growth for seven consecutive quarters [12] - **Taiwan Semiconductor**: - Achieved Q1 2025 revenues of $25.53 billion, a 35% year-over-year increase, with net income rising by 53% to nearly $11 billion [15] - Plans to increase capital spending to between $38 and $42 billion in 2025 to meet growing AI-driven demand for advanced chips [16] - **Tencent**: - Reported Q1 revenues of RMB180 billion, a 13% year-over-year increase, with gaming division growth accelerating [17] - Integrated AI capabilities are enhancing user engagement and advertising effectiveness, positioning the company favorably in the market [18][19] Industry Trends - The robotics sector in China is advancing with innovations such as sophisticated humanoid robots, while the electric vehicle ecosystem is bolstered by companies like Zeekr and Great Wall Motor [6] - Augmented reality companies in Beijing are developing advanced AR solutions, reflecting China's strategy to lead in high-tech sectors [7] - The overall technological advancements and significant investments in development present substantial growth opportunities for investors in the Chinese tech landscape [8]

| 25 | 唯品会 | 73.06 | 3 4 | | --- | --- | --- | --- | | 26 | 恒生电子 | 69.63 | -1 + | | 27 | 同程旅行 | 64.23 | -1 | | 28 | 用友网络 | 62.74 | -1 4 | | 29 | 好未来 | 62.43 | 1 t | | 30 | 昆仑万维 | 59.45 | 5 4 | | 31 | 金山软件 | 57.63 | -2 + | | 32 | 润和软件 | 56.41 | 11 | | 33 | 金蝶国际 | 55.35 | -1 + | | 34 | 柏楚电子 | 55.19 | 3 t | | 35 | 奇富科技 | 54.74 | 111 | | 36 | 深信服 | 54 | -2 + | | 37 | 中国软件 | 52.13 | -6 | | 38 | 拓维信息 | 51.46 | 11 | | 39 | 万国数据 | 49.53 | 7 1 | | 40 | 常山北明 | 49.22 | | | 41 | 恺英网络 | 49.19 | -3 | 金十图示：2025年06月04日（周三） ...

金十图示：2025年06月04日（周三）全球主要科技与互联网公司市值变化 | III Technology | 537 | 1.45% | 62.36 | | --- | --- | --- | --- | | SMIC | 537 | | 5.16 | | Co Coupang | 514 | -0.42% | 28.22 | | Onfineon infineon | 507 | 1.57% | 39.09 | | NA 恩智浦 | 502 | 1 3.19% | 198.96 | | Dassault 35 Systemes | 492 | 1 0.93% | 36.89 | | 泰科电子 | 480 | 1.29% | 161.93 | | 京东 | 475 | -1.37% | 32.41 | | Veeva Systems | 464 | 1 2.21% | 284.75 | | Zscaler | 459 | + 0.63% | 295.03 | | FICO FICO | 425 | -0.38% | 1741.55 | | Trip.com | 421 | -0.94% | 63.05 | ...

游戏当前重点推荐 20250603 摘要 游戏行业估值偏低，当前平均估值 15-18 倍，显著低于新消费公司。但 4 月行业增长达 20%，头部公司通过老游戏运营和创新实现增长，中小 公司在细分领域突破，行业整体应享受更高估值。 头部公司如腾讯、网易、米哈游通过老游戏长线运营实现增长。《王者 荣耀》、《和平精英》、《第五人格》、《原神》和《崩坏：星穹铁 道》等通过持续更新和优化，有效维持并提升市场份额。 中小型公司如吉比特、电魂、世纪华通在细分领域创新。世纪华通《无 尽之冬》、King's Raid 和巨人《超自然行动组》流水增长，丰富市场 产品，为行业注入新活力。 游戏行业增速回升至 20%，具备成为新消费领域一部分的潜力。AI 应用 和品类创新驱动发展，有望获得与新消费同等甚至更高的市场认可与估 值水平。 未来几个月，新品上线和暑期档将影响游戏行业发展。5-6 月多款新品 上线，暑期用户活跃度和付费意愿提升，AI 驱动的新功能与玩法带来新 机遇。 Q&A 2025 年 5 月以来，游戏行业的关注度为何相对较低？ 2025 年 5 月以来，游戏行业的关注度相对较低，这略超出预期。尽管第一季 度各家游戏公司的 ...

Group 1 - The top 50 Chinese technology and internet companies by market capitalization as of June 3, 2025, are listed, with TSMC leading at a market value of 10,105.42 billion [1][3] - Tencent Holdings ranks second with a market value of 5,895.01 billion, while Alibaba is third at 2,737.93 billion [3][4] - Pinduoduo and Meituan follow in fourth and fifth places, with market values of 1,369.11 billion and 1,059.39 billion respectively [4][5] Group 2 - Notable companies in the list include Netease at 780.1 billion, JD.com at 473.68 billion, and Baidu at 285.54 billion [4][6] - The list also features emerging companies like Li Auto at 297.8 billion and Kuaishou at 281.57 billion, indicating a diverse range of players in the market [5][6] - The market capitalization of companies such as Xpeng Motors and NIO is 183.31 billion and 79.71 billion respectively, reflecting the growth in the electric vehicle sector [5][6]