Core Insights - The Hong Kong Technology ETF Tianhong (159128) has seen significant trading activity, with a turnover of 9% and a transaction volume of 58.47 million yuan as of November 20, 2025 [1] - The ETF has attracted substantial investment, with a net subscription of 13 million shares in just half a day [1] - Over the past week, the ETF's scale has increased by 17.31 million yuan, reaching a new high of 679 million shares since its inception [2] Fund Performance - The Hong Kong Technology ETF Tianhong (159128) tracks the National Index of Hong Kong Technology Stocks, focusing on 30 leading technology companies across high-growth sectors such as internet, electronics, communication, biotechnology, and smart vehicles [2] - The ETF has shown a strong historical performance, often outperforming other Hong Kong technology indices, indicating higher elasticity and potential for excess returns [2] Recent Corporate Events - Tencent Holdings announced a buyback of 1.018 million shares for 636 million HKD, with a total buyback amounting to 1.271 billion HKD over the past 30 days [3] - Kuaishou reported a 14.2% year-on-year revenue growth in Q3, reaching 35.554 billion yuan, with operating profit increasing by 69.9% to 5.299 billion yuan [3] Market Outlook - CITIC Securities predicts a rebound in the Hong Kong market fundamentals, expecting a second round of valuation recovery and further earnings revival by 2026 [4] - The market is anticipated to benefit from a complete domestic AI industry chain and the influx of quality A-share companies listing in Hong Kong, driven by ongoing liquidity and AI narratives [5]

政策红利已逐步渗透到产业层面，集成电路、基础软件、AI等重点领域获得多重政策支持，港股科技 企业直接受益。 腾讯控股在港交所公告，公司于2025年11月19日，通过集中竞价交易回购101.8万股，回购金额6.36亿港 元，最低成交价为619.5港元，最高成交价为630.5港元；近30日累计回购203.1万股，累计回购金额12.71 亿港元。 近期港股市场波动，长期布局机遇显现。 政策层面的强力支持，为港股科技板块的长期发展奠定坚实基础。四中全会将科技创新提升至战略高 度，明确强调"科技自立自强水平大幅提高"，十五五规划中"科技""产业"等关键词出现频次显著增加， 提出将采取超常规措施推动核心技术攻关。 （文章来源：每日经济新闻） 在相关政策催化下，AI医疗、自动驾驶、工业软件等细分赛道加速崛起，港股科技企业研发投入持续 高增，成分股研发投入同比增长超30%。政策与产业的深度共振，让港股科技板块的成长逻辑更具持续 性。 ...

We hosted a fireside chat with CSO. In addition to core businesses, discussions focused on capex, potential risks and opportunities with AI applications, and Hunyuan foundation model capabilities after recent talent and architecture upgrade. Reiterate OW Top Pick. Capex: AI applications: Hunyuan 2.0: November 19, 2025 10:00 PM GMT Tencent Holdings Ltd. | Asia Pacific Asia Pacific Summit 2025 Feedback | M | | | | --- | --- | --- | | | | Update | | November 19, 2025 10:00 PM GMT | | | | Tencent Holdings Ltd. ...

Core Viewpoint - DBS Bank maintains a "Buy" rating on Tencent Holdings (00700.HK) and raises the 12-month target price from HKD 786 to HKD 800, citing the strong support from AI applications for Tencent's core business segments: online gaming and online advertising [1] Group 1: Advertising Business - Tencent has launched an automated advertising solution named "AIM+", which shows early data indicating a higher return on investment (ROI) compared to traditional manual advertising methods due to more precise targeting and creative generation [1] - The bank expects that AI-driven improvements in advertising will enhance Tencent's revenue generation capabilities [1] Group 2: Gaming Business - In the gaming sector, AI-driven non-player characters (NPCs), more efficient content creation processes, and precise marketing tools are anticipated to deepen user engagement and improve monetization [1] - Based on the expected business improvements from AI technology, DBS has raised Tencent's adjusted profit forecasts for the fiscal years 2025 to 2027 by 4%, 5%, and 8% respectively [1] Group 3: Capital Expenditure and Supply Chain - Tencent's management has indicated that despite adjustments to the capital expenditure plan for fiscal year 2025 due to chip supply constraints, the company has sufficient chip reserves to meet internal AI application needs, ensuring that long-term revenue growth driven by AI remains unaffected [1] Group 4: Valuation - DBS employs a sum-of-the-parts (SOTP) valuation method, assigning a 20x price-to-earnings ratio to Tencent's core business for fiscal year 2026, resulting in the target price of HKD 800, which corresponds to a 25x price-to-earnings ratio for fiscal year 2026, slightly above the past five-year average of 20x [2]

证券时报·数据宝统计，腾讯控股在港交所公告显示，11月19日以每股619.500港元至630.500港元的价格 回购101.80万股，回购金额达6.36亿港元。该股当日收盘价622.500港元，下跌0.16%，全天成交额87.13 亿港元。 | 2025.06.05 | 97.50 | 517.500 | 509.500 | 50066.06 | | --- | --- | --- | --- | --- | | 2025.06.04 | 98.00 | 513.000 | 507.500 | 50034.58 | | 2025.06.03 | 99.40 | 505.000 | 501.000 | 50046.74 | | 2025.06.02 | 101.30 | 498.400 | 490.000 | 50053.67 | | 2025.05.30 | 100.30 | 504.500 | 496.200 | 50062.21 | | 2025.05.29 | 98.50 | 511.500 | 504.000 | 50021.97 | | 2025.05.28 | 98.50 | 515.000 | ...

（1）LLM：公司于9 月末发布文生图模型混元图像3.0，性能达到行业领先水平，超过谷歌的Nano Banana 模型；（2）Agentic AI：将MCP 集成于微信生态内，推动智能体 AI 在小程序领域的应用，有 望将微信打造为AI 时代操作系统。CAPEX 方面，受芯片供给等因素影响，公司25Q3 CAPEX 为129.83 亿元，同比下降24%，环比下降32%。我们认为短期内，公司主要将算力资源投入于内部业务的使用， 如游戏、广告、混元基础模型能力升级等，对于外部云服务收入则相对谨慎，目前公司用于支持内部业 务发展的GPU 资源充足。 向后展望，腾讯正基于微信生态系统，开发微信内部AI 智能体，有望应用于电商、支付、办公等多场 景，打造AI 时代操作系统。 投资建议：公司游戏+广告核心业务贡献稳定盈利以及现金流增长，公司维持AI 投入，微信生态具备长 期AI 发展潜力，有望成为AI 时代操作系统。我们预计2025-2027 年公司实现营收7504/8339/9111 亿元； 经调整归母净利润2589/2987/3199 亿元；对应PE 分别为21.1/18.4/17.2 倍，维持"买入"评级。 推出智 ...

2026 年迎游戏产品大年，趋势强劲。尽管4Q25 国际业务阶段性放缓，但腾讯整体游戏储备丰富，2026 年有望迎来产品大年，趋势强劲。近期储备充足，包括《洛克王国:世界》（预约超3700 万）、《怪物 猎人:旅人》、《NBA2K A ll Star》等。2026 年重磅储备：《王者荣耀世界》，以及《异人之下》、 《逆战:未来》、《彩虹六号:围攻》等多款高期待值作品。 机构：中信建投证券 研究员：崔世峰/许悦 核心观点 腾讯3Q25 业绩全面超预期，核心驱动力来自游戏业务的强劲复苏与AI 技术在广告等场景的高效变现。 本土与国际游戏双轮增长，《三角洲行动》等新品成功验证产品力，长青游戏稳中有升；AI 显著提升 广告e CPM 与库存释放效率，推动广告高增长与毛利率改善。尽管4Q 国际游戏增速将因高基数和产品 节奏阶段性放缓，但2026 年丰富重磅游戏储备奠定长期增长基础。AI 投入虽受芯片供应短期制约，但 战略方向明确、回报已显，CapE x 调整仅为时序延后而非收缩。整体增长质量、盈利能力和现金流表 现优异，高质量增长战略持续兑现，维持"买入"评级。 事件 3Q25 业绩全面超预期，游戏与AI 驱动增长 腾 ...

Core Insights - Tencent's Q3 2025 revenue reached 192.9 billion, a year-on-year increase of 15%, exceeding Bloomberg's expectations by 2% [1] - The net profit attributable to shareholders for Q3 2025 was 63.1 billion, up 19% year-on-year, surpassing Bloomberg's forecast by 12% [1] - AI is driving significant revenue growth across all business lines, with expectations for continued increases in AI penetration [1] Revenue Breakdown - Value-added services revenue for Q3 2025 was 95.9 billion, a 16% year-on-year increase, exceeding Bloomberg's expectations by 3% [1] - Game revenue reached 63.6 billion, up 23% year-on-year, surpassing Bloomberg's forecast by 5%, driven by both international and domestic games [1] - Daily active users (DAU) for "Peacekeeper Elite" reached a new high of 33 million, supported by AI enhancements [1] Advertising and Marketing Services - Marketing services revenue for Q3 2025 was 36.2 billion, exceeding Bloomberg's expectations by 2%, with a year-on-year growth of 20% [2] - The increase in advertising revenue is attributed to improved ad exposure and AI-driven eCPM enhancements [2] - The new intelligent advertising product AIM+ is expected to drive sustained high growth [2] Financial Technology and Cloud Services - Financial technology and enterprise services revenue for Q3 2025 was 58.2 billion, a 10% year-on-year increase, with payment business growth continuing to recover [2] - Cloud services revenue is primarily driven by AI-related service demand and merchant technology service fees [2] - Short-term cloud business growth may be limited due to prioritizing internal AI computing needs [2] Future Outlook - Anticipation for sustained growth in gaming and advertising, with new game releases expected to contribute to revenue in 2026 [3] - Adjusted IFRS net profit forecasts for 2025-2027 are 226 billion, 261.1 billion, and 297 billion respectively [3] - A sum-of-the-parts (SOTP) valuation suggests a target price of 664.22 HKD, maintaining a "buy" rating [3]

机构：东吴证券 研究员：张良卫/张家琦 广告收入延续高增，AI 驱动转化率提升。Q3 广告收入362 亿元，同比+21%，高于彭博一致预期。主要 受益于广告曝光量的提升，以及AI 驱动的广告ECPM 的增长。公司加大AI 在广告创作、投放、推荐及 效果分析中的应用，升级广告基础模型，提升流量平台广告效果。通过提升广告点击率、转化率和广告 主投入回报，推动收入增长。随深度学习发展及AI 搜索进步，公司广告效益有望持续提升。 盈利预测与投资评级：公司持续释放业绩，且拥有强大的壁垒。考虑AI持续赋能公司游戏广告业务， 模型与应用不断突破，我们维持2025-2027年经调整净利润2555/2858/3182 亿元的预测，对应2025-2027 年PE（Non-IFRS）为21/19/17 倍（港币/人民币=0.91，2025 年11 月15 日）。 公司仍具有坚实的业务壁垒，整体生态强大。网络游戏，社交平台、广告和金融科技等业务收入整体维 持增长，毛利率不断提高，维持公司"买入"评级。 风险提示：政策监管风险；运营数据低于预期；变现节奏低于预期。 事件：公司发布2025 年第三季度业绩。3Q25 公司实现营业收入19 ...

腾讯控股(00700)发布公告，于2025年11月19日，该公司斥资6.36亿港元回购101.8万股股份，每股回购 价格为619.5-630.5港元。 于2025年11月19日，根据于2023年5月17日采纳的2023年购股权计划行使购股权1.3万股。 ...