Group 1 - WizardLM, a Microsoft AI research group, has transitioned to Tencent's Hunyuan AI development organization, led by senior AI researcher Can Xu [1][2] - The newly released Hunyuan-TurboS 0416 model claims to outperform open AI models like Google's Gemma 3 series, according to co-founder Qingfeng Sun [2] - WizardLM previously released the WizardLM-2 models under Microsoft, which were pulled due to a lack of toxicity testing, highlighting a history of challenges in model releases [3][5] Group 2 - Tencent's Hunyuan team has been restructured, with increased spending on AI infrastructure, indicating a strong commitment to AI development [7] - Tencent reported an 8% year-over-year growth in Q1 2025, attributing this growth to its investments in AI [8] - The company plans to allocate approximately 90 billion yuan (around $12.49 billion) towards capital expenditures this year, primarily to support its AI initiatives [8][9]

Market Overview - Stocks surged on Monday due to a U.S.-China deal to temporarily reduce high reciprocal tariffs, fostering optimism about avoiding a global economic recession [1] - The S&P 500 rose by +3% and the Nasdaq increased by over +4%, driven by a rebound in big tech stocks [2] Big Tech Stocks - Mega-cap tech stocks, including Apple, Amazon, Meta Platforms, and Tesla, led the market gains, with each rising over +6% [3] - Analysts may become more bullish on Apple's short-term outlook as a significant portion of its production is based in China [3] - Tesla's stock has spiked +25% in the last month, but it has a Zacks Rank 5 (Strong Sell) due to declining earnings estimate revisions, making it a candidate to fade the rally [4] Microsoft and Nvidia - Microsoft and Nvidia are gaining momentum, with Microsoft being the only Mag 7 stock rated as a buy (Zacks Rank 2) [5] - Microsoft’s fiscal 2025 EPS estimates have increased by 2% over the last 60 days, with FY26 EPS estimates up by 1% [5] Chinese Tech Stocks - Chinese tech stocks like Alibaba and Tencent have benefited from improved investor sentiment, with both having a Zacks Rank 2 (Buy) [6] - Alibaba's ADR has soared nearly +60% year-to-date, while Tencent is up over +20%, driven by their AI expansions [8] Retail Sector - Retailers such as Nike, Starbucks, Walmart, and Target are heavily reliant on supply chain operations from China, making improved U.S.-China relations beneficial for their outlook [9] - Nike generated 14% of its revenue from China in 2024, amounting to $5.5 billion from footwear sales [10] Energy and Transportation Stocks - Energy and transportation stocks are expected to receive a boost from the trade agreement, with crude prices rising by +2% to over $62 a barrel, although still down 20% in 2025 [14] Conclusion - The U.S.-China trade agreement has reassured investors about the global economy's resilience against higher tariffs, making the next 90 days critical for monitoring progress [16]

Core Viewpoint - Tencent is expected to report first-quarter 2025 earnings on May 13, with earnings estimated at 88 cents per share, reflecting an 18.92% year-over-year growth, and revenues projected at $24.26 billion, indicating an 8.89% year-over-year increase [1]. Group 1: Earnings Performance - Tencent has surpassed the Zacks Consensus Estimate for earnings in each of the last four quarters, with an average surprise of 11.65% [2]. - The upcoming earnings report is anticipated to reflect the impact of various ongoing initiatives across gaming, advertising, fintech, and AI infrastructure [3]. Group 2: Gaming Sector - The domestic gaming sector is expected to show continued momentum from Q4 2024, supported by popular titles such as Honor of Kings and contributions from new releases like DnF Mobile and Delta Force [4]. - All five of Tencent's highest-grossing games recorded year-over-year daily active user increases during the 2025 Spring Festival, indicating sustained user engagement [4]. - Deferred revenue, which grew by a high-teens percentage year-over-year in 2024, is expected to positively impact the top line for the quarter [4]. Group 3: Advertising Services - Marketing services revenues increased by 17% year-over-year in Q4 2024, driven by AI enhancements and strong demand from various sectors including e-commerce and healthcare [5]. - Video Accounts Marketing Services revenues grew over 60% year-over-year, while Weixin Search ad revenue more than doubled, suggesting continued advertising growth [5]. Group 4: FinTech Sector - In the fintech segment, commercial payment revenues were flat year-over-year in the previous quarter, with transaction volumes rising but average selling prices under pressure [6]. - This trend is expected to continue in Q1 2025, with improving consumer demand but ongoing supply-side pricing pressures [6]. Group 5: AI Development - The AI-native application Yuanbao saw a 20-fold increase in daily active users from February to March, although revenue impact in Q1 is expected to be limited due to GPU supply constraints [7]. - Tencent significantly increased its investment in AI development in Q4 2024, with a 21% year-over-year rise in R&D expenses and a 421% increase in capital expenditures [8]. - The company plans to further boost R&D spending and capital expenditures in 2025 to enhance AI infrastructure and model development [8].

Core Points - The Chuanghua Trading Service CSI Hong Kong-Shanghai-Shenzhen 300 Index (CES300) increased by 1.85% to 4772.41 points, with a trading volume of 394.119 billion yuan [1] - The CES300 Index has risen by 7.90% in the past month, 4.07% in the last three months, and 5.80% year-to-date [1] - The index is designed to reflect the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" programs [1] Index Composition - The top ten holdings of the CES300 Index include Tencent Holdings (8.59%), Alibaba-W (6.4%), HSBC Holdings (4.14%), Kweichow Moutai (2.78%), Xiaomi Group-W (2.26%), Meituan-W (2.25%), China Construction Bank (2.07%), CATL (1.88%), AIA Group (1.75%), and Ping An Insurance (1.56%) [2] - The market share of the CES300 Index holdings is 51.96% from the Hong Kong Stock Exchange, 29.45% from the Shanghai Stock Exchange, and 18.60% from the Shenzhen Stock Exchange [2] - The industry composition of the CES300 Index includes Financials (29.21%), Consumer Discretionary (17.38%), Communication Services (13.28%), Industrials (9.18%), Information Technology (8.59%), Consumer Staples (6.76%), Health Care (4.29%), Materials (3.50%), Utilities (3.10%), Energy (2.86%), and Real Estate (1.85%) [2] Fund Tracking - Public funds tracking the CES300 include Dachen Chuanghua Hong Kong-Shanghai-Shenzhen 300C and Dachen Chuanghua Hong Kong-Shanghai-Shenzhen 300A [3]

Avior Capital Markets将腾讯控股评级从与大盘一致上调至买进，目标价580港元。 ...

南向资金大幅净卖出185.28亿港元，盈富基金、腾讯控股、小米集团-W分别遭净卖出56.02亿港元、 36.65亿港元、21.16亿港元；比亚迪（002594）电子获净买入1.21亿港元。 ...

Group 1 - Southbound funds experienced a significant net sell-off of 18.528 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), the top net sell-offs were in the Yingfu Fund and Tencent Holdings, with net sales of 3.197 billion HKD and 1.475 billion HKD respectively [1] - Meituan-W had the highest net buy amount at 0.127 billion HKD [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), the Yingfu Fund and Tencent Holdings also faced substantial net sell-offs, with net sales of 2.405 billion HKD and 2.190 billion HKD respectively [1] - Alibaba-W led the net buy amounts in this segment, totaling 0.179 billion HKD [1]

从中证金砖国家(香港)60指数持仓样本的行业来看，金融占比24.08%、可选消费占比21.40%、通信服务 占比19.99%、能源占比12.29%、信息技术占比8.28%、主要消费占比2.86%、原材料占比2.29%、工业占 比1.73%、医药卫生占比0.80%、公用事业占比0.62%。 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。每次调整的样本比例一般不超过10%。定期调整设置缓冲区，排名在48名之前的新样本优先进 入；排名在72名之前的老样本优先保留。定期调整时，根据样本空间内未入选证券的日均总市值由高到 低设置备选名单，备选名单中证券数量一般为5只。特殊情况下将对指数进行临时调整。发生临时调整 时，由最近一次指数定期调整时的备选名单中排名最高的证券替代被剔除的证券。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。 本文源自：金融界 金融界5月12日消息，上证指数高开高走，中证金砖国家(香港)60指数 (金砖(HK)，H11183)报1438.30 点。 数据统计显示，中证金砖国家(香港)60 ...

Core Points - The China Securities Hong Kong 300 Modern Services Index (H300 Modern Services) has shown significant growth, with a 12.14% increase over the past month, 8.48% over the past three months, and a year-to-date increase of 12.73% [1] - The index reflects the overall performance of selected securities listed on the Hong Kong Stock Exchange, based on the China Securities classification [1] - The index's top ten holdings include Tencent Holdings (18.08%), Alibaba-W (13.29%), HSBC Holdings (8.86%), Meituan-W (4.83%), and others [1] Sector Analysis - The index is fully composed of securities from the Hong Kong Stock Exchange, with financials making up 34.84%, communication services 27.72%, consumer discretionary 24.49%, real estate 4.36%, utilities 3.69%, industrials 2.18%, healthcare 1.60%, and information technology 1.12% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Special adjustments may occur under certain circumstances, such as delisting or corporate actions like mergers and acquisitions [2]

Core Insights - The China Securities Hong Kong 300 Leisure Index (H300 Leisure) has shown a significant increase, rising by 6.37% over the past month, 1.24% over the last three months, and 3.65% year-to-date [1] Group 1: Index Performance - The H300 Leisure Index is currently reported at 2674.35 points [1] - The index is designed to reflect the overall performance of listed companies in various sectors such as banking, transportation, resources, infrastructure, logistics, and leisure [1] Group 2: Index Composition - The top ten holdings of the H300 Leisure Index include Tencent Holdings (12.17%), NetEase (11.18%), Kuaishou (10.7%), Baidu Group (10.01%), Yum China (8.98%), Trip.com Group (8.54%), Meituan (8.46%), Galaxy Entertainment (5.49%), China Resources Beer (2.99%), and Bilibili (2.72%) [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Group 3: Sector Allocation - The sector allocation of the index shows that leisure services account for 40.90%, digital media for 38.37%, cultural entertainment for 12.44%, alcohol for 6.99%, and marketing and advertising for 1.30% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2]