Core Viewpoint - Goldman Sachs economists predict that the RMB/USD exchange rate will reach 7.20, 7.10, and 7.00 in three, six, and twelve months respectively, indicating a potential appreciation of 3% over the next twelve months [1] Group 1: Companies Likely to Benefit from RMB Appreciation - The list of Hong Kong-listed companies that may benefit from RMB appreciation includes: GDS Holdings Limited (09698), Zijin Mining Group (02899), China Jinmao Holdings Group (00817), Dongyue Group (00189), China Southern Airlines (01055), Baidu Group (09888), China Feihe (06186), and Tencent Holdings (00700) [1] - Criteria for selection include: 1) Market capitalization over $2 billion and average daily trading volume (ADVT) exceeding $5 million 2) Industries reliant on USD imports, such as aviation, petrochemicals, construction, staple foods, and tourism, or having over 20% of debt in USD 3) Overseas revenue exposure below 30% 4) No foreign exchange gains during the RMB depreciation period in 2024 5) Low correlation of returns with exchange rate fluctuations [1] Group 2: Companies Likely to Underperform in RMB Appreciation - The list of Hong Kong-listed companies that may underperform during RMB appreciation includes: Haier Smart Home (06690), PetroChina Company Limited (00857), WuXi AppTec (03933), ASMPT Limited (00522), Yue Yuen Industrial Holdings (00551), Sinotruk (Hong Kong) Limited (03808), Shenzhou International Group Holdings Limited (02313), and Minth Group Limited (00425) [2] - Criteria for selection include: 1) Market capitalization over $2 billion and average daily trading volume exceeding $5 million 2) Overseas revenue exposure exceeding 30% 3) USD debt level below 5% 4) No foreign exchange losses during the RMB depreciation period in 2024 5) High correlation of returns with exchange rate fluctuations [2]

Group 1 - Tencent Holdings repurchased 979,000 shares for HKD 500.4 million on May 26 [1]

Core Viewpoint - Southbound funds recorded a net sell of approximately 1.5 billion HKD today, with Tencent Holdings and Alibaba-W experiencing significant net sell-offs [1] Group 1: Southbound Fund Activity - Southbound funds had a net sell of 15.07 million HKD today [1] - Tencent Holdings faced a net sell of 2.09 billion HKD [1] - Alibaba-W experienced a net sell of 1.73 billion HKD [1] Group 2: Other Company Activity - Meituan-W saw a net buy of approximately 2.08 billion HKD [1]

Group 1 - Hong Kong tech stocks declined again before noon, with Meituan (03690.HK) dropping over 5% [1] - Xiaomi Group (01810.HK) fell more than 3%, while Tencent Holdings (00700.HK) and JD.com (09618.HK) also experienced declines [1]

行业主要上市公司：阿里巴巴(09988.HK，BABA.US);百度(09888.HK，BIDU.US);腾讯(00700.HK， TCEHY);科大讯飞(002230.SZ);万兴科技(300624.SZ);三六零(601360.SH);昆仑万维(300418.SZ);云从科技 (688327.SH);拓尔思(300229.SZ)等 转自：前瞻产业研究院 2023年地方出台政策，从算力角度切入，鼓励大模型技术体系的发展，应用场景的创新。这样的政策最 先开始于广东、北京和上海。2024年开始其他地方陆续出台有关大模型政策，主要是围绕"高效办成一 件事"，提高政务效率为主要目的。2025年开始，政府工作报告提出"持续推进'人工智能 +'行动"，并 将"支持大模型广泛应用"首次写进报告。强调发挥科技领军企业龙头作用，加快推进基于国产算力底座 的大模型研发创新、场景应用、生态开放全链发展。 本文核心数据：中国多模态大模型行业政策;各省市多模态大模型行业政策;政策解读 1、政策历程图 2、国家层面政策汇总及解读 ——国家层面多模态大模型行业政策汇总 | 时间 | 发布单位 | 政策 | 重点内容解读 | 政策性质 | ...

以金额进行统计，5月23日回购金额最多的是腾讯控股，回购金额为5.01亿港元；其次是中远海控，回 购金额为7726.87万港元；回购金额居前的还有友邦保险、碧桂园服务等。回购数量上看，5月23日回购 股数最多的是嬴集团，当日回购量为550.00万股；其次是中远海控、中远海发等，回购数量分别为 519.00万股、500.00万股。 值得关注的是，一脉阳光本次回购为年内首次进行回购。本次回购5.01亿港元的腾讯控股，年内则进行 多次回购，合计回购金额为235.28亿港元。（数据宝） 证券时报·数据宝统计显示，5月23日有37家香港上市公司进行了股份回购，合计回购3613.12万股，回购 金额7.13亿港元。 腾讯控股回购数量97.00万股，回购金额5.01亿港元，回购最高价为520.000港元，最低价为512.500港 元，年内累计回购金额235.28亿港元；中远海控回购数量519.00万股，回购金额7726.87万港元，回购最 高价为15.000港元，最低价为14.800港元，年内累计回购金额41.77亿港元；友邦保险回购数量116.84万 股，回购金额7556.86万港元，回购最高价为65.300港元，最低价 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of HK$695, implying an expected share price return of 33.5% and a total return of 34.4% [4][8]. Core Insights - Tencent is positioned as a strong player in AI applications, leveraging its comprehensive Weixin ecosystem to enhance user targeting, content generation, and game stickiness through AI optimization [1][2]. - The company has made significant advancements in its Hunyuan large model, achieving top rankings in various benchmarks and expanding its multi-modal capabilities [3][6]. - Tencent Cloud is experiencing a notable increase in API calls, particularly in automatic speech recognition and text-to-speech, indicating a rapid adoption of AI technologies [1][3]. Summary by Sections AI Development and Infrastructure - Tencent aims to build an AI-native ecosystem to enhance its service capabilities for enterprise customers, focusing on large model innovation and infrastructure upgrades [2][3]. - The Hunyuan Turbo-S model ranks 8 in the Chatbot Arena benchmark and is among the top 10 for coding and math capabilities, showcasing Tencent's competitive edge in AI [3]. Agent Development - The Smart Agent Development Platform has been upgraded to enhance multi-agent collaboration and improve efficiency in corporate use cases [4][6]. - This platform is designed to support external customers in setting up their own AI agents, reflecting Tencent's commitment to expanding its AI offerings [6]. Knowledge Base and Product Matrix - Tencent has introduced several products to meet enterprise demands, including the Lexiang knowledge base for knowledge coordination and the marketing cloud agent for automated customer targeting [7]. - The integration of Tencent Hunyuan and DeepSeek large models aims to enhance individual employee productivity through AI Q&A and content generation [7]. Valuation - The target price of HK$695 is derived from a sum-of-the-parts (SOTP) valuation approach, applying various price-to-earnings (P/E) multiples across different business segments [8]. - The valuation breakdown includes online games, online advertising, social networks, fintech, and cloud/business services, indicating a diversified revenue stream [8].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (0700.HK) with a 12-month target price of HK$595, indicating a potential upside of 15.2% from the current price of HK$516.50 [2][20]. Core Insights - Tencent's unique WeChat ecosystem and global gaming assets provide multiple monetization levers, enabling the company to deliver compounding earnings through macro cycles [2]. - The company is positioned as a key beneficiary of AI applications, particularly through its WeChat super-app and Tencent Cloud, which ranks among the top three public cloud players in China by scale [2]. - The report highlights the tangible benefits from AI-driven adtech upgrades, leading to improved click-through rates (CTR) across various advertising properties [12]. - Tencent's gaming segment continues to thrive, with record gross receipts from evergreen titles, indicating strong user engagement and productivity in game development [12]. - The fintech business has significant growth potential, particularly in wealth management and lending, with a focus on improving blended take rates [16]. Advertising - Advertising has benefited from AI-driven upgrades, with Video Account and Moments being the top two revenue streams in Weixin advertising [12]. - The company has not aggressively monetized live streaming e-commerce yet, viewing it as a transaction element within the Weixin ecosystem [12]. Gaming - Tencent's evergreen games, such as HoK and PKE, continue to achieve record grossing after years of operation, with expectations for healthier economics and reduced reliance on channels [12]. - The company is exploring cross-platform launches and maintaining close relationships with investee studios globally, focusing on Europe and Asia [12]. AI Investment and Monetization - Tencent is committed to investing a low teens percentage of revenue in capital expenditures, primarily for in-house AI model development and applications [12]. - The company is strategically focusing on PaaS and SaaS for external cloud services, aiming for more sustainable margins [12]. Fintech - The fintech segment emphasizes risk management as a top priority, with expectations for improved blended take rates and growth opportunities in wealth management and lending [16]. - The company anticipates a narrowing gap between revenue growth and operating profit growth through reinvestment of operating leverage from high-margin revenue streams into AI initiatives [16]. Financial Projections - Total revenues are projected to grow from RMB 660.26 billion in 2024 to RMB 836.65 billion by 2027, with a compound annual growth rate (CAGR) of approximately 8% [20]. - The report forecasts a significant increase in net profit, with non-GAAP net profit expected to rise from RMB 222.70 billion in 2024 to RMB 299.63 billion by 2027 [20].

Core Insights - The Chuangye Trading Service Hong Kong Mainland Index (CESHKM) increased by 0.33% to 6544.57 points, with a trading volume of 63.259 billion [1] - Over the past month, the CESHKM has risen by 5.21%, declined by 3.10% over the last three months, and has increased by 16.53% year-to-date [1] Index Composition - The CESHKM is part of a series of indices that include the Chuangye Trading Service China 120 Index, Chuangye Trading Service China A80 Index, and Chuangye Trading Service China 280 Index, reflecting the overall performance of large and mid-cap securities listed in Shanghai, Shenzhen, and Hong Kong [1] - The base date for the index is December 31, 2004, with a base point of 2000.0 [1] Top Holdings - The top ten holdings in the CESHKM are: Alibaba-W (11.87%), Tencent Holdings (10.74%), Xiaomi Group-W (7.9%), China Construction Bank (7.21%), Meituan-W (6.92%), BYD Company (4.87%), China Mobile (4.56%), Industrial and Commercial Bank of China (4.21%), Bank of China (3.34%), and NetEase-S (3.17%) [1] Sector Allocation - The index is fully composed of stocks listed on the Hong Kong Stock Exchange [2] - Sector allocations within the index include: Consumer Discretionary (35.07%), Communication Services (22.23%), Financials (20.67%), Information Technology (10.30%), Energy (5.69%), Healthcare (2.86%), Real Estate (1.26%), Consumer Staples (0.97%), and Industrials (0.95%) [2]

You can still find good values among AI stocks even after their strong price recovery in recent weeks.With more and more capital going into artificial intelligence (AI) development and infrastructure, and investors growing increasingly excited about the tech's potential impact on various businesses, stocks connected to the trend have been some of the market's biggest winners over the last two and a half years.Despite that rapid growth, many of those stocks could still have plenty of room to keep climbing. T ...