香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何 責任。 Tencent Music Entertainment Group 騰訊音樂娛樂集團 我們將於 2025 年 11 月 12 日（星 期 三）（香 港 時 間）在 香 港 市 場 交 易 時 間 後 及 美 國 市 場 開 市 前， 上 傳 第 三 季 度 業 績 公 告 至 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）網 站www.hkexnews.hk及本公司網站https://ir.tencentmusic.com。 承董事會命 騰訊音樂娛樂集團 執行董事長 彭迦信 香港，2025年10月14日 於本公告刊發日期，本公司董事會由董事彭迦信先生、梁柱先生、胡敏女士、James Gordon Mitchell先生、 Brent Richard Irvin先生及曾偉業先生，以及獨立董事顏文玲女士、麥佑基先生及陳劍音女士組成。 （港交所股份代號：1698） （紐交所股份代號：TME） 董事會行動 ...

Market Overview - After five consecutive declines, the U.S. stock market rebounded strongly, with all three major indices closing higher: the Dow Jones increased by 1.29%, the Nasdaq rose by 2.21%, and the S&P 500 gained 1.56% [1] Banking Sector - The banking sector experienced a collective reversal, with notable gains including Alliance West Bank up by 5.23%, and other major banks such as Citigroup, Goldman Sachs, Morgan Stanley, JPMorgan Chase, and Zions Bank all seeing increases of over 2% [3] Technology Sector - The technology sector saw a robust performance, highlighted by Tesla's increase of 5.42%, Qualcomm up by 5.33%, Google rising by 3.2%, Nvidia gaining 2.82%, Intel up by 2.34%, and Amazon increasing by 1.71%. Other tech giants like Apple and Microsoft also recorded slight gains [3] Chinese Concept Stocks - Chinese concept stocks opened high and maintained strong performance throughout the day, with the China Golden Dragon Index rising by 3.21%. Notable individual performances included NIO up by 7%, Alibaba increasing by 4.91%, JD.com rising by 4.4%, and XPeng Motors up by 3.38% [3] Gold Market - COMEX gold prices opened lower but surged throughout the day, closing up by 2.34% at $4,130 per ounce. The intraday range saw a low of $4,011.3 and a high of $4,137.2. The current sentiment around gold is mixed, balancing fears of high prices against prevailing trends [3]

Group 1 - The core viewpoint of the news highlights the performance and investment potential of the Sci-Tech Innovation Board Artificial Intelligence ETF (588930), which has seen a 1.09% increase and a trading volume exceeding 7 million yuan, with a turnover rate of 0.31% [1] - The ETF has experienced a net inflow of over 93 million yuan over the past two days, indicating strong investor interest [3] - The underlying index, the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index, consists of 30 large-cap companies involved in providing foundational resources, technology, and application support for artificial intelligence [3] Group 2 - OpenAI and Broadcom have announced a partnership to develop a 10-gigawatt custom AI accelerator, with deployment expected to begin in the second half of 2026 and completion by the end of 2029 [3] - AI is showing significant impacts on the advertising business of internet giants, with Tencent's advertising growth at 20% and Alibaba Cloud's growth accelerating to 26% in Q2 [4] - Companies like Baidu and Alibaba are launching self-developed chips, enhancing their market share in the AI sector by completing the full chain of chip, model, and application [4]

Core Viewpoint - The article discusses the recent rebound of Chinese assets, particularly in the context of external uncertainties and trade tensions, suggesting that this may present buying opportunities for investors [2][5][10]. Market Performance - On October 13, U.S. stocks saw a significant rise, with the Nasdaq Golden Dragon China Index increasing by over 3%, and various ETFs related to Chinese stocks also showing substantial gains, such as the three-times leveraged FTSE China ETF rising by over 8% [2][4]. - In the Asian trading session, A-shares and Hong Kong stocks initially faced declines but later recovered, with the ChiNext Index and Hang Seng Tech Index narrowing their losses significantly by the end of the trading day [2][4]. Analyst Insights - Analysts from various securities firms indicate that while short-term volatility may increase due to rising trade tensions, the impact of this shock is expected to be less severe than in April of this year, thanks to improved market mechanisms and investor experience [5][6]. - The "TACO trading" strategy is highlighted, suggesting that short-term declines may provide buying opportunities, with historical data indicating strong support levels for the Wind All A Index [5][6]. Foreign Investment Sentiment - UBS reports that if the MSCI China Index drops to 74, it may find strong support, with investors likely to buy on dips, as the index has already risen by 36% since the lows in April [9][10]. - The report emphasizes that the current market conditions differ from April, with a clearer "loose monetary + loose fiscal" policy stance, which is expected to support the market [5][10]. Sector Focus - UBS maintains a "barbell strategy," favoring AI themes, A-share brokers, and high-dividend stocks, while also looking at sectors like photovoltaic, chemicals, and lithium as part of the "anti-involution" theme [11]. - Goldman Sachs has raised its capital expenditure forecasts for Tencent and Alibaba, reflecting confidence in their growth potential, particularly in AI and cloud services [12]. Foreign Capital Inflows - In September, foreign capital inflows into the Chinese stock market rebounded to $4.6 billion, marking the highest monthly inflow since November 2024, indicating a recovery in global investor confidence towards Chinese assets [11].

Core Insights - The FDA granted marketing authorization for ProSense® for the local treatment of low-risk breast cancer in patients aged 70 and above, following the TME Fall Summit, which is expected to enhance commercial traction due to significant interest from key opinion leaders [2][5]. Company Overview - IceCure Medical Ltd. specializes in minimally-invasive cryoablation technology, which destroys tumors by freezing, providing an alternative to surgical tumor removal [1][8]. - The ProSense® Cryoablation System is the first and only device authorized by the FDA for treating low-risk breast cancer in specific patient demographics, including those unsuitable for surgery [5][6]. Event Participation - IceCure participated in the TME Take the Lead in Breast Cancer Care Fall Summit, which gathered over 40 key opinion leaders to discuss advancements in breast cancer care, particularly focusing on de-escalation strategies and minimally invasive options [1][2]. Clinical Engagement - The company received high interest during a cryoablation faculty session led by Dr. Richard Fine, a prominent investigator in the ICE3 trial, which is the largest cryoablation study in the U.S. [3][4]. - The TME summit highlighted the growing relevance of cryoablation in breast oncology treatment planning, indicating a shift towards less invasive treatment options [2][3]. Product Features - ProSense® utilizes liquid nitrogen to create large lethal zones for effective tumor destruction, enhancing patient recovery by reducing pain and surgical risks [6][7]. - The system is designed for easy transport and can facilitate fast, office-based procedures for breast tumors, making it a convenient option for both patients and providers [7][8].

Core Viewpoint - The announcement by Trump regarding a 100% tariff on Chinese imports starting November 1 has triggered a significant sell-off in global capital markets, particularly affecting U.S. tech stocks and Chinese companies listed in the U.S. [1][10] Market Impact - U.S. stock markets faced their most severe challenge of the year, with the Dow Jones Industrial Average dropping 878.82 points (1.9%), the S&P 500 falling 182.6 points (2.71%), and the Nasdaq Composite plunging 3.56%, marking its largest single-day decline since April [2][4] - The Nasdaq Golden Dragon China Index fell by 6.1%, with a cumulative weekly decline of 8.37%, indicating a sharp downturn in Chinese stocks [1][8] Sector Performance - The technology sector was particularly hard hit, with major tech stocks experiencing significant declines: TSMC ADR down over 6%, Nvidia, Amazon down over 4%, and Apple, Meta down over 3% [4][7] - The Philadelphia Semiconductor Index saw a substantial drop of 6.32%, with ARM down over 9% and AMD, Qualcomm down over 7% [7] Chinese Stocks - Chinese companies listed in the U.S. faced a dual blow, with notable declines: NIO and Kingsoft Cloud down over 10%, Bilibili down over 9%, and Baidu, Alibaba, and XPeng down over 8% [1][9] - The FTSE A50 futures also suffered, dropping over 4%, suggesting potential pressure on A-shares at the upcoming opening [9] Broader Economic Context - The market turmoil is compounded by the ongoing U.S. government shutdown, which has entered its 10th day, leading to significant layoffs of federal employees, marking a departure from previous practices during government shutdowns [10]

Core Viewpoint - The U.S. stock market experienced a significant downturn, referred to as "Black Friday," with major indices suffering substantial losses due to rising uncertainties and macroeconomic concerns [2][4][10]. Market Performance - On October 10, U.S. stock indices fell sharply, with the Dow Jones dropping by 1.9%, the Nasdaq plunging by 3.56%, and the S&P 500 declining by 2.71% [4]. - Major tech stocks also faced heavy losses, with TSMC ADR down over 6%, Broadcom and Tesla down over 5%, and Nvidia and Amazon down over 4% [6]. - Chinese stocks listed in the U.S. were affected as well, with the Nasdaq Golden Dragon China Index falling over 6% [6]. Global Market Impact - European markets also saw declines, with the Euro Stoxx 50 index down 1.75% and major indices in Germany, France, and Italy dropping over 1% [7]. - Commodities like WTI crude oil fell over 4%, nearing yearly lows, while Bitcoin experienced a drop of over 13% [7]. Investor Behavior - The uncertainty in the market led to a surge in demand for protective derivatives, with investors flocking to safe-haven assets like gold and U.S. Treasury bonds [8]. - Gold prices rose over 1%, surpassing $4000 per ounce, while the yield on the U.S. 10-year Treasury note fell to 4.034% [8]. Macroeconomic Indicators - The preliminary consumer confidence index from the University of Michigan for October was reported at 55, the lowest since May, indicating stagnant consumer sentiment [12]. - Approximately 63% of respondents expect unemployment to rise next year, and over two-thirds anticipate inflation to exceed income growth [12]. Government Actions - The U.S. government shutdown has escalated, with the Trump administration initiating large-scale permanent layoffs of federal employees, marking a departure from previous practices during shutdowns [10][11].

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Core Insights - The largest Chinese stock ETF in the U.S., KWEB, has surpassed $10 billion in assets under management (AUM), reaching a record high of $100.2 billion since its inception in 2013, although it has slightly decreased to approximately $99.1 billion recently [1][5]. Fund Performance - KWEB tracks the CSI Overseas China Internet Index and its top ten holdings as of September 30, 2025, include Alibaba (11.39%), Tencent (10.68%), and PDD Holdings (7.45%) [2][6]. - Other notable ETFs include MCHI with $8.61 billion, FXI with $7.10 billion, and CQQQ with $2.86 billion, all of which have also surpassed $1 billion in AUM [6][7]. Historical Context - KWEB's AUM has experienced significant fluctuations, peaking at $96.88 billion in November 2021 before dropping to $39.66 billion in March 2022. It has since rebounded, reaching $88.37 billion by March 2025 and finally surpassing $100 billion in October 2025 [3][5]. Fund Flows - In the past week, KWEB attracted $50.82 million in inflows, indicating strong investor interest, although it experienced a slight outflow of $0.11 million on a single day [8][9].

Core Viewpoint - The report from Jefferies indicates that Tencent Music (01698) is on track to meet its revenue and non-IFRS profit forecasts for Q3, driven by quality growth and SVIP services, with a "Buy" rating maintained [1] Group 1: Revenue and Profit Forecasts - Tencent Music is expected to achieve total revenue of 8.2 billion RMB in Q3, representing a year-on-year growth of 17% [1] - The company is projected to have a gross profit of approximately 3.59 billion RMB, with a gross margin reaching 43.8% [1] - Other revenue is anticipated to grow by 35% year-on-year, estimated at 2.2 billion RMB [1] Group 2: User Growth and Subscription Services - The forecast for the music subscription business includes a net addition of approximately 1.3 million users in Q3 [1] - The average revenue per user (ARPU) for the quarter is expected to be 11.9 RMB [1] Group 3: Key Growth Areas - The report highlights key growth areas such as SVIP service upgrades, fan economy potential, and the development of offline concerts [1]