中国资产全线爆发。 今日港股开盘后，恒生指数、恒生科技指数集体大涨，均涨超1%。其中，腾讯音乐暴涨超17%，其最 新发布的财报大超市场预期。隔夜美股市场中，中概股的表现也非常亮眼，纳斯达克中国金龙指数收涨 1.49%。 另外，金融市场对美联储降息的预期大幅升温也是港股科技股大涨的主要原因。美东时间8月12日，美 国财政部长贝森特暗示，在上月按兵不动之后，美联储应当对9月降息50个基点持开放态度。 大爆发 8月13日，港股开盘后，恒生指数、恒生科技指数集体大涨，截至10:10，涨幅分别为1.12%、1.22%。 其中，腾讯音乐暴涨超17%，创出历史新高。消息面上，腾讯音乐最新发布的财报大超市场预期。 腾讯音乐管理层透露，SVIP订阅用户已突破1500万，创下历史新高，反映出用户对高端音乐体验的强 烈需求和支付意愿。 港股其他互联网科技股亦全线大涨，截至10:10，舜宇光学科技大涨超4%，比亚迪电子、哔哩哔哩涨超 3%，华虹半导体、腾讯控股、阿里巴巴、京东涨超2%。 今日港股盘后，腾讯也将披露最新的财报，分析师预计其财报将显示截至6月的季度收入同比增长 11%，这将是连续第三个季度实现两位数增长。 另外，市场对腾 ...

8月12日，美国CPI数据公布，美股三大指数集体收涨， 标普500指数 、纳斯达克指数创下 新高。 大型科技股和中概股集体上涨。英伟达、Meta股价创下新高； 纳斯达克中国金龙指数收涨 1.49%， 腾讯音乐二季度业绩"喜人"，涨超10%。 上天天基金APP搜索【777】注册即可 领500元券包，优选基金10元起投！限量发放！先到 先得！ "稳定币第一股"Circle发布美股上市以来的首份业绩报告， 业绩亏损，营收增幅超预期。 百年胶片巨头柯达大跌，公司在财报中发出经营预警。 国际油价继续下跌，欧佩克上调明年全球石油需求预期。 受CPI提振，美股大涨 美东时间8月12日（周二），美股三大指数均涨超1%， 标普500指数 和纳斯达克指数再创 新高。 截至收盘， 标普500指数 上 涨1.13%，报 收于 6445.76点；纳斯达克综合指数 上 涨 1.39%，报 收于 21681.9点；道琼斯工业指数涨1.1%，报 收于 44458.61点。 市场受到最新通胀数据的提振。 美国7月消费者价格指数（CPI）同比上涨2.7%，低于预期 的2.8%；剔除食品和能源价格的核心CPI同比上涨3.1%，略高于预期的3%。 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of Tencent Music's Q2 2025 earnings, with total revenue increasing by 17.9% year-on-year to 8.44 billion yuan and adjusted net profit rising by 33% to 2.64 billion yuan [1][2] - Tencent Music's online music service revenue grew by 26.4% to 6.85 billion yuan, with the number of paid users increasing by 6.3% to 124.4 million, and the average monthly revenue per paid user rising from 10.7 yuan to 11.7 yuan [1] - Citigroup noted that Tencent Music's total revenue and adjusted net profit exceeded market expectations by 5.5% and 5.7%, respectively, driven by a 17% increase in subscription revenue and a 47% increase in non-subscription online music revenue [2] Group 2 - The article mentions that southbound capital has seen a net inflow of over 910 billion HKD this year, primarily flowing into core assets in AI and new consumption sectors, indicating a trend towards emerging industries [2] - The Hang Seng Technology Index ETF (513180) includes 30 leading Hong Kong tech stocks, focusing on the AI industry chain, with companies like Alibaba, Tencent, Xiaomi, Meituan, SMIC, and BYD expected to become the "seven giants" of Chinese tech stocks [2] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Technology Index ETF (513180) [2]

中国资产全线爆发。 今日港股开盘后，恒生指数、恒生科技指数集体大涨，均涨超1%。其中，腾讯音乐暴涨超17%，其最新发布 的财报大超市场预期。隔夜美股市场中，中概股的表现也非常亮眼，纳斯达克中国金龙指数收涨1.49%。 另外，金融市场对美联储降息的预期大幅升温也是港股科技股大涨的主要原因。美东时间8月12日，美国财政 部长贝森特暗示，在上月按兵不动之后，美联储应当对9月降息50个基点持开放态度。 大爆发 8月13日，港股开盘后，恒生指数、恒生科技指数集体大涨，截至10:10，涨幅分别为1.12%、1.22%。 其中，腾讯音乐暴涨超17%，创出历史新高。消息面上，腾讯音乐最新发布的财报大超市场预期。 具体来看，2025年第二季度，腾讯音乐总收入达84.4亿元，同比增长17.9%；调整后净利润为26.4亿元，同比 增长33%。其中，在线音乐服务收入同比增长26.4%至68.5亿元，在线音乐订阅收入同比增长17.1%至43.8亿 元，在线音乐付费用户数达1.244亿，ARPPU（单个付费用户月均收入）进一步提升至11.7元。 腾讯音乐管理层透露，SVIP订阅用户已突破1500万，创下历史新高，反映出用户对高端音乐体验 ...

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 24,970, up 0.25% for the day and 24.48% year-to-date [1] - The US markets saw gains, with the Dow Jones up 1.10% and the S&P 500 up 1.13%, reflecting positive sentiment driven by moderate inflation data [3] Hong Kong Stock Performance - The Hang Seng Financial Index rose 0.52% and is up 28.47% year-to-date, while the Hang Seng Utilities Index fell 0.30% but is still up 5.00% for the year [2] - Southbound capital saw a net inflow of HKD 9.45 billion, indicating strong interest in Hong Kong stocks [3] Economic Policies and Impacts - The Chinese government announced targeted interest subsidies for personal consumption loans, potentially leading to an increase in loan growth by CNY 1 trillion [3] - The Hong Kong Monetary Authority intervened by buying HKD 7.065 billion to defend the currency peg, with total purchases since June reaching HKD 116.6 billion [3] Company Analysis: Kingdee International - Kingdee reported a 1H25 revenue of CNY 3.19 billion, a year-on-year increase of 11.2%, aligning with expectations [4] - The company aims for AI-related revenue to constitute over 30% of total revenue by 2030, with AI contracts exceeding CNY 150 million in 1H25 [4] Company Analysis: Tencent Music - Tencent Music's 2Q25 revenue grew 18% to CNY 8.44 billion, with Non-IFRS net profit increasing 37% to CNY 2.57 billion, surpassing market expectations [5] - The company is expected to continue its growth trajectory, with projected revenue and profit increases of 17% and 28% respectively for 3Q25 [5] Focus Stocks - Geely Automobile (175 HK) has a target price of HKD 24.00, representing a 24% upside potential [6] - Luckin Coffee (LKNCY US) has a target price of USD 44.95, indicating a 19% upside potential [6] - Tencent (700 HK) is rated "Buy" with a target price of HKD 660.00, reflecting an 18% upside potential [6]

南向资金年内净流入超9100亿港元，主要流向人工智能和新消费等核心资产。AI、新消费这两大赛道 体现出新兴产业的发展趋势和一定的稀缺性，有望进一步吸引资金加码，助推港股行情持续向好。公开 信息显示，恒生科技指数ETF（513180）标的指数囊括30家港股科技龙头，软硬科技兼备，成分股深度 聚焦AI产业链的上中下游，其中阿里、腾讯、小米、美团、中芯国际、比亚迪（002594）等有望成为 中国科技股"七巨头"。没有港股通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国AI 核心资产。（场外联接A/C：013402/013403）。 港股市场即将迎来中期业绩预告密集披露期。8月12日，腾讯音乐公布最新业绩，二季度总收入增长 17.9%，调整后净利润增长33%，超市场预期，13日开盘后一度涨超17%。据此前披露，腾讯控股将在8 月13日公布中报，网易和京东集团计划于8月14日公布中报。 中泰国际指出，市场风险偏好持续走强，推动大盘高位震荡。7月中国出口韧性超预期，进口同比增速 创一年多新高，下游物价温和修复，上游降价压力仍存，基本面整体延续温和改善，叠加市场预期政策 聚焦结构性发力，港股整体仍有上升 ...

腾讯控股周三一度涨2.8%，创2021年6月3日以来新高，财报公布在即，而旗下腾讯音乐在超预期业绩 拉动下，港股创历史新高。 腾讯音乐周二公布，二季度经调整净利润胜预期，同比增近四成；营收同 比增17.9%，主要得益于在线音乐服务收入同比强劲增长。腾讯控股将于周三盘后公布最新财报。 本文源自：金融界AI电报 ...

Core Viewpoint - Tencent Music reported better-than-expected Q2 2025 earnings, with total revenue and adjusted net profit exceeding market expectations by 5.5% and 18% respectively, driven by strong subscription and non-subscription online music revenue growth [1][2]. Group 1: Tencent Music Financial Performance - In Q2 2025, Tencent Music's total revenue reached 8.44 billion yuan, a year-on-year increase of 17.9% [1]. - Adjusted net profit for the same period grew by 33% to 2.64 billion yuan [1]. - Online music service revenue increased by 26.4% to 6.85 billion yuan, with paid user numbers rising by 6.3% to 124.4 million [1]. Group 2: Market Reactions and Trends - The Hang Seng Index opened 0.83% higher, with the Hang Seng Tech Index up 0.94%, reflecting positive market sentiment following Tencent Music's earnings report [1]. - Southbound capital inflow exceeded 910 billion HKD this year, primarily directed towards AI and new consumption sectors, indicating a trend towards emerging industries [2]. - The Hang Seng Tech Index ETF (513180) includes 30 leading Hong Kong tech stocks, focusing on the AI industry chain, with major players like Alibaba, Tencent, and Xiaomi expected to drive growth [2].

Summary of Tencent Music Entertainment Group (TME) Earnings Review Company Overview - **Company**: Tencent Music Entertainment Group (TME) - **Market Cap**: $39.5 billion - **Enterprise Value**: $34.5 billion - **Industry**: Music Streaming and Entertainment in China Key Financial Highlights - **2Q25 Performance**: Revenue and profit exceeded expectations, prompting a revision of profit estimates for FY25-27 upwards by 6-7% [1] - **Revenue Growth**: Expected 21% growth in music service revenue and 24% growth in net profit for FY25 [1] - **Revenue Forecasts**: - FY25: Rmb 32,309.7 million (up 2.4% from previous estimates) - FY26: Rmb 36,367.8 million (up 4.6%) - FY27: Rmb 40,429.3 million (up 5.3%) [21] Core Business Insights - **Diversification of Revenue Streams**: TME is expanding beyond streaming and subscriptions into non-subscription revenue sources such as advertising, concert sponsorship, and fan economy initiatives [1][18] - **SVIP Membership Growth**: SVIP membership reached over 15 million, with expectations to grow to 25.9 million by 2027, increasing penetration from 13% to 19% of total paying members [11][24] - **Non-Subscription Revenue Growth**: Non-subscription music revenue grew by over 46% year-on-year, driven by a 30% increase in advertising and a doubling of fan merchandising and concert sponsorship revenue [11][18] Financial Metrics and Ratios - **Earnings Per Share (EPS)**: - FY25: Rmb 6.15 (up from Rmb 5.77) - FY26: Rmb 7.19 (up from Rmb 6.75) - FY27: Rmb 8.13 (up from Rmb 7.64) [5] - **Profit Margins**: Expected to sustain margin expansion towards low 30% operating profit margin (OPM) and net profit margin (NPM) [18] - **Valuation**: Target price raised to $27 (from $21) and HK$106 (from HK$82) reflecting improved growth prospects [19] Growth Projections - **3Q25 Expectations**: - 17% year-on-year group revenue growth - 23% year-on-year online music revenue growth - Gross profit of Rmb 3.6 billion with a gross profit margin of 43.9% [20] - **Long-Term Outlook**: Non-subscription business expected to outpace subscription revenue growth over the next 2-3 years [11][18] Risks and Challenges - **Key Risks**: - Potential derailment from the current growth trajectory - Higher-than-expected content pricing from label companies - Inability to maintain market dominance and subscription growth - Slower-than-expected expansion of non-subscription services [22] Conclusion - **Investment Recommendation**: Reiterated "Buy" rating based on strong performance, diversified revenue streams, and positive growth outlook [1][19]

Core Viewpoint - Tencent Music's stock price surged over 17%, reaching a historical high of 104 HKD following the release of its Q2 earnings report, indicating strong financial performance and investor confidence [1] Financial Performance - Total revenue for Q2 reached 8.442 billion RMB, representing a year-on-year increase of 17.91% [1] - Shareholder profit amounted to 2.409 billion RMB, showing a year-on-year growth of 43.22% [1] - Adjusted profit for Q2 was 2.574 billion RMB, reflecting a year-on-year increase of 37.43% [1] Year-to-Date Performance - For the first half of the year, shareholder profit reached 6.7 billion RMB, which is a year-on-year increase of 116% [1] - Adjusted profit for the first half was 4.698 billion RMB, marking a rise of 31.34% compared to the previous year [1]