腾讯豪掷5.5亿再度回购，什么信号？互联网ETF沪港深（159550）交投活跃

Core Viewpoint - Tencent's recent stock buyback activity reflects its strong commitment to shareholder returns and confidence in its long-term business prospects, especially following positive financial results [2][3][4]. Group 1: Stock Buyback Activity - Tencent has initiated a stock buyback of HKD 5.5 billion, purchasing 931,000 shares, marking a continuation of its buyback strategy initiated in June [1]. - Year-to-date, Tencent has repurchased shares totaling HKD 40.593 billion, the highest among Hong Kong stocks [1]. - The company's total share capital has decreased to a ten-year low, enhancing earnings per share and shareholder returns [1]. Group 2: Financial Performance - Tencent reported a 14% increase in revenue and a 16% rise in net profit, exceeding market expectations [2]. - Following the earnings report, Tencent's stock price reached HKD 600 per share, a four-year high [2]. - The company has maintained a robust free cash flow of HKD 43 billion, supporting its buyback initiatives [2]. Group 3: Market Context - The internet sector has experienced valuation compression due to regulatory pressures, but signs of recovery are emerging with improved financial health among leading companies [3]. - Tencent's management believes the company's long-term value is currently undervalued, as evidenced by its continued buyback at high stock prices [3]. - The internet sector is witnessing a shift in valuation narratives, driven by policy changes and advancements in AI technology [3]. Group 4: ETF and Index Information - The Internet ETF (159550) tracks the CSI Hong Kong-Shenzhen Internet Index, comprising 50 major internet companies with good liquidity and market capitalization [5]. - As of August 18, 2025, the top ten weighted stocks in the index include Tencent, Alibaba, Xiaomi, Meituan, and others [5].