利好突袭！中国资产，直线狂拉

Core Insights - Major Chinese tech companies, including Tencent, JD.com, SMIC, and Bilibili, reported their Q3 2025 financial results, showcasing a diverse performance landscape driven by AI transformation, overseas expansion, and consumer recovery [1] Tencent - Tencent reported Q3 revenue of 192.87 billion yuan, a 15% year-on-year increase, and a non-IFRS operating profit of 72.57 billion yuan, up 18% [2] - The company's revenue for the first three quarters reached 557.40 billion yuan, reflecting a 14% growth, with net profit attributable to shareholders at 166.58 billion yuan, a 17% increase [2] - Tencent's AI strategy has shown significant results, with core applications enhancing ecosystem collaboration and international gaming revenue surpassing 20 billion yuan for the first time [2][3] - R&D spending reached a record high of 22.82 billion yuan, indicating strong commitment to AI development [3] JD.com - JD.com reported Q3 revenue of 299.1 billion yuan, a 14.9% increase, but net profit fell sharply to 5.3 billion yuan, down 54.7% from 11.7 billion yuan year-on-year [4] - The core retail business showed robust performance, with daily essentials revenue growing 18.8%, and the service revenue increased by 30.8%, reaching a historical high of 24.4% of total revenue [4] - Marketing expenses surged by 110.5% to 21.1 billion yuan, driven by new business promotions, raising the marketing expense ratio from 3.8% to 7% [4] SMIC - SMIC reported Q3 revenue of 17.162 billion yuan, a 9.9% year-on-year increase, and net profit of 1.51 billion yuan, up 43.1% [5] - The growth was attributed to increased wafer sales and product mix changes, with improved capacity utilization indicating a recovery in semiconductor demand [5] Bilibili - Bilibili's Q3 net revenue reached 7.69 billion yuan, a 5% increase, with adjusted net profit soaring 233% to 786 million yuan [6] - Advertising revenue grew by 23% to 2.57 billion yuan, and gross profit increased by 11% to 2.82 billion yuan, achieving a gross margin of 36.7% [6] - Key user metrics hit record highs, with daily active users up 9% to 117 million and monthly active users up 8% to 376 million [6]