TENCENT(HK:00700) Di Yi Cai Jing Zi Xun·2025-11-17 13:20Group 1: Core Insights - Major internet companies listed in Hong Kong, including Tencent, JD.com, and Bilibili, reported third-quarter earnings that exceeded market expectations, yet their stock prices declined over three consecutive trading days [2][3]. - The Hang Seng Technology Index and the Hang Seng Index also experienced declines, with the former dropping 0.96% to 5756.88 points and the latter falling 0.71% to 26384 points on November 17 [2]. - Analysts suggest that the stock price declines may be attributed to profit-taking by investors who had already anticipated the positive earnings reports, as well as broader market conditions and uncertainties regarding the Federal Reserve's interest rate decisions [2][4]. Group 2: Company Performance - Tencent's third-quarter revenue reached 192.87 billion yuan, a 15% year-on-year increase, while net profit attributable to shareholders was 63.13 billion yuan, up 19% [3]. - Despite the strong earnings, there was a notable decline in capital expenditures related to artificial intelligence, which fell 32% quarter-on-quarter and 24% year-on-year to 12.98 billion yuan [3]. - The revenue from Tencent's "FinTech and Business Services" segment grew less than 10%, raising concerns about the growth potential of this high-value business area [5]. Group 3: Market Dynamics - The Hang Seng Index has faced three consecutive pullbacks after surpassing 27,000 points, with trading volumes decreasing from over 400 billion HKD to around 217.6 billion HKD [6][7]. - Analysts indicate that the market's risk appetite is currently neutral, influenced by domestic growth policies and uncertainties surrounding the Federal Reserve's interest rate decisions [6][8]. - The upcoming Federal Reserve meeting on December 9-10 is expected to impact market volatility and trading volumes, with predictions of a 50.4% chance of a rate cut [6][8].