TME(US:TME) Guoxin Securities·2025-07-03 06:38Group 1 - The report highlights a positive investment strategy for the internet industry, recommending a focus on independent growth logic in AIGC and the music industry during a period of index fluctuations [1][3] - In June, the Hang Seng Technology Index recorded a 2.5% increase, while the Nasdaq Index rose by 6.8% [11] - The report notes that major internet companies saw stock price increases, with Meituan, Kingdee International, and Kingsoft being the top performers in Hong Kong stocks, achieving monthly gains of 38.2%, 25.5%, and 23% respectively [14] Group 2 - The report indicates that in the gaming sector, the number of game licenses approved in June reached a two-year high, with 158 licenses issued [40] - In the fintech sector, the reserve funds of payment institutions increased by 8.4% year-on-year in May, reaching 24,573.54 billion yuan [42] - The e-commerce sector is experiencing intense competition, with platforms continuing to offer benefits to merchants and increasing investments in instant retail to seek new growth [3][47] Group 3 - Tencent Music's acquisition of Ximalaya was finalized, with a total transaction value of approximately 12.6 billion USD [45] - The report mentions that Alibaba's international station saw a 42% year-on-year increase in orders from June to date, with GMV maintaining a nearly 30% strong growth [53] - The report emphasizes that the AI sector is benefiting from major companies' business scenarios, such as cloud computing and advertising, while short-term AI agents still require refinement [3]