互联网行业周报：腾讯举办全球数字生态大会，《三角洲行动》国服DAU新高-20250925

Investment Rating - The report maintains a "Buy" recommendation for leading internet companies with stable performance and strong AI positioning, including Tencent Holdings, Pop Mart, Kuaishou, NetEase, Bilibili, and Meitu [1] Core Insights - Tencent hosted the Global Digital Ecosystem Conference, announcing that the daily active users (DAU) for "Delta Action" reached a new high [1] - The internet industry is experiencing a mixed performance, with some companies reporting significant declines in revenue while others show improvement in profitability [2][3] - The overall market performance for the week of September 15-21 shows varied results across different indices, with the Hang Seng Internet Technology Index rising by 4.00% [13] Industry Overview - The internet industry comprises 160 listed companies, with a total market capitalization of 2087.8 billion and a circulating market value of 1898.8 billion [5] - The absolute performance over 1 month, 6 months, and 12 months is 4.9%, 12.1%, and 77.6% respectively, while the relative performance is -1.7%, -0.1%, and 36.8% [7] Company Announcements - Oriental Selection reported a significant decline in net revenue for the fiscal year ending May 31, 2025, with a 99.64% drop to 6.19 million [2] - Weimeng Group's mid-year report for 2025 showed a revenue decrease of 10.6% to 775 million, but a substantial improvement in net loss, which decreased by 5.17 billion [3] Market Performance - The A-share market saw a decline in major indices, with the Shanghai Composite Index down by 1.31% and the Shenzhen Component Index up by 1.14% [13] - In the Hong Kong market, Tencent Holdings experienced a slight decline of 0.16%, while Bilibili-W and Kuaishou-W saw increases of 6.64% and 0.73% respectively [18] Recommended Companies - The report highlights key companies to watch, including Tencent Holdings, Kuaishou-W, Bilibili-W, Pop Mart, and Meitu [1]