利好突袭！中国资产，直线狂拉！

Core Insights - Multiple leading companies in the technology sector, including Tencent, JD.com, SMIC, and Bilibili, reported their Q3 2025 financial results, showcasing a diverse range of performance outcomes driven by AI transformation, overseas expansion, and consumer recovery [2][3]. 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% [3][4]. - 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 [3]. - Tencent's AI strategy has shown significant results, with core applications integrated and international gaming revenue surpassing 20 billion yuan for the first time [3][4]. - R&D spending reached a record high of 22.82 billion yuan, indicating a strong commitment to AI development [4]. JD.com - JD.com reported Q3 revenue of 299.1 billion yuan, a 14.9% increase, but net profit fell by 54.7% to 5.3 billion yuan compared to 11.7 billion yuan in the same period last year [5][6]. - The core retail business showed strong performance, with daily essential categories growing by 18.8%, significantly outpacing industry averages [5]. - 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% [6]. 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% [6]. - For the first three quarters, total revenue reached 49.51 billion yuan, a growth of 18.2%, with net profit increasing by 41.1% to 3.81 billion yuan [6]. - The growth was attributed to increased wafer sales and product mix changes, alongside improved capacity utilization reflecting a recovering semiconductor market [6]. Bilibili - Bilibili's Q3 net revenue totaled 7.69 billion yuan, a 5% increase, with adjusted net profit soaring by 233% to 786 million yuan [7]. - Advertising revenue grew by 23% to 2.57 billion yuan, and gross profit reached 2.82 billion yuan, with a gross margin of 36.7% [7]. - Key user metrics hit record highs, with daily active users increasing by 9% to 117 million and monthly active users rising by 8% to 376 million [7].