中国资产也出海

Group 1: Tencent Financial Performance - Tencent's Q3 2025 operating revenue reached 192.9 billion yuan, a year-on-year increase of 15.4%, exceeding expectations by 2% [1] - Adjusted net profit attributable to shareholders was 70.6 billion yuan, up 18.0% year-on-year, surpassing expectations by 7% [1] - The company's gross margin improved to 56.41% from 53.13% in the same period last year, while net profit margin rose to 33.67% [1] Group 2: Capital Expenditure Insights - Tencent's capital expenditure (capex) for the first three quarters of 2025 was 59.566 billion yuan, a year-on-year increase of 48.24% [1] - In Q3 2025, capex was 12.983 billion yuan, reflecting a year-on-year decline of 24.05% and a quarter-on-quarter decrease of 32.05% [1] - The decline in capex is attributed to a lack of H20 and limited purchases of other chips, with no revenue from computing power leasing included [1] Group 3: Investment Sentiment and Market Position - Some investors view Tencent as a stable investment, especially in light of deteriorating investment returns for many M7 members [1] - There is a possibility that foreign capital may increasingly allocate to Tencent, similar to investments in Google and Apple, due to its perceived stability [1] - The article suggests that Chinese assets may attract global funds in a different manner, especially as many are traded on NASDAQ [1] Group 4: Emerging Investment Products - New ETFs focused on Chinese technology, such as the Rayliant-ChinaAMC Transformative China Tech ETF (CNQQ), are now available for trading on NASDAQ [2][7] - The CNQQ ETF includes major A/H shares and US-listed companies, allowing for a 24-hour trading cycle [7] - The average P/E ratio of the ETF's constituent stocks is 27, lower than the NASDAQ 100 index at 39, indicating potential value [8] Group 5: Market Trends and Future Outlook - The technology sector within the CNQQ ETF is primarily composed of electronic technology (26.67%) and technology services (21.29%), covering strategic areas like semiconductors and AI [8] - With the Federal Reserve's interest rate cuts and increasing foreign interest in Chinese technology, the long-term performance of core Chinese tech assets remains promising [8] - The growth of CNQQ's scale may enhance its role in determining the pricing power of international capital in Chinese technology assets [8]