Report Industry Investment Ratings - Automobile Industry: Maintain "Overweight" rating for Geely Automobile [44] - Logistics and Warehousing Industry: Maintain "Overweight" rating for the express delivery sector, continue to be optimistic about the opportunity for earnings and valuation repair of express delivery companies [22] - Real Estate Industry: Maintain "Overweight" rating, expecting further adjustments to housing provident fund policies [32] - Yeast Industry: Maintain "Overweight" rating for Angel Yeast [35] - Industrial Automation Industry: Maintain "Overweight" rating for Yiheda [40] - Online Music Industry: Maintain "Overweight" rating for NetEase Cloud Music [54] - Steel Industry: Maintain "Overweight" rating for Shougang Co., Ltd. [58] - Internet Industry: Maintain "Overweight" rating for Tencent Holdings [63] - Software Industry: Maintain "Overweight" rating for Kingdee International [67] - Luggage Industry: Maintain "Overweight" rating for Samsonite [73] - Motorcycle Industry: Maintain "Overweight" rating for CF Motopower, and raise the target price [77] Core Views - **Macro Economy**: In July 2025, there was a divergence between money and credit. The growth rate of social financing stock increased, but loan growth turned negative. The growth rates of M2 and M1 both rebounded. The divergence was mainly due to the need to boost effective demand and the weakening of the scale complex of financial institutions. The government played an important role in credit expansion, and private sector asset - liability sheet repair influenced money - related phenomena [2][3][4] - **Hong Kong Stock Market**: The correlation between Hong Kong stocks and A - shares has been increasing, and the dependence on overseas liquidity has been weakening. The fundamentals of Hong Kong stocks are more closely related to the Chinese mainland. These changes may reflect new changes in the investment environment of Hong Kong stocks [6][7][8] - **Robot Industry**: The humanoid robot industry is driven by both "technology deepening" and "scenario implementation". Figure 02 has achieved breakthroughs in folding clothes and has innovative designs in dexterous hands, indicating the penetration from industrial to household scenarios [10][12][14] - **Solar Energy Industry**: The prices of the solar energy industry chain have stabilized, and the supply - demand situation is expected to improve. Some companies plan to cut production in September, which will support prices, and the photovoltaic sector has continuous layout opportunities [16] - **Logistics and Warehousing Industry**: The "anti - involution" in the express delivery industry in 2021 - 2022 drove the double repair of performance and valuation. In 2025, the "anti - involution" intensity exceeded expectations, alleviating short - term competition pressure and ensuring long - term healthy competition [20][21] - **Real Estate Industry**: The housing provident fund system has played an important role in stabilizing the real estate market. Optimizing provident fund policies can potentially boost housing consumption, especially in second - and third - tier cities. There is still room for further adjustment of provident fund policies [30][31][32] - **Yeast Industry**: Angel Yeast's performance has continued to improve in 2025. Domestic sales have recovered, and overseas markets have maintained rapid growth. The company's internal structure adjustment has had a weakening impact, and cost and price factors have driven profit improvement [37][38] - **Industrial Automation Industry**: Yiheda's performance has accelerated growth, with significant improvement in gross profit margin, mainly driven by the lithium - battery and automotive sectors. The company is accelerating its global layout and improving its one - stop procurement platform capabilities [40][41][43] - **Automobile Industry**: Geely Automobile's operating performance in the first half of 2025 increased significantly, with a significant increase in sales volume. The company has a reasonable brand structure, and with the implementation of the "Smart Geely 2025" strategy, revenue and net profit are expected to continue to grow [44] - **Liquor and Beer Industry**: Zhenjiu Liudu's report has cleared risks, and the company is actively promoting new products. The new products are expected to drive the company's growth rate to improve quarter - on - quarter, taking advantage of the low - base effect in the second half of 2025 [50][51][52] - **Online Music Industry**: NetEase Cloud Music's membership subscription business has grown steadily, and it has significantly reduced promotion and advertising expenses. The company's financial structure has continued to improve, and the online music business has achieved high - quality growth, while the social entertainment business is under pressure [54][55] - **Steel Industry**: Shougang Co., Ltd.'s performance has increased due to falling raw material prices and product structure optimization. The company is building its fourth strategic product, and its depreciation expenses are expected to decrease. The industry's supply - demand pattern is expected to improve [58][59][60] - **Internet Industry**: Tencent Holdings has continued to invest in the AI field, which has promoted revenue and profit growth. Its international games have performed well, and AI has accelerated game content production. AI has also driven the iteration and upgrading of advertising and platform functions [63][64][65] - **Software Industry**: Kingdee International's revenue has grown in high - quality, and its cloud transformation has entered the harvest period. The large - enterprise business has achieved high growth, and the AI contract amount has exceeded 150 million yuan, indicating strong corporate AI application demand [67][70][71] - **Luggage Industry**: Samsonite's profitability in Q2 2025 improved quarter - on - quarter, and the decline in North American Tumi sales narrowed. The company is actively responding to US tariff adjustments, and its profitability is expected to continue to stabilize and improve in Q3 [73][74][75] - **Motorcycle Industry**: CF Motopower's mid - year report in 2025 was outstanding, with rapid growth in revenue and performance. The company's three major business lines have contributed to growth, and the electric two - wheeled vehicle business has provided a new growth curve [77][78][79] - **Financial Engineering**: Options in the domestic market provide tools for strategies. Overseas market's covered products can reduce the net - value volatility of the underlying index. The covered strategies constructed with 300ETF and 500ETF and their corresponding options have different effects in different market conditions [83][84] - **Finance**: In July 2025, social financing continued to expand, with government financing contributing the most. Credit demand from the private sector was insufficient, and both corporate and household loans declined. The growth rates of M1 and M2 rebounded, and household deposits continued to move to risk assets [87][88][89] Summaries by Directory Macro专题: 《货币与信贷：为何背离》 - In July 2025, the growth rate of social financing stock increased to 9.0%, with new social financing of 1.16 trillion yuan. Government bonds increased significantly, while loans decreased. Credit decreased by 500 million yuan, and both corporate and household loans declined. The growth rates of M2 and M1 rebounded. The divergence between money and credit was due to the need to boost effective demand and the weakening of the scale complex of financial institutions [2][3] 海外策略研究: 《对港股热点研究问题的思考 - 20250815》 - The correlation between Hong Kong stocks and A - shares has been increasing since 2020, while the correlation with US stocks has weakened. The liquidity of Hong Kong stocks has become less dependent on overseas factors, and its fundamentals are more closely related to the Chinese mainland. These changes may be due to geopolitical factors, the return of Chinese concept stocks, and the inflow of domestic capital [6][7][8] 行业跟踪报告: 机器人《Helix 模型助力 Figure 02 自主折衣，灵巧手工程创新实现突破》 - Figure 02 has mastered clothes - folding skills through algorithm optimization and data accumulation, demonstrating its technical generalization ability. Its dexterous hand design uses under - actuated modular finger components, which is an engineering innovation. The robot industry is driven by "technology deepening" and "scenario implementation", and is expected to expand from industrial to household scenarios [12][13][14] 行业跟踪报告: 太阳能《产业链价格持稳，供需情况有望修复》 - The prices of the solar energy industry chain have remained stable, with a slight increase in polysilicon prices. Some companies plan to cut production in September to relieve supply - demand pressure. The photovoltaic sector has continuous layout opportunities [16] 行业专题研究: 物流仓储《反内卷保障良性竞争，监管力度决定持续性》 - The "anti - involution" in the express delivery industry in 2021 - 2022 drove the double repair of performance and valuation. In 2025, the "anti - involution" intensity exceeded expectations, alleviating short - term competition pressure and ensuring long - term healthy competition. The regulatory intensity of the postal administration will determine the sustainability of price increases and future profit elasticity [20][21][22] 行业周报: 基础化工《全固态锂电池关键难题突破，世界机器人大会在北京开幕》 - With the development of emerging technologies, the demand for high - performance copper - clad laminates has increased. Solid - state batteries have broad application prospects, and the high - end new materials in the robot field are realizing import substitution. Chemical new - material companies such as Shengquan Group are recommended [24] 行业专题研究: 房地产《优化用途稳刚需，增加效用惠民》 - The housing provident fund system has developed rapidly in the past decade, with an expanding coverage and an increasing proportion of housing - related withdrawals. Optimizing provident fund policies can potentially boost housing consumption, especially in second - and third - tier cities. There is still room for further adjustment of provident fund policies [30][31][32] 公司半年报点评: 安琪酵母（600298）《盈利改善持续，扣非增速亮眼》 - In 2025, Angel Yeast's performance has continued to improve. Domestic sales have recovered, and overseas markets have maintained rapid growth. The company's internal structure adjustment has had a weakening impact, and cost and price factors have driven profit improvement [37][38] 公司半年报点评: 怡合达（301029）《锂电、汽车领域引领增长，毛利率提升显著；加速全球布局》 - Yiheda's performance has accelerated growth, with significant improvement in gross profit margin, mainly driven by the lithium - battery and automotive sectors. The company is accelerating its global layout and improving its one - stop procurement platform capabilities [40][41][43] 海外报告: 吉利汽车（0175）《2025 年上半年经营业绩大幅增长》 - Geely Automobile's operating performance in the first half of 2025 increased significantly, with a 47% increase in sales volume to 1.409 million vehicles. The company has a reasonable brand structure, and with the implementation of the "Smart Geely 2025" strategy, revenue and net profit are expected to continue to grow [44] 海外报告: 珍酒李渡（6979）《报表释压，关注新品》 - Zhenjiu Liudu's report has cleared risks, and the company is actively promoting new products such as "Dazhen" liquor and "Bull Market News" beer. The new products are expected to drive the company's growth rate to improve quarter - on - quarter, taking advantage of the low - base effect in the second half of 2025 [50][51][52] 海外报告: 网易云音乐（9899）《会员订阅业务稳健增长，大幅削减推广及广告费用》 - NetEase Cloud Music's membership subscription business has grown steadily, and it has significantly reduced promotion and advertising expenses. The company's financial structure has continued to improve, and the online music business has achieved high - quality growth, while the social entertainment business is under pressure [54][55] 公司跟踪报告: 首钢股份（000959）《盈利修复增长，产品结构持续优化》 - Shougang Co., Ltd.'s performance has increased due to falling raw material prices and product structure optimization. The company is building its fourth strategic product, and its depreciation expenses are expected to decrease. The industry's supply - demand pattern is expected to improve [58][59][60] 海外报告: 腾讯控股（0700）《延续高质量增长，AI 建设能力不断强化》 - Tencent Holdings has continued to invest in the AI field, which has promoted revenue and profit growth. Its international games have performed well, and AI has accelerated game content production. AI has also driven the iteration and upgrading of advertising and platform functions [63][64][65] 海外报告: 金蝶国际（0268）《大型企业业务进展亮眼，合同彰显 AI 应用需求旺盛》 - Kingdee International's revenue has grown in high - quality, and its cloud transformation has entered the harvest period. The large - enterprise business has achieved high growth, and the AI contract amount has exceeded 150 million yuan, indicating strong corporate AI application demand [67][70][71] 海外报告: 新秀丽（1910）《25Q2 盈利能力环比改善，北美 Tumi 降幅收窄》 - Samsonite's profitability in Q2 2025 improved quarter - on - quarter, and the decline in North American Tumi sales narrowed. The company is actively responding to US tariff adjustments, and its profitability is expected to continue to stabilize and improve in Q3 [73][74][75] 公司半年报点评: 春风动力（603129）《中报表现亮眼，三大业务不断向上》 - CF Motopower's mid - year report in 2025 was outstanding, with rapid growth in revenue and performance. The company's three major business lines have contributed to growth, and the electric two - wheeled vehicle business has provided a new growth curve [77][78][79] 金融工程专题报告: 《基于 A 股市场的备兑策略研究》 - Options in the domestic market provide tools for strategies. Overseas market's covered products can reduce the net - value volatility of the underlying index. The covered strategies constructed with 300ETF and 500ETF and their corresponding options have different effects in different market conditions [83][84] 金融工程专题报告: 《行业轮动四象限策略综述》 - A monthly industry rotation model is constructed from four dimensions: prosperity, sentiment, technology, and macro - economy. As of the end of July 2025, the cumulative return of the industry long - position portfolio was 18.1%, with a cumulative excess return of 8.3% compared to the benchmark portfolio [85] 事件点评: 《7 月金融数据全览》 - In July 2025, social financing continued to expand, with government financing contributing the most. Credit demand from the private sector was insufficient, and both corporate and household loans declined. The growth rates of M1 and M2 rebounded, and household deposits continued to move to risk assets [87][88][89]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9]. Core Views - The company has demonstrated a significant increase in online music service revenue, with a 15.9% year-on-year growth, contributing to a net profit of 18.85 billion yuan in H1 2025, which is a 132.8% increase compared to the previous year [2][3]. - The company is focusing on enhancing its content ecosystem and user experience, while also exploring innovative product features and expanding music consumption scenarios [3]. Financial Summary - In H1 2025, the company achieved a revenue of 38.27 billion yuan, a decrease of 6.0% year-on-year, primarily due to a decline in social entertainment service revenue [2]. - The operating profit for H1 2025 was 8.45 billion yuan, showing a substantial increase, attributed to reduced promotional and advertising expenses [2]. - The gross margin improved to 36.4%, reflecting a 1.4% increase year-on-year [2]. - The company expects EPS for 2025-2027 to be 12.70, 10.31, and 12.13 yuan respectively, with corresponding P/E ratios of 20X, 24X, and 20X [3][4]. Market Data - The target price for the stock is set at 317.8 HKD, with the current closing price at 270.20 HKD [5]. - The stock has shown a 199% absolute return over the past 12 months [6].

Investment Rating - The investment rating for NetEase Cloud Music (09899.HK) is "Buy" (maintained) [4][11]. Core Insights - The report highlights that NetEase Cloud Music continues to experience high growth, driven by an expansion of its music library and optimization of its ecosystem [4]. - In H1 2025, the company achieved operating revenue of 3.83 billion yuan (down 6% year-on-year), with a net profit attributable to shareholders of 1.89 billion yuan (up 132.8% year-on-year) [4]. - The adjusted operating profit was 910 million yuan (up 35% year-on-year), and the adjusted net profit was 1.95 billion yuan (up 121% year-on-year) [4]. - The gross margin improved to 36.4% compared to 35% in H1 2024, primarily due to the recognition of deferred tax credits and reduced advertising expenses [4]. Revenue and Profitability - Online music revenue for H1 2025 was 2.97 billion yuan (up 15.9% year-on-year), with subscription service revenue at 2.47 billion yuan (up 15.2% year-on-year) [5]. - The company is focusing on enhancing its core music monetization capabilities, leading to stable growth in monthly active users and paying users [5]. - The report projects net profits for 2025-2027 to be 2.95 billion, 2.45 billion, and 2.95 billion yuan respectively, with corresponding P/E ratios of 18.2, 21.9, and 18.3 times [4]. Music Library and User Experience - The company is continuously expanding its music copyright, having established agreements with popular K-Pop labels and focusing on various music genres [6]. - As of June 2025, the platform had 819,000 registered independent musicians (up 11.9% year-on-year) and approximately 4.8 million uploaded tracks (up 33.3% year-on-year) [6]. - The introduction of innovative features and a streamlined app interface has received positive feedback from users, potentially enhancing user engagement and monetization opportunities [6].

证券研究报告 港股通 网易云音乐 (9899 HK) 盈利超预期，经营杠杆持续释放 2025 年 8 月 15 日│中国香港 互联网 | 华泰研究 | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2025 年 8 月 | 15 日│中国香港 | 互联网 | 目标价(港币): | 360.42 | | | | | 夏路路 | 研究员 | SAC No. S0570523100002 SFC No. BTP154 +(852) 3658 6000 詹博 研究员 zhanbo@htsc.com SAC No. S0570523110002 SFC No. BUS698 郑裕佳 研究员 SAC No. S0570524070002 SFC No. BTB676 zhengyujia@htsc.com +(86) 10 6321 1166 基本数据 | 目标价 (港币) | 360.42 | | --- | --- | | 收盘价 (港币 截至 8 月 14 日) | 270.20 | | 市值 (港币百万) | 58,849 | | 6 个月 ...

Group 1 - The China Mobile chairman reported that the direct and related revenue from AI has reached tens of billions of yuan [1] - China Telecom achieved smart revenue of 6.3 billion yuan in the first half of the year, representing a year-on-year growth of 89.4% [1] - China Unicom is accelerating AI empowerment in network operations to enhance user experience and drive cost reduction [1] Group 2 - The GPT-5 model shows a significant decrease in hallucination rates, enhancing its practicality and expanding AI application across various industries [2] - The Pacific Securities report highlights that North American cloud and application vendors are experiencing sustained high growth driven by AI [2] - The CSI Hong Kong-Shanghai Gaming and Cultural Media Index includes 50 listed companies from gaming, film, broadcasting, marketing, publishing, education, and cultural performance sectors [2]

Group 1: Company Performance Highlights - Modern Dental (03600) shares rose over 14% after announcing a projected 30.1% to 37.6% increase in net profit for the first half of the year [1] - JD Health (06618) saw a share increase of over 13% following a report of a 24.5% year-on-year revenue growth for the six months ending June 30, 2025, driven by increased online penetration of pharmaceuticals and health products [1] - Weilian Delicious (09985) shares increased over 10% after reporting an 18% rise in net profit for the first half of 2025, with vegetable products showing a strong growth momentum, leading to a 44.3% revenue increase to 2.109 billion yuan [1] - New Qi'an (02573) shares rose nearly 5% after announcing an expected revenue growth of 50% to 60% and profit growth of 500% to 600% for the first half of 2025, attributed to increased sales of its main products [3] - NetEase Cloud Music (09899) shares increased over 5% as adjusted net profit for the first half of the year rose 120% year-on-year, achieving a record high gross margin [3] Group 2: Market Reactions and Trends - The stablecoin concept saw a broad decline, with Yao Cai Securities (01428) dropping over 15% following a joint statement from the Hong Kong Monetary Authority and the Securities and Futures Commission regarding market volatility related to stablecoins [2] - Alibaba (09988) shares fell over 3% after a well-known hedge fund, Appaloosa LP, reduced its holdings by 23.43% in the second quarter [3] - The agricultural equipment manufacturer Deere & Company (DE.US) experienced a 6.76% drop in shares as third-quarter revenue fell 8.6% year-on-year, marking the eighth consecutive quarter of decline due to weak demand and U.S. tariffs [7] Group 3: Industry Developments - The medical imaging sector is seeing differentiation with companies like Yimai Sunshine (02522) rising over 7% due to a unique approach combining traditional service sharing and AI data ecosystems [2] - The cryptocurrency sector remains volatile, with Bit Origin (BTOG.US) shares falling 6.93% despite Bitcoin reaching a new all-time high of $124,474, driven by expectations of a more accommodative monetary policy from the Federal Reserve [5] - The copper industry is facing challenges, as major companies like Rio Tinto (RIO.US) and BHP (BHP.US) saw declines in shares due to a significant downward revision of Chile's copper production growth forecast for 2025 [6]

Core Viewpoint - NetEase Cloud Music (09899) experienced a stock price increase of over 5%, reaching HKD 284 with a trading volume of HKD 174 million following the release of its interim results for the six months ending June 30, 2025 [1] Financial Performance - The company reported revenue of RMB 3.827 billion for the interim period [1] - Profit attributable to equity holders reached RMB 1.885 billion, marking a year-on-year increase of 132.83% [1] - Basic earnings per share were RMB 8.96, with adjusted net profit at RMB 1.946 billion, reflecting a year-on-year increase of 120.99% [1] - The gross margin for the first half of the year was 36.4%, the highest for the company during the same period historically [1] Business Segments - Online music service revenue amounted to RMB 2.97 billion, showing a year-on-year growth of 15.9% [1] - Monthly active users continued to grow steadily, with the daily active users to monthly active users ratio remaining above 30% [1] - Revenue from subscription services increased from RMB 2.14 billion in the first half of 2024 to RMB 2.47 billion in the current half, representing a growth of 15.2% [1]

Core Viewpoint - NetEase Cloud Music (09899) experienced a stock price increase of over 5%, reaching 284 HKD with a trading volume of 174 million HKD following the release of its interim results for the six months ending June 30, 2025 [1] Financial Performance - The company reported a revenue of 3.827 billion RMB for the interim period [1] - Profit attributable to equity holders reached 1.885 billion RMB, marking a year-on-year increase of 132.83% [1] - Basic earnings per share were 8.96 RMB, with adjusted net profit at 1.946 billion RMB, reflecting a year-on-year increase of 120.99% [1] - The gross margin for the first half of the year was 36.4%, the highest for the company during the same period historically [1] Business Segments - Online music services generated revenue of 2.97 billion RMB, showing a year-on-year growth of 15.9% [1] - Monthly active users continued to grow steadily, with the daily active users to monthly active users ratio remaining above 30% [1] - Revenue from subscription services increased from 2.14 billion RMB in the first half of 2024 to 2.47 billion RMB in the current year, representing a growth of 15.2% [1]

Market Overview - The Hong Kong stock market opened lower, with the Hang Seng Index down 0.77% at 25,322.1 points, the Hang Seng Tech Index down 1.2% at 5,509.09 points, and the National Enterprises Index down 0.81% at 9,054.94 points [1] - Technology stocks collectively declined, with Alibaba down 2.05%, Tencent down 0.51%, JD Group down 2%, Xiaomi down 1.13%, NetEase down 2.6%, Meituan down 2.01%, Kuaishou down 1.33%, and Bilibili down 1.06% [1] - Biotechnology stocks saw some gains, with Yinuo Pharmaceutical opening over 285% higher on its first trading day [1] - Cryptocurrency-related stocks fell, with OKLink down over 7% [1] - Chinese brokerage stocks corrected, with Guolian Minsheng down over 1% [1] Company News - China Telecom reported a revenue of 271.5 billion yuan for the first half of the year, a year-on-year increase of 1.3%, and a net profit of 23 billion yuan, up 5.5% [2] - CK Hutchison Holdings recorded a revenue of 240.663 billion HKD for the first half, a 3.45% increase, but a net profit of 0.852 billion HKD, down 91.65% [2] - Longfor Group reported a revenue of 25.386 billion HKD, a 15.3% increase, but a net profit of 6.302 billion HKD, down 26.7% [2] - JD Group's second-quarter revenue was 356.7 billion yuan, a 22.4% increase, but net profit fell approximately 50.8% to 6.2 billion yuan [2] - JD Logistics reported a revenue of 98.532 billion yuan for the first half, a 14.11% increase, and a net profit of 2.58 billion yuan, up 13.93% [3] - JD Health reported a revenue of 35.29 billion yuan, a 24.5% increase, and a net profit of 2.596 billion yuan, up 27.45% [4] - NetEase reported a revenue of 56.72 billion yuan, an 8.37% increase, and a net profit of 18.902 billion yuan, up 31.33% [5] - NetEase Cloud Music reported a revenue of 3.827 billion yuan, a 6% decrease, but a net profit of 1.946 billion yuan, up 121% [6] - China National Pharmaceutical Group reported a revenue of 36.797 billion yuan, a 2.62% decrease, and a net profit of 0.666 billion yuan, down 10.43% [6] - MTR Corporation reported a revenue of 27.36 billion HKD, a 6.5% decrease, but a net profit of 7.709 billion HKD, up 27.5% [6] - Weibo reported a revenue of approximately 842 million USD, a 0.99% increase, and a net profit of approximately 233 million USD, up 44.17% [7] - Geely Automobile's Zeekr Group reported a second-quarter automotive sales revenue of 22.916 billion yuan, a 2.2% increase [8] Industry Insights - According to China Merchants Securities, the current market is characterized by liquidity-driven dynamics, with market sentiment cooling regarding domestic policy expectations [13] - Guotai Junan Securities suggests focusing on high-barrier industries such as public utilities and rare earths, as well as sectors benefiting from product exclusivity and AI advancements [13] - The steel industry is expected to gradually recover from losses, with market-driven supply adjustments beginning to take effect [14]

来源：金融界 2025年上半年，会员订阅收入同比增长15.2%，集团的毛利率于2025年上半年达到36.4%，相较2024年 同期显着提升。 8月14日消息，网易云音乐发布截至2025年6月30日止6个月的中期业绩，该集团取得收入人民币38.27亿 元;公司权益持有人期内利润18.85亿元，同比增加132.83%;每股基本盈利8.96元;经调整净利润19.46亿 元，同比增加120.99%。 在线音乐服务收入由截至2024年6月30日止6个月的人民币25.6亿元增加15.9%至截至2025年6月30日止6 个月的人民币29.67亿元。会员订阅服务收入由截至2024年6月30日止6个月的人民币21.44亿元增加至截 至2025年6月30日止6个月的人民币24.7亿元。每月活跃用户总数保持稳定增长势头。 ...