Group 1 - Tencent Holdings announced a share buyback plan on August 25, 2025, with an expenditure of HKD 550 million to repurchase 895,000 shares [1] - The buyback price range is set between HKD 608.5 and HKD 620 per share [1]

智通财经APP讯，腾讯控股(00700)发布公告，于2025年8月25日，该公司斥资5.51亿港元回购89.5万股。 ...

Group 1 - The "Internet Celebrities Visit Shenzhen" theme event was launched to celebrate the 45th anniversary of the Shenzhen Special Economic Zone, aiming to showcase the city's high-quality development and innovative spirit through various media platforms [1][3][4] - The event is supported by multiple organizations, including the Shenzhen Municipal Internet Information Office and the Shenzhen Self-Media Association, along with corporate sponsors like BYD, Ping An Bank, and Meituan [3][4] - The event's launch ceremony took place at the Shenzhen International Trade Center, symbolizing the historical and modern significance of Shenzhen's rapid development [4][6] Group 2 - The Deputy Director of the Shenzhen Municipal Internet Information Office expressed hopes that influencers would capture the essence of Shenzhen's transformation and innovation through their unique perspectives [6][8] - The event includes a four-day exploration of various key areas in Shenzhen, such as BYD's global innovation center and the jewelry industry in Luohu, highlighting the city's economic diversity and technological advancements [14][15] - A special light show featuring drone technology is scheduled for the evening of August 26, showcasing Shenzhen's capabilities in smart manufacturing and artistic integration [15][18] Group 3 - The event encourages public participation through a social media campaign titled "45 Reasons to Love Shenzhen," inviting users to share their personal stories related to the city [15][18] - The initiative aims to create a collective narrative around Shenzhen's development, reinforcing its role as a symbol of China's reform and opening-up [18]

Group 1: Market Activity - Southbound funds recorded a net sell of HKD 1.376 billion on August 25, with notable net buys in Alibaba-W (HKD 586 million), Kuaishou-W (HKD 471 million), and ZTE Corporation (HKD 407 million) [1] - The largest net sell was in the Yingfu Fund (HKD 2.352 billion) and Xiaomi Group-W (HKD 1.525 billion) [1] - Southbound funds have continuously net bought Tencent for 7 days, totaling HKD 6.21391 billion, and Meituan for 4 days, totaling HKD 2.64745 billion [3] Group 2: Company Performance - Alibaba-W's stock increased by 5.5%, with a net buy of HKD 623 million, while its trading volume was HKD 6.576 billion [3] - Tencent Holdings reported a 15% year-on-year revenue increase in Q2 2025, with a gross profit margin up by 22% [5][6] - Xiaomi Group's automotive revenue grew by 40% year-on-year, with a gross margin reaching 26.4%, marking a historical high [6] Group 3: Industry Insights - The National Development and Reform Commission and other agencies are drafting rules for internet platform pricing, which may lead to e-commerce platforms maintaining subsidies to secure market share [5] - Dongfang Zhenxuan is projected to see a 32.7% decline in sustainable revenue for FY2025, primarily due to the divestment of a subsidiary [5] - The domestic AI chip market is expected to grow as local design and manufacturing technologies improve, supported by the development of domestic large models [6]

作者 | 哥吉拉 数据支持 | 勾股大数 据（www.gogudata.com） 今天， A 股再创历史性时刻！ 截至收盘，沪指再度大涨 1.51% ， A 股总成交 3.177 万亿元，仅次于 2024 年 10 月 8 日的 3.48 万亿元， 创下历史上第二个成交额超 3 万亿的记录。 这一次， A 股没有当初的疯狂，却有了相近的成交额，足以见证市场对牛市的信心正在急速飙升。 指数 "破百"速度越来越快，从今年 5 月中美释放暂停互加关税的重磅利好以来，沪指： 从 3400 点到 3500 点：用时 58 个交易日； 从 3500 点到 3600 点：用时 12 个交易日； 从 3600 点到 3700 点：用时 22 个交易日 ； 从 3700 点到 3800 点：用时 8 个交易日。 到今天，沪指收涨 3883.56 点，距离下一个破百点位仅一步之遥，而目前仅用时 1 天。 A 股的全面牛市行情，已是不容置疑的事实。 今天，板块科技股继续引领全市场，吸引海量资金跑步入场追注，同时这股热潮也快速蔓延了港股市场。 截至港股收市，恒指、恒生科技指分别大涨1.94%、3.14%，其中蔚来、百度、阿里、网易、 ...

Core Viewpoint - Recently, it has been reported that NetEase has increased its stake in Pinduoduo, confirmed by the company's 13F filing on August 14, which shows holdings in both Youdao and Pinduoduo [2]. Group 1: Holdings Information - NetEase holds approximately 2.898 million shares of Youdao and about 3.555 million shares of Pinduoduo [2]. - The acquisition of Pinduoduo shares is inferred to have occurred in the second quarter, as the previous report on May 8 only listed holdings in Youdao [2]. - As of the end of the second quarter, the value of NetEase's Pinduoduo shares is approximately $370 million, equivalent to about 2.6 billion RMB, with a per-share value of around $104 [6]. Group 2: Market Context - On August 22, the closing price of Pinduoduo was $127.11, indicating a potential appreciation in value since the reported acquisition [6].

8月25日，港股三大指数强势收涨。 恒生科技指数一马当先，最终上涨3.01%再度突破5800点整数关口，且刷新阶段新高；恒生指数涨 1.94%上扬近500点逼近26000点大关；国企指数涨1.85%，市场做多情况高涨。 | 名称 | | 最新价 | 涨跌额 涨跌幅 | | --- | --- | --- | --- | | 恒生指数 | Mark | 25829.91 | +490.77 +1.94% | | 800000 | | | | | 国企指数 | Nowney | 9248.00 | +168.07 +1.85% | | 800100 | | | | | 恒生科技指数 | WWW JAN | 5825.09 | +177.41 +3.14% | | 800700 | | | | 盘面上，权重科技股拉升领涨大市，稀土概念股涨幅明显，铜、黄金等有色金属股齐涨；高盛指稳定币 淘金热刚开始，稳定币概念股集体上涨；上海优化房地产政策，内房股全天表现强势，万科企业涨近 10%领衔；濠赌股、脑机接口概念、钢铁、家电、餐饮、半导体芯片等纷纷上涨。 另一方面，消费电子概念股普遍下跌，电子烟巨头思摩尔国际逆势下跌4.6 ...

证券研究报告·策略报告·策略点评 策略点评 20250825 Jacksonhole 会议：更鸽的鲍威尔，更热的市 场？——港股&海外周观察 JacksonHole 会议基调偏"鸽"，暗示 9 月降息。我们认为鲍威尔在 Jackson Hole 会议上发表演讲主要有以下三点重点关注： 一是，暗示降息已不远。鲍威尔表示"风险平衡的变化可能要求调整政 策立场"，就业下行风险上升，关税对通胀的影响或是"一次性"的， 这意味着对美联储来说，现在就业是比通胀更大的风险，几乎证实了 9 月降息即将到来。 二是，修订货币政策框架，降息约束放松。鲍威尔调整新框架：（1）放 弃"平均通胀目标"，回归灵活的通胀目标制框架，删除有效利率下限 （ELB）相关措辞；（2）删除"充分就业目标是为了应对"缺口"的表 述。 三是，指出经济增长放缓。鲍威尔指出美国 2025 年经济相较于 2024 年 显著放缓。 短期来看，我们认为美股以震荡上行为主。一是，9 月降息大门已经打 开。从数据来看，除非 9 月议息会议前就业人数大幅增加超过 15 万人， 且通胀环比增速>0.4%，否则 9 月降息基本"板上钉钉"；从表态来看， 大多数美联储票委的 ...

Core Viewpoint - The AI market is transitioning from a focus on overseas computing power to a broader expansion into domestic computing power and downstream software applications, marking the beginning of a new phase in the AI ecosystem [1][2][6] Domestic Computing Power Expansion - Since late July, there has been a notable shift in the AI market towards domestic computing power and downstream applications, with significant gains observed in domestic computing power on August 22 [2][6] - The current expansion phase is still in its early stages, with numerous sub-sectors within domestic computing power and applications that warrant attention [1][2] Performance Comparison - Since June, the North American computing power chain has outperformed other sectors, with light modules and PCBs seeing increases of 102.3% and 91.3% respectively, while most other sectors have seen gains below 40% [2][5] - The price comparison between North American and domestic computing power chains remains high, indicating that domestic computing power has room for growth [5] Catalysts for Expansion - Recent developments, such as the release of the DeepSeek V3.1 model tailored for next-generation domestic chips, are reinforcing confidence in the domestic AI ecosystem and its potential for growth [6] - Anticipated catalysts include increased domestic chip production, renewed capital expenditures from major companies, and the upcoming release of DeepSeek R2 [6] Focus Areas for Investment - The focus for future investments should include the expansion of the domestic computing power chain (semiconductor equipment and materials) and the domestic downstream application sector (Hong Kong internet and software applications) [6][10] - The Hong Kong internet sector has underperformed compared to the A-share TMT industry since June, but it presents multiple rebound opportunities due to external liquidity sensitivity and accelerated domestic computing power replacement [6] Software Applications - The rapid advancement of domestic open-source models, exemplified by DeepSeek V3.1, enhances confidence in the domestic AI application landscape [13] - There is a growing focus on midstream software services (SAAS, AI agents, industry-specific software) and downstream applications (gaming, humanoid robots, e-government), as the upstream computing power market continues to expand [13]

智通财经APP获悉，2025年8月25日当天，中芯国际(00981)、阿里巴巴-W(09988)、腾讯控股(00700)位 居沪港通（南向）成交额前3位，成交额分别为70.23 亿元、65.76 亿元、41.79 亿元；中芯国际 (00981)、阿里巴巴-W(09988)、腾讯控股(00700) 位居深港通（南向）成交额前3位，成交额分别为46.06 亿元、45.68 亿元、32.66 亿元。 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 中芯国际(00981) | 70.23 亿元 | -8.78 亿元 | | 阿里巴巴-W(09988) | 65.76 亿元 | -3630.63 万元 | | 腾讯控股(00700) | 41.79 亿元 | +3.33 亿元 | | 小米集团-W(01810) | 40.25 亿元 | -8.87 亿元 | | 美团-W(03690) | 36.09 亿元 | +2.75 亿元 | | 华虹半导体(01347) | 33.98 亿元 | -2663.84 万元 | | 东方甄选(01797) | ...