随着冬日到来，北方多地冰雪季开启。日前，辽宁省文旅厅印发《2025—2026年冰雪季辽宁省文体旅高质量融合发展若干举措》（以下简称《举措》）。其 中提到，以大众冰雪为核心，持续扩大冰雪消费能级。力争2025—2026年冰雪季实现全省接待游客人次同比增长15%，旅游综合收入同比增长13%，推动冰 雪经济成为辽宁振兴发展新引擎。 11月5日至12日，吉林省政府也就新雪季连续召开三场新闻发布会。吉林省文旅厅表示，本雪季，吉林定下的发展目标是：接待冰雪游客突破1.8亿人次，游 客出游总花费达3300亿元以上，两项指标均实现两位数增长。 不久前，黑龙江省人民政府办公厅亦印发《黑龙江省冬季冰雪旅游"百日行动"实施方案（2025—2026年）》，聚焦打造世界级冰雪旅游度假胜地和冰雪经济 高地，力争实现接待游客数量、游客总花费同比分别增长10%、15%以上。 黑龙江加快打造国际冰雪旅游度假胜地和冰雪经济高地，到2030年的目标是，冰雪消费成为扩大内需重要增长点，冰雪产业总产值突破4500亿元。 不过此前也有声音指出，推动冰雪经济发展，还要着力提升服务质量与体验，避免同质化竞争，推动冰雪产业从粗放式扩张向精细化运营转变。尤其对 ...

Group 1: Tencent - Tencent's Q3 performance exceeded expectations, particularly in the international gaming segment, which saw a revenue increase of 43% year-on-year [1] - Despite challenges from short video platforms, the gaming industry has returned to growth, with Tencent's stock rising 58% due to gaming growth [1] - Other business segments also performed better than expected, attributed to the application of AI improving operational efficiency [1] Group 2: Bilibili - Bilibili's Q3 results showed a 9% year-on-year increase in daily active users and an 8% increase in monthly active users, indicating stable growth [2] - Revenue grew by 5% year-on-year to 7.7 billion RMB, with a continuous improvement in gross margin and a 7% increase in net profit margin, likely due to AI applications reducing costs [2] - Despite a 15% decline in gaming revenue, Bilibili managed to maintain overall growth, demonstrating less dependency on gaming [2] Group 3: JD.com - JD.com's Q3 results were slightly better than expected, but the company reported a loss of 1.1 billion RMB due to a 15 billion RMB investment in the food delivery business [3] - The e-commerce growth rate declined from 20.6% to 14.9%, with future growth potentially dropping below 5% if government subsidies cease [3] - The company has significant operational costs associated with its food delivery service, making it challenging to achieve profitability in that segment [3] Group 4: SMIC - SMIC reported Q3 revenue of 17.16 billion RMB, a year-on-year increase of 9.9%, and a net profit of 1.52 billion RMB, up 43.1% year-on-year [4] - The company's valuation is difficult to assess using traditional metrics like P/E ratio, as its value is more closely tied to technological advancements [4] Group 5: Kioxia - Kioxia's latest quarterly report showed a 60% year-on-year decline in net profit, leading to a significant drop in the global memory sector [5] - The U.S. Federal Reserve's hawkish stance contributed to declines in major stock indices, impacting global markets [5]

Core Viewpoint - The A-share market demonstrates resilience against the backdrop of a significant decline in the US stock market, with historical data indicating a low correlation between the Nasdaq and the Shanghai Composite Index [1][3][5]. Market Performance - The US stock market experienced a sharp decline, with the Nasdaq falling by 2.29%, the S&P 500 down by 1.66%, and the Dow Jones also decreasing by 1.66%. Notably, Tesla dropped nearly 7% and Nvidia fell by 3.58% [3]. - In contrast, the A-share market showed a strong performance, with all three major indices rising significantly, and the Shanghai Composite Index maintaining the 4000-point level [5]. Policy Environment - The A-share market's relative independence is attributed to the ongoing supportive macroeconomic policies in China, contrasting with tightening measures in the US and Europe. There are rising expectations for further policy support ahead of the Central Economic Work Conference [5][10]. - The valuation advantage of A-shares, with the CSI 300 index's price-to-earnings ratio at 12.5 times and a dividend yield of 2.83%, attracts funds seeking safety amid global asset scarcity [5][10]. Investment Opportunities - The market is witnessing a rotation among policy-sensitive sectors, with AI applications, solid-state battery concepts, and cyclical sectors like titanium dioxide and phosphorus chemicals showing strength [7][8]. - Historical data suggests that A-shares have lower correlation with US market movements, indicating potential for valuation increases when US fundamentals weaken while Chinese fundamentals improve [8][10]. Market Sentiment and Participation - Market sentiment remains stable, with no signs of panic selling, as investors focus on domestic economic improvements rather than external market fluctuations [8][11]. - Trading volumes have remained active, with daily turnover exceeding 1 trillion yuan, reflecting high market participation and confidence despite external pressures [11]. Long-term Outlook - Professional investors believe that the current market levels present long-term investment value, with a shift towards value investing and a reduction in speculative behavior [11]. - The resilience of quality assets during external shocks is highlighted, suggesting that companies that withstand current market challenges are likely to excel in future performance [11].

在深圳的一个动捕基地，《黑神话：悟空》主角的主要动捕演员殷凯在演出中利用肢体动作展现游戏角色特 点。（新华社发） 【深圳商报讯】（记者 范宏韬）深圳市委宣传部、深圳市文化广电旅游体育局近日联合印发《深圳市加快游 戏产业高质量发展三年行动计划（2025-2027年）》（以下简称《行动计划》），谋划深圳游戏产业未来发展 方向并提出具体举措，持续支持深圳游戏产业做大做强，明确到2027年建成具有全球影响力的游戏产业创新 高地，打造中国游戏出海第一城。 产业发展走出"加速度" 近年来，游戏产业已成为深圳数字经济的重要增长点和文化出海的重要载体，孕育了腾讯、创梦天地、冰川 网络等头部企业，上市公司13家，也涌现出一大批中小型创新团队，从业人员超过20万人，形成了较大的产 业规模和较为完善的产业链条。据统计，2024年深圳游戏产业营收规模达1807.02亿元，其中国内营收规模达 到1572.22亿元，增速7.71%，约占广东60.37%，占全国48.26%；出海营收规模234.8亿元，同比增长4.4%，约 占广东55.43%，占全国17.31%。 今年8月，深圳市委宣传部、深圳市文化广电旅游体育局联合印发了《深圳市推动数 ...

苹果15%抽成新规带来的是喜还是忧？ 从表面看，15%的抽成比例较此前降低一半，对长期承受高比例分成压力的游戏开发者而言，似乎是实 打实的福利。但深入拆解政策便会发现，苹果的这一动作，本质上是在用让利换取控制权。 对于这一新规，国内游戏企业又如何看待？ 游戏厂商和渠道之间的博弈再次迎来重大节点。 11月14日，苹果官网一则公告激起千层浪。苹果正式推出"小程序合作伙伴计划"（Mini Apps Partner Program），对符合条件的小程序内交易仅抽取15%佣金。经过长时间的博弈拉锯，苹果与腾讯终于就 微信小程序的"苹果税"达成一致。 表面看来，这无疑是给开发者送上一份"甜蜜大礼"。但细究规则便会发现，这份"礼物"暗藏玄机。苹果 方面表示，开发者若想享受优惠，前提是必须在应用开发过程中深度集成苹果官方提供的软件技术。例 如，使用苹果系统记录用户购买历史、验证用户年龄，以及通过苹果官方渠道处理应用内支付。 无疑，苹果此举暗藏生态整合的野心，影响深远且复杂。小程序生态或将迎来新的发展机遇，但游戏厂 商与渠道平台的博弈也将进入新阶段。尤其在用户数据、支付等核心环节，游戏公司将如何平衡苹果生 态的"甜蜜与枷锁"？ ...

| | 国泰海通证券 | | --- | --- | | 1 | GUOTAI HAITONG SECURITIES | | | 目 录 | | | --- | --- | --- | | | 每日报告精选（2025-11-13 09:00——2025-11-14 15:00） 2 | | |  | 宏观快报点评：《M1 同比回落：哪些因素》2025-11-14 | 2 | |  | 宏观专题：《"高市经济学":影响有多大》2025-11-13 | 2 | |  | 行业跟踪报告：储能设备及系统集成《海博思创与宁德时代签订 3 年不低于 200GWh 的合作协议，阿特斯获 | | | | 海外储能大单》2025-11-13 | 3 | |  | 行业双周报：综合金融《AI 应用，投资扩张，发展加速》2025-11-13 | 4 | |  | 行业跟踪报告：半导体《重视消费级存储价格弹性；NOR 报价大幅提升》2025-11-13 | 4 | |  | 行业专题研究：水泥制造业《水泥出海国别研究之津巴布韦》2025-11-13 | 5 | |  | 行业跟踪报告：投资银行业与经纪业《存量基金净流出 ...

↑点击上面图片 加雪球核心交流群 ↑ 以下是部分内容精选： 一、 个人成长：做对的事，比把事情做对更重要 这是段永平自步步高"退休"20多年后的罕见视频访谈。 在11月11日雪球出品的专业对话栏目《方略》第三季首期节目中，雪球创始人方三文与段永平，围 绕投资理念、企业文化与长期主义展开了一场罕见的思想碰撞。 1.童年安全感：父母信任是理性的基石 我出生在南昌，6岁左右跟父母下放到江西安福县，有哥哥和妹妹，我觉得父母对我们都挺好，不像 现在很多父母对孩子就很卷，逼小孩这个那个。 首先，父母要充分信任。 那时候我爸妈好像不太怎么管我，没有太多的要求，所以我觉得比较有安全感，我从小就习惯自己 做决策，这可能与我的父母有很大关系。 我父母就充分信任我们，现在我自己做不到的事情，也不再要求我的小孩。 其次，设定边界，增加安全感 什么是边界？ 边界即告诉他什么东西不能做，我认为这很重要。 对于孩子而言，给他们安全感非常重要。如果没有安全感，人就很难理性。父母做的所有事情都是 为了给孩子增加安全感。 相反，降低安全感的事情不应该做，比如打孩子、呵斥孩子。如果你不打，他就不听话，那需要寻 找其他解决办法。 我觉得孩子不需要靠 ...

浦银国际研究 公司研究 | 互联网行业 哔哩哔哩（BILI.US/9626.HK）：流量 增长提速，广告业务保持强劲 利润优于预期：公司 3Q25 收入人民币 77 亿元，同比增长 5.2%，符 合市场预期；毛利率环比改善至 36.7%；调整后净利润 7.9 亿元，优 于市场预期的 6.4 亿元，调整后利润率环比提升 2.5pp 至 10.2%。 流量增长提速，广告业务保持强劲：3Q25 公司用户流量实现快速增 长，DAU 同比增长 9.3%至 1.17 亿，MAU 同比增长 8.0%至 3.76 亿， 用户日均时长达到 112 分钟，均创历史新高。随着公司平台优质内容 的持续丰富，我们预计公司流量将保持良好增长态势。3Q25 广告收 入实现了 23%的同比快速增长，主要由于公司广告供应改善及广告效 益提升。我们看好公司广告业务份额的持续扩张，主要考量因素包括 1）流量的持续增长；2）核心人群广告价值的提升；和 3）广告形式 的丰富和库存的拓展。我们预计公司今年四季度广告收入有望维持 20%以上的增速。 自研新游取得亮眼成绩。由于高基数影响，3Q25 游戏收入同比减少 17%。《三国：谋定天下》表现符合预期， ...

来源：投资家 来源 | 雪球 01 核心原则：买股票就是买公司 我退休后搬到加州生活，心想不可能天天24小时打球，也不会找份工作。所以后来就想着，投资好像跟 生意有关，跟企业有关系。 于是我就研究研究，也买了很多书，包括看图看线，看不懂。那有很多人说，我这一工科出来的人，怎 么这图就看不懂？ 他们能得出这样的结论、那样的结论，直到后来我看到老巴（股神巴菲特）"买股票就是买公司"这一句 话，突然就明白了，这句话就够了。 因为剩下的就是你怎么看公司，那不是老巴能够教的，你不懂企业，跟你讲多少理论也是白讲。 我觉得懂生意很重要，不懂生意投资是很难做的。 我的投资理念是"买股票就是买公司"。后面还有一句话，你要看懂公司，这个很难。 我可以教大家一个赚钱的办法，你就买标普500指数，你最后总是赚钱，但是这不等于你就懂了，但你 要是真的这样做，其实也表示你是懂了。 02 实战案例 投资，1%的人真懂，99%的人误解。 为什么说投资很简单，但是不容易？ 说简单，就是你一定要看公司，你一定要看懂生意，你也要看懂未来的现金流；说难，是难在你很难做 到这一点，大部分公司都不容易看懂。 我看在雪球上那些球友们，能有1%的人真懂这句 ...

Core Viewpoint - Tencent aims to integrate AI capabilities into its ecosystem, with a vision for WeChat to eventually launch an AI agent that understands user needs and can perform various tasks within its ecosystem [15]. Financial Performance - In Q3 2025, Tencent reported a total revenue growth of 15% year-on-year, with gross profit increasing by 22% and operating profit rising by 18% according to non-IFRS standards [4]. - All three main business segments showed double-digit growth: Value-added services grew by 16% to RMB 95.9 billion; Marketing services increased by 21% to RMB 36.2 billion; and FinTech and Business Services rose by 10% to RMB 58.2 billion [4]. Gaming Sector - Tencent's gaming revenue experienced a high growth rate of 23%, with domestic market growth at 15% and international market growth at 43% [5]. - The success of new games like "Delta Action" and the sustained performance of long-standing titles such as "Honor of Kings" contributed to this growth [5][11]. - "Delta Action" is positioned to become a leading title in the Chinese gaming market, with plans for platformization to enhance user-generated content and expand gameplay [9][10]. Advertising and AI Integration - The advertising business saw a 21% revenue growth, driven by increased ad loading rates and AI-driven ad targeting [13]. - Tencent launched AIMarketingPlus, an automated advertising solution that enhances marketing ROI for advertisers [13]. - AI services are also boosting enterprise service revenue, with significant growth attributed to increased demand for AI solutions [13][14]. Future Outlook and Capital Expenditure - Tencent's ideal blueprint includes the development of an AI agent within WeChat, leveraging its extensive ecosystem to serve as an ideal assistant for users [15]. - Capital expenditures are expected to decrease in 2025 compared to previous guidance but will remain higher than in 2024 [16].