证券研究报告 | 2025年07月15日 国信互联网观点： 预计二季度收入增长 12%，经调整归母净利润增长 13%。预计二季度网络广告持续收益广告库存释放和 AI； 游戏业务长青游戏表现良好；金融科技业务环比略有恢复。具体来看： ①游戏方面，长青游戏表现良好。25Q2，我们预计公司网络游戏业务收入为 560 亿元，同比增长 15%。预 计国内游戏收入同比增长 16%。老游戏基本盘稳固增长，次新游戏逐步长青，《三角洲行动》流水持续攀 升，4 月 DAU 峰值突破 1200 万。海外延续较好增长，预计同比增长 14%，4 月下旬腾讯《三角洲行动》正 式推出海外版《Delta Force》，并获得了海外多个市场下载榜冠军。 ②广告方面，维持快速增长。2025Q2，我们预计腾讯网络广告收入为 352 亿元，同比增长 18%。腾讯广告 在宏观下整体稳健，并且视频号等流量稳健增长，陆续开放更多广告。腾讯运用 AI 提升用户画像精准度， 并加强用户匹配。广告技术提升（AI、CPU 转 GPU 等）也继续驱动腾讯广告增长。 ③金融科技及企业服务，收入侧略有加速。25Q2，我们预计金融科技及企业服务收入为 545 亿元，同比 ...

花旗分析师Louis Tsang等在报告中指出，H20重启销售将对中国IDC(互联网数据中心)行业影响积极，重申买入世纪互联和万国数据。 Tsang表示，如果英伟达最终能向中国云服务提供商出售H20库存，可能会产生更多订单，并驱动世纪互联和万国数据税息折旧及摊销前利润和营 收上行。 英伟达宣布重启H20芯片对华销售，推动中国云服务商和数据中心板块全线上涨。 周一，阿里巴巴港股大涨近7%，金山云和万国数据均大涨超10%，推动恒生科技指数涨超2%。 据央视新闻，英伟达公司创始人兼首席执行官黄仁勋今天在接受总台央视记者采访时宣布，美国已批准H20芯片销往中国。 花旗和杰富瑞分析师表示，H20芯片重启销售将对中国互联网数据中心行业产生积极影响，并看好相关个股表现。同时，这一消息有望为英伟达 今年增加数十亿美元收入，同时提振中国AI相关企业发展前景。 分析师看好国内数据中心板块 H20重启对华销售的消息公布后，英伟达美股大涨近5%，推动纳指上涨。 据媒体报道，英伟达RTX6000D在2025年的出货量将有100-200万片，这也对相关公司构成利好。 杰富瑞分析师Thomas Chong等人在报告中称，英伟达消息利好超大 ...

Core Insights - Kingsoft Cloud made its debut on the Hong Kong Stock Connect active trading list on July 15, marking its first appearance in the past month [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 485.32 billion, accounting for 32.19% of the day's total trading amount, with a net sell amount of HKD 4.08 billion [1] Trading Activity Summary - Alibaba-W had the highest trading volume at HKD 115.93 billion, followed by Tencent Holdings at HKD 65.87 billion and Meituan-W at HKD 63.15 billion [1] - The most frequently listed stocks in the past month were Alibaba-W and Tencent Holdings, each appearing 21 times, indicating strong interest from Hong Kong Stock Connect investors [1] - Kingsoft Cloud recorded a trading volume of HKD 41.33 billion on its first appearance, with a net buying amount of HKD 0.15 billion and a closing price increase of 16.81% [1] Active Stocks List - The active stocks on July 15 included: - Tencent Holdings: Trading amount HKD 65.87 billion, net sell HKD 8.31 billion, closing price HKD 517.500, daily change +3.50% [1] - Xiaomi Group W: Trading amount HKD 42.78 billion, net sell HKD 5.25 billion, closing price HKD 57.650, daily change +0.61% [1] - Alibaba W: Trading amount HKD 115.93 billion, net sell HKD 0.03 billion, closing price HKD 113.500, daily change +6.97% [1] - Meituan-W: Trading amount HKD 63.15 billion, net buy HKD 6.47 billion, closing price HKD 126.200, daily change +4.38% [1] - Kingsoft Cloud: Trading amount HKD 41.33 billion, net buy HKD 0.15 billion, closing price HKD 7.920, daily change +16.81% [1]

外卖补贴大战拖累下，港股互联网科技股还能投吗？ 外卖补贴大战带来的超低价，一时间让消费者得利、商家涨单、骑手增收。但是，对于股票市场上的普通投资 者来说，股价担忧上升，多只大型港股科技股连续两个月遭遇净流出。外卖大战拖累下的互联网科技股还能投 吗？ 对此，多家私募机构最新发声认为，虽然高额补贴并不可持续，但是互联网科技公司的股价低迷也提供了不错 的赔率，同时AI依然能够对行业带来促进，显著降低了技术颠覆和互联网流量入口重构的风险。互联网平台 公司可以在生态黏性的保护下，更从容地探索AI带来的未来发展空间，进一步增强生态粘性，是一类"进可 攻、退可守"的资产，港股科技板块进入配置窗口期。 港股科技板块回暖 当下，外卖市场激烈混战。美团、京东、淘宝等互联网科技巨头纷纷投入重金，通过补贴大战、技术升级和生 态布局，试图在这个领域占据主导地位。高盛研报表示，仅今年二季度，这三家在上述领域的投入就达到250 亿元。 外卖大战拖累下，普通投资者担忧有所上升，港股科技板块遭遇资金外流。根据港交所数据，6月份内地投资 者通过"港股通"合计净卖出腾讯控股、阿里巴巴和小米股票达464亿港元，这三只大型科技股已是连续第二个 月遭遇 ...

Group 1 - The core viewpoint of the articles indicates that Shenzhen's Grade A office market is experiencing increased vacancy rates and a shift towards aggressive pricing strategies by landlords to attract tenants amid market pressures [1][2] - In the first half of the year, Shenzhen's Grade A office market saw a supply of 352,000 square meters, bringing the total stock to 11.729 million square meters, with an average vacancy rate rising to 30.6% [1] - The leasing activities from sectors such as artificial intelligence, semiconductors, and software services remain relatively positive, while financial and trade sectors show stable demand [1] Group 2 - The office market in key areas like Nanshan, Futian, and Luohu exhibits distinct characteristics, with a focus on intelligent, green, and flexible office space designs gaining traction [2] - The demand for quality office projects in the Houhai area has been driven by the technology, finance, and professional services industries, indicating a growth in leasing activity [2] - Alibaba's real estate management in the Houhai area aims to leverage Shenzhen's strengths in technology innovation and digital economy to foster a cluster of industries centered around digital technology and artificial intelligence [2]

2025年上半年，港股通资金流量创历史新高，南向资金主导市场。港股通累计成交金额为4.8万亿港元， 同比增长50 %，占港股市场总成交额的19%，影响力持续提升。此外，外资回流共振显著。外资通过ETF 等渠道重返港股，iShares MSCI Hong Kong ETF年内净流入超7亿美元，与南向资金形成合力。 | 指标 | 2025H1 | 2024H1 | 同比变化 | | --- | --- | --- | --- | | 累计成交金额(万亿港元) | 4.8 | 3.2 | +50% | | 净流入规模(亿港元) | 7,300 | 1,420 | +414% | | 日均成交额(亿港元) | 2,402 | 1,882 | +27.6% | | 占港股总成交比例 | 19% | 15% | +4pct | 从成交活跃度来看，上半年港股通日均成交金额为2402亿港元，创历史新高，远超2021年牛市水平（1882 亿港元），符合历史"全面牛市"特征。此外，与2021年的市场环境相比，2025年已发生根本性变化——当 前港股估值处于历史低位，而2021年则处于估值高位。这种差异使得当前资金流入更具可持续性 ...

Core Viewpoint - Shanghai is committed to creating a prosperous content ecosystem that emphasizes local storytelling while also reaching a global audience, aiming for a dual win of cultural and commercial value [1][10]. Group 1: Policy Initiatives - The Shanghai Municipal Propaganda Department and the Cyberspace Administration of Shanghai released a document titled "Several Measures to Support High-Quality Internet Content Creation," which includes nine support policies aimed at fostering a global hub for internet content creation [1]. - The policies include financial incentives, such as a maximum reward of 100,000 yuan for impactful content that tells Shanghai and Chinese stories, and up to 1 million yuan annually for public service platforms in designated content creation districts [3][4]. - The document encourages hosting high-profile events to attract global content creators, with funding support of up to 200,000 yuan for individual projects [3]. Group 2: Economic Impact - The policies aim to alleviate the high initial costs and long profit cycles faced by content creators by providing direct financial support [4]. - The focus on Huangpu and Yangpu districts for content creation is strategic, leveraging their existing industry strengths and platform resources [4][6]. - The initiatives are expected to attract more quality content resources to Shanghai, including creators and related AI tools and services [6]. Group 3: Global Outreach - The measures also emphasize promoting Chinese stories internationally, aligning with national strategies to enhance cultural influence [8]. - Platforms like Bilibili and Xiaohongshu are pivotal in this effort, with Bilibili having 368 million monthly active users and Xiaohongshu exceeding 350 million, both fostering a vibrant creator economy [5][6]. - The document highlights the success of companies like Yuewen Group in expanding Chinese web literature overseas, reaching nearly 300 million users across over 200 countries [8].

【导读】港股今日大涨，医药股继续走强，光伏股进入调整 见习记者 储是 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | | 百济神州 | 164.400c | 11.900 | 7.80% | | 石药集团 | 8.590c | 0.600 | 7.51% | | 诺诚健华 | 17.460c | 1.060 | 6.46% | | 丽珠医药 | 32.700c | 1.700 | 5.48% | | 中国生物制药 | 6.370c | 0.300 | 4.94% | | 信达生物 | 85.900c | 3.900 | 4.76% | | 科伦博泰生物-B | 357.600c | 14.800 | 4.32% | | 康哲药业 | 13.080c | 0.540 | 4.31% | | 乐普生物-B | 5.120c | 0.190 | 3.85% | 前海开源基金首席经济学家杨德龙分析称， 2025 年国家医保局新增商保创新药目录 ，明确 2025 年基本医保药品目录调整和商业健康 保险创新药品目录制定将同步进行，该利好政策推动创新药板块大涨。下半年， ...

20:30 美国6月未季调CPI年率/美国6月季调后CPI月率/美国7月纽约联储制造业指数 (格隆汇) 1. 美国三大股指期货涨跌不一，纳指期货涨0.51%，标普500指数期货涨0.3%，道指期货跌0.16%。 2. 欧股主要指数集体上涨，德国DAX指数涨0.18%，英国富时100指数涨0.04%，法国CAC指数涨 0.13%，欧洲斯托克50指数涨0.31%。 3. 美国总统特朗普将宣布关于700亿美元用于人工智能(AI)和能源领域的投资计划。 4. 黄仁勋透露美国已批准H20芯片销往中国，英伟达将推出RTXpro GPU。 5. AMD MI308芯片的许可证申请将进入审查阶段，将重启对华销售。 6. 特斯拉公布Model Y在印度售价高达69,766美元，对比美国售价为44,990美元。 7. 郭明錤：苹果计划2026年下半年量产首款折叠iPhone，将放弃自研而使用三星显示无折痕方案。 8. 消息称Meta超级智能实验室考虑将AI模型Behemoth转为闭源模式。 9. KeyBanc：台积电、英特尔及三星电子2nm代工节点良率分别约为65%、55%、40%。 10. 波音上周末向中国航司交付3架737 ...

Group 1 - The core viewpoint of the article highlights the intense competition among food delivery platforms, which has unexpectedly benefited delivery workers, leading to increased earnings and job opportunities [2][4]. - Promotions such as "25 off 24" and "0 yuan milk tea" have driven daily order volumes to new highs, with figures reaching 80 million, 120 million, and 150 million [2]. - Delivery workers report hourly wages exceeding 100 yuan, with potential monthly earnings surpassing 10,000 yuan, and some even reaching 20,000 to 30,000 yuan [2][4]. Group 2 - The article discusses the concept of high-quality employment, defining it as the realization of workers' rights throughout the employment process [4]. - Experts emphasize that improving employment quality is essential for social stability, fairness, and sustainable development in the context of China's transition from a manufacturing powerhouse to an innovation-driven economy [4][5]. - There is a recognized trade-off between employment quality and quantity, with the need to prioritize job creation while enhancing job quality [5][6]. Group 3 - The discussion on employment quality particularly focuses on flexible employment groups, such as delivery workers, who often lack adequate legal protections [7][8]. - It is suggested that platform workers should be recognized as employees rather than independent contractors to ensure their rights are protected under labor laws [8]. - Collective bargaining mechanisms are proposed as a means to safeguard the rights of flexible workers, although challenges remain regarding representation and membership in labor unions [8].