Core Viewpoint - Tencent's Q3 2025 financial results show robust growth in revenue and profit, driven by AI advancements across gaming, advertising, and enterprise services [2][3]. Financial Performance - Tencent's total revenue for Q3 2025 reached 192.869 billion RMB, a 15% year-on-year increase [2]. - Non-IFRS net profit attributable to shareholders was 70.6 billion RMB, up 18% year-on-year, outpacing revenue growth [2]. - Gross profit increased by 22% to 108.8 billion RMB, with an overall gross margin rising from 53% to 56% compared to the same period last year [2]. AI Development - AI was a central topic during the analyst call, with Tencent emphasizing its positive impact on performance [2]. - Tencent is actively upgrading its mixed Yuan model and expanding top-tier R&D talent, with R&D expenses increasing by 28% year-on-year [3]. - AI chip supply constraints are identified as a limiting factor for cloud business growth, with Tencent prioritizing internal AI model training over external leasing of computing power [3]. Advertising and Gaming Growth - Advertising revenue grew by 21% year-on-year to 36.2 billion RMB, maintaining double-digit growth for twelve consecutive quarters [4]. - Approximately half of the advertising revenue growth is attributed to AI-driven system upgrades and increased ad exposure from platforms like Video Accounts and WeChat Search [5]. - International gaming revenue surpassed 20 billion RMB for the first time, accounting for 32% of total gaming revenue, driven by growth from Supercell games and recent acquisitions [5]. Capital Expenditure and Strategy - Tencent confirmed that its capital expenditure for 2025 will be lower than previously guided, but this does not indicate a slowdown in AI investment [6]. - The adjustment in capital expenditure is related to AI chip supply issues rather than a change in AI strategy [6]. Product Positioning - Tencent differentiates WeChat and QQ from platforms like Facebook and Instagram, focusing on communication and social media functionalities [6]. - WeChat is positioned for a broad audience, while QQ targets younger users, providing a space free from parental oversight [6]. AI Integration in WeChat - Tencent is developing AI capabilities within WeChat, leveraging its extensive user data and ecosystem for intelligent task execution [7]. - The vision for WeChat's AI capabilities is still in early stages, with ongoing efforts to enhance user experience through AI-driven features [7].

世纪华通 20251113 摘要 世纪华通通过收购点点互动和盛趣游戏，转型为互联网游戏公司，并拓 展至 IDC 领域。2023 年盛趣游戏获得《传奇》IP 大陆版权，点点互动 《无尽冬日》营收超 10 亿美元，2025 年 3 月登顶全球手游收入榜， 10 月成为全球 TOP50 手游开发商。 王吉先生持有世纪华通约 15%股份，为实际控制人，腾讯持股约 10%，为第二大股东。公司管理层具备深厚的行业背景和丰富的管理经 验，为公司发展提供有力保障。 世纪华通整体营收呈上升趋势，尤其 2023-2025 年受益于《无尽冬 日》的成功，带动游戏流水增长。2022 年因计提商誉减值而亏损，但 2023 年扭亏为盈，2024-2025 年利润增速显著。移动端游戏和海外收 入占比持续上升。 2025 年 1-6 月国内游戏市场实际销售收入约 1,680 亿元，同比增长 14.08%，为近年来增速最快。国内游戏用户规模达 6.79 亿，同比增长 0.72%。头部产品格局固化，长线运营成熟产品为主导。中国自研游戏 海外收入高速增长，上半年达 95 亿美元，同比增长 11%，主要面向美 国、日本和韩国市场。 Q&A 世纪华通 ...

腾讯控股 20251113 摘要 腾讯第三季度收入为 730 亿人民币，同比增长 18%，非 IFRS 净利润为 710 亿人民币，同比增长 18%，显示出稳健的增长势头。国内游戏业务 增长 15%，国际游戏业务大涨 43%，主要得益于现有游戏及新收购工 作室的贡献。 微信和 WeChat 月活跃用户达到 14 亿，持续增长，巩固了其在社交网 络领域的领先地位。腾讯正系统地打造活跃的交易生态，推动社交电商 业务高速增长，并利用 AI 技术提升商品推荐与销售转化率。 营销服务收入同比增长 21%至 360 亿人民币，得益于所有主要广告主 类别的广告支出增长。腾讯推出自动化广告活动解决方案"AI 营销+"， 帮助广告商提高投资回报率，并积极探索小程序广告潜力。 金融科技与商业服务分部收入为 580 亿人民币，同比增长 10%。商业 支付量增速高于第二季度，线上支付持续快速增长，不良贷款率保持行 业较低水平。云存储及数据管理产品需求增加推动商业服务增长。 腾讯在人工智能领域进行战略投资，提升广告营销、用户参与等业务效 率。混元基础模型团队及其架构持续升级，图像和 3D 生成模型已达行 业领先水平，并增强了大型语言模 ...

Core Viewpoint - Tencent Holdings reported double growth in revenue and net profit for Q3 2025, with a strong emphasis on AI strategy and integration within the WeChat ecosystem, alongside significant growth in both domestic and international gaming markets [4][6]. Financial Performance - Total revenue for Q3 reached 192.87 billion RMB, a year-on-year increase of 15% and a quarter-on-quarter increase of 4% [6]. - Net profit was 63.13 billion RMB, reflecting a year-on-year growth of 19% [6]. - Non-IFRS operating profit was 72.57 billion RMB, up 18% year-on-year, indicating operational leverage and business structure optimization [6]. Revenue Composition by Business Segment - Value-added services revenue grew by 16% to 95.9 billion RMB, with domestic gaming revenue increasing by 15% to 42.8 billion RMB and international gaming revenue soaring by 43% to 20.8 billion RMB [7]. - Online advertising revenue rose by 21% to 36.24 billion RMB [7]. - Financial technology and enterprise services revenue increased by 10% to 58.17 billion RMB, maintaining a steady growth trend [7]. Cash Flow and Shareholder Returns - Tencent demonstrated strong cash flow generation capabilities and continued to actively return value to shareholders through share buybacks [8]. - The company optimized its capital structure, achieving a quarter-on-quarter reduction in net debt [8]. Business Highlights and Strategic Directions 1. **AI Strategy: From Technology Upgrade to Ecosystem Integration** - The company is actively recruiting top research talent for its mixed Yuan model team and has integrated the AI application "Tencent Yuanbao" deeply within the WeChat ecosystem [10]. - Future strategic focus includes developing an "AI Intelligent Body" within WeChat to understand user intent and provide proactive services [10]. 2. **Gaming Business: Significant Internationalization Achievements** - International gaming has become the fastest-growing segment, with revenue increasing by 43% year-on-year [11]. - The company plans to drive internationalization through acquisitions of overseas studios and promoting self-developed games abroad [11]. 3. **Advertising Business: AI-Driven Efficiency Improvements** - Advertising revenue grew by 21% year-on-year, driven by strong demand for video accounts and WeChat search ads [12]. - AI-driven advertising technology is a core growth driver, significantly contributing to revenue growth [12]. 4. **Financial Technology and Enterprise Services: Recovery in Cloud Service Demand** - Financial technology services showed steady growth, with offline commercial payment amounts increasing compared to the previous quarter [13]. - Enterprise services revenue growth improved, benefiting from the recovery in cloud services and related AI solutions [13]. Management Key Statements - President Liu Chiping noted that the current AI competition landscape in China lacks an absolute leader, presenting opportunities for Tencent [14]. - Liu emphasized that AI's efficiency improvements are reflected in revenue and gross profit rather than direct cost reductions [14]. - CEO Ma Huateng highlighted the long-term vision of integrating AI with the WeChat ecosystem to meet complex user needs [16]. Investor Q&A Summary 1. **On Capital Expenditure and AI Strategy Intensity** - Management clarified that the reduction in capital expenditure guidance does not indicate a decrease in AI investment intensity, but rather an improvement in spending efficiency due to better GPU supply [19]. 2. **On Domestic Large Model Competition Landscape** - Management stated that the market is in a phase of intense competition without absolute leaders, with Tencent's advantage being its vast user and scenario ecosystem [20]. 3. **On "Apple Tax" and Mini Game Ecosystem Impact** - Management confirmed constructive communication with Apple regarding revenue sharing for mini-games, aiming to promote the ecosystem's prosperity [21]. 4. **On QQ's Differentiated Positioning** - Management indicated that QQ will maintain a youthful and fun positioning, focusing on serving younger user groups not fully covered by WeChat [22].

11月13日，深圳市举行文化产业推进会。21世纪经济报道记者现场获悉，广东（深圳）游戏企业服务中心、广东（深圳）游戏 出海服务中心正式揭牌成立，均落地南山区。 其中，广东（深圳）游戏企业服务中心重点围绕资源对接、政策梳理、版号咨询和合规服务四大方向开展工作：依托南山在创 新、高校、资本等方面的集聚优势，搭建技术、人才与融资对接平台，推动区内优质资源向全省游戏企业开放共享；系统梳理 各级产业政策，为企业量身定制政策包，推动政策红利"应享尽享"；在上级主管部门指导下，联动广东网络游戏出版联盟等资 源，提供从版号申报、防沉迷系统接入到网络文化经营备案的全流程"一对一"咨询服务，提升运营效率；联合专业法律机构， 提供针对内容审核、数据出海等领域的合规咨询，助力企业规避前端风险。 广东（深圳）游戏出海服务中心落地前海深港现代服务业合作区内的南山街道辖区，将打造集市场研究、政策咨询、创业孵 化、发行运营、人才赋能等功能于一体的士游戏出海服务平台，构建专业化、标准化出海服务模式，为企业提供适配的解决方 案，推动出海企业数量与规模稳步增长，争取游戏出海成为区域经济潜在的新增长点。 21世纪经济报道记者 陈思琦 深圳报道 会上 ...

Group 1 - The core viewpoint is that 2023 is expected to be a year of explosive growth and reshaping of the application landscape for China's open-source large models, progressing in three steps: public cloud value reshaping, platform enterprises empowering large models, and C-end scenario implementation [1] - The gaming sector maintains strong fundamentals with low valuation levels, focusing on new product launches and IP derivative commercialization [1] - Continuous advancements in the AI field are noted, with marginal innovations in multimodal and reasoning directions, such as the Kimi-k2 model supporting long text processing and tool invocation [1] Group 2 - The game ETF (516010) tracks the anime and gaming index (930901), which selects listed companies involved in game development, operation, anime production, and derivative sales to reflect the overall performance of related securities [1] - The anime and gaming index focuses on the cultural and creative industry, covering anime, gaming, and related industry chains, effectively reflecting the development trends and market characteristics of China's anime and gaming industry [1]

Core Viewpoint - The gaming sector is experiencing a positive trend with significant revenue growth, driven by leading companies and a favorable policy environment that supports content development [1][2]. Group 1: Market Performance - On November 14, the gaming ETF (159869) showed a slight decline after opening lower, with mixed performance among its holdings [1]. - As of November 14, the gaming ETF (159869) reached a product scale of 11.441 billion yuan, facilitating investors' access to leading A-share gaming companies [1]. Group 2: Company Earnings - Tencent reported its Q3 2025 earnings on November 13, revealing total revenue from its online gaming business of 63.6 billion yuan, with domestic game revenue at 42.8 billion yuan (up 15% year-on-year) and international game revenue at 20.8 billion yuan (up 43% year-on-year) [1]. Group 3: Industry Outlook - CITIC Securities noted that the gaming industry continues to show high growth in revenue and profits, supported by leading companies and a normalized issuance rhythm of game licenses [1]. - The ongoing refined operations of released games are expected to extend their revenue contributions, while the rich pipeline of leading products provides high certainty for future earnings growth [1]. - The gaming sector is benefiting from multiple catalysts, including AI, content, and changes in commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2].

国盛证券指出，2025年前三季度游戏行业显著回暖，A股游戏板块营收达786.9亿元，同比增长28.3%。 驱动增长的核心因素在于：稳定的版号政策、游戏公司海外收入的快速增长，以及AI技术对游戏研 发、创新和用户体验的深度赋能。AIGC技术已全面渗透游戏开发全流程，不仅大幅提升效率，更催生 了"动态生成游戏"新品类，为行业持续增长注入新动能。 展望未来，AI技术革新、内容生态升级与商业化模式演进，将持续推动游戏板块长期向好。游戏ETF （159869）紧密跟踪中证动漫游戏指数，聚焦动漫游戏领域A股核心资产。 （文章来源：每日经济新闻） 11月14日，游戏板块持续窄幅震荡，游戏ETF（159869）现跌幅有所收敛。持仓股中，迅游科技、名臣 健康、富春股份、天舟文化、国脉文化等涨幅居前；恺英网络、巨人网络、冰川网络、神州泰岳等跌幅 居前。据Wind数据，游戏ETF（159869）最近一月份额增长9.11亿份，截至11月13日，规模已达114.41 亿元，为投资者布局A股游戏龙头提供了便捷工具。 11月13日，深圳市文化产业推进会在前海举办，广东（深圳）游戏出海服务中心和深圳市微短剧出海服 务平台正式揭牌、落户前海， ...

凭借射击赛道的精准卡位与"轻整合"的全球化策略优势，腾讯游戏业务的国际市场收入在今年三季度首次实现单季度收入破200亿元。 11月13日，腾讯控股（HK00700）披露2025年第三季度业绩报告，作为其核心业务的网络游戏板块当期收入636亿元，同比实现双位数增长。其中，国际市 场游戏当期收入为208亿元，同比增43%，本土市场游戏收入为428亿元，同比增15%。 | 增值服務 | 95,860 | 82.695 | 16% | 50% | 49% | | --- | --- | --- | --- | --- | --- | | 營銷服務 | 36.242 | 29.993 | 21% | 19% | 18% | | 金融科技及企業服務 | 58,174 | 53,089 | 10% | 30% | 32% | | 其他 | 2,593 | 1.416 | 83% | 1% | 1% | | 本集團 | 192,869 | 167,193 | 15% | 100% | 100% | ""图片来源：公告截图 在11月13日晚上召开的业绩电话会上，腾讯高管团队就国际业务增长逻辑、射击游戏赛道布局及生态合作等核心问 ...

Key Market Indices Performance - The Hang Seng Index closed at 27,073, up 0.56% year-to-date (YTD) increase of 34.96% [1] - The Hang Seng Tech Index closed at 5,981, up 0.80% with a YTD increase of 33.87% [1] - The Shanghai Composite Index closed at 4,029, up 0.73% with a YTD increase of 20.22% [1] - The Dow Jones Index closed at 47,457, down 1.65% with a YTD increase of 11.55% [1] Currency and Commodity Overview - The Renminbi Index is at 97.960, with a 1-month increase of 1.23% and a 6-month increase of 1.83% [2] - Brent crude oil is priced at $62.55 per barrel, down 0.62% over the past month and down 3.83% over the past six months [2] - Gold is priced at $4,232.55 per ounce, up 2.92% over the past month and up 30.15% over the past six months [2] Real Estate Investment Trends - Mainland buyers invested over 106.54 billion HKD in Hong Kong's residential market in the first ten months of the year, marking a record high [9] - The number of registrations by mainland buyers increased by approximately 14.3% year-on-year [9] - The preference for new properties is evident, with 57.4% of the investment in first-hand properties [10] Corporate Developments - Alibaba's stock surged nearly 6% as the company plans to overhaul its AI applications to compete with ChatGPT [10][11] - Tencent reported a 17% increase in net profit for the first three quarters, reaching 166.58 billion RMB [18] Economic Indicators - The UK GDP grew by only 0.1% in Q3, below expectations, indicating a slowdown in economic growth [16] - The volume of express deliveries during China's "Double 11" shopping festival reached a record high of over 1.39 billion packages [15]