Core Insights - The 2025 China Internet Conference marks the beginning of a new phase in the internet industry, termed "new quality internet," driven by artificial intelligence [2][3] - The internet is evolving into an AI-driven era, with AI agents becoming a core symbol of this transformation [7] Group 1: Internet Development and AI Integration - As of June 2023, China's internet user base reached 1.123 billion, with an internet penetration rate of 79.7%, and approximately half of these users have engaged with AI products [3] - By the end of 2024, it is projected that 249 million users will utilize generative AI products, accounting for 17.7% of internet users [3] - The emergence of large models like Deepseek is expected to increase AI product users to 570 million by 2025, with daily token consumption reaching 10 trillion, a hundredfold increase [3] Group 2: Characteristics of New Quality Internet - The new quality internet is based on the IPv6 protocol and aims to meet the demands of AI, computing networks, data sharing, and integrated networks [4] - The internet's architecture allows for innovation without altering the network for new applications, supporting a flexible and scalable environment for AI development [4][5] Group 3: AI and Internet Mutual Empowerment - The dual empowerment of AI and the internet is expected to generate new applications and experiences, enhancing online consumer interactions and deepening industry applications [6] - AI's integration into consumer internet enhances user experiences through features like virtual fitting rooms and live digital personas, while industry internet leverages data for model training [6] Group 4: Future Outlook and Recommendations - The next decade is seen as critical for the development of AI in the internet sector, with predictions that by 2028, 33% of enterprises will incorporate Agentic AI into their operations [7] - Recommendations for leveraging digital intelligence include policy guidance, innovation-driven breakthroughs in core technologies, and empowering industries through the integration of digital technologies [9][10]

今天，市场的亮点，其实都是和外围相关的。 其一，是美国财长贝森特，昨晚接受采访的时候，提到， 中美 下周一、周二要在瑞典，进行第 三轮贸易谈判，今天商务部也确认了该消息，中美之前暂停加征关税的deadline是8月12日，所以 要谈展期的事情。 其二，是今天一早， 川宝 在社交媒体上发文，宣布和日本、印尼、菲律宾，都谈成了，分别确 定加征15%、19%、19%的对等关税，资本市场最大的风险在于不确定性本身，因此，确认关税 后，市场情绪比较好。 下图，今天日经225大涨3.5%，其中，马自达、斯巴鲁、丰田、三菱、本田，五家汽车厂，涨幅 均在11-18%之间，都是暴涨的状态。 而没在图里的印尼、菲律宾股市，都大涨1.7%左右； 包括港股，作为亚太市场的一部分，也是受益于同样一套逻辑， 恒生指数涨1.6%左右，恒生互 联网、恒生科技，涨幅则更大一些 ，因为整个龙头互联网公司全线大涨，其中股王腾讯，今天涨 近5%，市值破5万亿，股价也创21年恒生科技大牛市以来的新高了。 听说，今天主要是 外资的主动基金 在买腾讯等互联网巨头，这个逻辑我是相信的，因为外资今 天对整体亚太市场预计都是加仓的节奏，而反过来看，对手盘资金， ...

Core Viewpoint - The "National Online Legal Education Campaign - Shanxi Station" was launched on July 22, 2023, in Taiyuan, Shanxi, integrating engaging elements into legal education to make it more relatable and accessible to participants [1] Group 1: Legal Education Initiatives - The Shanxi Transformation Comprehensive Reform Demonstration Zone is enhancing legislative contact point construction and innovating legal education measures, aiming to optimize the legal business environment [1] - The zone has been recognized as a national legislative contact point by the National Internet Information Office, being the only unit selected in Shanxi Province [4] - The "Legal Housekeeper Service Pilot" has provided over 100 legal consultations and organized more than 10 themed legal education salons since its inception [4] Group 2: Innovative Approaches to Legal Education - The network legislative contact point applies internet thinking to legal education, focusing on the characteristics of young internet practitioners and exploring customized legal education models [5] - The "Creative Legal Education Market" event featured judges, prosecutors, and lawyers providing professional support through interactive games, making legal education more engaging [8] - The initiative emphasizes resource integration and the establishment of a distinctive legal education brand, achieving positive outcomes in legal awareness [8] Group 3: Feedback and Community Engagement - The legislative contact point has actively engaged with the community, conducting face-to-face consultations to gather feedback on legislative intentions and key points [9] - The contact point has facilities such as a salon reception area and opinion inquiry room, enhancing accessibility for businesses and the public to participate in national legislative activities [11] - Since its establishment, the contact point has successfully completed legislative inquiries for the "Cybersecurity Law" and "Anti-Cyber Violence High-Level Legislation," collecting over 140 opinions from 59 entities [11]

Group 1 - The 2025 China Internet Conference was held in Beijing from July 23 to 25, focusing on the theme "Digital Drives New Quality, Intelligent Creation of the Future" [1] - The conference featured over 30 thematic activities, including special forums, industry forums, closed-door seminars, exhibitions, high-level dialogues, and enterprise deep-dive sessions [1] Group 2 - Discussions at the conference highlighted the dual nature of AI security, emphasizing the need for both protecting AI models and enhancing system security through AI technology [2] - The internet's audio and video traffic accounted for 85% of total traffic last year, with projections suggesting it could reach 90% this year [2] Group 3 - The human-shaped robot industry is gaining attention due to advancements in internet technology, particularly language models, which enhance human-robot interaction [3] - The continuous upgrade of communication technologies like 5G is accelerating the market expansion for human-shaped robots [3] - The naked-eye 3D technology is maturing, with a shift in consumer entertainment demands towards 3D experiences [3] Group 4 - The integration of internet technology with vertical industries is crucial for creating economic value, requiring detailed analysis of industry-specific processes and characteristics [4] - The rapid development of AI presents a favorable opportunity for internet technology to serve vertical industries, which should lead the integration process for better economic outcomes [4]

Core Viewpoint - The UK Competition and Markets Authority (CMA) is intensifying its scrutiny of Apple and Google due to their dominant positions in the mobile ecosystem, proposing to classify both companies as having "Strategic Market Status" (SMS) [1] Group 1: Regulatory Scrutiny - The CMA initiated an investigation in January, stating that Apple and Google possess "large and entrenched market power" in the UK's digital economy [1] - If designated as having SMS, the CMA will gain legal authority to mandate changes to business practices that harm market competition [1] Group 2: Focus of Investigation - The investigation is examining whether Apple and Google create barriers for competitors, favor their own applications and services, and impose unfair terms on developers attempting to distribute apps via the App Store or Google Play [1] Group 3: European Regulatory Challenges - Apple was fined €500 million in April for violating the EU's Digital Markets Act (DMA), while Google faces accusations of favoring its own services and restricting app developers [1] - Google is also appealing a €4.1 billion antitrust fine from 2018 [1] Group 4: Market Share Data - According to Kantar, Google's Android system holds a 61% market share in the UK, while Apple's iOS accounts for 38% [2] - Google operates the Play Store and Chrome browser, while Apple controls the App Store and Safari browser [2]

2025年7月10日，"招财杯"ETF实盘大赛系列直播邀请到了汇添富基金指数量化投资部基金经理乐无穹 一起探讨《AI潮涌，谁是港股科技最锋利的"矛"？》。 乐无穹认为，去年以来，港股通持续流入等因素带动港币汇率提升，而套息交易又导致港币汇率下行。 下半年流动性有望达到一定平衡，资本市场存在一定温和提升估值的机会。 这两轮AI浪潮主要由ChatGPT与DeepSeek这两款重磅产品带动，AI大模型成为浪潮的核心，也带动了上 游硬件与下游应用的崛起。目前这一波AI行情还远未结束，模型的迭代还在不断进行，应用还在不断 开花结果。 市面上的港股科技ETF基本上可以归纳为两组关键词：QDII与港股通（投资范围的差异）、科技与互联 网（业务定义的差异），投资者要明白当中的差异，可以根据自己的诉求在2×2组合当中选择合适的指 数。 01 半年复盘：港股beta与AI革命共舞 今年一季度最火的板块要数港股科技，整个港股Beta在上半年都受到了大家关注。南向资金加速流入， 整个中国科技资产的重估，都是一季度以来非常火热的话题。 为持续向投资者普及ETF基础知识，招商证券携手十大基金公司，联合全景网共同举办2025年招商证 券" ...

Group 1 - Southbound funds net sold HKD 1.32 billion in Hong Kong stocks on July 23, with net purchases in China Life (HKD 665 million), SMIC (HKD 486 million), China Energy Construction (HKD 256 million), Alibaba (HKD 202 million), Pop Mart (HKD 173 million), and Dongfang Electric (HKD 170 million) [1] - Tencent Holdings saw a net sell of HKD 1.129 billion, Meituan-W HKD 1.021 billion, and Xiaomi Group-W HKD 983 million. Southbound funds have net bought SMIC for five consecutive days, totaling HKD 1.66206 billion, and China Life for two consecutive days, totaling HKD 1.54391 billion [2] Group 2 - China Life Group held a management meeting, reporting an increase in insurance coverage exceeding CNY 450 trillion, with claims of CNY 237.2 billion, a year-on-year growth of 14.7%. The group's total revenue grew by 8.4% year-on-year, and total assets surpassed CNY 8 trillion [4] - SMIC is expected to benefit from increased demand in the BCD Analog sector and improved wafer foundry capacity utilization in Q2 and the second half of the year, with a significant opportunity for domestic AI chip production [4] - China Energy Construction's new hydropower project on the Yarlung Tsangpo River has commenced, with an estimated investment of CNY 1.2 trillion, of which 60-70% will be allocated to project construction. The firm predicts a 20% growth in water conservancy investment by 2025, reflecting the government's strategic focus on water projects [5] Group 3 - Alibaba's Tongyi Qianwen has released a new code model, Qwen3-Coder, which surpasses global competitors in capability [6] - Tencent's target price was raised from HKD 634 to HKD 645, with expected revenue and gross profit growth of 12% and 17% year-on-year, respectively, for Q2 2025. Online gaming revenue is projected to grow by 18%, and online advertising revenue by 19%, indicating strong profitability improvements [6]

Core Viewpoint - Tencent's market capitalization has reached a new high of 5 trillion HKD, driven by the integration of AI technology with its core business, resulting in significant growth momentum [1][5]. Group 1: Financial Performance - Tencent ranked 32nd in the 2025 Fortune China 500 list, improving by 6 places from the previous year, with a net profit exceeding 26.9 billion USD, placing it 6th in the profit ranking [4]. - In Q1 2025, Tencent reported revenue of 1800.2 billion CNY, a year-on-year increase of 13%, with gross profit of 1004.9 billion CNY, up 20% [13]. - The company’s R&D expenditure reached 706.9 billion CNY for the year, with a cumulative investment of 340.3 billion CNY over seven years [12]. Group 2: AI Strategy and Developments - Tencent has heavily invested in deep learning models since the second half of last year, launching its self-developed models, including the Tencent Mixed Yuan Deep Thinking Model T1 and TurboS [6]. - The AI assistant "Yuanbao" was launched on WeChat, allowing users to interact directly within the chat interface [9]. - The daily active users of Yuanbao surged over 20 times from February to March, making it the third-ranked AI-native mobile application in China [8]. Group 3: Business Segments and Growth - AI has become a key growth driver across Tencent's three main business segments: gaming revenue increased by 24%, advertising revenue grew by 20%, and financial technology and enterprise services revenue rose by 5% [11]. - Tencent's capital expenditure has seen a significant increase, with a year-on-year growth of 221%, reaching a historical high of 76.7 billion CNY [12]. Group 4: Market Activity and Future Outlook - Tencent has been a leader in share buybacks in the Hong Kong market, with a total buyback amount exceeding 40 billion HKD this year, marking a significant increase from previous years [15]. - The company plans to repurchase at least 80 billion HKD worth of shares in 2025, reflecting its commitment to returning value to shareholders [15].

记者丨尹华禄 编辑丨曾静娇 7月23日，腾讯控股（00700.HK）盘中大涨近5%，股价突破550港元关口，创2021年6月以来 新高。截至收盘，报552港元/股，总市值为50594亿港元。 对于腾讯控股大股东Prosus的减持，第一上海证券在7月21日发布研报称，为对冲大股东 Prosus的持续减持，腾讯持续推进高强度回购。2025年公司设定全年回购目标800亿港元，截 至7月20日，已累计回购400.43亿港元，完成比例约50.1%，略低于去年同期55.3%的时间进 度。 目前公司处于中报前回购静默期，预计8月中旬将重启节奏。 据悉，腾讯将于8月13日发布2020年中期业绩，目前已有多位分析师发布业绩前瞻。 国海证券分析师陈梦竹预计腾讯2025Q2实现营业收入1796亿元（YoY+11%），NON-IFRS经 营利润672亿元，同比增长15%；NON-IFRS归母净利润630亿元，同比增长10%；NON-IFRS 经营利润率37%（YoY+1.1%）、NON-IFRS归母净利率35%（YoY-0.5%）。 根据SOTP估值方法，该机构给予2025年腾讯控股各项业务合计目标市值5.1万亿元人民 币/5.6万 ...

国信证券(香港)·资讯日报 股票市场概览 数据日期：2025 年 7 月 22 日 资料来源：万得，国信证券（香港）财富研 JING YI, CFA, CPA SFC CE No.: BRQ314 +852 2899 6747 jessiejing@guosen.com.cn 注：以上数据均来官方披露、公司资料，国信证券（香港）研究部整理，请务必阅读正文之后的信息披露及其项下所有内容。 日本日经 225 39,819 (0.11) (0.30) 港股市场表现 美股市场表现 | 2025 年 7 月 | 23 日 | | | | --- | --- | --- | --- | | 资讯日报 | | | | | 海外市场主要股市上日表现 | | | | | 指数 | 收市价 | | 升跌% | | | | 单日 | 年内 | | 恒生指数 | 25,130 | 0.54 | 25.27 | | 恒生国企 | 9,076 | 0.39 | 24.50 | | 恒生科技 | 5,607 | 0.38 | 25.49 | | 美国道琼斯 | 44,502 | 0.40 | 4.60 | | 美国标普 500 | 6,3 ...