腾讯高层表示，公司目前储备的GPU足以满足内部使用，优先满足内部使用。如果没有AI芯片供应限制，公司云收入本 应增长得更快。就腾讯与苹果达成小程序游戏支付协议的报道，腾讯方面作出回应：在某个时间点，可能会有官方的公 告。 硬·AI 作者 | 卜淑情 编辑 | 硬 AI 腾讯三季度业绩超出市场预期，受益于AI云服务的收入增长，腾讯 三季度企业服务收入同比实现双位数增 长 。在周四晚间召开的业绩电话会上，腾讯高层就市场最关注的问题作出回应。 对于市场最关心的资本支出问题，腾讯首席战略官詹姆斯 · 米歇尔表示， 公司2025年全年实际资本支出 预计将低于之前的指引范围，但仍将高于2024年。 财报显示，公司三季度资本开支129.8亿元，同比下降 24%，环比也下降逾32%。 腾讯总裁刘炽平就芯片供应问题作了解释，称 公司当前的GPU储备充足，足以满足内部使用。 云业务增长的一个制约因素是AI芯片的可用性，当AI芯片实际上供应短缺时，我们会优先满足内部 使用，而不是向外租赁。换句话说， 如果没有AI芯片供应限制，我们的云收入本应增长得更快。 腾讯首席执行官马化腾在电话会上介绍称， 公司正在升级混元大模型架构。 随着混 ...

哔哩哔哩（Nasdsaq：BILI；HKEX： 9626）发布了截至9月30日的2025年第三季度财报：总 净营收为76.9亿元，同比增长5%。净利润为4.694亿元，而2024年同期净亏损7980万元。不按 照美国通用会计准则，调整后的净利润为7.863亿元，同比增长233%。 财报发布后，哔哩哔哩董事长兼CEO陈睿、副董事长兼首席运营官李旎以及CFO樊欣等公司高 管出席了随后举行的财报电话会议，解读财报要点，并回答分析师提问。 以下即为本次电话会议分析师问答环节主要内容： 另外，MPU（平均每月付费用户）实际上在这个季度也是在加速增长的，能否请管理层也与我们 分享一下这背后的驱动力(10.480, -0.18, -1.69%)是什么？未来管理层预期会有怎样的用户付费 趋势？ 陈睿：我觉得B站用户增长的第一驱动力在于我们还是专注在优质内容的方向上。我认为优质内 容本身就是一个能够持续长期增长的赛道。尤其是在现在这个时期，因为现在视频的内容供给其 实已经非常丰富、充分了，甚至我觉得现在的视频供给已经开始过剩了。目前，拿中国来说，每 年都会新增几百亿个视频。而且，随着AI创作工具的应用，视频的增长在未来还会呈指 ...

Core Insights - Tencent Holdings reported strong growth in Q3 2025, with total revenue reaching 192.87 billion RMB, a 15% year-on-year increase, and a net profit of 70.6 billion RMB, up 18% [1] - The company emphasized the positive impact of AI on its performance, with significant growth in gaming, advertising, and enterprise services [1][3] - AI chip supply constraints are identified as a challenge for cloud business growth, affecting the speed of revenue increase [2] Financial Performance - Total revenue for Q3 2025 was 1928.69 billion RMB, with a gross profit of 108.8 billion RMB, reflecting a gross margin increase from 53% to 56% [1] - Advertising revenue grew by 21% year-on-year to 36.2 billion RMB, driven by AI-enhanced advertising systems and increased user engagement on platforms like WeChat and video accounts [3] - International gaming revenue surpassed 20 billion RMB for the first time, contributing 32% to overall gaming revenue, with notable performance from Supercell's games [3] AI Development - Tencent is actively upgrading its AI capabilities and expanding its research and development team, with R&D expenses increasing by 28% year-on-year [1][3] - The company is developing AI capabilities within WeChat, leveraging its extensive user data to enhance user experience and engagement [5] - Despite a reduction in capital expenditure guidance for 2025, the company clarified that this does not indicate a slowdown in AI investment but is related to AI chip supply issues [4] Strategic Partnerships - Tencent confirmed a constructive relationship with Apple regarding the commission rate for WeChat mini-games, with a new agreement allowing developers to retain 85% of revenue from in-app purchases [2] - Apple announced a Mini Apps Partner Program to incentivize third-party mini-program developers, which aligns with Tencent's strategy to enhance its mini-program ecosystem [2]

Group 1 - JD Logistics appoints Wang Zhenhui as CEO, replacing Hu Wei, effective November 13, 2025 [2] - Hu Wei resigns as CEO of JD Logistics to take on other roles within JD Group [2] Group 2 - Didi Chuxing establishes its first international presence for autonomous driving in Abu Dhabi, partnering with the Abu Dhabi Investment Office [3] - The collaboration focuses on innovation in autonomous driving technology, AI talent development, and ecosystem building [3] - Plans to expand operations throughout the Middle East [3] Group 3 - Alibaba Cloud's Bailian announces a price reduction for the Tongyi Qianwen 3-Max model starting November 13, 2025 [4] - Batch invocation will be charged at half price, with implicit caching at 20% of the standard input token price [4] - Explicit caching will charge 125% for creating cache tokens, with subsequent hits costing only 10% [4] Group 4 - Tencent's President Liu Chiping addresses the agreement with Apple regarding a 15% fee on purchases of WeChat mini-games during Q3 earnings call [5] - Liu emphasizes the strong relationship and ongoing discussions between Tencent and Apple to enhance the mini-game ecosystem [5] Group 5 - Stanford professor Fei-Fei Li's startup World Labs launches the first commercial world model, Marble [6] - Marble supports large-scale multimodal capabilities, allowing the creation of 3D worlds from various inputs [6] - Users can interactively edit, expand, and combine worlds using Marble [6]

从全球范围看，苹果提供低于30%的佣金率，是一个动态博弈下的趋势。 前一日，有市场消息称苹果、腾讯就小游戏内购抽成15%佣金达成一致，北京时间11月14日，苹果在官网确认了这一消息。 虽然未直接表达对苹果税的不满，但腾讯管理层谈及游戏行业或数字内容行业与应用商店之间天然的紧张关系，称根源是应用商店收取约30%佣金，游戏行 业认为这是沉重负担。管理层称，随着时间推移，无论是出于监管原因还是商业原因，趋势都是应用商店抽佣比例变化或降低。 围绕苹果税，此前市场猜测苹果和腾讯之间存在紧张关系。去年曾有市场传言称iPhone16不适配微信、用户要在苹果和微信间"二选一"，虽然"二选一"局面 未出现，但小游戏是否、如何收苹果税仍在一年多的时间中悬而未决。 如今向小游戏开发者收取15%的税率，或是一个相对折中的办法。在国内，小游戏业态仍较新兴。据微信今年6月披露的数据，超40万的小游戏开发者群体 中，超8成是30人以下的小团队。此前有知情人士向记者分析，如果是30%的苹果税，对小游戏开发者而言可能造成压力。 向小游戏开发者收取优惠佣金则有望增厚苹果的相关收入。在11月3日的业绩交流会上，就小游戏的收入模式，腾讯管理层表示， ...

Group 1 - The article discusses the new national standard for vehicle safety, which includes a requirement for passenger cars to have a default acceleration time of no less than 5 seconds per 100 kilometers after ignition [2][3] - The standard aims to enhance safety measures in the rapidly evolving electric vehicle market, reflecting a shift from reactive to proactive regulation [3] - The implementation of this standard is expected to take place six months after the public consultation period ends, replacing the current GB 7258 standard [2] Group 2 - Seventeen major automotive brands have introduced tax subsidy plans to cover the vehicle purchase tax for consumers who place orders before the end of the year, as the full exemption on purchase tax for new energy vehicles will end in 2025 [4][5] - The government has announced that from January 1, 2024, to December 31, 2025, new energy vehicles will continue to be exempt from purchase tax, with a maximum exemption of 30,000 yuan per vehicle [4] - As the purchase tax incentives decline, automotive companies are under pressure to maintain sales, leading to a more rational competitive environment in the industry [5] Group 3 - A city commercial bank in Shenzhen has reduced its mortgage loan interest rate to a record low of 2.22%, which is currently the lowest in the Shenzhen market [6] - The competitive landscape among banks in Shenzhen has intensified, with various institutions offering lower rates to attract more loan customers [6][7] - The overall demand for loans has decreased due to slow recovery in manufacturing profits and consumer spending, leading to a decline in new loan growth [7] Group 4 - Tencent reported a 15% year-on-year increase in revenue for Q3, reaching 192.87 billion yuan, with significant contributions from its gaming and financial technology sectors [8] - The company’s R&D expenditure hit a record high of 22.82 billion yuan, reflecting its commitment to innovation, particularly in AI [8] - Tencent's performance exceeded market expectations, driven by strong growth in its core gaming business and an uptick in demand for financial technology services [8] Group 5 - Luckin Coffee is preparing to relaunch its listing in the U.S., aiming to enhance its brand influence and market competitiveness [9] - The company has surpassed Starbucks to become the largest coffee retailer in China and is expanding its presence in the U.S. market [9] - Despite past financial scandals, Luckin has focused on profitability and operational efficiency under new management [9] Group 6 - OpenAI has released GPT-5.1, which includes two versions aimed at improving user interaction through more natural communication and enhanced task handling capabilities [10][11] - The update addresses previous user feedback regarding the emotional tone of responses, aiming to balance intelligence and user satisfaction [10][11] - The introduction of a commercial world model by AI expert Fei-Fei Li is expected to revolutionize 3D content creation across various industries [12][13] Group 7 - The stock market experienced a rally, with the Shanghai Composite Index reaching a ten-year high, driven by strong performance in the lithium battery and consumer sectors [14][15] - The market's overall trading volume increased significantly, indicating heightened investor activity [14] - Despite the index's rise, the article suggests that structural market dynamics may remain unchanged, with a trend towards index-based investing becoming more prevalent [15]

Core Insights - The report highlights the ongoing recovery in various sectors, particularly in the semiconductor and battery industries, with A-shares showing a steady upward trend [6][10][28] - The communication industry is experiencing significant capital expenditure increases from North American cloud providers, indicating strong growth potential [15][31] - The sports nutrition market in China is projected to grow at a compound annual growth rate (CAGR) of 11.56% from 2024 to 2030, driven by a large and growing sports population [22][24] Domestic Market Performance - The Shanghai Composite Index closed at 4,029.50, with a daily increase of 0.73%, while the Shenzhen Component Index rose by 1.78% to 13,476.52 [3] - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext are 16.40 and 49.22, respectively, indicating a favorable long-term investment environment [10][11] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down 0.67%, while the Nikkei 225 increased by 0.62% to 26,643.39 [4] Industry Analysis - The semiconductor industry reported a 6.07% year-on-year increase in revenue for Q3 2025, with a notable 48.93% rise in net profit, indicating robust growth [31] - The sports nutrition market is characterized by a high growth rate in China, with local brands gaining market share against international competitors [22][23] Investment Recommendations - The report suggests focusing on sectors such as batteries, energy metals, and semiconductors for short-term investment opportunities, given their strong performance [10][12][28] - In the communication sector, companies like ZTE and China Mobile are recommended due to their solid dividend yields and growth potential [20][34]

点击小程序查看报告原文 政策友好下迎来新内容周期，加快发展文化产业。 根据第十五个五年规划[1]的建议，文化繁荣昌盛是中国式现代化的重要标志，需营造良好的文化生 态，提升文化原创能力，推动新闻出版、广播影视、文学艺术等领域精品创作。近年来，游戏行业已验证政策友好期内容释放的发展潜力，在游戏版号发 放节奏整体趋向常态化下，游戏行业供给侧明显回暖，行业内容丰富度持续提升，贡献游戏公司基本面弹性。 剧集领域，国内的长剧面临较严格的监管框架，从立项到最后播出通常需要经历1.5~2年的生产周期，容错率不高。近年来，剧集行业的供给侧格局逐步 从调整期迈向企稳阶段，但结构性的提质增效仍在持续深化。我们认为，持续产出创新的优质内容是长视频平台留住用户的核心抓手，内容创新对于长剧 的ROI至关重要，其需要灵活度、充裕的资金支持和主创精力的聚焦。 考虑广电新规细则的进一步落地和长剧的生产周期，我们判断2026年~2028年或成为内容创新与机制优化的关键观察窗口期。中长期而言，季播模式的成 熟化运作与边审边播模式的积极探索，有望进一步丰富内容供给形态，为行业注入更多活力。 图表1：政策友好有望赋能新内容周期：游戏和剧集供给侧趋势一 ...

腾讯(00700)三季度业绩超出市场预期，受益于AI云服务的收入增长，腾讯三季度企业服务收入同比实 现双位数增长。在周四晚间召开的业绩电话会上，腾讯高层就市场最关注的问题作出回应。 对于市场最关心的资本支出问题，腾讯首席战略官詹姆斯·米歇尔表示，公司2025年全年实际资本支出 预计将低于之前的指引范围，但仍将高于2024年。财报显示，公司三季度资本开支129.8亿元，同比下 降24%，环比也下降逾32%。 腾讯总裁刘炽平就芯片供应问题作了解释，称公司当前的GPU储备充足，足以满足内部使用。 云业务增长的一个制约因素是AI芯片的可用性，当AI芯片实际上供应短缺时，我们会优先满足内部使 用，而不是向外租赁。换句话说，如果没有AI芯片供应限制，我们的云收入本应增长得更快。 腾讯首席执行官马化腾在电话会上介绍成，公司正在升级混元大模型架构。随着混元能力的持续提升， 腾讯在元宝应用的发展以及微信内AI功能的开发方面，将获得更强的吸引力和竞争优势。 理想情况下，微信最终将推出一个AI智能体，能直接在微信里帮用户完成各种任务。刘炽平表示，微 信具备通信、社交、内容(公众号、视频号)、小程序、支付与商业五大生态，既掌握用户意 ...

15、公告精选︱利德曼：拟17.33亿元购买先声祥瑞70%股份；东百集团：无免税品经营资质，不涉及 免税商品经营； 格隆汇11月14日｜国际要闻： 大中华区要闻： 1、中国10月社融增量0.81万亿元，新增人民币贷款0.22万亿元，M2-M1剪刀差扩大； 2、国家能源局：鼓励符合条件的社会资本参与油气储备库、液化天然气接收站等投资建设； 3、证监会主席吴清访问法国、巴西金融监管部门并与国际机构投资者代表座谈； 4、我国完成第一阶段6G技术试验； 5、中国央行主管媒体：政府债券快发多发短期对贷款有一定替代； 6、阿里秘密启动"千问"项目 全面对标ChatGPT； 7、华泰证券梁红：中国资产重估大幕初启； 8、腾讯与苹果达成微信游戏收入分成协议 苹果抽成15%； 9、腾讯：Q3收入同比增15%，调整后净利同比增18%，均超预期； 10、中芯国际：第三季度净利润15.17亿元，同比增长43.1%； 11、京东三季度收入2991亿元，增长14.9%超预期 12、哔哩哔哩：第三季度经调整净利润为7.86亿元 同比增长233%； 13、今日A股海安集团申购； 14、南下资金净买入阿里、小米，净卖出腾讯； 沪指再创反弹新高 ...