Investment Rating - The investment rating for Tencent Holdings is "Buy" and is maintained [7]. Core Views - Tencent's Q3 2025 revenue reached 192.9 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Operating profit was 63.6 billion yuan, up 19% year-on-year. Non-IFRS net profit attributable to shareholders was 70.6 billion yuan, an 18% increase year-on-year. Both revenue and adjusted net profit exceeded market expectations [2][4]. Revenue Breakdown - The revenue growth was driven by: 1. Strong performance from both new and existing games, with overseas game revenue and growth rates hitting record highs. Domestic game revenue grew 15% to 42.8 billion yuan, while overseas game revenue increased by 43% to 20.8 billion yuan, marking a record-breaking quarter [7]. 2. AI technology enhancements and strong internal demand led to accelerated growth in advertising revenue, which rose 21% year-on-year to 36.2 billion yuan [7]. 3. Recovery in commercial payments and AI-driven growth in cloud service revenue contributed to a 10% year-on-year increase in financial technology and enterprise service revenue, totaling 58.2 billion yuan [7]. R&D and Profitability - Tencent's R&D investment reached a record high, with Q3 R&D spending at 22.8 billion yuan, an increase of 28% year-on-year. The gross margin for Q3 was 56.4%, reflecting a year-on-year increase of 3.3 percentage points [7]. Capital Expenditure - Capital expenditure in Q3 decreased by 24% year-on-year to 13 billion yuan, accounting for approximately 10.7% of revenue for the first three quarters [7].

Market Overview - US stock index futures show mixed performance with Dow futures down 0.02%, S&P futures up 0.09%, and Nasdaq futures up 0.2% [1] - European stock indices decline, with the Euro Stoxx 50 down 0.78%, FTSE 100 down 0.21%, CAC 40 down 0.46%, and DAX 30 down 0.65% [1] - WTI crude oil decreases by 0.15% to $60.0 per barrel, while Brent crude oil falls 0.14% to $64.3 per barrel [1] - Gold prices drop by 0.35% to $4080.0 per ounce [1] Economic Data and Forecasts - The end of the US government shutdown leads to an influx of data, with the September non-farm payroll report set to be released on Thursday, which may influence the Federal Reserve's interest rate decisions [1] - Internal policy disagreements persist within the Federal Reserve, with three voting members publicly opposing rate cuts, leading to a significant decline in precious metals [1] - Morgan Stanley predicts a potential 50 basis point rate cut by the Federal Reserve in the first half of 2026, with the 10-year Treasury yield possibly dropping to 3.75% [1] - The EU raises its 2025 economic growth forecast for the Eurozone from 0.9% to 1.3% [1] - Italy's harmonized CPI for October matches expectations at a year-on-year increase of 1.3% [1] Commodity and Cryptocurrency Updates - WTI crude oil briefly surpasses $60 per barrel, with a daily increase of 0.37%, while Brent crude oil rises 0.30% to above $64 [1] - Bitcoin and Ethereum prices increase, positively impacting cryptocurrency-related stocks in pre-market trading; the Singapore Exchange plans to launch Bitcoin and Ethereum perpetual futures on November 24, aimed at qualified institutional investors [1] Company-Specific News - Google (GOOGL) sees a pre-market increase of nearly 6% after Berkshire Hathaway builds a position of 17.85 million shares valued at approximately $4.34 billion, making it the tenth largest holding [1] - Tesla (TSLA) rises 1.2% in pre-market trading; Elon Musk warns Bill Gates about shorting Tesla for eight years, advising him to "stop soon" [1] - TotalEnergies invests €5.1 billion to acquire a 50% stake in EPH's flexible power generation platform, making EPH one of TotalEnergies' largest shareholders [1] - Emirates Airlines partners with Starlink to implement satellite internet on Boeing 777 aircraft by November 2025, with full fleet deployment expected by mid-2027 [1] - Nokia (NOK) enters a three-year 5G collaboration agreement with Telecom Italia to expand and upgrade 5G network coverage and capacity [1]

请务必珍惜自己手中的饭碗。 ♬ 点上方播放按钮可收听洞见主播佳音 朗读音频 洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下蓝字 " 洞见 " 关注，我们将为您提供有价值、有意思 的延伸阅读。 最近，我偶然刷到一个视频。 故事的主人公是一位31岁的香港科技大学女硕士，毕业后在阿里工作过一两年。 辛苦打拼几年，攒下一些积蓄后，她在广州买下了一套公寓。 这时她感到人生似乎已经达到了理想状态，于是决定去做一些真正喜欢的事。 因为热爱大海和旅行，她毅然辞去工作，远赴帕劳开了一家潜水店。 然而创业的艰辛远超她的想象。 从店面搭建、装修，到接待游客，所有事情都得她亲力亲为。 每次带游客下海，她也要和潜导一起下水，确保把所有人都平安带回。 凌晨五点起床处理事务，从早忙到晚，短短一年时间，她感觉自己衰老了十岁。 这段辞职创业的经历，彻底改变了她的价值观。她深刻体会到一份稳定的工作来之不易，也因此学会了更加珍惜。 作者：洞见muye 最终，她关掉潜水店，回到深圳加入腾讯，重新开始了安稳的职场生活。 最让我感动的是，她讲述这一切时非常真诚，一点也没有美化自己选择的路 ...

【导读】阿里千问App上线公测，阿里巴巴美股盘前拉升 一则利好，或引爆股价！ 11月17日，阿里巴巴正式宣布"千问"项目，全力进军AI to C市场。与此同时，千问App公测版上线。 截至发稿，阿里巴巴美股盘前涨超3%，报158.60美元/股。 | 阿里巴巴 | | | | --- | --- | --- | | BABA.Nus | | | | 153.800 幅 162.620 市值 36.79亿 肇比 | | 2.68 | | 流通 3447亿 换 | 151.780 | 1.52% | | -6.040 -3.78% 开 156.940 | | PE™ 17.72 额 52.9 亿 | | 盘前 158.600 4.800 3.12% | | (2 5:59 美东时间 | | 盘前 ▼ 日K 月K 周Ｋ | | 五日 更多▼ (o) | | 最新: 158.600 4.800 3.121% | | | | 198,960mm Ma | | 3.36% 盘前最新 | | | | 158.600 | | | | 4.800 3.12% 最 高 158.960 | | | | 158.410 最 低 | | ...

据了解，目前，千问App公测版已在各大应用商店上架，并同步提供网页和PC版。面向全球 市场的千问App国际版也将在近期上线，借助Qwen模型的海外影响力与ChatGPT直接争夺海 外用户。 阿里管理层认为，AI发展将经历"学习人""辅助人"和"超越人"三个阶段。目前，大模型的能 力已进入"辅助人"的Agentic AI时代，阿里大力入局C端市场的时机已经成熟。 阿里方面还表示，这次发布的千问App是一个初级版本，将用最先进的模型，打造一个"会聊 天能办事的个人AI助手"。除了聊天足够聪明外，"能办事"将是千问App的一个重要发力方 向。千问App的战略目标是打造未来的AI生活入口。 "'千问'项目或加速国产AI生态商业闭环。"国泰海通证券表示，具体来看，一是"千问"App或 可通过整合淘宝等平台推出Agent功能，有望显著提高用户使用体验，加速AI渗透率及使用频 次增长，并加快用户Agent功能使用习惯培养。二是若"千问"App Agent性能出色，用户形成 高使用黏性，阿里或可通过订阅方式向用户收费；并可作为流量入口，与其他应用厂商共享 流量收益，加快大模型厂商盈利闭环，有望实现算力投入、大模型能力增长、A ...

Group 1 - Major stock indices are showing positive trends, with Dow futures up 0.14%, S&P 500 futures up 0.50%, and Nasdaq futures up 0.79% [1] - Prominent tech stocks are also rising, with Tesla up over 1%, Amazon up over 1%, and Micron Technology up over 2% [2] - Chinese concept stocks are experiencing gains, with JD.com up 1.26%, Baidu up 1.17%, Futu Holdings up 2.54%, and NIO up 1.46% [3] Group 2 - Google shares have surged over 5% after Berkshire Hathaway disclosed a new position in Alphabet, purchasing 17.85 million shares, making it the tenth largest holding [4] - Alibaba's stock rose over 3% following the launch of its Qianwen app, which aims to integrate AI into various aspects of daily life [5] Group 3 - Elon Musk warned Bill Gates to close his short position on Tesla, which Gates has held for nearly eight years, indicating Musk's dissatisfaction with Gates' actions during critical times for Tesla [6] - SoftBank's Q3 report shows a total U.S. stock holding value of $26 billion, up 4% from the previous quarter, with new positions in Intel and other companies while exiting Oracle [7] Group 4 - The Saudi sovereign wealth fund (PIF) significantly reduced its U.S. stock holdings from approximately $23.8 billion to $19.4 billion, marking an 18% decrease and the lowest level in two years [8] - Bank of America has warned of a potential 10% correction in the S&P 500 as market breadth deteriorates, despite the index remaining in a solid upward trend [9]

21世纪经济报道记者卢陶然、李德尚玉 北京报道 字节跳动开除大模型团队泄密员工 11月12日，据报道，字节跳动大模型团队（Seed）研究员任某某已离职，原因是"因多次泄密被开除"。 字节跳动正不断强调企业内部的纪律和信息安全管理。 今年9月，字节跳动企业纪律与职业道德委员会发布中国大陆地区2025年3号通报，披露了二季度员工违 规处理情况。通报显示，共有100名员工因触犯公司红线被辞退，其中18人因涉刑事犯罪、恶意损害公 司利益等严重情节被实名通报，8人涉嫌刑事犯罪已移交司法机关，同步行业联盟并取消期权。在"违反 信息安全制度"的案例中，有10名员工因违规参与外部付费访谈，泄露公司保密信息，受到了公司的处 罚。字节跳动在通报中特别提醒员工，要警惕外部咨询公司以"专家访谈""行业研究"等名义发起的有偿 访谈邀约，避免泄露公司机密。 近两个月13家券商收罚单 11月17日，今年四季度以来，有13家券商收到交易所及各地证监局罚单，包含上海证券、华福证券、华 林证券、民生证券、五矿证券等。从处罚事由来看，经纪及投行业务是重灾区，也有部分券商因场外衍 生品业务、内部制度不完善等原因被罚。作为资本市场"看门人"，券商投行 ...

Group 1: Market Overview - The overall market adjusted last week, with the Shanghai Composite Index slightly down by 0.18%, the CSI 300 Index down by 1.08%, and the CSI 500 Index down by 1.26% [3][17] - Small-cap stocks outperformed, and value style outperformed growth style, with consumer services, textiles, and basic chemicals leading the sectors [3][17] - The average daily trading volume of the entire A-share market was 20,410 billion, showing an increase compared to the previous week [3][17] Group 2: Sector Analysis - In the technology sector, A-shares have shifted focus from hardware to issues like power shortages and power equipment construction, with storage chips replacing optical modules as a new theme [4][20] - The A-share technology sector is currently influenced by the performance of major US tech companies, with upcoming earnings reports from Nvidia, Alibaba, and Baidu expected to impact market sentiment [20] Group 3: Gold Market Insights - Gold prices experienced fluctuations, driven by a declining US dollar index and a temporary easing of liquidity constraints in the US banking system [21] - The outlook for gold prices will closely follow US economic data releases and signals from Federal Reserve officials regarding interest rate paths [21] Group 4: Public Fund Market Dynamics - The Asset Management Association of China released a draft for the "Guidelines for Investor Suitability Management of Publicly Offered Securities Investment Funds," aimed at enhancing investor protection and fund sales practices [22] - The guidelines introduce new principles for risk assessment, including the correlation between stock positions and risk levels, ensuring that higher-risk funds are not rated lower than lower-risk funds [22][23] Group 5: Fund Performance Tracking - The Active Equity Fund Index decreased by 0.15% last week, with a cumulative excess return of 14.77% since inception [6][24] - The Value Equity Fund Index increased by 1.37%, with a cumulative excess return of 3.23% since inception [7][24] - The Growth Equity Fund Index rose by 0.20%, achieving a cumulative excess return of 16.12% since inception [9][24]

Core Viewpoint - The article discusses the unexpected decline in stock prices of major Hong Kong-listed internet companies, including Tencent, JD.com, and Bilibili, despite their third-quarter earnings exceeding market expectations. This phenomenon has left some investors confused as the Hang Seng Tech Index continues to fall [3]. Group 1: Company Performance - Tencent Holdings reported a revenue of 192.87 billion yuan for Q3 2025, a year-on-year increase of 15%, and a net profit of 63.13 billion yuan, up 19% year-on-year. Analysts had previously predicted net profits between 53 billion and 60 billion yuan [5]. - The company's capital expenditure related to artificial intelligence saw a decline, with Q3 capital expenditure dropping 32% quarter-on-quarter and 24% year-on-year to 12.98 billion yuan [5]. - The revenue from Tencent's "FinTech and Business Services" segment was 58.17 billion yuan, showing a growth of less than 10% year-on-year, which raised concerns about the lack of highlights in the earnings report [6]. Group 2: Market Reactions - Despite Tencent's strong earnings, the stock price fell due to profit-taking by investors who had already anticipated the positive results. This indicates that the stock price had already factored in the good news prior to the earnings announcement [6][7]. - The decline in stock prices is also attributed to broader market conditions, with the Hang Seng Index experiencing three pullbacks after surpassing 27,000 points, leading to reduced trading volumes [10][11]. - The market's risk appetite appears neutral in the short term, influenced by uncertainties surrounding the Federal Reserve's interest rate decisions, which could impact global risk sentiment [10]. Group 3: Future Outlook - Analysts suggest that the stock prices of Tencent and other leading companies may rebound if the broader market conditions improve, particularly after the Federal Reserve's upcoming interest rate decision [6][10]. - The article emphasizes the importance of monitoring liquidity and sentiment indicators, as well as foreign capital inflows, to identify potential entry points for investing in technology leaders [8].

11月17日，阿里巴巴宣布个人AI助手"千问"开启公测。 阿里巴巴方面表示，千问APP基于全球性能第一的开源模型Qwen3，凭借免费以及与各类生活场景生态 的结合，将与ChatGPT展开全面竞争。 记者打开千问APP进行了实测，页面简洁，用户可以上传图片、录音、文件，输入文字或者直接开启通 话，发起AI生图、深度研究、智能写作、音视频速读等功能。 除了聊天以外，"能办事"以及真正的办事能力更让人关心。目前，千问已经展现出一定的办事能力。比 如，一句指令就能让千问APP几秒钟完成一份研究报告，并制作成几十页的精美PPT。 根据测评，面向专业人群，千问能辅助研究并提效增速，比如可一次性读取多篇论文报告，并按照要求 从中精准提取对应信息，大大提高科研效率；面向一般用户，千问APP能化身为生活专家或者健康顾 问，在繁杂的生活问题上给出具体、专业的指引，比如发现体检报告中的潜在健康隐患，为用户明确指 引下一步该做什么检查。 据介绍，这次发布的千问APP是一个初级版本，将用最先进的模型，打造一个"会聊天能办事的个人AI 助手"。千问的战略目标是打造未来的AI生活入口，正在计划将地图、外卖、订票、办公、学习、购 物、健康等 ...