建银国际指，哔哩哔哩第三财季实现了稳健的财务和营运业绩。该行预计《Duckov》的行动版和主机 版游戏一旦发布，将获得强劲的市场反响，其他新游戏发布后也将带来增长潜力。 短期内，清晰且高确定性的盈利增长动能将主要得益于广告业务的可持续增长，而这又得益于人工智能 (AI)驱动的广告投放效率提升和AIGC创意工具的改进，以及多元化广告主细分市场的拓展(广告主数量 年增16%，AI/汽车/数位产品/家电和家居装饰广告主的营收年增率分别为90%/35%/60%/60%)，这些因 素已使广告收入占总收入的份额在第三财季提升至33%。 长期来看，该行相信，哔哩哔哩将受益于其无可取代的社区护城河，其1.17亿日活跃用户、112分钟的 日均使用时长以及稳定的80%的12个月留存率构成了坚实的基础。此外，其自主研发游戏《Duckov》全 球销售突破300万份，并验证了其研发能力;同时，由热门国产动漫内容驱动的IP衍生性商品增长可望开 启第二波增长。 智通财经APP获悉，建银国际发布研报称，将哔哩哔哩(09626,BILI.US)目标价由212.8港元，调高8%至 230.1港元，及由25.89美元，调高14%至29.5美元，两 ...

| | COLUMN 1 | COLUMN 2 | | COLUMN 3 | | --- | --- | --- | --- | --- | | NAME OF ISSUER | | TITLE OF CLASS | CUSIP | FIGI | | ALLY FINL INC | | COM | 02005N100 | | | ALLY FINL INC | | COM | 02005N100 | | | ALLY FINL INC | | COM | 02005N100 | | | ALLY FINL INC | | COM | 02005N100 | | | ALLY FINL INC | | COM | 02005N100 | | | ALLY FINL INC | | COM | 02005N100 | | | ALPHABET INC | | CAP STK CL A | 02079K305 | | | ALPHABET INC | | CAP STK CL A | 02079K305 | | Alphabet公布的2025q3财报显示，其营收达约1023亿美元，同比增长约16%，其中云服务收入约 ...

建银国际发布研报称，将哔哩哔哩(09626,BILI.US)目标价由212.8港元，调高8%至230.1港元，及由25.89 美元，调高14%至29.5美元，两者投资评级均为"跑赢大市"。建银国际看好哔哩哔哩，因为它拥有黏性 用户群、充满活力的生态系统以及巨大的获利潜力。 建银国际指，哔哩哔哩第三财季实现了稳健的财务和营运业绩。该行预计《Duckov》的行动版和主机 版游戏一旦发布，将获得强劲的市场反响，其他新游戏发布后也将带来增长潜力。 短期内，清晰且高确定性的盈利增长动能将主要得益于广告业务的可持续增长，而这又得益于人工智能 (AI)驱动的广告投放效率提升和AIGC创意工具的改进，以及多元化广告主细分市场的拓展(广告主数量 年增16%，AI/汽车/数位产品/家电和家居装饰广告主的营收年增率分别为90%/35%/60%/60%)，这些因 素已使广告收入占总收入的份额在第三财季提升至33%。 长期来看，该行相信，哔哩哔哩将受益于其无可取代的社区护城河，其1.17亿日活跃用户、112分钟的 日均使用时长以及稳定的80%的12个月留存率构成了坚实的基础。此外，其自主研发游戏《Duckov》全 球销售突破300万份 ...

整体看，市场处于消化压力、寻找新平衡的阶段。资金在高股息防御品种、区域性政策主题和超跌的科技龙头之间进行再配置。 11月17日，A股震荡调整，沪指跌0.43%，深成指跌0.35%，创业板跌0.8%。福建本地股、军工、锂矿、AI应用等板块领涨；贵金属、医药、光伏 设备、培育钻石等板块领跌。 具体来看，福建本地股持续走强，三木集团、平潭发展等近20股涨停，资金对区域经济主题的追捧正进入白热化阶段。 锂电板块反复活跃，盛新锂能、融捷股份等封板，延续了上周的强势。尽管龙头宁德时代因股东减持低开，但板块整体依然强势，消息面上，锂 电材料涨价潮持续传导，氯化亚砜迎来价格猛涨。 军工股盘中拉升，长城军工、航天发展等涨停。消息面上，外交部、文旅部、教育部等多部门重要提醒，近期避免前往日本，日本公然发表挑衅 言论，严重恶化中日人员交流氛围。中泰证券表示，日方挑衅使得地缘局势不确定性加剧，可能成为"推动祖国统一"的一大隐患，在我国核心利 益受到外部威胁的情况下，国防建设投入有望持续加大，规划目标有望加速实现，将推动我国军工产业进一步高质量发展。 AI应用概念走强，三六零、宣亚国际等多股涨停。在经历调整后，资金再度回流至具备想象空 ...

Macro Economic Overview - China's economy is experiencing a comprehensive slowdown in October, but is expected to achieve an annual growth target of 5%. Real estate prices are declining rapidly, and retail sales growth has dropped to a one-year low due to the phasing out of old-for-new subsidy policies [5][6] - Fixed asset investment has seen a significant decline, the second largest since February 2020, with fiscal expansion slowing down and anti-involution measures suppressing infrastructure and manufacturing investments. However, due to a strong economic growth rate in the first half of the year, a GDP growth rate of only 4.5% is needed in the fourth quarter to meet the annual target [5][6] Industry Insights - The Chinese life sciences upstream industry is benefiting from several positive trends, including increased R&D spending by downstream pharmaceutical companies, a recovery in financing for innovative drugs, and a continued surge in the export of Chinese innovative drugs. Domestic companies are narrowing the technological gap with international giants through sustained investment [6][7] - The domestic upstream industry is expected to see considerable growth driven by domestic substitution, with companies like Nanwei Technology, Novozymes, and Aopumai being highlighted as key players [6][7] - The domestic pharmaceutical industry has maintained growth momentum in R&D demand, with significant increases in financing for innovative drugs, which surged by 443.6% year-on-year in Q3 2025 [6][7] Company Analysis - Baidu is focusing on accelerating AI application deployment, having launched the Wenxin large model 5.0 and new Kunlun chips. The company aims to enhance its core products and expand its global services, with a target price set at $148.40, maintaining a "Buy" rating [8]

Core Insights - Tencent's Q3 2025 performance shows strong growth in both revenue and profit, driven by overseas gaming and marketing services [1] - The company continues to leverage AI technology to enhance advertising and e-commerce operations, improving efficiency and creating new opportunities [2] - The gaming segment exhibits robust performance from both new and existing titles, with a rich pipeline for future growth [3] Financial Performance - In Q3 2025, Tencent achieved revenue of 192.9 billion yuan (up 15% year-on-year, up 5% quarter-on-quarter) and net profit attributable to shareholders of 63.1 billion yuan (up 19% year-on-year, up 13% quarter-on-quarter) [1] - Non-IFRS net profit was 70.6 billion yuan (up 18% year-on-year, up 12% quarter-on-quarter) [1] - The gross margin increased by 3 percentage points year-on-year to 56%, driven by high-margin self-developed games and services [1] Business Segments - Value-added services revenue reached 95.9 billion yuan (up 16% year-on-year), with domestic gaming revenue at 42.8 billion yuan (up 15% year-on-year) and overseas gaming revenue at 20.8 billion yuan (up 43% year-on-year) [1] - Marketing services revenue was 36.2 billion yuan (up 21% year-on-year), benefiting from increased user engagement and AI-driven improvements in advertising efficiency [1] - Financial technology services revenue was 58.2 billion yuan (up 10% year-on-year), driven by growth in commercial payments and AI-related services [1] AI Technology Development - The company is continuously upgrading its AI models, with its latest image generation model ranking first globally as of November 12 [2] - New advertising products enhance marketing ROI and support small and medium-sized advertisers [2] - AI integration in e-commerce is boosting transaction volumes on platforms like WeChat [2] Gaming Performance - New games like "Delta Force" and "Valorant" are performing well, with "Valorant" achieving over 50 million monthly active users in China [3] - Established titles like "Honor of Kings" continue to show strong user engagement, with daily active users surpassing 139 million [3] - Upcoming game launches, including "Honor of Kings World" and "Honor of Kings Chess," are expected to drive further business growth [3]

11月17日，有报道称，阿里巴巴新推出的AI应用"千问"公测首日即遭遇流量洪峰，因用户涌入过载，部分服 务出现拥堵和中断。随后，"阿里巴巴千问崩了"相关话题冲上微博热搜。 对此，阿里千问通过其官方微博回应称："我好着呢，状态良好，欢迎来问。" 相关阅读： 阿里千问APP上线公测 编辑丨瑜见 ...

特朗普降低咖啡等数百种食品关税，以缓解通胀担忧。北京反制日本首相涉台言论，提醒中国公民避免 前往日本。美国9月非农就业等被政府停摆耽误的重要数据本周将陆续出炉。 隔夜要点 美国股市主要股指上周五涨跌互现，投资者关注Nvidia将公布的季度业绩，同时担心美联储可能在12月 暂停降息。美国公债收益率上升，因市场避险情绪减弱，美元兑欧元上涨，兑日圆基本持平。油价收涨 逾2%，乌克兰无人机袭击俄罗斯能源枢纽的一个油库后，俄新罗西斯克港停止了石油出口，加剧了市 场对供应的担忧。金价一度跌逾3%，美联储官员发表鹰派言论，令市场对12月降息的希望减弱，引发 市场广泛抛售。 英国财政大臣里夫斯据悉将延长所得税起征点冻结期，她在加税问题上的急转弯引发了如何填补财政缺 口的疑虑，英国国债应声重挫。 Alphabet旗下的谷歌(GOOGL.US)计划在德克萨斯州投资400亿美元新建三座数据中心，投资将持续到 2027年。 | 股市指数 | 收报 | | 日变动% 年初至今变动% | | --- | --- | --- | --- | | 纳斯达克指数 | 22900.59 | 0.13 | 18.59 | | 标普500指数 | ...

Group 1 - The Hang Seng Internet ETF has seen a decline of 1.6%, with a cumulative pullback of 13% from October 9 to the present [1] - Despite the market downturn, there has been significant net buying from southbound funds, with a net purchase of HKD 12.887 billion in a single day [1] - The ETF experienced a net inflow of HKD 1.039 billion on a day when it dropped 3%, making it the top performer among stock ETFs [1] Group 2 - Alibaba's new AI application "Qianwen" faced a surge in traffic on its first day of public testing, leading to trending topics on social media [1] - Major internet companies, including Tencent and Bilibili, reported Q3 earnings that exceeded market expectations, with Alibaba set to release its earnings on November 25 [1] - Despite concerns over the Federal Reserve's interest rate decisions and the "AI bubble" in the US stock market, analysts believe that Hong Kong stocks are undervalued and may see a rebound in Q4 [1] Group 3 - The Hang Seng Internet ETF has a market size of HKD 33.98 billion and includes major companies like Alibaba, Tencent, and Baidu, with over 90% AI content in its index [2]

Core Insights - Sohu reported a total revenue of $180 million for Q3 2025, representing a 19% increase compared to the same period in 2024, indicating a steady growth trend in overall performance [1] - The company achieved a non-GAAP net profit of $9 million, marking a turnaround from a loss in the previous year [1] Revenue Breakdown - Marketing services revenue for Q3 2025 was $14 million [1] - Online gaming revenue reached $162 million, showcasing strong performance in this segment [1] Management Commentary - Sohu's founder and CEO, Zhang Chaoyang, stated that marketing services revenue met prior expectations, and online gaming revenue and net profit exceeded forecasts due to ongoing efforts in the gaming business [1] - The company is focused on optimizing its media platform products and resource integration to enhance user experience and meet user demands [1] - Sohu aims to leverage its product matrix and unique IP to create diverse high-quality content and capitalize on commercial opportunities [1] Stock Buyback Program - As part of a previously announced stock buyback program with a total amount of up to $150 million, Sohu repurchased 7.6 million American Depositary Shares for approximately $97 million as of November 13, 2025 [1]