消息面上，阿里巴巴今早正式宣布"千问"项目，全力进军AI to C市场。据阿里巴巴官方微博消息，今 天，千问 APP正式开启公测，免费开放，人人可用，阿里巴巴用最强模型打造最佳个人AI助手。不仅 能与用户"对话"，更能为用户"办事"，打造未来的AI生活入口，将陆续覆盖办公、地图、健康、购物等 多个生活场景。千问APP公测版已登陆各大应用商店，网页端与PC版同步开放。 智通财经APP获悉，阿里巴巴-W(09988)盘中短线拉升，现涨超1%。截至发稿，涨1.55%，报157.3港 元，成交额70.21亿港元。 ...

Core Viewpoint - The Hong Kong stock market has performed well this year, with the Hong Kong Technology ETF (513020) achieving approximately 45% returns, although this may seem modest compared to higher-performing ETFs like the Communication ETF (515880) [1][2] Group 1: Market Performance - The Hong Kong stock market initially rose this year, driven by the innovative drug sector that began gaining traction at the end of last year, primarily due to the sale of research and development results to overseas markets [1][2] - The "patent cliff" in the U.S. is causing original drug manufacturers to face significant profit declines as patents expire, leading to increased competition from generic drug manufacturers [1][2] - The innovative drug sector in Hong Kong has benefited from the ability to produce new drug patents, aligning with U.S. market needs, thus creating a favorable supply-demand dynamic [2][3] Group 2: Sector Analysis - The Hong Kong Technology ETF (513020) tracks several indices, including the China Securities Hong Kong Stock Connect Technology Index, which has outperformed others due to its diverse industry coverage, including innovative drugs, telecommunications, and new energy vehicles [3] - The performance of the Hang Seng Technology Index has lagged due to its lack of exposure to the pharmaceutical sector, which has been a significant driver of market performance this year [3] Group 3: Market Trends and Outlook - The Hong Kong market has entered a consolidation phase since early October, while the A-share market continues to rise, indicating a slight lag in performance between the two markets [4][7] - The Hong Kong market is influenced by both domestic economic conditions and overseas liquidity, particularly from U.S. Federal Reserve policies, which can significantly impact market performance [4][6] - The current U.S. government shutdown and liquidity tightening are expected to limit short-term upward movement in the Hong Kong market, with a likelihood of remaining in a consolidation phase unless unexpected changes occur in U.S. monetary policy [6][7]

Core Viewpoint - The report from CMB International indicates an upward adjustment in Tencent Holdings' (00700) adjusted EPS growth forecast for 2025-2027, with expected growth rates of 21%/18%/9%, and a target price increase to HKD 729, maintaining a "buy" rating [1] Group 1: Financial Performance - In Q3 2025, Tencent's total revenue increased by 15% year-on-year to RMB 192.87 billion, exceeding expectations by 4%, driven by gaming (+23%), social (+4%), marketing (+21%), and financial enterprise services (+10%) [2] - Gross profit rose by 22% year-on-year, outpacing revenue growth, with a gross margin improvement of approximately 3.3 percentage points to 56.4%, attributed to high-margin businesses such as domestic games, video accounts, and WeChat search, along with ongoing cost optimization in cloud services [2] - Adjusted EPS reached RMB 7.58, a 19% year-on-year increase, surpassing expectations by 6% [2] Group 2: Operational Highlights - Domestic game revenue grew by 15% year-on-year, benefiting from titles like Delta Action, Valorant, and Honor of Kings; overseas game revenue surged by 43%, driven by Brawl Stars, new games, and studio mergers [3] - Social revenue increased by 5% year-on-year, supported by video account live streaming and paid music services [3] - Marketing revenue rose by 21% year-on-year, enhanced by new advertising products and AI-driven advertising effectiveness [3] - Financial technology revenue experienced high single-digit growth, with accelerated growth in commercial payment transaction volume; enterprise services saw double-digit growth, driven by merchant technology service fees and significant growth in cloud storage data management [3] Group 3: Outlook and Valuation - The report anticipates that AI technology investments will support revenue growth across Tencent's product lines, with expected gaming revenue growth of 21%/9% and advertising growth of 19%/13% for 2025/26, indicating potential for further upward adjustments [4] - Capital expenditure as a percentage of revenue is expected to be below 10% in 2025, although the absolute value is projected to exceed RMB 80 billion, primarily for product iteration and upgrades, rather than focusing on computing power as a core business [4] - The company is positioned to leverage its leading traffic supply in the consumer sector for AI application implementation [4]

财通证券（601108）发布研报称，预计腾讯控股(00700)2025-2027年Non-IFRS归母净利润分别增长 17.0%、11.9%、10.3%为2606亿元、2915亿元和3215亿元。当前股价对应2025~2027年PE分别为 21.0X/18.8X/17.0X，维持"增持"评级。 财通证券主要观点如下： 游戏收入636亿元(同比+22.8%，超出机构一致预期5.2%)，本土市场收入428亿元(同比+14.8%，超出机 构一致预期1.3%)，主要得益于《三角洲行动》、《和平精英》及《王者荣耀》等游戏的收入增加;国际 市场收入208亿元(同比+43.4%，超出机构一致预期14.8%)，主要得益于《皇室战争》收入增长、收购的 游戏工作室的收入贡献、以及主机游戏《消逝的光芒：困兽》的销量表现。 广告收入、毛利率超预期，金融科技及企业服务毛利率低于预期 广告收入362.4亿元(同比+20.8%，超出机构一致预期1.8%)，主要得益于主要行业的广告主投放均有所 增长、用户参与度及广告加载率的提高以及AI驱动的广告定向所带动的eCPM增长，毛利率56.7%(超出 机构一致预期0.5pcts);金融科技及企业服 ...

Core Insights - The global landscape is undergoing profound adjustments, with a strong emphasis on technological innovation and the need for financial resources to support sectors like technology and advanced manufacturing [1][2] - Financial institutions are urged to embrace digital transformation driven by data elements and digital technologies, positioning themselves to better serve technological innovation [2][3] Group 1: Financial and Technological Integration - Financial resources should be directed towards promoting technological innovation and advanced manufacturing, as highlighted by the Deputy Governor of the Bank of Communications [1] - The dual empowerment of finance and technology is essential for high-quality industrial development, with financial institutions providing strong momentum for industrial prosperity [1][2] Group 2: Digital Transformation in Finance - Financial institutions must leverage the benefits of the new technological revolution, utilizing data elements and artificial intelligence to accelerate their digital transformation [2] - The integration of finance and technology is seen as a pathway to gather more financial resources towards technological innovation, fostering a collaborative industrial ecosystem [2] Group 3: Challenges and Opportunities in Smart Economy - The smart economy presents limitless development opportunities, but companies face challenges in balancing limited computing power with infinite innovation [3] - The application of large models in business requires overcoming challenges related to understanding business needs, which can be addressed through collaborative engineering efforts [3]

Core Insights - China Bank has acted as a global coordinator for several leading tech companies, including Alibaba, Baidu, Tencent, and Meituan, issuing a total of over 47 billion yuan in dim sum bonds, which were highly sought after in the offshore RMB financing market [1] - The total subscription amount for these bonds reached nearly 150 billion yuan, representing 3.2 times the issuance amount [1] - As of now, the total issuance of dim sum bonds in the market for 2025 has reached 979.454 billion yuan [1] Group 1 - The People's Bank of China (PBOC) has expressed its commitment to promoting the role of the RMB as a financing currency, supporting various financing products such as RMB loans, panda bonds, offshore RMB bonds, and trade financing [1][3] - The PBOC aims to enhance the liquidity of RMB for offshore entities, despite strict capital outflow controls in China [3] - The internationalization of the RMB has made progress, with the currency becoming the second most used in trade financing globally, accounting for 7.3% of total transaction volume as reported by SWIFT [3]

广告收入、毛利率超预期，金融科技及企业服务毛利率低于预期 广告收入362.4亿元(同比+20.8%，超出机构一致预期1.8%)，主要得益于主要行业的广告主投放均有所 增长、用户参与度及广告加载率的提高以及AI驱动的广告定向所带动的eCPM增长，毛利率56.7%(超出 机构一致预期0.5pcts);金融科技及企业服务毛利率50.2%(低于机构一致预期1.4pcts)。 3Q25公司实现收入1929亿元(同比+15.4%，超出机构一致预期2.15%)，毛利率56.4%(超出机构一致预期 0.19pcts)，销售费用率5.9%(超出机构一致预期0.6pcts)、研发费用率为11.8%(超出机构一致预期 0.9pcts)，但分占联/合营公司利润达78.5亿元(超出机构预期62.3%)，推动Non-IFRS归母净利润达705.5亿 元(同比+18.0%，超出机构一致预期6.9%)。 海外游戏收入同比增长40%+，长青游戏表现亮眼 游戏收入636亿元(同比+22.8%，超出机构一致预期5.2%)，本土市场收入428亿元(同比+14.8%，超出机 构一致预期1.3%)，主要得益于《三角洲行动》、《和平精英》及《王者荣耀》等 ...

| 6618.HK | 68.000 | -1.09% | | --- | --- | --- | | 比亚迪股份 | 99.700 | -0.89% | | 1211.HK | | | | 快手-W | 66.500 | -0.89% | | 1024.HK | | | | 京东集团-SW | 115.900 | -0.86% | | 9618.HK | | | | 小鹏汽车-W | 97.900 | -0.81% | | 9868.HK | | | 编辑丨瑜见 盘面上看，军工、半导体、人形机器人、教育、医疗器械等板块涨幅居前，有色金属、传媒、电气设备、石油石化等板块下跌。 科技股普遍回调，百度集团跌超2%，阿里巴巴跌超1%。旅游股走低，携程集团跌超4%，同程旅行跌超3%。 | < w | 恒生科技(HSTECH) 5771.51 -41.29 -0.71% | | Q | | --- | --- | --- | --- | | 资料 成分 | 资讯 相关基金 | | 月度收益 | | 名称 | | 现价 | 涨跌幅 -- | | 携程集团-S | | 550.000 | -4.51% | | 9961.H ...

上周五美股涨跌不一，中概指数跌1.6%。在中国发出旅行警告后，日本旅游类股大幅下挫。港股三大 指数今日高开，恒指跌0.49%，国指跌0.36%，恒生科技指数跌0.71%。权重科技股多数表现低迷，上周 五大跌7.2%的百度续跌2.48%；早盘碳酸锂期货涨4%，锂电双雄天齐锂业、赣锋锂业分别上涨5.6%、 4.26%；中国大陆至日本航班量大幅下滑，航空股集体下跌，中国东方航空跌3.47%。(格隆汇) ...

Core Insights - The article highlights the significant issuance of dim sum bonds by leading technology companies in Hong Kong, totaling over 47 billion yuan [1] - The issuance has been well-received in the offshore RMB financing market, with total subscriptions reaching nearly 150 billion yuan, which is 3.2 times the issuance amount [1] - Dim sum bonds, which are offshore RMB bonds, provide diversified financing channels for mainland and Hong Kong enterprises, enhancing the circulation and international use of the RMB [1] - Since 2022, the issuance scale of dim sum bonds has rapidly increased, with a total issuance amount of 979.454 billion yuan from the beginning of 2025 to the present [1]