Core Viewpoint - The Hong Kong stock market has shown strong performance, with the Hang Seng Index surpassing 27,000 points, marking a three-and-a-half-year high, driven by several key factors including improved overseas liquidity and stable earnings expectations for tech stocks [1] Group 1: Market Performance - The Hang Seng Index has achieved a significant increase, ranking among the top global stock markets [1] - In September, southbound capital inflow into Hong Kong stocks reached 105.2 billion, with 30 billion and 16.8 billion flowing into tech and internet sectors via ETFs respectively [1] Group 2: Technology Indices Overview - Major Hong Kong tech indices include the Hang Seng Tech Index, Hang Seng Internet Tech Index, and Hong Kong Stock Connect Tech Index, all of which have seen growing fund sizes [2] - The Hang Seng Tech Index fund size grew from 8.587 billion in 2020 to 278.536 billion in 2025, while the Hong Kong Stock Connect Tech Index reached 43.270 billion since its inception in 2022 [2] Group 3: Stock Selection and Industry Distribution - The Hang Seng Tech and Hang Seng Internet Tech Indices can invest in all tech companies in the Hong Kong market, providing diversification, while the Hong Kong Stock Connect Tech Index is limited to designated stocks [3] - The Hang Seng Tech Index covers a wide range of industries, focusing on the AI supply chain, semiconductors, and new energy vehicles, while the Hong Kong Stock Connect Tech Index emphasizes consumer electronics and e-commerce [4] Group 4: Heavyweight Holdings and Market Style - The Hang Seng Tech Index has a balanced weight distribution across various tech sectors, while the Hong Kong Stock Connect Tech Index is concentrated in leading companies like Tencent and Xiaomi [5] - The Hang Seng Tech Index primarily consists of large-cap companies with market caps over 100 billion, whereas the Hang Seng Internet Tech Index leans towards mid and small-cap stocks [6] Group 5: Investment Opportunities - The current market environment presents a favorable window for investing in the Hong Kong tech sector, supported by improved expectations, low valuations, and capital inflows [8] - The three major indices have a price-to-earnings ratio around 20, below the 50th percentile of the past decade, indicating a valuation advantage compared to global tech indices [9]

Group 1 - The core viewpoint of the article is that Xinghui Entertainment (SZ 300043) has engaged with investors, providing insights into its business structure and performance during the first half of 2025 [1] - As of the announcement, Xinghui Entertainment's market capitalization stands at 8.6 billion yuan [1] - The revenue composition for Xinghui Entertainment in the first half of 2025 is as follows: sports business accounts for 44.26%, gaming and advertising business for 35.76%, baby products and other toys for 17.72%, and other businesses for 2.26% [1]

1 晓》《战地无疆》等多款游戏在境内外上线，收入同比增加， 但多款新游戏处于市场投入初期阶段，对于经营业绩的贡献将 在下半年体现，同时公司计划于 2025 年 10 月推出的拳头产品 《三国群英传：策定九州》测试数据表现优秀，有望为公司游 戏业务持续增长带来有力支撑。 除《三国群英传：策定九州》外，两款《冒险岛》IP 游戏 以及《仙境传说：破晓》《盗墓笔记》《代号-Y12》《斗破苍 穹》《代号庆余年》等多款产品计划陆续在中国大陆、中国港 澳台、日韩东南亚、欧美等地区发行。产品上线仍需充分考虑 内容积累、调优测试、产品以及竞品档期、公司资源配置等多 方面因素，上线进度存在不确定性。公司将按经营计划有进度 推出相关的产品，产品上线后对公司经营业绩的影响具有不确 定性。 二、公司在游戏业务板块有哪些发展规划？ 答：公司将坚持精品化、高质量的游戏产品策略，继续深 耕古风策略类、放置类等具有系列化开发经验的优势赛道，持 续研发和迭代游戏精品。 坚持优质 IP 赋能游戏产品也是公司重要策略之一，公司 将继续深度挖掘 IP 价值并融入游戏研发，打造高度契合 IP 世 界观与受众期待的游戏产品，增强产品效益的稳定性，同时借 ...

Group 1: Construction and Building Materials Industry - The construction sector is experiencing profit pressure, with the overall revenue for the first half of 2025 at 3.97 trillion yuan, a year-on-year decrease of 6.02%, and net profit attributable to shareholders at 91.5 billion yuan, down 6.60% year-on-year [6][7] - Despite the overall decline, the gap between revenue and net profit growth rates has narrowed compared to the first half of 2024, indicating a potential easing of profit pressure [6][7] - The sector's profitability is expected to gradually improve due to the implementation of 4.4 trillion yuan in special bond quotas and ongoing investment stabilization policies [6][10] - The performance of sub-industries is mixed, with the landscaping sector showing signs of recovery, while other segments like decoration and local construction companies faced declines [8][9] - Central enterprises have seen stable order growth, with new signed orders totaling 7.79 trillion yuan, a slight increase of 0.17% year-on-year, and a significant rise in overseas orders by 16.35% [9] Group 2: Tourism and Consumer Services - Domestic travel participation increased by 20.6% year-on-year in the first half of 2025, with strong booking trends for the upcoming National Day and Mid-Autumn Festival holidays [12][13] - The Ministry of Commerce and other departments have introduced policies to expand service consumption, particularly in culture and tourism, which is expected to boost consumer spending during the holidays [12] - The stock performance of consumer service companies on the Beijing Stock Exchange has shown a median decline of 2.46%, with a few companies experiencing notable gains [13] Group 3: Energy and Coal Industry - In August 2025, raw coal production decreased by 3.2% year-on-year, continuing a trend of negative growth for two consecutive months, driven by government measures to curb overproduction [17][18] - The coal import volume has also seen a decline, with a 12.2% year-on-year drop in the first eight months of 2025, indicating a tightening supply situation [18][19] - The coal industry is expected to enter a new phase of supply-demand rebalancing, with a potential price floor of 700 yuan per ton, which could support sustainable profits for leading coal companies [19] Group 4: Media and Entertainment Industry - The game "Delta Action" topped the iOS sales chart, indicating strong performance in the gaming sector, with high engagement metrics [21][22] - The industry is witnessing a trend towards high-frequency content updates, which are expected to enhance revenue stability for gaming companies [21][22] - The film and television sector is also poised for growth, with new policies aimed at increasing the supply of quality content and supporting the production of various media formats [24][28] Group 5: Precious Metals Industry - Gold and silver prices have been rising, with gold reaching 3,663.15 USD per ounce, driven by recent interest rate cuts by the Federal Reserve [31][32] - The upcoming IPO of Zijin Gold is expected to elevate the valuation levels of the precious metals sector, as it aims to raise significant capital [35][36] - The overall demand for gold is projected to remain strong, supported by central bank purchases and investment demand, which could further bolster gold prices [34][36]

证券研究报告|公司深度研究报告 [Table_Date] 2025 年 09 月 22 日 [Table_Title] 深耕精密制造，"光+算"布局开新篇 [Table_Title2] 致尚科技(301486.SZ) [Table_Summary] 深耕精密制造多年，服务核心终端客户完成关键卡位 公司早期业务围绕富士康，深耕精密制造领域多年，后收购春 生电子，开始紧密服务 N 客户、索尼及 Meta 等核心客户，在游 戏主机制造领域完成了关键卡位。游戏主机销售具备周期性， 现公司核心客户新产品已发布且销售火爆，随着后续新料号的 持续导入，公司作为上游供应商有望持续受益。 光通信业务高速增长，绑定 SENKO 受益全球算力基建 公司于 2019 年切入光纤连接器业务并于 2020 年顺利成为 SENKO 合格供应商开始批量供货，经过多年的快速发展，已成为公司 业绩的重要增长点。公司光纤连接器产品门类齐全 ，包括 MTP/MPO 光纤跳线、高密度光纤跳线、光纤阵列类组件、常规 光纤跳线等，广泛应用于数据中心等领域。随着全球算力基建 的加速，叠加集群规模的扩张及 CPO 等新技术的大规模商用， 公司光纤连接器业务有 ...

北京商报讯(记者卢扬程靓)9月22日，中国音数协游戏工委发布2025年8月中国游戏产业月度报告。据报 告，8月中国游戏市场实际销售收入为292.63亿元，虽然环比增长0.61%，但同比去年8月下降了 13.01%。这一下滑并非由单一原因造成，而是"用户消费行为转变"与"行业产品迭代断档"共同作用的结 果。 报告显示，现象级产品热度衰退。去年同期的基数较高，今年热度的自然衰退，在没有新的、同等量级 的"必玩之作"出现的情况下，用户消费动力不足。同时，从产品周期角度看，新作供给乏力，"次新 品"未能完全填补缺口。市场收入的增长需要持续有竞争力的新产品注入活力。当前市场正处在一个产 品周期的换挡期，缺少高收入的次新品支撑增长。 中国移动（600941）游戏市场实际销售收入215.41亿元，环比增长0.85%，同比下降4.25%；中国客户端 游戏市场实际销售收65.63亿元，环比下降1.11%，同比增长17.59%，同比增长主要由双端互通产品带来 增量。中国自主研发游戏海外市场实际销售收入16.80亿美元，环比下降0.79%，同比下降10.66%。 2025年8月中国游戏市场的同比下滑，核心原因在于去年同期的收入基数 ...

Group 1 - The overall industry selection framework focuses on resources, new productive forces, and globalization [2] - Resource stocks are shifting from cyclical attributes to dividend attributes due to supply constraints and global geopolitical expectations [2] - The globalization of leading Chinese manufacturing companies is expected to convert market share advantages into pricing power and profit margin improvements [2] Group 2 - The Chinese stock market is expected to continue its upward trajectory, driven by the demand for assets and capital market reforms aimed at improving investor returns [3] - The recent communication between Chinese and U.S. leaders indicates a stabilization of short-term risk outlook [3] - The upcoming reforms in the capital market, including the launch of the growth tier on the Sci-Tech Innovation Board, are anticipated to accelerate market adjustments [3] Group 3 - The current market remains in a consolidation phase since September, with a positive funding environment supporting the ongoing trend [4] - The key factor for the continuation of the positive feedback from the funding side is the profitability effect [4] - Focus areas for investment include domestic computing power chains, innovative pharmaceuticals, robotics, chemicals, batteries, and leading consumer stocks [4] Group 4 - The three main drivers of the current upward trend in A-shares remain unchanged, with a focus on low penetration sectors [5] - Attention is drawn to solid-state batteries, AI computing power, humanoid robots, and commercial aerospace [5] - The market is still in a bull market phase, with expectations for further growth [5] Group 5 - There has been significant inflow of both domestic and foreign capital into the Chinese stock market, with a notable increase in passive fund inflows [6] - The reduction in positions in high-priced options indicates a cautious outlook for the Shanghai Composite Index [6] - Overall, the long-term outlook for the Shanghai Composite Index remains bullish [6] Group 6 - The market is currently experiencing a rotation among sectors, with a focus on individual stocks rather than indices [7] - Key areas of interest include humanoid robots, AI, new energy, and innovative pharmaceuticals [7] - The market is expected to continue its rotation while maintaining a high level of focus on individual stock performance [7] Group 7 - The current market conditions suggest that a bull market driven by improving corporate earnings is in the making [8] - Opportunities are identified in upstream resources, capital goods, and raw materials due to improved operating conditions [8] - Domestic demand-related sectors are also expected to present opportunities as earnings recover [8] Group 8 - The market is transitioning from a focus on existing stocks to an expansion of new opportunities driven by incremental capital [9] - The emphasis is on identifying opportunities based on industry trends and economic conditions rather than merely switching between high and low positions [9] - The market is expected to see a broadening of investment opportunities as new capital flows in [9] Group 9 - The potential for low-position stocks to experience a rebound is increasing as the market approaches the fourth quarter [10] - Historical trends indicate that stocks that performed well in the third quarter may not continue their momentum into the fourth quarter [10] - The focus is on cyclical stocks and those benefiting from global pricing resources as key areas for investment in the upcoming quarter [10] Group 10 - The recovery of free cash flow in export-advantaged manufacturing sectors is anticipated due to policy changes and global re-industrialization [11] - The valuation system for China's advantageous manufacturing sectors is expected to undergo systematic restructuring [11] - The return of global capital to China is likely to drive a bullish trend in high-end manufacturing sectors [12]

Group 1 - The core announcement is that 37 Starseek, a wholly-owned subsidiary of the company, has signed a subscription agreement to invest up to $10 million in SX Global as a limited partner [1] - The controlling shareholder Li Weiwei and former director Yang Jun plan to invest $2 million and $1 million respectively, representing 0.67% and 0.33% of the target fund's total size [1] - The target fund is expected to have a total size of no more than $300 million, with the connected fund reaching no more than $30 million after the contributions from Li Weiwei and Yang Jun [1] Group 2 - The investment aims to focus on cutting-edge technology, software as a service (SaaS), and other technology-related fields [1] - For the first half of 2025, the company reported revenue of 8.486 billion yuan and a net profit attributable to shareholders of 1.4 billion yuan [1]

IGG(00799)发布公告，该公司于2025年9月22日斥资46.82万港元回购10.2万股股份，每股回购价格为 4.58-4.6港元。 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [11]. Core Viewpoints - The report emphasizes the importance of the internet cloud computing sector, driven by AI advancements and self-developed chips, which are expected to enhance profitability and avoid homogenization in competition [4][3]. - The report highlights the acceleration of revenue for domestic internet cloud companies in Q2 2025, driven by strong growth in AI-related computing power and token revenue [4]. - The gaming sector is also recommended, with expectations of continued growth in Q3 2025 due to new product contributions and a favorable valuation basis [4]. Summary by Sections Internet Cloud Computing - The report suggests that the domestic market is replicating the growth trajectory of North American cloud giants, with AI driving cloud demand and capital expenditures [4]. - Key players recommended include Alibaba, Tencent, Kingsoft Cloud, and Baidu, each with unique strengths in AI applications and self-developed chips [4]. Gaming Sector - The report anticipates a positive outlook for the gaming sector, with a projected PE range of 15-20x for 2026, indicating potential for valuation uplift [4]. - Recommended companies include Tencent, Giant Network, and Huya, with specific focus on their strong operational capabilities and IP value [4]. Long Video and Film Industry - The report notes a policy bottoming out for long video series, which is expected to improve project turnover and ROI for film investments [4]. - Companies like Mango TV and Reading Group are highlighted for their potential recovery in fundamentals [4]. Consumer Entertainment - Continued recommendations for consumer entertainment companies such as NetEase Cloud Music and Pop Mart, indicating growth potential in the sector [4].