Investment Rating - The report maintains an "Accumulate" rating for the media industry [8] Core Insights - The media sector has shown significant growth in revenue and profit in the first three quarters of 2025, with total revenue reaching 460.34 billion yuan, a year-on-year increase of 4.2%, and net profit attributable to shareholders at 33.92 billion yuan, up 40.1% [1][14] - The gaming sector has particularly excelled, with revenue growth of 28.3% year-on-year, driven by a 30.8% increase in overseas revenue [2][58] - The overall profitability of the media sector has improved, with gross profit margins and net profit margins increasing across various sub-sectors [24][37] Summary by Sections Overall Performance - The media sector's revenue for Q1-Q3 2025 was 460.34 billion yuan, with a net profit of 33.92 billion yuan, marking significant year-on-year growth [1][14] - Q3 2025 alone saw revenues of 158.79 billion yuan and net profits of 10.98 billion yuan, reflecting a 7.1% and 47.2% increase respectively [1][24] Gaming Sector - The gaming sector achieved revenue of 78.69 billion yuan in Q1-Q3 2025, a 28.3% increase year-on-year, with net profit soaring by 94.0% to 12.65 billion yuan [2][58] - The gross profit margin for the gaming sector improved to 69.7%, and the net profit margin rose to 16.1% [2] Internet Sector - The internet sector reported revenue of 82.26 billion yuan, down 6.6% year-on-year, but net profit increased by 41.6% to 2.90 billion yuan [3] - The sector's gross profit margin was 17.5%, showing a year-on-year improvement [3] Advertising Sector - The advertising sector's revenue reached 131.80 billion yuan, up 7.7% year-on-year, with net profit increasing by 1.2% to 5.35 billion yuan [4] - The sector's operating cash flow saw a significant increase of 229.4% [4] Film and Television Production - The film sector generated revenue of 15.737 billion yuan, an 18.81% increase year-on-year, with net profit rising by 212.87% to 0.981 billion yuan [5] - The sector is expected to benefit from new policies and the growth of AI-driven content [5] Cinema Operations - The cinema sector reported revenue of 16.853 billion yuan, a 2.72% increase year-on-year, with net profit soaring by 242.91% to 1.135 billion yuan [6] - The sector's performance was bolstered by strong summer box office results [6] Publishing and Reading - The publishing sector's revenue was 101.499 billion yuan, down 7.83% year-on-year, but net profit increased by 17.53% to 8.694 billion yuan [7] - The sector is undergoing digital transformation, which is expected to drive future growth [7] Valuation - The media industry's valuation stands at 29x, which is considered low compared to historical levels [48]

中证报中证网讯(记者杨梓岩)11月13日，腾讯公布2025年第三季度业绩。财报显示，第三季度，腾讯网 络游戏业务总收入达636亿元，其中，本土市场游戏收入为428亿元，同比增长15%；国际市场游戏收入 为208亿元，同比增长43%。 本土市场增长主要得益于近期发布的《三角洲行动》等多款游戏的收入贡献及长青游戏《王者荣耀》 《和平精英》收入增长，此外新上线的《无畏契约：源能行动》亦有贡献。 财报显示，本土游戏方面，《三角洲行动》于本季度位居行业流水前三。9月，《三角洲行动》官方宣 布国服日活跃用户数超过3000万。长青游戏仍是重要增长引擎，《王者荣耀》9月推出的S41赛季活动 在国庆假期期间吸引了大量玩家，推动游戏收入持续增长。据官方数据，2025年《王者荣耀》国服日活 跃用户数已突破1.39亿。 海外业务方面，财报显示，本季度腾讯游戏海外业绩增长主要得益于Supercell旗下游戏收入增长、收购 的游戏工作室贡献收入，以及新发布《消逝的光芒：困兽》的销量优异。 Supercell旗下《荒野乱斗》《皇室战争》实现活跃用户和游戏流水的明显增长。财报显示，《皇室战 争》的平均日活跃账户数及流水于9月创下新高。第三方 ...

Core Insights - The conversation between Fang Sanwen and Duan Yongping covered investment philosophy, company management, education concepts, AI development, and case studies of well-known companies [1][22]. Group 1: Investment Philosophy - Duan Yongping emphasizes the importance of knowing what not to do in investment, which helps in avoiding many mistakes and increases the probability of making the right decisions [2][44]. - The concept of "margin of safety" as described by Buffett is not merely about low prices but rather about the depth of understanding of the company [3][40]. - A simple investment strategy suggested is to buy the S&P 500 index for long-term gains [4][31]. Group 2: Personal Investment Experiences - Duan Yongping shares a past experience of investing nearly $100 million in an oil and gas index, resulting in a loss of over $10 million, highlighting the importance of quickly correcting mistakes [5][58]. - He expresses a sentimental attachment to oil but acknowledges the difficulty in predicting its market behavior, leading him to invest cautiously in Western oil [6][60]. - The concept of "copying homework" is criticized as being a lagging strategy, as it lacks transparency and understanding of the actual holdings [8][62]. Group 3: Stock Market Insights - Duan Yongping warns that most retail investors lose money in both bull and bear markets, estimating that about 80% of them do not succeed [14][72]. - He believes that the increasing sophistication of quantitative funds and AI makes it even harder for retail investors to profit from short-term trading [15][73]. - The discussion highlights that understanding a company is crucial for successful investment, and he only invests in companies he comprehends, such as Moutai [9][65]. Group 4: Company-Specific Views - Moutai is frequently mentioned as a relatively easy-to-understand investment, despite concerns about changing consumer habits among younger generations [18][75]. - Duan Yongping suggests that Moutai remains a viable option for many investors, even in a declining market for most stocks [19][80]. - He also discusses the potential of Apple, noting that while it may not be cheap currently, it has the potential for significant future growth [46][49]. Group 5: AI and Market Dynamics - The impact of AI on stock trading is seen as potentially dangerous for those who rely on technical analysis, as they may become "韭菜" (chives) in the market [10][66]. - Duan Yongping asserts that AI will not affect long-term investment decisions, as true investment requires understanding the underlying business [70][74].

Core Viewpoint - The resignation of the chairman of the China Securities Regulatory Commission (CSRC) has shocked the market, coinciding with the Shanghai Composite Index reaching a ten-year high, attributed to health reasons [1]. Market Overview - The A-share market saw collective gains on November 13, with the Shanghai Composite Index rising by 0.73%, Shenzhen Component by 1.78%, and ChiNext by 2.55%. The total trading volume reached 20,658.28 billion yuan, an increase of 1,008 billion yuan from the previous day [16]. - The battery industry chain experienced a significant surge, with multiple stocks hitting the daily limit, including major players like Ningde Times, which saw an intraday increase of 9% [16]. Industry Developments - A partnership between Haibo Shichuang and Ningde Times for energy storage systems was announced, with a commitment to purchase no less than 200 GWh of electricity from January 1, 2026, to December 31, 2028. This reflects strong global demand for energy storage systems and highlights Ningde Times' leading position in the value chain [5]. - Morgan Stanley's analysis indicates that the battery manufacturing sector is in a phase of capital expenditure expansion and inventory replenishment, with Ningde Times achieving a capacity utilization rate of approximately 90% in the first half of 2025 [8]. Financial Data Insights - The People's Bank of China reported that new RMB loans in October were 220 billion yuan, the lowest for the same period since 2008, while social financing increased by 814.9 billion yuan, also below expectations [11][12]. - The M1 money supply grew by 6.2% year-on-year in October, down from 7.2% in September, which was the highest since February 2021 [13]. Stock Performance and Trends - The electric power equipment sector saw the largest net outflow of funds, while the medical biology, banking, and oil sectors experienced net inflows [27]. - Notable stocks with significant net inflows included Ningde Times and other electric power equipment companies, indicating strong investor interest in this sector [30][32]. Company-Specific Updates - Semiconductor company SMIC reported a third-quarter revenue of $2.382 billion, a 7.8% increase quarter-on-quarter, with a gross margin of 22.0% [21]. - The organic silicon industry is preparing for a production cut of 30% to increase prices to 13,500 yuan per ton, expected to be implemented by early December [22]. Investment Sentiment - The market sentiment remains optimistic, particularly in the battery and electric power sectors, with significant trading activity and stock price increases observed [16][37].

11月13日，腾讯控股在财报中披露，2025年第三季度本土市场游戏收入为人民币428亿元，同比增长 15%；国际市场游戏收入为人民币208亿元，同比增长43%（按固定汇率计算为42%）。 ...

Core Insights - Tencent Holdings reported a net profit attributable to shareholders of 705.51 billion yuan for Q3 2025, an 18% year-on-year increase, exceeding the expectations of several brokerages which anticipated a range of 660 billion to 680 billion yuan [1] - The company achieved total revenue of 1928.69 billion yuan, reflecting a 15% year-on-year growth, with a net profit of 631.33 billion yuan, up 19% [1] - Tencent emphasized the benefits from its investments in AI, which have enhanced advertising precision and user engagement in gaming, as well as efficiency in programming, gaming, and video production [1] Revenue Breakdown - The value-added services segment, primarily from gaming, saw a revenue increase of 16% year-on-year to 959 billion yuan, with domestic game revenue reaching 428 billion yuan, a 15% increase [2] - International game revenue surged 43% year-on-year to 208 billion yuan, driven by growth in Supercell's games and the performance of new titles [2] - Social network revenue, including video live streaming and paid music subscriptions, grew by 5% to 323 billion yuan [2] - Financial technology and enterprise services revenue increased by 10% to 582 billion yuan, supported by growth in commercial payment activities and consumer loan services [2] User Engagement Metrics - Tencent maintained 114 million video subscribers and increased its music paid subscribers to 126 million [3] - The combined monthly active accounts for WeChat and WeChat reached 1.414 billion, a 2% year-on-year growth, while QQ's mobile active accounts decreased by 8% to 517 million [3] - The advertising business revenue grew by 21% year-on-year to 362 billion yuan, marking twelve consecutive quarters of double-digit growth [3] Cost and Investment - Sales and marketing expenses rose by 22% year-on-year to 115 billion yuan to support AI applications and gaming development [4] - Research and development expenses increased by 28% to 228 billion yuan, setting a new quarterly record [4] - Capital expenditures for the quarter were 129.83 billion yuan, down 32.05% quarter-on-quarter and 24.06% year-on-year [4] Market Performance - As of November 13, Tencent's stock closed at 656 HKD per share, down 0.15%, with a total market capitalization nearing 6 trillion HKD [5]

以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 海思科：获得创新药HSK39297片新适应症临床试验获批 海思科公告，公司近日收到国家药监局下发的HSK39297片《药物临床试验批准通知书》，适应症为年 龄相关性黄斑变性。HSK39297片是公司自主研发的一个全新的具有独立知识产权的治疗年龄相关性黄 斑变性的药物。临床前研究结果表明，该药品靶点明确、疗效确切、安全性好，是一款极具开发潜力的 小分子药物，临床应用的效益/风险比高，具有广阔的临床应用前景，有望成为AMD的有效治疗药物， 解决目前临床用药匮乏的难题。 昂立教育：再次延期回复资产收购事项问询函，不超5个交易日 昂立教育公告称，公司于2025年10月30日收到上交所《关于资产收购事项问询函》。收到问询函后，公 司积极组织各方回复。截至公告披露日，回复内容尚需补充完善，经申请，公司将再次延期回复，延期 不超5个交易日。公司将继续推进回复工作，及时履行信披义务。 曙光股份：终止向特定对象发行股票，上交所决定终止审核 国泰集团：1.1亿元摘牌收购北矿爆锚100%股权 国泰集团公告，公司通过公开摘牌方式收购北矿亿博在北京产权交易所公开挂牌转让的 ...

腾讯方面表示，本土市场游戏主要受益于近期发布的《三角洲行动》等多款游戏的收入贡献，《王者荣 耀》与《和平精英》等长青游戏的收入增长，以及《无畏契约》从个人电脑端至移动端的拓展。 国际市场游戏主要受益于Supercell旗下游戏的收入增长，新发布的个人电脑及主机游戏《消逝的光芒: 困兽》的销量表现，以及近期收购的游戏工作室的收入贡献。 北京商报讯（记者 卢扬 实习记者 华卓玛）11月13日，腾讯发布2025年第三季度业绩，报告期内，公司 第三季度本土市场游戏收入为人民币428亿元，同比增长15%；国际市场游戏收入为人民币208亿元，同 比增长43%（按固定汇率计算为42%）。 ...

上海久诚律师事务所主任许峰律师认为，在2015年3月31日到2023年6月28日之间买入三七互娱股票，并 且在2023年6月28日之后卖出或继续持有股票的投资者，目前已可发起索赔。 （本文由上海久诚律师事务所主任许峰律师供稿，不代表新浪财经立场。许峰律师，2008年起律师执 业，执业服务范围涉及虚假陈述、内幕交易、操纵市场等证券欺诈领域索赔代理。十几年来已代理近两 百只股票的投资者胜诉或调解获赔，同期还在代理诉讼时效内近三百只股票的索赔案件，部分也已有胜 诉以及调解获赔先例。执业证号：13101200810965495） 责任编辑：韦子蓉 （二）2018年年度报告未披露收购江苏极光股权事项为关联交易，存在重大遗漏。 （三）三七互娱2020年间接收购广州三七股权事项为关联交易，2020年12月7日披露的临时公告虚假记 载、2020年年度报告存在重大遗漏。 （四）2018年至2021年年报未披露与海南力源等公司发生的关联交易，存在重大遗漏。 2025年11月10日，上海久诚律师事务所许峰律师代理的三七互娱（维权）（002555）投资者索赔案再提 交法院立案，律师团队同步还在推进后续案件的立案工作，还在持续接受其他 ...

格隆汇11月13日丨腾讯控股公布最新财报，2025年Q3营收1928.69亿元，同比增长15%，超过了此前预 期，维持了稳健的增长，这帮助这家公司在避免对AI基础设施进行大规模投入的同时，吸引了投资 者。这些业绩凸显了腾讯采取了更审慎的AI发展和投资方式，公司更专注于将AI技术整合到其核心的 盈利服务中，包括社交媒体平台微信和游戏发行。财报还显示，腾讯本季度自由现金流为人民币585亿 元，而资本开支则高达人民币200亿元，其中主要用于支持公司在人工智能领域的战略布局。这一举措 预示着腾讯在AI技术上的持续加码，也反映了其对未来发展方向的坚定信心。游戏业务方面，第三季 度，本土市场游戏收入为人民币428亿元，同比增长15%，主要得益于近期发布的《三角洲行动》等多 款游戏的收入贡献，《王者荣耀》与《和平精英》等长青游戏的收入增长，以及《无畏契约》从个人电 脑端至移动端的拓展。 来源：格隆汇APP ...