专题：专题|2025上海证券交易所国际投资者大会 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月12日-13日，上交所国际投资者大会举行。宏利投资管理全球首席投资官Colin Purdie表示："从债 券、股市、技术和绿色能源等，中国市场给我们带来了很多的机会，债券通、股市通让我们投资中国本 土市场更加容易。中国债券市场相比较发达市场提供了非常有吸引力的收益率，现在中国的债券加入了 重要的指数，更加增强了吸引力。同时，在股票方面，A股市场反映了中国的消费升级和技术创新，也 给我们长期资本带来了非常有吸引力的选择。我们非常高兴见到中国从量到质的政策转变，对于战略性 新兴产业比如医药健康、人工智能等领域非常感兴趣。" 此外，中国庞大中产阶级带来的消费领域投资机会，电子商务的快速发展，"双碳目标下"中国新能源产 业（包括光伏、风能、电动汽车等）的扩张，以及不断发展的金融科技和保险领域，都给Colin Purdie 留下了深刻的印象。 Colin Purdie指出，中国资本市场处于一个重要的时机，政府不断致力于扩大开放，技术创新，推动高 质量的投资，这令我们深受鼓舞。我们认为现在是投 ...

Tencent Holdings Q3 2025 Earnings Call Summary Company Overview - **Company**: Tencent Holdings - **Date**: Q3 2025 Earnings Call Key Financial Metrics - Total revenue for Q3 2025 reached **CNY 190.3 billion**, a **15%** year-over-year increase [3] - Gross profit was **CNY 109 billion**, up **22%** year-over-year [3] - Non-IFRS operating profit was **CNY 73 billion**, reflecting an **18%** increase [3] - Non-IFRS net profit attributable to equity holders was **CNY 71 billion**, also up **18%** year-over-year [3] Business Segment Performance Social Networks - Monthly active users for WeChat reached **1.4 billion**, showing continuous growth [2] - Domestic gaming revenue grew by **15%**, driven by strong performances from titles like "Special Forces," "Honor of Kings," and "Valorant" [4] - International gaming revenue surged by **43%**, primarily due to pre-paid income from games like "Dying Light" and "Beast," along with contributions from recently acquired studios [4] Marketing Services - Marketing services revenue increased by **21%** to **CNY 36 billion** [2] - The introduction of the automated advertising solution "AI Marketing+" helped advertisers improve ROI [2][9] - Marketing services gross profit rose by **29%**, reaching **CNY 21 billion**, accounting for **19%** of total gross profit [9] Financial Technology and Business Services - Revenue from the financial technology and business services segment was **CNY 58 billion**, a **10%** year-over-year increase [5][10] - Commercial payment volumes grew faster than in Q2, with online payments continuing to rise [10] - The non-performing loan rate remained low, reflecting strong credit management practices [10] Strategic Initiatives - Tencent is making strategic investments in artificial intelligence to enhance advertising, user engagement, and operational efficiency [2][6] - The company is actively adjusting its investment portfolio, divesting from certain assets while investing in emerging growth opportunities, particularly in AI startups [4][22] - Tencent aims to promote more Chinese-developed games globally and continue acquiring game studios [12] AI and Technological Advancements - The AI model team is continuously upgrading its architecture, achieving industry-leading capabilities in image and 3D generation [6] - AI features are being integrated into WeChat to enhance user experience, including improved product recommendations and content discovery [7][17] Market Trends and Future Outlook - Despite a slow recovery in consumer spending, advertising expenditure is expected to improve gradually, benefiting from enhanced AI capabilities [19] - The company anticipates a slowdown in international gaming growth rates in Q4, aligning with baseline trends [12] - Tencent is focused on developing a comprehensive e-commerce ecosystem through WeChat, with significant progress in both agency and business sides [17] Additional Insights - The company has maintained a strong cash position, with net cash reaching **CNY 10.02 billion**, a **37%** quarter-over-quarter increase [12] - Tencent's approach to consumer loans remains cautious, with a focus on data-driven credit standards to maintain low delinquency rates [24] - The partnership with Apple regarding a **15%** commission agreement is expected to positively impact mini-games and domestic video games [18] This summary encapsulates the key points from Tencent's Q3 2025 earnings call, highlighting the company's robust financial performance, strategic initiatives, and market outlook.

Core Viewpoint - Jiufang Zhitu Holdings (09636) has demonstrated a strong commitment to shareholder returns by implementing its first interim cash dividend since its listing, reflecting a positive outlook on its financial health and growth potential [1] Group 1: Financial Performance - As of the report, Jiufang Zhitu Holdings' stock price increased by 5.09%, reaching HKD 60.85, with a trading volume of HKD 129 million [1] - The company announced a total cash dividend of approximately HKD 239 million, equating to HKD 0.51 per share, marking its first semi-annual dividend since going public [1] - Since its listing in 2023, Jiufang Zhitu has distributed a cumulative cash dividend of approximately HKD 719 million over three consecutive years [1] Group 2: Market Trends - According to Huachuang Securities, the market trend in Q3 favored "heavy technology growth," leading to a significant shift in fund allocation [1] - Funds have shown a tendency to reduce holdings in mature "traditional beta" stocks like Dongcai and Hong Kong Stock Exchange, while increasing investments in "emerging beta" stocks such as Jiufang Zhitu, which are associated with financial technology and virtual assets [1]

Group 1 - The core point of the article highlights that Jiufang Zhitu Holdings (09636) has seen a stock price increase of over 5%, reaching HKD 60.85, with a trading volume of HKD 1.29 billion [1] - On November 13, Jiufang Zhitu Holdings completed its mid-term cash dividend for 2025, distributing a total of approximately HKD 239 million, which translates to a dividend of HKD 0.51 per share. This marks the company's first semi-annual dividend since its listing, indicating a commitment to shareholder return policies [1] - Since its listing in 2023, the company has implemented annual dividends for three consecutive years, and with the recent mid-term dividend, it has cumulatively distributed cash dividends totaling approximately HKD 719 million [1] Group 2 - Huachuang Securities' recent research report indicates that in Q3, the market style has shifted towards "heavy technology growth." Despite the positive market conditions benefiting companies like Dongcai, HKEX, and Jiufang Zhitu, there has been a notable divergence in fund allocations. Funds are leaning towards reducing holdings in mature "traditional beta" stocks (Dongcai, HKEX) and increasing positions in "emerging beta" stocks (Jiufang Zhitu) that are associated with financial technology and virtual assets, which have higher growth expectations [1]

Core Viewpoint - The forum emphasizes the development of financial hubs as areas that aggregate financial entities and play a pivotal role in capital flow, asset allocation, investment decision-making, and risk management [1][6]. Group 1: Financial Hub Development - Financial hubs are characterized as "financial platform + financial individuals" in the intelligent era, leading to a multi-polar, globalized, and technology-driven financial system [3][7]. - The evolution of financial hubs has transitioned from agricultural and industrial eras to a focus on technology in the intelligent era, where technology centers may become financial centers [6][9]. Group 2: Strategies for Hangzhou - To establish Hangzhou as a "financial platform + financial talent" hub, four strategies are proposed: 1. Focus on strengths by leveraging advantages in digital, platform, and private sectors to explore leading financial tools and products [4][10]. 2. Collaborate with existing trading venues in nearby cities like Shanghai and Shenzhen to compensate for trading center shortcomings [4][10]. 3. Build financial technology infrastructure to attract major financial resources and innovate financial systems [4][10]. 4. Create a conducive environment for financial development by fostering a stable, trustworthy business climate and a culture that embraces failure [4][10]. Group 3: Economic and Financial Interdependence - The relationship between economic and financial development is highlighted, indicating that as economies develop, financial systems also advance, and vice versa [5][11]. - The intelligent era is marked by both aggregation and dispersion in financial activities, necessitating a balanced approach to financial center spatial layout by the government [5][12].

Core Viewpoint - Hongkou District is positioning itself as a "new benchmark for urban development in the new era," focusing on high-quality development, high-level reform and opening up, high-quality living, and efficient governance, leading to significant economic breakthroughs and enhanced core competitiveness [1] Group 1: Economic Development - The development strategy in Hongkou emphasizes "point breakthroughs" to drive "overall enhancement," with the North Bund development leading to a comprehensive growth model [2] - During the 14th Five-Year Plan, the GDP of Hongkou increased from 100 billion to 150 billion, while the district's general public budget revenue rose from 10 billion to 20 billion, and fixed asset investment expanded from 20 billion to 30 billion [2] Group 2: Industrial Upgrade - Hongkou's industrial upgrade focuses on integrating technological and industrial innovation, creating a modern industrial system characterized by high-end pillar industries, emerging industry clusters, and branded specialty industries [4] - The high-end shipping and financial sectors contribute over 40% to the district's economy, with significant developments including the establishment of the International Shipping Association and the first foreign-funded financial technology company [4] Group 3: Cultural and Tourism Development - Hongkou is enhancing its cultural tourism brand by creating engaging experiences for domestic and international visitors, exemplified by events like the International Coffee Culture Festival and the North Bund Music Carnival [5] - The district is also promoting its historical and cultural resources through initiatives like the "CityWalk" digital guide, connecting various cultural heritage sites [7] Group 4: Social Welfare and Quality of Life - The development in Hongkou prioritizes improving the quality of life for residents, focusing on comprehensive services for all age groups and enhancing living standards [8] - The district has established 34 new elderly care service stations and 37 senior meal service locations, increasing the number of elderly care facilities by 38% since the end of the 13th Five-Year Plan [8] Group 5: Future Outlook - Hongkou aims to continue its transformation from an "old district" to a "new benchmark," contributing to Shanghai's development as a modern socialist international metropolis with global influence [9]

Core Insights - The 10th Singapore FinTech Festival is taking place from November 12 to 14, 2023, focusing on enhancing financial technology cooperation between China and Singapore [1] - Bank of China Singapore Branch has signed a strategic cooperation memorandum with Tencent's cross-border payment platform TenPay Global to improve cross-border payment services [1][2] Group 1: Strategic Cooperation - The partnership aims to create a cross-border payment system that integrates both online and offline scenarios, enhancing convenience and security for customers in China [1] - The collaboration will focus on various application scenarios including tourism, education, business, and e-commerce, providing a convenient payment solution for visitors to China [1][2] Group 2: Customer Experience Enhancement - The joint initiative will significantly improve the consumption experience for foreign tourists in China by addressing cross-border payment challenges [1] - Through the local acquiring network of Bank of China Singapore Branch, Chinese travelers can use WeChat Pay at Singapore merchants, ensuring a seamless payment experience [1] Group 3: Future Collaboration Goals - The MOU outlines plans for ongoing collaboration in areas such as technology integration, product development, risk control, compliance cooperation, and customer education [2] - The long-term goal is to optimize cross-border payment experiences while exploring applications in remittances, cross-border settlements, and payment innovations for overseas Chinese communities [2]

（原标题：沙特交易所CEO穆罕默德·艾·鲁迈赫接受证券时报记者专访时表示： 中国在AI等领域吸引了 全球资本 中沙资本市场的合作进展令人鼓舞） 证券时报记者 马静 "中国在许多行业，尤其是高科技领域，居于领先地位。我们期待在互补性产业方面深化合作。"在近日 举办的中信建投证券2026年资本市场峰会暨中国—沙特投资合作论坛上，沙特交易所首席 执行官 （CEO）穆罕默德·艾·鲁迈赫（Mohammed Al Rumaih）接受证券时报记者专访时，兴致盎然地邀请中国 投资机构共同参与沙特资本市场。 谈及中国与沙特资本市场的合作前景，穆罕默德·艾·鲁迈赫透露了多项有关两地交易型开放式指数基金 （ETF）合作与企业交叉上市的关键进展，并表示可以着力推动人工智能（AI）产业方面的合作。 两地交叉上市迎关键进展 这是穆罕默德·艾·鲁迈赫在3年内第五次到访中国，行程安排得非常紧凑。在主论坛致辞结束后不久，他 就奔赴北京证券交易所进行交流，随后接受了证券时报记者专访。专访结束后，他又赶着去参加下一场 会议。 据了解，此次跟穆罕默德·艾·鲁迈赫同行的还有部分沙特上市公司和资管机构的工作人员。 "我们非常高兴能来到这里，共同推动沙特 ...

Core Insights - Tencent's Q3 performance exceeded market expectations, driven by revenue growth in AI cloud services and a double-digit year-on-year increase in enterprise services revenue [1] - The company anticipates that its actual capital expenditure for 2025 will be lower than previous guidance but still higher than in 2024, with Q3 capital expenditure reported at 12.98 billion RMB, a 24% decrease year-on-year and over 32% decrease quarter-on-quarter [1][15] - Tencent's CEO highlighted ongoing upgrades to the Mix Yuan model architecture, which is expected to enhance the company's competitive edge in AI functionalities within WeChat [1][24] Financial Performance - Total revenue for Q3 reached 193 billion RMB, a 15% year-on-year increase, with gross profit at 109 billion RMB, up 22% year-on-year [4][8] - Non-IFRS operating profit was 73 billion RMB, reflecting an 18% year-on-year growth, while profit attributable to equity holders was 71 billion RMB, also up 18% year-on-year [4][8] - Revenue breakdown: Value-added services accounted for 50% of total revenue, with social networks contributing 17%, domestic games 22%, and international games 11% [7][8] Business Segments - In the gaming sector, domestic game revenue grew by 15% year-on-year, driven by titles like "Delta Force" and "Honor of Kings," while international game revenue surged by 43% year-on-year [9][11] - Marketing services revenue increased by 21% year-on-year to 36 billion RMB, supported by growth in advertising spending across major categories [12] - Financial technology and enterprise services revenue reached 58 billion RMB, a 10% year-on-year increase, with strong growth in commercial payment services and consumer credit [13] AI and Cloud Services - The growth of cloud services is constrained by the availability of AI chips, with the company prioritizing internal use over external leasing [1][36] - The Mix Yuan model's capabilities have been enhanced, particularly in complex reasoning tasks, and the company is actively recruiting top talent to support this initiative [17][24] - The company is developing an AI agent within WeChat that aims to assist users in completing various tasks, leveraging its extensive ecosystem [2][24] Strategic Partnerships - Tencent is in discussions with Apple regarding a payment agreement for mini-games and small programs, with expectations of a lower commission rate of 15% compared to the usual 30% [3][25] - The company expressed satisfaction with the progress made in its relationship with Apple, indicating potential future announcements [3][25] Future Outlook - The company expects continued growth in its international gaming segment, although growth rates may slow to align with potential trend lines [14] - The overall advertising growth is anticipated to continue, supported by improvements in consumer spending and the deployment of AI capabilities [25][38]

Core Insights - The forum emphasizes the development of financial hubs as areas that aggregate financial entities and play a pivotal role in capital flow, asset allocation, investment decision-making, and risk management [1][4] - The intelligent era will lead to a multi-polar, globalized, and technology-driven financial system, where each financial district possesses global functions [5][6] Financial Hub Development - The concept of a financial hub is evolving into a "financial platform + financial talent" model, highlighting the importance of both digital infrastructure and skilled professionals in the financial sector [2][8] - The development of financial hubs should focus on leveraging existing strengths, addressing weaknesses through collaboration, and establishing robust financial technology infrastructure [2][9] Trends in Financial Development - Financial hubs are experiencing a shift from concentrated aggregation to a model that allows for both gathering and dispersing resources, reflecting the dynamics of economic and financial development [3][10] - The relationship between economic development and financial advancement is reciprocal, with each influencing the other in a cycle of growth and resource allocation [3][10] Recommendations for Hangzhou - To transform Hangzhou into a "financial platform + financial talent" hub, it is recommended to enhance existing advantages, collaborate with nearby trading centers, and build financial technology infrastructure [2][9] - The city should create a conducive environment for financial development, focusing on commercial stability, a culture that tolerates failure, and high-quality living conditions to attract and nurture financial talent [2][9]