Investment Rating - The report indicates a stable competitive landscape in the instant retail industry, with Meituan maintaining its leading position [2]. Core Insights - The instant retail industry is experiencing a slowdown in growth, but competition is stabilizing, with expectations that quarterly losses may peak in Q3 [2]. - Meituan continues to lead the market with a share of 68% as of the second week of October, while Alibaba (Ele.me) holds 22% and JD.com remains stable at 10% [3]. - User growth is highlighted, with JD.com showing a remarkable weekly DAU growth of 35%, which is crucial for order volume increase [2][3]. Summary by Sections Instant Retail Industry - The competition in the instant retail sector is stabilizing, with Meituan leveraging its first-mover advantage [2]. - The cost of acquiring riders is normalizing, with a notable decrease in the overlap of 3P riders as of September [2]. - Meituan's delivery efficiency is particularly strong in lower-tier cities, while JD.com has achieved efficient fulfillment in certain areas, although its overall coverage needs improvement [2][3]. User Engagement - JD.com has the highest weekly DAU growth at 35%, while Alibaba's Taobao relies on its membership system for steady growth [2][3]. - Meituan has a large user base but needs to enhance user activity levels [2]. Competitive Strategies - Meituan focuses on quality competition and upgrading its 1P flash warehouses to strengthen branding [3]. - Alibaba is integrating resources to enhance collaboration between Tmall and offline merchants, while JD.com is deepening its supply chain advantages [3]. Market Performance - As of October 20, JD.com reported over 52,000 brands with transaction amounts increasing by over 300% year-on-year, with significant growth in consumer electronics and AI-related products [7]. - The global sales segment of JD.com is also experiencing rapid growth, with over 100% increase in transaction volume for various categories [7]. Cloud Services Expansion - Alibaba Cloud has launched its second data center in Dubai to meet the growing demand for cloud and AI services in the Middle East, expanding its global footprint to 29 regions and 92 availability zones [4][5]. Gaming Sector - Tencent's new game "Gray Realm Walker" has generated significant attention, showcasing its exploration in the global FPS market [6]. International Expansion - ByteDance's overseas app "Cici" has topped download charts in several countries, reflecting a strategic approach to leverage AI technology while minimizing geopolitical risks [8].

Group 1: TSMC (Taiwan Semiconductor Manufacturing Company) - TSMC's revenue for Q3 2025 reached NT$989.92 billion, a year-on-year increase of 30.3%, equivalent to USD 33.1 billion, exceeding the company's guidance of USD 32.4 billion and Bloomberg's consensus of USD 31.5 billion[6] - The company's gross margin for Q3 2025 was 59.5%, up 1.7 percentage points year-on-year, with operating profit increasing by 38.8%[6] - TSMC's AI revenue is projected to grow at a CAGR of over 45% over the next five years, driven by the migration of customers to advanced process nodes[7] Group 2: Ningde Times (Contemporary Amperex Technology Co., Limited) - Ningde Times reported Q3 2026 revenue of RMB 104.19 billion, a year-on-year increase of 12.9%, with net profit rising by 41.21%[14] - The company's gross margin for Q3 2026 was maintained at around 28%, up 1.2 percentage points year-on-year, supported by an increase in high-margin energy storage business[15] - Ningde Times aims to expand production capacity significantly, with plans for new facilities in multiple regions, including a projected 100 GWh increase in Shandong by 2026[17]

Investment Rating - The report suggests a focus on finding outperforming and reversal stocks in the market [2][11]. Core Views - The report indicates that Hong Kong internet stocks and overseas Chinese assets are unlikely to see significant short-term gains due to static valuations amid international conditions and upcoming quarterly reports. Major players like Alibaba may face short-term profit-taking, while companies with solid fundamentals like Tencent and PDD are recommended for continued investment [3][17]. - The cryptocurrency market is under short-term pressure with no new narratives, leading to retail sentiment-driven declines. The report suggests a cautious approach to virtual assets [3][17]. - The report expresses optimism regarding the policy landscape for cross-border internet brokerages, suggesting that investors should look for opportunities to increase positions [3][17]. - The report highlights potential outperformers in sectors such as outdoor sports wearables, leading coffee brands, overseas e-commerce platforms, and certain consumer goods, particularly in light of expected positive quarterly results [3][17]. Industry Situation Tracking Education - The education index decreased by 0.93%, underperforming the Shanghai Composite Index but outperforming other indices. Notable stock movements include 51talk up by 34.11% and Yuhua Education down by 11.48% [12][18]. Luxury Goods and Gambling - The luxury goods index rose by 3.92%, while the gambling index fell by 3.22%. LVMH reported a 10.93% increase in stock price, indicating a recovery in domestic consumption in China [22][31]. Coffee and Tea - The coffee sector remains robust with potential for increased per capita consumption, while the tea sector faces challenges due to increased competition and regulatory changes [12][33]. E-commerce - The e-commerce sector is experiencing pressure, with the Hang Seng Internet Technology Index down by 8.04%. Key players like Alibaba and Pinduoduo showed positive movements, indicating resilience amid competition [36][40]. Streaming Platforms - The media index fell by 8.3%, with major streaming platforms like Tencent Music and iQIYI experiencing declines. The report suggests continued monitoring of these platforms for potential recovery [44][45]. Virtual Assets and Internet Brokerages - The global cryptocurrency market capitalization decreased by 2.2%, with Bitcoin and Ethereum prices falling by 6.0% and 14.0% respectively. The report highlights the performance of brokerage firms like Tiger Brokers and Futu Holdings, which showed positive growth [47][49].

今年来，射击游戏赛道不断"升温"。而腾讯向来被视为这一大热门类的"绝对王者"，旗下多款长青游戏为射击竞技型产品。 据移动应用数据分析公司Sensor Tower最新披露的中国手游厂商收入榜显示，今年9月，腾讯旗下《王者荣耀》《三角洲行 动》《和平精英》和《金铲铲之战》包揽当月中国App Store手游收入榜TOP4。另外，《地下城与勇士：起源》《穿越火 线》以及射击新游《无畏契约：源能行动》也成功跻身收入榜TOP10。 手握多个爆款射击游戏的腾讯，今日又首曝了一款射击新游。 10月15日，腾讯游戏北极光工作室射击新游《灰境行者》发布首曝PV。 此次推出射击新作的北极光工作室（Aurora Studios）为腾讯游戏旗下"四大工作室"之一，研发领域涵盖端游、手游及社交 游戏，代表作品包括3D武侠网游《天涯明月刀》、女性恋爱手游《光与夜之恋》。 值得一提的是，北极光工作室曾推出竞技射击网游《无限法则》。该游戏于2018年登陆steam，但在2023年12月1日正式停 服，终止运营。 具体来看，《灰境行者》采用了UE5引擎，是一款PVEVP"猎杀夺宝"题材的第一人称射击游戏。游戏风格上，其融合了克 苏鲁风格的恐怖元 ...

手握多个爆款射击游戏的腾讯，今日又首曝了一款射击新游。 10月15日，腾讯游戏北极光工作室射击新游《灰境行者》发布首曝PV。 此次推出射击新作的北极光工作室（Aurora Studios）为腾讯游戏旗下"四大工作室"之一，研发领域涵盖端游、手游及社交游戏，代表作品包括3D武侠 网游《天涯明月刀》、女性恋爱手游《光与夜之恋》。 值得一提的是，北极光工作室曾推出竞技射击网游《无限法则》。该游戏于2018年登陆steam，但在2023年12月1日正式停服，终止运营。 据移动应用数据分析公司Sensor Tower最新披露的中国手游厂商收入榜显示，今年9月，腾讯旗下《王者荣耀》《三角洲行动》《和平精英》和《金铲 铲之战》包揽当月中国App Store手游收入榜TOP4。另外，《地下城与勇士：起源》《穿越火线》以及射击新游《无畏契约：源能行动》也成功跻身收入 榜TOP10。 来源：Sensor Tower 上述游戏中，《三角洲行动》《和平精英》《穿越火线》《无畏契约：源能行动》均为射击竞技手游。其中，战术射击手游《三角洲行动》凭借全新 赛季"烈火冲天"，9月收入环比大涨78%，并于版本更新当日登顶中国iOS手游畅销榜， ...