Group 1: Tencent - Tencent's Q3 performance exceeded expectations, particularly in the international gaming segment, which saw a revenue increase of 43% year-on-year [1] - Despite challenges from short video platforms, the gaming industry has returned to growth, with Tencent's stock rising 58% due to gaming growth [1] - Other business segments also performed better than expected, attributed to the application of AI improving operational efficiency [1] Group 2: Bilibili - Bilibili's Q3 results showed a 9% year-on-year increase in daily active users and an 8% increase in monthly active users, indicating stable growth [2] - Revenue grew by 5% year-on-year to 7.7 billion RMB, with a continuous improvement in gross margin and a 7% increase in net profit margin, likely due to AI applications reducing costs [2] - Despite a 15% decline in gaming revenue, Bilibili managed to maintain overall growth, demonstrating less dependency on gaming [2] Group 3: JD.com - JD.com's Q3 results were slightly better than expected, but the company reported a loss of 1.1 billion RMB due to a 15 billion RMB investment in the food delivery business [3] - The e-commerce growth rate declined from 20.6% to 14.9%, with future growth potentially dropping below 5% if government subsidies cease [3] - The company has significant operational costs associated with its food delivery service, making it challenging to achieve profitability in that segment [3] Group 4: SMIC - SMIC reported Q3 revenue of 17.16 billion RMB, a year-on-year increase of 9.9%, and a net profit of 1.52 billion RMB, up 43.1% year-on-year [4] - The company's valuation is difficult to assess using traditional metrics like P/E ratio, as its value is more closely tied to technological advancements [4] Group 5: Kioxia - Kioxia's latest quarterly report showed a 60% year-on-year decline in net profit, leading to a significant drop in the global memory sector [5] - The U.S. Federal Reserve's hawkish stance contributed to declines in major stock indices, impacting global markets [5]