近日，野村中国互联网证券研究主管史家龙在2025年野村中国投资年会上表示，中国互联网板块的市场 关注点将继续集中在两方面：一是头部互联网平台在人工智能（AI）领域的战略布局与资本投入；二 是国内即时零售赛道的持续竞争态势。 "就即时零售领域的竞争而言，我们预计四季度行业竞争强度将趋于缓和，这有望缓解相关企业在第四 季度及明年因即时零售业务扩张所造成的亏损压力。"史家龙表示，在线娱乐版块，尤其是网络游戏和 在线音乐服务，仍具韧性——作为大众消费者负担得起的娱乐方式，在宏观环境偏弱的背景下仍有望保 持稳健表现。相比之下，长视频业务因为继续受到用户持续向短视频和微短剧迁移的影响，可能继续跑 输其他娱乐细分领域。 ...

Group 1: Bond Market Insights - The bond market has shown overall stability with slight tightening of funds, characterized by major banks continuing to buy short-term bonds, indicating a stable outlook for short-term rates [4][5]. - Securities firms have begun to close positions on government bonds, with borrowing volumes at a low point, suggesting a cautious approach as the year-end approaches [4][5]. - Public funds are primarily investing in credit bonds, although the volume has decreased, indicating a preference for short-term investments [4][5]. Group 2: Semiconductor Material Substitution Opportunities - The tension in Sino-Japanese relations is expected to accelerate the domestic substitution of Japanese semiconductor materials, as Japan holds a significant market share while domestic production rates are low [6][8]. - Key sectors for potential investment include photoresists, wet electronic chemicals, electronic gases, masks, CMP polishing liquids, and sputtering targets, with specific companies identified for each category [8][9]. Group 3: Chemical Industry Outlook - The Chinese chemical industry is poised for a revaluation due to the anticipated slowdown in global capacity expansion, which could enhance cash flow and dividend yields for leading companies [9][10]. - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [9][10]. - Key opportunities in the chemical sector include low-cost expansion, improved industry conditions, new materials, and high dividend yields from state-owned enterprises [10][11][12]. Group 4: AI Computing and Infrastructure - Major cloud service providers (CSPs) are increasing capital expenditures significantly for AI infrastructure, with Google raising its 2025 capital expenditure guidance to $91-93 billion [36][37]. - OpenAI has secured substantial computing power agreements with major chip manufacturers, indicating a strong demand for AI capabilities [37][38]. - The trend towards "super nodes" in AI infrastructure is gaining consensus, with various companies announcing advancements in their super node products [39][40]. Group 5: Tencent Music Performance - Tencent Music reported a 20.6% year-over-year increase in revenue for Q3 2025, driven by an increase in ARPPU, which boosted online music subscription income [52][53]. - The company achieved a significant increase in non-subscription revenue, particularly from live performances and artist-related products, indicating diversification in income sources [54][55]. - Future revenue projections suggest continued growth, with expectations for revenue to reach approximately 329.79 billion yuan by 2025 [55].

花旗发表研究报告指，腾讯音乐第三季总收入按年增长20.6%至84.6亿元，较该行及市场预期高出各 3%。其中，在线音乐服务收入按年增长27.2%至69.7亿元，较该行预期高4%，主要受音乐订阅收入稳健 增长带动，以及线下演出、广告服务及艺人周边商品收入增长。订阅收入按年升17.2%至45亿元，占总 收入约53%。而社交娱乐收入按年下降2.7%至14.9亿元，较该行预期低1%。期内经调整净利润为24.8亿 元，按年增长28%，较该行及市场预期高出各8%及7%，因收入好过预期及毛利提升，但部分被营运费 用增加所抵消。该行现予腾讯音乐美股目标价29美元及"买入"评级。 ...

Core Viewpoint - Tencent Music Entertainment Group reported steady growth in its financial performance for the third quarter ending September 30, 2025, with total revenue reaching 8.46 billion yuan, a year-on-year increase of 20.6%, and adjusted net profit of 2.48 billion yuan, up 27.7% [1] Financial Performance - Total revenue for the third quarter was 8.46 billion yuan, reflecting a 20.6% year-on-year growth [1] - Adjusted net profit for the quarter was 2.48 billion yuan, representing a 27.7% increase compared to the previous year [1] Online Music Business - Online music service revenue grew by 27.2% year-on-year to 6.97 billion yuan [1] - Average revenue per paying user increased from 10.8 yuan in the same quarter of 2024 to 11.9 yuan [1] Strategic Initiatives - The company attributes its robust growth to the deepening of its "content and platform" strategy [1] - Tencent Music has strengthened collaborations with global record companies and artists, hosting large-scale domestic and international tours, and expanding its own performance IP matrix [1] - Continuous innovation in product features and services aims to meet diverse user needs and create personalized music experiences [1] Future Outlook - Tencent Music plans to seize emerging opportunities and expand its music service offerings while collaborating with industry partners to promote healthy industry development [1]

Core Insights - Nomura emphasizes China's focus on resilient, stable, and inclusive economic growth from 2026 to 2030, driven by significant investments and industrial policies, particularly in semiconductors and artificial intelligence [1][5] - The core drivers for the A-share market's future growth are policy support, liquidity, and industrial upgrades, with AI and high-value exports identified as key themes for the upcoming year [4][1] Group 1: Global Economic Resilience - Despite rising tariffs, geopolitical tensions, and fiscal pressures, the global economy shows significant resilience, supported by the AI revolution, flexible trade adjustments, and moderate monetary and fiscal policies [2] - Economic inequality is becoming more pronounced, with low-income families and small businesses struggling, posing challenges for policymakers to maintain global economic stability [2] Group 2: Asian Economic Outlook - The technology sector in Asia (excluding Japan) is expected to perform well, driven by strong demand for AI and a supercycle in storage chips, while non-tech sectors face challenges due to limited spillover effects from AI and increased tariffs on labor-intensive industries [3] - The region's solid economic fundamentals and new growth drivers, such as supply chain shifts and increased AI investment, position India, the Philippines, and Malaysia as some of the fastest-growing economies in the next decade [3] Group 3: A-share Market Dynamics - A-share valuations have expanded over the past year but remain reasonable when considering the equity risk premium in a declining risk-free rate environment [4] - The "14th Five-Year Plan" emphasizes long-term productivity upgrades and technological transformation, which will catalyze structural market trends, although improvements in earnings fundamentals are still needed [4][7] Group 4: AI and Technology Sector Developments - The trend towards a self-sufficient AI supply chain in China is becoming more evident, with significant investments in AI infrastructure and a focus on developing large language models and generative AI applications [8] - The competitive landscape in the instant retail sector is expected to stabilize, potentially alleviating losses for companies expanding in this area [8] Group 5: Entertainment Sector Insights - The online entertainment sector, particularly online gaming and music services, is expected to remain resilient, while long-form video content may continue to lag due to shifts in consumer preferences towards short videos [9]

腾讯音乐娱乐集团执行董事长彭迦信表示："第三季度，得益于在线音乐业务的全方位优异表现，我们 再次取得扎实稳健的业绩增长。通过持续创新丰富内容生态，并将服务拓展至更多现场体验，我们不仅 推动了订阅业务收入稳健提升，也带动了演唱会及艺人周边等非订阅服务的强劲增长。依托坚实的财务 基础和卓越的运营能力，我们将继续拓展音乐服务的边界，为整个音乐行业创造更大价值。" 腾讯音乐娱乐集团首席执行官梁柱表示："我们很高兴地看到，平台生态持续繁荣。基于不断深化的用 户洞察，我们以创新方式打造个性化服务与体验，推动用户黏性持续提升，促进了超级会员渗透率与单 个付费用户月均收入进一步增长。展望未来，我们将继续强化核心竞争力、提升平台效率，并把握新兴 机遇，持续赋能音乐创作、带动音乐消费。" 腾讯音乐-SW(01698)公布2025年第三季度财务业绩，总收入为人民币84.6亿元(11.9亿美元)，同比增长 20.6%。公司权益持有人应占净利润为人民币21.5亿元(3.02亿美元)，同比增长36.0%。非国际财务报告 准则公司权益持有人应占净利润为人民币24.1亿元(3.38亿美元)，同比增长32.6%。 每股美国存托股份的 摊薄盈利 ...

拆解来看，在线音乐业务取得全方位表现，持续驱动腾讯音乐高质量增长，第三季度，在线音乐服务收 入同比增长27.2%至69.7亿元，单个付费用户月均收入从2024年同期的10.8元增长至11.9元。 腾讯音乐在本季度取得的稳健增长得益于内容与平台"一体两翼"战略的持续深化。本季度，腾讯音乐持 续深化与全球知名唱片公司与艺人的合作，为艺人举办国内外大型巡演并扩充自有演出IP矩阵，内容生 态日益丰富、充满活力；同时，不断创新产品功能与服务，以满足不同需求的用户群体，为用户创造个 性化、差异化的音乐体验。 公司方面表示，未来腾讯音乐将把握新兴机遇、不断拓宽音乐服务范围，与产业伙伴一道推动行业健康 发展。 11月12日，中国领先的在线音乐与音频娱乐平台腾讯音乐娱乐集团(以下简称"腾讯音乐")(纽交所股票代 码：TME及港交所股票代码：1698)宣布其截至2025年9月30日止第三季度未经审计财务业绩。 财务数据显示，2025年第三季度，公司业绩稳中有进。腾讯音乐季度总收入为84.6亿元，同比增长 20.6%，调整后净利润为24.8亿元，同比增长27.7%。 ...

Core Insights - Tencent Music reported a robust growth in its Q3 2025 financial results, with total revenue reaching 8.46 billion yuan [1] - The online music service revenue grew by 27.2% year-on-year to 6.97 billion yuan, indicating its crucial role in the long-term healthy growth of the overall performance [1] - The online music subscription revenue increased by 17.2% year-on-year to 4.5 billion yuan, with ARPPU rising to 11.9 yuan, showcasing strong performance across various segments [1] Financial Performance - Total revenue for Q3 2025 was 8.46 billion yuan [1] - Online music service revenue was 6.97 billion yuan, reflecting a year-on-year growth of 27.2% [1] - Online music subscription revenue reached 4.5 billion yuan, with a year-on-year increase of 17.2% [1] - The ARPPU for online music services improved to 11.9 yuan [1] Business Expansion - Tencent Music's online music business demonstrated exceptional performance across all areas, contributing to the expansion of its music service boundaries [3]

Group 1: Company Developments - Marubi Biotechnology plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance capital strength and international competitiveness [1] - Zhejiang Shimai Pharmaceutical Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, with Huatai International as the exclusive sponsor [3] - BeiGene reported a third-quarter revenue of 10.077 billion yuan, a year-on-year increase of 41.1%, and a net profit of 689 million yuan, marking a turnaround from loss [4] - Tencent Music announced a third-quarter total revenue of 8.46 billion yuan, a year-on-year increase of 20.6%, with adjusted net profit rising by 27.7% [5] Group 2: Market Trends - Bilibili reported a 109% year-on-year increase in the number of clients advertising during Double 11, with GMV for products priced over 1,000 yuan increasing by 63% [2] - The average new customer rate across all industries on Bilibili reached 55%, with certain sectors like watches and beauty exceeding 60% [2] Group 3: Industry Insights - The Bank of Korea's governor stated that future interest rate changes will depend on upcoming data, maintaining a stance of monetary policy easing [9] - The National Energy Administration of China is exploring the construction of energy storage systems to enhance the integration of renewable energy [9] - The first electric vertical take-off and landing flying car factory in Guangzhou has entered trial production, marking a significant step towards large-scale manufacturing in the low-altitude economy [10]

Core Insights - Tencent Music Entertainment Group reported its third-quarter unaudited financial performance, with total revenue of 8.46 billion yuan, a year-on-year increase of 20.6%, and adjusted net profit of 2.48 billion yuan, up 27.7% [1] Financial Performance - The online music service revenue grew by 27.2% year-on-year to 6.97 billion yuan in the third quarter [1] - The average revenue per paying user increased from 10.8 yuan in the same period of 2024 to 11.9 yuan [1] Strategic Initiatives - Tencent Music's steady growth is attributed to the deepening of its "content and platform" dual strategy [1] - The company has strengthened collaborations with global record companies and artists, hosting large domestic and international tours, and expanding its own performance IP matrix [1] - Continuous innovation in product features and services aims to meet the diverse needs of user groups, creating personalized and differentiated music experiences [1] Future Outlook - Tencent Music plans to seize emerging opportunities and expand its music service offerings, collaborating with industry partners to promote healthy industry development [1]