天眼查App显示，近日，南京金盾文化传媒有限公司成立，法定代表人为王焱，注册资本300万人民 币，经营范围为许可项目：包装装潢印刷品印刷；出版物印刷；文件、资料等其他印刷品印刷；印刷品 装订服务（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以审批结果为 准）一般项目：广告制作；办公服务（标志牌、铜牌的设计、制作服务，奖杯、奖牌、奖章、锦旗的设 计、制作）；图文设计制作；办公服务；复印和胶印设备销售；会议及展览服务；纸制品销售；机械设 备销售；打字复印；摄影扩印服务；计算器设备销售；办公设备耗材制造；工业设计服务；专业设计服 务；平面设计；数字内容制作服务（不含出版发行）；数字技术服务；礼仪服务；包装服务；数字创意 产品展览展示服务；办公用品销售；非居住房地产租赁；日用品销售；包装材料及制品销售（除依法须 经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，淮安市庆圆印刷有限责任公司成立，法定代表人为杨永余，注册资本11.8万人 民币，经营范围为许可项目：包装装潢印刷品印刷；文件、资料等其他印刷品印刷（依法须经批准的项 目，经相关部门批准后方可开展经营活动，具体经营项目以审批结果为准）一般项目：广告制作；广告 设计、代理；办公用品销售（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

按一下此處編輯母版標題樣式 文件名 产品及投资方案部 ｜2025年11月24日 每周投资策略 中信証券財富管理 (香港) CITIC Securities Wealth Management (HK) 上周环球 大类资产表现 资料来源：中信证券财富管理 (香港) 本周主要地区 经济数据公布日程 (3) 台股市场焦点 AI出口动能延续， 经济处于舒适区 股票 估值承压但仍受益于AI； GUC;台达电子 ETF iShares 安硕核心MSCI 台湾ETF (1) 港股市场焦点 中国经济增长 "前低后高" 股票 预计港股盈利增速触底升； 腾讯控股；阿里巴巴 ETF iShares安碩 恒生科技指數ETF (2) 韩国市场焦点 通胀超预期， 明年初再降息 股票 顺势而为，配置韩股； SK海力士 ；三星电子 ETF iShares安碩 MSCI南韩ETF 1 上周环球 股市表现 科技股估值焦虑引发全球市场大幅回调 | 环球主要股票市场表现 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - UBS maintains a positive outlook on Kuaishou-W (01024), highlighting confidence in its core businesses of advertising and e-commerce, with reasonable valuation and potential for growth driven by AI advancements [1] Advertising - Management believes there is further room for improvement in advertising spending and eCPM, supported by AI advantages and upgrades in advertising technology such as UAX, as well as increased penetration among more advertisers [1] E-commerce - Management anticipates that enhancing recommendation accuracy and continuously increasing SKU will lead to improved purchase frequency and ARPU in the near term [1] - The group aims to optimize its business mix, enhance operational leverage, and improve sales and marketing efficiency to reduce sales and marketing costs, which is expected to further boost gross margins [1]

Core Viewpoint - UBS maintains a positive outlook on Kuaishou-W (01024), highlighting confidence in its core businesses of advertising and e-commerce, with reasonable valuation and potential for growth driven by AI advancements [1] Advertising - Management believes there is further room for improvement in advertising spending and eCPM, supported by AI advantages and upgrades in advertising technology such as UAX, as well as increased penetration among more advertisers [1] E-commerce - Management anticipates that enhancing recommendation accuracy and continuously increasing SKU will lead to improved purchase frequency and ARPU in the near term [1] Operational Efficiency - The group aims to optimize its business mix, enhance operational leverage, and improve sales and marketing efficiency to reduce sales and marketing costs, which is expected to further boost gross margins [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $2.29 per ADS, based on an adjusted P/E average of comparable companies [3][6][11]. Core Insights - The new broadcasting policies are expected to positively impact the industry in the long term, leading to a gradual recovery in the company's ROI. The projected GAAP net profits for 2025 to 2027 are -331 million, 541 million, and 1.773 billion CNY respectively [3][5]. - The company reported a Q3 revenue of 6.68 billion CNY, a year-over-year decrease of 8%, but slightly above Bloomberg's expectations. The gross margin was 18%, down 4 percentage points year-over-year [9]. - Membership service revenue for Q3 was 4.2 billion CNY, a 4% decrease year-over-year but a 3% increase quarter-over-quarter, driven by strong performance from key content [9][10]. Financial Summary - The company's revenue projections for 2025 to 2027 are 27.259 billion, 28.410 billion, and 29.356 billion CNY, with corresponding year-over-year growth rates of -6.73%, 4.22%, and 3.33% [5][10]. - The GAAP net profit for 2025 is projected to be -331 million CNY, with a significant recovery expected in 2026 and 2027 [3][5]. - The gross margin is expected to decline from 27.52% in 2023 to 21.02% in 2025, before gradually improving to 22.62% by 2027 [5][12]. Market Performance - The company's stock price as of November 19, 2025, was $2.24, with a 52-week high of $2.84 and a low of $1.50 [6]. - The absolute performance over the past week was +3.7%, while the relative performance was +7.3% compared to the Nasdaq index [7].

Core Viewpoint - The article discusses recent adjustments made by the State Taxation Administration regarding the withholding and prepayment of individual income tax for platform workers in the internet sector, allowing for cumulative withholding methods to ease the tax burden on these workers [1][6]. Group 1: Tax Withholding Methods - The new announcement allows internet platform companies to use cumulative withholding methods for tax prepayment, which is a change aimed at reducing the burden on platform workers [1]. - There are two categories for labor remuneration reporting: one that applies cumulative withholding and one that does not [1]. Group 2: Non-Cumulative Withholding - Non-cumulative withholding applies to general labor remuneration, categorized as one-time income or continuous income within a month [3]. - For non-cumulative withholding, if the income does not exceed 4,000 yuan, a deduction of 800 yuan is allowed; if it exceeds 4,000 yuan, a deduction of 20% of the income is applied [3]. Group 3: Cumulative Withholding - Cumulative withholding is applicable to specific groups, including full-time students earning income from internships and certain commission-based roles such as insurance agents and securities brokers [4]. - For cumulative withholding, a monthly deduction of 5,000 yuan is allowed, and tax rates range from 3% to 45% based on a seven-tier progressive rate system, replacing the previous three-tier system [5][6]. Group 4: Types of Income - Platform workers typically earn labor remuneration through various services provided via internet platforms, including live streaming, education, medical services, delivery, and more [5]. - The adjustments in tax withholding methods are expected to significantly lower the prepayment tax amounts for platform workers [6].

该行上调腾讯盈利预测，目前预计集团2025、2026财年预测收入分别同比增长14%、10%，非国际财务 报告准则净利润分别同比增长17%、15%，主要受益于持续的成本控制和AI驱动的效率提升促使利润率 扩张。腾讯2025年三季度业绩超预期：收入同比增长15%，超预期2%;非国际财务报告准则(Non-IFRS) 净利润同比增长18%，超预期7%，受益于各板块利润率改善;所有业务板块均在人工智能赋能下展现出 强劲增长势头。招商证券国际指，腾讯凭借强大的社交网络护城河及AI技术，认为AI智能体、广告、 AI产品商业化、海外机会以及AI驱动的利润率提升将为腾讯带来盈利和估值的上行空间。 智通财经APP获悉，招商证券国际发布研报称，基于盈利预测调整和估值周期前移，将腾讯控股(00700) 目标价由700港元上调至766港元，目标估值倍数保持不变，意味着分别对应2025、2026财年预测市盈率 分别为25倍、22倍;评级增持。腾讯目前2025、2026财年预测市盈率分别为21倍、19倍，分别对比中国 同业的17倍、15倍及美国同业的28倍、28倍。 ...

招商证券国际发布研报称，基于盈利预测调整和估值周期前移，将腾讯控股(00700)目标价由700港元上 调至766港元，目标估值倍数保持不变，意味着分别对应2025、2026财年预测市盈率分别为25倍、22倍; 评级增持。腾讯目前2025、2026财年预测市盈率分别为21倍、19倍，分别对比中国同业的17倍、15倍及 美国同业的28倍、28倍。 该行上调腾讯盈利预测，目前预计集团2025、2026财年预测收入分别同比增长14%、10%，非国际财务 报告准则净利润分别同比增长17%、15%，主要受益于持续的成本控制和AI驱动的效率提升促使利润率 扩张。腾讯2025年三季度业绩超预期：收入同比增长15%，超预期2%;非国际财务报告准则(Non-IFRS) 净利润同比增长18%，超预期7%，受益于各板块利润率改善;所有业务板块均在人工智能赋能下展现出 强劲增长势头。招商证券国际指，腾讯凭借强大的社交网络护城河及AI技术，认为AI智能体、广告、 AI产品商业化、海外机会以及AI驱动的利润率提升将为腾讯带来盈利和估值的上行空间。 ...

该行微调对其2025至27年收入预测，以反映广告及其他收入优于预期，上调今年非通用会计准则(non- GAAP)盈测5%。该行对B站维持建设性看法，因广告增长具上行空间(属同业中最快之一)；及受惠经营 杠杆及成本控制具纪律，毛利率如期扩张，经营利润率迈向介乎15%至20%中期目标水平。 高盛发表报告指，哔哩哔哩正在维持具质素内容生态，具强劲用户连结，以及通过更佳广告转化及AI 技术以将流量变现，以及明年新游戏产品管线有望带动业务潜在上行。该行维持对其"买入"评级，H股 目标价由234港元升至240港元，美股目标价由30美元升至30.8美元。 ...