Group 1: Core Insights - Major internet companies listed in Hong Kong, including Tencent, JD.com, and Bilibili, reported third-quarter earnings that exceeded market expectations, yet their stock prices declined over three consecutive trading days [2][3]. - The Hang Seng Technology Index and the Hang Seng Index also experienced declines, with the former dropping 0.96% to 5756.88 points and the latter falling 0.71% to 26384 points on November 17 [2]. - Analysts suggest that the stock price declines may be attributed to profit-taking by investors who had already anticipated the positive earnings reports, as well as broader market conditions and uncertainties regarding the Federal Reserve's interest rate decisions [2][4]. Group 2: Company Performance - Tencent's third-quarter revenue reached 192.87 billion yuan, a 15% year-on-year increase, while net profit attributable to shareholders was 63.13 billion yuan, up 19% [3]. - Despite the strong earnings, there was a notable decline in capital expenditures related to artificial intelligence, which fell 32% quarter-on-quarter and 24% year-on-year to 12.98 billion yuan [3]. - The revenue from Tencent's "FinTech and Business Services" segment grew less than 10%, raising concerns about the growth potential of this high-value business area [5]. Group 3: Market Dynamics - The Hang Seng Index has faced three consecutive pullbacks after surpassing 27,000 points, with trading volumes decreasing from over 400 billion HKD to around 217.6 billion HKD [6][7]. - Analysts indicate that the market's risk appetite is currently neutral, influenced by domestic growth policies and uncertainties surrounding the Federal Reserve's interest rate decisions [6][8]. - The upcoming Federal Reserve meeting on December 9-10 is expected to impact market volatility and trading volumes, with predictions of a 50.4% chance of a rate cut [6][8].

Core Viewpoint - The Hong Kong stock market has seen a significant decline in trading volume despite strong earnings reports from major internet companies like Tencent, JD.com, and Bilibili, leading to investor confusion regarding market direction and future performance [1][2]. Group 1: Company Performance - Tencent Holdings reported Q3 2025 revenue of 192.87 billion yuan, a 15% year-on-year increase, and a net profit of 63.13 billion yuan, up 19% year-on-year, surpassing market expectations [2][3]. - The capital expenditure related to artificial intelligence has decreased, with Q3 capital spending falling 32% quarter-on-quarter and 24% year-on-year to 12.98 billion yuan [2]. - The revenue from Tencent's financial technology and enterprise services segment grew by less than 10%, raising concerns about the growth potential of high-value business areas [3]. Group 2: Market Trends - The Hang Seng Index has experienced three significant pullbacks after surpassing 27,000 points, with trading volume dropping from over 400 billion HKD to around 217.6 billion HKD [1][6]. - Investor sentiment appears cautious, influenced by external uncertainties such as the potential for a Federal Reserve interest rate cut in December, which is currently projected at a 50.4% probability [6][8]. - The decline in trading volume is attributed to a lack of major market events and narrow trading ranges, which have suppressed short-term trading activity [7]. Group 3: Investor Sentiment - Investors are advised to monitor liquidity and sentiment indicators, as the current market environment reflects a mix of structural fund differentiation and profit-taking behavior following earnings announcements [4]. - The overall market sentiment remains neutral, with expectations that the market may enter a consolidation phase until clearer signals emerge from the Federal Reserve's decisions and domestic economic data [6][7].

有市场消息称，苹果与腾讯就微信游戏内购15%的手续费达成一致。腾讯管理层表示，腾讯与苹果一直 在不同领域展开良好的合作和沟通，"到目前为止，我们会保持建设性的态度，等待事态的发展。"（第 一财经记者 郑栩彤） (本文来自第一财经) ...