本报讯(记者张宣)近日，记者从腾讯全球数字生态大会无锡峰会上了解到，2002年以来，腾讯已联合超 1000家伙伴服务我省3万家客户，为我省民营企业头部20强中80%的企业提供数字化服务，而这些数字 合作正通过AI、云计算技术，切实改变着江苏民众的日常生活。 "云技术就是把原本需要在个人电脑、手机或企业本地服务器上运行的软件、存储的数据，转移到互联 网背后的'巨型数据中心'(也就是'云')里，通过网络随时调用的技术。"腾讯集团副总裁、政企业务总裁 李强解释，云技术早已渗透到江苏人生产生活的方方面面，让便捷触手可及。在教育领域，腾讯云助力 打造的江苏省"名师空中课堂"已覆盖全省8500多所学校、900万学生。不管是城市还是乡村的孩子，都 能通过线上平台聆听名师讲课，遇到难题还能享受AI答疑，真正打破了地域带来的教育资源壁垒。 交通出行方面，无锡地铁的50多个业务系统、400多套操作系统通过腾讯云完成国产化升级，成为轨道 交通行业标杆案例。地铁调度和运维更安全高效，市民出行也更放心。 政务服务方面，云服务支持的江苏人社"视频办"业务已在扬州落地，未来将覆盖全省13个设区市。民众 无需线下跑腿，通过小程序就能线上办理 ...

Core Insights - Tencent Cloud has established digital cooperation with 80% of the top 20 private enterprises in Jiangsu, serving over 30,000 clients in the province [1][2] - The company has made significant advancements in AI, launching models such as Hunyuan 3D 3.0 and Hunyuan Image 3.0, with the latter ranking first in the LMArena's latest generative image list [1][4] - Tencent Cloud's infrastructure improvements have led to a 17-fold increase in model startup speed and a 4-fold acceleration in multi-modal inference [1][5] Tencent Cloud's Contributions to Jiangsu - Tencent Cloud has been a long-term partner in Jiangsu's economic development, collaborating with major enterprises and sectors including finance, transportation, culture, and education [2][3] - In the financial sector, Tencent Cloud has partnered with nine listed banks in Jiangsu, with Zhangjiagang Rural Commercial Bank being the first to adopt a domestic distributed database for core business systems [2] - The company has also engaged in strategic collaborations with local enterprises to explore smart city and smart transportation initiatives [2] AI and Technological Advancements - Tencent has built a comprehensive AI technology system, providing enterprises with user-friendly AI products to facilitate their digital transformation [4] - The company has released over 30 new models this year, enhancing its capabilities in multi-modal generation and application across various industries [5] - Tencent Cloud's AI programming tool, CodeBuddy, has been adopted internally, reducing coding time by 40% and improving development efficiency by 16% [7] Global Expansion and Infrastructure - Tencent Cloud has experienced high double-digit growth in international business over the past three years, serving over 10,000 overseas clients across more than 80 countries [8] - The company has successfully assisted major enterprises like Midea and Trina Solar in migrating their IT systems to the cloud, enhancing stability and scalability [9] - Tencent aims to continue supporting Jiangsu's digital economy and global expansion through innovative technologies and solutions [9]

有两大阵营持截然相反的观点：悲观的，认为当前AI或接近2000年互联网泡沫；乐观的，认为还未到 下车的时候，可能是踏空AI者最后一次上车机会。 投资动向上，也出现明显分歧：巴菲特所在的伯克希尔三季度增仓谷歌，而软银、桥水等机构减仓英伟 达。 国内研究机构对美股AI动向也高度关注，基本共识是：美股七姐妹当前估值的确偏高，因此对利空也 较为敏感；但即便AI出现泡沫化，也仍然在早期，泡沫前最"亢奋"的阶段还未到来。 01 当前美股AI进行到哪儿了？ 国海证券认为，当前AI所处的阶段，更接近于互联网时代的1997年而非1999年。 来源：华夏ETF AI"卖铲人"英伟达最新一季业绩超预期，以一己之力重新振奋市场，但短暂的 兴奋过后，人们对AI过 热的担忧似乎没有完全打消，美股科技巨头走势分化，循环融资和隐形杠杆的疑云，仍然盘旋在市场上 空。 国海证券还引用了一组数据：2023-2025年，每年使用AI的美国员工比例从21%上升到40%，几近翻 倍。谷歌每月处理的tokens数量从2024年5月的9.7万亿，升至2025年10月的1300万亿。 复盘互联网泡沫：自1995至2000年，1998年涨幅最大，2000年达到 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to HKD 790, indicating a potential upside of 26.7% from the last closing price [4][55]. Core Insights - The company's Q3 2025 performance showed robust growth driven by AI efficiency and ecosystem expansion, with revenue reaching RMB 193 billion, a year-on-year increase of 15% and a quarter-on-quarter increase of 5% [1][6]. - Non-IFRS net profit for Q3 2025 was RMB 70.6 billion, reflecting an 18% year-on-year growth and a 12% quarter-on-quarter growth, indicating improved operational efficiency and profit quality [1][6]. - The gaming segment showed strong performance, with domestic game revenue of RMB 42.8 billion, up 15% year-on-year, and international game revenue of RMB 20.8 billion, up 43% year-on-year [2][8]. Summary by Sections Financial Performance - Q3 2025 revenue was RMB 193 billion, with a gross profit of RMB 108.8 billion, resulting in a gross margin of 56%, up from the previous year [1][6][10]. - The increase in gross profit was attributed to high-quality advertising inventory and improved content structure in gaming [10]. Gaming Business - The value-added services revenue reached RMB 95.9 billion, a 16% year-on-year increase, with strong contributions from social networking and gaming [2][8]. - Key titles like "Delta Force" and "Honor of Kings" maintained strong daily active users (DAU), with "Honor of Kings" achieving a historic high of 139 million DAU [2][8]. Marketing Services - Marketing services revenue grew by 21% year-on-year to RMB 35.8 billion, driven by the expansion of core ecosystem scenarios like video accounts and mini-programs [3][9]. - AI-driven improvements in eCPM and automated ad placement through AIM+ contributed significantly to revenue growth [27][29]. Financial Technology and Enterprise Services - Financial technology and enterprise services revenue reached RMB 58.2 billion, a 10% year-on-year increase, supported by strong online and offline payment activities [3][44]. - The company maintained a low bad debt ratio in its consumer credit business, reflecting its strong risk management capabilities [44][46]. Future Outlook - The report anticipates continued high-quality growth in advertising and gaming, driven by the recovery of advertising budgets and the ongoing expansion of the ecosystem [40][55]. - The integration of AI in advertising is expected to enhance efficiency and contribute to a new phase of sustainable growth [40][55].

Core Insights - Hong Kong is emerging as a crucial starting point for mainland Chinese tech companies to expand globally, leveraging its status as a leading international financial center and a "super connector" [1][2][9] - The recent Hong Kong FinTech Week showcased numerous mainland tech firms, highlighting their innovative solutions and the growing trend of "going global" through Hong Kong [2][3] Group 1: Hong Kong's Role in Global Expansion - Hong Kong serves as a vital platform for mainland tech companies to access international markets, with nearly 400 financial clients from over 20 countries benefiting from Tencent Cloud's digital solutions [1][3] - The city has seen a significant increase in the number of fintech companies, with over 1,200 firms operating, reflecting a 10% growth from the previous year [3][11] - The Hong Kong government is actively promoting a one-stop platform for mainland enterprises to facilitate their overseas expansion, including the establishment of an "Overseas Expansion Task Force" [9][10] Group 2: Technological Advancements and Collaborations - Major tech firms like Ant Group and Tencent are utilizing Hong Kong as a launchpad for their innovative technologies, such as AI banking and cross-border payment solutions [2][3] - The establishment of supportive policies, such as relaxed listing requirements for tech companies, has attracted more firms to consider Hong Kong for their IPOs [3][11] - The Digital Port in Hong Kong has become a hub for AI and data science startups, fostering collaboration and resource sharing among mainland companies [6][7] Group 3: Economic Impact and Future Outlook - In 2024, mainland China's outbound direct investment reached $192.2 billion, marking an 8.4% increase, with Hong Kong playing a pivotal role in this growth [9][10] - The ongoing development of the Guangdong-Hong Kong-Macao Greater Bay Area is expected to further enhance Hong Kong's position as the primary gateway for mainland enterprises [11] - The dual role of Hong Kong as both a "super connector" and a "super value creator" is anticipated to solidify its status as the best platform for mainland companies seeking to expand internationally [11]

来源：广发证券研究 港股流动性更多受全球宏观环境（美联储政策、地缘政治、南向资金）及中国内地经济基本面主导，楼市上涨并非主要影响因素。当前香港楼市出现回 暖，背后实际上是资金环境改善与经济预期转强所驱动，所产生的财富效应与风险偏好回升将进一步提振资本市场情绪，从而形成股楼共振的格局。因 此，楼市企稳不仅不会对港股形成资金分流，反而可能通过赚钱效应，推动股楼两类资产进入正向循环。 摘 要 中国大陆和香港的"租金回报-资金成本"分化。大陆一线城市：租金回报率（低于2%）<房贷利率（3.1%）；香港：租金回报率（3.6%）>房贷利率 （3.22%），香港房价在近几个月出现企稳回升，部分投资者开始担心香港楼市持续回暖，可能对港股的资金面出现持续抽水现象。 历次海外地产衰退后的复苏，海外楼市与股市没有呈现资产配置的替代关系，例如日本90年代资产价格破灭后失去的二十年；韩国97年亚洲金融危机；美 国70年代末-80年代初高通胀导致经济衰退、08年次贷危机；英国1990~1992年经济衰退；西班牙08年次贷危机、12年银行业危机，楼市的回暖通常标志着 宏观风险的消退、流动性的宽裕与增长预期的改善，反而可能会通过提振金融资产 ...

Core Viewpoint - Nomura's research report indicates that Tencent's overall performance in Q3 is stable, but management acknowledges facing AI chip supply constraints, leading to a downward revision of the 2025 fiscal year capital expenditure guidance, which is expected to be lower than the previous guidance of a low double-digit percentage of total revenue, yet still above last year's level of 77 billion [1] Group 1 - The chip shortage is anticipated to significantly impact Tencent's cloud business, hindering its development, as computing power is one of the highest demands for enterprise users deploying large language models [1] - Management expects that its two most valuable AI assets, Yuanbao and Hongyuan large models, are not affected by the supply shortage [1] Group 2 - Compared to peers like ByteDance and Alibaba, Tencent's investments in AI infrastructure and large language models over the past few years may be insufficient [1] - Nomura maintains a "Buy" rating on Tencent, raising the target price from 757 HKD to 775 HKD [1]

Core Insights - The 27th China International High-Tech Achievements Fair (CIHTAF) showcased advancements in AI and robotics, highlighting the increasing attractiveness of the Hong Kong stock market for high-tech companies [1][4] - Companies like Tencent and SUTENG demonstrated their innovative products, indicating a shift towards practical applications of AI and robotics in various industries [2][3] Group 1: Industry Trends - The presence of AI and robotics companies at CIHTAF reflects a growing trend of these sectors seeking capital and market recognition in Hong Kong [1][4] - The Hong Kong stock market is becoming a hub for technology firms due to its high internationalization, flexible listing rules, and connectivity with mainland capital markets [4] Group 2: Company Developments - Tencent Cloud showcased its digital transformation solutions across over 30 industries, with more than 400 products available [2] - SUTENG launched its high-precision long-range digital lidar, Fairy, which enhances environmental perception for robots and autonomous vehicles [2] - The X3 unmanned logistics vehicle, equipped with the Fairy lidar, is designed for urban last-mile delivery and has already achieved commercial deployment [2] Group 3: Product Innovations - The CIHTAF featured robots with practical applications, such as the coffee-making robot from YUEJIANG, which can produce a cup of coffee in 45 seconds and has operated without failure for 500,000 cups [3] - UBTECH presented various AI+robotics solutions, including educational robots and commercial service robots, emphasizing the need for real-world data accumulation for effective deployment [3]

Core Viewpoint - The 27th China International High-tech Achievements Fair (High-tech Fair) showcased the increasing attractiveness of the Hong Kong stock market for high-tech companies, particularly in AI and robotics, highlighting a dual match of capital demand and market recognition [1][4]. Group 1: AI and Robotics Innovations - Companies like SUTENG and UBTECH presented cutting-edge products at the High-tech Fair, accelerating the implementation of AI and robotics in daily life [1]. - SUTENG launched its first high-precision long-range digital laser radar, Fairy, which boasts an industry-leading precision of 0.5 cm, enhancing environmental perception for robots and unmanned vehicles [2]. - UBTECH introduced various "AI + robotics" solutions, including educational robots for personalized teaching and commercial robots for guiding and welcoming services [3]. Group 2: Market Dynamics and Trends - The Hong Kong stock market is becoming a hub for technology companies due to its high internationalization, flexible listing system, and the mutual connectivity between mainland and Hong Kong capital markets [4]. - The trend of AI and robotics companies choosing to list in Hong Kong is driven by the industry's characteristics of high investment and long cycles, with the market providing stable long-term capital [5]. - Investors in the Hong Kong market focus more on the future growth potential of technology companies rather than short-term profitability, aligning well with the business models of AI and robotics firms [5].

Group 1 - The AI computing sector is undergoing a rapid adjustment, with notable declines in related ETFs, while some stocks like Data Port and Luxshare Precision are performing well [1] - Recent data indicates a significant drop in the probability of a Federal Reserve interest rate cut to around 50%, leading to concentrated sell-offs in high-valuation tech stocks [1] - Major U.S. stock indices experienced substantial declines, with the Dow Jones Industrial Average dropping 797.60 points, a decrease of 1.65%, and the S&P 500 falling by 1.66% [1] Group 2 - Despite short-term fluctuations, the long-term outlook for AI remains positive, with expectations of strong performance from Chinese and U.S. tech stocks starting in 2025 [2] - The construction of multi-card clusters is expected to create greater investment opportunities across the supply chain, particularly in sectors like liquid cooling, storage, power supply, optical modules, PCB, and quantum computing [2] - Domestic internet companies are experiencing rapid growth in AI business, with Tencent Cloud's business growth expected to exceed 20% in Q3 2025, driven by AI computing demand [2] Group 3 - The Huaxia ChiNext AI ETF (159381) tracks the ChiNext AI Index and focuses on companies in the AI sector, with a significant weight in optical modules and a low comprehensive fee rate of 0.20% [3] - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index and has a scale exceeding 9 billion, focusing on companies like Nvidia, Apple, and Huawei [3]