1月8日，南下资金净卖出港股49亿港元， | | 沪股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 阿里巴巴-W | -2.3% | 3.11 | 57.22 L | 阿里巴巴-W | | 監富基金 | -1.3% | -46.31 | 48.64亿 | 腾讯控股 | | 中心国际 | 0.3% | 3.40 | 33.52 Z | 中心国际 | | 小米集团-W | -0.4% | 5.78 | 23.97 L | 美团-W | | 腾讯控股 | -1.4% | 5.85 | 22.63 Z | 小米集团-W | | 南方恒生科技 | -1.2% | -15.57 | 18.43 Z | 盈昌素美 | | 金风科技 | 2.7% | 1.30 | 17.97亿 | 恒生中国企业 | | 美团-W | -3.4% | 0.92 | 17.35 Z | 南方恒生科技 | | 中国移动 | -0.6% | -7.32 | 15.83 Z | 华虹非导体 | | 恒生中国企业 | -1.3% | -12.5 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文|《BUG》栏目 闫妍 今日，网易云音乐推出了2025年度听歌报告。随后在社交媒体上有网友称"年度听歌报告数据不准 确"、"出现我没有听过的音乐"等，引发热议。 有用户表示，"我每个榜单都是五月天，结果年度作词作曲不是阿信，而是一个只听了几天的纯音乐， 这是怎么统计的？"还有人向《BUG》栏目表示，"有的歌都没听过，但显示听了快100遍。" 对此，《BUG》栏目向网易云音乐官方进行问询，截至发稿暂无回应。网易云音乐官方客服表 示，"2025年年度报告数据从1月1日统计至12月20日，基本包括所有端的有效听歌数据计入，具体以实 际展示数据为准。" 针对用户提出的"账号是否被他人用于刷数据"的疑问，其官方客服明确否认了此类可能："这个不会 的。"并表示，"年度报告一经生成，数据便无法修改。" 用户质疑年度听歌报告数据不准，官方回应 今日，网易云音乐正式推出了2025年度听歌报告，随即引发用户热议。但在社交平台上，不少用户直接 表达了对年度报告数据真实性的质疑。 一位用户发帖称："这年度总结还不如不出，一看又是两眼发黑发现账号被人拿去刷数据 ...

21世纪经济报道记者 陈思琦 深圳报道 "无论汽车还是电池，我的专业都算对口，想着全试一试。"四川大学机械工程学院硕士生程同学打印好 五份简历，依次投给了比亚迪及其上下游四家相关企业。 程同学的简历，似串起一条新能源汽车产业链，成为广东年末这场重磅招聘会"链主企业专区"的一个侧 影。 12月27日-28日，2025年"百万英才汇南粤"秋季大型综合招聘会在深圳举行。现场汇聚1825家重点用人 单位，集中释放6.5万余个优质岗位，吸引境内外1700多所高校超12万名学生报名参加。 21世纪经济报道记者走访获悉，本次招聘会的一大亮点在于首设"链主企业专区"，比亚迪、格力、腾 讯、小鹏、南方电网等8家链主企业携超80家供应链上下游企业组团参展，形成"一家链主带动N家生态 企业"的集团化招聘格局，让不少"小厂"凭借链主的流量效应，吸引更多求职者关注。 "传统招聘的岗位比较零散，这次通过组团招聘，大家对产业链将有更全面的理解。从比亚迪到各种配 套厂商全部看完，了解它们分别是什么经营内容、需要什么样的人才，求职者可以根据自身情况，选择 最合适的面试岗位。"比亚迪招聘管理部总监余昌祎介绍道。 （招聘会现场） 首现"打包"招才 ...

截至11月，"百万英才汇南粤"已举办5000多场招聘活动，线上线下吸引1000多所高校毕业生参与，超 110万英才选择广东，全国1222万高校毕业生中，每12人就有1人选择扎根广东。改革开放初期的"孔雀 东南飞"盛况，获得全新诠释。 12月27日至28日，深圳会展中心（福田），"百万英才汇南粤"迎来年末重磅招聘活动。本次招聘会 以"粤聚英才粤见未来"为主题，汇聚1825家重点用人单位，集中释放6.5万余个优质岗位，吸引来自境 内外1700多所高校超12万名学生报名参加。 "广东已成为北大学子除北京之外的就业首选省份，深圳已成为北大学子除北京之外的就业首选城市。" 12月27日，在2025年"百万英才汇南粤"秋季大型综合招聘会开幕现场，北京大学党委常委、常务副校长 张锦的分享，成为"百万英才汇南粤"全年成效的一个侧影。 更具创新性的是，招聘会首设"链主企业专区"，比亚迪、格力、腾讯、小鹏、南方电网等8家链主企业 携超80家供应链上下游企业组团招聘；以2026年APEC峰会落地深圳为契机，招聘会还设"APEC人才对 接服务专区"，聚焦APEC成员经济体在深外资企业及出海企业招聘需求。 "许多在网上了解不到的企业信 ...

以下文章来源于甘德霜讲故事 ，作者我是甘德霜 甘德霜讲故事 . 如果不看歌手名字，光听它翻唱的声线变化，机能运用，情感表达，你几乎确信它就是一个唱功完美 的歌手。 这也是很多人在大头针的歌曲或者音乐视频下留言，说自己被感动到了。除了翻唱，它也能自我微原 创一些歌曲，我没法从专业角度评价创作能力，但纯从听众视角来看，确实是好听的。 与此相关的，字节旗下的AI音乐主阵地汽水音乐下载量、活跃度连创新高，有些评论甚至认为汽水 音乐已经开始严重撼动腾讯音乐和网易云音乐的地盘。 原因很简单，汽水音乐发挥了字节一贯的算法推荐优势——捕捉你的音乐口味，凭借贴心、高效、懂 你的算法，甚至比你自己更快地知道你下一秒想听什么。 音乐生态正在被改写。 畅聊海内外，八卦新历史 本文来自微信公众号： 甘德霜讲故事 ，作者：我是甘德霜，题图来自：视觉中国 最近，AI歌手大头针在各个平台突然爆火。 音乐由作品-歌手-受众之间的关系，逐步替换为算法-作品-受众的关系。歌手这个角色，开始沦为在 算法生态下的依附者，由歌手的个人魅力形成的唱作风格、舞台表演、歌迷文化共同构成的文化号召 力被算法稀释。 "我不在乎是谁唱的，但这首歌唱出了我此刻的心声 ...

格隆汇12月3日｜野村重申MSCI中国指数2026年基准情境目标为93点，稳健的盈利增长意味着指数仍有 上行空间，维持"增持"评级。在策略层面，该行提出三大支柱策略：第一是基本面强劲、受结构性主题 支持的板块，代表股票：腾讯、阿里巴巴、网易、宁德时代、比亚迪、老铺黄金、奥比中光、药明康 德、生益科技、胜宏科技及腾讯音乐；第二是相对价值型的周期性板块"落后者"，精选消费、电商及家 电板块以及高质量的银行与保险板块，代表股票：京东、百胜中国、安踏、美的、招商银行、中国平 安；第三是净现金/资产负债表稳健的公司，包括阿里巴巴、宁德时代、美的、网易、招商银行、中国 平安、安踏、京东及百胜中国。 ...

Core Insights - The traditional growth logic of online music platforms, centered around "paid" and "copyright," is showing signs of instability as Tencent Music's growth stabilizes and NetEase Cloud Music experiences stagnation in revenue growth [1][2] - The industry appears to be entering a "next problem cycle," with ByteDance's free music platforms rapidly gaining user engagement, leading to a clear "cross curve" where mainstream paid platforms are slowing down while free platforms are surging [1][8] Tencent Music Performance - Tencent Music reported a total revenue of 84.6 billion yuan in Q3, a year-on-year increase of 20.6%, marking a new high since last year [2] - The adjusted net profit reached 24.1 billion yuan, with online music service revenue growing by 27.2% to 69.7 billion yuan [2][4] - Online music paying users increased by 5.6% year-on-year to 125.7 million, with ARPPU rising from 10.8 yuan to 11.9 yuan, a growth of 10.2% [4] User Engagement Trends - Despite strong revenue figures, Tencent Music's online music mobile MAU declined by 4.3% year-on-year to 551 million, marking the 16th consecutive quarter of decline [5] - The growth of paying users is slowing, with a noticeable decrease in the net increase of paying users since Q2 2024, leading to a negative market reaction with a nearly 13% drop in stock price post-earnings report [5][7] NetEase Cloud Music Performance - NetEase Cloud Music reported a net revenue of 2.0 billion yuan (approximately 275.9 million USD) in Q3 2025, a decline of 1.8% compared to the same period last year [5] - The gross profit for Q3 was 655.2 million yuan, remaining relatively stable year-on-year [5] Industry Challenges - A common issue for both platforms is the slowing subscription growth, indicating that the traditional "copyright barrier + library scale" logic is no longer sufficient for high growth [7] - High copyright costs and a slowdown in the addition of premium content, combined with fragmented listening habits among younger users, are diminishing the persuasive power of library differentiation [7] Rise of Free Music Platforms - ByteDance's free music platforms, such as Soda Music and Tomato Listening, are rapidly gaining traction, with Soda Music's MAU growing from 6 million to 120 million in just three years, achieving a year-on-year growth rate of 90.7% [10][12] - The user base of Tencent's KuGou and QQ Music has seen a decline, with significant user migration to Soda Music, which has captured over 17 million users from Tencent Music [12] Strategic Shifts - The competition is shifting from a focus on paid platforms to a battle for user attention, with free platforms leveraging algorithm-driven recommendations to attract users who are less sensitive to copyright and payment [14][15] - Tencent Music is exploring global partnerships and expanding its content supply system while launching a simplified music service targeting students and light users to counter the impact of ByteDance's free offerings [15][19] Conclusion - The music industry is transitioning from a "paid model competition" to a "attention model competition," indicating a significant structural change driven by the rise of free music platforms [20][21]

Core Viewpoint - Tencent's Q3 financial report demonstrates the importance of focusing on core business operations, achieving significant revenue and profit growth driven by AI integration [3][6][7]. Financial Performance - Tencent reported Q3 revenue of 192.87 billion RMB, a 15% increase from 167.19 billion RMB in the same period last year [5][6]. - Operating profit reached 63.55 billion RMB, up 19% year-on-year, while adjusted net profit was 70.55 billion RMB, reflecting an 18% increase [5][6]. - For the first three quarters of 2025, total revenue amounted to 557.39 billion RMB, a 14% increase compared to 487.81 billion RMB in 2024 [5]. AI Contribution - AI was mentioned 11 times in the financial report, highlighting its significant role in revenue and gross profit growth [7][8]. - AI-driven advertising technology contributed to a substantial increase in advertising revenue, with click-through rates rising from historical averages of 0.1% for banner ads to as high as 3.0% for AI-enhanced ads [19][24]. - The gaming sector also benefited from AI, with user engagement and internal process efficiency improving due to AI investments [22]. Business Segments - Tencent's gaming revenue was 63.6 billion RMB, with domestic game revenue at 42.8 billion RMB (up 15%) and international game revenue at 20.8 billion RMB (up 43.4%) [13][14]. - Financial technology and enterprise services generated 58.2 billion RMB, a 10% increase year-on-year, while advertising revenue reached 36.2 billion RMB, growing by 21% [14][21]. - Social network revenue was 32.3 billion RMB, with a modest growth of 5%, indicating a stable but slowing user base [15]. Strategic Positioning - Tencent's approach contrasts with other tech giants, as it reduced capital expenditures by over 32% to 12.98 billion RMB, focusing on integrating AI into existing ecosystems rather than aggressive infrastructure investments [24][25]. - The company emphasizes enhancing user experience and operational efficiency through AI, rather than competing in AI infrastructure spending [25][29]. - The competitive landscape is evolving, with companies like Alibaba and ByteDance pursuing aggressive AI strategies, while Tencent adopts a more cautious and integrated approach [29][30].

Core Insights - The company reported Q3 2025 results with revenue of 192.9 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%, exceeding consensus expectations of 188.8 billion yuan [1] - Gross profit reached 108.8 billion yuan, up 23% year-on-year and 4% quarter-on-quarter, also above the consensus estimate of 106.4 billion yuan [1] - Non-IFRS net profit attributable to shareholders was 70.6 billion yuan, reflecting an 18% year-on-year increase and a 2% quarter-on-quarter increase, surpassing the consensus forecast of 66 billion yuan [1] Business Segments Summary Online Gaming - Q3 2025 revenue from online gaming was 63.6 billion yuan, exceeding the consensus estimate of 60.4 billion yuan, with a year-on-year growth of 23% [1] - Domestic revenue grew 15% to 42.8 billion yuan, driven by the success of "Delta Operation" launched in September 2024, along with revenue growth from established titles like "Honor of Kings" and "Peacekeeper Elite" [1] - International gaming revenue surged 43% to 20.8 billion yuan, supported by growth from Supercell games and the recent acquisition of a game studio [1] Social Networking - Q3 2025 revenue from social networking was 32.3 billion yuan, a year-on-year increase of 5%, slightly below the consensus estimate of 32.8 billion yuan [2] - Growth was primarily driven by increases in music subscription services, video live streaming, and mini-game platform service fees [2] - Tencent Music's online music subscription business performed well, with paid users rising to 125.7 million, a 5.6% year-on-year increase [2] Marketing Services - Q3 2025 revenue from marketing services was 36.2 billion yuan, exceeding the consensus estimate of 35.6 billion yuan, with a year-on-year growth of 21% [2] - Growth was attributed to increased ad exposure, improved user engagement, and AI-driven optimization of ad placements [2] Financial Technology and Enterprise Services - Q3 2025 revenue from financial technology and enterprise services was 58.2 billion yuan, slightly above the consensus estimate of 58.1 billion yuan, with a year-on-year growth of 10% [2] - Financial technology revenue saw modest growth driven by commercial payments and consumer loans, while enterprise services benefited from increased demand for AI-related services [2] Operational Performance and Profitability - The company achieved a gross profit of 108.8 billion yuan in Q3 2025, a 23% year-on-year increase, supported by high-margin businesses and improved cost efficiency in cloud services [3] - Gross margin reached 56.4%, up 3.3 percentage points year-on-year and 0.1 percentage points quarter-on-quarter [3] - Non-IFRS net profit attributable to shareholders was 70.6 billion yuan, with a year-on-year increase of 18% [3] AI Developments - The company is actively expanding its AI capabilities across various sectors, including enhancing AI features in WeChat and integrating AI into enterprise WeChat [4] - AI is being utilized in game content creation and marketing strategies for popular titles [4] - The company is also enhancing AI applications in advertising, particularly in product recommendations and ad placement systems [4] Investment Outlook - The company maintains a "strong buy" investment rating, supported by robust core business performance and significant improvements in AI-driven efficiencies across various business lines [5] - Revenue projections for 2025-2027 are expected to reach 753.5 billion, 832.5 billion, and 907.7 billion yuan, with adjusted net profits of 260.2 billion, 293.6 billion, and 325.4 billion yuan respectively [5]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [46] Core Insights - Tencent's Q3 2025 revenue reached 192.9 billion RMB, a year-over-year increase of 15% and a quarter-over-quarter increase of 5% [9][17] - The company's operating profit was 63.6 billion RMB, up 19% year-over-year and 6% quarter-over-quarter [9][17] - Net profit attributable to shareholders was 63.1 billion RMB, also reflecting a 19% year-over-year increase and a 13% quarter-over-quarter increase [9][17] - Non-IFRS operating profit and net profit both grew by 18% year-over-year, reaching 72.6 billion RMB and 70.6 billion RMB respectively [9][17] Summary by Sections 1. Operational Data - WeChat's monthly active users (MAU) reached 1.414 billion, growing 2.3% year-over-year and 0.2% quarter-over-quarter [10] - QQ's smart terminal MAU continued to decline year-over-year [10] - Paid value-added service accounts reached 265 million, stable compared to the previous year [10] 2. Overall Performance - Gross margin improved to 56.4%, up 3.28 percentage points year-over-year [21] - Non-IFRS operating profit and net profit both increased by 18% year-over-year [17][21] 3. Value-Added Services - Game revenue grew by 23% year-over-year, with domestic and international markets increasing by 15% and 43% respectively [29] - Tencent Video maintained a leading position with 114 million video subscribers [29] - Online music service revenue increased by 27.2% year-over-year to 6.97 billion RMB [29] 4. Marketing Services - Marketing services revenue grew by 21% year-over-year to 36.2 billion RMB [38] - AI applications enhanced advertising click-through and conversion rates [38] 5. Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services grew by 10% year-over-year to 58.2 billion RMB [41] - The average payment transaction amount increased, and the business maintained the lowest bad debt ratio in the industry [41] 6. Profit Forecast and Investment Rating - Revenue forecasts for 2025-2027 are 753.9 billion, 847.4 billion, and 931.4 billion RMB respectively [42] - Non-IFRS net profit forecasts for the same period are 260 billion, 298.9 billion, and 338.1 billion RMB [42] - The target market value for Tencent in 2025 is set at 6.6 trillion RMB, corresponding to a target price of 791 HKD [42]