Core Viewpoint - Tencent Music's Q3 financial performance was strong, with revenue and profit exceeding expectations, indicating an increased attractiveness as a preferred music entertainment service provider [1] Financial Performance - Revenue growth is shifting from subscription services to non-subscription services, necessitating larger-than-expected investments [1] - The adjusted profit forecast for Tencent Music in 2026 has been lowered by 7% [1] Target Price Adjustments - The target price for Tencent Music's US stock has been reduced from $28.5 to $23.7 [1] - The target price for its Hong Kong stock has been adjusted from HKD 110.7 to HKD 92.1 [1] Rating - The rating remains "Outperform" despite the adjustments [1]

Group 1 - The event recognized 60 individuals and 30 companies for their contributions to the non-public economy in Shenzhen, highlighting their roles in high-quality development [1] - The recognition aims to inspire non-public economic actors to focus on integrity and law-abiding practices while contributing to Shenzhen's goal of becoming a globally influential economic center [1] Group 2 - The 60 recognized individuals predominantly represent sectors with a strong focus on technological innovation and deep industry engagement, including leaders from hard tech and electronic information industries [2] - Notably, there is a significant representation from the new economy sector, indicating a cluster advantage in digital economy and fintech within Shenzhen's non-public economic landscape [2] - The inclusion of grassroots service providers and individual entrepreneurs challenges the stereotype that "excellent builders" are solely large enterprise leaders, reflecting Shenzhen's recognition of the role of small market entities in employment and livelihood [2] Group 3 - The 30 awarded companies demonstrated a high degree of integration between social responsibility and industrial empowerment, with firms like SF Express and Huace Testing contributing to public welfare through their core business operations [3] - The awards signal a shift in Shenzhen's non-public economy from "scale expansion" to "quality enhancement," emphasizing collaboration and mutual benefit among enterprises [3] - Shenzhen's private enterprises are increasingly seen as key players in driving high-quality urban development and supporting the modernization of China through diverse contributions [3]