Investment Rating - The report maintains a "Buy" recommendation for leading internet companies, highlighting their stable performance and strong positioning in AI applications [1]. Core Insights - Several internet giants reported strong Q3 results, with a focus on the upcoming release of Google's Gemini 3.0, reinforcing the recommendation for companies like Tencent, Kuaishou, Bilibili, and Meitu [1]. - Tencent Music reported Q3 2025 revenue of 8.46 billion yuan, a year-on-year increase of 20.6%, with a net profit of 2.15 billion yuan [2]. - Tencent Holdings announced Q3 2025 revenue of 192.87 billion yuan, a 15% year-on-year growth, with a net profit of 63.13 billion yuan [3]. - Bilibili reported Q3 2025 revenue of 7.69 billion yuan, a 5% year-on-year increase, and a net profit of 470 million yuan, marking a significant increase of 691.37% [4]. Industry Overview - The internet industry comprises 160 listed companies with a total market capitalization of 195.33 billion yuan and a circulating market value of 179.22 billion yuan [6]. - The industry indices showed varied performance, with the absolute performance over 1 month, 6 months, and 12 months at 0.7%, 16.3%, and 14.2% respectively [8]. Company Performance - Tencent Holdings saw a stock price increase of 1.10%, while Bilibili's stock decreased by 3.60% [22]. - The report highlights key companies to watch, including Tencent Holdings, Kuaishou, Bilibili, Pop Mart, and Meitu [10]. Market Trends - The overall market performance from November 10 to November 16 showed a decline in major indices, with the Shanghai Composite Index down by 0.18% and the Hang Seng Internet Technology Index down by 3.42% [16].