Investment Rating - The report maintains a positive investment rating for leading internet companies with stable performance and strong AI positioning, such as Tencent Holdings, Kuaishou, Bilibili, Meitu, and Yuedu Group [1]. Core Insights - The report emphasizes the upcoming third-quarter earnings reports for Hong Kong-listed internet companies and continues to recommend companies that are performing well and are leaders in the AI sector [1]. Summary by Sections Important Announcements - Weimeng Group reported an increase of 172 million shares issued as of October 31, 2025, with a subscription price of HKD 2.26 per share [2]. - Fubo Group's third-quarter revenue grew approximately 27% year-on-year, with mainland China business revenue increasing about 22% [3]. Market Performance Review - The overall market performance from November 3 to November 9 shows the Shanghai Composite Index rising by 1.08%, while the Hang Seng Internet Technology Index fell by 2.21% [15]. - Tencent Holdings saw a slight increase of 0.79%, while Bilibili-W and Kuaishou-W experienced declines of 6.71% and 5.67%, respectively [20]. Core Recommendations and Rationale - Tencent Holdings is highlighted for its strong performance in gaming, social networking, and marketing services, with significant revenue growth in various segments [24]. - Kuaishou is noted for its user engagement improvements and revenue growth in advertising and e-commerce, with a focus on technological innovation [25]. - Bilibili is recognized for maintaining strong performance in advertising and gaming, with a focus on releasing commercial value [26].