Daily Investment Strategy
Daily focus：Tencent (700)
Tencent's core investment logic lies in its high-quality growth model driven by multiple engines. The gaming business, with its diversified product pipeline and expansion into categories such as FPS, has established a solid revenue foundation. Meanwhile, the company leverages its AI big data model to empower its advertising business and deepens the commercialization of WeChat search and video accounts, effectively driving advertising revenue growth. Looking ahead, Tencent, with its hybrid model at its core, is actively deploying AI applications and expanding into the global market. Adhering to the principle of "profit growth outpacing revenue growth," it will increase investment in technology while ensuring sustainable profitability.
The US Announces Easing of H200 Exports to China
The US has announced the easing of export restrictions on high-end chips (such as the Nvidia H200) to China. This decision marks a shift in the US-China tech war from a unilateral "comprehensive blockade" to a more transactional "pragmatic" phase. From a macro perspective, this move has dual strategic significance: First, it alleviates extreme market concerns about a "hard decoupling" between the US and China leading to a global supply chain disruption, reducing the geopolitical risk premium for the technology sector; second, restoring the supply of high-end computing power will directly remove the hardware bottleneck for the development of China's AI industry, and in the short term, it is expected to stimulate Chinese tech giants to restart large-scale capital expenditures (Capex), while simultaneously reopening a key revenue growth point for US semiconductor companies.
Hong Kong Stock Connect saw a net inflow of HK$530 million on Tuesday, with Tencent Holdings (700) experiencing the largest net inflow at HK$880 million, followed by Xiaomi Group (1810). On the other hand, Pop Mart (9992) recorded the largest net outflow at HK$570 million, followed by SMIC (981).
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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