Group 1 - Major tech stocks in Hong Kong experienced a decline, with notable drops of approximately 4% for companies such as NetEase, Meituan, Bilibili, and Trip.com, while Baidu and Tencent fell over 3% [1][2] - The Hang Seng Index saw a broader market downturn, with a decline of 1% and the Hang Seng Tech Index dropping by 1.87% [2] - Specific stock performance included Kingdee International down by 4.98%, NetEase down by 4.15%, and Meituan down by 4.11%, among others [3]

Core Insights - Tencent Music Entertainment Group (TME) demonstrates robust financial performance and deepens strategic layout while facing new market competition and technological challenges [1] Financial Performance - In Q3 2025, Tencent Music reported total revenue of 8.46 billion yuan, a year-on-year increase of 20.6%, with adjusted net profit rising 27.7% to 2.48 billion yuan [2] - Online music service revenue grew by 27.2%, with the number of paying users increasing by 1.3 million quarter-on-quarter to 126 million [2] - Non-subscription revenue surged by 50.3%, becoming a highlight of growth [2] - Institutions expect continued growth in Non-IFRS net profit for 2025 and 2026, with an optimistic outlook on gross margin trends [2] Industry and Risk Analysis - ByteDance's "Tomato Music" is rapidly increasing its monthly active users, complementing "Soda Music," which may intensify competition in the music streaming market [3] - Companies like Kunlun Wanwei (300418) are adopting free strategies in the AI music sector to expand their market presence, circumventing domestic copyright barriers, posing long-term challenges to the industry landscape [3] - Tencent Music is also investing in AI to enhance its services [3] Strategic Advancement - The company adheres to a "one body, two wings" strategy, deepening collaborations with global record companies and expanding its own IP matrix while making long-term investments in offline performances [4] - Tencent Music has partnered with Billboard data provider Luminate to incorporate Chinese music consumption data into international ranking systems, aiming to enhance its global content influence [4] Industry Status - The rapid growth of paid users in music live streaming indicates a shift towards professionalization and interactivity in the industry, which may indirectly affect Tencent Music's competitive strategy in social entertainment [5]

恒指收涨0.31%，恒生科技指数涨0.9%。哔哩哔哩涨逾5%，腾讯音乐、小米集团、金蝶国际涨逾4%， 比亚迪股份、药明生物、新东方涨逾3%；泡泡玛特跌逾5%，中国人寿跌近4%。 恒指收涨0.31%，恒生科技指数涨0.9%。哔哩哔哩涨逾5%，腾讯音乐、小米集团、金蝶国际涨逾4%， 比亚迪股份、药明生物、新东方涨逾3%；泡泡玛特跌逾5%，中国人寿跌近4%。 (本文来自第一财经) (本文来自第一财经) ...

Group 1 - The Hang Seng Index closed up 0.31%, while the Tech Index rose by 0.9% [1] - Bilibili (09626.HK) and Tencent Music (01698.HK) both increased by over 4.5% [1] - Xiaomi Group (01810.HK) and Kingdee International (00268.HK) saw gains of over 4% [1] Group 2 - Pop Mart (09992.HK) experienced a decline of over 5% [1]

本文源自：金融界AI电报 港股恒生科技指数盘中涨超1%，恒生指数涨0.2%，商汤(00020.HK)涨超5.7%，腾讯音乐(01698.HK)涨 近5%哔哩哔哩(09626.HK)涨超4.5%，小米集团(01810.HK)、蔚来汽车(09866.HK)、理想汽车(02015.HK) 均涨超2.5%。 ...

Group 1 - The Hang Seng Index opened up 0.23%, while the Hang Seng Tech Index rose by 0.21% [1] - Tencent Music increased by over 3%, Bilibili rose nearly 2%, and Kuaishou gained over 1%, while SMIC fell by over 2% [1] Group 2 - Dongwu Securities noted that despite accelerated inflow of southbound funds, overall trading volume in Hong Kong stocks has decreased, affected by global tech stock capital expenditure concerns, indicating short-term high volatility risks [1] - Xing Cheng, manager of the Hengsheng Qianhai Hong Kong Stock Connect Value Mixed Fund, believes the market may trend upwards amid fluctuations in the medium term, suggesting a focus on the AI industry chain, internet, software and hardware sectors, as well as favorable supply-demand dynamics in the metals cycle [1] - Zhao Wenli, chief economist at Jianyin International, assessed that the valuation repair of Hong Kong stocks is nearly complete, with the investment logic shifting from "valuation repair" to "new productive forces" valuation reassessment [1] Group 3 - Analyst Fu Yuan from Dongfang Caifu Securities emphasized that Hong Kong stock valuations remain at historical lows, with the Hang Seng Index PE at only 12 times, and the continuous inflow of southbound funds can not only boost sentiment but also enhance the pricing power of mainland funds in Hong Kong stocks, mitigating the impact of overseas volatility [1]

Core Viewpoint - Tencent Music (01698.HK) is scheduled to release its Q4 and full-year earnings announcement for 2025 on March 17, 2026, after the Hong Kong market trading hours and before the opening of the U.S. market [1] Group 1 - The earnings announcement will provide insights into the company's financial performance for the fourth quarter and the entire year of 2025 [1] - The timing of the announcement is strategically set to align with market hours in both Hong Kong and the U.S. [1] - This upcoming report is significant for investors and analysts monitoring Tencent Music's growth and market position [1]

Core Viewpoint - Tencent Music Entertainment Group's board will review and vote on the unaudited financial results for the fourth quarter and full year ending December 31, 2025, on March 16, 2026 [1] Group 1 - The board meeting is scheduled for March 16, 2026 [1] - The financial results to be discussed include the unaudited performance for the three months and the full year ending December 31, 2025 [1]

騰訊音樂娛樂集團（「本公司」）董事會將於2026年3月16日（星期一）審議及表決我們截至 2025年12月31日止三個月及全年的未經審計業績及公告（「2025年第四季度及全年業績公 告」）等事項。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何 責任。 Tencent Music Entertainment Group 騰訊音樂娛樂集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （港交所股份代號：1698） （紐交所股份代號：TME） 董事會行動通告以及 2025 年第四季度及 全年業績公告的發佈日期 我們將於2026年3月17日（星期二）（香港時間）在香港市場交易時間後及美國市場開市 前，上傳2025年 第 四 季 度 及 全 年 業 績 公 告 至 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）網 站www.hkexnews.hk及本公司網站https://ir.tencentmusic.com。 承董事會命 騰訊音樂娛樂集團 執行董 ...

| TME 腾讯音乐 | | 507 | | --- | --- | --- | | 16.340 + +0.410 +2.57% | | 收盘价 02/06 16:00 美东 | | 16.550 + 0.210 +1.29% | | 盘前价 02/09 04:00 美东 | | 一 52 24 4 5 8 日 ♥ 1选 | | ● 快捷交易 | | 最高价 16.365 | 开盘价 16.050 | 成交量 622.86万 | | 最低价 15.855 | 昨收价 15.930 | 成交额 1.01亿 | | 平均价 16.236 | 市盈率 M 16.34 | 总市值 253.09亿 (... | | 振 幅 3.20% | 市盈率(静) 26.74 | 总股本 15.49亿 | | 换手率 1.15% | 市净率 2.122 | 流通值 88.34亿 | | 52周最高 26.700 | 委 比 -25.00% | 流通股 5.41亿 | | 52周最低 11.710 | 量 比 0.95 | 色 手 1股 | | 历史最高 31.559 | 股息TM 0.184 | 换股比率 2.00 | | 历史 ...