中国隔夜简报- 2025年5月22日

Restricted - External China TechnologyPOSITIVEChina TechnologyJiong Shao, CFA+1 212 526 5562jiong.shao@barclays.comBCI, USLian Xiu (Roger) Duan+1 212 526 4633lianxiu.duan@barclays.comBCI, USXinyao Song+1 212 526 6972xinyao.song@barclays.comBCI, US investors, and introduce purchase subsidies for digital products including smartphones,tablets and smart-watches.China’s finance regulators released a series of measures to support financing need forSMEs:According to Sina News, PBOC, CSRC and other government ministries jointly issued aseries of measures aiming at supporting the financing need for SMEs in China. The regulatorswill provide more support to foreign trade enterprises, private companies, technology andconsumption sectors. The regulators will guide commercial banks to set reasonable loaninterest rates for SMEs to alleviate their burdens on business operations.NPPA announces 130 domestic games and 14 foreign games approval in May:Accordingto the National Press and Publication Administration (NPPA), 130 domestic games and 14foreign games are approved for publication in May. We note that Tencent and Netease gamesare on the list.China and ASEAN agreed to upgrade the free trade deal and open cooperation:Accordingto the Ministry of Commerceofficialstatement, China and ASEAN economic and tradeministers held a meeting via video call on Tuesday, during which they announced the fullconclusion of negotiations for version 3.0 of the China-ASEAN Free Trade Area. Thenegotiations will further refine their free trade area to include the digital and green economyand other industries. The agreement will enable both sides to advance broader and deeperregional economic integration under new circumstances, and significantly promote the deepintegration of industrial and supply chains.Company NewsTencent vows to advance large language models and smart agents to accelerate theimplementation of AI:According to Techweb, the Chief Executive of Tencent Cloud Mr. TangDaosheng unveiled a four-pronged strategy at the 2025 Tencent Cloud AI Industry ApplicationSummit today. Tencent will advance large language models and smart agents, buildknowledge bases and upgrade infrastructure to accelerate the implementation of AI ,benefiting both industries and individuals. Tencent showcased its latest developments inLLMs and enhanced its multimodal capabilities, presenting T1-Visiion, the Hunyuan Voicemodel for end-to-end voice interactions, and Image 2.0 for real-time live images. Currently,Hunyuan LLM is deeply integrated into various Tencent products, including Wechat, QQ,Tencent Yuanbao, Tencent Meeting and Tencent docs. Tencent also has enriched its cloudplatform with AI agents, allowing users to create automated and flexible workflows onTencent Cloud.Alibaba Digital Media and Entertainment Group will be renamed as Hujing Digital Mediaand Entertainment Group:According to TechWeb, Alibaba Group isofficiallyrenaming itsdigital entertainment division as part of a broader push to reinvigorate growth outside itscore businesses. Alibaba Digital Media and Entertainment Group will be renamed HujingDigital Media and Entertainment Group, using the Chinese name for the orca, or killer whale.Xiaomi will not disclose theofficialprices for the YU7 at today’s launch event and the EVis expected to deliver in July:According to 36kr, Xiaomi CEO Lei Jun said via hisofficialWeibo account that Xiaomi will not disclose theofficialprices for the YU7 and will not starttaking pre-orders at the launch event today. Mr. Lei Jun also confirms that YU7 is expected toenter the market in July.Li Auto reportedly lowers 2025 sales target from 700k units to 640k units:According to21Jingji News, Li Auto lowered its 2025 sales target from 700k units to 640k units. A companyofficialhas denied the news report. ••••••••••••••2 •Daily orders from Meituan’s Shen Qiang Shou program reportedly has surpassed 10•million:According to 36kr, daily orders from Meituan’s Shen Qiang Shou program hassurpassed 10 million. Shen Qiang Shou is mixing the use of live-streaming and short formvideos to sell flash deals, and it is a channel to support franchised and high-quality restaurantmerchants.•Meituanofficiallylaunches grocery delivery business in Saudi Arabia:According to•dsb.cn, Meituanofficiallylaunched the international brand of its Xiaoxiang Supermarket,named Keemart, in Saudi Arabia. Xiaoxiang Supermarket is Meituan’s self-operated groceryretail business division in China. The head of Keemart will be Liu Wei, the former generalmanager of Meituan Kuailv and Meituan Select.Barclays is not responsible for the content of any third-party website accessed via a hyperlink inthis report. Information on hyperlinked third-party websites is not incorporated by reference intothis report. The inclusion in this report of hyperlinks to third-party websites does not imply anyendorsement by or anyaffiliationwith Barclays. Some external links may require a subscription.Links are current as of publicati