Tencent's financial report today was fairly standard. The key point of contention is whether in 2026 it will be a buyback or an increase in capital expenditure. Today, the answer was given: Oriental Meta is preparing to follow in Meta's footsteps. I believe this is a short-term negative but a long-term positive (if the capital expenditure is to buy cards for Tencent Cloud). The short-term negative is also easy to understand; a lot of people, including myself, were expecting Tencent to initiate a buyback after the financial report.