How did TME's Q4 earnings surprise impact investor sentiment?

TME's Q4 earnings surprise had a mixed impact on investor sentiment, as reflected by the backtest results. While the 3-Day win rate was 44.44% following the earnings beat expectations, indicating some positive short-term sentiment, the overall returns over the 3-Day, 10-Day, and 30-Day periods were relatively modest, with maximum returns of -0.46%, 3.29%, and 4.33%, respectively. This suggests that while there was some modest positive sentiment in the immediate aftermath of the earnings release, it did not lead to significant long-term gains, and investor sentiment may have been influenced by other factors.