目錄 265 釋義 2 公司資料 3 財務概要 4 主席報告 7 管理層討論及分析 26 董事會報告 80 企業管治報告 114 獨立核數師報告 123 綜合收益表 124 綜合全面收益表 125 綜合財務狀況表 128 綜合權益變動表 132 綜合現金流量表 134 綜合財務報表附註 公司資料 董事 執行董事 馬化騰 （主席） 企業管治委員會 Charles St Leger Searle （主席） Ian Charles Stone 楊紹信 柯楊 張秀蘭 投資委員會 劉熾平 （主席） 馬化騰 Charles St Leger Searle 提名委員會 馬化騰 （主席） 李東生 Ian Charles Stone 楊紹信 Charles St Leger Searle 非執行董事 Jacobus Petrus (Koos) Bekker Charles St Leger Searle 獨立非執行董事 李東生 Ian Charles Stone 楊紹信 柯楊 張秀蘭 審核委員會 楊紹信 （主席） Ian Charles Stone Charles St Leger Searle 薪酬委員會 Ian Charl ...

Group 1: Market Overview - Northbound trading recorded a net buy of HKD 153.73 billion, with HK Stock Connect (Shanghai) contributing HKD 91.71 billion and HK Stock Connect (Shenzhen) contributing HKD 62.02 billion [1] - The most bought stocks included Xiaomi Group-W (01810), Tencent (00700), and China Mobile (00941) [1] - The most sold stocks included Alibaba-W (09988), XPeng Motors-W (09868), and Innovent Biologics (01801) [1] Group 2: Individual Stock Performance - Xiaomi Group-W (01810) received a net buy of HKD 25.34 billion, with a positive outlook from Daiwa, citing strong fundamentals and growth potential in IoT and electric vehicles [4] - Tencent (00700) saw a net buy of HKD 19.36 billion, supported by strong domestic demand for digital games and a healthy growth outlook for the gaming market [5] - China Mobile (00941) had a net buy of HKD 11.64 billion, reporting a revenue of HKD 10,408 billion, a 3.1% increase year-on-year, and a net profit of HKD 1,384 billion, up 5.0% [5] - Semiconductor company SMIC (00981) received a net buy of HKD 9.64 billion, benefiting from increased domestic semiconductor production due to export controls from Japan [6] - Bubble Mart (09992) gained a net buy of HKD 5.84 billion, with analysts optimistic about its pricing power amid tariff impacts [6] - Alibaba-W (09988) faced a net sell of HKD 19.47 billion, influenced by unexpected tariff announcements from the U.S. [7] - XPeng Motors-W (09868) experienced a net sell of HKD 8.94 billion [8]

作者：马赫环 如果以2000年中国首款图形化网络游戏《万王之王》的上线，作为中国游戏行业起步的标志。那么如今的中国游戏业芳龄25岁，正处在"摽梅之年"。 虽还没到职场人敏感的35岁，可中国的游戏业就已经遇上了"中年危机"。 游戏业"中年危机"，整体增长放缓 不久前，腾讯控股2024年全年业绩公布，全年营收达到6603亿元，同比增长达到8%，创下历史新高。 分解腾讯财报可以看出，游戏业务自然还是当仁不让的老大。财报数据显示，增值服务部分实现营收3191.68亿元，同比增长7%，占到腾讯总收入的49%， 国际游戏贡献收入580亿元，本土市场游戏收入1397亿元，同比增长10%。 不说别的，单论游戏业务在业绩层面的表现，已经标志着腾讯走出了当初《原神》爆火后的迷茫状态，重新回到了正轨，尤其是在2024年这种环境里，腾讯 能在很大的体量基础上，于国内游戏市场获得两位数的增长率，真心不容易。 不过除了腾讯以外，中国游戏业已整体性遭遇"中年危机"，直接体现就是腾讯之外的游戏巨头成长放缓。 网易2024年网易净收入为1053亿元，同比增长1.7%，其中游戏及相关增值服务净收入为836亿元，同比增长仅为2.5%。 凭借《原神 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (00700.HK) with a target price range of HKD 547.75 to HKD 608.61 [1][5]. Core Insights - Tencent's 4Q24 financial results exceeded expectations, with revenue of CNY 172.4 billion, a year-over-year increase of 11%, and a quarter-over-quarter increase of 3%. The NON-IFRS net profit reached CNY 55.3 billion, up 30% year-over-year but down 8% quarter-over-quarter [1][8]. - The company is increasing its investment in AI infrastructure, anticipating significant advancements in application scenarios [1][34]. Summary by Sections Financial Performance - In 4Q24, Tencent achieved revenue of CNY 1724 billion, YOY +11%, QOQ +3%, exceeding expectations by 2%. The NON-IFRS net profit was CNY 553 billion, YOY +30%, QOQ -8%, surpassing expectations by 4% [1][8]. - The total revenue forecast for 2025 is adjusted to CNY 721.8 billion, with a YOY growth of 9%. The NON-IFRS net profit forecast is CNY 225.9 billion, reflecting a YOY increase of 16.4% [5][6]. Business Segments - **Gaming**: Revenue reached CNY 492 billion, YOY +20%, marking the highest growth rate since 2021. The international gaming segment contributed CNY 160 billion, YOY +15%, while the domestic market generated CNY 332 billion, YOY +23% [4][20]. - **Social Networks**: Revenue was CNY 298 billion, YOY +6%, driven by mobile game income and TME membership growth [27]. - **Marketing Services**: Revenue reached CNY 350 billion, YOY +17%, supported by the WeChat ecosystem [31]. - **Financial Technology and Enterprise Services**: Revenue was CNY 561 billion, YOY +3%, meeting expectations [33]. Capital Expenditure and AI Investment - Tencent's CAPEX for the quarter was CNY 39 billion, a significant increase of 418% YOY and 225% QOQ, indicating a strong commitment to AI infrastructure [33][34]. - The company is focusing on enhancing its AI capabilities, with plans to integrate self-developed and open-source models into its applications [34]. Shareholder Returns - Tencent announced a cash dividend of CNY 41 billion, corresponding to a dividend rate of approximately 17%, and plans to repurchase over CNY 80 billion worth of shares [38].

Group 1 - Tencent has established FuSure Reinsurance, which recently received a long-term insurance license from the Hong Kong Insurance Authority, allowing it to integrate its general insurance business into a composite license management system [1] - FuSure Reinsurance aims to diversify its product line and expand into international markets, focusing on low-volatility personal risk reinsurance products such as health and accident insurance, while also exploring innovation opportunities in health, auto, pet, cyber security, and liability insurance [1] - The company was registered in Hong Kong in May 2020 with a registered capital of HKD 1 billion, with Tencent holding an 85.01% stake and Grand Azure Limited holding the remaining 14.99% [1] Group 2 - The Hong Kong Insurance Authority emphasizes Hong Kong's role as a "super connector" between mainland China and international markets, facilitating mainland companies' expansion abroad and helping to diversify insurance risks [2] - The authority encourages the industry to develop innovative solutions for monitoring, transferring, mitigating, and managing risks for both mainland and overseas clients, enhancing Hong Kong's status as a global risk management center [2] - All professional reinsurance companies in Hong Kong can benefit from a 50% reduction in profits tax for their reinsurance business [2]

【港股相关ETF】 医药龙头——恒生医药ETF（159892） 互联网龙头——恒生互联网ETF（513330） 消费龙头——港股消费ETF（513230） 汽车龙头——港股通汽车ETF（159323） （文章来源：每日经济新闻） 3月28日，港股三大指数高开低走，恒生科技指数午后一度跌超2%。盘面上，科网股普遍下跌，生物医 药股冲高回落，黄金股多数上涨。主流ETF方面，恒生科技指数ETF（513180）午后跟随指数下挫，蔚 来、海尔智家、联想集团、地平线机器人、中芯国际等持仓股悉数下跌，同程旅行、携程集团等少数公 司上涨。 消息面上，腾讯的回购动向一直广受市场关注。3月19日，腾讯控股发布2024年度全年业绩公告，并宣 布2025年将继续回购股份，预计规模至少800亿港元；现金红利增长32%至约410亿港元，2025年总股东 回报最少达1210亿港元。而自3月24日起，腾讯控股便再度启动回购，已连续4个交易日回购，单日金额 均超5亿港元，或标志着腾讯今年新一轮回购周期的开始。自去年11月15日起，腾讯近乎每个交易日都 在进行回购(截至1月16日)，随后暂停两个多月，现如今重启。今年以来，腾讯累计回购金额已超1 ...

自3月24日以来公司已连续4日进行回购，合计回购394.00万股，累计回购金额20.02亿港元。 其间该股 累计下跌0.49%。 今年以来该股累计进行15次回购，合计回购4100.00万股，累计回购金额161.20亿港元。（数据宝） 腾讯控股回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.03.27 | 98.10 | 515.500 | 502.500 | 50059.41 | | 2025.03.26 | 99.00 | 509.500 | 502.000 | 50081.71 | | 2025.03.25 | 98.90 | 515.000 | 501.500 | 50053.72 | | 2025.03.24 | 98.00 | 517.500 | 505.000 | 50052.95 | | 2025.01.16 | 393.00 | 386.400 | 376.800 | 150005.31 | | 2025.01.15 | 396.00 | 385. ...

交银国际研究 公司更新 | 互联网 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 26 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 502.00 | 港元 583.00 | +16.1% | | | 腾讯控股 (700 HK) | | | | | | 常青游戏贡献总收入 20%，MOBA/射击优势显著，海外增长领先行业 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | 收入 (百万人民币) | 609,015 | 660,257 | 713,818 | 767,880 | 818,920 | | 收入 (百万人民币) | 609,015 | 660,257 | 713,818 | 767,880 | 818,920 | | --- | --- | --- | --- | --- | --- | | 同比增长 (%) | 9.8 | 8.4 | 8.1 | 7. ...

交银国际研究 公司更新 | 互联网 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 26 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 502.00 | 港元 583.00 | +16.1% | | | 腾讯控股 (700 HK) | | | | | | 常青游戏贡献总收入 20%，MOBA/射击优势显著，海外增长领先行业 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | 收入 (百万人民币) | 609,015 | 660,257 | 713,818 | 767,880 | 818,920 | | 收入 (百万人民币) | 609,015 | 660,257 | 713,818 | 767,880 | 818,920 | | --- | --- | --- | --- | --- | --- | | 同比增长 (%) | 9.8 | 8.4 | 8.1 | 7. ...

AI 驱动广告高速增长，Q1 春节档游戏强劲 ——腾讯控股（0700.HK）24Q4 季报点评 核心观点 盈利预测与投资建议 ⚫ 我们预期游戏增速持续提升，预计 24~26 年 IFRS 归母净利润为 1941/2261/2501 亿 元（24~26 年原值为 1951/2245/2498 亿元，因根据财报上调广告等收入，我们调整 盈利预测），24~26 年 non-IFRS 归母净利润为 2227/2576/2856 亿元。采用 SOTP 估值，给予对应目标价 559.92 港币（517.04 人民币 HKD/RMB=0.92），维持"买 入"评级。 风险提示 腾讯控股 00700.HK 公司研究 | 季报点评 政策风险、游戏收入不达预期风险、广告行业竞争风险 公司主要财务信息 | 项雯倩 | 021-63325888*6128 | | --- | --- | | | xiangwenqian@orientsec.com.cn | | | 执业证书编号：S0860517020003 | | | 香港证监会牌照：BQP120 | | 李雨琪 | 021-63325888-3023 | | | liyuqi@o ...