金融界5月23日消息，上证指数低开低走，中华交易服务中国香港内地指数 (中华香港内地指数， CESHKM)上涨0.33%，报6544.57点，成交额632.59亿元。 数据统计显示，中华交易服务中国香港内地指数近一个月上涨5.21%，近三个月下跌3.10%，年至今上 涨16.53%。 据了解，中华交易服务中国跨境指数系列为一系列证券价格指数，由中华交易服务中国 120 指数(中华 120)、中华交易服务中国 A80 指数(中华 A80)、中华交易服务中国香港内地指数(中华香港内地指数)以 及中华交易服务中国 280 指数(中华 280)组成，以综合反映沪深港三地上市中国大、中盘证券的整体表 现。该指数以2004年12月31日为基日，以2000.0点为基点。 从指数持仓来看，中华交易服务中国香港内地指数十大权重分别为：阿里巴巴-W（11.87%）、腾讯控 股（10.74%）、小米集团-W（7.9%）、建设银行（7.21%）、美团-W（6.92%）、比亚迪股份 （4.87%）、中国移动（4.56%）、工商银行（4.21%）、中国银行（3.34%）、网易-S（3.17%）。 从中华交易服务中国香港内地指数持仓的市场 ...

智通财经APP获悉，根据 Sensor Tower 应用情报平台数据显示，腾讯旗下《王者荣耀》在2025年4月全球手游收入榜单中强势登顶，环比上升四位，重返全 球收入榜第一。《Last War: Survival》紧随其后，跃升至第二位。《Whiteout Survival》、《MONOPOLY GO!》与《Royal Match》分别位列全球收入榜第三 至第五名。 《王者荣耀》的再度夺冠，彰显出其持续丰富的内容创新及高效的IP联动策略。本次收入回暖主要得益于"五五朋友节"活动，携手三丽鸥开启联动，推出全 新玩法模式及高人气亚瑟新皮肤，充分体现腾讯对优质内容与用户体验的持续投入。 以节日主题为核心的游戏运营活动(Live Ops)是提升玩家活跃度与变现表现能力的关键因素。《Last War: Survival》排名上升至第二，很大程度上受益于如复 活节活动等节令玩法，推出全新城堡皮肤及限时道具奖励，有效激发季节性用户兴趣。尽管排名小幅波动，《Whiteout Survival》凭借持续不断的运营活 动，包括复活节特别版本及重磅更新"Snowbusters"，保持了稳定的Top 3收入表现，持续为玩家带来新鲜且 ...

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 今年以来该股累计进行28次回购，合计回购5529.70万股，累计回购金额230.28亿港元。（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） | | --- | --- | --- | --- | --- | | 2025.05.22 | 97.00 | 520.000 | 513.000 | 50061.85 | | 2025.05.21 | 96.30 | 524.000 | 516.000 | 50038.91 | | 2025.05.20 | 97.10 | 517.000 | 512.500 | 50022.46 | | 2025.05.19 | 97.90 | 516.500 | 503.000 | 50042.25 | | 2025.04.10 | 133.30 | 461.400 | 443.200 | 60071.11 | | 2025.04.09 | 138.50 | 446.800 | 419.600 | 60071. ...

Core Viewpoint - The company reported better-than-expected revenue and profit for Q1 2025, driven by strong performance in gaming and advertising sectors, with AI contributing significantly to growth [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 1800.2 billion yuan, a year-on-year increase of 12.9%, surpassing Bloomberg's consensus estimate of 1756.0 billion yuan [1]. - The Non-IFRS net profit attributable to the parent company was 613.3 billion yuan, reflecting a year-on-year growth of 22.0%, exceeding Bloomberg's expectation of 596.8 billion yuan [1]. - The financial technology and enterprise services revenue reached 549 billion yuan, a year-on-year increase of 5.0%, slightly below Bloomberg's forecast of 550.7 billion yuan [2]. Group 2: Gaming Sector - The revenue from online games was 595 billion yuan, representing a year-on-year growth of 23.7%, which was higher than Bloomberg's estimate of 552.6 billion yuan [1]. - Domestic game revenue was 429 billion yuan, showing a year-on-year increase of 24.3% and a quarter-on-quarter increase of 29.2%, exceeding Bloomberg's expectation of 402.7 billion yuan [1]. - International game revenue reached 166 billion yuan, with a year-on-year growth of 22.1% and a quarter-on-quarter increase of 3.8%, also surpassing Bloomberg's estimate of 153.8 billion yuan [1]. Group 3: Advertising Sector - Advertising revenue amounted to 319 billion yuan, a year-on-year increase of 20.4%, exceeding Bloomberg's forecast of 309.2 billion yuan [1]. - The growth in advertising revenue was attributed to increased user engagement, AI upgrades, and optimization of the WeChat transaction ecosystem [1]. - AI is enhancing advertising business development through improved click-through rates and precise targeting, with expectations for further growth in the future [1]. Group 4: Profit Forecast and Investment Rating - The company maintains strong performance and significant barriers to entry, projecting adjusted net profits of 2441 billion yuan, 2693 billion yuan, and 2984 billion yuan for 2025-2027 [2]. - Corresponding PE ratios (Non-IFRS) for 2025-2027 are projected to be 18, 16, and 14 times, respectively [2]. - The company continues to exhibit robust business barriers and growth in various sectors, leading to a maintained "buy" rating [2].

Group 1 - The company reported Q1 2025 revenue of 180 billion RMB, exceeding market expectations, with a year-on-year growth of 13% and a quarter-on-quarter growth of 4% [1] - Non-GAAP operating profit reached 69.3 billion RMB, up 18% year-on-year and 11% quarter-on-quarter, while the Non-GAAP net profit attributable to shareholders was 61.3 billion RMB, reflecting a 22% year-on-year increase and an 11% quarter-on-quarter increase [1] - R&D investment grew by 21% year-on-year to 18.91 billion RMB, and capital expenditure increased by 91% to 27.48 billion RMB, focusing on computing infrastructure and large model development [1] Group 2 - The company's value-added services revenue for Q1 2025 was 92 billion RMB, a 17% year-on-year increase, with social network revenue contributing 33 billion RMB, up 7% year-on-year [1] - Domestic game revenue reached 34 billion RMB, growing 24% year-on-year, driven by popular titles and new game launches [1] - International game revenue was 16.7 billion RMB, reflecting a 23% year-on-year increase, primarily from stable performances of long-term products [1] Group 3 - Marketing services revenue for Q1 2025 was 31.9 billion RMB, a 20% year-on-year increase, driven by the expansion of new traffic scenarios and the release of advertising inventory [1] - The video account loading rate stabilized at 3%-4%, with AI applications enhancing advertising efficiency and material generation [2] - Financial technology and enterprise services revenue reached 55 billion RMB, growing 5% year-on-year, supported by a recovery in wealth management and consumer loans [2] Group 4 - The company maintains a target price of 660 HKD, indicating a potential upside of 28.4% from the previous closing price, with a buy rating due to improved profit margins across various business segments [2] - The core business is expected to maintain steady growth, with AI applications gradually realizing their potential and enhancing advertising commercialization efficiency [2]

机构：长城证券 研究员：侯宾 事件：腾讯控股公布25Q1 业绩，公司25Q1 实现营业收入1800.22 亿元，同比增长12.9%，环比增长 4.4%；毛利润1004.93 亿元，同比增长19.8%，环比增长10.9%；经调整净利润613.29 亿元，同比增长 22.0%，环比增长10.9%。 此外，公司25Q1 以总代价约171 亿港元（未计开支）购回合共42984000 股股份，购回的股份其后已被 注销。 风险提示：游戏政策风险；AI 应用落地不及预期；宏观经济复苏不及预期；视频号发展不及预期。 《王者荣耀》25Q1 流水创历史新高；（2）《DNFm》《三角洲行动》贡献增量，其中《三角洲行动》 25M4 DAU峰值突破1200 万，并成为行业近三年发布的新游戏中平均日活跃账户数最高的游戏。海外 游戏收入同比增长23%/环比增长4%至166 亿元，主要受益于《荒野乱斗》《部落冲突：皇室战争》 《PUBG MOBILE》的收入增长。此外，腾讯开始通过AI 赋能大型多人竞技游戏，如AI 辅助新手玩 家、预防外挂等，有效提升用户体验与留存。向后展望，我们预计公司游戏业务将维持稳健增长。 AI 效果逐步体现，广告业 ...

证券研究报告 | 公司动态点评 2025 年 05 月 21 日 腾讯控股（00700.HK） 游戏及广告收入超预期，关注后续 AI 投入及进展 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | 买入（维持评级） | | | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 609,015 | 660,257 | 724,251 | 788,778 | 852,067 | 股票信息 | | | 增长率 yoy（%） | 9.82 | 8.41 | 9.69 | 8.91 | 8.02 | | | | 归母净利润（百万元） | 115,216 | 194,073 | 225,457 | 243,510 | 262,307 | 行业 | 传媒 | | 增长率 yoy（%） | -38.79 | 68.44 | 16.17 | 8.01 | 7.72 | 2025 年 5 月 20 日收盘价（港元） | 517.00 | | ROE（%） | 14.25 | 19.93 | 19.33 | 17 ...

AI 驱动广告、游戏收入持续超预期增长 ——腾讯控股（0700.HK）25Q1 季报点评 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 609,015 | 660,257 | 741,393 | 823,081 | 911,511 | | 同比增长 (%) | 9.82% | 8.41% | 12.29% | 11.02% | 10.74% | | 营业利润(百万元) | 152,784 | 200,097 | 239,238 | 272,041 | 308,598 | | 同比增长 (%) | 52.76% | 30.97% | 19.56% | 13.71% | 13.44% | | 归属母公司净利润(百万元) | 115,216 | 194,073 | 218,491 | 248,401 | 277,831 | | 同比增长 (%) | -38.79% | 68.44% | 12.58% | 13.69% | 11.85% | | 每股收益（元） | 12.5 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [4][43] Core Insights - The company achieved revenue of 1800.2 billion RMB in Q1 2025, a year-on-year increase of 12.9%, exceeding Bloomberg consensus estimates of 1756.0 billion RMB [2][14] - Non-IFRS net profit reached 613.3 billion RMB, up 22.0% year-on-year, also surpassing Bloomberg consensus of 596.8 billion RMB [2][14] - AI is significantly contributing to the gaming and advertising sectors, enhancing product differentiation and user engagement [3][24] Revenue and Profitability - Total revenue is projected to grow from 609,015 million RMB in 2023 to 854,621 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 9.18% [4] - Non-IFRS net profit is expected to increase from 157,688 million RMB in 2023 to 298,384 million RMB in 2027, reflecting a strong growth trajectory [4] - The company’s overall gross margin improved to 56% in Q1 2025, driven by growth in high-margin revenue sources such as domestic games and advertising [33][36] Business Segments Performance - The gaming segment reported revenue of 595 billion RMB in Q1 2025, a 23.7% increase year-on-year, with strong performance in both domestic and international markets [20][21] - Social network revenue rose to 326 billion RMB, up 6.9% year-on-year, supported by growth in mobile game virtual goods and paid memberships [22] - Advertising revenue reached 319 billion RMB, a 20.4% increase year-on-year, benefiting from enhanced user engagement and AI-driven optimizations [24] - Financial technology and enterprise services revenue was 549 billion RMB, a 5.0% increase year-on-year, although slightly below expectations [28] Future Outlook - The report forecasts adjusted net profits of 2441 billion RMB, 2693 billion RMB, and 2984 billion RMB for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 16, and 14 times [4][43] - The company is expected to maintain strong business barriers and continue to grow its ecosystem, including video accounts, mini-programs, and fintech services [4][43]

Investment Rating - The report maintains a "Buy" rating with a target price of 660 HKD, indicating a potential upside of 28.4% from the last closing price [5][44]. Core Insights - The company reported Q1 2025 revenue of 180 billion RMB, exceeding market expectations, driven by AI capabilities enhancing various business segments [2][8]. - Non-GAAP operating profit reached 69.3 billion RMB, a year-on-year increase of 18%, while the core business's Non-GAAP net profit was 61.3 billion RMB, up 22% year-on-year [2][8]. - Significant growth in R&D investment, which rose by 21% to 18.91 billion RMB, and capital expenditure increased by 91% to 27.48 billion RMB, focusing on computing infrastructure and large model development [2][12]. Summary by Sections Revenue Performance - Q1 2025 revenue was 1800 billion RMB, a 13% year-on-year increase and a 4% quarter-on-quarter increase [2][8]. - Value-added services revenue reached 920 billion RMB, growing 17% year-on-year, with social network revenue at 330 billion RMB, up 7% [3][8]. Gaming Sector - Domestic gaming revenue was 340 billion RMB, a 24% year-on-year increase, driven by popular titles like "Honor of Kings" and "Peacekeeper Elite" [3][9]. - International gaming revenue was 167 billion RMB, up 23% year-on-year, with stable performance from long-term products [3][9]. Marketing Services - Marketing services revenue reached 319 billion RMB, a 20% year-on-year increase, primarily due to the expansion of new traffic scenarios and the release of advertising inventory [4][10]. - The integration of AI in advertising has improved efficiency and effectiveness, although the current growth still relies heavily on ecosystem and operational capabilities [4][30]. Financial Technology and Enterprise Services - Financial technology and enterprise services revenue was 550 billion RMB, a 5% year-on-year increase, supported by a recovery in wealth management and payment services [4][11]. - The introduction of large models in financial services has enhanced service intelligence and user engagement [4][11]. Profitability and Margins - The gross margin for Q1 2025 was 56%, a 20% year-on-year increase, driven by high-margin revenue growth in domestic gaming and marketing services [12]. - The value-added services gross margin was 60%, up 22% year-on-year, reflecting the contribution from high-margin domestic games [12]. Shareholder Returns - The company plans to distribute 41 billion HKD in dividends and repurchase at least 80 billion HKD, maintaining a strong balance between business growth and shareholder returns [13].