智通财经APP获悉，4月7日港股市场，北水成交净买入153.73亿港元，其中港股通(沪)成交净买入91.71 亿港元，港股通(深)成交净买入62.02亿港元。 北水净买入最多的个股是小米集团-W(01810)、腾讯(00700)、中国移动(00941)。北水净卖出最多的个股 是阿里巴巴-W(09988)、小鹏汽车-W(09868)、信达生物(01801)。 | 股票名称 | 买入额 | 卖出额 | 或率点额 | | --- | --- | --- | --- | | | | | 净流入 | | 腾讯控股 HK 00700 | 85.63 Z | 84.85亿 | 170.49亿 +7804.33万 | | 小米集团-W | | | 154.38亿 | | HK 01810 | 79.471乙 | 74.91 乙 | +4.55 Z | | 阿里巴巴-W | 48.58亿 | 68.62亿 | 117.20 乙 | | HK 09988 | | | -20.04 Z | | 中芯国际 | 39.28亿 | 25.84 乙 | 65.12 乙 | | HK 00981 | | | +13.44 Z | | ** ...

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 ...

腾讯控股 00700.HK 公司研究 | 季报点评 AI 驱动广告高速增长，Q1 春节档游戏强劲 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 554,552 | 609,015 | 660,257 | 737,770 | 807,370 | | 同比增长 (%) | -1.21% | 9.82% | 8.41% | 11.74% | 9.43% | | 营业利润(百万元) | 100,017 | 152,784 | 200,097 | 229,061 | 257,041 | | 同比增长 (%) | -14.32% | 52.76% | 30.97% | 14.47% | 12.22% | | 归属母公司净利润(百万元) | 188,243 | 115,216 | 194,073 | 226,083 | 250,091 | | 同比增长 (%) | -16.27% | -38.79% | 68.44% | 16.49% | 10.62% | | 每股收益（元） | ...