证券研究报告 | 公司更新 | 社交Ⅱ 腾讯控股(00700) 报告日期：2025 年 09 月 11 日 社交流量筑壁垒，AI + 新业务拓空间 ——腾讯控股更新报告 投资要点 1）互联网广告平台的核心是流量：微信和 QQ 是国内最大的社交流量入口，作 为熟人社交流量平台，公司竞争优势凸显。公司可以通过朋友圈、视频号、搜一 搜等多种产品形态进行流量变现。 2）持续的长青游戏运营焕新和孵化新游戏的能力体现的是公司整体对于游戏行 业的认知以及配套的机制和实践。根据游戏葡萄的文章，全球范围符合腾讯长青 游戏标准（年流水超过 40 亿、且季度平均 DAU 超过 500 万的手游/超过 200 万 的端游）的游戏约 70 款，其中 14 款来自腾讯，腾讯的投资公司还有 8 款。 ❑ 腾讯最近两轮上涨行情复盘： 2018.11-2021.2：2019 年宏观经济景气、2020 受疫情扰动（2019、2020 年社零增 速分别为 8.05%、-4.78%），流动性宽松，游戏版号恢复、重要游戏产品《和平 精英》上线。 ❑ 核心逻辑：我们认为新游戏《三角洲行动》将超市场预期，视频号、搜一搜等 会继续推动腾讯广告业务实现超越行 ...

Core Viewpoint - The article discusses the emergence of Tencent's CodeBuddy as a comprehensive AI programming tool in response to the restrictions imposed by Anthropic on Chinese companies, highlighting its potential to transform software development practices in China and beyond [5][30]. Group 1: CodeBuddy Overview - CodeBuddy is a complete AI programming tool matrix that includes three main forms: IDE, CLI, and plugins, designed to enhance developer efficiency and streamline the coding process [10][11]. - The tool has been adopted by over 90% of Tencent's engineers, resulting in a 40% reduction in overall coding time and an increase in AI-generated code from 35% to over 50% [29]. Group 2: Product Features - The plugin form integrates seamlessly with popular IDEs like VS Code and JetBrains, providing real-time code completion and intelligent refactoring suggestions [12]. - The independent IDE form allows non-technical users to engage in programming through natural language, significantly lowering the technical barrier for software development [14]. - The CLI form, CodeBuddy Code, enables developers to use natural language commands in a terminal environment, automating complex tasks without writing code [18][21]. Group 3: Engineering Principles - CodeBuddy emphasizes quality over speed, ensuring that generated code is maintainable and reduces the need for rework in large projects [24]. - A three-layer framework guides AI behavior, incorporating rules for consistency, planning modes for task breakdown, and specifications to meet business needs [25]. Group 4: Market Position and Future Outlook - The restrictions on foreign AI services create a favorable environment for domestic platforms like CodeBuddy, which can establish high switching costs for enterprises integrating with Tencent's ecosystem [30]. - The underlying model, DeepSeekV3.1, has achieved a score of 71.6% in international programming benchmarks, indicating strong performance and cost-effectiveness compared to competitors [30]. - The article suggests that CodeBuddy represents a shift from mere "domestic substitution" to a new paradigm of self-sufficient and rational engineering systems in the industry [31][32].

9月11日，港股三大指数集体下跌，均止步4连涨行情，市场做多情绪趋于谨慎。 截止收盘，恒生指数跌0.43%险守26000点大关，国企指数、恒生科技指数分别下跌0.73%及0.24%。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 恒生指数 | 7 | 26086.32 | -113.94 | -0.43% | | 800000 | | | | | | 国企指数 | intrieter | 9260.25 | -67.91 | -0.73% | | 800100 | | | | | | 恒生科技指数 | Mala | 5888.77 | -13.92 | -0.24% | | 800700 | . NY | | | | 具体来看： 盘面上，大型科技股普遍走低，尤其是美团跌6%刷新阶段新低；报道称特朗普政府拟限制中国药品，生物医药股集体重挫，创新药概念股跌幅居前；影视 娱乐股、钢铁股、汽车股、内房股、手游股多数低迷。 半导体芯片股涨幅强势；受美联储降息前景支撑，铜、铝等有色金属股表现活跃，军工、苹果概念、建材水泥、重型机械、高铁基建股走强 ...

航旅纵横联合交通银行推出数字人民币红包活动，开通对应等级交行数字人民币钱包后，可领取无门槛 红包，用于在航旅纵横APP内购买国际机票、邮寄行程单、开通航旅PLUS会员时抵扣订单金额。 北京银行邀请多家文创企业、老字号商家、餐饮企业，打造了"数币万花筒"沉浸式市集空间。多巴胺配 色的潮流市集内，观众可以参与"京"美打卡、"京"准挑战、"京"彩AI抓娃娃、"京"喜大转盘等活动，有 机会赢取数币消费红包等超值奖品。 多款高颜值卡片成为便利用户移动支付的"法宝"，交通银行设计的数字人民币硬钱包在展区亮相。往届 火爆的数字人民币IP周边盲盒满减活动作为保留体验项目，今年继续在展区开展，观众使用指定等级的 交通银行数字人民币钱包可享受满16.99元立减15元的优惠，参与活动赢取带有交通银行数字人民币特 色形象的纸扇、手机架等周边产品。 类仅 E 字人民币硬战包 93 7 6.1 NZD M 6 54 4 1 A 16 H 转自：北京日报客户端 服贸会金融服务专题展馆内，一场"红包雨"如约而至，花样翻新的数字人民币展示场景成为各家金融机 构"标配"。潮流市集、打卡集章区、趣味游戏区……数字人民币大道5.0版更好玩儿，观众能 ...

本文约 3400 字，推荐阅读时长 7 分钟，欢迎关注新财富公众号。 腾讯二季度的财报又又又超预期了。 在业绩说明会中，除了AI这个关键词被反复提及之外，还有一款游戏被重点表扬，它就是被腾讯高层寄予厚望《三角洲行动》（以下简称《三角 洲》）。 作为腾讯长青游戏序列中最年轻一个，《三角洲》在今年四月实现了1200万的 DAU（玩家日活）。据Q2最新财报，《三角洲》7月DAU已超2000万 人，在国内游戏行业中排名前五，同期流水也位居行业前三位次。 令人好奇的是，为什么《三角洲》能在短短10个月内成为腾讯的新任"吸金王"？"搜打撤"到底为何令人着迷？当然还有一个所有人都关心的问题：它的 天花板到底能有多高？ 天时：射击品类东风再起 和所有内容消费产品一样，一款游戏能否成功的关键必要条件，是它到底好不好玩。而一款游戏的目标受众规模以及未来潜在的市场空间大小，很大程 度上取决于游戏的品类。 《三角洲》之所以成为腾讯近年来诸多新品中增长最猛的游戏，其首要原因就是腾讯对于射击游戏品类的成功押注。 在Q2业绩会的QA环节，腾讯高管在讨论射击游戏时表达了这样一个观点：" 射击游戏这个品类在西方世界是主流，但在中国市场，其潜力 ...

Industry Investment Rating - The investment rating for the computer industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the strong performance of major companies in the AI and cloud sectors, with Tencent and Alibaba showing significant revenue growth driven by AI investments [5][6] - Tencent's Q2 revenue reached 184.5 billion, a year-on-year increase of 15%, while Alibaba's cloud revenue grew by 26% to 33.398 billion, marking a three-year high [5][6] - The report emphasizes the competitive advantage of Chinese super apps in dominating the AI entry point, contrasting with the hardware-dominated market in the U.S. [7] Summary by Sections Industry Overview - The closing index for the computer industry is 5307.24, with a 52-week high of 5841.52 and a low of 2855.49 [1] Recent Company Performance - Tencent's gaming revenue for Q2 was 40.4 billion domestically and 18.8 billion internationally, reflecting year-on-year growth of 17% and 35% respectively [5] - Alibaba's capital expenditure for Q2 was 38.676 billion, a 220% increase year-on-year, as the company aims to invest 380 billion over the next three years in AI [6] Investment Recommendations - The report suggests focusing on companies such as Tencent, Alibaba, NetEase, Kuaishou, Xiaomi, JD Group, Tencent Music, Kingdee International, Baidu, SenseTime, Kingsoft Cloud, Bilibili, Meitu, China Software International, and Inspur Digital [8]

此外，腾讯理财通首创的"理财金"模式，支持用户零成本、无门槛体验投资流程，助力权益基金发展。 在今年全国投资者保护宣传日，理财通联合二十余家头部机构，推出"百万理财金"投教活动，累计发放 虚拟理财金规模超十亿元，超百万用户参与。 腾讯数字货币部负责人李茂材表示，未来将在保障安全的前提下，不断创新应用场景，丰富服务功能。 同时，将积极配合监管部门推进数字人民币试点工作，为构建现代化支付体系、服务数字经济发展贡献 力量。 本报讯 （记者李冰）9月10日，2025中国国际服务贸易交易会（以下简称"服贸会"）在北京首钢园区开 幕。在今年"数智领航，服贸焕新"主题下，腾讯集中展出科技助力金融普惠的最新探索成果，包括腾讯 与数字人民币探索最新进展、为境外来华人士提供便利的微信支付"外卡内绑""外包内用"跨境服务、助 力大湾区互联互通的WeChat港币钱包、腾讯理财通创新投教新功能，以及基于"好用的AI"进一步推出 的混元金融大模型。 在主管部门指导下，微信支付不断优化外籍来华人士支付服务，不仅通过优化"外卡内绑"满足外籍来华 人士便捷支付服务需求，主动在机场、口岸等一线提供咨询服务，还持续拓展"外包内用"朋友圈，马来 西 ...

凤凰网科技讯 9月11日，腾讯官方宣布进一步开源图检索增强生成框架Youtu-GraphRAG。据介绍，该 框架主打大语言模型+RAG模式，把知识组织成图谱，再交给大语言模型去检索和推理，帮助大模型在 处理复杂问答类任务时减少"胡言乱语"，回答更精准、更可追溯。 这套框架在六个权威基准测试中，最高可节省90.71% Token成本；复杂推理任务准确率最高提升 16.62%；支持中英文双语，跨领域应用无需重构。 官方称，该框架适用于企业知识库问答、科研文档解析、个人知识库、私域知识管理等知识密集型场 景。 ...

Group 1 - The core idea of the news is the rise of community-driven philanthropy through Tencent's "Good Deed Map," which connects people in need with those willing to help, exemplified by the "Zhengfanmian" noodle shop in Chengdu that offers affordable meals to those in need [1][2] - The 2025 "Jiujiu Public Welfare Festival" attracted 148 million participants, resulting in 530 million good deeds being accomplished [2][3] - The "Little Red Flower" initiative allows users to earn recognition for their charitable actions, becoming a new social symbol that connects online and offline philanthropic activities [3][5] Group 2 - Various community initiatives during the festival included elderly individuals creating handmade items for exchange, volunteers assisting with medical appointments, and health screenings for women [5][12] - Over 1,800 public welfare organizations and 4,300 projects participated in the festival, showcasing a collaborative effort to enhance public engagement in philanthropy [14][16] - Major brands like 7-Eleven and McDonald's integrated philanthropy into their daily operations by promoting the "Little Red Flower" code, making it easier for consumers to contribute [16][18] Group 3 - Tencent's digital technology facilitated efficient donation processes, allowing users to track their contributions and ensuring transparency in the distribution of donated items [7][9] - The festival highlighted a shift in public perception of philanthropy, emphasizing local community support and personal connections over distant charitable acts [19] - The integration of various Tencent products and platforms into philanthropic efforts has mobilized over 240 million users, demonstrating the potential of technology to enhance charitable participation [18][19]

9月11日，腾讯优图实验室开源Youtu-GraphRAG。据介绍，这是一款全新的图检索增强生成框架，主打 大语言模型+RAG模式，把知识组织成"图谱"，再交给大语言模型去检索和推理，帮助大模型在处理复 杂问答类任务时回答更精准、更可追溯。尤其适用于企业知识库问答、科研文档解析、个人知识库、私 域知识管理等知识密集型场景。 ...