Core Insights - Tencent's market capitalization has recently surpassed 6 trillion HKD, reflecting strong market confidence in its strategic transformation towards AI and international expansion [1][11] - The company's Q2 financial report shows a revenue of 184.5 billion CNY, a 15% year-on-year increase, and an operating profit of 69.25 billion CNY, up 18% [1] - Tencent's AI-driven marketing services revenue grew by 20%, indicating the effectiveness of its long-term investments in AI [1] AI Strategy and Developments - Tencent is actively embracing the AI trend, with AI becoming a key growth engine for cloud computing, as highlighted by the significant demand for GPU resources for large model training [2] - The company has invested 831 billion CNY in capital expenditures over the past three quarters, with a total of 1,023 billion CNY in the last year, marking a 178% increase year-on-year [3] - AI infrastructure (AIInfra) is a focal point for Tencent's cloud business, with plans to enhance both domestic and international infrastructure to support its applications and external clients [3] Product and Service Enhancements - AI capabilities have significantly improved Tencent's core business areas, including advertising and gaming, with AI enhancing ad targeting and game content development [6] - The newly launched intelligent agent development platform TCAP has quickly gained popularity among partners, demonstrating the efficiency of AI in customer support [4] Global Expansion and Market Position - Tencent's global strategy includes supporting Chinese enterprises in their international ventures, with recent investments in data centers in Saudi Arabia and Osaka, and new initiatives in Indonesia [7] - The number of Tencent Cloud's overseas clients has doubled in a year, exceeding 10,000 and covering over 80 countries, showcasing its growing global presence [7] Long-term Vision and Market Trends - Tencent's dual strategy of "going global + AI" is seen as a response to the digital transformation and AI revolution, positioning the company for future growth [8][9] - The company is adapting to mainstream domestic chips and engaging with the open-source community, although its pace in this area is slower compared to competitors like Alibaba Cloud and Huawei Cloud [10]

Core Viewpoint - Tencent Holdings (00700.HK) is set to release its Q3 2025 financial report on November 13, 2025, with expectations of mixed performance in revenue and net profit [1]. Financial Performance Expectations - Revenue is projected to be between 183.23 billion to 192.20 billion RMB, reflecting a year-on-year growth of 9.6% to 15.0% [2][4]. - Net profit is expected to range from 51.36 billion to 60.07 billion RMB, showing a year-on-year change of -3.5% to 12.8% [2][4]. - Adjusted net profit is forecasted to be between 59.15 billion to 72.70 billion RMB, with a year-on-year change of -1.1% to 21.5% [2][4]. Recent Sell-Side Insights - Haitong International Securities noted that Tencent exceeded expectations in Q2 2025, achieving a revenue of 184.5 billion RMB, a 15% year-on-year increase [5]. - The adjusted operating profit grew by 18% year-on-year, reaching 69.2 billion RMB, with an operating profit margin of 37.5% [5]. - The gaming sector showed strong growth, with domestic games increasing by 17% and international games by 35% [6]. Business Segment Performance - Gaming: Domestic gaming revenue grew by 17%, while international gaming revenue surged by 35%. The upcoming release of Valorant Mobile is expected to generate approximately 6 billion RMB in annual revenue [6]. - Advertising: Revenue increased by 20%, driven by AI technology that enhanced click-through rates and advertising demand, indicating long-term growth potential [7]. - Financial Technology and Business Services: Revenue rose by 10%, with expectations for continued growth in business services [7].

Core Viewpoint - Tencent has developed a professional-grade AI workstation called Hunyuan 3D Studio, designed specifically for 3D designers, game developers, and modelers, which streamlines the entire design process from concept to final game assets, significantly reducing production time from days to minutes [3][4]. Group 1: Key Features of Hunyuan 3D Studio - The platform includes seven core technology modules that ensure a seamless and automated workflow throughout the asset creation process [6]. - The workflow encompasses component splitting, controllable image generation, high-fidelity geometry generation, low-poly topology generation, semantic UV unwrapping, texture generation and editing, and rigging and animation effects [9][10]. Group 2: Component Splitting - The component splitting module utilizes connectivity analysis and semantic segmentation algorithms to automatically decompose complex models into logically and functionally independent components, allowing for independent editing and animation [9][10]. - The process involves using a feature extractor and segmentation heads to predict masks for component boundaries, ensuring high accuracy in the segmentation results [15][18]. Group 3: Controllable Image Generation - The controllable image generation module allows users to generate 3D design images in various mainstream game art styles by providing input images and style instructions [33][34]. - The system employs a dataset constructed from pairs of images to achieve precise mapping between realistic images and stylized outputs, enhancing the model's ability to generate consistent and high-quality designs [34][41]. Group 4: High-Fidelity Geometry Generation - High-fidelity geometry generation is based on the Hunyuan 3D framework, which includes a variational autoencoder for compressing and reconstructing 3D geometries [43][45]. - The process utilizes a diffusion model to efficiently generate high-quality samples from single input images, ensuring that the generated geometries align closely with the input prompts [47][50]. Group 5: Low-Poly Topology Generation - The low-poly topology module aims to create clean and art-compliant topology structures from high-fidelity geometries, employing a self-regressive model to predict vertices and faces directly from point clouds [55][56]. - The module incorporates a tokenization method that enhances training and inference efficiency by modeling the mesh as a sequence [59][60]. Group 6: Texture Generation and Editing - The texture generation framework extends 2D diffusion models to support multi-view texture generation, addressing challenges such as cross-view consistency and the transition from RGB textures to physically-based rendering (PBR) materials [76][78]. - A text-guided texture editing model has been developed, allowing for robust texture synthesis and editing based on high-quality PBR material datasets [81][84]. Group 7: Rigging and Animation Effects - The rigging and animation module includes a humanoid character animation branch and a general character animation branch, ensuring accurate bone generation and skinning through a template-based approach [97][100]. - The system allows for parameterized control, enabling high-level artistic adjustments throughout the pipeline while maintaining the ability to incrementally update without complete recalculation [104][105].

沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 中芯国际(00981) | 58.39 亿元 | -9108.74 万元 | | 阿里巴巴-W(09988) | 53.49 亿元 | +15.51 亿元 | | 山高控股(00412) | 41.54 亿元 | +2.49 亿元 | | 盈富基金(02800) | 30.01 亿元 | +28.64 亿元 | | 美团-W(03690) | 21.93 亿元 | -2.05 亿元 | | 腾讯控股(00700) | 16.00 亿元 | -6361.12 万元 | | 晶泰控股(02228) | 15.82 亿元 | +6579.02 万元 | | 泡泡玛特(09992) | 15.23 亿元 | +1922.21 万元 | | 小米集团-W(01810) | 14.92 亿元 | +1.63 亿元 | | FIT HON TENG(06088) | 14.92 亿元 | +1.58 亿元 | 深港通（南向）十大活跃成交公司 智通财经APP获悉，2025年9月22日当天，中芯国际(009 ...

于2025年9月22日，因购股权获行使发行3.53万股。 腾讯控股(00700)发布公告，于2025年9月22日斥资5.5亿港元回购86.2万股。 ...

格隆汇9月19日丨腾讯控股(00700.HK)发布公告，2025年9月22日耗资5.5亿港元回购86.2万股，回购价格 每股635-643港元。 ...

智通财经APP讯，腾讯控股(00700)发布公告，于2025年9月22日斥资5.5亿港元回购86.2万股。 于2025年9月22日，因购股权获行使发行3.53万股。 ...

如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00700 | 說明 | | | | | | | | 多櫃檯證券代號 | 80700 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 | 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行 ...

Core Insights - The game "Delta Action" has achieved significant success, with its Daily Active Users (DAU) surpassing 30 million on its anniversary, marking a rapid growth from 20 million in just two months and 1.2 million in over six months since its launch [1][3][4] Group 1: Game Performance - The DAU growth rate of "Delta Action" is unprecedented, with the game reaching 30 million DAU much faster than previous milestones [3][4] - The game has not yet accounted for foreign players, indicating potential for even greater user engagement [3] Group 2: Strategic Approach - Tencent's strategy for "Delta Action" focuses on long-term engagement, aiming to create a "Games as a Service" (GaaS) model that meets evolving player needs [3][4] - The game is designed for multi-platform compatibility, catering to different player preferences, with PC emphasizing deep combat and mobile focusing on casual gameplay [4][6] Group 3: Development and Quality - The development team, Linlangtianshang, has a strong background in creating successful FPS games, which has contributed to the positive reception of "Delta Action" prior to its launch [6] - The team emphasizes high-quality production and a thoughtful approach to game design, aiming to uncover unrecognized player demands [6]

Core Insights - Tencent Cloud and Yunzhuwang will collaborate to enhance the construction industry through cloud computing, AI, big data, and information security solutions [1][3][4] Group 1: Strategic Partnership - Yunzhuwang, a subsidiary of China State Construction Engineering Corporation, will leverage Tencent Cloud's technology to improve operational efficiency and management in the construction sector [1][3] - The partnership aims to provide comprehensive solutions for digital supply chains and smart labor management within the construction industry [3] Group 2: Technological Integration - In cloud computing, Yunzhuwang will utilize Tencent Cloud's capabilities to enhance system stability and scalability across all business operations [3][4] - The collaboration will focus on developing AI algorithms tailored to business needs, improving supply chain forecasting and procurement efficiency [4] Group 3: Big Data and Security - A big data platform will be established, utilizing Tencent Cloud's distributed storage and real-time computing technologies to support material price forecasting and supplier credit assessment [4] - The partnership will also address information security by creating an integrated security system to protect core business information and data assets [4] Group 4: Future Directions - The ongoing integration of industry resources and technological capabilities will drive the digital transformation of the construction sector, providing a practical reference for the industry's evolution [4]