【深圳商报讯】（首席记者 吴蕾）9月15日，中国企业联合会、中国企业家协会发布了2025中国企业 500强榜单，深圳上榜企业数量达到27家。其中，中国平安、华为、比亚迪、腾讯等8家深企闯入前百 强。这些企业不仅规模庞大，更是以科技创新为驱动，成为深圳经济高质量发展的重要引擎。 榜单以2024年企业营业收入作为入围标准，入围门槛为479.60亿元，较上年提升5.79亿元。前100名企业 名单中，深圳共有8家企业上榜。这些企业包括：中国平安（第12位）、华为（第23位）、比亚迪（第 26位）、腾讯（第31位）、招商银行（第48位）、万科（第79位）、顺丰（第92位）和深投控（第99 位）。其中，中国平安以1.14万亿元营收稳居全国第12位，较上年提升1位，成为广东唯一万亿级企 业。 从数量上看，与上一年相比，深圳企业入选500强总数不变，均为27家。其中，新增2家，分别是优合产 业有限公司（第383位，2024年度营收646.38亿元）和欣旺达电子股份有限公司（第439位，2024年度营 收560.21亿元）；退榜2家。 上榜深企展现了极强的创新能力和高强度的研发投入。500强企业共投入研发费用1.73万亿元，平 ...

Core Viewpoint - Tencent Holdings has seen its market capitalization return to 6 trillion HKD, driven by a combination of performance recovery, strategic upgrades, and valuation reassessment, rather than just short-term market sentiment [2][3]. Financial Performance - Tencent's Q2 2025 financial results showed revenue of 184.5 billion CNY, a 15% year-on-year increase, with operating profit at 69.25 billion CNY, up 18% [3]. - Gross margin improved from 53% to 57% year-on-year, and net profit attributable to shareholders reached 55.6 billion CNY, reflecting a 17% year-on-year and 16% quarter-on-quarter growth [3]. - All three main business segments reported significant growth: value-added services revenue increased by 16% to 91.4 billion CNY, advertising revenue rose by 20% to 35.8 billion CNY, and financial technology and enterprise services revenue grew by 10% to 55.5 billion CNY [3]. AI Integration and Business Strategy - Tencent has made substantial investments in AI, with R&D spending reaching 20.25 billion CNY in Q2 2025, a 17% increase year-on-year [6]. - The company has launched over 30 new models in the past year and is actively integrating AI into its business operations, enhancing advertising effectiveness and gaming experiences [7][8]. - AI is seen as a core driver of Tencent's growth, with its applications in advertising and gaming significantly improving user engagement and revenue [7][8]. International Expansion - Tencent's international gaming revenue reached 18.8 billion CNY in Q2 2025, a 35% year-on-year increase, driven by successful titles like PUBG Mobile [9]. - The company is expanding its cloud infrastructure globally, with plans to invest 150 million USD in a new data center in Saudi Arabia and additional centers in Japan [9]. Market Sentiment and Valuation - The stock price recovery is supported by strong financial performance, significant share buybacks, and a shift in market perception towards Tencent as a technology and ecosystem company [10][11]. - Analysts suggest that if Tencent's net profit growth exceeds 15% in 2025, the company could see a valuation uplift, particularly if AI contributions to revenue increase significantly [12].

Core Viewpoint - The article discusses the current performance of equity markets, highlighting the strong performance of A-shares and Hong Kong stocks, particularly in the technology sector, while also addressing macroeconomic factors influencing market sentiment [1][2]. Group 1: Market Performance - A-shares have shown a positive trend with over 90% of equity ETFs rising, despite the median stock still being in the red, with notable gains from leading stocks like "Ning Wang" [1]. - The Hang Seng Technology Index has surged over 4%, reaching its highest level since the end of 2021 [1]. - Since September 5, A-shares have seen net financing purchases exceeding 100 billion, while Hong Kong stocks have approached 90 billion in net purchases, indicating a strong capital-driven market [2]. Group 2: Macroeconomic Factors - The article mentions the ongoing US-China negotiations, with the extension of the TikTok ban indicating a neutral to optimistic market sentiment [2]. - Anticipation of the Federal Reserve's interest rate decision is causing cautious behavior in global markets, with a notable sell-off in late trading sessions [2]. Group 3: Valuation Comparisons - The combined market capitalization of China's top three technology companies is approximately 1.36 trillion USD, comparable to Tesla's market cap, raising questions about valuation rationality [4][6]. - The article argues that the higher valuations of US tech giants are justified due to their larger customer base and clearer competitive advantages compared to Chinese firms [6]. Group 4: Investment Strategy - The article suggests a dual approach for investors: diversifying investments between US and Chinese markets and utilizing indices for exposure to Chinese tech giants, which may offer better value despite competitive pressures [7]. - It emphasizes the importance of low interest rates in driving market valuations, suggesting that investors should focus on this macroeconomic factor rather than solely on corporate earnings [20]. Group 5: Sector Analysis - The Hang Seng Technology Index has reached new highs, with current valuations (PE of 24) being lower than in 2022, suggesting potential for further growth [11]. - The ChiNext Index has also reached new highs, with a current PE of 44, indicating that while valuations are not low, they are not excessively high compared to historical peaks [16]. Group 6: Conclusion - The article concludes that the unprecedented low interest rates are the primary driver of the current market rally, and investors should maintain a balanced approach across different regions and asset classes to optimize returns [20].

Core Viewpoint - The Chinese offline mobile payment market is evolving from a single form to a multi-dimensional stage, with the introduction of "tap to pay" technology competing alongside QR code payments, as companies look to expand into overseas markets due to domestic saturation [2][9]. Group 1: Market Evolution - The "tap to pay" technology, based on NFC (Near Field Communication), has gained significant traction, with over 200 million users reported within a year of its launch in June 2024 [3][11]. - The mobile payment landscape in China has shifted dramatically since the introduction of QR code payments, which became dominant after the People's Bank of China recognized their compliance in 2016 [3][4]. - In 2016, the transaction volume for third-party mobile payments reached approximately 38 trillion RMB, significantly outpacing the U.S. market [3]. Group 2: Competitive Landscape - The competition between Alipay and WeChat Pay has intensified, with market shares shifting dramatically from a 70-30 split in favor of Alipay at the end of 2015 to a near reversal by the end of 2016 [4][27]. - WeChat Pay has maintained a strong presence in offline payment scenarios due to its integration with social media, while Alipay is now attempting to regain lost market share through the promotion of "tap to pay" [6][24]. - The introduction of "tap to pay" is seen as a strategic move by Alipay to counter WeChat's competitive pressure and to better position itself in international markets [9][47]. Group 3: User Experience and Adoption - "Tap to pay" offers a more streamlined user experience, reducing transaction time to 3-5 seconds compared to 15-30 seconds for QR code payments, which may enhance user adoption [6][13][20]. - The rapid adoption of "tap to pay" is attributed to the increasing prevalence of NFC-enabled smartphones, with projections indicating that by 2024, 70% of sold smartphones will support NFC [16][17]. - Despite the advantages of "tap to pay," QR code payments remain deeply ingrained in consumer habits, with a penetration rate of 92.7% for QR code payments among users [21]. Group 4: Future Outlook - The global mobile payment market is expected to grow at a rate of 20% annually, potentially exceeding $30 trillion by 2026, prompting Chinese payment giants to seek opportunities abroad [9][45]. - Alipay's "tap to pay" is anticipated to align better with international payment habits, providing a competitive edge in overseas markets [47]. - The coexistence of multiple payment methods, including QR code and "tap to pay," is likely to create a dynamic market where both can thrive, catering to different user preferences and scenarios [33][32].

Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings [2] Core Insights - Tencent is restarting its offshore financing channels by issuing approximately 8 billion RMB in "dim sum bonds," marking its first bond issuance since 2021. This financing aims to optimize its debt structure and support long-term investments in AI and cloud computing [3] - The Tencent Global Digital Ecosystem Conference highlighted significant advancements in AI technology, showcasing improvements in modeling precision and user growth in AI applications. Tencent is transforming AI from a conceptual technology into a quantifiable productivity tool [4] - Tencent Cloud has doubled its overseas customer base in the past year, expanding its global infrastructure and local services to support Chinese enterprises going abroad. This includes the establishment of new data centers in the Middle East and Japan [5] - Tencent Cloud has fully adapted to mainstream domestic chips and is actively participating in open-source community development, enhancing AI technology accessibility and affordability for clients [6] Summary by Sections Financing and Debt Management - Tencent plans to issue 80 billion RMB in "dim sum bonds" to optimize its debt structure and fund long-term investments in AI and cloud computing. The bonds will have maturities of 5, 10, and 30 years with initial interest rates of 2.6%, 3.0%, and 3.6% respectively [3] AI Technology and Applications - The Tencent Global Digital Ecosystem Conference showcased AI breakthroughs, including a threefold increase in modeling precision and a 150% growth in AI meeting minutes users. Tencent's AI capabilities are being integrated into various sectors, enhancing productivity [4] Global Expansion and Services - Tencent Cloud's overseas customer base has doubled, with services now covering over 80 countries. The company is expanding its global infrastructure, including new data centers, to support Chinese enterprises in international markets [5] Chip Adaptation and AI Infrastructure - Tencent Cloud has adapted to mainstream domestic chips and is focused on creating a unified computing power pool through its self-developed heterogeneous computing platform. This strategy aims to lower costs and enhance compatibility during the domestic chip replacement process [6]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [5]. Core Insights - The communication industry experienced steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1,785 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.43 billion yuan, up 11.26% year-on-year [2][8]. - In Q2 2025, the industry continued to show robust growth, with revenue of 942.48 billion yuan, reflecting a year-on-year increase of 10.91%, and net profit attributable to shareholders of 98.68 billion yuan, up 12.33% year-on-year [11]. - Key sectors such as optical modules, communication PCBs, network equipment manufacturers, and IoT modules demonstrated strong performance, ranking among the top five in revenue and net profit growth rates [14][16]. Summary by Sections 1. H1 2025 Performance Overview - The communication industry achieved total revenue of 1,785 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and net profit attributable to shareholders of 160.43 billion yuan, up 11.26% year-on-year [2][8]. 2. AI Industry Chain Investment - Overseas cloud vendors are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, marking an increase of 82.96% year-on-year [22]. - Major companies like Apple and Meta are significantly increasing their investments in AI infrastructure, indicating a robust outlook for the AI industry chain [22][24]. 3. Sector Performance Changes - The optical module and device sector reported revenue of 479.88 billion yuan in H1 2025, with a year-on-year increase of 64.88%, and net profit of 108.76 billion yuan, up 111.99% year-on-year [31]. - The communication PCB sector achieved revenue of 572.49 billion yuan in H1 2025, reflecting a year-on-year growth of 37.66%, and net profit of 80.58 billion yuan, up 80.79% year-on-year [36]. - The network equipment sector generated revenue of 5,071.11 billion yuan in H1 2025, with a year-on-year increase of 28.86%, and net profit of 191.84 billion yuan, up 19.57% year-on-year [40]. 4. Telecom Operators' Performance - The basic telecom operators' sector reported revenue of 10,133.93 billion yuan in H1 2025, a slight increase of 0.33% year-on-year, with net profit of 1,136.01 billion yuan, up 5.14% year-on-year [54]. - China Mobile's total connections reached 3.815 billion, with a net increase of 145 million, and its digital transformation revenue grew by 6.6% year-on-year [55].

Core Viewpoint - Tencent and Alibaba are competing for dominance in the AI era through different strategies, with Tencent excelling in consumer-facing AI applications and Alibaba focusing on enterprise-level AI solutions [3][8]. Tencent's Strategy and Performance - Morgan Stanley views Tencent as the best practitioner of consumer-facing AI applications, supported by its comprehensive application product suite and strong WeChat ecosystem [3][6]. - Tencent's cloud business is focused on digitalization and globalization, with AI investments showing high returns, leading to a 20% increase in marketing revenue and a 22% growth in gaming revenue [3][6]. - The company has launched a wide range of AI efficiency-enhancing products, including a cloud platform with 600 features and over 12 mainstream models, providing a complete service for developers [6][7]. - Tencent's advertising business has improved click-through rates through AI, while its gaming sector has accelerated content creation and enhanced user experiences using AI tools [6][7]. - Tencent's international business has seen double-digit growth, with over 90% of leading Chinese internet companies utilizing Tencent's models [7]. Alibaba's Market Position and Growth - Goldman Sachs highlights Alibaba's advantageous position in the enterprise AI market, with a 47% share of China's public cloud market and strong model capabilities [3][8][9]. - The demand for enterprise-level AI applications is surging, with daily token consumption for large models in China reaching 10.2 trillion by mid-2025, a 363% increase from late 2024 [8][9]. - Alibaba has penetrated most of the Fortune 500 companies deploying generative AI in China, establishing a leading position in this segment [8]. - Goldman Sachs has raised Alibaba's target price from $163 to $179, reflecting optimism about its cloud business and growth prospects [4][9]. Investment Outlook - Morgan Stanley maintains an "overweight" rating for Tencent with a target price of HKD 700, while Goldman Sachs has a "buy" rating for Alibaba, indicating confidence in both companies' future performance [3][4].

9月17日，腾讯全球数字生态大会Agent + Infra专场聚焦"智能体驱动云基础设施跃进升级"这一主题，汇 聚众多行业领军者，共同探索AI时代基础设施的技术突破与产业实践。腾讯云智算各产品负责人及行 业客户深入解读AI原生云架构、主动服务型基础设施、全链路安全体系等核心议题，同时发布多项重 磅成果，为智能体规模化落地筑牢技术底座。 在安全层面，腾讯云通过一整套大模型与智能体安全治理框架，为云上客户提供安全、可控、可靠、满 足监管要求的安全建设思路。方案贯穿模型选型、模型训练、推理部署、业务应用全流程，实现边界 API与用户输入/输出安全、模型运行环境安全防护及态势管理、智能体与MCP身份和特权防护、智能体 行为与意图安全管控、数据安全全流程安全等。 此外，李力还分享了从数字世界到现实世界的思考。机器人是AI影响现实世界的一个关键形态，但具 身智能与大语言模型的数据需求存在显著差异：一方面是具身的数据采集难度比较大，包括视觉、环 境、关节角状态等数据均要采集；另一方面，采集的数据与硬件高度绑定，进一步增加了数据采集的门 槛。因此，腾讯云希望能够帮助客户跳过数采、训练环节、直接提供支持跨本体直接使用的具身模型 ...

Core Viewpoint - Tencent's recent investments in consumer sectors, particularly in Amer Sports and Lao Pu Gold, demonstrate that consumer investments can yield significant returns, challenging previous perceptions of the sector's profitability [1][2][15]. Group 1: Investment in Amer Sports - Tencent was part of a consortium that acquired Amer Sports in 2019 for €4.6 billion (approximately ¥36 billion at the time), with Tencent investing $125 million for about 5.6% equity [4][6]. - Following the IPO of Amer Sports in 2024, its market capitalization reached approximately $21 billion (around ¥150 billion), resulting in Tencent's paper profit exceeding ¥5 billion [6][7]. - Other investors, including Fangyuan Capital, have also realized substantial returns, with Fangyuan cashing out approximately ¥9 billion while retaining a 6.2% stake [7][3]. Group 2: Investment in Lao Pu Gold - Tencent invested as a cornerstone investor in Lao Pu Gold's IPO, committing $35 million for about 4% equity, which was a notable move for Tencent in the consumer sector [11][10]. - Lao Pu Gold's stock price surged from an IPO price of HK$40.5 to HK$726.5, marking a 1699% increase, leading to Tencent's paper profit exceeding HK$5 billion [10][11]. - The success of Lao Pu Gold's IPO reflects a broader trend of increasing interest and profitability in consumer investments, as evidenced by other successful IPOs in the sector [13][17]. Group 3: Market Trends and Future Outlook - The consumer investment landscape is experiencing a resurgence, with significant interest from capital markets, particularly in Hong Kong, where consumer companies are gaining traction [17][18]. - The historical perception of consumer investments as less viable is shifting, as evidenced by the success of companies like Lao Pu Gold and the increasing participation of major investors [15][16]. - The consumer sector is viewed as resilient and capable of generating returns even during economic fluctuations, supported by China's large population and consumption potential [18][19].

Core Viewpoint - Tencent is making significant strides in both consumer and business sectors with its AI products, showcasing impressive user engagement and technological advancements while also expanding its global infrastructure with a substantial investment in Saudi Arabia [1][19][24]. Group 1: Consumer Product Developments - Tencent Yuanbao has become one of the top three AI-native applications in China, achieving daily active user metrics that match the total question volume from the entire previous month [5][4]. - The AI meeting summary feature in Tencent Meeting has seen a user growth of over 150% in one year [8]. - The Mixyuan Lab has launched over 30 models in a year, with the Mixyuan 3D model achieving a download count exceeding 2.6 million [10][12]. Group 2: Business Integration and Applications - Tencent is successfully transitioning its consumer products to the business sector, with examples like Tencent Cloud CodeBuddy, which generates 50% of new code internally [18]. - Companies like Midea and AstraZeneca are leveraging Tencent's AI capabilities to enhance operational efficiency and service delivery [18]. Group 3: Global Expansion and Investment - Tencent Cloud is not merely exporting products but is taking a validated ecosystem abroad, including audio-video technology and mini-program platforms [20][21]. - The company announced a $150 million investment to build a new data center in Saudi Arabia, aiming to enhance its global digital infrastructure [24][19]. - Tencent's strategy emphasizes increasing industrial efficiency through smart solutions and expanding revenue through global outreach [27].