Core Insights - The launch of "Delta Operation" on PS5 and Xbox marks a significant milestone for Tencent, enhancing its presence in the console gaming market [1][3] - The game has achieved impressive metrics, including an average daily active user count of over 20 million and ranking among the top in revenue generation [3][12] Financial Performance - Tencent's Q2 2025 report indicates domestic game revenue of 40.4 billion yuan, a 17% year-on-year increase, driven by "Delta Operation" and other established titles [3] - The game broke historical records by reaching the second position on the iOS sales chart shortly after the launch of its S5 season [3] Market Opportunities - The console gaming market in China is experiencing rapid growth, with the number of home consoles expected to exceed 28 million units by 2024, representing over 120% growth since 2021 [7][8] - There is a notable demand for high-quality FPS games, with 27% of console players expressing interest in search-and-shoot genres, indicating a supply gap in this segment [7] Product Development and Strategy - "Delta Operation" has successfully adapted to console platforms, addressing cross-platform development challenges and enhancing user experience through tailored controls and gameplay mechanics [4][6] - The game’s multi-platform strategy is seen as a catalyst for growth in both PC and console markets, leveraging market demand and product supply [10][11] Industry Trends - The trend of mobile game developers expanding into PC and console markets is gaining momentum, with several leading companies, including Tencent, actively pursuing multi-platform strategies [10] - The success of "Delta Operation" serves as a model for domestic game developers, showcasing how to penetrate the global market through multi-platform strategies [12]

Group 1 - Chengdu Longzhu Equity Investment Fund Partnership (Limited Partnership) has undergone a business change, adding new limited partners including Tencent, CICC Ruisheng, and Hangzhou Cultural Creative [1] - The new shareholders include Shenzhen Tencent Industry Investment Fund Co., Ltd. contributing 1 billion, CICC Ruisheng (Haining) Equity Investment Partnership (Limited Partnership) contributing 0.5 billion, Hangzhou Cultural Creative Industry Venture Capital Management Co., Ltd. contributing 0.3 billion, Chengdu Meizhu Enterprise Management Co., Ltd. contributing 0.23 billion, and Ningbo Meishan Free Trade Port Area Feizhu Equity Investment Partnership (Limited Partnership) contributing 0.02 billion [1] - The respective shareholding ratios for these contributions are 4.34%, 2.17%, 1.3%, 0.96%, and 0.087% [1] Group 2 - The "2025 Mother Fund Annual Forum" registration has started, aiming to gather Chinese strength [2] - The National Development and Reform Commission has publicly solicited opinions regarding government investment funds [2] - Shanghai State-owned Assets has acquired a listed company [2] - There is a recovery in LP investment enthusiasm, indicating that the venture capital market is emerging from a "cold winter" according to the monthly LP observation report [2]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling 14.682 billion HKD on August 20, with notable net selling in specific stocks and sectors [1][7]. Group 1: Northbound Capital Activity - Northbound capital recorded a net selling of 14.682 billion HKD, with 7.587 billion HKD from the Shanghai Stock Connect and 7.095 billion HKD from the Shenzhen Stock Connect [1]. - The most bought stocks by northbound capital included Tencent (00700), Pop Mart (09992), and Oriental Selection (01797) [1]. - The most sold stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Southbound Hang Seng Technology (03033) [1]. Group 2: Stock-Specific Performance - Tencent (00700) saw a net buy of 9.69 billion HKD, supported by positive second-quarter performance reports from Bank of America, which raised profit forecasts for 2025-2027 by 2% [4]. - Pop Mart (09992) reported a net buy of 3.43 billion HKD, with a 204.4% year-on-year revenue increase to 13.88 billion CNY and a net profit growth of 362.8% to 4.71 billion CNY [5]. - Oriental Selection (01797) had a net buy of 3.02 billion HKD, with the company addressing rumors regarding its CEO and clarifying commission rates [5]. Group 3: Other Notable Stocks - Xiaomi Group (01810) experienced a net buy of 1.85 billion HKD, with a 75.4% year-on-year increase in adjusted net profit to 10.831 billion CNY, driven by its electric vehicle business [6]. - Semiconductor stocks like SMIC (00981) and Hua Hong Semiconductor (01347) faced net selling of 933 million and 925 million HKD, respectively, despite positive revenue forecasts [6]. - The Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828) faced significant net selling of 10.322 billion and 5.727 billion HKD, respectively, attributed to a lack of performance compared to A-shares [7].

格隆汇8月20日丨腾讯控股(00700.HK)发布公告，2025年8月20日耗资5.51亿港元回购93.4万股，回购价 格每股586-594港元。 ...

腾讯控股(00700)发布公告，于2025年8月20日斥资5.51亿港元回购股份93.4万股，每股回购价格为586- 594港元。 ...

Core Viewpoint - Tencent Holdings (00700) announced a share buyback plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1: Share Buyback Details - The company plans to repurchase 934,000 shares at a total cost of HKD 551 million [1] - The buyback price per share ranges from HKD 586 to HKD 594 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 騰訊控股有限公司 呈交日期： 2025年8月20日 | 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/出售價 (註4) | | 已發行股份總數 | | 於下列日期開始 ...

转自：证券时报 人民财讯8月20日电，企查查APP显示，近日，上海知勉创合投资有限公司成立，法定代表人为陈菊 红，注册资本1000万元，经营范围为投资管理、企业管理、以自有资金从事投资活动等。企查查股权穿 透显示，该公司由腾讯旗下深圳市腾讯睿见投资有限公司全资持股。 ...

Core Insights - Tencent's game "Delta Operation" has become a significant revenue contributor, achieving an average daily active user count of 20 million by July 2025, marking a 66% increase in just three months [1][3] - The game has successfully launched on PS5 and Xbox platforms, indicating Tencent's strategic move into the console gaming market [1][4] Industry Overview - The FPS genre holds a central position in the global gaming market, with Western studios dominating for decades, creating a mature ecosystem [4][5] - Tencent's entry into the console gaming market is seen as a new growth opportunity, despite the challenges of building a competitive ecosystem from scratch [5][7] Product Development and Strategy - "Delta Operation" is positioned as a new growth engine for Tencent, showcasing strong performance in app store rankings and sales [13][20] - The game emphasizes high product quality and service-oriented content, leveraging advanced technology for cross-platform development [8][9] - The development team has focused on creating unique gameplay mechanics and a robust economic system, aiming to differentiate from traditional FPS games [11][12] Market Potential - The FPS genre in China is relatively scarce, but demographic changes and increasing sales of gaming peripherals present long-term growth opportunities [15][16] - Tencent's strategy includes not only self-developed titles like "Delta Operation" but also a synergistic approach with its publishing and investment arms, enhancing its market presence [20][21] Competitive Landscape - The success of "Delta Operation" indicates that Chinese self-developed games can compete with top international titles in the FPS category, marking a significant shift in the industry [21]

Investment Rating - The report maintains a "Recommended" rating for the internet industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding benchmark indices [6][29]. Core Insights - The report highlights strong performance from leading internet companies such as Tencent, NetEase, Kuaishou, Bilibili, and Meitu, particularly in AI applications and overall revenue growth [1][2][3][4]. - Tencent's Q2 2025 revenue reached 184.5 billion CNY, a 15% year-on-year increase, with a net profit of 63.1 billion CNY, up 10% [2][13]. - NetEase reported a Q2 2025 net income of 27.9 billion CNY, reflecting a 9.4% increase year-on-year, with a strong R&D investment of 4.4 billion CNY [3][13]. - Tencent Music's revenue grew by 17.9% year-on-year to 8.44 billion CNY, with a net profit increase of 33% [4][13]. Summary by Sections Company Announcements - Tencent's Q2 2025 results showed a revenue of 184.5 billion CNY, a 15% increase, and a net profit of 63.1 billion CNY, a 10% increase [2][13]. - NetEase's Q2 2025 net income was 27.9 billion CNY, a 9.4% increase, with R&D spending at 4.4 billion CNY [3][13]. - Tencent Music's revenue reached 8.44 billion CNY, a 17.9% increase, with a net profit of 2.64 billion CNY, up 33% [4][13]. Market Performance - The overall market performance from August 11 to August 17 showed the Shanghai Composite Index rising by 1.70%, while the Hang Seng Internet Technology Index increased by 0.35% [16]. - Tencent's stock rose by 5.53% during the same period, while Bilibili's stock increased by 7.45% [21][22]. Recommended Companies - The report emphasizes key companies to watch, including Tencent, Kuaishou, Bilibili, Pop Mart, and Meitu, due to their strong performance and AI advancements [10][11].