港交所：腾讯将在中金公司的H股持股比例从6.07%降至5.92%。 ...

Core Viewpoint - The article discusses the recent surge in the A-share market, particularly focusing on the structural changes and opportunities within the data center and AI sectors, driven by significant capital expenditures from major companies like Tencent and Alibaba [5][9]. Group 1: Market Movements - A-share market has seen notable movements in the computing power concept stocks, with companies like Data Port and Ronglian Technology experiencing sharp increases, including a limit-up on Ronglian Technology [3][6]. - The computing power sector is compared to the previous liquid cooling sector, indicating it is on the verge of a breakout, with significant gains observed in related stocks [6]. Group 2: Capital Expenditure Trends - Major companies are ramping up capital expenditures, with Tencent and Alibaba reporting increases of 119% and 220% respectively in Q2 this year, and Alibaba planning to invest over 100 billion yuan in AI infrastructure and products [5][9]. - The report highlights that the capital expenditure (CAPEX) for major cloud service providers like Microsoft, Amazon, and Google is expected to grow significantly, with projected CAGR of 33.74% from 2021 to 2024 [9]. Group 3: AI and Data Center Dynamics - The rapid development of AI technology is reshaping the data center industry, with increasing demand for AI-driven services expected to be the main growth driver [6][9]. - The Chinese AI cloud market is projected to reach 22.3 billion yuan by the first half of 2025, supported by favorable policies aimed at avoiding redundant construction in the industry [7]. Group 4: Policy and Industry Outlook - The "East Data West Calculation" initiative is expected to provide a clear direction for the scalable and intensive development of data centers, combining low-cost resources in the west with high market demand in the east [9]. - The "dual carbon" policy context is pushing for a transformation in data centers towards greener practices, which may lead to increased capital expenditure pressures in the short term [10].

格隆汇9月15日｜彭博引述知情人士称，腾讯拟最早于周二发行以离岸人民币计价的票据，期限分5年 期、10年期和30年期，将是该公司4年来首次债券发行计划。腾讯已委任多家银行安排债券发行。知情 人士透露，腾讯已指定中国银行和摩根大通等担任本次交易的全球联合协调人，并指定交通银行和摩根 士丹利等担任联席账簿管理人。据报，此次发行若启动，将是腾讯首次发行点心债，也是自2021年以来 首次以任何币种进行债券发行。目前该公司仍有本金总额177.5亿美元的未偿还票据。 ...

据媒体所发布的数据显示，若启动此次发行，将是腾讯首次发行点心债，也是自2021年以来首次以任何 币种进行债券发行。目前腾讯仍有本金总额为177.5亿美元的未偿还票据。 腾讯控股近日发布2025年第二季度财报，该季度腾讯实现营收1845亿元，同比增长15%；权益持有人应 占利润556亿元，同比增长17%；非国际财务报告准则下，权益持有人应占利润631亿元，同比增长 10%。从业务板块来看，增值服务业务持续发力，第二季度收入达914亿元，同比增长16%。其中，本 土市场游戏收入404亿元，同比增长17%；国际市场游戏收入188亿元，同比大幅增长35%。社交网络收 入322亿元，同比增长6%。 据报道，腾讯控股(00700)已委任多间银行，安排其四年来首次债券发行计划。报道提及，腾讯计划最 早于周二(16日)发行以离岸元人民币计价的票据，期限分别为5、10及30年期。并已指定中国银行 (03988)及摩根大通等银行，担任本次交易的全球联合协调人，并指定交通银行(03328)和摩根士丹利等 其他银行担任联席账簿管理人。 ...

Group 1 - Tencent Holdings has appointed multiple banks for its first bond issuance plan in four years, with plans to issue offshore RMB-denominated notes with maturities of 5, 10, and 30 years [1] - The issuance will mark Tencent's first issuance of dim sum bonds and its first bond issuance in any currency since 2021, with a total of $17.75 billion in outstanding notes [1] Group 2 - For Q2 2025, Tencent reported revenue of 184.5 billion RMB, a year-on-year increase of 15%, and a profit attributable to equity holders of 55.6 billion RMB, up 17% [1] - The value-added services segment showed strong performance, generating revenue of 91.4 billion RMB, a 16% increase year-on-year, with domestic game revenue at 40.4 billion RMB (up 17%) and international game revenue at 18.8 billion RMB (up 35%) [1] - Social network revenue reached 32.2 billion RMB, reflecting a 6% year-on-year growth [1]

Core Insights - The article highlights the strong performance of ByteDance's products in the mobile application market, particularly in the short video and audio sectors, with "Doubao," "Hongguo Short Drama," and "Qishui Music" dominating the download rankings in August 2025 [1] - The short drama industry is experiencing significant growth, with the market size expected to exceed 68 billion yuan in 2025, driven by the popularity of applications like "Hongguo Short Drama" [1] - Tencent's "Tencent Yuanbao" has gained traction in the AI assistant sector, showcasing a notable increase in downloads and expanding its functionality through integration with various Tencent products [2][3] Application Rankings - In the August download rankings, ByteDance secured three of the top three spots, with "Hongguo Short Drama" launching a successful summer campaign that boosted user engagement and downloads [1] - Seven new applications entered the top 30 download list, with ByteDance's "Xinghui" making a strong debut at eighth place [1] - The revenue rankings for August saw ByteDance's "Douyin" at the top, followed by Tencent's "Tencent Video" and "QQ Music" [4] Industry Trends - The AI image and video generation tools are gaining momentum, with "Xinghui" upgrading its features to enhance user experience and attract more downloads [2] - The music and audio category led the application rankings with eight products, indicating a stable market presence for major platforms like "QQ Music" and "NetEase Cloud Music," while niche audio applications are also emerging [5] - Companies are increasingly adopting diverse strategies to capture market share amid a slowing flow of industry growth, as evidenced by the competitive landscape during the summer [6]

近日，七麦数据发布了2025年8月热门游戏排行榜，其中包括热门游戏下载榜Top30和热门游戏收入榜 Top30。8月热门游戏下载榜中，前三名的分别是："三角洲行动""我的花园世界"以及"超自然行动组"。 其中，于8月5日上线的新游"我的花园世界"此次强势跻身Top2。据悉，该款游戏是麟贝互娱旗下一款以 国风美学为核心的模拟经营手游。其融合了种植培育、插花创作和庭院装扮三大核心玩法，支持种植数 百种真实花卉，且玩家可见证花朵从播种到盛放的全过程。除此之外，该游戏还采用了虚拟与现实结合 的创新模式，推出了"种花得真花"的独特玩法。玩家在虚拟花园中种植养护植物，达到一定条件后，游 戏运营方会邮寄真实的鲜花到玩家手中。 与此同时，在游戏上线后，官方还通过发起社交媒体有奖分享活动，激发了大量玩家参与讨论与传播， 进一步助推游戏热度持续攀升。据七麦数据监测，自上线以来，该游戏已连续多日位居8月iOS游戏榜 Top1。 热门游戏收入榜中，"王者荣耀""和平精英"依旧稳居Top1、Top2，点点互动旗下手游"无尽冬日"跻身榜 单Top3。 从手游新进榜情况来看，8月收入榜新进榜产品共有4款，分别是"无畏契约：源能行动""明日 ...

【文/羽扇观金工作室 王力，编辑/陶立烽】 9月15日，腾讯控股有限公司宣布已委任摩根大通、美银证券和摩根士丹利作为其债券发行计划的安排 行，标志着腾讯四年来首次重返公开债券市场。此次发债计划可能涵盖不同期限和货币的票据，具体募 资总额尚未披露，但将于未来12个月内通过向专业投资者发行债务的方式实施。 根据港交所公告，腾讯已经申请了一项总额高达300亿美元的全球中期票据计划，该计划将于9月16日正 式生效，有效期持续12个月。公司表示拟运用发行所得款项净额作为一般企业用途。 最近一次腾讯使用该计划还是在2021年，当年的4月13日腾讯宣布更新计划，将计划限额由200亿美元提 高至300亿美元（或其他货币的等值金额）。不久后的2021年4月23日，腾讯即宣布完成41.5亿美元票据 的发行。 而本次债券发行传闻始于2025年9月9日，当时多家媒体报道腾讯正考虑最快于本月发行离岸人民币债券 （俗称"点心债"），这将是自2021年以来其首次重返离岸债市。投行近期已开始为这笔潜在债券发行探 测市场需求。 腾讯公告显示，目前腾讯仍有本金总额177.5亿美元的未偿还票据。 据了解，腾讯最早于2014年4月10日设立该计划， ...

截至2025年9月15日 13:01，中证沪港深游戏及文化传媒指数(931580)强势上涨1.59%，成分股完美世界 (002624)上涨10.01%，中国电影(600977)上涨8.83%，三七互娱(002555)上涨7.43%，巨人网络(002558)， 华图山鼎(300492)等个股跟涨。游戏传媒ETF(517770)上涨1.57%，最新价报1.29元。 游戏传媒ETF紧密跟踪中证沪港深游戏及文化传媒指数，中证沪港深游戏及文化传媒指数从内地与香港 市场中选取50只业务涉及游戏、影视、广播电视、营销、出版、教育以及文化演出等领域的上市公司证 券作为指数样本，以反映内地与香港市场游戏及文化传媒主题的整体表现。 数据显示，截至2025年8月29日，中证沪港深游戏及文化传媒指数(931580)前十大权重股分别为快手- W(01024)、腾讯控股(00700)、分众传媒(002027)、岩山科技(002195)、哔哩哔哩-W(09626)、巨人网络 (002558)、恺英网络(002517)、昆仑万维(300418)、利欧股份(002131)、三七互娱(002555)，前十大权重 股合计占比54.14%。 开源证 ...

花旗发报告指，尽管对京东(09618.HK)与腾讯控股(00700.HK)决定终止微信一级入口合作的消息略感意 外，但预计此举对京东的影响将小于市场预期，且京东流量可能受到的负面影响大概率是短期的，处于 可控范围。该行认为终止一级入口合作有望成为京东与腾讯的"双赢"结果。基于2026年经调整每股盈利 3.66美元，得出京东(JD.O)美股目标44美元，该目标倍数相当于该行预期2025-2027年23%每股盈利复合 年增长率（CAGR）折让约50%。另外对腾讯目标价为735港元。 ...