金融界2025年8月15日消息，国家知识产权局信息显示，腾讯科技（深圳）有限公司取得一项名为"信息 流推荐策略处理方法、装置、设备及计算机存储介质"的专利，授权公告号CN113886676B，申请日期为 2020年07月。 本文源自：金融界 作者：情报员 天眼查资料显示，腾讯科技（深圳）有限公司，成立于2000年，位于深圳市，是一家以从事软件和信息 技术服务业为主的企业。企业注册资本200万美元。通过天眼查大数据分析，腾讯科技（深圳）有限公 司共对外投资了15家企业，参与招投标项目264次，财产线索方面有商标信息5000条，专利信息5000 条，此外企业还拥有行政许可533个。 ...

建银国际发表研究报告指，腾讯次季总收入按年升15%至1850亿元，毛利率达56.9%，按年升3.6个百分 点，胜于预期；非国际财务报告准则营业利润按年升15%至674亿元，基本符合预期；非国际财务报告 准则净利润按年升10%至631亿元，胜该行及市场预期。该行指，将集团今年、明年及2027年收入预测 分别上调2%、3%及3%，各年盈利预测分别上调3%、5%及5%；目标价由635港元上调至717港元，维 持"跑赢大市"评级。 ...

Group 1 - The core viewpoint of the report indicates that Tencent's Q2 total revenue increased by 15% year-on-year to 184.5 billion yuan, surpassing both the bank's and market expectations by 4% and 3% respectively [1] - Gross profit rose by 22% year-on-year, outpacing revenue growth, with gross margin improving by approximately 3.6 percentage points to 57%, driven by high-margin businesses such as local games, video accounts, and search revenue contributions, as well as cost optimization in payment and cloud services [1] - Adjusted earnings per share were 6.79 yuan, a 13% year-on-year increase, exceeding the bank's and market expectations by 5% and 3% respectively [1] Group 2 - The bank noted that Tencent's better-than-expected performance enhances market confidence in the company's sustained robust growth, forecasting an overall revenue growth of 11% for Q3, compared to the previous market expectation of 10% [1] - Revenue growth rates for social, gaming, FBS, and marketing are projected at 7%, 13%, 7%, and 18% respectively, benefiting from evergreen games, new game schedules, financial services, and increased demand for cloud and API/GPI driven by AI, along with enhanced advertising monetization efficiency [1] - The bank has raised its revenue and profit forecasts for 2025 to 2027 by 2% to 3% and 2% to 10% respectively, increasing the target price from 604 HKD to 700 HKD while maintaining a "buy" rating [1]

该行指，腾讯第二季业绩超预期，收入同比增长15%，超预期3%;非IFRS净利润同比增长10%，同样超 预期3%，主要受益于各业务板块的利润率改善。所有业务线在AI赋能下展现强劲增长势头，上调 2025/2026财年盈利预测。 报告指，受芯片供应限制影响，腾讯第二季资本开支为191亿元人民币，按季下降30%，但仍符合公司 此前提出2025财年资本开支强度维持在收入的低双位数百分比的指引。该行维持对2025/2026财年资本 开支分别为970亿和1,070亿元人民币的预测，以持续支持公司内部业务升级与增长前景。 智通财经APP获悉，招商证券发布研报称，目前腾讯控股(00700)估值为2025/2026财年18倍/16倍市盈 率，处于历史均值水平，对比中国同业的17倍/15倍及美国同业的25倍/23倍。凭借其强大的社交网络护 城河和AI技术，预计AI代理、广告、AI产品商业化和AI驱动利润率扩张将为腾讯带来潜在的收益和估 值上升机会。维持"增持"评级，看好公司独特市场地位，目标价由670港元上调至700港元。 ...

报告表示，凭借腾讯常青游戏《三角洲行动》(Delta Force)的强劲势头以及即将推出《特战英豪》 (Valorant Mobile)的贡献，该行预计集团第三季游戏收入将增长16%，其中国内/国际市场分别增长 14%/20%，另预计第三季广告收入亦将增长19%。 智通财经APP获悉，建银国际发布研报称，腾讯控股(00700)作为独特且重要的人工智能受益企业，重申 其为行业首选及"跑赢大市"评级。并上调目标价13%，由635港元升至717港元。该行表示更相信腾讯有 能力在所有业务线部署人工智能，借助其独特且尚未充分变现的微信生态系统，推动可持续的盈利增 长。该行在业绩后，上调集团2025-2027年收入和盈测分别2%/3%/3%及3%/5%/5%。 ...

报告指，受芯片供应限制影响，腾讯第二季资本开支为191亿元人民币，按季下降30%，但仍符合公司 此前提出2025财年资本开支强度维持在收入的低双位数百分比的指引。该行维持对2025/2026财年资本 开支分别为970亿和1,070亿元人民币的预测，以持续支持公司内部业务升级与增长前景。 该行指，腾讯第二季业绩超预期，收入同比增长15%，超预期3%;非IFRS净利润同比增长10%，同样超 预期3%，主要受益于各业务板块的利润率改善。所有业务线在AI赋能下展现强劲增长势头，上调 2025/2026财年盈利预测。 招商证券发布研报称，目前腾讯控股(00700)估值为2025/2026财年18倍/16倍市盈率，处于历史均值水 平，对比中国同业的17倍/15倍及美国同业的25倍/23倍。凭借其强大的社交网络护城河和AI技术，预计 AI代理、广告、AI产品商业化和AI驱动利润率扩张将为腾讯带来潜在的收益和估值上升机会。维持"增 持"评级，看好公司独特市场地位，目标价由670港元上调至700港元。 ...

Core Viewpoint - Jianyin International has reaffirmed Tencent Holdings (00700) as a unique and significant beneficiary of artificial intelligence, maintaining its "outperform" rating and raising the target price by 13% from HKD 635 to HKD 717 [1] Group 1: Financial Projections - The firm has increased its revenue and earnings forecasts for Tencent for the years 2025-2027 by 2%/3%/3% and 3%/5%/5% respectively [1] Group 2: Business Performance - Tencent's gaming revenue is expected to grow by 16% in Q3, driven by the strong momentum of its evergreen game "Delta Force" and the upcoming launch of "Valorant Mobile" [1] - The growth in gaming revenue is projected to be 14% in the domestic market and 20% in the international market [1] - Additionally, Q3 advertising revenue is anticipated to increase by 19% [1] Group 3: AI Deployment - The report emphasizes Tencent's capability to deploy artificial intelligence across all business lines, leveraging its unique and under-monetized WeChat ecosystem to drive sustainable profit growth [1]

Core Insights - Tencent reported its Q2 financial results, achieving multiple historical highs, with total revenue reaching 184.5 billion RMB, a 15% year-on-year increase, and net profit growing by 17% to 55.6 billion RMB, marking the fastest revenue growth in four years and a near-record gross margin of 57% [1][2][29] Revenue Breakdown - The gaming segment remains the largest contributor, generating 59.2 billion RMB, a 22% 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%) [5][9] - Advertising revenue also saw significant growth, increasing by 20% to 35.8 billion RMB, with a gross margin of 57% [17][20] AI Integration - AI has become a focal point for Tencent, with substantial investments leading to improved advertising efficiency and revenue generation [11][16] - The company has integrated AI into various services, including video ads and customer service, enhancing user engagement and operational efficiency [25][28] Market Performance - Tencent's stock price reached a peak of 600 HKD per share, the highest in four years, reflecting strong market confidence [3][4] - The company is positioned as a leader in the FPS gaming market, dominating both mobile and PC segments [9][11] Future Outlook - Tencent's ongoing investments in AI and gaming are expected to yield further growth, with the potential for increased advertising revenue through improved ad loading rates [19][20] - The integration of AI into gaming is anticipated to enhance gameplay experiences and operational efficiencies, solidifying Tencent's competitive edge in the industry [26][28]

招商证券发表报告指，腾讯第二季业绩超预期，收入按年增长15%，超预期3%；非IFRS净利润按年增 长10%，同样超预期3%，主要受益于各业务板块的利润率改善。所有业务线在AI赋能下展现强劲增长 势头。 凭借其强大的社交网络护城河和AI技术，该行预计AI代理、广告、AI产品商业化和AI驱动利润率扩张 将为腾讯带来潜在的收益和估值上升机会，维持"增持"评级，目标价由670港元上调至700港元，看好公 司独特市场地位。 ...

Core Insights - Tencent's headquarters park has completed 30% of its construction and will enter trial operation starting October this year [2] - The park is located in Bao'an District, Shenzhen, covering an area of 809,000 square meters, with a total building area exceeding 3 million square meters upon completion [2] - The design includes five districts that integrate research, office, living, and cultural spaces, with a capacity to accommodate over 80,000 employees [2] Group 1 - The park features a "central green spine" design that elevates certain areas to 12 meters, creating a visually appealing landscape [2] - The first phase of trial operations will include two office buildings from the Yunhai Tower in the 04 district, which is primarily for office, conference, and exhibition purposes [3] - The 05 district, which serves as a supporting facility, includes residential and educational amenities such as the Penguin Apartments and schools, which are nearing completion [3] Group 2 - The Penguin Apartments are designed in a modular arrangement, symbolizing the technological essence of internet companies, and feature green courtyards for residents [3] - The outdoor sports facilities and the cultural center within walking distance provide various recreational options for young residents, including basketball, badminton, and table tennis [3] - The overall design aims to create a seamless transition between work, life, and leisure, promoting a slow-paced urban lifestyle [2][3]