Core Viewpoint - Bank of America reports that Tencent Holdings (00700) exceeded expectations in its second-quarter performance, with revenue growth accelerating to 15% year-on-year, reaching 185 billion RMB, which is 3% higher than expected [1] Financial Performance - Revenue increased by 15% year-on-year, totaling 185 billion RMB, surpassing expectations by 3% [1] - Adjusted operating profit grew by 18% year-on-year, amounting to 69 billion RMB, which is 4% higher than anticipated [1] - Gross margins across various business segments expanded, offsetting the cost impacts from artificial intelligence [1] Future Outlook - The bank maintains a positive view on the group's business growth and has raised profit forecasts for 2025 to 2027 by 2% [1] - Expectations for the second half of the year include continued growth in advertising business above industry rates, further recovery in FBS, and sustained game revenue supported by evergreen titles and potential new game releases [1] - The target price for Tencent has been raised from 631 HKD to 690 HKD, with a reiterated "buy" rating [1]

Group 1 - Goldman Sachs raised Tencent Holdings' revenue and earnings per share forecasts for 2025 to 2027 by 1% to 6% due to improved stability in its gaming business, expansion in marketing services, recovery in fintech growth, and accelerated growth in cloud/e-commerce [1] - The firm increased Tencent's 12-month target price from HKD 658 to HKD 701 while maintaining a "Buy" rating, citing strong second-quarter performance with the fastest revenue growth in four years and the highest historical gross margin [1] - Tencent's unique WeChat ecosystem and global gaming assets, along with AI applications, are driving growth across all business lines, with gaming and marketing services showing over 20% year-on-year growth for two consecutive quarters [1] Group 2 - Capital expenditure forecasts for Tencent for fiscal years 2025 and 2026 were raised to RMB 90 billion and RMB 102 billion respectively, up from RMB 73 billion and RMB 87 billion, due to better-than-expected second-quarter performance despite foreign chip supply constraints [2] - Game revenue is expected to grow by 18% and 11% for fiscal years 2025 and 2026, up from previous estimates of 15% and 8%, with the mobile version of "Valorant" launching in August expected to boost game revenue in late 2025 and early 2026 [2] - Domestic and international game growth for the third quarter of 2025 was revised to 13% and 23% respectively, while marketing services revenue is projected to grow by 19% and 16% for fiscal years 2025 and 2026 [2]

智通财经APP获悉，美银发布研报称，腾讯控股(00700)次季业绩表现胜于预期，其中收入同比增长加速 至15%，达1,850亿元人民币(较预期高3%)，各业务毛利率扩张，抵消人工智能带来的成本影响。经调 整后营运利润达同比增长18%，达690亿元人民币(较预期高4%)。该行将其目标价由631港元上调至690 港元，重申其"买入"评级。 该行对集团业务增长持正面看法，并将集团在2025年至2027年利润预测上调2%，踏入下半年，该行预 料广告业务保持高于行业的增长速度，FBS将进一步复苏，游戏收入将受到常青游戏的支撑，并有新游 戏的上升潜力，营运利润将继续增长。 ...

智通财经APP获悉，中银国际发布研报称，腾讯控股(00700)次季收入同比升15%至1,845亿元人民币， 毛利率达56.9%，以及经调整后营运利润同比升18%至692亿元人民币，均胜于预期。该行认为，公司逐 渐增加受惠于人工智能，展现其核心业务板块的持续平稳、高质量增长以及人工智能的逐步商业化，并 充分利用微信生态系统的各种整合使用场景，以及多样化人工智能产品和功能。该行表示，将其目标价 上调至705港元，其评级为"买入"。 ...

大摩认为，腾讯第二季业绩全面超出预期，反映出人工智能在所有业务线的成功部署。该行预测腾讯全 年资本支出970亿元人民币，今年以来已达470亿元人民币。考虑到第二季的供应链限制，总体进度基本 符合预期，但随着H20芯片在中国恢复销售，预计下半年资本支出将加速。展望第三季，大摩预计腾讯 收入及经调整经营利润将分别增长12%和14%，游戏增长将同比增长16%，有信心第三季广告将实现 20%的可持续增长。 智通财经APP获悉，摩根士丹利发布研报称，预计腾讯控股(00700)人工智能在其所有业务线的成功部署 将继续推动稳健的收入增长。随着收入及业务组合的向好转变，该行对其人工智能投资带来的利润率压 力不再担忧。因此上调目标价8%，由650港元升至700港元。维持"增持"评级。 ...

Group 1: Tencent Holdings - Company reported a 14.5% year-on-year revenue growth to 184.5 billion yuan in Q2 2025, with Non-IFRS net profit increasing by 10% to 63.05 billion yuan [1] - AI applications are accelerating in advertising, gaming, and cloud services, with video account advertising revenue growing by 50% and overseas gaming revenue increasing by 35% [1] - Capital expenditure is primarily focused on AI infrastructure, indicating significant potential for efficiency improvements in the future [1] Group 2: Huahong Semiconductor - Company is expected to benefit from short-term price recovery and full capacity utilization, with a strong competitive position in specialty foundry services [1] - Projected net profits for 2025-2027 are 90 million, 152 million, and 202 million USD respectively, with current stock price corresponding to PB ratios of 1.56, 1.52, and 1.48 [1] Group 3: Hong Kong Exchanges and Clearing - As of July 2023, the company's PE ratio is 38.24x, positioned at the 58th percentile historically since 2016, suggesting attractive valuation [1] - Anticipated increase in market liquidity due to ongoing connectivity policies, which may enhance overall market activity and valuation [1] Group 4: 361 Degrees - Company reported an 11% year-on-year revenue growth to 5.7 billion yuan in H1 2025, with a slight increase in gross margin to 41.5% [2] - Significant improvement in operating cash flow to 520 million yuan, attributed to better inventory management and aging structure [2] - Strong performance in footwear and children's clothing segments, with steady growth in e-commerce channels [2] Group 5: Hongteng Precision - Company experienced a 9% year-on-year revenue growth in Q2 2025, with net profit increasing by 13%, driven by rapid growth in cloud computing/AI server business (+28% YoY) [3] - Despite challenges in the smartphone sector, the company is strategically expanding into AI servers, automotive cables, and new consumer electronics projects [3] - Current valuation is considered attractive, with a target price raised to 4.96 HKD [3] Group 6: Kingdee International - Company reported a 22.1% year-on-year growth in cloud subscription revenue, accounting for 52.8% of total revenue in H1 2025 [5] - Significant improvement in cash flow and reduction in operating losses, with AI contract amounts exceeding 150 million yuan [5] - Positive outlook on AI commercialization and global expansion efforts [5] Group 7: Reading Group - Company reported a 23.9% year-on-year decline in total revenue to 3.191 billion yuan in H1 2025, with Non-IFRS net profit of 508 million yuan [6] - Rapid growth in IP derivative business, with GMV reaching 480 million yuan, nearing the total for the entire year of 2024 [6] - AI technology is enhancing creative, visualization, and translation processes, improving efficiency and reducing costs [6] Group 8: Galaxy Entertainment - Company reported a 10% year-on-year increase in total revenue to 11.2 billion HKD in Q2 2025, with adjusted EBITDA growing by 12% to 3.6 billion HKD [7] - Strong recovery in gaming business with a market share of 20.5%, supported by the opening of high-end hotel Capella [7] - Anticipated growth driven by a rich project pipeline, with Galaxy Phase IV expected to be completed by 2027 [7] Group 9: Galaxy Entertainment (Alternative Report) - Company reported a 10.3% year-on-year increase in net revenue to 12.04 billion HKD in Q2 2025, with adjusted EBITDA rising by 12.4% to 3.57 billion HKD [7] - VIP business saw a significant increase of 73.5%, with market share reaching 20.2%, up 0.7 percentage points from Q1 2025 [7] - Continued success in high-end projects, with Capella hotel performing exceptionally well [7]

（图源：图虫） 8月14日开盘，腾讯控股（00700.HK）的股价涨到了600港元/股，市值一度触及5.5万亿港元。 （图源：Wind） 8月13日盘后，腾讯发布二季度财报。报告显示，腾讯实现营收1845亿元，同比增长15%；经营利润（Non-IFRS）692.5亿元，同比增长18%，普遍高于市场 预期。 在财报披露之前资金已经开始抢跑，8月13日当天腾讯的股价已经从开盘的568.5港元/股，涨到收盘的586港元/股，涨幅为3.08%。 财报指出，该板块收入增长主要受益于AI驱动的广告平台改进及微信交易生态的提升，推动了广告主对视频号、小程序及微信搜一搜的强劲需求。业绩会 上，腾讯公司首席战略官、高级执行副总裁James Mitchell透露，视频号广告收入同比增长50%；小程序广告中，与小游戏和小短剧相关的广告收入同比增长 约50%；搜索广告收入同比增长60%。 金融科技及企业服务业务第二季度收入同比增长10%至555.4亿元。值得注意的是，腾讯提到，企业服务收入的增速较近几个季度有所加快，得益于企业客 户对AI相关服务的需求增加，包括GPU租赁和API token使用，以及商家技术服务费的增长。不过，管理 ...

中金发表研报指，腾讯控股第二季收入按年增长14.5%至1845亿元，分别高于该行及市场预期3.5%、 3.1%。基于各项业务的快速增长，中金分别上调腾讯2025、2026年收入2%、4%至7453亿、8158亿元， 基本维持2025年、2026年非国际财务报告准则(Non-IFRS)净利润预测不变。该行维持对其"跑赢行业"评 级，由于市场估值中枢抬升，上调目标价17%至700港元，基于AI更长远的赋能前景，切换估值至2026 年，对应2026年20倍Non-IFRS市盈率。 ...

Core Viewpoint - The China Securities Hong Kong 300 Communication Services Index has shown significant growth, with a 35.47% increase year-to-date, indicating a strong performance in the communication services sector in Hong Kong [1][2]. Group 1: Index Performance - The China Securities Hong Kong 300 Communication Services Index reported a value of 1613.72 points, with a monthly increase of 8.87% and a quarterly increase of 19.14% [1]. - The index is designed to reflect the overall performance of different industries in the Hong Kong market, based on the China Securities industry classification standards [1]. Group 2: Index Composition - The top ten holdings of the index include Tencent Holdings (15.4%), NetEase-S (14.3%), China Mobile (13.8%), Baidu Group-SW (13.04%), Kuaishou-W (11.78%), Cheung Kong (7.32%), China Telecom (4.52%), China Unicom (3.28%), Bilibili-W (2.89%), and China Tower (2.88%) [1]. - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1]. Group 3: Industry Breakdown - The industry composition of the index shows that digital media accounts for 46.81%, telecommunications services for 30.27%, cultural entertainment for 16.22%, communication technology services for 2.88%, data centers for 1.97%, communication equipment for 1.06%, and marketing and advertising for 0.79% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

Core Viewpoint - Bank of America reports that Tencent's Q2 performance exceeded expectations, with revenue growth accelerating to 15% year-on-year, reaching 185 billion yuan, which is 3% higher than expected [1] Group 1: Financial Performance - Revenue for Tencent in Q2 reached 185 billion yuan, reflecting a 15% year-on-year growth, surpassing expectations by 3% [1] - Adjusted operating profit grew by 18% year-on-year, amounting to 69 billion yuan, which is 4% higher than anticipated [1] - The expansion of gross margins across various business segments offset the cost impacts from artificial intelligence [1] Group 2: Future Outlook - The bank maintains a positive outlook on Tencent's business growth, raising profit forecasts for 2025 to 2027 by 2% [1] - It is anticipated that advertising business will continue to grow at a rate higher than the industry average, while gaming revenue will be supported by evergreen games and the potential of new game releases [1] - The target price for Tencent has been increased from 631 HKD to 690 HKD, with a reiterated "buy" rating [1]