瑞银重申腾讯为行业首选，目标价由710港元上调至720港元，维持"买入"评级，并将2025至2027年每股 盈利预测上调3%至4%。 瑞银发表研究报告指，腾讯次季业绩全面超预期，收入按年增长15%，较市场预期高出3%，经调整经 营利润按年升18%，超出预期5%，主要受惠于毛利率扩张。期内线上游戏及广告业务表现强劲，瑞银 认为可为下半年收入提供一定可见性。 展望下半年，瑞银预期《三角洲行动》PC版、《Valorant》手游及《王者荣耀》十周年活动的推出将推 动增长，对AI变现及资本开支看法正面。次季资本开支按季减少30%，瑞银指，投资者应理解为GPU进 口限制的短期影响，而管理层亦表示会继续采用多元化芯片策略并提升效率。 ...

Group 1 - Tencent Holdings reported a 15% year-on-year revenue growth to 184.5 billion yuan, exceeding market expectations; net profit increased by 17%, with adjusted net profit rising by 10% [1] - The gaming business showed a strong recovery, with domestic game revenue growing by 17% and international game revenue increasing by 35% [1] - AI-driven marketing services revenue grew by 20%, indicating a positive impact of AI on performance and capital expenditure [1] Group 2 - R&D investment for the quarter increased by 17%, while capital expenditure reached 19.1 billion yuan, a significant year-on-year growth of 119% [1] - The domestic market is entering a virtuous cycle driven by AI, with the local AI ecosystem continuously improving, suggesting accelerated development and potential explosive growth in AI applications [1] Group 3 - As of July 31, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) includes 50 companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of online consumption theme stocks in the mainland and Hong Kong markets [2] - The top ten weighted stocks in the index account for 53.33% of the total, with Tencent Holdings being the largest component [2]

8月13日，腾讯控股发布公告，第二季度营收1845.0亿元，同比增长15%，预估1789.4亿元，第二季度本 公司权益持有人应占盈利556.3亿元，同比增长17%，预估508.3亿元。 此外，腾讯控股在2025年第二季度财报中披露，微信及WeChat的合并月活跃账户数14.11亿，环比增长 0.6%，同比增长3%，QQ的智能终端月活跃账户数5.32亿，环比下降0.4%，同比下降7%。 股价方面，8月13日，港股腾讯控股收盘涨4.74%，报586.00港元，市值为5.36万亿港元。 （上游新闻） 腾讯控股公告中显示，二季度本土市场游戏收入为人民币404亿元，同比增长17%，得益于近期发布的 《三角洲行动》的收入贡献，以及《王者荣耀》、《无畏契约》与《和平精英》等长青游戏的收入增 长。 第二季度，腾讯控股公司在AI领域持续投入并从中获益，收入及非国际财务报告准则经营盈利均取得 双位数百分比同比增长。《王者荣耀》及《和平精英》等长青游戏向平台化进化并加大了AI的应用， 新游戏如《三角洲行动》亦取得了突破，使得游戏业务在用户及收入侧均表现出色。公司通过升级广告 基础模型，提升了各个流量平台上的广告效果，持续推动营销服 ...

8月14日，港股早盘续升，腾讯控股高开2.39%，站上600港元，哔哩哔哩-W、美团-W、快手-W跟涨。重仓 港股互联网龙头的港股互联网ETF（513770）跳空高开，场内价格一度涨1.7%，现涨0.86%。 腾讯公告显示，第二季度营收1845.0亿元，同比增长15%，预估1789.4亿元；第二季度净利润556.3亿元，同 比增长17%，远超预期，预估508.3亿元。 此外，美联储9月降息信号接连涌现，此前公布的CPI通胀报告低于预期，推升了降息预期；美国财政部长 贝森特最新表示，鉴于近期就业数据疲软，美联储9月份有可能会大幅降息50个基点。 CME集团FedWatch工具测算，美联储9月维持利率不变的概率为0%，降息25个基点的概率为93.3%，降息50 个基点的概率为6.7% 高盛最新预计，美联储将在今年9月、10月和12月分别降息25个基点，共降息三次。 港股有望成为美联储开启宽松周期的主要受益者之一，尤其是对流动性敏感的科网方向。 港股互联网ETF（513770）及其联接基金（A类 017125；C类 017126）被动跟踪中证港股通互联网指数，通 过重仓港股互联网龙头，成为港股AI核心标的。数据显示 ...

数据显示，截至2025年7月31日，中证人工智能主题指数(930713)前十大权重股分别为中际旭创 (300308)、新易盛(300502)、寒武纪(688256)、科大讯飞(002230)、海康威视(002415)、豪威集团 (603501)、中科曙光(603019)、澜起科技(688008)、金山办公(688111)、浪潮信息(000977)，前十大权重 股合计占比55.52%。 AI人工智能ETF(512930)，场外联接(平安中证人工智能主题ETF发起式联接A：023384；平安中证人工 智能主题ETF发起式联接C：023385；平安中证人工智能主题ETF发起式联接E：024610)。 腾讯控股第二季度收入同比增长15%至1845亿元，超出市场预期；净利润同比增长17%，经调整净利润 增长10%。游戏业务强劲复苏，本土市场游戏收入同比增长17%，国际市场游戏收入同比增长35%。AI 驱动营销服务收入增长20%。当季腾讯研发投入同比增长17%；资本开支则达到191亿元，同比增长 119%。 此前海外大厂的季报显示，目前已经进入AI应用和投入的良性循环。腾讯的季报验证了目前国内市场 也开始进入AI带动业绩 ...

Group 1 - The Nasdaq Golden Dragon China Index rose by 2.08%, with Tencent's ADR increasing by 7.4%, reaching a market capitalization of $700 billion [1] - Tencent reported Q2 revenue of 184.5 billion yuan, a 15% year-over-year increase, exceeding the forecast of 178.9 billion yuan; net profit for the same period was 55.63 billion yuan, up 17% year-over-year, also surpassing expectations [1] - The Hong Kong Internet ETF (513770) opened higher, reflecting strong performance in major internet stocks, with a 1.7% intraday increase [1] Group 2 - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index and has shown a cumulative increase of over 35% from the beginning of the year to the end of July, outperforming the Hang Seng Tech Index [2][3] - As of the end of Q2, the top four holdings in the Hong Kong Internet ETF were Xiaomi, Tencent, Alibaba, and Meituan, accounting for 54.74% of the total weight [3][4] - The average daily trading volume of the Hong Kong Internet ETF was 593 million yuan, indicating good liquidity and support for intraday T+0 trading [4]

Group 1 - The core viewpoint of the articles highlights the positive performance of the US and Hong Kong stock markets, particularly in the technology sector, driven by favorable economic indicators and corporate earnings reports [1][2][3] - The US released July CPI data showing a year-on-year rate of 2.7%, aligning with market expectations, which has led to increased bets on a potential interest rate cut by the Federal Reserve in September [1][2] - Tencent's Q2 2025 earnings report showed revenue of 184.5 billion yuan, a 15% year-on-year increase, and a gross profit of 105 billion yuan, reflecting a 22% year-on-year growth, which has positively influenced market sentiment towards internet stocks [1][2] Group 2 - The Hong Kong Internet ETF (159568) and the Hang Seng Technology Index ETF (159742) have seen strong market interest, with significant net inflows and positive performance from constituent stocks [2][3] - The anticipated interest rate cuts by the Federal Reserve are expected to enhance liquidity in the market, which could lead to an increase in valuations for Hong Kong technology stocks [2][3] - The concentration of major stocks in the Hong Kong Internet ETF, such as Tencent, Alibaba, and Xiaomi, indicates a strong potential for growth, especially with ongoing developments in AI and domestic consumption policies [3]

Core Viewpoint - Tencent Holdings' ADR has surged by 7%, reaching a new high not seen in over four years, resulting in a total market capitalization of $700 billion [1] Group 1 - The increase in Tencent's ADR reflects strong investor confidence and market performance [1] - The market capitalization of Tencent now stands at $700 billion, indicating significant growth [1]

腾讯公告显示，第二季度营收1845.0亿元，同比增长15%，预估1789.4亿元；第二季度净利润556.3亿 元，同比增长17%，远超预期，预估508.3亿元。 此外，美联储9月降息信号接连涌现，此前公布的CPI通胀报告低于预期，推升了降息预期；美国财政 部长贝森特最新表示，鉴于近期就业数据疲软，美联储9月份有可能会大幅降息50个基点。 CME集团FedWatch工具测算，美联储9月维持利率不变的概率为0%，降息25个基点的概率为93.3%，降 息50个基点的概率为6.7% 高盛最新预计，美联储将在今年9月、10月和12月分别降息25个基点，共降息三次。 港股有望成为美联储开启宽松周期的主要受益者之一，尤其是对流动性敏感的科网方向。 港股互联网ETF（513770）及其联接基金（A类 017125；C类 017126）被动跟踪中证港股通互联网指 数，通过重仓港股互联网龙头，成为港股AI核心标的。数据显示，开年以来至7月末，中证港股通互联 网指数累计涨幅超35%，明显优于恒科指同期表现，领涨弹性突出。 | 序 证券代码 号 | 证券简称 | 区间涨跌幅 【区间营日】本年初 | | | --- | --- | - ...

8月14日， A股开盘，三大指数集体高开，上证指数开盘涨0.06%，深成指涨0.05%，创业板指涨0.01%。盘面上，有色板块涨幅居前，物流、 雷达、地产股表现活跃；CPO、PEEK材料、信息化概念温和回调。游戏传媒板块高开后震荡攀升，相关热门ETF方面，游戏ETF（159869）现 已涨近2%。 8月13日，腾讯发布2025年第二季度财报，财报提及腾讯在AI领域的持续投入与获益。增值服务业务在2025年第二季度的收入同比增长16%至 914亿元。本土市场游戏收入为404亿元，同比增长17%。腾讯在财报中总结增长原因时表示："得益于近期发布的《三角洲行动》的收入贡 献，以及《王者荣耀》《无畏契约》《和平精英》等长青游戏的收入增长。"此外，第二季度国际市场游戏收入为188亿元，同比增长35%（按 固定汇率计算增长33%）。 腾讯2025年第二季度财报显示，AI投入与游戏业务实现双轮驱动增长，本土与国际市场表现亮眼。游戏行业头部企业增长稳健，或带动板块 整体景气度提升。游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，反映动漫游戏产业A股上 市公司股票的整体表现，关注 ...