（文/陈济深 编辑/张广凯） 作为一款日活峰值破亿的产品，腾讯天美旗下现象级手游《王者荣耀》匹配算法曾困扰过无数玩家。诸如连胜之后就有连败、手感火热时匹配到奇葩队友的 游戏体验让大量玩家共鸣，认为王者荣耀的匹配机制可能存在控制游戏对局胜率的隐藏机制。 为了解开心底多年的疑虑，《王者荣耀》玩家、青岛律师孙千和女士诉诸法庭，希望《王者荣耀》能够公开游戏匹配算法机制，被称为"中国游戏算法诉讼 第一案"。 在庭审中，腾讯表示《王者荣耀》不存在所谓的控制玩家胜率的行为。《王者荣耀》一直以来都在公开匹配机制，而算法涉及商业秘密，公开算法会成为黑 产的"作弊说明书"，最终损害广大玩家的利益。 对于腾讯的表态，孙千和律师对观察者网表示："无论是游戏版本更新后的介绍，还是游戏策划的口头的答复，并不是算法公开，更像是一种'会改进'的承 诺。" 游戏算法是否应该被认定为商业秘密，目前法律界也没有定论，有学者对观察者网表示，算法是否应该公开取决于算法的应用是否可能会直接涉及公共利益 和公共安全，对于游戏匹配机制，则是游戏企业自主经营的应有之义，不宜受到过多的行政干预。 针对本次庭审和后续的发展，孙千和律师对观察者网坦言没有想到会受到 ...

2025.08. 13 本文字数：1276，阅读时长大约3分钟 作者 | 第一财经 郑栩彤 8月13日，腾讯控股（00700.HK）公布2025年第二季度业绩。第二季度，腾讯营收1845.04亿元， 同比增长15%，环比增长2%，经营利润（Non-IFRS）692.48亿元，同比增长18%，环比减少 0.1%。该季度腾讯毛利率57%，同比增长4个百分点。今年上半年，腾讯营收3645.26亿元，同比增 长14%，经营利润（Non-IFRS）1385.68亿元，同比增长18%。 | | 二零二五年 | 二零二四年 | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | --- | --- | | | 六月三十日 | 六月三十日 | 同比變動 | 六月三十日 | 六月三十日 | | | | 收入 | | 佔收入總額百分比 | | | | | | (人民幣百萬元,另有指明者除外) | | | | 服務 | 91,368 | 78.822 | 16% | 50% | 49% | | 假務 | 35,762 | 29.871 | 20% | 19% | 19% | | 科技及企業服務 ...

新华社香港8月13日电 香港恒生指数13日涨643.99点，涨幅2.58%，收报25613.67点。全日主板成交 2840.41亿港元。 国企指数涨233.2点，收报9150.05点，涨幅2.62%。恒生科技指数涨191.62点，收报5630.78点，涨 幅3.52%。 蓝筹股方面，腾讯控股涨4.74%，收报586港元；香港交易所涨2.28%，收报439.8港元；中国移动涨 0.57%，收报88.8港元；汇丰控股涨1.3%，收报101.5港元。 香港本地股方面，长实集团涨1.44%，收报37.94港元；新鸿基地产涨1.54%，收报95.35港元；恒基 地产涨1.99%，收报28.7港元。 中资金融股方面，中国银行涨1.1%，收报4.6港元；建设银行涨0.88%，收报8.02港元；工商银行涨 0.98%，收报6.16港元；中国平安涨1.61%，收报56.8港元；中国人寿涨0.71%，收报22.8港元。 石油石化股方面，中国石油化工股份涨0.68%，收报4.47港元；中国石油股份涨0.39%，收报7.7港 元；中国海洋石油涨1.17%，收报19.01港元。 【纠错】 【责任编辑:吴京泽】 ...

Core Viewpoint - The lawsuit filed by a player against Tencent seeks to make the matchmaking mechanism of "Honor of Kings" public, focusing on the factors influencing player matchups and their respective weights in different game modes, raising concerns about whether game outcomes are manipulated by the matchmaking system [1][3]. Group 1: Legal Proceedings - The court hearing has concluded, and the next steps await notification from the court [1]. - The main dispute centers on whether the matchmaking mechanism can determine game outcomes and whether it should be made public [3]. - Tencent argues that the claim of controlling player win rates to maintain a 50% win rate is unfounded, providing examples of player win rates that vary significantly from 50% [3]. Group 2: Consumer Rights and Transparency - Tencent's defense cites the Consumer Rights Protection Law, stating that the law does not require the disclosure of technical details behind services, and previous cases have established boundaries for consumer rights [4]. - The court was informed that Tencent has provided information about the matchmaking mechanism through official channels, but the plaintiff believes this is insufficient and more of a promise than true transparency [4][5]. Group 3: Comparison with Other Platforms - The plaintiff argues that other large apps like Douyin and Weibo disclose their algorithms without claiming commercial secrets, questioning why Tencent does not do the same for its matchmaking mechanism [7]. - Tencent maintains that the matchmaking mechanism is a commercial secret and that its disclosure could lead to exploitation of the system, harming the gaming experience [10][11]. Group 4: Technical Aspects of Matchmaking - The matchmaking mechanism is described as a complex system that balances speed, fairness, and game quality, with the Elo rating system being used to match players of similar skill levels [12][13]. - Tencent emphasizes that the matchmaking system is a proprietary technology developed to create fair competition and that its disclosure could undermine market fairness and innovation [13].

Core Insights - Tencent Technology (Shenzhen) Co., Ltd. has applied for a patent titled "An Image Processing Method, Device, Equipment, Medium, and Program Product" with publication number CN120472044A, filed on February 2024 [1] - The patent describes a method that includes obtaining a text description and a first image, performing cross-modal fusion processing to generate cross-modal attention features, and optimizing these features based on edge characteristics of the target object in the first image to produce a second image [1] - The implementation of this patent aims to ensure the quality of the target object in the generated image while changing the background [1] Company Overview - Tencent Technology (Shenzhen) Co., Ltd. was established in 2000 and is located in Shenzhen, primarily engaged in software and information technology services [1] - The company has a registered capital of 2 million USD and has invested in 15 enterprises, participated in 264 bidding projects, and holds 5,000 trademark and patent information records, along with 533 administrative licenses [1]

8月13日，深圳市腾讯计算机系统有限公司（以下简称"腾讯"）公布的最新财报显示，得益于Supercell 游戏、《PUBGMOBILE》以及《沙丘：觉醒》的表现出色，今年第二季度国际市场游戏收入同比增长 35%至188亿元，连续四个季度刷新历史高点，增速创国际市场收入单独披露以来的季度新高。 腾讯游戏、点点互动等多家厂商海外表现出色，推动今年中国游戏产业出海整体回暖。根据中国音数协 游戏工委发布的《2025年1－6月中国游戏产业报告》显示，今年上半年中国自研游戏海外市场实际销售 收入同比增长11.07%至95.01亿美元，继2021年后增速再次回到10%以上。 （文章来源：证券日报） ...

8月12日，被称为"中国游戏算法第一案"的青岛律师孙千和诉腾讯案，在深圳市南山区人民法院南山区 法庭开庭审理。 基于此，其诉请法院依法判决二被告（深圳市腾讯计算机系统有限公司、腾讯科技（成都）有限公 司），公开《王者荣耀》游戏的玩家对局匹配机制，具体包括：影响《王者荣耀》系统给玩家账号匹配 队友和对手的具体因素、各因素在不同游戏模式下（例如排位赛、巅峰赛、匹配赛、娱乐模式等）的占 比和权重大小。 案件的起因是原告孙千和——一位山东青岛的执业律师，同时也是腾讯《王者荣耀》的资深玩家发现， 在游戏内对局连胜后，系统往往会匹配到"实力明显偏弱"的队友，导致获胜难度加大。 因此，孙千和怀疑自己遭遇了"算法干预"，即游戏设置将实力较强的玩家与实力较弱玩家匹配在一队， 将胜率控制在一定比例，进而提升用户游戏时长与留存率。为进一步了解游戏匹配算法的逻辑和公平 性，孙千和于去年起诉腾讯，要求公开《王者荣耀》游戏的玩家对局匹配机制。 昨日庭审结束后，21世纪经济报道记者现场了解到，案件双方在本次开庭审理中就玩家知情权、匹配机 制是否属于商业秘密等焦点问题展开了质证与辩论。目前一审的庭审环节已结束，下一步流程需等待法 院通知。 ...

Core Viewpoint - The A-share market is experiencing a bullish trend, with significant liquidity improvements and a shift towards high-quality sectors, while traditional sectors are losing weight in the index [3][4][5]. Group 1: Market Performance - The A-share market indices collectively rose, with the Shanghai Composite Index increasing by 0.48% and the ChiNext Index rising by 3.62% [9]. - The trading volume in the Shanghai and Shenzhen markets reached 21,756.23 billion yuan, an increase of 2,700 billion yuan from the previous day [9]. - Over 2,700 stocks in the market saw gains, with 100 stocks hitting the daily limit up [9]. Group 2: Liquidity and Economic Indicators - Morgan Stanley noted that the liquidity in the A-share market is currently loose but not guaranteed to remain so, with the "China Free Liquidity Index" turning positive for the first time in June, coinciding with new liquidity entering the market [3]. - The July financial data from the central bank showed a decrease in new RMB loans by 500 million yuan, marking a historical low for the month [5]. Group 3: Sector Analysis - High-quality sectors such as finance, internet, information technology, and technology are expected to drive overall investment returns and profit growth, comprising nearly 80% of the MSCI China Index [4]. - Traditional sectors like real estate and heavy industry have seen their weight in the MSCI China Index drop to around 10% over the past five years [4]. Group 4: Foreign Investment Trends - Foreign capital saw net inflows in June and July, with optimistic expectations for continued investment in China due to its low allocation in global emerging markets [4]. Group 5: Company Highlights - Tencent's second-quarter revenue grew by 15% year-on-year to 184.5 billion yuan, exceeding market expectations [14]. - The AI hardware industry, particularly the liquid cooling server sector, is experiencing significant growth, driven by demand from major tech companies [9].

Core Viewpoint - Tencent's Q2 financial report shows strong growth in revenue and operating profit, driven by various business segments, particularly in value-added services and marketing services [1] Group 1: Financial Performance - Tencent reported Q2 revenue of 184.5 billion yuan, a year-on-year increase of 15% [1] - Operating profit for the same period reached 69.25 billion yuan, reflecting an 18% year-on-year growth [1] Group 2: Business Segment Contributions - Value-added services contributed 91.4 billion yuan in revenue, with a year-on-year growth of 16%, and gaming revenue increased by 22% [1] - Marketing services revenue grew by 20% year-on-year to 35.8 billion yuan, driven by improvements in AI-driven advertising platforms and increased demand from advertisers [1] - Financial technology and enterprise services revenue rose by 10% year-on-year to 55.5 billion yuan, with growth attributed to consumer loan services, commercial payment activities, and wealth management services [1] Group 3: Strategic Insights - Tencent's CEO, Ma Huateng, emphasized the company's ongoing investment in AI, which has contributed to double-digit percentage growth in both revenue and non-IFRS operating profit [1]

深港通（南向）十大活跃成交公司 2025年8月13日当天，腾讯控股(00700)、阿里巴巴-W(09988)、盈富基金(02800)位居沪港通（南向）成 交额前3位，成交额分别为51.84 亿元、49.20 亿元、46.54 亿元；腾讯控股(00700)、阿里巴巴- W(09988)、盈富基金(02800) 位居深港通（南向）成交额前3位，成交额分别为39.10 亿元、36.78 亿 元、22.08 亿元。 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 腾讯控股(00700) | 51.84 亿元 | -1.81 亿元 | | 阿里巴巴-W(09988) | 49.20 亿元 | -5.25 亿元 | | 盈富基金(02800) | 46.54 亿元 | -46.46 亿元 | | 中芯国际(00981) | 27.01 亿元 | +7850.05 万元 | | 小米集团-W(01810) | 27.00 亿元 | -7428.30 万元 | | 恒生中国企业(02828) | 25.33 亿元 | -23.11 亿元 | | 美团- ...