Core Viewpoint - Tencent Holdings has achieved solid results in advertising and gaming businesses through AI technology and category expansion, with a strong growth momentum expected in advertising due to continuous iterations of AI technology and the proliferation of systems like AIM+ [1] Group 1: Advertising and Gaming Business - The advertising business is anticipated to maintain robust growth driven by ongoing advancements in AI technology [1] - Tencent is entering a new product expansion cycle in the shooting game category, supported by a rich investment system, which is expected to sustain steady growth in both overseas and domestic markets [1] Group 2: Cloud Business Expansion - Tencent Cloud has made initial progress in international markets, opening services in 22 physical regions and 64 availability zones, with over 3,200 global acceleration nodes [2] - Southeast Asia is identified as a key focus area for the next 3-5 years due to stable energy and power supply, with Thailand and Indonesia being primary infrastructure targets [2] - Tencent Cloud's differentiated advantages stem from its domestic experience in media, gaming, and financial technology, aiding in customer acquisition in emerging markets [2] Group 3: AI Strategy and Talent Acquisition - Tencent has established a matrix structure around AI infrastructure, agents, and applications, enhancing its AI strategy and attracting top talent, which is expected to accelerate AI development [3] Group 4: Financial Forecast and Investment Recommendations - The company maintains its earnings forecast, projecting revenues of 752.4 billion and 827.8 billion yuan for 2025 and 2026, representing year-on-year growth of 14.0% and 10.0% respectively [4] - Adjusted net profits are expected to reach 258.6 billion and 295.3 billion yuan, with growth rates of 16.1% and 14.2% [4] - The target price based on the latest share capital and SOTP valuation is set at 754.73 HKD per share for 2026 [4]

证券时报记者吴瞬 在工具迭代并行的同时，如何帮助家长学会监管，赋予技术以"温度"也成了企业探索的新方向。比如腾 讯的"AI助手+人工视频柜台"，手把手协助家长学会监管，又或是尝试引入AI技术生成可视化的行为洞 察报告，帮助监护人基于理解与沟通的积极引导孩子。这种"技术+服务"的体系，有效解决了家庭监护 的障碍。 可以看出，家庭监管成为影响防沉迷成效的关键因素，本应履行监护职责的家长，反而成了帮助孩子绕 开防沉迷措施的"协助者"。具体来看，有44.84%的家长曾帮孩子用家长身份证注册，有25.67%的家长 对"孩子偷用身份"表示知情。另有超2成未成年人与家长共用游戏账号。面对这一现状，唐贾军强调， 未保需加强家庭教育，尤其是父母协助孩子"超时游戏"的状况需进一步解决。 与此同时，针对家庭履责问题，游戏企业也在积极主动探索如何为家庭监护赋能。分论坛上，腾讯未保 体系技术负责人涂海龙分享了相关实践，他表示，考虑到部分家长用网能力有限，在日常监管场景下存 在管理难点，腾讯游戏设计了便捷的游戏监管工具，希望将"禁止"转化为可协商的"管理"。 围绕家长的现实需求，腾讯在2025年上线了两项赋能监管的工具，其中"游戏临时开 ...

中金公司 中芯国际 中国移动 中国海油 长飞光纤 中金公司 分时图 日K线 周K线 月K线 35.80 -0.38 -1.05% 2.16% 1.44% 0.72% 0.00% 0.72% 1.44% 2.16% 35.40 35.66 35.92 36.18 36.44 36.70 36.96 09:30 10:30 11:30/13:00 14:00 15:00 5万 106万 207万 308万 12月18日港股市场，北水成交净买入12.57亿港元，其中港股通(沪)成交净卖出10.95亿港元，港股通(深)成交净买入23.53亿 港元。 北水净买入最多的个股是小米集团-W(01810)、美团-W(03690)、长飞光纤（601869）光缆(06869)。北水净卖出最多的个股 是盈富基金(02800)、中国移动（600941）(00941)、中海油(00883)。 | 股票名称 | 买入额 | 卖出额 | 头头层欲 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 13.10亿 | 12.23亿 | 25.32亿 +8733.76万 ...

专题：财经年会2026：预测与战略暨2025全球财富管理论坛 《财经》年会2026：预测与战略暨2025全球财富管理论坛于2025年12月18-20日在北京举行。腾讯首席 科学家、RoboticsX实验室主任、福田实验室主任张正友表示，当前具身智能领域存在"智能与本体割 裂"的普遍问题，简单将大模型嵌入机器人，难以实现真正的自主交互。为解决这一痛点，他于2018年 提出SLAP技术范式，核心是让感知与行动紧密结合，无需过度依赖复杂规划，仅在处理复杂任务时启 动规划模块，学习则贯穿感知、行动、规划全流程。这一范式与人类认知系统中的"快速本能反 应"和"理性深度思考"高度契合。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 专题：财经年会2026：预测与战略暨2025全球财富管理论坛 《财经》年会2026：预测与战略暨2025全球财富管理论坛于2025年12月18-20日在北京举行。腾讯首席 科学家、RoboticsX实验室主任、福田实验室主任张正友表示，当前具身智能领域存在"智能与本体割 裂"的普遍问题，简单 ...

Core Insights - The online consumption theme index (931481) has shown a positive trend, with significant increases in key component stocks such as Yonghui Supermarket (up 4.55%) and Kid King (up 4.34%) [1] - AI tools have become integral to the e-commerce landscape, enhancing user experience and operational efficiency during the 2025 Double 11 shopping festival [1] - The online retail sector in China has seen a year-on-year growth of 5.7%, with the online retail sales of physical goods reaching 11.82 trillion yuan, indicating a strong consumer demand [2] Group 1: Market Performance - The online consumption ETF fund (159793) has risen by 0.30%, marking its third consecutive increase, with the latest price at 1.01 yuan [1] - The top ten weighted stocks in the online consumption theme index account for 55.21% of the index, with major players including Alibaba-W, Tencent Holdings, and Meituan-W [3] Group 2: E-commerce Trends - AI tools launched by Alibaba have significantly improved click-through rates and return on investment for merchants, with a 10% increase in total clicks and a 12% rise in ROI [1] - The e-commerce platforms are focusing on enhancing user experience and operational efficiency rather than just scaling, which is beneficial for the long-term health of the industry [2]

Group 1: TikTok and ByteDance Developments - TikTok CEO Zhou Shouzi announced the formation of a new joint venture, TikTok USDS Joint Venture LLC, with ByteDance and three investors to manage data protection, algorithm security, content review, and software assurance for TikTok's U.S. operations [2] - ByteDance's other entities in the U.S. will continue to handle e-commerce, advertising, and market operations [2] Group 2: AI Industry Updates - OpenAI is in preliminary talks for funding that could value the company at approximately $750 billion, with potential to raise up to $100 billion [3] - NVIDIA CEO Jensen Huang stated that the company has not yet made any payments to OpenAI as part of a planned $100 billion investment [4] - Tencent responded to allegations regarding its AI product Yuanbao, asserting that all comments marked as "AI-generated" are indeed produced by the AI without human intervention [3] Group 3: Technology Product Launches - ByteDance launched the Doubao large model 1.8, which has shown significant growth in token usage, exceeding 50 trillion tokens daily, a tenfold increase from the previous year [5] - Xiaomi announced the upcoming release of the Xiaomi 17 Ultra, featuring advanced optical systems and a Leica-certified telephoto lens [6] - Google introduced the Gemini 3 Flash model, a more efficient and cost-effective version of its flagship AI model, outperforming its predecessor in benchmark tests [15] Group 4: Financial Performance and Market Predictions - Micron Technology reported a first-quarter revenue of $13.643 billion and a net profit of $5.24 billion, significantly up from the previous year [10] - Morgan Stanley predicts a 10% to 15% revenue growth for the semiconductor industry in 2026, with a 50% increase in capital expenditures for data centers [12] - Chipmaker Xilinx reported that over 83% of its current orders come from system manufacturers and large internet companies [11] Group 5: Strategic Investments and Partnerships - Momenta announced a strategic investment from Grab to advance autonomous driving technology in Southeast Asia [13] - Woan Robotics has initiated a global offering to become the first publicly listed AI-driven household robot company, aiming to raise up to HKD 1.8 billion [14]

Group 1 - The article reports on share buybacks conducted by various companies on December 18, 2025, with Tencent Holdings leading in both the number of shares repurchased and the total amount spent [1] - Tencent Holdings repurchased 1.055 million shares for a total of 636 million yuan, representing 1.030% of its total share capital for the year [2] - Other notable companies involved in the buyback include Xiaomi Group, which repurchased 3.75 million shares for 151 million yuan, and China National Petroleum Corporation, which repurchased 254,000 shares for 116.38 million yuan [3] Group 2 - The total number of shares repurchased by companies varied significantly, with China National Petroleum Corporation having a cumulative buyback of 230 million shares, which is 0.190% of its total share capital [3] - Companies like IGG and VITASOY also participated, with IGG repurchasing 182,000 shares for 68.49 million yuan and VITASOY repurchasing 122,000 shares for 77.94 million yuan [3] - The buyback activity reflects a strategic move by these companies to enhance shareholder value and manage their capital structure effectively [1][2]

2025.12. 19 本文字数：2168，阅读时长大约4分钟 作者 | 第一财经 王方然 港股的"一手"交易单位，将迎来重大简化。 其中包括一些热门个股。例如，药捷安康-B、老铺黄金、腾讯控股、宁德时代、紫金矿业的每手股 数分别为500、100、100、100、2000。每手价值为7.29万港元、6.6万港元、5.97万港元、5.06万港 元、6.59万港元。 在实施路径上，港交所采取了审慎的分阶段推进策略。 目前，港股有多达43种不同的每手买卖单位，从10股到10万股不等。港交所提出最新建议，将其大 幅缩减至8种标准单位，包括1股、50股、100股等。同时，港交所还计划为每手交易价值增设上下限 指引，下限由2000港元降至1000港元，并首次对部分公司设置5万港元的上限。 港交所方面称，这些建议旨在提升二级市场的营运效率，并透过降低每手价值门槛，支持更多散户投 资者参与香港股票市场。 改革将分阶段推进，新上市公司需直接采用新标准，现有公司则在过渡至无纸化市场后调整。据估 计，约25%的发行人将受直接影响。 分析认为，新规尤其有利于目前每手价值较高的公司（如腾讯、宁德时代等）吸引更多散户，亦可能 为近期流动 ...

12月18日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | 港元） | （港元） | （港元） | （万港元） | | 00700 | 腾讯控股 | 105.50 | 63564.70 | 605.500 | 599.500 | 7558671.47 | | 01810 | 小米集团-W | 375.00 | 15066.09 | 40.240 | 40.120 | 538831.93 | | 01919 | 中远海控 | 590.00 | 8055.74 | 13.760 | 13.520 | 661473.90 | | 01024 | 快手-W | 123.50 | 8021.93 | 65.600 | 64.350 | 276412.50 | | 00175 | 吉利汽车 | 190.80 | 3179.71 | 16.800 | 16.260 | 29443.33 | | 06098 | 碧桂园服务 | 270 ...

Core Viewpoint - Guosen Securities maintains an "outperform" rating for Tencent Holdings, highlighting that overseas markets have become a clear second growth curve for Tencent's gaming and cloud businesses, with strategic investments beginning to yield results [1] Group 1: Overseas Cloud Business Expansion - Tencent is accelerating its overseas cloud infrastructure, planning to invest $150 million in the Middle East and $500 million in Indonesia, with new data centers being established in Saudi Arabia and Japan [2] - The global infrastructure now covers 22 regions across five continents, operating 64 availability zones and over 3,200 global acceleration nodes [2] Group 2: Competitive Advantages - Tencent Cloud's competitive edge is driven by technology and localized services, excelling in audio-visual, gaming, and database sectors, with its media cloud services being globally recognized [3] - Localized data center construction enhances response speed, as evidenced by the migration of GoTo Group's core services to Tencent Cloud, resulting in improved app response times [3] Group 3: Market Positioning and Future Outlook - Tencent Cloud focuses on PaaS and SaaS services, avoiding price wars by leveraging high cost-performance and localized services, while also addressing chip supply issues [4] - Tencent aims to capture growth from Chinese enterprises going overseas and deepen its local SaaS market presence, with expectations of scale and profit growth in emerging markets like Southeast Asia [4] Group 4: Gaming Business Growth - Tencent's international gaming revenue grew by 43% year-on-year to RMB 20.8 billion in Q3 2025, driven by revenue from Supercell and new game releases [5] - The company anticipates overseas gaming revenue to reach RMB 75.7 billion in 2025, accounting for 32% of Tencent's total gaming revenue, an increase of 3 percentage points [5] Group 5: GaaS and IP Development - Tencent is enhancing its GaaS model by applying domestic long-term operation experiences to extend product lifecycles and strengthen IP value through cross-media development [7] - AI is being integrated into all aspects of game production, improving efficiency and enhancing player experience, with 95% of employees using AI tools [8] Group 6: AI Technology in Gaming - Tencent has made significant advancements in AI technology for gaming, achieving capabilities in scene coherence and real-time generation, although challenges remain in character behavior and continuity [9] - The company is positioned to leverage its expertise in both gaming and AI to create tailored gaming experiences and enhance production capabilities [9]