Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [1][22][25] Core Insights - Strong advertising performance, sufficient growth momentum in gaming, and potential acceleration in cloud business are highlighted as key drivers for Tencent's growth [1][22] - The report anticipates Tencent's revenue for Q3 2025 to reach 188.6 billion RMB, representing a year-over-year growth of 13% [6][22] - The expected non-IFRS net profit for Q3 2025 is projected to be 67.9 billion RMB, a 13% increase year-over-year [6][22] Financial Performance Forecast 1. **Overall Performance**: - Revenue is expected to be 188.6 billion RMB in Q3 2025, with a gross margin of 56% and a gross profit of 105.1 billion RMB [6][22] - Non-IFRS operating profit is projected at 71.4 billion RMB, a 17% increase year-over-year [6][22] 2. **Gaming Segment**: - Anticipated revenue growth of 14% year-over-year, with domestic and overseas growth rates of 8% and 29% respectively [7][10][22] - Notable titles like "Delta Force" are expected to generate over 8 billion RMB in a single quarter [10][22] 3. **Marketing Services**: - Expected revenue growth of 22% year-over-year, driven by the WeChat ecosystem and strong performance in video accounts and mini-programs [14][22] - Video account advertising revenue is projected to grow over 60% year-over-year [14][22] 4. **Financial Technology and Enterprise Services**: - Revenue growth of 11% year-over-year is anticipated, with cloud services expected to exceed 20% growth [20][22] - The launch of "Tenpay Global" aims to enhance payment services in international markets [21][22] Earnings Forecast and Valuation - Revenue projections for Tencent from 2025 to 2027 are 748.6 billion RMB, 840.3 billion RMB, and 923.6 billion RMB respectively [22][23] - Non-IFRS net profit estimates for the same period are 257.8 billion RMB, 295.4 billion RMB, and 329.9 billion RMB [22][23] - The target market capitalization for Tencent in 2026 is set at 6.5 trillion RMB, corresponding to a target price of 773 HKD [22][23]

Group 1: AI Development Trends - AI technology is a strategic driver of the new technological revolution and industrial transformation, emphasized by Chinese leadership as essential for high-quality economic development[5] - The competition in AI, particularly in large models, has expanded from technology to infrastructure, industry ecology, standards, and governance rules between China and the US[6] - By 2024, the performance gap in major benchmarks between top AI models in China and the US has narrowed from 17.5% in 2023 to just 0.3%[7] Group 2: Market Penetration and Application - In the US, approximately 49% of enterprises report that AI has reduced costs, with the financial sector showing the highest penetration rate at 78%[17] - ChatGPT's monthly active users are projected to reach nearly 1 billion by the end of 2025, driven by its innovative features[17] - In China, the daily token call volume for the Doubao model reached 16.4 trillion in May 2025, marking a 310% increase year-on-year[21] Group 3: Commercialization Strategies - The US AI market relies on high-priced APIs and subscription models, with OpenAI's GPT-4.5 API costing $75 per million tokens, significantly higher than China's pricing[55] - China's AI models focus on low-cost APIs, with prices as low as 2.4 yuan per million tokens, promoting widespread adoption across industries[55] - The integration of AI into traditional applications has led to significant increases in user engagement, with Douyin's user base growing by 13.5% year-on-year[60]

腾讯招聘全球负责人罗海波表示，作为面向顶尖技术人才的科研激励计划，青云奖学金坚信"为更值得 的探索"，支持敢于探索未知、富有创新精神的学子，进行创造性的研究，并转化为推动进步的真实力 量，推动人工智能领域的前沿突破。 新浪科技讯 10月14日下午消息，腾讯青云奖学金全面启动。项目重点关注人工智能领域的基础研究与 应用创新，针对中国大陆及港澳台地区院校就读、具有中国国籍的硕士或博士同学，希望申请者来自计 算机科学、人工智能及其交叉领域，具备卓越的研究能力和深厚的学术造诣，并拥有前瞻性科研视野。 项目首期预计评选出15位获奖者，每位获奖者将获得总价值50万元人民币的现金及算力资源支持。 责任编辑：江钰涵 ...

Group 1 - The core viewpoint of the articles highlights the positive performance of the gaming and cultural media sector, particularly the increasing participation of Chinese companies in international markets, especially in Japan [1][2] - The China Securities Index for Hong Kong and Shanghai gaming and cultural media shows mixed performance among its constituent stocks, with notable gains from companies like DaMai Entertainment and ZhongGong Education [1] - The Gaming Media ETF has seen significant net inflows recently, totaling 5.06 million yuan over three days, indicating strong investor interest in the sector [1] Group 2 - The index tracks 50 listed companies involved in gaming, film, broadcasting, marketing, publishing, education, and cultural performances, reflecting the overall performance of the gaming and cultural media theme in the Hong Kong and mainland markets [2] - As of September 30, 2025, the top ten weighted stocks in the index account for 56.63% of the total, with major players including Kuaishou-W, Tencent Holdings, and Bilibili-W [2] - The increasing engagement of Chinese game developers in international markets, particularly through high-quality projects and localized operations, is seen as a key growth driver for the industry [1]

Core Insights - The article discusses the development of DA, a novel end-to-end panoramic depth estimator by Tencent's Mixed Reality 3D team, which addresses the challenges of panoramic data scarcity and zero-shot generalization capabilities [2][8]. Group 1: Background and Challenges - Panoramic images provide a 360°×180° immersive view, essential for advanced applications like AR/VR and 3D scene reconstruction [5][6]. - Traditional methods for depth estimation in panoramic images are limited due to the scarcity of panoramic depth data and the inherent spherical distortion of panoramic images [10][12]. - The team aims to expand panoramic data and build a robust data foundation for DA [8]. Group 2: Data Augmentation Engine - The team developed a data management engine to convert high-quality perspective depth data into panoramic data, significantly increasing the quantity and diversity of panoramic samples [11][14]. - Approximately 543K panoramic samples were created, expanding the total sample size from about 63K to approximately 607K, addressing the issue of data scarcity [14]. Group 3: Model Architecture and Training - The SphereViT architecture was introduced to mitigate the effects of spherical distortion, allowing the model to focus on the spherical geometry of panoramic images [16][17]. - The training process incorporates distance loss for global accuracy and normal loss for local surface smoothness, enhancing the model's performance [18]. Group 4: Experimental Results - DA demonstrated state-of-the-art (SOTA) performance, with an average improvement of 38% in AbsRel performance compared to the strongest zero-shot methods [23][24]. - Qualitative comparisons showed that DA's training utilized approximately 21 times more panoramic data than UniK3D, resulting in more accurate geometric predictions [27]. Group 5: Application Scenarios - DA's exceptional zero-shot generalization capabilities enable a wide range of 3D reconstruction applications, such as panoramic multi-view reconstruction [28]. - The model can reconstruct globally aligned 3D point clouds from panoramic images of different rooms in a house or apartment, ensuring spatial consistency across multiple panoramic views [29].

该行预测第三季营收、毛利、经营利润按年增长为13.5%、20.9%及16.9%。受惠于人工智能驱动的广告 技术升级、视频账户的持续增长、微信搜索和迷你商店的发展，该行预期腾讯营销服务收入将维持上半 年的势头，按年增长约20%。该行维持对其"买入"评级，目标价为735港元。 花旗发表报告指，腾讯将于11月13日发布第三季业绩，预期将继续有稳健的表现，总收入和利润将达到 或超过预期，其中游戏业务有上升潜力，主要受惠于《三角洲行动》和《和平精英》的强劲势头、《王 者荣耀》复苏，以及《地下城与勇士》和《金铲铲之战》的稳健反弹。 ...

Core Insights - FUNFLY's "Last War: Survival Game" continues to lead global mobile game revenue, driven by active promotional events and monetization mechanisms [4][5] - "MONOPOLY GO!" and "Royal Match" have seen significant revenue growth due to tightly scheduled real-time operations and regular content updates [5][6] - Global mobile game spending reached approximately $6.6 billion in September 2025, with a month-over-month decline of 8% [6] - Netmarble's "Vampir" has gained notable revenue ranking, topping the Korean mobile revenue chart, while Tencent's shooting games also performed well [7] - NetEase's "Destiny: Stars" has made a strong impact in Western markets, ranking high in mobile shooting game revenue [8] - "Ludo King" topped the global download chart in September, benefiting from a successful event that enhanced player engagement [12][13] Revenue Performance - "Last War: Survival Game" maintained its top position through various player engagement activities, including discounts and competitive events [4] - "MONOPOLY GO!" achieved strong revenue performance through a series of themed events that enhanced player participation [5] - "Royal Match" ranked third globally due to consistent content updates and player-driven activities [5] Market Trends - The global mobile gaming market saw a total of approximately 3.86 billion downloads in September 2025, reflecting a 9% decrease from the previous month [12][14] - The United States remains the largest market for mobile gaming, accounting for $2.1 billion in revenue, followed by China and Japan [6][12] Emerging Titles - "Vampir" has successfully carved a niche in the MMORPG market with its unique dark fantasy theme and gameplay mechanics [7] - "Destiny: Stars" has resonated well with core players in major Western markets, indicating a strong demand for high-quality mobile shooting experiences [8] - "KAIJU NO. 8 THE GAME" has gained traction as a top-down RPG, appealing to fans of the original anime series [8] Download Rankings - "Ludo King" achieved the highest downloads in September, driven by a successful event that encouraged player customization [12] - "Free Fire" maintained its second position in downloads due to engaging content updates [13] - New titles like "Prison Escape Journey" and "Bike Wheelie: Elite Auto" have shown strong growth, highlighting the popularity of casual gaming in emerging markets [14]

| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 00700 | 腾讯控股 | 0.00% | 9.65% | | 09988 | 阿里巴巴-W | 0.74% | 9.25% | | 03690 | 美团-W | 0.60% | 8.37% | | 01024 | 快手-W | -1.49% | 6.05% | | 06618 | 京东健康 | 3.50% | 3.98% | | 002230 | 科大讯飞 | -0.20% | 3.88% | | 09626 | 昨週時頃-W | -3.24% | 3.52% | | 03888 | 金山软件 | -4.21% | 2.78% | | 002517 | 恺英网络 | 0.65% | 2.61% | | 002558 | 巨人网络 | 0.17% | 2.53% | 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 线上消费ETF基金紧密跟踪中证沪港深线上消费主题指数，中证沪港深线上消费主题指数从内地与香港市场中选取50只主营业务涉及线上购物、数字娱乐、 在线教育以及远程医疗等 ...

里昂发表研究报告指，美国与中国紧张局势升温，虽然打击市场情绪，但相信对腾讯及阿里的业务经营 影响应有限，相信美国的管制措施短期内难以遏止中国人工智能发展。里昂指出，除游戏业务外，腾讯 业务主要集中于国内市场，公司并已为未来发展储备足够高性能芯片，同时可透过采购国内替代品、采 用多种型号及升级软件等方式管理芯片需求；而阿里国际已拓展至不同地区，美国市场占比极为有限， 云业务预期可凭借强劲AI需求及自主开发新芯片的推动，维持较高速增长。 ...

Core Insights - The recent update of WeChat to version 8.0.64 has sparked discussions about the deletion of mutual friends and the visibility of interactions in the Moments feature, with users expressing mixed feelings about the changes [1] - The update continues WeChat's strategy of incremental improvements, focusing on social management, operational efficiency, and interface aesthetics [1] - A significant change in this version allows users to retain chat history even after deleting friends, which can be done through a specific setting [1] User Reactions - Many users have commented positively on the ability to forget past interactions, suggesting it helps in moving on from relationships [1] - There is a notable emotional response from users regarding the permanence of digital interactions, especially in the context of loss and the potential disappearance of accounts after death [5][8] Account Management - WeChat's customer service has clarified that accounts may be recycled if not logged in for an extended period, typically over a year, to ensure security [8] - If an account is recycled, all content, including Moments, profile pictures, and signatures, will be permanently deleted and cannot be recovered [10] - Users are advised to regularly log in to maintain account activity and back up important data to external storage devices [10] WeChat Ecosystem - WeChat was launched in January 2011, with significant features like Moments and WeChat Official Accounts introduced in 2012 [10] - As of now, WeChat's ecosystem includes Moments, Official Accounts, Mini Programs, Video Accounts, and WeChat Stores [10] - From 2017 to 2021, Mini Programs saw substantial growth, with daily active users increasing from over 100 million to over 500 million, and transaction volume rising from over 500 billion to around 10 trillion [10] - According to Tencent's Q1 2025 financial report, the combined monthly active users of WeChat and WeChat reached 1.402 billion, reflecting a year-on-year growth of 3% and a quarter-on-quarter growth of 1% [10]