FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 騰訊控股有限公司 呈交日期： 2026年1月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00700 | 說明 | | | | | | | | 多櫃檯證券代號 | 80700 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 ...

Group 1 - The core focus of the Chinese internet industry in 2026 will be on three main themes: growth in recurring revenue from cloud infrastructure, model stacks, and the use of inference tokens; competition among major internet companies for user traffic in AI chatbots for future ecosystem monetization; and vertical companies deploying proprietary data AI agents to maintain competitive advantages and enhance user engagement and monetization potential [1] - Most internet companies are expected to improve operational leverage through AI-assisted cost optimization, with some likely to accelerate revenue growth due to effective deployment of AI agents [1] - The rapid adoption of AI assistant tools is anticipated to enhance consumer work and life efficiency, allowing more time for leisure activities [1] Group 2 - Continued demand in tourism and online gaming is expected to support stable revenue growth for online travel and gaming companies, providing good diversification for investment portfolios to offset the higher risks associated with AI hype [1] - Citigroup's preferred stocks in the Chinese internet sector are Tencent Holdings (00700) and Alibaba-W (09988) as core AI investment concepts [1] - Citigroup maintains a "Buy" rating on Tencent Holdings with a target price of HKD 751, citing strong prospects for AI development in enterprise and user applications; similarly, Alibaba is given a "Buy" rating with a target price of HKD 223, focusing on growth in cloud revenue and efficiency improvements [1]

报告指出，预计大多数互联网企业将通过AI辅助成本优化来改善营运杠杆，部分企业更可能因有效部 署AI代理而实现收入增长加速。随着AI助手工具的快速采用，消费者的工作和生活效率有望提升，从 而有更多时间投入休闲娱乐活动。 花旗发表研究报告指出，2026年内地互联网行业将聚焦于三大主题：一是云端基础设施、模型堆栈和推 理令牌使用的经常性收入增长；二是主要互联网企业竞相抢占AI聊天机器人的用户流量，以期未来生 态系统变现；三是垂直领域企业部署自训练专有数据AI代理，以保持竞争优势并加强用户参与度和变 现潜力。 就中国互联网板块，花旗首选腾讯控股(00700)及阿里巴巴-W(09988)作为核心AI投资概念股。该行维持 腾讯控股"买入"评级，目标价751港元，认为该公司在企业和用户应用方面的AI发展前景良好。对于阿 里巴巴，花旗同样给予"买入"评级，目标价223港元，看好其在云端收入增长和效率提升方面的表现。 花旗预计，旅游和在线游戏的持续需求将支持在线旅游和游戏公司的稳定收益增长，可为投资组合提供 良好的多元化，抵销AI炒作的较高风险。 ...

Core Viewpoint - The report from Citigroup highlights three major themes for the Chinese internet industry in 2026, focusing on recurring revenue growth from cloud infrastructure, competition for AI chatbot user traffic, and the deployment of proprietary AI agents by vertical companies to enhance user engagement and monetization potential [1] Group 1: Industry Trends - The Chinese internet sector is expected to see significant growth in recurring revenue from cloud infrastructure, model stacks, and inference token usage [1] - Major internet companies are competing to capture user traffic for AI chatbots, aiming for future ecosystem monetization [1] - Vertical companies are deploying self-trained proprietary data AI agents to maintain competitive advantages and improve user engagement [1] Group 2: Financial Outlook - Citigroup anticipates that most internet companies will enhance operational leverage through AI-assisted cost optimization, with some likely to accelerate revenue growth due to effective AI agent deployment [1] - The ongoing demand in tourism and online gaming is expected to support stable revenue growth for online travel and gaming companies, providing good diversification for investment portfolios [1] Group 3: Company Recommendations - Citigroup favors Tencent Holdings (00700) and Alibaba-W (09988) as core AI investment concepts within the Chinese internet sector [1] - The firm maintains a "Buy" rating for Tencent Holdings with a target price of HKD 751, citing strong AI development prospects in both enterprise and user applications [1] - For Alibaba, Citigroup also assigns a "Buy" rating with a target price of HKD 223, highlighting its performance in cloud revenue growth and efficiency improvements [1]

今年以来该股累计进行2次回购，合计回购204.70万股，累计回购金额12.71亿港元。（数据宝） 证券时报·数据宝统计，腾讯控股在港交所公告显示，1月5日以每股617.000港元至627.500港元的价格回 购101.80万股，回购金额达6.36亿港元。该股当日收盘价624.500港元，上涨0.24%，全天成交额124.50 亿港元。 腾讯控股回购明细 自2025年11月18日以来公司已连续32日进行回购，合计回购3331.90万股，累计回购金额203.43亿港元。 其间该股累计下跌1.89%。 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.05 | 101.80 | 627.500 | 617.000 | 63555.47 | | 2026.01.02 | 102.90 | 624.000 | 600.500 | 63581.26 | （文章来源：证券时报网） ...

腾讯控股(00700)发布公告，于2026年1月5日该公司斥资6.36亿港元回购101.8万股，回购价格为每股 617.0-627.5港元。 ...

格隆汇1月5日丨腾讯控股(00700.HK)发布公告，2026年1月5日耗资6.36亿港元回购101.8万股，回购价格 每股617-627.5港元。 ...

智通财经APP讯，腾讯控股(00700)发布公告，于2026年1月5日该公司斥资6.36亿港元回购101.8万股，回 购价格为每股617.0-627.5港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 騰訊控股有限公司 呈交日期： 2026年1月5日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 確認 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00700 | 說明 | | | | | | | | 多櫃檯證券代號 | 80700 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股 ...

Market Overview - On the first trading day of 2026, US stock indices showed relatively calm closing fluctuations, with significant inflows into tech stocks and a collective surge in Chinese concept stocks, buoyed by a strong start in the Hong Kong market [1][3] - The S&P 500 index rose by 0.19% to 6858.47 points, the Nasdaq Composite fell by 0.03% to 23235.63 points, and the Dow Jones Industrial Average increased by 0.66% to 48382.39 points [1] Chinese Tech Stocks Performance - The Nasdaq China Golden Dragon Index surged by 4.38%, marking the largest single-day increase since May 12 of the previous year [3] - Notable Chinese tech stocks included Baidu, which rose by 15.03%, Alibaba up by 6.25%, Tencent ADR increasing by 5.23%, and Netease rising by 7.22% [3] AI Sector Developments - Investors are eagerly awaiting developments from DeepSeek, which recently published a paper on a new training method called "manifold constraint hyperconnection" (mHC), seen as a significant breakthrough [3] - This has led to speculation about the release of the next-generation flagship model from DeepSeek, reminiscent of past AI advancements [3] Performance of Major Tech Companies - Major tech companies had mixed performances, with Nvidia rising by 1.26% and Apple falling by 0.31%. Tesla experienced a decline for the seventh consecutive day [5] - The overall performance of tech giants was lackluster, with Microsoft down by 2.21% and Amazon down by 1.87% [5] Stock Movements in Various Sectors - Various thematic stocks saw significant trading activity, with Micron Technology up by 10.51% and Western Digital up by 8.96%, both reaching historical highs [6] - AI energy and storage concept stocks also performed well, with Bloom Energy rising by 13.58% and NuScale Power increasing by 15.17% [6] Electric Vehicle Market Update - Tesla reported Q4 delivery data that fell short of expectations, delivering 418,227 vehicles in the last quarter and losing its title as the global leader in electric vehicle sales to BYD, which sold 2.2567 million vehicles in 2025, a 27.86% increase from 2024 [7][8] Berkshire Hathaway Insights - Warren Buffett expressed confidence in Berkshire Hathaway's long-term prospects, suggesting a high likelihood of the company existing in a hundred years, with praise for his successor Greg Abel's capabilities [9] Retail Investor Performance - A report indicated that retail investors at Interactive Brokers achieved an average return of 19.2% in 2025, outperforming the S&P 500 index's return of 16.39% [9]