Core Insights - Tencent Cloud is focusing on two main strategic directions: "intelligentization" and "globalization," with AI empowerment for customers and international business as key priorities [1][2] Intelligentization Engine - The intelligentization engine is divided into two main aspects: accelerating AI application scenarios and enhancing intelligent agent deployment [3][4] - For C-end applications, the daily active users (DAU) of Yuanbao have entered the top three among domestic AI native applications, while the QQ browser's AI monthly active users have increased by 17.8 times since April [4] - For B-end applications, the user base for Tencent Meeting's AI features has grown by 150% year-on-year, and the AI programming tool CodeBuddy supports 50% of Tencent's new code generation, improving development efficiency by over 16% [4][5] Globalization Engine - Tencent Cloud's international business has achieved high double-digit growth over the past year, with the number of overseas customers doubling [2][6] - The company plans to upgrade its international strategy in three areas: infrastructure, technology, and services. It has established 11 regional offices and 9 global technical support centers [2][6] - Over 90% of internet companies and 95% of leading gaming companies going abroad have chosen Tencent Cloud [2][6] Multi-modal and 3D Model Progress - Tencent Cloud has launched the mixed Yuan 3D 3.0 model, which has tripled modeling accuracy compared to the previous version [7] - The company introduced a one-stop tool, Mixed Yuan 3D Studio, for professional 3D producers, covering seven core processes applicable in game development, animation production, and industrial design [7] - The production efficiency of 3D assets has significantly improved, reducing the generation cycle from 5-7 days to just a few minutes using the Mixed Yuan 3D AI production pipeline [7]

Company Updates - Tencent held the 2025 Global Digital Ecosystem Conference on September 16, announcing advancements in AI technologies and products, and committing to fully open its AI capabilities to accelerate the implementation of "usable AI" [1] - The latest release of the mixed Yuan 3D 3.0 model has improved modeling accuracy by three times, supporting ultra-high-definition modeling with 3.6 billion voxels, applicable in gaming, animation, and industrial design [1] - Tencent is adapting to domestic chips and integrating various types of chips through a heterogeneous computing platform, aiming to provide cost-effective AI computing services [1] Industry Insights - Tencent's B/C-end applications are expanding, with its Yuanbao app ranking in the top three for daily active users among domestic AI-native applications, and the IMA knowledge base surpassing 100 million files [2] - The user base for AI features in Tencent Meeting has increased by 150% over the past year, while the AI programming tool CodeBuddy supports 50% of new code generation internally, reducing coding time by 40% and improving development efficiency by over 16% [2] - Tencent Cloud's AI Agent development platform has been upgraded to version 3.0, supporting multiple intelligent agent development frameworks, which enhances Tencent's own agent development and strengthens its ecosystem partnerships [2] Profit Forecast and Valuation - The company maintains its revenue and profit forecasts for 2025/2026, with a target price of HKD 700, corresponding to 23x/20x 2025e/2026e Non-IFRS P/E, indicating an 8.5% upside potential from the current stock price [2]

| 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.09.18 | 84.80 | 664.000 | 636.000 | 55033.11 | | 2025.09.17 | 83.90 | 663.500 | 645.500 | 55088.19 | | 2025.09.16 | 85.30 | 649.000 | 641.000 | 55057.88 | | 2025.09.15 | 85.60 | 648.000 | 637.500 | 55088.04 | | 2025.09.12 | 85.20 | 649.000 | 642.000 | 55043.65 | | 2025.09.11 | 87.40 | 633.000 | 624.000 | 55048.01 | | 2025.09.10 | 86.60 | 638.500 | 628.500 | 55042.11 | | 2025.09.09 | 88.30 | 627.500 | ...

转自：证券时报 人民财讯9月18日电，腾讯控股(0700.HK)9月18日公告，公司于2025年9月18日在香港联交所进行了股份 回购，购回股份数量为84.8万股，每股购回价格范围在636至664港元之间，合计支付总价款为5.5亿港 元。本次回购股份将用于注销。 ...

格隆汇9月18日丨腾讯控股(00700.HK)发布公告，2025年9月18日耗资5.5亿港元回购84.8万股，回购价格 每股636-664港元。 ...

Core Viewpoint - Tencent Holdings announced a share buyback plan, spending approximately HKD 550 million to repurchase 848,000 shares on September 18, 2025 [1] Company Summary - Tencent Holdings will utilize around HKD 550 million for the repurchase of shares [1] - The company plans to buy back a total of 848,000 shares [1]

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： 2025年9月18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 | | 庫存股份變動 | | | | | ...

Core Viewpoint - Goldman Sachs expresses increased confidence in Tencent Holdings' (00700) outlook, believing that Tencent's investments are deepening its competitive moat, and with its unique WeChat ecosystem and global gaming assets, it could become one of the most benefitted companies in the Chinese internet sector from AI application developments, assigning a "Buy" rating with a target price of HKD 701 [1] Group 1 - Tencent recently held the 2025 Tencent Global Digital Ecosystem Summit in Shenzhen, where management emphasized that efficiency improvements driven by intelligence and scale expansion driven by globalization are the two main growth engines for Tencent Cloud and its ecosystem partners [1] - Over the past year, Tencent has iterated its foundational models, releasing more than 30 mixed models, and anticipates that AI applications in gaming, marketing services, native applications, and internal productivity enhancements could drive geometric business growth [1] - Management indicated that Tencent Cloud will strengthen its expansion in overseas markets, with an average annual compound growth rate of high double digits in overseas market revenue over the past three years, and the number of international clients has doubled year-on-year [1]

Core Viewpoint - Goldman Sachs expresses increased confidence in Tencent Holdings' (00700) prospects, highlighting its deepening competitive moat through investments and its unique WeChat ecosystem, positioning it as one of the companies in the Chinese internet sector most likely to benefit from AI application development, assigning a "Buy" rating with a target price of HKD 701 [1] Group 1 - Tencent recently held the 2025 Tencent Global Digital Ecosystem Summit in Shenzhen, where management emphasized that efficiency improvements driven by intelligence and scale expansion driven by globalization are the two main growth engines for Tencent Cloud and its ecosystem partners [1] - Over the past year, Tencent has iterated its foundational models, releasing more than 30 mixed models, and anticipates that AI applications in gaming, marketing services, native applications, and internal productivity enhancements could drive geometric business growth [1] - Tencent Cloud plans to strengthen its expansion in overseas markets, with a compound annual growth rate of high double digits in overseas market revenue over the past three years, and the number of international customers has doubled year-on-year [1]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of HKD 705.0, indicating a potential upside of 6.6% from the current price of HKD 661.50 [3]. Core Insights - Tencent Cloud is focusing on two strategic directions: "intelligentization" and "globalization," with AI-enabled customer solutions and international business growth as key priorities [1][8]. - The company has accelerated the deployment of AI applications across both consumer (C-end) and business (B-end) sectors, showcasing significant growth in user engagement and application usage [7][10]. - Tencent Cloud's international business has seen high double-digit growth over the past year, with the number of overseas customers doubling, positioning it as a preferred choice for over 90% of internet companies and 95% of leading gaming companies going global [1][20]. Financial Summary - For FY23A, Tencent's revenue is reported at RMB 609,015 million, with an adjusted net profit of RMB 157,688 million. Projections for FY24A and FY25E show revenues of RMB 660,257 million and RMB 736,804 million, respectively, with adjusted net profits of RMB 222,703 million and RMB 252,172.5 million [2][27]. - The adjusted earnings per share (EPS) for FY24A is projected at RMB 23.96, increasing to RMB 27.17 in FY25E, reflecting a positive growth trajectory [2][27]. Strategic Developments - Tencent Cloud has launched a comprehensive AI application matrix, with over a hundred applications upgraded to include AI capabilities, enhancing user experience across platforms like WeChat and Tencent Meeting [8][10]. - The company has introduced the "Agent Runtime" solution to support intelligent agents, significantly improving deployment speed and operational efficiency [13][18]. - Tencent Cloud's mixed 3D model has improved modeling accuracy by three times compared to previous versions, facilitating faster production cycles for 3D assets [22][23].