Investment Rating - The report maintains a positive outlook on Tencent, expecting robust performance with significant year-on-year growth in total revenue and adjusted EBIT for Q4 2025 [5]. Core Insights - Tencent's gaming business is projected to continue its strong momentum, driven by evergreen games and the new hit game "Delta Operation" [5][6]. - Despite a weak macro environment, the advertising business is expected to grow year-on-year, supported by advancements in advertising technology and increased transactions [5][7]. - Tencent is anticipated to maintain double-digit growth in both gaming and advertising sectors in 2026, bolstered by its leading AI application plans [5]. Summary by Relevant Sections Gaming Business - Tencent's Q4 2025 gaming revenue is expected to show year-on-year growth, with both domestic and international revenues contributing positively [6]. - Domestic growth is fueled by strong performances from long-standing games like "Honor of Kings" and "League of Legends: Wild Rift," along with the new game "Delta Operation" [6]. - International revenue benefits from strong deferred income and the performance of established titles, as well as new releases [6]. Advertising Business - The online advertising revenue for Q4 2025 is projected to grow year-on-year, driven by improvements in advertising technology and increased traffic from video accounts [7]. - The WeChat ecosystem is showing operational momentum, with active merchant numbers and GMV both increasing year-on-year [7]. Enterprise Services - Revenue from Tencent's Financial Technology and Enterprise Services (FBS) is likely to grow year-on-year in Q4 2025, with cloud and SaaS business growth offsetting slower payment business growth due to macroeconomic conditions [8]. - The acceleration in enterprise services revenue is attributed to increased penetration of small stores and enhanced monetization of SaaS offerings [8]. Catalysts - Key catalysts for growth include the normalization of game license approvals, expansion of overseas gaming, and increased advertising revenue from video accounts and large language models [9].

Group 1: Investment Trends - Net purchases included Tencent Holdings at 2.231 billion, Alibaba-W at 1.171 billion, and Xiaomi Group-W at 0.765 billion [1] - Southbound funds have continuously net bought Xiaomi for 5 days, totaling 2.92981 billion HKD, and Tencent for 3 days, totaling 5.49 billion HKD [4] - Net sales included SMIC at 0.706 billion and Hua Hong Semiconductor at 0.235 billion [1] Group 2: Company Developments - Tencent Holdings announced the optimization of its red envelope sharing mechanism, now referred to as "password red envelope" [5] - Alibaba has open-sourced a new efficient hybrid expert model, Qwen3-Coder-Next, with a total of 80 billion parameters [5] - China Mobile expects net profit to be under pressure due to an increase in value-added tax rates, focusing on operational efficiency and transitioning to AI and cloud services [5] Group 3: Corporate Expansion - Pop Mart announced London as its European headquarters and plans to open 7 new stores in the UK, creating over 150 jobs [6] - Junda Co. has initiated a placement to fund research and production of space photovoltaic battery products and investments in commercial aerospace [6]

南向资金净买入133.73亿港元，腾讯控股、阿里巴巴-W、南方恒生科技净买入额位列前三，分别获净 买入22.31亿港元、11.71亿港元、11.23亿港元。净卖出方面，中芯国际遭净卖出7.07亿港元、华虹半导 体遭净卖出2.36亿港元。 ...

Group 1 - The core viewpoint of the report is that Tencent Holdings (00700) is expected to maintain double-digit growth in its gaming business and approximately 20% growth in its advertising business by 2026, reaffirming the company's "highly confident in outperforming the market" rating [1] - The report anticipates that Tencent's performance in the fourth quarter of the previous year will be stable, with total revenue expected to increase by 13.5% year-on-year to 195.7 billion RMB, and adjusted EBIT projected to rise by 20.6% to 71.8 billion RMB [1] - The firm believes that the online gaming business may provide surprises for the company [1]

Group 1 - The core viewpoint of the report is that Tencent Holdings (00700) is expected to maintain double-digit growth in its gaming business and approximately 20% growth in its advertising business by 2026, reaffirming a "highly confident outperform" rating [1] - The report anticipates that Tencent's performance in the fourth quarter of last year will be stable, with total revenue expected to increase by 13.5% year-on-year to 195.7 billion RMB, and adjusted EBIT projected to rise by 20.6% to 71.8 billion RMB [1] - The firm believes that the online gaming business may bring surprises to the company [1]

腾讯控股跌超3%；微信此前公告，对元宝的违规链接进行处置，限制其在微信内直接打开。 (本文来自第一财经) 腾讯控股跌超3%；微信此前公告，对元宝的违规链接进行处置，限制其在微信内直接打开。 (本文来自第一财经) ...

消息面上，微信派今早发布公告称，收到用户针对元宝的反馈和投诉，其相关春节营销活动存在通 过"做任务""领红包"等方式诱导用户高频分享链接到微信群等场景，干扰平台生态秩序、影响用户体 验、对用户造成骚扰。经研判，对元宝的违规链接进行处置，限制其在微信内直接打开。相关处置措施 即日生效。此前，腾讯旗下AI平台元宝宣布在2月1日开启新春活动，分10亿现金红包。马化腾曾表示 希望重现当年微信红包的盛况。 值得关注的是，日前市场有传言称金融业及互联网增值服务（如游戏内购、广告）因利润率高、税负 轻，可能成为下一个税率调整目标，并类比白酒税率，该消息引发腾讯等互联网公司股价集体下挫。华 创证券认为，上述传闻属于过度推演，并没有切实的依据。同时，互联网企业加税或直接传导至C端消 费者，这与目前促进消费的大方针相悖，逻辑不可外推。 腾讯控股(00700)跌幅扩大逾3%，截至发稿，跌3.1%，报563港元，成交额120.36亿港元。 ...

智通财经APP获悉，腾讯控股(00700)跌幅扩大逾3%，截至发稿，跌3.1%，报563港元，成交额120.36亿 港元。 消息面上，微信派今早发布公告称，收到用户针对元宝的反馈和投诉，其相关春节营销活动存在通 过"做任务""领红包"等方式诱导用户高频分享链接到微信群等场景，干扰平台生态秩序、影响用户体 验、对用户造成骚扰。经研判，对元宝的违规链接进行处置，限制其在微信内直接打开。相关处置措施 即日生效。此前，腾讯旗下AI平台元宝宣布在2月1日开启新春活动，分10亿现金红包。马化腾曾表示 希望重现当年微信红包的盛况。 值得关注的是，日前市场有传言称金融业及互联网增值服务（如游戏内购、广告）因利润率高、税负 轻，可能成为下一个税率调整目标，并类比白酒税率，该消息引发腾讯等互联网公司股价集体下挫。华 创证券认为，上述传闻属于过度推演，并没有切实的依据。同时，互联网企业加税或直接传导至C端消 费者，这与目前促进消费的大方针相悖，逻辑不可外推。 ...

港股明星科网股连日走低，BOSS直聘(02076.HK)跌超3%，携程集团-S(09961.HK)跌超2%，哔哩哔哩 (09626.HK)、腾讯控股(00700.HK)、快手(01024.HK)、美团(03690.HK)、百度(09888.HK)、阿里巴巴 (09988.HK)等个股跟跌。 本文源自：金融界AI电报 ...

Group 1 - The Hong Kong stock market's technology sector is experiencing a downturn, with the Hang Seng Technology ETF (520980) declining by 0.45% for the fourth consecutive day, despite a significant increase in trading volume to nearly 600 million HKD [1] - The Hang Seng Technology ETF (513260) saw a drop of 0.43%, reaching a year-to-date low, but managed to attract over 51 million HKD in inflows over the past two days, with its latest financing balance exceeding 140 million HKD and total fund size surpassing 7.2 billion HKD [3] - There are rumors regarding potential increases in VAT rates for the gaming and financial sectors, which have been deemed unsubstantiated by experts, indicating that the current VAT rates for these industries are stable and will not change significantly [5] Group 2 - Major technology stocks in Hong Kong mostly closed lower, with Kuaishou down over 4%, Tencent and SMIC down over 2%, while Huahong Semiconductor rose over 4% [6] - The Hang Seng Technology Index includes major companies like JD.com, Baidu, and NetEase, providing a comprehensive representation of top-tier technology assets in China [14] - Analysts suggest that the recent nomination of the Federal Reserve Chair may lead to increased volatility in the Hong Kong stock market, particularly affecting sectors that previously performed well [8][9]