智通财经APP获悉，美银发布研报称，腾讯控股(00700)次季业绩表现胜于预期，其中收入同比增长加速 至15%，达1,850亿元人民币(较预期高3%)，各业务毛利率扩张，抵消人工智能带来的成本影响。经调 整后营运利润达同比增长18%，达690亿元人民币(较预期高4%)。该行将其目标价由631港元上调至690 港元，重申其"买入"评级。 该行对集团业务增长持正面看法，并将集团在2025年至2027年利润预测上调2%，踏入下半年，该行预 料广告业务保持高于行业的增长速度，FBS将进一步复苏，游戏收入将受到常青游戏的支撑，并有新游 戏的上升潜力，营运利润将继续增长。 ...

智通财经APP获悉，中银国际发布研报称，腾讯控股(00700)次季收入同比升15%至1,845亿元人民币， 毛利率达56.9%，以及经调整后营运利润同比升18%至692亿元人民币，均胜于预期。该行认为，公司逐 渐增加受惠于人工智能，展现其核心业务板块的持续平稳、高质量增长以及人工智能的逐步商业化，并 充分利用微信生态系统的各种整合使用场景，以及多样化人工智能产品和功能。该行表示，将其目标价 上调至705港元，其评级为"买入"。 ...

大摩认为，腾讯第二季业绩全面超出预期，反映出人工智能在所有业务线的成功部署。该行预测腾讯全 年资本支出970亿元人民币，今年以来已达470亿元人民币。考虑到第二季的供应链限制，总体进度基本 符合预期，但随着H20芯片在中国恢复销售，预计下半年资本支出将加速。展望第三季，大摩预计腾讯 收入及经调整经营利润将分别增长12%和14%，游戏增长将同比增长16%，有信心第三季广告将实现 20%的可持续增长。 智通财经APP获悉，摩根士丹利发布研报称，预计腾讯控股(00700)人工智能在其所有业务线的成功部署 将继续推动稳健的收入增长。随着收入及业务组合的向好转变，该行对其人工智能投资带来的利润率压 力不再担忧。因此上调目标价8%，由650港元升至700港元。维持"增持"评级。 ...

该行分别上调腾讯2025年第三季和2025年收入预测3%和1%，分别代表同比11.6%及12.6%的收入增长; 又上调腾讯2025年第三季度非国际财务报告准则净利润预测3%，但2025年预测保持不变，意味着2025 年第三季度和2025年分别为8%和12%的同比增长，以及34.5%与34%的净利润率。 智通财经APP获悉，大华继显发布研报称，腾讯控股(00700)今年第二季业绩超出预期，收入同比增长 14.5%至1,845亿元人民币，较该行及市场一致预期高3%。毛利率同比扩张3.6个百分点至56.9%，超出市 场预期。该行维持对腾讯"买入"评级，将目标价从650港元上调至736港元，意味着相当于2026年预测市 盈率22倍。 ...

该行分别上调腾讯2025年第三季和2025年收入预测3%和1%，分别代表同比11.6%及12.6%的收入增长; 又上调腾讯2025年第三季度非国际财务报告准则净利润预测3%，但2025年预测保持不变，意味着2025 年第三季度和2025年分别为8%和12%的同比增长，以及34.5%与34%的净利润率。 大华继显发布研报称，腾讯控股(00700)今年第二季业绩超出预期，收入同比增长14.5%至1,845亿元人民 币，较该行及市场一致预期高3%。毛利率同比扩张3.6个百分点至56.9%，超出市场预期。该行维持对 腾讯"买入"评级，将目标价从650港元上调至736港元，意味着相当于2026年预测市盈率22倍。 ...

Group 1 - Tencent's revenue for Q2 2025 increased by 15% year-on-year to 184.5 billion yuan, with net profit rising by 17% to 55.6 billion yuan [2] - Tencent Video's paid membership declined by 3 million to 114 million, showing a decrease both year-on-year and quarter-on-quarter [2] - The advertising revenue for Tencent Video is under significant pressure, with iQIYI's ad revenue dropping by 10.4% to 1.33 billion yuan in Q1 2024, and Mango TV's ad revenue decreasing by 2.7% to 3.438 billion yuan in 2024 [2] Group 2 - The rise of short videos is significantly impacting long video platforms, with short video users in China reaching 1.04 billion and a usage rate of 93.8% as of December 2024 [3] - Short videos are seen as more efficient in monetization, with new consumer brands preferring to invest in platforms like Douyin and Xiaohongshu rather than long video [3] - Tencent Video is adapting by launching over 20,000 vertical short dramas, which have gained significant traction with 3 billion views and 87 trending topics [3]

Core Viewpoint - Tencent's video segment is experiencing a significant decline in paid membership, which is impacting the overall performance of the company despite a strong revenue growth in other areas [2][3]. Group 1: Financial Performance - In Q2 2025, Tencent reported a revenue increase of 15% year-on-year, reaching 184.5 billion yuan, and a net profit increase of 17% to 55.6 billion yuan [2]. - The decline in Tencent Video's paid membership numbers, which fell by 3 million to 114 million, is a concerning trend for the company [2]. Group 2: Market Environment - The advertising revenue for Tencent Video is under pressure, with competitors like iQIYI and Mango TV also reporting declines in advertising income [2][3]. - iQIYI's advertising revenue dropped by 10.4% year-on-year to 1.33 billion yuan in Q1, while Mango TV's revenue decreased by 2.7% to 3.438 billion yuan in 2024 [2]. Group 3: Industry Trends - The rise of short video platforms is significantly affecting the long video market, with short video users in China reaching 1.04 billion and a usage rate of 93.8% [3]. - Short videos are seen as more efficient in monetization, leading brands to prefer advertising on platforms like Douyin and Xiaohongshu over long video platforms [3]. Group 4: Strategic Changes - Tencent Video is adapting to the changing landscape by launching over 20,000 vertical short dramas, which have gained significant traction with 3 billion views and 87 trending topics [3]. - Tencent's Vice President highlighted the need for the long video industry to adapt to new formats and the impact of AI on content production and consumption [3].

Group 1 - The Hang Seng Tech Index (HSTECH) decreased by 0.73% as of August 14, 2025, with mixed performance among constituent stocks [3] - Hua Hong Semiconductor (01347) led the gains with an increase of 3.76%, while Lenovo Group (00992) experienced the largest decline at 5.30% [3] - The Hang Seng Tech Index ETF (159742) fell by 0.26%, with a latest price of 0.76 yuan, and has seen a 1.33% increase over the past week [3] Group 2 - Tencent Holdings reported a 15% year-on-year revenue growth to 184.5 billion yuan in Q2, exceeding market expectations, with a net profit increase of 17% [4] - The gaming business showed strong recovery, with domestic game revenue up 17% and international game revenue up 35% [4] - AI-driven marketing services revenue grew by 20%, and Tencent's R&D investment increased by 17% [4] Group 3 - The Hang Seng Tech Index ETF reached a new high in scale at 2.563 billion yuan [4] - Over the past five trading days, there were three days of net inflows totaling 57.2 million yuan, with an average daily net inflow of 11.44 million yuan [4] - The latest financing buy-in amount for the Hang Seng Tech Index ETF was 17.1 million yuan, with a financing balance of 255 million yuan [4] Group 4 - The Hang Seng Tech Index ETF has seen a net value increase of 34.42% over the past three years [5] - The highest single-month return since inception was 33.70%, with an average monthly return of 7.44% [5] - The ETF's Sharpe ratio for the past year was 1.63, indicating strong risk-adjusted returns [5] Group 5 - The management fee for the Hang Seng Tech Index ETF is 0.50%, and the custody fee is 0.15% [6] - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.047% over the past three years [6] - The top ten weighted stocks in the Hang Seng Tech Index account for 69.1% of the index, including Tencent, Alibaba, and Xiaomi [6]

Core Viewpoint - The report from Credit Lyonnais indicates that Tencent Holdings (00700) exceeded expectations in its second-quarter performance, with revenue and adjusted operating profit growing by 15% and 19% year-on-year, surpassing forecasts by 4% and 8% respectively [1] Group 1: Financial Performance - Tencent's three core businesses—online gaming, advertising, and cloud services—each achieved approximately 20% revenue growth [1] - The adjusted net profit forecasts for 2025 and 2026 have been raised by 2% and 3% respectively [1] Group 2: Future Outlook - The upcoming launch of the mobile game "Valorant" within the month is viewed positively [1] - Continuous empowerment of various businesses through AI technology is expected to contribute to growth [1] Group 3: Target Price and Rating - The target price for Tencent has been increased from HKD 710 to HKD 740 [1] - The rating remains "highly confident to outperform the market" [1]

智通财经APP获悉，里昂发布研报称，腾讯控股(00700)次季业绩胜预期，收入及经调整经营利润同比增 长15%及19%，较预期高出4%及8%，三大核心业务线上游戏、广告及云服务收入均实现约20%增速。 里昂看好《Valorant》手游将于月内推出，以及AI技术持续赋能各项业务，将2025及2026年经调整净利 润预测上调2%及3%，目标价由710港元升至740港元，维持"高度确信跑赢大市"评级。 ...