Core Viewpoint - Tencent Holdings has been recognized as a core asset in the digital economy for 2026, showcasing its resilience and growth potential in the AI era through a stable organizational structure and robust cash flow generation capabilities [1][25]. Group 1: Organizational Governance and Ecosystem - Tencent maintains a stable governance model with low-frequency adjustments, ensuring long-term strategic execution [3]. - The management structure is clearly defined, with Ma Huateng as Chairman and CEO, and Liu Chiping as President, focusing on strategic execution and capital allocation [3]. - Tencent's ecosystem is characterized by a balanced revenue structure, with key segments including value-added services (49%), online advertising (18%), and fintech & enterprise services (32%) [5][11]. Group 2: Revenue and Growth Engines - The gaming business remains a core cash flow engine, with flagship products like "Honor of Kings" and "Peacekeeper Elite" sustaining stable revenue streams [6]. - Tencent's advertising revenue is projected to reach 121.4 billion yuan in 2024, driven by AI-enhanced efficiency in ad placements [16]. - The fintech and enterprise services segment is expected to generate 212 billion yuan in 2024, leveraging the social ecosystem for high-frequency engagement [12][11]. Group 3: Financial Strength - Tencent boasts a stable and high-quality free cash flow, providing a solid foundation for long-term growth and shareholder returns [22]. - The company has a strong profit margin and operational cash flow, enabling consistent dividend payments and stock buybacks [22]. - Strategic investments in companies like JD.com, Meituan, and Pinduoduo enhance ecosystem synergy and cash flow stability [22]. Group 4: AI Empowerment and Digital Infrastructure - Tencent's focus on AI applications across various business segments is expected to drive efficiency and revenue growth [15][21]. - The integration of AI in advertising, gaming, and enterprise services enhances user engagement and operational efficiency [18][21]. - Tencent's video platform, WeChat Channels, is evolving into a core commercial driver, leveraging its social ecosystem for enhanced user retention and monetization [19][25].

证券时报·数据宝统计，腾讯控股在港交所公告显示，1月13日以每股623.000港元至638.000港元的价格 回购101.20万股，回购金额达6.36亿港元。该股当日收盘价627.500港元，上涨0.72%，全天成交额 152.24亿港元。 （文章来源：证券时报网） 腾讯控股回购明细 | 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） | | --- | --- | --- | --- | --- | | 2026.01.13 | 101.20 | 638.000 | 623.000 | 63595.68 | | 2026.01.12 | 102.40 | 627.000 | 614.000 | 63568.82 | | 2026.01.09 | 103.90 | 616.000 | 610.500 | 63593.34 | | 2026.01.08 | 103.40 | 618.500 | 610.500 | 63561.63 | | 2026.01.07 | 102.30 | 628.000 | 615.500 | 63591.01 | | 2026.0 ...

格隆汇1月13日丨腾讯控股(00700.HK)发布公告，2026年1月13日耗资6.36亿港元回购101.2万股，回购价 格每股623-638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13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 ...

美银证券发布研报称，预计今年股价表现仍将分化，人工智能板块将再次跑赢大市，娱乐及旅游等虚拟 消费将继续优于实体电商，人工智能仍是业界最大增长亮点。但疲弱的宏观环境对消费支出（电商）及 企业支出（广告）构成压力，仍是拖累行业的因素。不过中国互联网股估值具备吸引力，为下行风险提 供缓冲，目前预测市盈率为18倍，低于十年平均的23倍、纳指100的26倍及"美股七巨头"的31倍。 百度集团-SW（09888）在人工智能领域具备吸引力，价值释放亦步入正轨。数字娱乐方面偏好线上游 戏，推荐哔哩哔哩-W（09626）及腾讯音乐-SW（01698）。细分行业中，看好京东健康（06618）及携 程集团-S（09961）。 选股方面，该行仍更偏好人工智能及线上游戏而非电商，腾讯控股（00700）仍是行业首选，兼具人工 智能应用推动增长、市场竞争格局稳定、股东回报优异以及估值吸引等多重优势。阿里巴巴（09988） 仍是中国人工智能领域的最佳投资标的，亦是中国电商股首选。 ...

选股方面，该行仍更偏好人工智能及线上游戏而非电商，腾讯控股(00700)仍是行业首选，兼具人工智 能应用推动增长、市场竞争格局稳定、股东回报优异以及估值吸引等多重优势。阿里巴巴(09988)仍是 中国人工智能领域的最佳投资标的，亦是中国电商股首选。 百度-SW(09888)在人工智能领域具备吸引力，价值释放亦步入正轨。数字娱乐方面偏好线上游戏，推荐 哔哩哔哩-W(09626)及腾讯音乐-SW(01698)。细分行业中，看好京东健康(06618)及携程-S(09961)。 美银证券发布研报称，预计今年股价表现仍将分化，人工智能板块将再次跑赢大市，娱乐及旅游等虚拟 消费将继续优于实体电商，人工智能仍是业界最大增长亮点。但疲弱的宏观环境对消费支出（电商）及 企业支出（广告）构成压力，仍是拖累行业的因素。不过中国互联网股估值具备吸引力，为下行风险提 供缓冲，目前预测市盈率为18倍，低于十年平均的23倍、纳指100的26倍及"美股七巨头"的31倍。 ...

百度-SW(09888)在人工智能领域具备吸引力，价值释放亦步入正轨。数字娱乐方面偏好线上游戏，推荐 哔哩哔哩-W(09626)及腾讯音乐-SW(01698)。细分行业中，看好京东健康(06618)及携程-S(09961)。 智通财经APP获悉，美银证券发布研报称，预计今年股价表现仍将分化，人工智能板块将再次跑赢大 市，娱乐及旅游等虚拟消费将继续优于实体电商，人工智能仍是业界最大增长亮点。但疲弱的宏观环境 对消费支出（电商）及企业支出（广告）构成压力，仍是拖累行业的因素。不过中国互联网股估值具备 吸引力，为下行风险提供缓冲，目前预测市盈率为18倍，低于十年平均的23倍、纳指100的26倍及"美股 七巨头"的31倍。 选股方面，该行仍更偏好人工智能及线上游戏而非电商，腾讯控股(00700)仍是行业首选，兼具人工智 能应用推动增长、市场竞争格局稳定、股东回报优异以及估值吸引等多重优势。阿里巴巴(09988)仍是 中国人工智能领域的最佳投资标的，亦是中国电商股首选。 ...

Group 1 - The core viewpoint of the report is that artificial intelligence will remain the primary theme in China's internet market through 2026, followed by the defensive entertainment sector and the rapidly growing tourism industry [1] - The report notes that the market has factored in recent consumer sentiment and monthly Gross Merchandise Volume (GMV) growth, with a year-on-year GMV increase of 7.5% in the third quarter of September, and expected growth of 4.9% and 1.5% in October and November respectively [1] - The report identifies Alibaba-W (09988) and Tencent Holdings (00700) as the top picks in the internet sector, followed by Baidu Group-SW (09888), Trip.com Group-S (09961), NetEase-S (09999), Kuaishou-W (01024), Tencent Music-SW (01698), JD Group-SW (09618), and Meituan-W (03690) [1] Group 2 - The focus in the fast e-commerce sector is shifting from low Average Order Value (AOV) orders to high AOV orders, as the latter offers better unit economics under healthy industry conditions [1] - Kuaishou's AI-generated model "K可灵" has launched several new products, and analysis indicates that its motion control feature has gained popularity in overseas markets since late December and into January, with expectations that Kuaishou's fourth-quarter performance will meet expectations [1]

Group 1 - The tightening of regulations and the introduction of e-commerce value-added tax are impacting the profitability of small and medium-sized merchants, which will exert pressure on the monetization capabilities and profit margins of e-commerce platforms [1] - Demand for AI cloud services remains strong, and with domestic chip supply gradually catching up and some high-end foreign chips being approved, supply constraints are expected to ease [1] - The competitive landscape in the fields of food delivery, instant retail, and AI chatbots remains intense, with companies investing in promotional expenses to capture market share and enhance new user penetration and adoption rates, potentially further pressuring profitability and profit margins [1] Group 2 - The overseas market is becoming a new focus for Robotaxi, AI applications, and internet data center construction [1] - The preferred companies in the industry include Tencent Holdings (00700), Alibaba (BABA.US), Trip.com (TCOM.US), NetEase (NTES.US), and Century Huatong (002602.SZ) [1]

该行又提到，外卖、即时零售及AI聊天机器人领域的竞争格局依然激烈，企业为争取市场份额，以及 提升新用户渗透率和采纳度而投入的推广开支，可能进一步对盈利能力及利润率造成压力。而海外市场 正成为Robotaxi、AI应用及互联网数据中心建设的新焦点。行业中，该行首选为腾讯控股(00700)、阿里 巴巴(BABA.US)、携程(TCOM.US)、网易(NTES.US)及世纪华通（002602）(002602.SZ)。 花旗发布研报称，监管收紧及电子商务增值税，亦影响了中小型商户的盈利能力，将对电商平台的变现 能力及利润率构成压力。同时，AI云服务需求依然强劲，而随着国内芯片供应逐步追赶以及部分高端 外国芯片获批，供应限制可望逐步缓解。 ...