11月21日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | 港元） | （港元） | （港元） | （万港元） | | 00700 | 腾讯控股 | 104.20 | 63586.24 | 614.500 | 606.500 | 6350778.60 | | 01810 | 小米集团-W | 800.00 | 30334.68 | 38.040 | 37.640 | 234839.15 | | 09987 | 百胜中国 | 15.93 | 5927.47 | 375.600 | 369.200 | 215918.29 | | 06186 | 中国飞鹤 | 1230.00 | 5140.41 | 4.200 | 4.140 | 73522.42 | | 01024 | 快手-W | 75.00 | 4777.14 | 64.250 | 63.050 | 227807.27 | | 00669 | 创科实业 | 50.00 ...

Tencent Holdings Research Summary Company Overview - **Company**: Tencent Holdings - **Sector**: Internet/e-Commerce - **Description**: Tencent is a leading provider of messaging services, value-added services, online games, advertising, and e-commerce in China. The social app Weixin has over 1 billion domestic accounts, and Tencent also offers enterprise services like Cloud and IT solutions [11][12]. Key Financial Metrics - **3Q25 Net Income**: Adjusted net income was RMB 70.6 billion, up 18% YoY, exceeding consensus by 7% [16]. - **Revenue**: 3Q25 revenue reached RMB 192.9 billion, a 15% YoY increase [16]. - **Capex**: 3Q25 capital expenditure was RMB 13 billion, below consensus due to chip availability issues [1]. - **2025E Revenue**: Expected to be RMB 750 billion, with a gross profit of RMB 423 billion [15]. Investment Rating and Price Objective - **Rating**: BUY - **Price Objective**: HKD 780, based on a sum-of-the-parts (SOTP) valuation [3][17]. Growth Drivers - **AI Strategy**: Tencent is focusing on AI applications, integrating AI-supported use cases into Weixin. The company is expected to prioritize internal chip use over external sales due to supply constraints [1]. - **Gaming Segment**: Anticipated growth from titles like Delta Force, Valorant Mobile, and Honor of Kings (HoK) [2]. - **Advertising Revenue**: Growth expected from Video Account and Weixin search ads, which have higher gross margins [2]. Financial Projections - **2025E Non-IFRS Diluted EPS**: Expected to be RMB 28.13, reflecting a 18.8% YoY increase [4][15]. - **2026E Revenue**: Projected to reach RMB 821 billion, with a gross profit margin of 57% [15]. - **Free Cash Flow**: Expected to be RMB 145.9 billion in 2025 [9]. Risks and Challenges - **Competition**: Intensifying competition in the gaming and advertising sectors [3]. - **Regulatory Uncertainty**: Potential regulatory challenges in fintech and gaming [18]. - **Macroeconomic Factors**: A weaker macro environment could impact advertising and fintech revenues [18]. Additional Insights - **Market Position**: Tencent maintains a strong market leadership position across various segments, with significant growth potential in monetization through Weixin [12]. - **AI and E-commerce Potential**: The company has substantial upside potential from AI applications and e-commerce growth [12]. - **Debt Management**: Net debt is projected to decrease significantly by 2027, indicating improved financial health [9]. Conclusion Tencent Holdings is positioned for continued growth driven by its strong market presence, innovative AI strategies, and robust gaming and advertising segments. However, investors should remain cautious of competitive pressures and regulatory risks that could impact future performance.

Core Viewpoint - Growth investors seek stocks with above-average financial growth, but identifying stocks that can fulfill their potential is challenging due to associated risks and volatility [1] Group 1: Growth Stock Identification - The Zacks Growth Style Score system helps identify promising growth stocks by analyzing real growth prospects beyond traditional metrics [2] - Tencent Holding Ltd. is highlighted as a recommended growth stock with a favorable Growth Score and a top Zacks Rank [2] Group 2: Earnings Growth - Earnings growth is crucial for attracting investor attention, with double-digit growth preferred as an indicator of strong prospects [3] - Tencent's historical EPS growth rate is 18.3%, with projected growth for this year at 20.2%, surpassing the industry average of 13.4% [4] Group 3: Cash Flow Growth - High cash flow growth is essential for growth-oriented companies, enabling them to fund new projects without external financing [5] - Tencent's year-over-year cash flow growth is 30.1%, significantly higher than the industry average of -7.3% [5] - The company's annualized cash flow growth rate over the past 3-5 years is 14.1%, compared to the industry average of 11.9% [6] Group 4: Earnings Estimate Revisions - Positive trends in earnings estimate revisions correlate strongly with near-term stock price movements [7] - Tencent has seen a 28.8% increase in current-year earnings estimates over the past month [7] Group 5: Overall Assessment - Tencent has achieved a Growth Score of B and a Zacks Rank 1 due to positive earnings estimate revisions, indicating potential outperformance and suitability for growth investors [9]

Core Insights - Ubisoft has completed a strategic investment from Tencent, securing €1.16 billion for its subsidiary Vantage Studios, which is valued at a pre-money enterprise value of €3.8 billion, marking a significant milestone in Ubisoft's transformation [1][5]. Group Structure and Leadership - Vantage Studios, operational since October 1, 2025, is focused on autonomy, player centricity, and aims to accelerate the growth of Ubisoft's largest franchises, including Assassin's Creed, Far Cry, and Rainbow Six [2][5]. - The studio is led by co-CEOs Charlie Guillemot and Christophe Derennes, supported by a dedicated leadership team and an advisory committee [2]. Financial Implications - The investment will help deleverage Ubisoft's consolidated non-IFRS net debt and provide financial flexibility for strategic transformations and selected investments across the group [3][5]. - Tencent now holds a 26.32% economic interest in Vantage Studios, which remains under Ubisoft's control [4]. Shareholders' Agreement - The Shareholders' Agreement includes minority protection rights for Tencent, a five-year lock-up on Vantage Studios' securities, and stipulations ensuring Ubisoft maintains majority voting rights for at least two years [6]. - In the event of a change of control of Ubisoft, there are provisions for call and put options regarding Tencent's interest in Vantage Studios, with specific pricing mechanisms based on fair market value [7].

11月21日恒生指数下跌2.38%，南向资金全天合计成交金额为1181.47亿港元，其中，买入成交591.26亿 港元，卖出成交590.21亿港元，合计净买入金额1.05亿港元。具体来看，港股通（深）累计成交金额 457.15亿港元，买入成交226.61亿港元，卖出成交230.54亿港元，合计净卖出金额3.93亿港元；港股通 （沪）累计成交金额724.32亿港元，买入成交364.65亿港元，卖出成交359.67亿港元，合计净买入金额 4.98亿港元。 （文章来源：证券时报网） | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 00700 | 腾讯控股 | 605317.89 | 173605.70 | -1.77 | | 01810 | 小米集团-W | 766459.86 | 126775.46 | 1.01 | | 09988 | 阿里巴巴-W | 1346438.63 | 115764.66 | -4.65 | | 01024 | 快手-W | 66256.06 | 23647.11 | - ...

这已是财付通小贷自2020年以来的第六次增资，将它的行业资本排名推至第二，仅次于字节跳动旗下中融小贷的190亿 元。 智通财经记者 | 何柳颖 11月20日，深圳市财付通网络金融小额贷款有限公司（下称"财付通小贷"）获批将注册资本增长至150亿元。 截至目前，字节系中融小贷、腾讯系财付通小贷、平安系金联云通小贷注册资本均已达百亿元规模，成为小贷市场的头 号玩家。大厂竞逐的同时，多个中小型玩家也都在增强自身的资本实力，为后续业务拓展备好"子弹"。而另一边，行业 出清亦在进行中，马太效应预计加剧。 财付通小贷增资密集 11月20日，深圳市地方金融管理局发布《关于同意深圳市财付通网络金融小额贷款有限公司增加注册资本的函》。 批复文件显示，同意财付通小贷注册资本从人民币105.263158亿元增加至人民币150亿元，新增注册资本人民币 44.736842亿元，其中深圳市腾讯网域计算机网络有限公司以货币形式出资人民币42.5亿元、深圳市腾讯计算机系统有限 公司以货币形式出资人民币2.236842亿元。 增资后，财付通小贷各股东持股金额及比例为：深圳市腾讯网域计算机网络有限公司出资142.5亿元，持股比例为 95%；深圳 ...

(本文来自第一财经) 南向资金净买入1.05亿港元，腾讯控股、小米集团-W、阿里巴巴-W净买入额位列前三，分别获净买入 17.36亿港元、12.68亿港元、11.58亿港元。净卖出方面，盈富基金、华虹半导体、赣锋锂业分别遭净卖 出51.43亿港元、3.37亿港元、1.91亿港元。 ...

智通财经APP讯，腾讯控股(00700)发布公告，于2025年11月21日斥资6.36亿港元回购104.2万股股份。 ...

格隆汇11月21日丨腾讯控股(00700.HK)发布公告，2025年11月21日耗资6.36亿港元回购104.2万股，回购 价格每股606.5-614.5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： 2025年11月21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） ...