智通财经APP获悉，7月17日港股市场，北水成交净买入18.55亿港元，其中港股通(沪)成交净买入16.68 亿港元，港股通(深)成交净买入1.87亿港元。 北水净买入最多的个股是美团-W(03690)、建设银行(00939)、小米集团-W(01810)。北水净卖出最多的 个股是腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | 22.07 乙 | 16.01亿 | 38.09亿 | | HK 01810 | | | +6.06亿 | | 国泰君安 ... | 19.49 亿 | 18.05亿 | 37.54 Z | | HK 01788 | | | +1.45 乙 | | 阿里巴巴-W | 17.28 乙 | 16.98亿 | 34.26 乙 | | HK 09988 | | | +3017.40万 | | 泡泡玛特 | 8.42 亿 | 13.20 亿 | 21.62亿 | | HK 09992 | | | -4.78 Z- | | 理想汽车-W | 8.96亿 | 11.00亿 ...

Summary of Conference Call Transcript Company Overview - The conference call pertains to Tencent, a leading technology and entertainment company in China, focusing on its financial performance and strategic initiatives, particularly in AI and gaming sectors. Key Financial Highlights - Total revenue for Q1 2025 was 180 billion RMB, representing a 13% year-on-year increase [2] - Gross profit reached 100 billion RMB, up 20% year-on-year [2] - Non-IFRS operating profit was 69 billion RMB, an 18% increase year-on-year [2] - Non-IFRS net profit attributable to equity holders was 61 billion RMB, up 22% year-on-year [2] - Operating profit was 57.6 billion RMB, a 10% increase year-on-year [9] - Overall gross margin improved to 56%, up three percentage points year-on-year [10] Business Segments Performance Communication and Social Network - Combined Monthly Active Users (MAU) of Vision and WeChat grew to 1.4 billion [2] - Social network revenue was 33 billion RMB, up 7% year-on-year [4] - Marketing services revenue increased by 20% year-on-year to 32 billion RMB [7] Digital Content and Gaming - Domestic games revenue grew by 24% year-on-year, driven by flagship games like Honor of Kings and Peacekeeper Elite [4] - International games revenue increased by 23% year-on-year, with titles like Brawl Stars and PUBG Mobile contributing significantly [5] - Delta Force became the highest-ranked mobile game by Daily Active Users (DAU) released in China in the last three years [6] FinTech and Business Services - FinTech and business services revenue was 55 billion RMB, up 5% year-on-year [8] - AI-related revenue within Tencent Cloud grew quickly year-on-year, driven by increased customer demand for GPUs and APIs [8] Strategic Initiatives - Tencent is investing heavily in AI capabilities, with a focus on applications like Yuanbao and AI in vision [1] - The company believes that operating leverage from existing revenue streams will help absorb costs associated with AI investments [1] - AI investments are expected to create long-term value for users and shareholders [2] AI Integration and User Engagement - The integration of AI features within Weixin is underway, enhancing user interaction and content discovery [5] - Initial use cases for Yuanbao show users engaging with the AI for questions and content analysis [15] - The company is exploring generative AI for content-driven games, aiming to enhance user engagement and monetization [21] Market Dynamics and Future Outlook - The gaming segment is expected to see continued growth, driven by the popularity of first-person action games and the integration of AI [18] - Regulatory changes in app store economics are anticipated to benefit digital content creators, including Tencent [19] - The company is cautiously optimistic about the macroeconomic environment, with improvements in credit quality for consumer loans observed [22] Conclusion - Tencent's strong financial performance in Q1 2025 reflects its strategic focus on AI and gaming, with significant investments aimed at enhancing user engagement and long-term growth potential. The company is well-positioned to capitalize on emerging trends in the digital landscape while navigating regulatory changes and market dynamics.

Group 1 - The core viewpoint is that artificial intelligence is significantly benefiting Chinese platforms such as Tencent Holdings (00700.HK) [1] Group 2 - NVIDIA's CEO Jensen Huang emphasizes the transformative impact of AI on various industries, including technology and finance [1] - The integration of AI technologies is expected to enhance operational efficiencies and drive innovation within these platforms [1] - Huang highlights the potential for AI to create new revenue streams and improve user engagement for companies like Tencent [1]

Investment Rating - The investment rating for Tencent Holdings is "Outperform the Market" (maintained) [2][6][23] Core Views - Tencent is expected to achieve a revenue growth of 12% and an adjusted net profit growth of 13% in Q2 2025. The network advertising revenue is projected to grow by 18%, while the gaming business, particularly evergreen games, is performing well [4][7][16] - The financial technology and enterprise services segment is expected to see a slight acceleration in revenue growth, projected at 8% year-on-year [5][17] - The company is well-positioned for long-term growth, particularly in areas like WeChat e-commerce and AI-driven services, which are not fully reflected in current profit forecasts [6][23] Summary by Sections Financial Performance Expectations - For Q2 2025, Tencent's total revenue is expected to reach 1801 billion, reflecting a 12% year-on-year increase. The adjusted net profit is anticipated to be 645 billion, also a 13% increase [7][10] - The gaming segment is projected to generate 560 billion in revenue, a 15% increase year-on-year, with domestic game revenue expected to grow by 16% [4][13] - The advertising revenue is forecasted to be 352 billion, marking an 18% increase year-on-year, driven by AI enhancements and inventory release [4][16] Business Segment Insights - The gaming business is showing strong performance, with established games maintaining growth and new titles like "Delta Force" achieving success in overseas markets [4][13] - The financial technology and enterprise services segment is expected to generate 545 billion in revenue, with a focus on payment services linked to offline consumption [5][17] Long-term Growth Potential - The report highlights Tencent's natural advantages in user engagement and scenarios, positioning it as a leading player in the AI era. The adjusted net profit forecasts for 2025-2027 are 2585 billion, 2896 billion, and 3218 billion respectively, with a 2% upward revision for each year [6][23]

港股科网股午后持续走高，阿里巴巴涨超6.8%，美团、快手均涨近4%，腾讯控股、百度均涨超3%。 ...

Group 1 - Hong Kong tech stocks showed strong performance in the afternoon session, with Bilibili (09626.HK) rising over 7% [1] - Alibaba (09988.HK) increased by more than 6.8% [1] - Tencent Music (01698.HK) saw a rise of over 5% [1] Group 2 - Meituan (03690.HK) and Kuaishou (01024.HK) both experienced nearly 4% gains [1] - Tencent Holdings (00700.HK), JD Health (06618.HK), and Baidu (09888.HK) all rose by more than 3% [1]

Investment Rating - The report maintains an "Overweight" rating for Tencent Holdings Ltd. and reiterates it as a "Top Pick" with a price target raised to HK$650.00 from HK$630.00, reflecting a 31% upside potential from the current price of HK$496.60 [6][8][24]. Core Insights - The report anticipates solid revenue growth of 11% and non-IFRS operating profit (OP) growth of 14% for 2Q25, driven by strong performance in online games and advertising sectors, while also noting a slight recovery in FinTech and Business Services (FBS) [1][2][4]. - Online games are expected to grow by 16% in 2Q25, with international game growth outpacing domestic growth, supported by strong grossing receipts from previous quarters [2]. - Advertising revenue is projected to grow by 18% year-over-year, bolstered by AI-driven ad technology improvements and enhanced user engagement through Weixin Search [3]. - FBS is expected to see a 6.5% year-over-year increase, with solid business service growth of 15% and gradual expansion in international cloud services [4]. - The report highlights a narrowing leverage between revenue and operating profit growth due to increased AI-related costs, while gross profit is expected to reach Rmb98 billion, up 15% year-over-year [5]. Summary by Sections Revenue and Profit Estimates - Total revenues for 2Q25 are estimated at Rmb179.018 billion, reflecting an 11.1% year-over-year increase, with gross profit expected at Rmb98.314 billion, a 14.5% increase [12]. - Non-IFRS operating profit is projected at Rmb66.580 billion, up 13.9% year-over-year, with an operating margin of 37.2% [12]. Financial Projections - For the fiscal year ending December 2025, revenue is estimated at Rmb732.526 billion, with a projected net profit of Rmb207.054 billion [8][40]. - The report also provides a detailed breakdown of expected earnings per share (EPS) growth, projecting Rmb22.11 for 2025 and Rmb26.29 for 2026 [8]. Valuation and Price Target - The price target of HK$650 is derived from a sum-of-the-parts valuation, including a DCF value of HK$569 per share for core businesses and HK$81 per share for associate investments, applying a 30% discount to the investment value [20][24].

Core Insights - The report from Qimai Data reveals the top mobile games in terms of downloads and revenue for June 2025, highlighting the dominance of Tencent's titles in both categories [1][7]. Download Rankings - Tencent's "Delta Action" continues to hold the top position, while "King of Glory" ranks third. "Brawling Chef," developed by Friendship Time, has made a strong entry at second place [1][5]. - A total of eight new games entered the download rankings, with "Brawling Chef" achieving over 8 million pre-registrations before its launch [5][12]. - The most represented genres in the download rankings are action and adventure games, each with seven entries, followed by role-playing games with six [7][13]. Revenue Rankings - In the revenue rankings, Tencent's "King of Glory" and "Peace Elite" occupy the first and second positions, respectively, while "Endless Winter" from Didi Interactive ranks third [1][9]. - Eight new games entered the revenue rankings, with "Three Kingdoms: Strategize" and "Endless Winter" being notable newcomers [11]. - Tencent has a significant presence in the revenue rankings, with 11 titles listed, while NetEase has five [13].

研究员：林起贤/袁伟嘉/夏嘉励 事件： 机构：申万宏源研究 我们预计腾讯25Q2 实现营业收入1783 亿元，同比增长11%；调整后归母净利润602 亿元，同比增长 5%。 投资要点： 游戏递延释放，仍延续健康增长。我们预计腾讯25Q2 网络游戏收入同比增长14%，其中国内海外均实 现双位数增长。24Q2/Q3 上线的《DNFM》《三角洲行动》仍在贡献增量，其中《三角洲行动》带 动"搜打撤"进一步破圈，4 月DAU 超1200 万（全行业近3 年新游平均DAU 的最高水平）。25 年下半年 重点管线关注《异人之下》《荒野起源》《无畏契约手游》等（上述均有版号）。 广告保持相对增速优势。我们预计腾讯25Q2 广告收入同比增长17%。视频号和搜一搜驱动，AI 赋能广 告平台和微信生态的效果继续体现。我们认为视频号广告收入仍将保持较快增长（加载率、填充率、时 长增长共同作用）；此外搜一搜广告起量，商业化程度仍然较低，有望成为视频号之后广告新的增长驱 动。 金融科技受宏观影响，企业服务延续增长。我们预计腾讯25Q2 金融科技及企业服务收入同比增长5%。 金融科技业务中主体为支付业务，跟宏观相关性较强。企业服务延续双位 ...

Investment Rating - The investment rating for Tencent Holdings is maintained as "Buy" [8] Core Views - Tencent is expected to achieve operating revenue of 178.3 billion RMB in Q2 2025, representing a year-on-year growth of 11%, and an adjusted net profit of 60.2 billion RMB, reflecting a 5% increase [2] - The company continues to show healthy growth driven by new game releases and advancements in AI technology [8] - The report highlights the strong performance in gaming, advertising, and financial technology sectors, with specific growth rates projected for each segment [8] Financial Data and Profit Forecast - Revenue projections for Tencent are as follows: - 2023: 609 billion RMB - 2024: 660.3 billion RMB - 2025E: 731.1 billion RMB - 2026E: 795.5 billion RMB - 2027E: 846.5 billion RMB - Year-on-year growth rates for revenue are projected at 9.8% for 2023, 8.4% for 2024, 10.7% for 2025, 8.8% for 2026, and 6.4% for 2027 [4] - Adjusted net profit forecasts are: - 2023: 157.7 billion RMB - 2024: 222.7 billion RMB - 2025E: 250.7 billion RMB - 2026E: 281.3 billion RMB - 2027E: 309.3 billion RMB - Year-on-year growth rates for adjusted net profit are projected at 36.4% for 2023, 41.2% for 2024, 12.6% for 2025, 12.2% for 2026, and 10.0% for 2027 [4] Revenue Breakdown - The expected revenue breakdown for Q2 2025 includes: - Online gaming revenue growth of 14% year-on-year - Advertising revenue growth of 17% year-on-year - Financial technology and enterprise services revenue growth of 5% year-on-year [8] - The report emphasizes the contribution of new game titles and AI enhancements to revenue growth [8] Valuation - The target price for Tencent is set at 673 HKD, indicating an upside potential of 35.5% from the current price [8] - The SOTP (Sum of the Parts) valuation method estimates the total market value of Tencent at approximately 561.73 billion RMB [10]