腾讯控股(00700)发布公告，于2025年9月1日斥资5.5亿港元回购股份91万股，每股回购价格为601.5- 609.5港元。 ...

智通财经APP讯，腾讯控股(00700)发布公告，于2025年9月1日斥资5.5亿港元回购股份91万股，每股回 购价格为601.5-609.5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9月1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）變動 ...

阿里巴巴暴涨17%，带动中概互联网ETF(513050)上涨3.91%，年内涨31.99%。 消息面上，阿里巴巴上周五晚公布的2026财年第一财季财报显示，阿里云业务营收333.98亿元，同比增 长26%，AI相关收入继续保持三位数增长，外部商业化收入中AI贡献已超过20%，AI需求快速扩大，同 时带动计算、存储及其它公有云服务需求上升。此外，公司重申，将在未来三年持续投入3800亿元用于 AI资本开支。 中概互联网ETF（513050）是全市场唯一跟踪中证海外中国互联网50指数的ETF产品，最新规模347.83 亿元，年初至今日均成交额超27.52亿元，规模大、流动性高，支持T+0交易。 中证海外中国互联网50指数第一权重股腾讯控股，占比33.21%；第二权重股阿里巴巴，占比20.64%； 两大核心龙头占比超53%，指数锐度高。 业内人士指出，多数企业的业绩均超出市场一致预期，阿里巴巴同比增长26%，百度云27%，金山云 24%，预计这一表现将对股价产生积极影响。在此基础上，考虑到头部企业的市场影响力，整个板块的 情绪预计将在近期迎来明显好转。 ...

Core Viewpoint - Tencent Music Entertainment Group (TME) has significantly outperformed Spotify in 2025, with a total return of approximately 122% compared to Spotify's 54% year-to-date increase [1][2]. Company Performance - TME is the largest music streaming service in China, boasting over 550 million monthly active users and nearly 125 million paying users, indicating its dominant market position [3]. - TME's Q2 earnings report showed a revenue growth acceleration of 18%, marking its seventh consecutive quarter of growth, following a nearly 2% revenue decline a year prior [6]. - The company's gross margin improved to 44.4%, an increase of 240 basis points year-over-year, and operating margin grew to 35.3%, up from 21.1% two years ago [7]. Investment Insights - Spotify's investment in TME, valued at around $1.6 billion at the end of 2024, suggests strong confidence in TME's business model and growth potential [5]. - Analysts have set a 12-month price target for TME at approximately $24.50, indicating a slight downside, but the average target from recent updates suggests potential upside to around $28.25, representing a 13.5% increase [8][9]. Market Position - TME's forward price-to-earnings (P/E) ratio is around 27x, which is significantly lower than Spotify's P/E of over 59x, indicating a potential undervaluation of TME [9]. - Despite TME's lack of geographic diversification, it has substantial growth potential within China, where only about 9% of the population are paying users [11][12].

Group 1 - The last article published in mid-May 2025 rated Tencent Holdings Limited (TCEHY) as a "Buy" based on its competitive advantage and high levels of defensibility [1] - The analysis focuses on high-quality companies that can outperform the market over the long run, without constraints regarding market capitalization [1] Group 2 - The analyst has a beneficial long position in the shares of BABA and TCEHY, indicating confidence in these stocks [2]

Core Viewpoint - The company reported strong Q2 2025 financial results, with revenue and profit exceeding expectations, indicating robust operational performance [1] Revenue Performance - The company achieved revenue of 184.5 billion yuan in Q2 2025, a year-over-year increase of 15%, surpassing Bloomberg consensus by 4% [1] - Adjusted operating profit reached 69.2 billion yuan, up 18% year-over-year, also exceeding expectations by 4% [1] - Adjusted net profit attributable to shareholders was 63.1 billion yuan, reflecting a 10% year-over-year increase, surpassing expectations by 2% [1] Gaming Sector - The gaming segment generated revenue of 59.2 billion yuan in Q2 2025, a 22% year-over-year increase, exceeding Bloomberg consensus by 5% [1] - Domestic game revenue was 40.4 billion yuan, up 17% year-over-year, surpassing expectations by 1% [1] - The overseas gaming business reported revenue of 18.8 billion yuan, a 35% year-over-year increase, significantly exceeding expectations by 17% [1] Advertising Business - Advertising revenue reached 35.8 billion yuan, a 20% year-over-year increase, surpassing Bloomberg consensus by 2% [2] - The growth was driven by AI enhancements, the expanding WeChat e-commerce ecosystem, and increased demand from various media platforms [2] Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services was 55.5 billion yuan, a 10% year-over-year increase, exceeding expectations by 3% [2] - The recovery in commercial payment and growth in cloud services contributed to this performance [2] Capital Expenditure - Capital expenditure (CAPEX) was 19.1 billion yuan, a 119% year-over-year increase, accounting for approximately 10% of revenue [3] - The CAPEX growth aligns with previous guidance, indicating a potential supply-side constraint [3] Profit Forecast and Investment Recommendations - Revenue forecasts for 2025-2027 have been adjusted to 744.1 billion, 814.9 billion, and 880.0 billion yuan, reflecting year-over-year growth of 13%, 10%, and 8% respectively [4] - Non-IFRS net profit estimates for the same period are adjusted to 258.9 billion, 298.4 billion, and 335.3 billion yuan, with year-over-year growth of 16%, 15%, and 12% respectively [4] - The target price is set between 613.18 and 766.48 HKD, maintaining a "recommended" rating [4]

证 券 研 究 报 告 腾讯控股（00700.HK）25Q2 财报深度点评及基本面更新 推荐（维持） 收入利润均超预期，游戏或为疫后最强上升 期持续，广告、FTB 稳健 事项： 事件：公司披露 2Q25 财报，收入利润均超预期，经营强势依旧。本季度实现 收入 1845 亿元，YOY+15%，超彭博一致预期 4%；实现经调整经营利润 692 亿元，YOY+18%，超预期 4%；实现经调整归母净利润 631 亿元，YOY+10%， 超预期 2%。 评论： 公司研究 传媒 2025 年 08 月 29 日 目标价区间：613.18-766.48 港元 当前价：596.50 港元 华创证券研究所 证券分析师：刘欣 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 证券分析师：刘文轩 邮箱：liuwenxuan@hcyjs.com 执业编号：S0360524010004 证券分析师：王世豪 邮箱：wangshihao@hcyjs.com 执业编号：S0360525070005 公司基本数据 | 总股本(万股) | 917,132 | | --- | --- | | 已上市流通股(万股) ...

Market Overview - On August 29, the Hang Seng Index rose by 0.32%, with southbound trading totaling HKD 180.90 billion, comprising HKD 96.47 billion in buying and HKD 84.43 billion in selling, resulting in a net buying amount of HKD 12.04 billion [1] Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total transaction amount of HKD 69.63 billion, with buying at HKD 40.17 billion and selling at HKD 29.47 billion, leading to a net buying of HKD 10.70 billion [1] - Southbound trading through the Stock Connect (Shanghai) had a total transaction amount of HKD 111.27 billion, with buying at HKD 56.30 billion and selling at HKD 54.96 billion, resulting in a net buying of HKD 1.34 billion [1] Active Stocks - The most actively traded stock by southbound funds was SMIC, with a total transaction amount of HKD 78.59 billion [1] - Other notable stocks included Guotai Junan International and Alibaba-W, with transaction amounts of HKD 72.51 billion and HKD 67.41 billion, respectively [1] - Tencent Holdings had a net buying amount of HKD 15.84 billion, closing up by 0.42%, while Alibaba-W saw a net buying of HKD 11.49 billion [1][2] Continuous Net Buying - Three stocks experienced continuous net buying for more than three days, with Alibaba-W leading at six consecutive days, followed by Huahong Semiconductor at four days and Kangfang Biotech at three days [2] - The total net buying amounts during this period were HKD 59.75 billion for Alibaba-W, HKD 11.06 billion for Kangfang Biotech, and HKD 9.49 billion for Huahong Semiconductor [2]

| 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） | | --- | --- | --- | --- | --- | | 2025.08.29 | 91.90 | 605.000 | 594.500 | 55030.00 | | 2025.08.28 | 92.70 | 598.500 | 590.500 | 55084.98 | | 2025.08.27 | 90.90 | 614.500 | 596.000 | 55028.60 | | 2025.08.26 | 89.90 | 617.500 | 609.500 | 55081.51 | | 2025.08.25 | 89.50 | 620.000 | 608.500 | 55075.79 | | 2025.08.22 | 91.70 | 606.000 | 596.000 | 55051.57 | | 2025.08.21 | 92.80 | 597.000 | 590.000 | 55084.60 | | 2025.08.20 | 93.40 | 594.000 | 586.000 | 55086 ...