4月货币供应量M2同比增长8% 高于市场预期 央行数据显示，4月末，广义货币(M2)余额325.17万亿元，同比增长8%。狭义货币(M1)余额109.14万亿 元，同比增长1.5%。流通中货币(M0)余额13.14万亿元，同比增长12%。前四个月净投放现金3193亿 元。 4月企业新发放贷款利率处于历史低位 5月14日，中国人民银行发布的数据显示，4月份，企业新发放贷款加权平均利率约3.2%，比上年同期 低约50个基点。个人住房新发放贷款加权平均利率约3.1%，比上年同期低约55个基点，均处于历史低 位。（新华社） 多只跨境ETF发布溢价公告 提示关注溢价风险 多只跨境ETF今日再度齐发溢价公告。其中，华泰柏瑞南方东英沙特阿拉伯ETF发布二级市场交易价格 溢价风险提示公告，提示投资者关注二级市场交易价格溢价风险。此外，华安德国ETF、国泰标普 500ETF、景顺长城标普消费精选ETF也于今日发布溢价风险提示公告。其中，华安德国ETF本月以来已 发布七次溢价公告。（新京报） 腾讯控股：第一季度收入1800.22亿元 同比增长13% 5月14日， 腾讯控股在港交所公告，2025年第一季度收入为1800.22亿元， ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from Northbound trading, with a total net buy of 67.07 billion HKD, indicating strong investor interest in certain sectors and stocks [1]. Northbound Trading Activity - The net buy from Northbound trading included 50.03 billion HKD from the Shanghai Stock Connect and 17.04 billion HKD from the Shenzhen Stock Connect [1]. - The most bought stocks were the Tracker Fund of Hong Kong (02800), China Construction Bank (00939), and Ping An Insurance (02318) [1]. - The most sold stocks included Xiaomi Group-W (01810), Tencent (00700), and SMIC (00981) [1]. Stock-Specific Insights - **Xiaomi Group-W (01810)**: Experienced a net sell of 15.44 billion HKD, with concerns over declining orders impacting investor sentiment, although a recovery in orders is anticipated from late May [8]. - **Tencent (00700)**: Faced a net sell of 8.99 billion HKD, despite reporting a 13% year-on-year revenue increase in Q1, with significant capital expenditure directed towards AI development [7]. - **SMIC (00981)**: Saw a net sell of 4 billion HKD, with Q1 revenue slightly below expectations but a higher-than-expected gross margin, indicating resilience despite operational challenges [6]. - **China Construction Bank (00939)**: Received a net buy of 7.61 billion HKD, reflecting positive sentiment towards the financial sector [5]. - **Ping An Insurance (02318)**: Also saw net buying activity, contributing to the overall bullish trend in the financial sector [5]. Market Sentiment and Economic Factors - The positive sentiment in the market is partly attributed to constructive developments in US-China trade negotiations, which are expected to reduce global trade and recession risks [4]. - The financial sector is experiencing increased inflows due to regulatory changes that allow for greater investment in equity assets, leading to a surge in institutional buying [5].

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇5月14日｜腾讯：2025年第一季度增值服务业务收入同比增长17%至921亿元(预估873.5亿元)。本 土市场游戏收入429亿元(预估402.7亿元)，同比增长24%，得益于《王者荣耀》与《和平精英》的收入 增长，以及近期发布的《地下城与勇士：起源》与《三角洲行动》的收入贡献。国际市场游戏收入166 亿元，同比增长23%(按固定汇率计算增长22%)，乃由于《荒野乱斗》、《部落冲突：皇室战争》及 《PUBG MOBILE》的收入增长。社交网络收入同比增长7%至326亿元，得益于手游虚拟道具销售、音 乐付费会员收入及小游戏平台服务费的增长。 ...

Core Insights - Tencent Holdings reported Q1 revenue of RMB 180.2 billion, a 13% year-on-year increase, surpassing the forecast of RMB 175.6 billion [1] - The company's net profit attributable to equity holders was RMB 47.82 billion, a 14% increase year-on-year, but below the forecast of RMB 51.69 billion [1] - Non-IFRS operating profit reached RMB 69.32 billion, reflecting an 18% year-on-year growth [1] Financial Performance - Free cash flow for Q1 2025 was RMB 47.1 billion, with net cash flow from operating activities at RMB 76.9 billion [3] - Capital expenditures amounted to RMB 23 billion, primarily supporting AI-related business development [3] - The company reported a 24% year-on-year increase in domestic game revenue to RMB 42.9 billion, driven by popular titles like "Honor of Kings" and "Peacekeeper Elite" [3] Business Segments - International game revenue reached RMB 16.6 billion, a 23% year-on-year increase, attributed to titles such as "Brawl Stars" and "PUBG Mobile" [3] - The marketing services segment saw a 20% year-on-year revenue growth to RMB 31.9 billion, driven by strong demand from advertisers and enhanced user engagement [4] - The company emphasized the substantial contributions of AI capabilities to its advertising and gaming businesses, with ongoing investments in AI opportunities [3]

Group 1 - Tencent Holdings reported revenue of approximately 1800.22 billion RMB for the three months ending March 31, 2025, representing a year-on-year growth of 13% [1] - The company's profit attributable to equity holders was 478.21 billion RMB, a year-on-year increase of 14%, while non-IFRS profit attributable to equity holders was 613.39 billion RMB, up 22% year-on-year [1] - The gross profit for the group was 1004.93 billion RMB, reflecting a 20% year-on-year growth, driven by high-margin revenue sources and improved cost efficiency in payment and cloud services [1] Group 2 - The revenue from value-added services was 921 billion RMB, showing a year-on-year growth of 17%, with domestic game revenue increasing by 24% to 429 billion RMB [1] - International game revenue reached 166 billion RMB, marking a 23% year-on-year increase (22% growth at constant exchange rates) [1] - Social network revenue grew by 7% to 326 billion RMB, supported by sales of mobile game virtual items, music subscription revenue, and mini-game platform service fees [1] Group 3 - Marketing services revenue was 319 billion RMB, up 20% year-on-year, driven by strong demand from advertisers for video accounts, mini-programs, and WeChat search ads [2] - The growth in marketing services was attributed to increased user engagement, ongoing AI upgrades of the advertising platform, and optimization of the WeChat transaction ecosystem [2] - Financial technology and enterprise services revenue reached 549 billion RMB, reflecting a 5% year-on-year growth, with increases in consumer loan services and wealth management services [2]

智通财经5月14日电，腾讯控股表示，截至2025年3月31日止三个月内，公司于联交所以总代价约171亿 港元购回合共42,984,000股股份。购回的股份其后已被注销。 腾讯控股：一季度耗资171亿港元回购4298.4万股 ...

Core Insights - Tencent reported an annual increase in both revenue and net profit for the first quarter of 2025, driven by strong growth in its gaming sector [1] - Revenue exceeded market expectations, while net profit fell short of estimates [1] Financial Performance - Revenue reached 180.02 billion Chinese yuan ($25 billion), surpassing the expected 174.63 billion yuan [3] - Net profit was reported at 47.8 billion yuan, which was below the anticipated 52.2 billion yuan [3] - Year-on-year revenue growth was 13%, while net profit increased by 14% [1]

智通财经5月14日电，腾讯控股表示，2025年一季度，本集团产生的自由现金流为人民币471亿元。此乃 经营活动所产生的现金流量净额人民币769亿元，部分被资本开支付款人民币230亿元（主要用于支持我 们AI相关的业务发展），以及媒体内容付款人民币53亿元及租赁负债付款人民币15亿元所抵销。 腾讯控股：一季度资本开支付款230亿元主要用于AI相关业务 ...

腾讯控股(00700.HK)：截至二零二五年三月三十一日止三个月内，本公司于联交所以总代价约171亿港 元 （未计开支）购回合共42,984,000股股份。购回的股份其后已被注销。进行回购旨在长远提高股东价 值。 ...

据腾讯控股港交所公告，于2025年3月31日，本集团有109,414万名雇员，同比减少5000名，去年同期为 104,787名。 ...