Company Overview - Tencent's main businesses in gaming, advertising, finance, and enterprise services are expected to maintain high-quality growth, with AI accelerating talent deployment [1] Gaming Performance - Domestic gaming revenue is projected to grow by 12% year-on-year in Q4, supported by stable performance of established games like "Honor of Kings" and rising revenue from new titles like "Delta Action" [1] - Overseas gaming growth is expected to normalize with a 24% year-on-year increase in Q4, driven by high revenue from Supercell's "Clash Royale" [1] - For 2026, revenue growth is anticipated to be influenced by deferred income from high revenue in 2025 and upcoming titles such as "Honor of Kings World" and "Crossfire: Rainbow" [1] Advertising and Financial Services - Advertising revenue is expected to grow by 19% year-on-year in Q4 2025, with healthy growth anticipated in 2026 due to deeper utilization of ecosystems like video accounts and mini-programs, as well as enhanced user engagement through AI [2] - Financial and enterprise services revenue is projected to grow by 10% year-on-year in Q4 2025, with financial services experiencing a potential slowdown in payment growth due to macroeconomic disturbances [2] - Enterprise services are expected to benefit from revenue growth in video account e-commerce technology services and cloud computing [2] AI Strategy and R&D Investment - Tencent's AI strategy is entering an accelerated phase, with significant R&D investments expected to continue growing [2] - The appointment of former OpenAI researcher Yao Shunyu as Chief AI Scientist and the release of the 2.0 version of the mixed Yuan model in December highlight the company's commitment to AI development [2] Financial Forecast and Valuation - Revenue forecasts for 2025 remain unchanged, while the 2026 revenue forecast has been slightly reduced by 1% to 831.7 billion yuan [2] - Non-IFRS profit estimates for 2025 and 2026 have been increased by 1% to 262.9 billion yuan and 294.8 billion yuan, respectively, with new projections for 2027 set at 903.5 billion yuan in revenue and 326.9 billion yuan in profit [2] Rating and Target Price - The company maintains a "outperform" rating with a target price of 700 HKD, corresponding to 19x/17x 2026e/2027e Non-IFRS P/E, indicating an 11% upside from the current stock price [3]

Investment Rating - The investment rating for Tencent Holdings (00700.HK) is "Buy" with a current price of 617.50 HKD and a fair value estimate of 744.46 HKD [2]. Core Insights - The report emphasizes that advertising and gaming continue to show strong momentum, with significant investments in AI infrastructure [3][7]. - The forecast for Q4 2025 anticipates revenue of 1,947 billion RMB, representing a year-over-year growth of 13% [7]. - The report projects that Tencent's revenue will reach 7,522 billion RMB in 2025 and 8,290 billion RMB in 2026, with corresponding growth rates of 13.9% and 10.2% respectively [7][24]. Financial Projections - Revenue (in billion RMB): - 2023A: 6,090 - 2024A: 6,603 - 2025E: 7,522 - 2026E: 8,290 - 2027E: 8,973 - Growth Rates (%): - 2023A: 9.8% - 2024A: 8.4% - 2025E: 13.9% - 2026E: 10.2% - 2027E: 8.2% [4]. - Adjusted Net Profit (in billion RMB): - 2023A: 1,577 - 2024A: 2,227 - 2025E: 2,564 - 2026E: 2,929 - 2027E: 3,235 - Growth Rates (%): - 2023A: 36.4% - 2024A: 41.2% - 2025E: 15.1% - 2026E: 14.2% - 2027E: 10.5% [4]. Business Segment Performance - Gaming revenue for Q4 2025 is expected to reach 574 billion RMB, with a year-over-year growth of 17% [7]. - Social network revenue is projected at 324 billion RMB for Q4 2025, reflecting a 9% year-over-year increase [7]. - Marketing services revenue is anticipated to be 421 billion RMB for Q4 2025, showing a 20% year-over-year growth [7]. Valuation Methodology - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating the fair value of Tencent's core business at 6.35 trillion HKD, leading to a total fair value of 744.46 HKD per share [24][27].

今年以来该股累计进行10次回购，合计回购1020.50万股，累计回购金额63.58亿港元。（数据宝） 证券时报·数据宝统计，腾讯控股在港交所公告显示，1月15日以每股619.000港元至632.000港元的价格 回购101.70万股，回购金额达6.36亿港元。该股当日收盘价622.000港元，下跌1.74%，全天成交额 163.73亿港元。 自2025年11月18日以来公司已连续40日进行回购，合计回购4147.70万股，累计回购金额254.29亿港元。 其间该股累计下跌2.28%。 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） | | --- | --- | --- | --- | --- | | 2026.01.15 | 101.70 | 632.000 | 619.000 | 63563.02 | | 2026.01.14 | 100.60 | 638.000 | 626.000 | 63596.46 | | 2026.01.13 | 101.20 | 638.000 | 623.000 | 63595.68 | | 2026. ...

证券时报 数据宝统计，腾讯控股在港交所公告显示，1月15日以每股619.000港元至632.000港元的价格 回购101.70万股，回购金额达6.36亿港元。该股当日收盘价622.000港元，下跌1.74%，全天成交额 163.73亿港元。 自2025年11月18日以来公司已连续40日进行回购，合计回购4147.70万股，累计回购金额254.29亿港元。 其间该股累计下跌2.28%。 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） | | --- | --- | --- | --- | --- | | 2026.01.15 | 101.70 | 632.000 | 619.000 | 63563.02 | | 2026.01.14 | 100.60 | 638.000 | 626.000 | 63596.46 | | 2026.01.13 | 101.20 | 638.000 | 623.000 | 63595.68 | | 2026.01.12 | 102.40 | 627.000 | 614.000 | 63568.82 | | 2 ...

格隆汇1月15日丨腾讯控股(00700.HK)发布公告，2026年1月15日耗资6.36亿港元回购101.7万股，回购价 格每股619-632港元。 ...

腾讯控股(00700)发布公告，于2026年1月15日该公司斥资6.36亿港元回购101.7万股，回购价格为每股 619-632港元。 ...

智通财经APP讯，腾讯控股(00700)发布公告，于2026年1月15日该公司斥资6.36亿港元回购101.7万股， 回购价格为每股619-632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15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 ...

瑞银预计，腾讯去年第四季营收年增13%，调整后营业利润年增14%至680亿元人民币。分业务看，预 计国内游戏收入年增13%，国际游戏预计年增24%。营销服务年增18%。金融科技及企业服务预计保持 稳健，年增11%。调整后营业利润率预计同比提升0.3个百分点至34.8%，毛利率改善将部分缓解对AI投 资增加的影响。 智通财经APP获悉，瑞银发布研报称，腾讯(00700)近期在人工智能部门进行了组织架构重组，并加快了 人才引进，展现其对人工智能的坚定承诺；而对人工智能负责人姚顺雨(曾任职OpenAI)的新任命，也进 一步增强了集团吸引顶尖AI人才的能力。重申腾讯为首选股及关键荐股；评级"买入"，目标价780港 元。 该行表示，腾讯参加了其2026年瑞银大中华研讨会(GCC)，管理层看到AI代理蕴含的巨大机会。相较于 人工执行，ToC端AI应用成功的关键在于对用户全面一致的理解，从而提升AI代理代用户执行任务的效 率。腾讯微信凭借其庞大用户群、应用场景丰富及小程序生态系统蓬勃发展，拥有独特优势。 ...

Summary of Key Points Core Viewpoint - On January 14, 39 Hong Kong-listed companies conducted share buybacks, totaling 20.28 million shares and an aggregate amount of HKD 919 million [1]. Group 1: Buyback Details - Tencent Holdings repurchased 1.006 million shares for HKD 636 million, with a highest price of HKD 638.00 and a lowest price of HKD 626.00, bringing its year-to-date buyback total to HKD 57.22 billion [1]. - Xiaomi Group-W repurchased 4 million shares for HKD 151 million, with a highest price of HKD 37.80 and a lowest price of HKD 37.72, accumulating HKD 10.93 billion in buybacks year-to-date [1]. - Sunny Optical Technology repurchased 1.14 million shares for HKD 74.41 million, with a highest price of HKD 66.15 and a lowest price of HKD 64.05, totaling HKD 3.03 billion in buybacks year-to-date [1]. Group 2: Buyback Rankings - The highest buyback amount on January 14 was from Tencent Holdings at HKD 636 million, followed by Xiaomi Group-W at HKD 151 million [1]. - In terms of buyback volume, Xiaomi Group-W led with 4 million shares, followed by First Capital Holdings and Jieli Trading at 2.7 million and 2 million shares, respectively [1]. Group 3: Additional Buyback Activities - Other notable companies involved in buybacks include: - Giant Bio at 400,000 shares for HKD 1.415 million [1]. - Country Garden Services at 1 million shares for HKD 624,260 [1]. - First Capital Holdings at 2.7 million shares for HKD 561,130 [1].