Group 1 - Morgan Stanley reports that the mobile game "Valorant" is one of Tencent's most important new releases this year, with high market expectations [1] - The firm anticipates Tencent's online gaming revenue will increase by 14% year-on-year by 2025, setting a target price of HKD 650 and a "buy" rating [1] - As of July, pre-registration for "Valorant" has exceeded 50 million, with the launch date earlier than the market's expected November, alleviating concerns from last year's high base due to "Dungeon & Fighter" mobile game [1] Group 2 - Morgan Stanley estimates that "Valorant" could generate annual revenue of RMB 5 to 6 billion [1] - Industry data shows that Tencent's total revenue in the Chinese market fell by 6% year-on-year in the second quarter, but classic games performed strongly, with "Honor of Kings" up 13% and "Peacekeeper Elite" up 5% [1] - The latest quarterly revenue for "Delta Force" reached RMB 1 billion [1]

Group 1 - Morgan Stanley reports that the mobile game "Valorant" is one of Tencent's most important new releases this year, with high market anticipation [1] - The firm expects Tencent's online gaming revenue to increase by 14% year-on-year by 2025, setting a target price of HKD 650 and an "Overweight" rating [1] - As of July, pre-registrations for "Valorant" have exceeded 50 million, with the launch date earlier than the market's expected November, alleviating concerns from the high base set by the previous year's release of "Dungeon & Fighter" mobile game [1] Group 2 - The firm estimates that "Valorant" could generate annual revenue of RMB 5 to 6 billion [1] - Industry data indicates that Tencent's total revenue in the Chinese market fell by 6% year-on-year in the second quarter, but classic games performed strongly, with "Honor of Kings" up 13% and "Peacekeeper Elite" up 5% [1] - The latest quarterly revenue for "Delta Force" reached RMB 1 billion [1]

8月4日上榜的成交活跃股中，腾讯控股通过港股通渠道成交金额为46.80亿港元，净买入金额为0.53亿港 元，不仅如此，该股已连续8日出现成交净买入，累计净买入金额为35.94亿港元，其间股价下跌 0.36%。（数据宝） （文章来源：证券时报网） 腾讯控股获南向资金连续8天净买入，累计净买入金额为35.94亿港元，股价累计下跌0.36%。 证券时报·数据宝统计显示，8月4日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交475.43 亿港元，净卖出金额为214.23亿港元。 ...

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong 100 Communication Services Index, which has shown significant growth over various time frames, including a 4.26% increase in the past month, a 12.80% increase in the past three months, and a 27.18% increase year-to-date [1] - The index is categorized based on the China Securities Hong Kong 100 Index sample, which is classified according to industry standards, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with the largest sector being interactive media at 61.14%, followed by telecommunications services at 21.24%, gaming at 10.40%, and video media at 7.21% [1] Group 2 - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, but can be temporarily adjusted under special circumstances, such as changes in the parent index or significant events affecting sample companies [2] - The handling of sample companies undergoing mergers, acquisitions, or delistings is governed by specific calculation and maintenance guidelines [2]

每经AI快讯，8月4日，港股科网股回升，快手、腾讯控股涨超3%，小米集团、网易涨超2%。 ...

智通财经8月4日电，港股科网股回升，快手、腾讯控股涨超3%，小米集团、网易涨超2%。 ...

港股科网股回升，快手(01024.HK)、腾讯控股(00700.HK)涨超3%，网易(09999.HK)涨2.4%。 ...

Core Viewpoint - The company is expected to achieve significant revenue growth in Q2 2025, driven by strong performance in value-added services, particularly in gaming and online advertising sectors [1][2]. Financial Forecast - Projected revenue for Q2 2025 is 1799.3 billion yuan, representing a year-over-year increase of 11.7% [1]. - Anticipated gross profit is 990.8 billion yuan, with a gross margin of 55.1%, reflecting a year-over-year increase of 1.8 percentage points [1]. - Operating profit is forecasted at 587.2 billion yuan, a 15.7% increase year-over-year [1]. - Non-IFRS net profit is expected to reach 627.3 billion yuan, up 9.5% year-over-year, with a net profit margin of 34.9% [1]. Gaming Sector - Value-added services revenue is projected at 885.1 billion yuan, with gaming revenue at 566.8 billion yuan, showing a year-over-year increase of 16.9% [2]. - Domestic gaming revenue is expected to be 402.4 billion yuan, growing 16.3% year-over-year, supported by popular titles like "Honor of Kings" and "Peacekeeper Elite" [2]. - The game "Delta Action" is anticipated to contribute significantly to revenue growth, with updates expected to enhance its performance [2]. Advertising Services - Advertising revenue is projected at 356.5 billion yuan, reflecting a year-over-year increase of 19.3% [3]. - The overall Chinese internet advertising market is expected to grow by 6.8% in Q2 2025, indicating a robust performance relative to the industry [3]. - AI contributions are expected to enhance advertising effectiveness and user engagement, driving further growth in this segment [3]. Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services is expected to reach 536.9 billion yuan, with a year-over-year growth of 6.4% [3]. - The recovery in payment willingness is anticipated to improve commercial payment business performance [3]. Profitability and Valuation - The company is expected to maintain strong growth in core gaming and advertising revenues, with ongoing updates to existing games likely to boost revenue further [4]. - Non-IFRS net profit forecasts for 2025-2027 have been adjusted upwards, indicating a positive outlook for profitability [4]. - Current valuations suggest a Non-IFRS PE ratio of 18/16/15 for 2025-2027, with a target price set at 605 HKD [4].

（文章来源：每日经济新闻） 每经AI快讯，8月1日，港股科网股午后走势分化，腾讯控股(00700.HK)跌超3%，阿里巴巴(09988.HK) 涨超1%，哔哩哔哩(09626.HK)、快手(01024.HK)等多股走弱。 ...

Group 1 - The performance of Hong Kong tech stocks showed divergence in the afternoon trading session [1] - Tencent Holdings (00700.HK) experienced a decline of over 3% [1] - Alibaba (09988.HK) saw an increase of over 1% [1] Group 2 - Other stocks such as Bilibili (09626.HK) and Kuaishou (01024.HK) also faced weakness [1]