狂砸3191亿港元！2025港股回购收官，腾讯独揽1/4，连续四年“称王”

Core Viewpoint - The Hong Kong stock market had a strong performance in 2025, with significant stock buybacks, although the total buyback volume and amount decreased compared to 2024 [2][4][3]. Buyback Data - In 2025, 307 H-share companies initiated buybacks, totaling 11.309 billion shares and a total buyback amount of 319.154 billion HKD, which represents a decrease of 18.05% in volume and 17.64% in amount compared to 2024 [2][4]. - Notably, 104 H-share companies had buybacks exceeding 100 million HKD, with 31 companies exceeding 1 billion HKD, and 6 companies surpassing 10 billion HKD [4]. Industry Performance - The buyback activity was primarily concentrated in the technology, banking, insurance, and healthcare sectors [5]. - The top ten companies by buyback amount had a threshold of 7 billion HKD, including Tencent, HSBC, Standard Chartered, AIA, Alibaba, Midea Group, Prudential, Yum China, Beike, and COSCO [5]. Tencent's Dominance - Tencent was the largest contributor to buybacks, accounting for 25% of the total buyback volume, with 130 buyback transactions totaling 1.53 billion shares and an amount of 800.36 billion HKD [6][7]. - Tencent's stock price increased by 17.67% in 2025, closing at 599 HKD per share, with a total market capitalization of 5.46 trillion HKD [7]. Financial Performance - Tencent reported total revenue of 557.395 billion CNY in the first three quarters of 2025, a year-on-year increase of 14%, and a net profit of 166.582 billion CNY, up 17% [7].