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) ...

Core Viewpoints - The report anticipates potential positive factors for the A-share market in the next month, including domestic growth stabilization and possible negotiations on US-China tariffs, which may drive market rebounds [4][10] - The report suggests that the current tariff shock is a significant black swan event, but due to its occurrence at the beginning of a bull market, the impact on market valuation may have already been completed [11] - The report recommends a value-oriented investment strategy, focusing on sectors that can provide both offensive and defensive opportunities, such as banks, steel, construction, and consumer sectors [12] Stock Recommendations - The report lists the "Top Ten Gold Stocks" for May 2025, which includes companies from various sectors such as food and beverage, home appliances, banking, power utilities, computing, media, electronics, new consumption, and energy [3][13] - Specific stocks highlighted include: - Wanchen Group (300972.SZ) in the food and beverage sector, with a projected EPS growth from -0.46 in 2023 to 6.67 in 2025 [3][14] - Xing Shuai Er (002860.SZ) in home appliances, with a projected EPS growth from 0.56 in 2023 to 0.73 in 2025 [3][18] - Qingdao Bank (002948.SZ) in banking, with a projected EPS growth from 0.61 in 2023 to 1.04 in 2025 [3][21] - New Energy (601918.SH) in power utilities, with a projected EPS growth from 0.81 in 2023 to 1.06 in 2025 [3][25] - Zhaoyi Information (688258.SH) in computing, with a projected EPS growth from 0.46 in 2023 to 0.81 in 2025 [3][29] - Tencent Holdings (0700.HK) in media, with a projected EPS growth from 11.89 in 2023 to 23.67 in 2025 [3][34] - Lens Technology (300433.SZ) in electronics, with a projected EPS growth from 0.61 in 2023 to 1.39 in 2025 [3][38] - Blukoo (0325.HK) in new consumption, with a projected EPS growth from -1.38 in 2023 to 5.53 in 2025 [3][41] - Yanzhou Coal Mining (600188.SH) in energy, with a projected EPS growth from 2.01 in 2023 to 1.39 in 2025 [3][45] - Xianhe Co., Ltd. (603733.SH) in new consumption, with a projected EPS growth from 0.94 in 2023 to 2.54 in 2025 [3][46] Industry Insights - The food and beverage sector, represented by Wanchen Group, is expected to strengthen its competitive position with a significant increase in store numbers and a focus on the snack retail market [14][15] - The home appliance sector, represented by Xing Shuai Er, is experiencing stable growth in white goods, driven by national subsidy policies [18][19] - The banking sector, represented by Qingdao Bank, shows strong loan growth and improved asset quality, with a focus on manufacturing and green loans [21][22] - The power utility sector, represented by New Energy, is expected to benefit from rising coal demand and improved cost management [25][26] - The computing sector, represented by Zhaoyi Information, is positioned for growth with its unique low-code development platform, SnapDevelop, which has a strong market potential [29][30] - The media sector, represented by Tencent Holdings, is seeing robust growth in its gaming and advertising businesses, with significant contributions from its social media platforms [34][35] - The electronics sector, represented by Lens Technology, is benefiting from the growth of the smartphone market and strong partnerships with major clients [38][39] - The new consumption sector, represented by Blukoo, is leveraging its IP commercialization strategy to drive growth and expand its market presence [41][42] - The energy sector, represented by Yanzhou Coal Mining, is focused on increasing coal production and improving cost efficiency amid fluctuating coal prices [45][46]