来源：市场资讯 （来源：胜马财经） 股王强势回归 作者 | 胜马财经 许可 编辑 | 欧阳文 资本开支激增119%的背后，是腾讯对AI技术"不计短期回报"的长期投入，如今这份坚持正转化为实实 在在的增长动能。 近日，腾讯控股交出令市场瞩目的中期答卷，财报显示，上半年总营收达3645.26亿元，同比增长 14%；归母净利润1034.49亿元，同比增长16%；其中第二季度营收1845亿元，同比增长15%，经营利润 692.5亿元，同比增长18%。 这份成绩单在资本市场引发强烈反响，财报发布当日，腾讯股价收报586港元，单日上涨4.74%，创下 2021年以来收盘新高，公司总市值升至5.364万亿港元。 三大业务板块协同发力 腾讯三大核心业务在2025年上半年均呈现稳健增长态势。二季度，增值服务业务实现收入914亿元，同 比增长16%，成为营收主力；营销服务业务收入358亿元，同比增长20%，创历史新高；金融科技及企 业服务业务收入555亿元，同比增长10%，企业服务增速明显加快。 盈利能力显著提升，二季度腾讯控股毛利率达57%，同比上升4个百分点；按非国际财务报告准则计算 的经营利润率更升至38%；充裕的现金流为 ...

高盛表示，腾讯在欧洲路演中称，公司在AI基础设施方面具备显著成本优势，通过动态模型路由降低推理成本，混元3D模型在Hugging Face排名领先。AI技术深度融入微信生态， 驱动游戏研发效率提升、广告转化率改善和云服务增长。高盛维持腾讯买入评级，目标价701港元。 | 硬·AI | | --- | 作者 | 硬 AI 编辑 | 硬 AI 在高盛主办的腾讯欧洲路演中，腾讯首席战略官James Mitchell向投资者展示了AI技术如何成为公司各业务线增长的核心引擎，包括AI驱动游戏研发效率提升、 升级广告技术平台等。 02 混元模型引领多模态发展 8月25日，高盛在最新研报中称，在8月18日至22日的腾讯欧洲路演中，腾讯首席战略官James Mitchell表示，腾讯在AI基础设施方面展现出显著的成本优势，通 过动态模型路由实现更低的AI推理成本，混元3D模型在Hugging Face排名领先。 高盛指出，腾讯首席战略官在欧洲路演中释放的关键信号还包括：AI技术将深度融入微信生态系统，同时驱动游戏研发效率提升、广告转化率改善以及云服务高 质量增长。高盛预测腾讯2025年收入和每股收益将分别增长13%和18%。 ...

高盛表示，腾讯在欧洲路演中称，公司在AI基础设施方面具备显著成本优势，通过动态模型路由降低推理成本，混元3D模型在Hugging Face排名领 先。AI技术深度融入微信生态，驱动游戏研发效率提升、广告转化率改善和云服务增长。高盛维持腾讯买入评级，目标价701港元。 在高盛主办的腾讯欧洲路演中，腾讯首席战略官James Mitchell向投资者展示了AI技术如何成为公司各业务线增长的核心引擎，包括AI驱动游戏研发效 率提升、升级广告技术平台等。 8月25日，高盛在最新研报中称，在8月18日至22日的腾讯欧洲路演中，腾讯首席战略官James Mitchell表示，腾讯在AI基础设施方面展现出显著的成本 优势，通过动态模型路由实现更低的AI推理成本，混元3D模型在Hugging Face排名领先。 高盛指出，腾讯首席战略官在欧洲路演中释放的关键信号还包括：AI技术将深度融入微信生态系统，同时驱动游戏研发效率提升、广告转化率改善以及 云服务高质量增长。高盛预测腾讯2025年收入和每股收益将分别增长13%和18%。 基于此，高盛分析师团队强调，AI技术的全面赋能为各业务线提供了长期增长跑道，强化了腾讯作为中国互联网A ...

Core Viewpoint - Huatai Securities reports that Tencent Holdings' revenue for the second quarter increased by 14.5% year-on-year, driven by growth in various business segments [1] Revenue Growth - Tencent's revenue growth is attributed to the following segments: - Value-added services grew by 16% - Advertising revenue increased by 20% - Financial technology revenue rose by 10% - Corresponding gross profit margins improved by 3.4, 1.9, and 4.5 percentage points respectively [1] Long-term Outlook - Tencent is positioned as a leading developer in the shooting game sector, with expectations for dual growth from players and commercialization due to rapid domestic penetration - Notable game releases include "Delta Action" in July and the upcoming mobile version of "Valorant" on August 19 - Future game reserves include several important shooting and open-world games [1] Revenue Forecast Adjustments - Huatai Securities has raised Tencent's revenue forecasts for 2025, 2026, and 2027 by 2.7%, 4.7%, and 4.8% respectively - The primary driver for this adjustment is the continued expansion of WeChat stores, which is expected to boost advertising and financial technology growth - The company is also anticipated to benefit from ongoing developments in AI products [1] Target Price and Valuation - Based on a sum-of-the-parts (SOTP) valuation, Huatai Securities has increased Tencent's target price from 614.34 HKD to 742.19 HKD - This new target price corresponds to a 2025 price-to-earnings (PE) ratio of 24.3 times, up from the previous 19.9 times - The rating remains "Buy" [1]

Group 1 - The gaming smartphone market emphasizes the need for high-performance devices with enhanced battery life, catering to gamers' demands for rapid upgrades [1] - iQOO has launched the Z10 Turbo+, featuring an 8000mAh battery and the Dimensity 9400+ chipset, which together provide superior performance and extended usage [1] - The new device supports advanced gaming features, such as hardware-level ultra-frame and ultra-resolution capabilities, allowing for a smooth gaming experience with low power consumption [1] Group 2 - Effective heat dissipation is crucial for maintaining performance during gaming, with the Z10 Turbo+ utilizing a flagship-grade liquid cooling system [2] - The gaming smartphone segment is known for its high cost-performance ratio, with devices priced around 2000 yuan appealing to young consumers who often purchase dedicated gaming phones [2] - Government subsidies have further reduced the price of high-performance smartphones to below 2000 yuan, potentially boosting upgrade demand during the summer [2]

Summary of Key Points from the Conference Call Industry Overview - The gaming sector's valuation remains relatively low compared to the broader consumer entertainment and overseas gaming companies, with sustainable growth expected until 2026 [1][3] - The gaming industry is experiencing a solid fundamental performance, with several companies projected to perform well in Q3 2025 [1][6] Company Highlights Xindong Company - Expected H1 2025 revenue of at least 3.05 billion yuan, a year-on-year increase of 37%, and net profit of at least 790 million yuan, a growth of over 215% [1][10] - The game "Xindong Town" significantly improved its iOS sales ranking due to collaboration with "My Little Pony" [10][11] - The game "Iser" generated over 100 million yuan in its first month in overseas English-speaking regions [1][11] Giant Network - The game "Supernatural Action Group" saw a 168% month-on-month increase in domestic iOS revenue in July 2025, benefiting from summer user engagement and commercialization iterations [1][13] - The anniversary event for "Ball Ball Battle" helped it regain a higher sales ranking [1][14] - New game "Ming Jiang Sha" received a license and is expected to contribute to revenue in the second half of 2025 [1][15] Gibit - The new product "Sword Legend" exceeded expectations in both domestic and overseas markets, with significant revenue from collaborations with Japanese light novel IPs [1][16][17] ST Huatuo - The game "Wild Survival" maintained stable global revenue, while "King Short" saw a 27% increase in overseas revenue [1][18] - Expected Q2 2025 revenue median of approximately 8.9 billion yuan, a year-on-year increase of 77% [2][18] Perfect World - The game "P5X: Persona 6" performed well in overseas markets, with July revenue exceeding 20 million USD [1][19] - The company plans to launch a key project "Yihua" in 2026 [1][20] Market Trends and Innovations - The gaming industry is witnessing innovation in themes and gameplay, with a notable trend of multi-platform releases and AAA games [1][7] - AI applications in gaming are expanding, with over 7,800 AI products on the Steam platform, representing 20% of games released in 2025 [1][9] Future Outlook - The gaming sector is expected to maintain strong performance in the second half of 2025, with new product launches potentially impacting market dynamics [1][23] - The ChinaJoy 2025 event saw increased popularity and introduced new IP derivative product displays, indicating a growing trend in the market [1][24][25] Recommendations - Companies to watch include Xindong Company, ST Huatuo, Gibit, and Giant Network, all of which have shown stable and high-frequency performance data [1][34]

摩根士丹利发布研报称，《无畏契约》手游（Valorant）是腾讯控股（00700）今年最重要的新作之一， 市场期待已久。该行预期腾讯2025年线上游戏收入将同比升14%，现予目标价650港元及"增持"评级。 截至7月，预先注册人数已突破5000万。此次上线时间早于市场预期的11月，缓解了去年5月推出《地下 城与勇士》手游造成高基数的忧虑。该行预计《无畏契约》手游年收入可达50至60亿元人民币。行业数 据显示，腾讯中国市场次季总收入同比跌6%，但经典游戏表现强劲，当中《王者荣耀》同比增13%、 《和平精英》同比增5%，而《三角洲行动》最新季度收入规模达10亿元人民币。 【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 ...

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]

Core Insights - The 22nd China International Digital Interactive Entertainment Expo concluded, attracting over 800 exhibitors and more than 410,000 attendees, generating approximately 661 million yuan in surrounding service consumption [1] - The "2025 China Game Industry Report" indicates that both domestic and overseas market revenues for the Chinese gaming industry saw year-on-year growth in the first half of the year, with the industry scale continuing to expand [1] - Industry experts express strong confidence in the gaming sector, suggesting it is entering its best era, with new growth opportunities and commercialization directions emerging [1] Industry Trends - The global mobile and PC gaming market is expected to regain growth momentum, with a combined market size projected to exceed $120 billion by 2028 [1] - Mobile game in-app purchase revenue is forecasted to grow by 4% in 2024 and by 6% in 2025, reaching $85.4 billion, with expectations of $106.5 billion by 2028 [1] - Analysts from Citigroup noted increased enthusiasm at the expo, indicating a continued recovery for the Chinese gaming industry [1][2] Market Dynamics - The gaming industry is experiencing robust supply and demand, with the domestic mobile game market growing by 20% year-on-year from January to May, and the number of domestic game licenses increasing by 21% in the first half of the year [2] - The gaming community platforms are expected to benefit from the industry's high prosperity, with increased user activity potentially boosting advertising revenue without increasing ad load [2] - The successful reception of new games like NetEase's "Forgotten Sea" and Tencent's "Valorant" at the expo suggests a promising release schedule for the second half of the year [2] Related Companies - Key companies in the gaming sector include Tencent (00700), NetEase-S (09999), Bilibili-W (09626), Xindong Company (02400), Qingci Games (06633), Zhongyou Games (00302), Zhongxu Future (09890), Zhi Zi Cheng Technology (09911), and Friendship Time (06820) [3]

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Tencent Holdings, setting a target price of HKD 599.06 [1] Financial Performance - Tencent's revenue for Q2 is expected to reach HKD 181.9 billion [1] - The gaming segment continues to show growth, with the evergreen game "Delta Action" exceeding expectations in quarter-on-quarter growth [1] Future Projections - Projected IFRS net profit for Tencent from 2025 to 2027 is estimated at HKD 218.8 billion, HKD 248.2 billion, and HKD 274.9 billion respectively [1] - Projected non-IFRS net profit for the same period is estimated at HKD 265.7 billion, HKD 298.5 billion, and HKD 330.6 billion respectively [1] - The launch of the mobile game "Fearless Covenant" in Q4 is expected to drive a new gaming cycle [1]