智通财经APP获悉，国信证券发布研报称，维持腾讯控股(00700)"优于大市"评级，海外已成为腾讯游戏 与云业务明确的第二增长曲线，前期战略投入进入成果兑现期，腾讯云基础设施全球布局64个可用区， AI原生游戏领域，凭借游戏场景理解与大模型技术融合，未来有望在"生成式AI+SaaS"转型中持续领 跑。 腾讯游戏国内团队输出工程师红利与GaaS能力，海外团队保障文化审美适配 1)腾讯国内出海团队经过国内激烈市场打磨对品类理解深。工程师红利显著，团队效率高;数据驱动与 在线服务能力强。比如《三角洲行动》通过千人团队并行开发，实现每周迭代与每年7-8次大型版本更 新，内容产出效率远超西方工作室的节奏。2)腾讯海外收购团队：契合欧美主流文化审美，创意与设计 独特，但缺乏工程师资源，持续生产内容能力。海外团队创意足，要求海外游戏长板足够长。与此同 时，腾讯国内为海外游戏提供工程师支持、在线服务(GaaS)能力输出。 核心优势：技术+本地化服务双轮驱动，构建海外差异化竞争力。技术层面，腾讯云在音视频、游戏、 数据库等多个赛道优秀。其中，腾讯媒体云服务全球领先，适配短视频、直播等主流趋势，支撑泰国足 球赛事直播等核心场景， ...

研究员：张伦可/陈淑媛 事项： 近期，腾讯举办投资者会议，管理层分享海外云、海外游戏、AI 赋能最新动态。 国信互联网观点： 海外云业务：基础设施先行，全球基础设施加速扩容，形成深耕亚洲、发力中东、辐射欧美格局。腾讯 云采取"基础设施先行"策略，在亚洲、中东、欧美加速数据中心布局，目前已覆盖全球22 个地区。其 核心优势在于技术领先（如媒体云、音视频传输、Fintech 场景）与深度本地化服务。通过成功迁移印 尼GoTo、泰国正大集团等标杆客户，证明了其以"高性价比"和优化架构（如提升响应速度、本地IDC 部署）切入市场的能力。海外竞争相对温和，腾讯主攻聚焦在SaaS 和PaaS 业务，海外客户主要包含中 企出海、本地互联网企业等。面对芯片供应等问题，腾讯优先保障内部模型训练芯片储备，同时利用 CPU 资源支撑推理场景需求。除此以外，很多海外客户自身拥有GPU 资源，腾讯帮助客户更好地利用 这些资源。 机构：国信证券 目前，东南亚云市场还在IaaS 层迁移上云的阶段。海外云市场参与者包括国际头部云厂商与国内同 行，腾讯云以"高性价比"和本地化服务为切入点，避开单纯价格战。面对芯片供应等问题，腾讯云聚焦 Paa ...

腾讯获得全球首富的肯定，马斯克发文夸赞，直言他们的品味很好，当世界首富马斯克也开始为腾讯"品味好"点赞，这背后的意义，远 比一句夸奖更值得玩味，近日，前《魔兽世界》制作人、暴雪老兵Mark Kern（Grummz）在社交平台上分享了他对腾讯游戏业务的观 察，引发海外舆论热议，他指出一个许多人忽略的事实——腾讯在海外市场的收入规模，已经超过EA、Roblox甚至《GTA》系列的表 现。 而腾讯的策略恰恰相反：Riot依旧是Riot，Supercell依旧是Supercell，Grinding Gear依旧按自己的节奏做《流放之路》……腾讯更像是一 个"隐形的大股东"，不搞文化殖民、不搞IP粗暴接管，而是让擅长的人继续专注做擅长的事，这种"不干涉式管理"，在缺乏耐心的欧美 资本环境里反倒显得像一种异类策略，却也让腾讯在收购与投资赛道上频频跑赢传统巨头。 要知道，《GTA》系列一直被视为全球最吸金的IP之一，而EA又是传统美式"游戏巨鳄"，能在收入上实现这种跨越，本身就足以说明问 题，更值得关注的是，Kern从一个行业内部人的角度总结了腾讯成功的战略核心：不是"大力收割"，也不是"买来同化"，而是寻找潜力 股，然后 ...

Core Viewpoint - The release of "Path of Exile: Ascendancy" (POE2) marks a significant milestone for the game, which has achieved phenomenal success in global markets and is set to officially launch in China after a successful international debut in 2024 [1] Group 1: Game Performance and Reception - The international version of "Path of Exile: Ascendancy" reached a peak concurrent player count of 578,000 and topped global sales charts for eight consecutive weeks [1] - The game received multiple accolades in the Steam 2024 awards, including "Platinum Level New Game of the Year" and "Most Popular Game" [1] - On Twitch, the game achieved a peak viewership of 1.23 million, surpassing the previous record of 940,000 for similar products [1] Group 2: Game Features and Local Adaptation - The game offers high freedom in gameplay, allowing players to customize their builds and engage in interactive boss battles, along with a fully free trading system [4] - The Chinese version will launch with version 0.3.0, featuring extensive skill reworks and balance adjustments based on player feedback [2][3] - The pricing for the Chinese version starts at 98 yuan for the "Founder’s Pack," which includes in-game currency and access to the closed beta [2] Group 3: Security and Anti-Cheat Measures - Tencent and GGG have implemented a dual security system to prevent cheating, utilizing advanced technologies such as credit interception and script recognition [5] - The game will feature a comprehensive account behavior analysis system to identify suspicious accounts [5] Group 4: Community Engagement and Support - Tencent has launched initiatives like the "Pioneer Plan" and "Evergreen Plan" to encourage content creators and provide them with incentives and support [7] - The game will feature a centralized strategy guide platform called "Path of Exile Compendium" to assist players at all levels [7] Group 5: Long-term Vision and Commitment - Tencent emphasizes the long-term development of the "Path of Exile" IP, focusing on player feedback and reputation rather than short-term sales [8] - The company is committed to providing substantial support for both "Path of Exile" and "Path of Exile: Ascendancy," ensuring a collaborative development environment with GGG [8]

Core Viewpoint - The article discusses Tencent's SPARK game release event, highlighting its strategy of reinforcing dominance in mature markets while cautiously exploring potential risks in the gaming industry [3][10]. Group 1: Event Overview - The SPARK Tencent game release event showcased a record 46 new games, significantly more than previous years, indicating a robust project pipeline [2][3]. - The event was divided into three segments: self-developed, published, and invested games, providing a comprehensive view of Tencent's gaming portfolio [3]. Group 2: Strategic Insights - Tencent's strategy focuses on solidifying its dominance in established gaming genres, particularly in the FPS sector, by creating a competitive ecosystem that is hard to replicate [4][10]. - The introduction of projects like "The Finals" and "Path of Exile" reflects Tencent's approach to adapt and innovate within existing genres while maintaining a stronghold on market share [4][6]. Group 3: IP and Market Positioning - Tencent's aggressive acquisition of high-profile IPs, such as "Dune" and "Under the Red Sky," demonstrates its commitment to securing strategic positions in the gaming landscape, regardless of immediate domestic audience size [6][7]. - The company is increasingly targeting subcultures within the gaming community, aiming to capture a wider audience while maintaining its competitive edge in popular genres [7]. Group 4: Project Evaluation - Among the new releases, "Silicon Universe" is highlighted as a potential game-changer, representing a departure from Tencent's usual strategies and possibly marking a significant turning point for the company [9]. - The development of "Honor of Kings World" and "Star of Dawn" reflects Tencent's ongoing struggle with innovation, as both projects have faced lengthy development cycles and multiple directional shifts [12][14]. Group 5: Market Dynamics - The article suggests that Tencent's extensive resource allocation to defend its market position may inadvertently stifle innovation and exploration of new gaming categories [10][11]. - The overall sentiment indicates that while Tencent's new game announcements are plentiful, they lack significant breakthroughs in gameplay and genre innovation, reflecting a cautious approach amidst competitive pressures [17][18].