智通财经APP获悉，大和发布研报称，网易-S(09999)第三季线上游戏收入同比升12.7%，期内游戏销售 表现稳健。净利润则大致符合市场预期，受投资收益带动。该行重申"买入"评级，目标价由260港元升 至263港元。由于今年首三季股份回购规模有限，该行预期第四季将维持75%季息派息率，以达成全年 40%的派息比率目标。 ...

金山软件2025年第三季度业绩逊预期。营收同比下滑17%至24亿元人民币(下同)，低于市场预期6%。毛 利率同比收窄4个百分点至80.4%，符合市场共识预期。受营收增长疲弱拖累，经营利润暴跌76%至2.77 亿元，经营利润率同比下滑28个百分点至11%。净利润同比下降49%至2.13亿元，净利润率同比收窄5个 百分点至8.8%。 大华继显发布研报称，维持对金山软件(03888)的"买入"评级，目标价小幅下调至44港元，对公司第四 季线上游戏收入增长谨慎乐观。该行将金山软件的第四季收入预测下调3%，但考虑到线上游戏收入乏 力和新游戏变现的不确定性，对其明年收入预测维持不变。该行另对公司今年第四季经调整净利润预测 下调6%，以反映AI相关投资增加。 ...

金山软件2025年第三季度业绩逊预期。营收同比下滑17%至24亿元人民币(下同)，低于市场预期6%。毛 利率同比收窄4个百分点至80.4%，符合市场共识预期。受营收增长疲弱拖累，经营利润暴跌76%至2.77 亿元，经营利润率同比下滑28个百分点至11%。净利润同比下降49%至2.13亿元，净利润率同比收窄5个 百分点至8.8%。 智通财经APP获悉，大华继显发布研报称，维持对金山软件(03888)的"买入"评级，目标价小幅下调至44 港元，对公司第四季线上游戏收入增长谨慎乐观。该行将金山软件的第四季收入预测下调3%，但考虑 到线上游戏收入乏力和新游戏变现的不确定性，对其明年收入预测维持不变。该行另对公司今年第四季 经调整净利润预测下调6%，以反映AI相关投资增加。 ...

世纪娱乐国际(00959)发布公告，集团预期于截至2025年9月30日止六个月录得公司拥有人应占溢利不少 于2500万港元，而截至2024年9月30日止六个月则录得公司拥有人应占亏损约1140万港元。 集团开始确认两间新附属公司的收益，该两间新附属公司分别于菲律宾共和国马尼拉从事以线上科技为 基础的游戏业务及于中华人民共和国广东省从事山茶油业务。该等附属公司已于中期期间开始营运，目 前为集团贡献毛利。董事会预期该等业务单位将发展成为集团重要及可持续的溢利及增长来源。 集团于中期期间确认因预期信贷亏损拨回而产生的一次性其他收入约3000万港元。此乃由于公司前股东 吴文新先生于2025年7月2日订立的协议，该协议使集团应收吴先生的款项与集团应付吴先生的款项得以 抵销。 于2025年4月终止柬埔寨王国贵宾厅协议后，集团终止确认相关使用权资产及租赁负债分别约480万港元 及620万港元。此导致租赁修订收益净额约110万港元，已于中期期间确认为其他收入。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Tencent Holdings (00700) is expected to show robust performance in Q3, with total revenue projected to grow by 14% year-on-year to 190 billion RMB, and adjusted EBIT expected to rise by 21% to 74.1 billion RMB [1] Revenue Breakdown - Online gaming business is anticipated to grow by 18% year-on-year [1] - Online advertising revenue is expected to increase by 20%, driven by technological upgrades and transformation [1] - Business services revenue is projected to grow by over 20% year-on-year [1] Future Outlook - The growth momentum from online gaming, advertising, and cloud services is expected to continue into Q4 of this year [1] - Tencent is identified as the largest beneficiary of artificial intelligence applications [1] Profit Forecast - The company has raised its adjusted net profit forecasts for the next two years by 0.8% each [1] - The rating of "highly confident to outperform the market" is reiterated, with a target price set at 740 HKD [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Tencent Holdings (00700) is expected to deliver robust performance in Q3, with total revenue projected to grow by 14% year-on-year to 190 billion RMB, and adjusted EBIT expected to rise by 21% to 74.1 billion RMB [1] Revenue Breakdown - Online gaming revenue is anticipated to increase by 18% year-on-year [1] - Online advertising revenue is expected to grow by 20%, driven by technological upgrades and transformation [1] - Business services revenue is projected to rise by over 20% year-on-year [1] Future Outlook - The growth momentum from online gaming, advertising, and cloud services is expected to continue into Q4 of this year [1] - Tencent is identified as a major beneficiary of artificial intelligence applications [1] Profit Forecast - The firm has raised its adjusted net profit forecasts for Tencent for the next two years by 0.8% each [1] - The rating of "highly confident to outperform the market" is reiterated, with a target price set at 740 HKD [1]

Core Viewpoint - The report from Credit Lyonnais anticipates a robust performance for Tencent Holdings (00700) in Q3, with total revenue and adjusted EBIT expected to grow by 14% and 21% year-on-year, reaching RMB 190 billion and RMB 74.1 billion respectively [1] Group 1: Financial Performance - Total revenue is projected to increase by 14% year-on-year, reaching RMB 190 billion [1] - Adjusted EBIT is expected to grow by 21% year-on-year, amounting to RMB 74.1 billion [1] - Online gaming business is anticipated to grow by 18% year-on-year, with strong performances from titles like "Honor of Kings," "PUBG Mobile," "Delta Force," and "Clash Royale" potentially exceeding expectations [1] Group 2: Future Projections - The growth rate for high-margin advertising revenue has been revised upward to approximately 20% for 2025, leading to a 0.8% increase in adjusted net profit forecasts for Tencent for the fiscal years 2025 and 2026 [1] - Online advertising revenue is expected to benefit from upgrades in advertising technology and business transformation, with a year-on-year growth forecast of 20% [1] - The enterprise services sector is also projected to maintain over 20% year-on-year growth [1] Group 3: Business Resilience - The strong momentum in online gaming, advertising, and cloud services is expected to continue into Q4 2025, indicating resilience in these growth areas [1] - Tencent is identified as the largest beneficiary of AI applications, highlighting its strategic positioning in the market [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Tencent Holdings (00700) exceeded expectations in its second-quarter performance, with revenue and adjusted operating profit growing by 15% and 19% year-on-year, surpassing forecasts by 4% and 8% respectively [1] Group 1: Financial Performance - Tencent's three core businesses—online gaming, advertising, and cloud services—each achieved approximately 20% revenue growth [1] - The adjusted net profit forecasts for 2025 and 2026 have been raised by 2% and 3% respectively [1] Group 2: Future Outlook - The upcoming launch of the mobile game "Valorant" within the month is viewed positively [1] - Continuous empowerment of various businesses through AI technology is expected to contribute to growth [1] Group 3: Target Price and Rating - The target price for Tencent has been increased from HKD 710 to HKD 740 [1] - The rating remains "highly confident to outperform the market" [1]

Core Viewpoint - Tencent Holdings (00700) reported better-than-expected Q2 performance, with revenue and adjusted operating profit increasing by 15% and 19% year-on-year, exceeding expectations by 4% and 8% respectively [1] Group 1: Financial Performance - Revenue and adjusted operating profit growth of 15% and 19% year-on-year [1] - Core businesses, including online games, advertising, and cloud services, achieved approximately 20% growth [1] Group 2: Future Outlook - Anticipation for the launch of the mobile game "Valorant" within the month [1] - Continuous empowerment of various businesses through AI technology [1] - Adjusted net profit forecasts for 2025 and 2026 increased by 2% and 3% respectively [1] - Target price raised from 710 HKD to 740 HKD, maintaining a "highly confident outperform" rating [1]

Group 1 - Southbound funds net sold HKD 1.32 billion in Hong Kong stocks on July 23, with net purchases in China Life (HKD 665 million), SMIC (HKD 486 million), China Energy Construction (HKD 256 million), Alibaba (HKD 202 million), Pop Mart (HKD 173 million), and Dongfang Electric (HKD 170 million) [1] - Tencent Holdings saw a net sell of HKD 1.129 billion, Meituan-W HKD 1.021 billion, and Xiaomi Group-W HKD 983 million. Southbound funds have net bought SMIC for five consecutive days, totaling HKD 1.66206 billion, and China Life for two consecutive days, totaling HKD 1.54391 billion [2] Group 2 - China Life Group held a management meeting, reporting an increase in insurance coverage exceeding CNY 450 trillion, with claims of CNY 237.2 billion, a year-on-year growth of 14.7%. The group's total revenue grew by 8.4% year-on-year, and total assets surpassed CNY 8 trillion [4] - SMIC is expected to benefit from increased demand in the BCD Analog sector and improved wafer foundry capacity utilization in Q2 and the second half of the year, with a significant opportunity for domestic AI chip production [4] - China Energy Construction's new hydropower project on the Yarlung Tsangpo River has commenced, with an estimated investment of CNY 1.2 trillion, of which 60-70% will be allocated to project construction. The firm predicts a 20% growth in water conservancy investment by 2025, reflecting the government's strategic focus on water projects [5] Group 3 - Alibaba's Tongyi Qianwen has released a new code model, Qwen3-Coder, which surpasses global competitors in capability [6] - Tencent's target price was raised from HKD 634 to HKD 645, with expected revenue and gross profit growth of 12% and 17% year-on-year, respectively, for Q2 2025. Online gaming revenue is projected to grow by 18%, and online advertising revenue by 19%, indicating strong profitability improvements [6]