智通财经APP获悉，富瑞发布研报称，维持腾讯控股(00700)"买入"评级，目标价由706港元上调至794港 元。在营销服务方面，腾讯收入增长受惠由AI驱动的多重因素推动。金融科技及企业服务业务受益于 非支付业务(如消费贷款)和云业务的加速发展。 该行表示，重申腾讯为2026年的首选标的，AI将成为各业务领域的增长催化剂。该行指，公司第三季 度线上游戏的产品组合策略推动增长，集团持续追求打造顶级游戏作品。《三角洲行动》于2025年9月 再创日活跃用户里程碑，该行预期其将成为另一款长青游戏。 ...

Core Viewpoint - Morgan Stanley raised Tencent's target price by 7.7%, from HKD 650 to HKD 700, maintaining an "Overweight" rating and reaffirming it as a preferred stock [1] Group 1: Business Performance - Tencent's core business is experiencing steady growth, with expectations that AI deployment will continue to drive stable revenue growth and yield high returns on investment (ROI) [1] - Concerns regarding profit margin pressure from AI investments have eased [1] Group 2: Capital Expenditure - Tencent maintained its capital expenditure guidance, reporting RMB 47 billion in capital expenditure for the first half of the year, with Morgan Stanley projecting a total of RMB 97 billion for the year, aligning with expectations [1] - Capital expenditure is expected to accelerate in the second half of the year as sales recover in mainland China [1] Group 3: Revenue and Profit Forecasts - Morgan Stanley anticipates Tencent's Q3 revenue and non-IFRS operating profit to increase by 12% and 14%, respectively; gaming revenue is expected to rise by 16%, while advertising revenue is projected to grow by 20% [1] - Financial technology and enterprise services (FBS) revenue is expected to increase by 9% [1] - Revenue and adjusted operating profit forecasts for the next two years have been raised by 2%, with projected revenues of RMB 743.5 billion and RMB 812.8 billion for this year and next year, respectively, and adjusted operating profits of RMB 275.8 billion and RMB 311.2 billion [1]

Market Performance - US stock indices opened higher, with the Nasdaq and S&P 500 reaching new highs during the session. As of the report, the Dow Jones increased by 0.59%, the S&P 500 by 0.15%, and the Nasdaq Composite by 0.13% [1] - Chinese concept stocks surged, with the Nasdaq China Golden Dragon Index rising over 2% [3] Company Highlights - Individual stocks saw significant gains, with Bilibili rising over 6%, and NetEase, Alibaba, and Li Auto each increasing by over 3%. Tencent Holdings' ADR rose nearly 7%, reaching a market capitalization exceeding $700 billion [4] - Tencent Holdings released its mid-term and Q2 2025 earnings report, showing total revenue of 364.53 billion RMB for the six months ending June 30, 2025. Operating profit was 117.67 billion RMB, with net profit attributable to shareholders at 103.45 billion RMB [6] - For Q2 2025, Tencent reported total revenue of 184.5 billion RMB, a 15% year-on-year increase, with operating profit of 69.2 billion RMB, up 18% year-on-year. The gross margin reached 57%, an increase of 4 percentage points year-on-year [6] - Tencent's three main business segments all experienced revenue growth: Value-added services at 91.4 billion RMB (up 16% YoY), Marketing services at 35.8 billion RMB (up 20% YoY), and Financial technology and enterprise services at 55.5 billion RMB (up 10% YoY) [6] - Tencent emphasized the deep integration of AI into its gaming, advertising, and social ecosystems, with CEO Ma Huateng noting continued investment and benefits from AI in Q2 2025 [6] Economic Context - The FTSE China A50 index saw a rapid increase [6] - US Treasury Secretary Mnuchin expressed hope for the Senate to confirm the current White House economic advisor to fill a temporary vacancy on the Federal Reserve Board before the next meeting in September, which could set the stage for significant interest rate cuts [8] - Mnuchin indicated that the recent downward revisions of employment data and favorable inflation data could lead to discussions of a 50 basis point rate cut in September [9]

Market Performance - US stock indices opened higher, with the Nasdaq and S&P 500 reaching new highs during the session [1] - As of the report, the Dow Jones increased by 0.59%, S&P 500 by 0.15%, and Nasdaq by 0.13% [1] Chinese Stocks - Chinese concept stocks surged, with the Nasdaq China Golden Dragon Index rising over 2% [3] Individual Stock Movements - Bilibili's stock rose over 6%, while NetEase, Alibaba, and Li Auto each increased by over 3% [5] - Tencent Holdings' ADR saw a nearly 7% increase, reaching a market capitalization exceeding $700 billion [5] Tencent's Financial Performance - Tencent reported total revenue of 364.53 billion RMB for the six months ending June 30, 2025, with an operating profit of 117.67 billion RMB and a net profit attributable to shareholders of 103.45 billion RMB [7] - For Q2 2025, Tencent's total revenue was 184.5 billion RMB, reflecting a 15% year-on-year growth, with operating profit increasing by 18% to 69.2 billion RMB [7] - Gross margin reached 57%, up by 4 percentage points year-on-year [7] Tencent's Business Segments - All three main business segments of Tencent reported revenue growth: - Value-added services revenue was 91.4 billion RMB, up 16% year-on-year - Marketing services revenue was 35.8 billion RMB, up 20% year-on-year - Financial technology and enterprise services revenue was 55.5 billion RMB, up 10% year-on-year [8] - Tencent emphasized the deep integration of AI into its gaming, advertising, and social ecosystems, with ongoing investments in AI yielding benefits [8]

北京时间8月13日晚间，美股三大指数集体高开，纳指、标普500指数盘中续创新高。随后，主要指数涨幅有所收敛。截至发稿，道琼斯指数涨0.59%，标 普500指数涨0.15%，纳斯达克综合指数涨0.13%。 中概股集体大涨，纳斯达克中国金龙指数涨逾2%。 个股方面，哔哩哔哩涨超6%，网易、阿里巴巴、理想汽车均涨超3%。腾讯控股ADR涨幅扩大至近7%，创逾四年新高，使腾讯总市值超7000亿美元。 消息面上，8月13日盘后，腾讯控股发布2025年中期及第二季度业绩报告。财报显示，截至2025年6月30日的六个月，公司实现总营收3645.26亿元人民 币；经营盈利为1176.7亿元，期内盈利录得1057.69亿元，归母净利润为1034.49亿元。 | ( | | 富时中国A50期货 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | CN.SG | | | | | | 14178 | | 昨结 14151 | | | 开营 | 14147 | | +27 | +0.19% | 总手 | 2.64万 | | 现手 | 1 | | 最高价 | 14187 ...

Core Insights - Tencent Holdings reported Q2 revenue of 184.5 billion yuan, a year-on-year increase of 15% [1] - Non-IFRS operating profit reached 69.25 billion yuan, reflecting an 18% year-on-year growth [1] Revenue Breakdown - Value-added services revenue grew by 16% year-on-year to 91.37 billion yuan [1] - Gaming segment revenue increased by 22%, with international gaming market revenue rising by 35% to 18.8 billion yuan, marking a record high for four consecutive quarters [1] - Marketing services revenue surged by 20% year-on-year to 35.76 billion yuan, driven by advancements in large model technology and increased activity in the WeChat ecosystem [1] - Financial technology and enterprise services saw a 10% year-on-year revenue growth, totaling 55.54 billion yuan [1] Investment in AI - Tencent significantly increased its investment in AI strategy, with R&D spending rising by 17% year-on-year to 20.25 billion yuan [1] - Capital expenditures surged by 119% year-on-year to 19.11 billion yuan [1]

Core Insights - Tencent reported a revenue of 184.5 billion yuan for Q2 2025, representing a year-on-year growth of 15% [1] - The company's operating profit (Non-IFRS) for the same period was 69.25 billion yuan [1] - The growth in revenue is significantly driven by the acceleration of AI technology translating into performance growth [1] Financial Technology and Enterprise Services - Tencent's financial technology and enterprise services achieved a revenue of 55.5 billion yuan in Q2 2025, reflecting a year-on-year increase of 10% [1] - The revenue growth in financial technology services is primarily attributed to the increase in commercial payment activities and wealth management services [1] - The improvement in consumer trends has led to a recovery in Tencent's commercial payment amounts, contributing to higher revenue growth in financial technology services [1]

Core Insights - Tencent Holdings reported a 15% year-on-year revenue growth to 184.504 billion RMB for Q2 2025 [1] - Gross profit increased by 22% year-on-year to 105.013 billion RMB [1] - Profit attributable to equity holders rose by 17% year-on-year to 55.628 billion RMB, while non-IFRS profit attributable to equity holders grew by 10% to 63.052 billion RMB [1] - Basic earnings per share were 6.115 RMB [1] Business Segmentation - Value-added services revenue grew by 16% year-on-year to 91.4 billion RMB, with domestic game revenue at 40.4 billion RMB (up 17%) and international game revenue at 18.8 billion RMB (up 35%) [1] - Social network revenue increased by 6% year-on-year to 32.2 billion RMB [1] - Marketing services revenue rose by 20% year-on-year to 35.8 billion RMB [1] - Financial technology and enterprise services revenue grew by 10% year-on-year to 55.5 billion RMB [1]

格隆汇8月13日｜腾讯：2025年第二季度金融科技及企业服务业务收入同比增长10%至555亿元。金融科 技服务收入的增长受益于消费贷款服务、商业支付活动及理财服务的收入增长。企业服务收入的增速较 近几个季度有所加快，得益于企业客户对AI相关服务的需求增加，包括GPU租赁和API token使用，以 及商家技术服务费的增长。 ...

每经AI快讯，8月13日，腾讯控股（00700.HK）二季报显示，AI技术及应用正加速转化为业绩动能。当 季腾讯实现营收1845亿元同比增长15%，经营利润（Non-IFRS）692.5亿元同比增长18%。 AI深度融入腾讯核心业务，显著驱动增长：增值服务收入同比增长16%至913.7亿元，游戏板块收入同 比增长22%，其中国际游戏市场收入同比增长35%至188亿元，连续四季创新高；营销服务在大模型技 术升级和微信生态活跃度提升带动下保持高速增长，收入同比增长20%至357.6亿元；金融科技及企业 服务业务盈利明显改善，收入同比增长10%至555.4亿元。 在核心业务坚实增长的同时，腾讯持续加码AI战略投入：当季研发投入同比增长17%至202.5亿元，资 本开支同比增长119%至191.1亿元。 （文章来源：每日经济新闻） ...