在当今全球互联网行业中，马化腾所创立的腾讯，无疑是一座难以逾越的巍峨高峰。从1998年腾讯成立 之初的艰难创业，到如今成为业务多元、影响力广泛的科技巨擘，马化腾的成功之道蕴含着诸多值得深 入探究的要素。他凭借敏锐的市场洞察力，精准把握时代脉搏；以卓越的创新能力，不断推出引领行业 潮流的产品；在战略布局上，更是高瞻远瞩，构建起庞大而稳固的商业生态系统。同时，他重视人才培 养与团队建设，秉持着独特的管理哲学，使得腾讯在激烈的市场竞争中始终保持领先地位，持续创造着 商业奇迹。 一、洞察市场，把握时代机遇 马化腾的成功，首先源于他对市场趋势的敏锐洞察和对时代机遇的精准把握。1998年，互联网在中国刚 刚兴起，马化腾凭借在深圳润讯通信公司积累的技术经验和对通信及互联网行业的深刻认知，与四位同 学共同创立了腾讯公司 。创业灵感源自一款名为ICQ的即时通讯软件，他们决心开发适合中国用户的即 时通讯工具，于是，1999年QQ诞生 。QQ针对中国低网速环境进行技术微创新，增加离线消息、群聊 功能，迅速在年轻用户群体中走红 。当时，中国互联网用户对即时通讯有着强烈需求，QQ的出现正好 填补了这一市场空白，为腾讯的发展奠定了坚实基 ...

记者丨 陈思琦 编辑丨孙超逸 图表 丨王泽坤 谢珍 王冰 在北京，如今的城市封面或许是中关村，高等学府、科研院所与互联网科技巨头肩并肩；在上海或许是陆家嘴， 金融机构与跨国企业Log o塞满外滩天际线；在伦敦，泰晤士河畔的金丝雀码头成为高净值人士与金领新贵的梦 想之地…… 而深圳，作为改革开放中最受瞩目的经济特区，45年来"封面"不断迭代。 第一高楼"觉醒" 站在社媒平台上爆火的"深圳曼哈顿"机位，广角镜头中，国贸、地王、京基100、平安金融中心——四代"第一高楼"同 时入画。 它们是城市地标，更是一部深圳经济的"空间传记"。 1985年，160米高的国贸大厦以"三天一层楼"震惊全国，成为改革开放的速度象征。十年后，地王大厦以"两天半一层 楼"刷新纪录，又将深圳的天际线正式推向"亚洲第一"级别。 从国贸大厦到地王大厦，罗湖，深圳最年长的城区，也是深圳城市封面的起点。 美国建筑学家沙里宁曾说："城市是一本打开的书，从中可以看到它的抱负。" 那是罗湖的黄金年代。因罗湖紧邻香港，深圳"第一次创业"期间，开发建设主要集中于此，目标是建立外向型经济， 成为"技术的窗口、管理的窗口、知识的窗口、对外政策的窗口"。 而这本 ...

8月25日，腾讯控股回购89.50万股股票，每股回购均价615.37港元，共耗资约5.51亿港元，本年累计回 购9442.10万股，占总股本1.02%。 截至当日港股收盘，腾讯控股上涨2.42%，报614.5港元/股。 腾讯控股近期回购情况 回购日期回购均价回购股数回购金额本年累计回购股数2025-08-25615.37289.50万5.51亿9442.10万2025- 08-22600.34491.70万5.51亿9352.60万2025-08-21593.58492.80万5.51亿9260.90万2025-08-20589.78693.40 万5.51亿9168.10万2025-08-19590.56793.20万5.50亿9074.70万2025-08-18591.23593.10万5.50亿8981.50万 2025-07-10496.378100.80万5.00亿8888.40万2025-07-09497.832100.50万5.00亿8787.60万2025-07- 08502.82799.50万5.00亿8687.10万2025-07-07499.590100.20万5.01亿8587.60万 ...

（原标题：45年，深圳城市"封面"迭代） 南方财经记者 陈思琦 深圳报道 美国建筑学家沙里宁曾说："城市是一本打开的书，从中可以看到它的抱负。" 而这本书的"封面"往往最先映入眼帘，是城市气质的浓缩体现。 在北京，如今的城市封面或许是中关村，高等学府、科研院所与互联网科技巨头肩并肩；在上海或许是陆家嘴，金融机构与跨国企业Logo塞满外 滩天际线；在伦敦，泰晤士河畔的金丝雀码头成为高净值人士与金领新贵的梦想之地…… 而深圳，作为改革开放中最受瞩目的经济特区，45年来"封面"不断迭代。 （深圳城市 " 封面 " 迭代） 第一高楼"觉醒" 站在社媒平台上爆火的"深圳曼哈顿"机位，广角镜头中，国贸、地王、京基100、平安金融中心——四代"第一高楼"同时入画。 那是罗湖的黄金年代。因罗湖紧邻香港，深圳"第一次创业"期间，开发建设主要集中于此，目标是建立外向型经济，成为"技术的窗口、管理的窗 口、知识的窗口、对外政策的窗口"。 "经过最初十年的建设，罗湖区20多平方公里的城市商业中心建成几十栋高层建筑，都市化面貌逐步形成，外界对深圳经济特区也更有信心。"深 圳市规划和自然资源局原副总规划师、高级建筑师陈一新回忆道。 （ ...

机构：华安证券 金融科技：AI 相关服务需求拉动云服务收入增长 腾讯Q2 营收1845.0 亿元（yoy+14.5%，qoq+2.5%），高于一致预期1789 亿（beat 3.1%）；实现毛利 1050.1 亿元（yoy+22.3%，qoq+4.5%），高于一致预期988 亿（beat 6.3%）；实现经调整净利润630.5 亿元（yoy+10.0%，qoq+2.8%），超一致预期的620 亿（beat1.7%）。毛利方面，VAS 业务毛利率同比 提升3pct 至60%，主要由于二季度《三角洲行动》等自研游戏的增长所致；营销业务毛利率同比提升 2pct 至58%，主要受视频号及搜一搜收入增长所驱动；金融科技业务毛利率同比增加4pct 至52%，主要 得益于消费贷款服务及理财服务的收入增长和支付服务及云成本效益增长。 增值服务：本土游戏稳健运营，海外游戏表现亮眼 25Q2，国内游戏部分收入404 亿元（yoy+17%），高于预期的400 亿元，《三角洲行动》7 月MAU 破 2000 万，持续提供流水贡献，同时长线运营游戏《王者荣耀》《和平精英》《无畏契约》稳健运营； 国际游戏收入表现亮眼达188 亿元（yo ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's Q2 revenue reached 184.5 billion yuan, representing a year-over-year increase of 14.5% and a quarter-over-quarter increase of 2.5%, exceeding consensus expectations of 178.9 billion yuan [4] - The gross profit for Q2 was 105.0 billion yuan, up 22.3% year-over-year and 4.5% quarter-over-quarter, also surpassing the consensus estimate of 98.8 billion yuan [4] - Adjusted net profit for Q2 was 63.1 billion yuan, reflecting a year-over-year increase of 10.0% and a quarter-over-quarter increase of 2.8%, beating the consensus estimate of 62.0 billion yuan [4] - The report emphasizes the company's ongoing investment in AI, which is driving growth across various business segments, including gaming, marketing, and financial technology [10] Summary by Sections Q2 Performance - Q2 revenue was 184.5 billion yuan, beating expectations by 3.1% [4] - Gross profit was 105.0 billion yuan, exceeding expectations by 6.3% [4] - Adjusted net profit was 63.1 billion yuan, beating expectations by 1.7% [4] Value-Added Services - Domestic gaming revenue was 40.4 billion yuan, up 17% year-over-year, while international gaming revenue reached 18.8 billion yuan, up 35% year-over-year [5] - The company is enhancing AI applications in gaming, leading to a 20% year-over-year increase in mini-game revenue [5] Marketing Business - Marketing revenue was 35.8 billion yuan, up 20% year-over-year, driven by AI improvements in advertising platforms [6] - The combined MAU for WeChat and QQ reached 1.411 billion and 532 million, respectively [6] Financial Technology - Financial technology revenue was 55.5 billion yuan, up 10% year-over-year, exceeding expectations [7] - Growth in enterprise services was driven by increased demand for AI-related services [7] AI Ecosystem - Capital expenditure for Q2 was 19.1 billion yuan, up 119% year-over-year, reflecting the company's commitment to enhancing its AI capabilities [8] - The report details advancements in AI models and tools, including the launch of new 3D models and upgrades to Tencent Cloud's AI programming tools [9] Investment Recommendations - The company is expected to achieve net profits of 252.3 billion yuan, 286.1 billion yuan, and 324.6 billion yuan for 2025, 2026, and 2027, respectively [10] - The report maintains a "Buy" rating based on the company's strong performance in gaming and the positive impact of AI on advertising and cloud services [10]

Core Viewpoint - The article highlights the emergence of Shenzhen as a global innovation hub, showcasing four major companies—Huawei, BYD, Tencent, and China Ping An—as representatives of China's innovative capabilities and their significant contributions to the economy and technology landscape [4][5][18]. Group 1: Shenzhen's Innovation Landscape - Shenzhen has transformed from a small fishing village to a prominent "innovation city" over the past 45 years, giving rise to influential tech companies [4][5]. - The "Shenzhen Innovation Four Sisters" (Huawei, BYD, Tencent, and China Ping An) each have a market value exceeding 1 trillion yuan and annual revenues surpassing 600 billion yuan [5]. - These companies collectively hold over 50,000 valid patents, supported by a research workforce of approximately 300,000 and R&D investments of 300 billion yuan [5][9]. Group 2: Talent and Workforce - Shenzhen boasts over 4 million skilled workers and more than 25,000 high-tech enterprises, with the "Four Sisters" employing a significant portion of the talent [9]. - BYD leads with 122,000 engineers, followed by Huawei with 113,000, and Tencent has a high technical talent ratio of 73% [9]. - China Ping An has invested 18 billion yuan in R&D, employing 21,000 tech developers and 3,000 scientists, with over 10% of its workforce holding master's or doctoral degrees [11][13]. Group 3: Technological Advancements - China Ping An is recognized for its AI-driven revenue growth, being the only financial insurance company included in Goldman Sachs' new AI investment framework [16]. - The company has developed advanced AI technologies, achieving high accuracy in various applications, including medical diagnostics and insurance underwriting [14][16]. - Huawei has successfully developed its own full-stack chips and the Harmony operating system, while BYD has reduced electric vehicle costs below Tesla's by 15% [18]. Group 4: Strategic Innovation Approaches - The "Four Sisters" have established flexible innovation mechanisms internally, allowing departments to operate autonomously while maintaining strategic alignment [20]. - Externally, they engage in collaborations and investments to acquire technological and market resources, exemplified by Ping An's differentiated service strategy in the financial sector [20][22]. - The companies are also exploring innovative business models, such as Ping An's "home-based elderly care" service, integrating various service modules to enhance customer experience [22].

Core Viewpoint - The company reported strong financial performance in Q2 2025, with significant year-over-year growth in revenue and profits, driven by robust gaming and advertising businesses, as well as the integration of AI across its ecosystem [1][2][3] Group 1: Operational Data - In Q2 2025, WeChat's monthly active users (MAU) reached 1.411 billion, reflecting a year-over-year increase of 2.9% and a quarter-over-quarter increase of 0.6% [1] - QQ's active accounts showed a slight decline year-over-year, while the number of registered accounts for paid value-added services reached 264 million, marking a year-over-year increase of 0.4% but a quarter-over-quarter decrease of 1.5% [1] Group 2: Overall Performance - The company's overall gross margin improved to 56.9%, an increase of 3.6 percentage points year-over-year and 1.09 percentage points quarter-over-quarter [2] - Non-IFRS operating profit grew by 18% year-over-year, while Non-IFRS net profit increased by 10% to 631 billion yuan, with a 20% growth when excluding investment income [2] Group 3: Value-Added Services - Game revenue experienced a strong year-over-year growth of 22%, with domestic and overseas markets growing by 17% and 35% respectively [2] - Tencent Video maintained its leading position in the domestic long video market, with paid membership reaching 114 million [2] - Tencent Music Entertainment (TME) saw a 17% year-over-year increase in online music subscription revenue, driven by growth in paid members and average revenue per paying user (ARPPU) [2] Group 4: Marketing Services - Marketing services revenue grew by 20% year-over-year, with strong demand for key advertising placements within the WeChat ecosystem, including video accounts and mini-programs [2] - The integration of AI applications into the advertising system enhanced click-through and conversion rates, contributing to the growth of e-commerce advertising potential [2] Group 5: Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services grew by 10% year-over-year, driven by a recovery in commercial payments due to consumer spending recovery [3] - The cloud business, benefiting from rapid AI demand, saw significant year-over-year growth in international revenue, boosting overall enterprise service income [3] Group 6: Profit Forecast and Investment Rating - The company adjusted its profit expectations, forecasting revenues of 743.8 billion, 820.5 billion, and 900.7 billion yuan for 2025-2027, with Non-IFRS net profits of 255.4 billion, 288.5 billion, and 323 billion yuan respectively [3] - The target market capitalization for Tencent's various businesses in 2025 is set at 5.9 trillion yuan, corresponding to a target price of 708 Hong Kong dollars, maintaining a "buy" rating [3]

Core Insights - HarmonyOS 5 has surpassed 10 million devices, marking a significant milestone for the Hongmeng ecosystem [1] - The construction of a new application ecosystem is deemed more challenging than developing the operating system itself [3] - Collaborative efforts from partners like Tencent, Alibaba, and others are crucial for the success of the Hongmeng ecosystem [4][5] Group 1: Milestones and Achievements - The achievement of over 10 million devices is celebrated as a major milestone, showcasing the collective effort of Chinese tech companies [1] - Tencent has adapted over 50 applications to HarmonyOS 5, including popular services like WeChat and QQ, indicating strong user demand [5] - Alibaba's Taotian Group aims for 100% adaptation of its applications to HarmonyOS by September 30, 2023, with current adaptation at 90% [5] Group 2: Challenges and Opportunities - Building a robust application ecosystem requires significant effort and collaboration among developers, akin to the "chicken or egg" dilemma [3] - The transition to HarmonyOS involves substantial work, and developers' willingness to invest is critical for success [3] - The railway application 12306 has launched a new version on HarmonyOS, enhancing user experience with real-time travel information [10] Group 3: Partner Contributions - Partners like Tencent and Alibaba express confidence in the potential of HarmonyOS, emphasizing the importance of collaboration for ecosystem development [4][5] - The railway 12306 team acknowledges Huawei's strong execution and commitment, reinforcing their decision to join the ecosystem [8] - Sina Finance has adapted 90% of its functionalities to HarmonyOS, viewing participation as a strategic move to avoid being "choked" by competitors [10] Group 4: User Experience and Feedback - The concept of "Hongmeng listens to feedback" is highlighted, with partners actively iterating applications based on user input [12][13] - Recent updates to applications like WeChat and QQ Music reflect a commitment to rapidly address user needs and enhance functionality [13] - The growth of Sina Finance's user base by seven times in eight months illustrates the positive reception of the ecosystem [14] Group 5: Future Prospects - Huawei is investing nearly 10 billion in resources to support developers in transitioning to HarmonyOS, aiming to lower development costs [14] - The company envisions HarmonyOS becoming a major global operating system, not just in China, as the ecosystem matures [14]

Core Insights - HarmonyOS 5 has surpassed 10 million devices, marking a significant milestone for the Hongmeng ecosystem [1] - The construction of a new application ecosystem is deemed more challenging than developing the operating system itself [3][5] - Collaboration among various tech companies is essential for the success of the Hongmeng ecosystem [5][6] Group 1: Milestones and Achievements - The achievement of over 10 million devices is celebrated as a major milestone, showcasing the collective effort of Chinese tech companies [1] - The application ecosystem is crucial for the survival and stability of a new operating system, with HarmonyOS 5 offering advantages in security, privacy, and AI capabilities [3][5] Group 2: Industry Collaboration - Representatives from Tencent, Alibaba, and other partners express their commitment to building the Hongmeng ecosystem, highlighting the importance of collaboration [6][10] - Tencent has adapted over 50 applications to HarmonyOS 5, while Alibaba aims for 100% compatibility by September 30 [8][10] - The railway application 12306 has launched a new version that enhances user experience through HarmonyOS features [11] Group 3: User Experience and Feedback - The concept of "listening to feedback" is emphasized, with partners like Tencent actively engaging in iterative development based on user input [15] - The rapid iteration of applications, such as new features in WeChat and QQ Music, reflects the commitment to improving user experience [15][16] Group 4: Future Prospects - The development of HarmonyOS is expected to follow a "smile curve" pattern, with initial challenges leading to eventual user satisfaction [16] - Huawei is investing significant resources to support developers in migrating to HarmonyOS, aiming for a global presence in the operating system market [16]