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 ...

Core Insights - The focus of investors is on how technology giants can convert their technological advantages into tangible business value in the new AI competition [2] - Tencent reported a revenue of 184.5 billion yuan for Q2 2025, a year-on-year increase of 15%, and a non-IFRS operating profit of 69.25 billion yuan, up 18% [2][4] Financial Performance - Tencent's stock price rose by 4.74% on the day of the earnings release, reaching 586 HKD per share, marking the highest level since June 2021 [4] - The company’s R&D expenditure reached 20.25 billion yuan, a 17% year-on-year increase, while capital expenditure was 19.11 billion yuan, up 119% [7] AI Investment Strategy - Tencent is increasing its investment in AI but is managing costs in a refined manner rather than going "All in" [5][6] - The company is focusing on developing smaller models to reduce costs while improving inference efficiency [6] - AI has contributed to the growth and monetization of Tencent's existing businesses, with plans to explore other viable monetization avenues for consumer-facing AI [6] Business Segments - The marketing services segment saw significant growth, with revenue reaching 35.8 billion yuan, a 20% year-on-year increase, driven by improvements in AI-driven advertising platforms [8][11] - Tencent's advertising business is performing well, with a focus on enhancing ad effectiveness through upgraded foundational models [11] Cloud Business - Tencent's cloud business is not reliant on GPU resources, and the company aims to improve large language models for better performance [12] - The company has effectively adjusted its cloud business by exiting low-margin projects, enhancing its competitive edge in supply chain costs [12]

Core Insights - Tencent's Q2 financial report indicates that AI's "technological strength" is rapidly translating into "growth power" for the company, with revenue from financial technology and enterprise services reaching 55.5 billion yuan, a year-on-year increase of 10% [1] Group 1: Financial Performance - Tencent's Q2 revenue from financial technology and enterprise services was 55.5 billion yuan, reflecting a 10% year-on-year growth [1] - R&D expenditure for Q2 reached 20.25 billion yuan, marking a 17% increase year-on-year, emphasizing the company's commitment to core technology development and market expansion [2] Group 2: Technological Innovation - The Tencent Mix Yuan model continues to iterate rapidly, with flagship models TurboS and T1 being upgraded [1] - The 3D model series has achieved significant breakthroughs, including the release of version 2.5 and the first art-grade 3D generation model [1] Group 3: Product and Application Development - AI products such as Tencent Yuanbao, ima, and QQ Browser are penetrating various user demographics, while WeChat's AI features are continuously enriched to enhance user experience [1] Group 4: Market Expansion - Tencent Cloud's internationalization is accelerating, assisting well-known international companies like GoTo Group and Orange in enhancing their digital and operational efficiency [1] - The company is also supporting Chinese enterprises like Meituan Keeta and Midea in their global growth initiatives [1]

Core Viewpoint - Tencent has integrated its AI applications with the DeepSeek R1-0528 model, allowing users to experience advanced capabilities in deep thinking, programming, and long text processing across various platforms for free and without limits [1] Group 1: AI Application Integration - Multiple Tencent AI applications, including Tencent Yuanbao, ima, Sogou Input Method, QQ Browser, Tencent Docs, Tencent Maps, and Tencent LeXiang, have announced the integration with DeepSeek R1-0528 [1] - Users can select the DeepSeek model R1 for enhanced functionalities across different products [1] Group 2: Cloud Services - Tencent Cloud has launched DeepSeek-R1-0528, enabling enterprises and developers to access the API interface for stable and high-quality services [1] - The Tencent Cloud Intelligent Agent Development Platform offers built-in capabilities for RAG, workflow, and agent development, facilitating the rapid creation of customized intelligent applications [1] - Tencent Cloud's TI platform allows for fine-tuning of the model, enhancing its adaptability for specific use cases [1]

Group 1: Company Developments - Shanghai Linqingxuan Biotechnology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities and Huatai International as joint sponsors [1] - Baidu disclosed payments made to its CEO, Li Yanhong, for using his personal aircraft for business purposes, emphasizing that the costs were based on market rates for similar aircraft [9] - DJI plans to launch its first consumer-grade panoramic camera, DJI Osmo 360, in July, which has already received FCC certification [17] Group 2: Financial Performance - Li Auto reported a net profit of 647 million yuan for Q1 2025, a year-on-year increase of 9.4% but a quarter-on-quarter decrease of 81.7%, with total vehicle deliveries of 92,864 units [14] - NVIDIA's Q1 revenue reached $44.1 billion, a 69% year-on-year increase, with a net profit of $18.78 billion, up 26% from the previous year [15] Group 3: Market Trends - The domestic airline fuel surcharge will be adjusted starting June 5, 2025, with routes under 800 kilometers exempt from the surcharge, while those over 800 kilometers will incur a fee of 10 yuan per passenger [2] - South Korea has seen a rise in birth rates, with a continuous increase in monthly births for nine consecutive months, attributed to a rise in marriage rates post-COVID-19 [2][3]

Group 1 - The domestic air ticket fuel surcharge will be reduced starting June 5, 2025, with routes of 800 kilometers or less exempt from the surcharge [3] - For routes over 800 kilometers, a fuel surcharge of 10 yuan per passenger per segment will be applied [3] - Children and eligible disabled military personnel will be charged half of the actual fee, while infants will be exempt from the surcharge [3] Group 2 - Shanghai Linqingxuan Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and Huatai International as joint sponsors [2] Group 3 - The number of high school entrance exam candidates in China has decreased for the first time in eight years, with 13.35 million candidates registered for 2025, down by 70,000 from the previous year [8] - The decline in candidates is closely related to the birth rate fluctuations from 2006 and 2007, as well as changes in the number of repeat students [8] Group 4 - Baidu disclosed payments made to its CEO Li Yanhong for using his private jet for business purposes, with costs based on market rates for similar aircraft [9] - Li Yanhong's private jet was reported to have been used during a summit in Huangshan, China [9] Group 5 - Ideal Auto reported a net profit of 647 million yuan for Q1 2025, a year-on-year increase of 9.4% but a quarter-on-quarter decrease of 81.7% [15] - The total vehicle delivery for the quarter was 92,864 units, a year-on-year increase of 15.5% [15] Group 6 - Nvidia's Q1 revenue reached $44.1 billion, a 69% year-on-year increase, with net profit at $18.78 billion, up 26% [16] - The data center revenue for the same quarter was $39.1 billion, reflecting a 73% year-on-year growth [16]

Group 1 - Rongda Hezhong successfully passed the Hong Kong Stock Exchange listing hearing, indicating its recognized market position in the AIDC field, with projected revenue of approximately 350 million yuan and net profit of about 41 million yuan for 2024 [1] - Yushi Technology submitted its prospectus to the Hong Kong Stock Exchange, focusing on L4-level autonomous driving technology, with expected revenue of 265 million yuan for 2024, but currently operating at a loss [2] - Tencent's AI product ima has integrated the DeepSeek R1-0528 model, enhancing reasoning performance and code capabilities, which is expected to improve user experience and attract more users [3] Group 2 - The Ministry of Finance plans to issue 68 billion yuan of government bonds in Hong Kong in six phases, with the third phase of 12.5 billion yuan scheduled for June 4, 2025, aimed at enriching the RMB bond market and promoting RMB internationalization [4] - The Hong Kong stock market showed positive performance, with the Hang Seng Index rising by 1.35%, the Hang Seng Tech Index increasing by 2.46%, and the National Enterprises Index up by 1.37% on May 29 [5]

Core Insights - Tencent's AI Workbench product, ima, has been updated to integrate the DeepSeek R1-0528 model, enhancing its capabilities for users [1] Group 1 - The update allows users to access the new DeepSeek R1 model without needing to update their existing ima versions, which includes desktop, app, and mini-program versions [1]

Core Insights - The 21st China (Shenzhen) International Cultural Industries Fair (Cultural Fair) opened on May 22, featuring 6,280 exhibitors, an increase of 224 from the previous year, showcasing over 120,000 cultural products and more than 4,000 investment and financing projects [1] Group 1: Technology Empowerment - AI technology is deeply involved in cultural content production, with Tencent showcasing tools for text generation, script writing, and poster creation, allowing users to co-create digital art with AI in under a minute [2] - VR technology offers immersive experiences, with large space positioning technology enabling users to explore expansive virtual environments beyond traditional VR limitations [2] Group 2: IP Expansion - The logic of IP industry expansion is shifting from single derivative product sales to an ecosystem competition model that integrates content, industry, and technology, focusing on emotional value, content ecology, and technological interaction [3] - The construction of a "content + industry" ecosystem is essential for the longevity of IP, with over 2,000 new anime IPs created annually in China [3] Group 3: Cultural Export - The domestic web literature IP ecosystem is well-established, driving the development of downstream industries such as audio, animation, film, and games, with a focus on global co-creation of IP [4] - The "localization" strategy is key for the success of cultural exports, with companies adapting products to meet the preferences of overseas markets, exemplified by a game that generated over 10 billion yuan in revenue [4][5]

Core Insights - Tencent's AI product "Yuanbao" has struggled to maintain its position in the competitive landscape, dropping to 43rd in the App Store rankings after a brief surge [1][2] - The company's focus remains on gaming and the WeChat ecosystem, with little emphasis on Yuanbao during recent earnings calls [1][2] - Tencent's management acknowledges the need for a solid foundation in algorithms, computing power, and data before showcasing AI products [2][3] Group 1: Yuanbao's Performance and Challenges - Yuanbao's capabilities have been criticized, with users expressing disappointment over its performance compared to competitors [3][6] - Despite multiple updates and improvements, Yuanbao's integration with WeChat has not significantly enhanced user experience [4][6] - The product's reliance on DeepSeek has led to a perception that it lacks unique capabilities, resulting in low user engagement [7][10] Group 2: Investment and Market Position - Tencent has significantly increased its investment in AI, with spending on Yuanbao reaching approximately 1 billion yuan in early 2025 [10][12] - The company is facing high competition in the AI space, with other tech giants also ramping up their investments [10][12] - Tencent's management has indicated a shift in focus towards improving user retention and product integration rather than just increasing advertising spend [12][18] Group 3: Strategic Direction and Future Outlook - Tencent is restructuring its AI divisions to enhance efficiency and prioritize technology-driven strategies over business-driven ones [6][10] - The company aims to create a unique AI agent that integrates deeply with the WeChat ecosystem, differentiating itself from generic AI products [18] - There is a recognition within Tencent that relying solely on WeChat may not be sufficient for long-term success, prompting a need for broader strategies [13][18]