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今年腾王回归 700 应该板上钉钉

股价重回 700 在望，腾讯财报满足市场期待了么？

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回归 700 应该板上钉钉</p></body></html>","htmlText":"<html><head></head><body><p>今年腾王 回归 700 应该板上钉钉</p></body></html>","text":"今年腾王 回归 700 应该板上钉钉","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/468951268045240","repostId":2559294437,"repostType":2,"repost":{"id":"2559294437","kind":"highlight","weMediaInfo":{"introduction":"中国智能硬件第一媒体","home_visible":1,"media_name":"雷峰网","id":"1035809132","head_image":"https://static.tigerbbs.com/e82b7d80628947a3824c7ea172002b74"},"pubTimestamp":1755217920,"share":"https://www.laohu8.com/m/news/2559294437?lang=&edition=full","pubTime":"2025-08-15 08:32","market":"sh","language":"zh","title":"股价重回 700 在望，腾讯财报满足市场期待了么？","url":"https://stock-news.laohu8.com/highlight/detail?id=2559294437","media":"雷峰网","summary":"“重回 700 的关键，可能在 AI 。”13 日当天，腾讯港股涨幅为 4.74% ， 14 日开盘一度触及 600 港元/股，截至发稿，报 594 港元/股。某券商传媒研究员向雷峰网点评，腾讯财报的实际经营趋势远远好于 10% 的表观经调归母增速。而这在前述人士看来，是腾讯股价回归 700 的关键。但腾讯股价想要站稳 700 ，仍然需要更具吸引力的 AI 叙事，市场最期待的，是元宝 agent，比如结合旗下的生态推出ai编程 ai 视频生成等相关产品业务。","content":"<html><body><div><p mpa-from-tpl=\"t\" nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/2374a02c469440e4ac23040a170eef3a\"/></p><p mpa-from-tpl=\"t\" powered-by=\"xmyeditor.com\"><span><strong mpa-from-tpl=\"t\"><span leaf=\"\">“</span></strong></span><strong mpa-from-tpl=\"t\"><span><span leaf=\"\">重回 700 的关键，可能在 AI 。</span><span leaf=\"\"> </span></span></strong><strong mpa-from-tpl=\"t\"><span><strong mpa-from-tpl=\"t\"><span leaf=\"\">”                          </span></strong></span></strong></p><p><span><span leaf=\"\">作者丨</span><span leaf=\"\">胡家铭</span></span></p><p mpa-from-tpl=\"t\" powered-by=\"xmyeditor.com\"><span><span leaf=\"\">编辑丨</span><span leaf=\"\">董子博</span></span></p><p mpa-from-tpl=\"t\" nodeleaf=\"\" powered-by=\"xmyeditor.com\"><img src=\"https://static.tigerbbs.com/e0ef153c953a408c81f05fca18c47ebe\" title=\"”.png\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" mpa-font-style=\"meb9s91a12b3\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" gb=\"\" helvetica=\"\" mpa-font-style=\"meb9sizf1f80\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">8 月 13 日港股收盘后，<a href=\"https://laohu8.com/S/00700\">腾讯</a>发布截至 2025 年 Q2 财报，报告期内，腾讯实现营收 1845 亿人民币，同比增长15%，实现经营盈利 692 亿人民币，同比增长 18%。</span></span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf10eu\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">13 日当天，腾讯港股涨幅为 4.74% ， 14 日开盘一度触及 600 港元/股，截至发稿，报 594 港元/股。腾讯港股的代码是 00700 ，内部一直有“700重回700”的梗，如果在 200 港元左右的低谷期，大多数人想必会一笑了之，但如今看来，已经不再遥远。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf1ch6\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">财报数据显示，游戏业务方面，本土市场实现营收 404 亿，同比增长 17% 。去年上线的 FPS 搜打撤项目《三角洲行动》，日活已经突破 2000 万，从趋势来看，大有进入新的<a href=\"https://laohu8.com/S/001324\">长青</a>游戏序列。王者荣耀、和平精英自不必说。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizfdhb\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">国际市场方面，本季度腾讯实现营收 188 亿，同比增长 35%,则主要得益于《皇室战争》频繁的内容更新，6月流水创下7年来的新高。同时，《PUBG Mobile》收入实现增长，新上线的《沙丘：觉醒》也贡献了部分收入。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizfpe9\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">某券商传媒研究员向雷峰网点评，腾讯财报的实际经营趋势远远好于 10% 的表观经调归母增速。其中，视频号/小程序/搜一搜分别 YOY 50%+/50%+/60%+，据估计，这种增速已经保持了若干个季度，也会是今年主要的收入增量来源，并且会同步趋势性的拉动利润率的改善。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizfcqi\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">此外，本次财报强调了两件事情：</span></span></p><p><strong arial=\"\" gb=\"\" helvetica=\"\" mpa-font-style=\"meb9sizf1clc\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">A）AI带来的广告量价齐升作用（转化率+用户engagement改善），而非通过拉 ADLOAD 硬拖做增长，是比较良性的增长循环</span></span></strong></p><p><strong arial=\"\" gb=\"\" helvetica=\"\" mpa-font-style=\"meb9sizf1ogu\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">B）闭环广告活跃度的提升： IAA 游戏和免费短剧产生了大量广告召回，同时又在微信体系内获客。这也是今年小程序广告增速提升的重要推手。</span></span></strong></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf93i\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">目前腾讯在游戏业务的表现固然稳健，但市场对其最大的增量预期，其实在 AI 业务，但这部分的表现，并未让部分专业投资者满意。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf8jv\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">另一位基金研究员告诉雷峰网，目前市场对于腾讯游戏在FPS领域的表现，多数认为是长期产品力挤压后的集中释放。即便新老FPS实现了“1+1=1.8”的效果，对于老产品下滑，青黄不接的担忧仍然是有增无减。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf291\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">目前腾讯游戏的“四面开花”，更倾向于是此前一直强调的“精品化和<a href=\"https://laohu8.com/S/002616\">长青</a>游戏”战略，从决策层到业务层的思路终于捋清，目前已经进入符合自己能力圈的舒适区。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf20q9\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">值得注意的是，在昨日的财报电话会，大量提问集中于AI相关的业务，包括但不限于算力卡未来的采购，模型训练如何分配，元宝和 ima 的货币化等等，但就实际回复来看，腾讯官方并未给出有价值的指引。而这在前述人士看来，是腾讯股价回归 700 的关键。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf1etx\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">他向雷峰网指出，腾讯的 AI 业务赋能广告和游戏，乃至支撑十几个百分点以上的业务增速，是可以预期的。结合A股大盘目前的乐观情绪，20 倍pe的估值并不算一个夸张的数字。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf1erx\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但腾讯股价想要站稳 700 ，仍然需要更具吸引力的 AI 叙事，市场最期待的，是元宝 agent，比如结合旗下的生态推出ai编程  ai 视频生成等相关产品业务。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf15zf\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">财报数据显示，腾讯单季度资本开支 191.07 亿元，同比+ 118.89%，环比 -30.46%，到上半年结束，并未达到  1000亿的一半——在此前流出的非官方专家访谈纪要里，1000亿是底线。结合来看，目前腾讯在AI基建层的投资力度，并未让市场完全满意，股价在触及600元后的回调，也侧面反映了这一点</span></span><strong><span arial=\"\" gb=\"\" helvetica=\"\" mpa-font-style=\"meb9s91auqx\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" gb=\"\" helvetica=\"\" mpa-font-style=\"meb9sizf18wu\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">（作者长期关注腾讯，关于腾讯游戏、AI相关内容，欢迎添加作者微信FernandeZ-D交流）。 <img arial=\"\" auto=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/caadb7c417e94e1eba78311b68c18f2b\" transparent=\"\" ui=\"\" visible=\"\" width=\"24.875px\" yahei=\"\"/></span></span></span></strong></p><p mpa-from-tpl=\"t\"><span leaf=\"\">//</span></p><p hm_fix=\"197:447\" mpa-from-tpl=\"t\"><span><strong mpa-from-tpl=\"t\"><span><span leaf=\"\">近期热门文章</span></span></strong></span></p><p><span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/222c20ea52194a9e84a7a8c7f41d8aa7\"/></span></span></p><p><span leaf=\"\"><span textstyle=\"\">无尽冬日，陈琦与世纪华通的“诺亚方舟”</span></span></p><p><span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/0b214c066b334b9fa897ec0933acd200\"/></span></span></p><p><span leaf=\"\"><span textstyle=\"\"><a href=\"https://laohu8.com/S/NTES\">网易</a>将至未至的“大DAU”野望，藏在520的夜幕里</span></span></p><p><span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/005e817c859f462595e5d95c352252b3\"/></span></span></p><p><span leaf=\"\"><span textstyle=\"\">腾讯发布游戏视觉引擎，游戏美术的AI化再进一步？</span></span></p></div></body></html>","source":"weixin_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>股价重回 700 在望，腾讯财报满足市场期待了么？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n股价重回 700 在望，腾讯财报满足市场期待了么？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1035809132\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/e82b7d80628947a3824c7ea172002b74);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">雷峰网 </p>\n<p class=\"h-time\">2025-08-15 08:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div><p mpa-from-tpl=\"t\" nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/2374a02c469440e4ac23040a170eef3a\"/></p><p mpa-from-tpl=\"t\" powered-by=\"xmyeditor.com\"><span><strong mpa-from-tpl=\"t\"><span leaf=\"\">“</span></strong></span><strong mpa-from-tpl=\"t\"><span><span leaf=\"\">重回 700 的关键，可能在 AI 。</span><span leaf=\"\"> </span></span></strong><strong mpa-from-tpl=\"t\"><span><strong mpa-from-tpl=\"t\"><span leaf=\"\">”                          </span></strong></span></strong></p><p><span><span leaf=\"\">作者丨</span><span leaf=\"\">胡家铭</span></span></p><p mpa-from-tpl=\"t\" powered-by=\"xmyeditor.com\"><span><span leaf=\"\">编辑丨</span><span leaf=\"\">董子博</span></span></p><p mpa-from-tpl=\"t\" nodeleaf=\"\" powered-by=\"xmyeditor.com\"><img src=\"https://static.tigerbbs.com/e0ef153c953a408c81f05fca18c47ebe\" title=\"”.png\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" mpa-font-style=\"meb9s91a12b3\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" gb=\"\" helvetica=\"\" mpa-font-style=\"meb9sizf1f80\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">8 月 13 日港股收盘后，<a href=\"https://laohu8.com/S/00700\">腾讯</a>发布截至 2025 年 Q2 财报，报告期内，腾讯实现营收 1845 亿人民币，同比增长15%，实现经营盈利 692 亿人民币，同比增长 18%。</span></span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf10eu\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">13 日当天，腾讯港股涨幅为 4.74% ， 14 日开盘一度触及 600 港元/股，截至发稿，报 594 港元/股。腾讯港股的代码是 00700 ，内部一直有“700重回700”的梗，如果在 200 港元左右的低谷期，大多数人想必会一笑了之，但如今看来，已经不再遥远。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf1ch6\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">财报数据显示，游戏业务方面，本土市场实现营收 404 亿，同比增长 17% 。去年上线的 FPS 搜打撤项目《三角洲行动》，日活已经突破 2000 万，从趋势来看，大有进入新的<a href=\"https://laohu8.com/S/001324\">长青</a>游戏序列。王者荣耀、和平精英自不必说。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizfdhb\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">国际市场方面，本季度腾讯实现营收 188 亿，同比增长 35%,则主要得益于《皇室战争》频繁的内容更新，6月流水创下7年来的新高。同时，《PUBG Mobile》收入实现增长，新上线的《沙丘：觉醒》也贡献了部分收入。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizfpe9\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">某券商传媒研究员向雷峰网点评，腾讯财报的实际经营趋势远远好于 10% 的表观经调归母增速。其中，视频号/小程序/搜一搜分别 YOY 50%+/50%+/60%+，据估计，这种增速已经保持了若干个季度，也会是今年主要的收入增量来源，并且会同步趋势性的拉动利润率的改善。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizfcqi\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">此外，本次财报强调了两件事情：</span></span></p><p><strong arial=\"\" gb=\"\" helvetica=\"\" mpa-font-style=\"meb9sizf1clc\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">A）AI带来的广告量价齐升作用（转化率+用户engagement改善），而非通过拉 ADLOAD 硬拖做增长，是比较良性的增长循环</span></span></strong></p><p><strong arial=\"\" gb=\"\" helvetica=\"\" mpa-font-style=\"meb9sizf1ogu\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">B）闭环广告活跃度的提升： IAA 游戏和免费短剧产生了大量广告召回，同时又在微信体系内获客。这也是今年小程序广告增速提升的重要推手。</span></span></strong></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf93i\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">目前腾讯在游戏业务的表现固然稳健，但市场对其最大的增量预期，其实在 AI 业务，但这部分的表现，并未让部分专业投资者满意。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf8jv\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">另一位基金研究员告诉雷峰网，目前市场对于腾讯游戏在FPS领域的表现，多数认为是长期产品力挤压后的集中释放。即便新老FPS实现了“1+1=1.8”的效果，对于老产品下滑，青黄不接的担忧仍然是有增无减。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf291\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">目前腾讯游戏的“四面开花”，更倾向于是此前一直强调的“精品化和<a href=\"https://laohu8.com/S/002616\">长青</a>游戏”战略，从决策层到业务层的思路终于捋清，目前已经进入符合自己能力圈的舒适区。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf20q9\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">值得注意的是，在昨日的财报电话会，大量提问集中于AI相关的业务，包括但不限于算力卡未来的采购，模型训练如何分配，元宝和 ima 的货币化等等，但就实际回复来看，腾讯官方并未给出有价值的指引。而这在前述人士看来，是腾讯股价回归 700 的关键。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf1etx\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">他向雷峰网指出，腾讯的 AI 业务赋能广告和游戏，乃至支撑十几个百分点以上的业务增速，是可以预期的。结合A股大盘目前的乐观情绪，20 倍pe的估值并不算一个夸张的数字。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf1erx\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">但腾讯股价想要站稳 700 ，仍然需要更具吸引力的 AI 叙事，市场最期待的，是元宝 agent，比如结合旗下的生态推出ai编程  ai 视频生成等相关产品业务。</span></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" leaf=\"\" mpa-font-style=\"meb9sizf15zf\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span textstyle=\"\">财报数据显示，腾讯单季度资本开支 191.07 亿元，同比+ 118.89%，环比 -30.46%，到上半年结束，并未达到  1000亿的一半——在此前流出的非官方专家访谈纪要里，1000亿是底线。结合来看，目前腾讯在AI基建层的投资力度，并未让市场完全满意，股价在触及600元后的回调，也侧面反映了这一点</span></span><strong><span arial=\"\" gb=\"\" helvetica=\"\" mpa-font-style=\"meb9s91auqx\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span arial=\"\" gb=\"\" helvetica=\"\" mpa-font-style=\"meb9sizf18wu\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span leaf=\"\">（作者长期关注腾讯，关于腾讯游戏、AI相关内容，欢迎添加作者微信FernandeZ-D交流）。 <img arial=\"\" auto=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/caadb7c417e94e1eba78311b68c18f2b\" transparent=\"\" ui=\"\" visible=\"\" width=\"24.875px\" yahei=\"\"/></span></span></span></strong></p><p mpa-from-tpl=\"t\"><span leaf=\"\">//</span></p><p hm_fix=\"197:447\" mpa-from-tpl=\"t\"><span><strong mpa-from-tpl=\"t\"><span><span leaf=\"\">近期热门文章</span></span></strong></span></p><p><span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/222c20ea52194a9e84a7a8c7f41d8aa7\"/></span></span></p><p><span leaf=\"\"><span textstyle=\"\">无尽冬日，陈琦与世纪华通的“诺亚方舟”</span></span></p><p><span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/0b214c066b334b9fa897ec0933acd200\"/></span></span></p><p><span leaf=\"\"><span textstyle=\"\"><a href=\"https://laohu8.com/S/NTES\">网易</a>将至未至的“大DAU”野望，藏在520的夜幕里</span></span></p><p><span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/005e817c859f462595e5d95c352252b3\"/></span></span></p><p><span leaf=\"\"><span textstyle=\"\">腾讯发布游戏视觉引擎，游戏美术的AI化再进一步？</span></span></p></div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TCEHY":"腾讯控股ADR","00700":"腾讯控股"},"source_url":"http://mp.weixin.qq.com/s?__biz=MTM2ODM0ODYyMQ==&mid=2651735578&idx=2&sn=33e01a9e88520ea95f229f8b7d9869de&chksm=63bfc213653f6bb98f8d3eb09effd0ab334da25a556513a5cb5c2361e35a77ccb59e4ee4ab92&scene=0#rd","is_english":false,"share_image_url":"https://static.laohu8.com/ecd74548980bc5b366aa8f4b37ed0bd5","article_id":"2559294437","content_text":"“重回 700 的关键，可能在 AI 。 ”                          作者丨胡家铭编辑丨董子博8 月 13 日港股收盘后，腾讯发布截至 2025 年 Q2 财报，报告期内，腾讯实现营收 1845 亿人民币，同比增长15%，实现经营盈利 692 亿人民币，同比增长 18%。13 日当天，腾讯港股涨幅为 4.74% ， 14 日开盘一度触及 600 港元/股，截至发稿，报 594 港元/股。腾讯港股的代码是 00700 ，内部一直有“700重回700”的梗，如果在 200 港元左右的低谷期，大多数人想必会一笑了之，但如今看来，已经不再遥远。财报数据显示，游戏业务方面，本土市场实现营收 404 亿，同比增长 17% 。去年上线的 FPS 搜打撤项目《三角洲行动》，日活已经突破 2000 万，从趋势来看，大有进入新的长青游戏序列。王者荣耀、和平精英自不必说。国际市场方面，本季度腾讯实现营收 188 亿，同比增长 35%,则主要得益于《皇室战争》频繁的内容更新，6月流水创下7年来的新高。同时，《PUBG Mobile》收入实现增长，新上线的《沙丘：觉醒》也贡献了部分收入。某券商传媒研究员向雷峰网点评，腾讯财报的实际经营趋势远远好于 10% 的表观经调归母增速。其中，视频号/小程序/搜一搜分别 YOY 50%+/50%+/60%+，据估计，这种增速已经保持了若干个季度，也会是今年主要的收入增量来源，并且会同步趋势性的拉动利润率的改善。此外，本次财报强调了两件事情：A）AI带来的广告量价齐升作用（转化率+用户engagement改善），而非通过拉 ADLOAD 硬拖做增长，是比较良性的增长循环B）闭环广告活跃度的提升： IAA 游戏和免费短剧产生了大量广告召回，同时又在微信体系内获客。这也是今年小程序广告增速提升的重要推手。目前腾讯在游戏业务的表现固然稳健，但市场对其最大的增量预期，其实在 AI 业务，但这部分的表现，并未让部分专业投资者满意。另一位基金研究员告诉雷峰网，目前市场对于腾讯游戏在FPS领域的表现，多数认为是长期产品力挤压后的集中释放。即便新老FPS实现了“1+1=1.8”的效果，对于老产品下滑，青黄不接的担忧仍然是有增无减。目前腾讯游戏的“四面开花”，更倾向于是此前一直强调的“精品化和长青游戏”战略，从决策层到业务层的思路终于捋清，目前已经进入符合自己能力圈的舒适区。值得注意的是，在昨日的财报电话会，大量提问集中于AI相关的业务，包括但不限于算力卡未来的采购，模型训练如何分配，元宝和 ima 的货币化等等，但就实际回复来看，腾讯官方并未给出有价值的指引。而这在前述人士看来，是腾讯股价回归 700 的关键。他向雷峰网指出，腾讯的 AI 业务赋能广告和游戏，乃至支撑十几个百分点以上的业务增速，是可以预期的。结合A股大盘目前的乐观情绪，20 倍pe的估值并不算一个夸张的数字。但腾讯股价想要站稳 700 ，仍然需要更具吸引力的 AI 叙事，市场最期待的，是元宝 agent，比如结合旗下的生态推出ai编程  ai 视频生成等相关产品业务。财报数据显示，腾讯单季度资本开支 191.07 亿元，同比+ 118.89%，环比 -30.46%，到上半年结束，并未达到  1000亿的一半——在此前流出的非官方专家访谈纪要里，1000亿是底线。结合来看，目前腾讯在AI基建层的投资力度，并未让市场完全满意，股价在触及600元后的回调，也侧面反映了这一点（作者长期关注腾讯，关于腾讯游戏、AI相关内容，欢迎添加作者微信FernandeZ-D交流）。 //近期热门文章无尽冬日，陈琦与世纪华通的“诺亚方舟”网易将至未至的“大DAU”野望，藏在520的夜幕里腾讯发布游戏视觉引擎，游戏美术的AI化再进一步？","news_type":1,"symbols_score_info":{"00700":1,"TCEHY":1}},"isVote":1,"tweetType":1,"viewCount":313,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":27,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/468951268045240"}