腾讯1Q业绩：营收同比增长13%，高于VA一致预期2.5%(下同)。分业务看，增值服务、广告、金融科技收入分别同比增长17/20/5%，对应毛利率同比抬升2.3/0.8/4.7pct。经调整归母净利润同比增长22%，超预期2.5%。1Q资本开支至275亿，符合公司capex进展(25年收入占比11-13%)。我们预期2-3Q游戏流水步入高基数，但收入仍保持稳健增长(递延周期效应)。我们看好腾讯游戏...
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