华泰证券发表研究报告指，腾讯控股第二季营收按年增长14.5%。分业务看，增值服务、广告、金科收入分别按年增长16%、20%、10%，对应毛利率按年改善3.4、1.9、4.5百分点。从长线看，腾讯作为射击游戏的龙头开发商，有望实现玩家和商业化双轮驱动(国内渗透率快速提升)，《三角洲行动》7月成为龙头游戏，《无畏契约》手游8月19日待上线，未来储备包括多款重要射击和大世界游戏。 展望2025至2027年，该行分别上调腾讯收入预测2.7%、4.7%、4.8%，主因微信小店持续放量有望驱动广告与金融科技协同增长，且AI产品催化下公司业务持续受益。该行又根据SOTP估值，将其目标价从614.34港元上调至742.19港元，对应腾讯2025年24.3倍PE估值(前值19.9倍)，维持“买入”评级。
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