国盛证券:AI助力腾讯控股增长,重申买入评级目标价704港币

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腾讯2025Q2录得收入1845亿元人民币,同比增长15%。毛利率由去年同期53%提升至57%,主要由微信视频号、搜一搜、本土游戏等高毛利业务驱动、以及来自腾讯支付和云效率提升。Non-GAAP归母净利约631亿元,同比增长10%。从各业务条线来看:1)增值服务:本季收入914亿,同比增长16%。其中,本土游戏收入404亿,同比增长17%。国际游戏收入188亿元,同比增长35%。社交网络收入322...

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