汇丰:维持腾讯“买入”评级,预计将增加AI支出以提振长期增长

瑞财经
Nov 14, 2025

近日,汇丰分析师研报称,腾讯可能会加大AI支出,以提升长期增长潜力。腾讯因AI芯片短缺而下调2025年资本支出,但这并不意味着其对AI投资的承诺有所减少。“持续的AI投资将用于招聘人才、新AI产品推出时可能增加的推广支出,以及更高的相关折旧成本。”他们指出。与此同时,汇丰看好腾讯在国内游戏和广告领域的稳健基本面。这些分析师认为,由于研发成本预计将上升,腾讯的利润率扩张步伐可能会放缓。汇丰将腾讯的...

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