中信建投研报显示,腾讯3Q25业绩全面超预期,核心 驱动力 来自游戏业务的强劲复苏与A I技术在广告等场景的高效变现。本土与国际游戏双轮增长,《三角洲行动》等新品成功验证产品力,长青游戏稳中有升;A I显著提升广告e CPM与库存释放效率,推动广告高增长与毛利率改善。尽管4Q国际游戏增速将因高基数和产品节奏阶段性放缓,但2026年丰富重磅游戏储备奠定长期增长基础。A I投入虽受芯片供应短期制约,但...
Source Link中信建投研报显示,腾讯3Q25业绩全面超预期,核心 驱动力 来自游戏业务的强劲复苏与A I技术在广告等场景的高效变现。本土与国际游戏双轮增长,《三角洲行动》等新品成功验证产品力,长青游戏稳中有升;A I显著提升广告e CPM与库存释放效率,推动广告高增长与毛利率改善。尽管4Q国际游戏增速将因高基数和产品节奏阶段性放缓,但2026年丰富重磅游戏储备奠定长期增长基础。A I投入虽受芯片供应短期制约,但...
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