国信证券:游戏等核心业务表现超预期,维持腾讯“优于大市”评级

国信证券
Jan 20

国信证券发布研报称,腾讯控股(00700.HK)2025Q4预计实现营收1946亿元(人民币,下同),同比增长13%,Non-IFRS归母净利润652亿元,同比增长18%。核心业务中,网络游戏收入预计580亿元(+18%),《三角洲行动》《逆战:未来》表现超预期;营销服务收入413亿元(+18%),AI驱动广告投放效率提升;金融科技及企业服务收入612亿元(+9%)。公司持续加大AI投入,25Q4...

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