里昂发布研报称，预期腾讯控股（00700）将继续实现稳健的收入增长，但人工智能投资或拖累2026年利润率。该行估计腾讯首季总收入同比增长11%至2，000亿元人民币，经调整EBIT同比增长10%至760亿元人民币。期内网上游戏收入预计同比增长12.9%，受惠于《王者荣耀》、《和平精英》及《三角洲行动》等游戏表现强劲；广告收入反弹至同比增长约20%；金融科技及企业服务增长加速。维持对腾讯的“高度确信跑赢大市”评级，目标价740港元。
该行认为，腾讯凭借庞大的微信生态系统，在人工智能应用变现方面处于有利位置，盈利将较同业更具韧性。混元3.0预览版已于4月开源，推理效率较混元2.0提升40%，输入及输出成本降低超过50%。新模型及代理型应用将有助腾讯股价重估。
责任编辑：卢昱君
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