智通财经APP获悉，腾讯(00700)盘中跌超4%，截至发稿，跌3.76%，报439.8港元，成交额96.02亿港元。
消息面上，腾讯财报显示，二季度营收2047.85亿元，同比增长11%，首次突破2000亿元；但资本开支达到527.84亿元，同比增长176%，环比增长65%，远超市场预期的321亿元；自由现金流录得负138亿元。粗略计算，公司二季度资本开支是上年同期191亿元的近三倍，上半年合计847.20亿元，已超越2025年全年792亿元的规模。
中信建投发布研报称，市场对大额资本开支影响EPS有所担忧，但该行认为：管理层提到资本开支集中在26~27年，训练算力属固定成本，推理算力依回报情况动态投入，既保证ROI的下限，也保证大额资本开支投入年限的上限；看好Workbuddy占领国内AI办公赛道心智，近期用户数快速增长，我们认为其用户与数据优势有望反哺Hy基础模型能力提升；此外期待微信Agent公测。
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