国信证券：腾讯控股长青游戏表现良好，AI驱动广告业务提升份额

国信证券07-16

事项：腾讯控股即将发布2025年二季度业绩公告。国信互联网观点：预计二季度收入增长12%，经调整归母净利润增长13%。预计二季度网络广告持续收益广告库存释放和AI；游戏业务长青游戏表现良好；金融科技业务环比略有恢复。具体来看：①游戏方面，长青游戏表现良好。25Q2，我们预计公司网络游戏业务收入为560亿元，同比增长15%。预计国内游戏收入同比增长16%。老游戏基本盘稳固增长，次新游戏逐步长青，《...

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