焦点板块及个股 | 腾讯控股；小米集团；Arista Networks；AMD；普利司通

中信证券财富管...2025-08-11

腾讯控股 (700 HK;561港元; 目标价: 710港元) 业绩前瞻：稳健增长我们预计腾讯2025年二季度游戏和广告业务将继续保持强劲增长，收入／净利润同比增长10.1%／10.2%，分别达到1773亿元／644亿元。在线游戏收入有望受益于常青大作（如王者荣耀、和平精英／PUBG Mobile）及新爆款（如三角洲行动、Nikke）的出色表现，无畏契约手游亦计划于8月上线。广告收入预计受广告...

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目标价: 178美元) 三季度收入指引超预期，看好AI GPU放量AMD 2025年二季度业绩符合市场预期，客户和游戏业务增速超预期。展望三季度，公司收入指引中值87亿美元，超彭博市场一致预期。我们持续看好公司有望成为英伟达 (NVDA US) 之外中长期最受益于AI计算扩张的公司之一，MI350系列已经在6月出货，有望带动数据中心业务收入快速成长，此外建议重点关注2026年MI 400系列进展。普利司通 (5108 JP; 6,549日元; 目标价: 7,200日元) 准备加速公司二季度的营业利润为757亿日元，较市场共识低12%，较我们的预期低出29%，主要受到一次性重组成本的影响。尽管营业利润指引维持在5,050亿日元，管理层仍然强调了下半年美国市场前景的改善。我们看好公司卡车和公交轮胎 (TBR) 及乘用车业务在北美均显示出改善迹象，并认为美国市场下半年持续恢复。资料来源：相关公司、中信证券","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2558447633","isCrawlerRequest":true}