腾讯现在更像在“修底盘”，不是讲新故事

SG Visual Research 图解研报

这份财报前瞻看腾讯，重点不在估值。

游戏和广告把底盘稳住，

AI 目前更多是在微信和广告里提效率。

不是爆点型变化，更像慢慢把利润磨出来。

$腾讯控股(00700)$ $腾讯控股ADR(TCEHY)$

港股高开阿里巴巴-SW腾讯控股领涨

2026年1月14日，港股高开，恒生指数涨0.46%，恒生科技指数涨0.42%。阿里巴巴-SW等重点个股涨超2%，腾讯控股涨1%，快手也有涨幅。其他表现出色的股票包括Knowledge Atlas和MiniMax，而蔚来和泡泡玛特等一些股票则下跌。主要科技股和消费股表现强劲，市场开局良好。

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