暴涨暴赚的个人主页 - 老虎社区

暴涨暴赚

暴涨暴赚

暂无个人介绍

IP属地：北京

45关注

331粉丝

1主题

0勋章

03-20

$小米集团-W(01810)$ 小米的大模型怎么把股票打崩了

03-19

yao 只是个 rapper

03-19

不是合着姚顺雨不是烧钱招的吗，小米投入啥了就出靠谱的基模了，腾讯钱都被贪了？

腾讯进入“AI烧钱阶段”，市场第一反应“不开心”，胜负手就看“未来几个季度的AI进展”

03-19

别还干不过小米啊

腾讯混元新模型HY 3.0即将发布，正在内部业务测试

03-19

腾讯的大模型水平之差被低估了🥲 yao到底在做啥，小米挖了个小妹妹都做出Healer Alpha了

腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元

03-18

**

腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元

03-18

$腾讯控股ADR(TCEHY)$ 崩了？

03-18

梭哈再不上车

03-17

$腾讯控股ADR(TCEHY)$ 废物啊

03-17

$腾讯控股(00700)$ 我买put了

03-15

$优乐赛共享(02649)$ 卧槽大新这废物

03-12

亏麻了别吹

大量出王炸，已无人挡得住腾讯？

03-11

？

03-11

$南方两倍做空日经(07515)$ 做空小日子赚的钱爽

03-06

$优乐赛共享(02649)$ 归零

03-06

$比亚迪股份(01211)$ 不起飞？？？

03-05

我前几天爆买亏麻了

03-04

$腾讯控股(00700)$ 割吗

03-03

$腾讯控股(00700)$ 520没跑

02-25

全老登？

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3435615840878311","uuid":"3435615840878311","gmtCreate":1472522864261,"gmtModify":1738900987198,"name":"暴涨暴赚","pinyin":"bzbzbaozhangbaozhuan","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":331,"headSize":45,"tweetSize":352,"questionSize":0,"limitLevel":900,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":1,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":3,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"10d8ad8d391644a888f8cb7af2d056a4-1","templateUuid":"10d8ad8d391644a888f8cb7af2d056a4","name":"2025元宝x1勋章","description":"2025年度投资收益达成10万美金","bigImgUrl":"https://static.tigerbbs.com/77da5fe9da608523f0fd7cf355adc306","smallImgUrl":"https://static.tigerbbs.com/77da5fe9da608523f0fd7cf355adc306","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":3,"allocatedDate":"2026.01.29","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":4001},{"badgeId":"02aa7f16703b4ce4ace6f1a7665789cc-1","templateUuid":"02aa7f16703b4ce4ace6f1a7665789cc","name":"知识体验官","description":"观看学堂课程满5节","bigImgUrl":"https://static.tigerbbs.com/fb5ae275631fb96a92d475cdc85d2302","smallImgUrl":"https://static.tigerbbs.com/c2660a1935bd2105e97c9915619936c3","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.03.18","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":2006},{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-4","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"明星虎友","description":"加入老虎社区2000天","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.02.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"228c86a078844d74991fff2b7ab2428d-3","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资合伙人虎","description":"证券账户累计交易金额达到100万美元","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.22","exceedPercentage":"93.04%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"35ec162348d5460f88c959321e554969-3","templateUuid":"35ec162348d5460f88c959321e554969","name":"传说交易员","description":"证券或期货账户累计交易次数达到300次","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"93.45%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":7,"currentWearingBadge":{"badgeId":"35ec162348d5460f88c959321e554969-3","templateUuid":"35ec162348d5460f88c959321e554969","name":"传说交易员","description":"证券或期货账户累计交易次数达到300次","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"93.99%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},"individualDisplayBadges":null,"crmLevel":9,"crmLevelSwitch":1,"location":"北京","starInvestorFollowerNum":322,"starInvestorFlag":true,"starInvestorOrderShareNum":269,"subscribeStarInvestorNum":4,"ror":114.62,"winRationPercentage":88.888889,"showRor":true,"investmentPhilosophy":"冲","starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":544561403547808,"gmtCreate":1773975129783,"gmtModify":1773975131957,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a> 小米的大模型怎么把股票打崩了","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a> 小米的大模型怎么把股票打崩了","text":"$小米集团-W(01810)$ 小米的大模型怎么把股票打崩了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":11,"repostSize":0,"link":"https://laohu8.com/post/544561403547808","isVote":1,"tweetType":1,"viewCount":4521,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3540337121736898","authorId":"3540337121736898","name":"尔等","avatar":"https://static.tigerbbs.com/1e680ef413e2af2b1352ca43485851c6","crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"3540337121736898","idStr":"3540337121736898"},"content":"跌了也不算差，韭菜割完才会有进一步回弹空间，基本面没问题，3c、家电、汽车、机器人、ai，基本盘稳、风口也有","text":"跌了也不算差，韭菜割完才会有进一步回弹空间，基本面没问题，3c、家电、汽车、机器人、ai，基本盘稳、风口也有","html":"跌了也不算差，韭菜割完才会有进一步回弹空间，基本面没问题，3c、家电、汽车、机器人、ai，基本盘稳、风口也有"},{"author":{"id":"3540680319507322","authorId":"3540680319507322","name":"BenBina","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3540680319507322","idStr":"3540680319507322"},"content":"今天是因为昨晚的发布会。每次发布会，每次财报，必大跌","text":"今天是因为昨晚的发布会。每次发布会，每次财报，必大跌","html":"今天是因为昨晚的发布会。每次发布会，每次财报，必大跌"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544515070013952,"gmtCreate":1773929011880,"gmtModify":1773929014430,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"yao 只是个 rapper","listText":"yao 只是个 rapper","text":"yao 只是个 rapper","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544515070013952","isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544214014763280,"gmtCreate":1773890313088,"gmtModify":1773890315680,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"不是 合着姚顺雨不是烧钱招的吗 ，小米投入啥了 就出靠谱的基模了，腾讯钱都被贪了？","listText":"不是 合着姚顺雨不是烧钱招的吗 ，小米投入啥了 就出靠谱的基模了，腾讯钱都被贪了？","text":"不是 合着姚顺雨不是烧钱招的吗 ，小米投入啥了 就出靠谱的基模了，腾讯钱都被贪了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544214014763280","repostId":"1157495913","repostType":2,"repost":{"id":"1157495913","kind":"news","pubTimestamp":1773886703,"share":"https://www.laohu8.com/m/news/1157495913?lang=zh_CN&edition=full","pubTime":"2026-03-19 10:18","market":"us","language":"zh","title":"腾讯进入“AI烧钱阶段”，市场第一反应“不开心”，胜负手就看“未来几个季度的AI进展”","url":"https://stock-news.laohu8.com/highlight/detail?id=1157495913","media":"华尔街见闻","summary":"高盛分析认为，投资者和市场的下一步反应，将主要取决于腾讯在未来几个季度内核心业务的AI整合进展，以及混元3.0、元宝应用和智能体生态的实际落地效果。报告强调，这一修复进程将紧密围绕腾讯的AI叙事演变。投资者需密切关注腾讯广告收入能否出现类似Meta般的加速增长迹象，以及关键AI产品的发布时间表。","content":"<html><head></head><body><blockquote><p>为翻倍加码AI投资，腾讯不惜削减回购，高盛预计这将导致短期盈利承压，在维持&#34;买入&#34;评级的同时，将目标价从752港元下调至700港元，预计明年净利润增速仅7%。当前16倍的低估值能否修复，关键在于混元3.0、元宝及微信AI助手等产品未来3至6个月的商业落地成色。</p></blockquote><p style=\"text-align: justify;\">腾讯已正式步入由人工智能投资驱动的新一轮战略周期，公司明确释放出优先建设长期AI基础设施而非单纯追求短期利润增长的信号。</p><p style=\"text-align: justify;\">在最新的财报电话会上，腾讯管理层宣布，计划2026年将混元及新AI产品投资至少翻倍，为支持不断增加的AI投资，预计今年的股份回购规模将低于2025年。<strong>这一从减少回购转向增加AI投资的表态迅速引发市场波动，市场初步反应显得“不开心”，腾讯ADR盘中大跌4%，其大股东Prosus也下跌8%。</strong></p><p style=\"text-align: justify;\">据追风交易台，高盛在最新研报中指出，腾讯正处于一个“喜忧参半”的转折点。一方面，AI正在赋能其游戏和广告业务；另一方面，公司明确转向由新AI产品驱动的投资阶段。<strong>为此，高盛下调了腾讯2026年的盈利增长预期，预计其调整后净利润同比增长7%，低于此前10%的预期。</strong></p><p style=\"text-align: justify;\">尽管短期盈利预期承压，市场未来的关注焦点将转向腾讯的估值倍数修复。高盛分析认为，投资者和市场的下一步反应，<strong>将主要取决于腾讯在未来几个季度内核心业务的AI整合进展</strong>，以及混元3.0、元宝应用和智能体生态的实际落地效果。</p><h2 id=\"id_1483997713\">盈利预期下行：AI投资激增拖累短期利润</h2><p style=\"text-align: justify;\">腾讯在AI领域的资金投入正在大幅增加，直接对短期利润率形成挤压。</p><p style=\"text-align: justify;\">高盛分析师Ronald Keung等人在报告中表示，由于AI相关成本导致的运营支出增加，预计腾讯2026财年的营业利润率将收窄65个基点。</p><p style=\"text-align: justify;\"><strong>高盛将腾讯2026和2027年的净利润预期下调了1%至2%，并将12个月目标价从752港元下调至700港元。</strong></p><p style=\"text-align: justify;\">根据腾讯披露的数据，仅在2025年第四季度，其在“元宝”及混元大模型上的投入就达到16亿元人民币，全年累计支出达18亿元。这部分战略投资被公司单列，视为新业务的孵化和前期资本开支。管理层预计，2026年对混元及新AI产品的投资将增加一倍以上。随着资源向AI倾斜，收入增速快于利润增速将成为短期内的常态。</p><p style=\"text-align: justify;\">高盛预计，2026至2027年，腾讯的资本支出将分别达到1000亿元和1100亿元人民币，算力资源将优先向这些核心AI产品倾斜。</p><h2 id=\"id_1182797987\">估值倍数修复：核心业务韧性与AI变现潜力</h2><p style=\"text-align: justify;\">尽管盈利预期下行，高盛依然维持对腾讯的“买入”评级，认为其存在估值倍数修复的空间。</p><p style=\"text-align: justify;\">高盛指出，腾讯目前的远期市盈率约为16倍，低于年初的18倍，也低于META和Alphabet等国际同行。<strong>估值修复的催化剂在于腾讯AI叙事的转变——从基础模型的后来者，转变为智能体AI时代的受益者。</strong></p><p style=\"text-align: justify;\">核心业务的强劲表现为AI投资提供了资金缓冲。2025年第四季度，腾讯总营收同比增长13%。游戏业务在AI提效的推动下实现22%的增长，营销服务收入也受升级的AI广告模型驱动同比增长19%。</p><p style=\"text-align: justify;\">高盛对腾讯的核心业务保持乐观预期：</p><blockquote><p style=\"text-align: justify;\">游戏业务：预计2026年第一季度和全年的收入同比增长分别为15%和12%。这得益于《王者荣耀》和《和平精英》等常青游戏的韧性，以及《三角洲行动》和《无畏契约》PC版的强劲表现。此外，苹果和谷歌应用商店抽成比例的降低预计将使腾讯的总营业利润增加1.9%。</p><p style=\"text-align: justify;\">营销服务：预计2026年第一季度和全年的收入同比增长分别为17%和14%。视频号用户使用时长在2025年增长了20%，加上与电商平台的深化合作，将继续推动广告收入增长。</p><p style=\"text-align: justify;\">金融科技与企业服务（FBS）：预计2026年第一季度和全年的收入同比增长分别为7%和9%。财富管理收入增长放缓，但商业支付量持续增长；企业服务则受益于内存和CPU供应紧张带来的定价环境改善，以及国际云业务的健康增长。</p></blockquote><h2 id=\"id_637974703\">估值修复紧盯新产品时间表</h2><p style=\"text-align: justify;\">针对市场的短期悲观情绪，高盛认为，当前的AI前置投资有望在未来释放可观的新价值，这与腾讯云业务经历前期投入后最终实现稳健盈利的路径相似。相比Meta、Alphabet或阿里巴巴等全球同行普遍22倍至29倍的估值水平，腾讯仍具备明显的估值修复空间。</p><p style=\"text-align: justify;\">报告强调，这一修复进程将紧密围绕腾讯的AI叙事演变。投资者需密切关注腾讯广告收入能否出现类似Meta般的加速增长迹象，以及关键AI产品的发布时间表。</p><p style=\"text-align: justify;\"><strong>这包括预计下月发布的混元3.0大模型、元宝AI应用、微信AI助手，以及涵盖SkillHub、OpenClaw和WorkBuddy等在内的生产力AI智能体工具在未来3到6个月内的实际商业表现。</strong></p></body></html>","source":"lsy1762389672944","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>腾讯进入“AI烧钱阶段”，市场第一反应“不开心”，胜负手就看“未来几个季度的AI进展”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n腾讯进入“AI烧钱阶段”，市场第一反应“不开心”，胜负手就看“未来几个季度的AI进展”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-19 10:18 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3767883><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>为翻倍加码AI投资，腾讯不惜削减回购，高盛预计这将导致短期盈利承压，在维持\"买入\"评级的同时，将目标价从752港元下调至700港元，预计明年净利润增速仅7%。当前16倍的低估值能否修复，关键在于混元3.0、元宝及微信AI助手等产品未来3至6个月的商业落地成色。腾讯已正式步入由人工智能投资驱动的新一轮战略周期，公司明确释放出优先建设长期AI基础设施而非单纯追求短期利润增长的信号。在最新的财报电话会上...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3767883\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a0e16df4356317d39c6afb5761b6942b","relate_stocks":{"TCEHY":"腾讯控股ADR","00700":"腾讯控股"},"source_url":"https://wallstreetcn.com/articles/3767883","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157495913","content_text":"为翻倍加码AI投资，腾讯不惜削减回购，高盛预计这将导致短期盈利承压，在维持\"买入\"评级的同时，将目标价从752港元下调至700港元，预计明年净利润增速仅7%。当前16倍的低估值能否修复，关键在于混元3.0、元宝及微信AI助手等产品未来3至6个月的商业落地成色。腾讯已正式步入由人工智能投资驱动的新一轮战略周期，公司明确释放出优先建设长期AI基础设施而非单纯追求短期利润增长的信号。在最新的财报电话会上，腾讯管理层宣布，计划2026年将混元及新AI产品投资至少翻倍，为支持不断增加的AI投资，预计今年的股份回购规模将低于2025年。这一从减少回购转向增加AI投资的表态迅速引发市场波动，市场初步反应显得“不开心”，腾讯ADR盘中大跌4%，其大股东Prosus也下跌8%。据追风交易台，高盛在最新研报中指出，腾讯正处于一个“喜忧参半”的转折点。一方面，AI正在赋能其游戏和广告业务；另一方面，公司明确转向由新AI产品驱动的投资阶段。为此，高盛下调了腾讯2026年的盈利增长预期，预计其调整后净利润同比增长7%，低于此前10%的预期。尽管短期盈利预期承压，市场未来的关注焦点将转向腾讯的估值倍数修复。高盛分析认为，投资者和市场的下一步反应，将主要取决于腾讯在未来几个季度内核心业务的AI整合进展，以及混元3.0、元宝应用和智能体生态的实际落地效果。盈利预期下行：AI投资激增拖累短期利润腾讯在AI领域的资金投入正在大幅增加，直接对短期利润率形成挤压。高盛分析师Ronald Keung等人在报告中表示，由于AI相关成本导致的运营支出增加，预计腾讯2026财年的营业利润率将收窄65个基点。高盛将腾讯2026和2027年的净利润预期下调了1%至2%，并将12个月目标价从752港元下调至700港元。根据腾讯披露的数据，仅在2025年第四季度，其在“元宝”及混元大模型上的投入就达到16亿元人民币，全年累计支出达18亿元。这部分战略投资被公司单列，视为新业务的孵化和前期资本开支。管理层预计，2026年对混元及新AI产品的投资将增加一倍以上。随着资源向AI倾斜，收入增速快于利润增速将成为短期内的常态。高盛预计，2026至2027年，腾讯的资本支出将分别达到1000亿元和1100亿元人民币，算力资源将优先向这些核心AI产品倾斜。估值倍数修复：核心业务韧性与AI变现潜力尽管盈利预期下行，高盛依然维持对腾讯的“买入”评级，认为其存在估值倍数修复的空间。高盛指出，腾讯目前的远期市盈率约为16倍，低于年初的18倍，也低于META和Alphabet等国际同行。估值修复的催化剂在于腾讯AI叙事的转变——从基础模型的后来者，转变为智能体AI时代的受益者。核心业务的强劲表现为AI投资提供了资金缓冲。2025年第四季度，腾讯总营收同比增长13%。游戏业务在AI提效的推动下实现22%的增长，营销服务收入也受升级的AI广告模型驱动同比增长19%。高盛对腾讯的核心业务保持乐观预期：游戏业务：预计2026年第一季度和全年的收入同比增长分别为15%和12%。这得益于《王者荣耀》和《和平精英》等常青游戏的韧性，以及《三角洲行动》和《无畏契约》PC版的强劲表现。此外，苹果和谷歌应用商店抽成比例的降低预计将使腾讯的总营业利润增加1.9%。营销服务：预计2026年第一季度和全年的收入同比增长分别为17%和14%。视频号用户使用时长在2025年增长了20%，加上与电商平台的深化合作，将继续推动广告收入增长。金融科技与企业服务（FBS）：预计2026年第一季度和全年的收入同比增长分别为7%和9%。财富管理收入增长放缓，但商业支付量持续增长；企业服务则受益于内存和CPU供应紧张带来的定价环境改善，以及国际云业务的健康增长。估值修复紧盯新产品时间表针对市场的短期悲观情绪，高盛认为，当前的AI前置投资有望在未来释放可观的新价值，这与腾讯云业务经历前期投入后最终实现稳健盈利的路径相似。相比Meta、Alphabet或阿里巴巴等全球同行普遍22倍至29倍的估值水平，腾讯仍具备明显的估值修复空间。报告强调，这一修复进程将紧密围绕腾讯的AI叙事演变。投资者需密切关注腾讯广告收入能否出现类似Meta般的加速增长迹象，以及关键AI产品的发布时间表。这包括预计下月发布的混元3.0大模型、元宝AI应用、微信AI助手，以及涵盖SkillHub、OpenClaw和WorkBuddy等在内的生产力AI智能体工具在未来3到6个月内的实际商业表现。","news_type":1,"symbols_score_info":{"00700":2,"TCEHY":2}},"isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544163275882592,"gmtCreate":1773877855347,"gmtModify":1773877857699,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"别还干不过小米啊","listText":"别还干不过小米啊","text":"别还干不过小米啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544163275882592","repostId":"2620397522","repostType":2,"repost":{"id":"2620397522","kind":"news","pubTimestamp":1773826740,"share":"https://www.laohu8.com/m/news/2620397522?lang=zh_CN&edition=full","pubTime":"2026-03-18 17:39","market":"hk","language":"zh","title":"腾讯混元新模型HY 3.0即将发布，正在内部业务测试","url":"https://stock-news.laohu8.com/highlight/detail?id=2620397522","media":"新浪科技","summary":"新浪科技讯 3月18日下午消息，腾讯在财报发布后的媒体会上透露，HY 3.0 正在内部业务测试中，计划在4月对外推出。据悉，这是一次混元模型的重大升级，相比HY2.0版本，效果进步明显，推理和 agent 能力有显著提升。\n　　据悉，2025年下半年以来，腾讯混元对团队和流程进行重组，重点提升数据质量，并重建了用于预训练和强化学习的基础设施，这有利于提升模型的迭代速度，打造出智能水平更高的基座模型。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：宋雅芳","content":"<html><body><div>\n<p>　　新浪科技讯 3月18日下午消息，<a href=\"https://laohu8.com/S/00700\">腾讯</a>在财报发布后的媒体会上透露，HY 3.0 正在内部业务测试中，计划在4月对外推出。据悉，这是一次混元模型的重大升级，相比HY2.0版本，效果进步明显，推理和 agent 能力有显著提升。</p>\n<p>　　据悉，2025年下半年以来，腾讯混元对团队和流程进行重组，重点提升数据质量，并重建了用于预训练和强化学习的基础设施，这有利于提升模型的迭代速度，打造出智能水平更高的基座模型。</p>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读，尽在新浪财经APP</div>\n</div>\n<p>责任编辑：宋<a href=\"https://laohu8.com/S/AVP\">雅芳</a> </p>\n</div></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>腾讯混元新模型HY 3.0即将发布，正在内部业务测试</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n腾讯混元新模型HY 3.0即将发布，正在内部业务测试\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-18 17:39 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/tob/2026-03-18/doc-inhrmayn1536442.shtml><strong>新浪科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>新浪科技讯 3月18日下午消息，腾讯在财报发布后的媒体会上透露，HY 3.0 正在内部业务测试中，计划在4月对外推出。据悉，这是一次混元模型的重大升级，相比HY2.0版本，效果进步明显，推理和 agent 能力有显著提升。\n　　据悉，2025年下半年以来，腾讯混元对团队和流程进行重组，重点提升数据质量，并重建了用于预训练和强化学习的基础设施，这有利于提升模型的迭代速度，打造出智能水平更高的基座模型...</p>\n\n<a href=\"https://finance.sina.com.cn/tob/2026-03-18/doc-inhrmayn1536442.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1629966141.USD":"Aberdeen Standard SICAV I - Asia Pacific Multi Asset A Acc USD","LU0051755006.USD":"摩根大通中国A (dist)","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0228659784.USD":"施罗德金砖四国基金","LU2462611646.USD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (USD) INC MTI","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1733274473.HKD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (HKD) INC","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU1733274390.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) INC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","IE0008368411.USD":"FSSA ASIAN GROWTH \"I\" (USD) ACC","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","IE00B031HW06.USD":"FSSA ASIAN GROWTH \"I\" (USD) INC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0823426480.USD":"法巴中国股票经典Dis","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0049112450.USD":"FIDELITY PACIFIC \"A\" INC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","BK1589":"北水核心资产","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","IE0009570106.USD":"FSSA ASIA OPPORTUNITIES \"I\" (USD) ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU1720050803.USD":"安联全方位中国股票基金","00700":"腾讯控股","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","BK1586":"云计算","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","HTCD.SI":"Tencent HK SDR 10to1","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU2279701549.SGD":"JPMorgan Funds - Emerging Markets Sustainable Equity A (acc) SGD","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU2317271919.USD":"BGF FUTURE CONSUMER \"A2\" (USD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","BK1591":"就地过年概念","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","IE00B067MR52.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) ACC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU1226288170.HKD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P6%\"(HK D) INC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU1725190679.HKD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (HKD) INC MF","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0348783233.USD":"安联东方收入型 CI A Dis美元","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","TCEHY":"腾讯控股ADR","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU2251237306.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) INC A","IE0003851619.USD":"BNY MELLON ASIAN EQUITY \"B\" (USD) ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU0594300419.USD":"富达中国消费基金A","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU2251237488.HKD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (HKD) INC A","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","IE0003795394.USD":"BNY MELLON ASIAN EQUITY \"A\" (USD) ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU1226287875.USD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"PM\" (USD) INC","LU0080751232.USD":"富达环球多元动力基金A","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","IE00B8HQ1Z84.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"A\" (USD) ACC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","LU1102505762.USD":"富达新兴市场焦点 A","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU1883866441.USD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (USD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","IE0008368742.USD":"首域中国增长基金I Acc","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0608807946.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" Q (USD) INC","LU2498475776.HKD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (HKD) INC","BK1095":"互动媒体与服务","LU0192582467.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" (USD) INC MF","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","BK4585":"ETF&股票定投概念","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU1226288253.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) INC","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","BK1609":"ChatGPT概念","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU1226287792.SGD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P\" (SGDHDG) INC","IE00B0169L03.USD":"FSSA ASIA FOCUS FUND \"I\" (USD) ACC","BK1531":"手游股","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","BK4588":"碎股","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU0823426308.USD":"法巴中国股票基金","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK1610":"ETF&股票定投概念","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","BK4161":"工业机械","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","SG9999007991.SGD":"Schroder Asian Income A Dis SGD","SG9999013353.USD":"SCHRODER ASIAN INCOME FUND\"A\" (USDHDG) INC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0862451837.USD":"JPM EMERGING MARKETS DIVIDEND \"A\" (USD) INC (M)","LU2051468812.USD":"JPM EMERGING MARKETS ESG EQUITY \"A\" (USD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","BK1517":"云办公","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","BK1516":"腾讯概念","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0396098781.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (USD) ACC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0048580855.USD":"富达大中华区A","LU0359201612.USD":"贝莱德中国基金A2","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","BK1618":"Manus概念股","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","BK1615":"港股-互联网","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1235295612.USD":"FIDELITY PACIFIC \"A\" (USDHDG) INC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","HK0001040168.HKD":"CLSA GREATER CHINA HIGH DIVIDEND EQUITY \"A\" (HKD) INC","LU1196710351.USD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (USD) INC MF","LU0048597586.USD":"富达亚洲焦点A","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU1196710195.USD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1439102457.SGD":"Fidelity Asia Pacific Multi Asset Growth & Income A-MINCOME(G)-SGD","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","BK1526":"科网股","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","IE0031814852.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) ACC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","LU0738912210.USD":"Blackrock Asia Pacific Equity Income A6 USD","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0414403682.SGD":"Blackrock Asia Pacific Equity Income A5 SGD-H","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0918141887.USD":"安联亚洲实际收益股票基金","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU1951186391.HKD":"UBS (LUX) KEY SEL CHINA ALLOCATION OPPORTUNITY (US \"P\" (HKD) INC","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU0188438112.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","IE00B031J352.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) INC","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","IE00B97KM107.HKD":"FSSA ASIAN EQUITY PLUS \"I\" (HKD) ACC","SG9999001846.SGD":"Schroder Asian Equity Yield A Dis SGD","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU1046422090.SGD":"Fidelity Pacific A-SGD","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","BK1502":"双十一","LU1226288097.SGD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P\" (SGDHDG) INC A","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0878004406.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) INC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0882747503.HKD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (HKD) INC","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU2008162690.USD":"FIDELITY FUNDS - ASIA PACIFIC OPPORTUNITIES \"A\" (USD) ACC","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU0972618739.USD":"JPM TOTAL EMERGING MARKETS  \"A\" (USD) INC (M)","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU2177674079.SGD":"Fidelity Asia Pacific Opportunities A-ACC-SGD (hedged)","LU1785774172.SGD":"JPM TOTAL EMERGING MARKETS INCOME \"A\" (SGD) INC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU0173614495.USD":"富达中国焦点A","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU0650527681.SGD":"Fidelity China Consumer A-SGD","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","BK1608":"元宇宙概念","SG9999001051.SGD":"United Asia Fund SGD","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","BK4077":"互动媒体与服务","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","HK0000352291.HKD":"VALUE PARTNERS ASIAN INCOME \"A\" (HKD) INC","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","HK0000352382.USD":"VALUE PARTNERS ASIAN INCOME \"A\" (USD) INC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","SG9999001689.USD":"施罗德亚洲成长股票","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","IE0032834883.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) INC","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC"},"source_url":"https://finance.sina.com.cn/tob/2026-03-18/doc-inhrmayn1536442.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2620397522","content_text":"新浪科技讯 3月18日下午消息，腾讯在财报发布后的媒体会上透露，HY 3.0 正在内部业务测试中，计划在4月对外推出。据悉，这是一次混元模型的重大升级，相比HY2.0版本，效果进步明显，推理和 agent 能力有显著提升。\n　　据悉，2025年下半年以来，腾讯混元对团队和流程进行重组，重点提升数据质量，并重建了用于预训练和强化学习的基础设施，这有利于提升模型的迭代速度，打造出智能水平更高的基座模型。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：宋雅芳","news_type":1,"symbols_score_info":{"HTCD.SI":0.6,"00700":1.93,"TCEHY":1.93}},"isVote":1,"tweetType":1,"viewCount":192,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544162664224736,"gmtCreate":1773877778712,"gmtModify":1773877781667,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"腾讯的大模型水平之差被低估了🥲 yao到底在做啥，小米挖了个小妹妹都做出Healer Alpha了","listText":"腾讯的大模型水平之差被低估了🥲 yao到底在做啥，小米挖了个小妹妹都做出Healer Alpha了","text":"腾讯的大模型水平之差被低估了🥲 yao到底在做啥，小米挖了个小妹妹都做出Healer Alpha了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544162664224736","repostId":"1139989661","repostType":4,"repost":{"id":"1139989661","kind":"news","pubTimestamp":1773823223,"share":"https://www.laohu8.com/m/news/1139989661?lang=zh_CN&edition=full","pubTime":"2026-03-18 16:40","market":"hk","language":"zh","title":"腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元","url":"https://stock-news.laohu8.com/highlight/detail?id=1139989661","media":"腾讯科技","summary":"2025年营业收入7517.66亿元，同比增长14%。","content":"<html><head></head><body><p>3月18日周三， <a href=\"https://laohu8.com/S/00700\">腾讯控股</a> 今天公布二零二五年度（“2025年”）经审核综合业绩及截至二零二五年十二月三十一日止第四季（“4Q2025”）未经审核综合业绩。</p><p style=\"text-align: start;\"><strong>董事会主席兼首席执行官马化腾表示：</strong>“2025年我们保持了健康的增长，得益于AI技术提升了我们的广告定向能力及玩家在游戏中的互动，以及云业务收入加速增长并实现了规模化盈利。我们的核心业务富有韧性并产生充足的现金流，为我们加大AI投入提供支撑，包括招募顶尖AI人才及升级AI基础设施。我们的混元3.0大语言模型智能水平持续提升，元宝、WorkBuddy及QClaw等AI产品产生实际效用，这些令人鼓舞的初期迹象表明AI投入将为我们开拓新的机遇。人们既享受消费与娱乐，也从创作与高效工作中获得满足感，腾讯深感荣幸，能够提供AI服务全方位赋能用户，助其在这些领域更上一层楼。”</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ca49602648a7416f5ce12fd0942cf15\" tg-width=\"1080\" tg-height=\"1080\"/></p><p style=\"text-align: start;\"><strong>2025年财务摘要</strong></p><p style=\"text-align: start;\"><strong>总收入：同比增长14%，毛利：同比增长21%，按非国际财务报告准则的经营盈利：同比增长18%</strong></p><ul style=\"\"><li><p><strong>总收入</strong>为人民币7,518亿元，较二零二四年（“同比”）增长14%。</p></li><li><p><strong>毛利</strong>为人民币4,226亿元，同比增长21%。</p></li><li><p>按<strong>非国际财务报告准则</strong>，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：</p></li><li><p><strong>经营盈利</strong>为人民币2,807亿元，同比增长18%；经营利润率由去年的36%上升至37%。</p></li><li><p><strong>盈利</strong>为人民币2,670亿元，同比增长18%。</p></li><li><p><strong>本公司权益持有人应占盈利</strong>为人民币2,596亿元，同比增长17%。</p></li><li><p><strong>每股基本盈利</strong>为人民币28.577元，<strong>每股摊薄盈利</strong>为人民币27.877元。</p></li><li><p>按<strong>国际财务报告准则</strong>：</p></li><li><p>经营盈利为人民币2,416亿元，同比增长16%；经营利润率为32%，同比稳定。</p></li><li><p>盈利为人民币2,298亿元，同比增长17%。</p></li><li><p>本公司权益持有人应占盈利为人民币2,248亿元，同比增长16%。</p></li><li><p>每股基本盈利为人民币24.749元，每股摊薄盈利为人民币24.153元。</p></li><li><p><strong>资本开支</strong>为人民币792亿元，同比增加3%。</p></li><li><p><strong>总现金</strong>为人民币 4,949 亿元， 同比增长19%。<strong>自由现金流</strong>为人民币1,826亿元，同比增长18%。<strong>现金净额</strong>为人民币1,071亿元，同比增长40%。</p></li><li><p>截至2025年12月31日，我们于上市投资公司（不包括附属公司）权益的公允价值为人民币6,727亿元，相较于截止2025年9月30日的公允价值为人民币8,008亿元。截至2025年12月31日，我们于非上市投资公司（不包括附属公司）权益的账面价值为人民币3,631亿元，相较于截止2025年9月30日的账面价值为人民币3,452亿元。</p></li><li><p>2025年，本公司于香港联交所以约800亿港元的总代价回购约1.534亿股股份。</p></li></ul><p style=\"text-align: start;\"><strong>2025年管理层讨论及分析</strong></p><p style=\"text-align: start;\">增值服务业务2025年的收入同比增长16%至人民币3,693亿元。本土市场游戏收入为人民币1,642亿元，同比增长18%，得益于近期发布的《三角洲行动》的强劲表现，以及《王者荣耀》、《和平精英》等长青游戏及《无畏契约》系列(个人电脑端及移动端)的收入增长。国际市场游戏收入为人民币774亿元，同比增长33%(按固定汇率计算为32%)，得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长5%至人民币1,277亿元，得益于视频号直播服务收入、音乐付费会员收入及手机游戏应用的虚拟道具销售的增长。</p><p style=\"text-align: start;\">营销服务2025年的收入同比增长19%至人民币1,450亿元，主要得益于广告价格及广告曝光量增长。广告价格受益于AI驱动的广告定向、广告主使用AI创作更多广告，以及闭环广告的占比持续提升(用户点击后可直达小程序、微信小店或小游戏等原生交易场景)。曝光量增长主要得益于用户对包括视频号及微信搜一搜在内的产品参与度增加，以及广告加载率的小幅提升。年内大多数主要行业的广告主投放均有所增长。</p><p style=\"text-align: start;\">金融科技及企业服务2025年的收入同比增长8%至人民币2,294亿元。金融科技服务收入同比以高个位数百分比增长，得益于理财服务、消费贷款服务及商业支付活动的收入增加。企业服务收入同比增长接近20%，得益于国内及海外对包括AI在内的云服务需求的增加，以及由于微信小店交易额上升而带动的商家技术服务费收入的增长。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/173bb6b4367339bc8563e7bd405c7d1d\" title=\"图片\" tg-width=\"960\" tg-height=\"330\"/><span>图片</span></p><p style=\"text-align: start;\"><strong>2025年业务回顾及展望</strong></p><ul style=\"\"><li><p>我们通过《三角洲行动》的突破性成功扩充了<strong>长青游戏</strong>组合，并强化了《王者荣耀》与《和平精英》等现有长青游戏。</p></li><li><p>受益于长青游戏的持续增长及内容驱动游戏的快速扩张，我们的<strong>国际市场游戏</strong>年收入突破100亿美元。</p></li><li><p>我们通过在游戏中部署<strong>AI</strong>，加速了内容制作，改善了用户体验并提升了我们的营销效益。</p></li><li><p>我们升级了广告技术的基础模型，并推出了智能投放产品矩阵腾讯广告AIM+，令我们保持广告加载率远低于同业的同时，<strong>营销服务</strong>亦取得高于行业的收入增长。</p></li><li><p><strong>视频号</strong>受益于升级的内容推荐算法及更丰富的内容生态，总用户使用时长同比增长超过20%。</p></li><li><p>我们提升<strong>微信</strong>的交易体验和内容生态，推动微信小店、小游戏及其他内容小程序的用户参与度同比快速增长。</p></li><li><p><strong>腾讯视频</strong>会员数同比上升，保持了其在中国长视频市场的领先地位。<strong>腾讯音乐</strong>ARPU和会员数同比提升，巩固了其在中国音乐流媒体市场的领先地位。</p></li><li><p><strong>腾讯云</strong>实现规模化盈利，受益于企业AI需求的上升，领先市场的PaaS及SaaS产品贡献的增长，以及供应链的优化。</p></li><li><p>通过深化与持牌金融机构的合作及审慎的风险管理，我们<strong>金融科技</strong>业务的收入保持了健康增长。</p></li><li><p>受益于专有的数据及丰富的使用场景，我们的<strong>混元基础模型</strong>在3D生成、文生图和世界模型等多模态能力方面成为了行业领导者。</p></li><li><p>我们通过引进顶尖AI人才升级了团队，建立了系统化提升基础模型智能水平的流程，并在元宝及微信等服务中部署了新的AI能力。</p></li></ul><p style=\"text-align: start;\"><strong>2025 年可持续发展的重点表现</strong></p><ul style=\"\"><li><p>久久公益节提倡把公益融入到日常生活中，通过社交网络、数字工具及线下的合作伙伴，吸引用户参与了超过5.3亿次的慈善活动。</p></li><li><p>通过科学探索奖和新基石研究员项目，我们至今已资助了超过430名杰出科学家，助力他们追寻基础科研的原创突破。</p></li><li><p>通过改善能源效率，推进转用绿色电力及减少供应链碳排放的举措，我们正如期迈向于2030年前达到碳中和的目标。</p></li><li><p>我们在可持续发展的成效获得广泛认可，被纳入主要的ESG(环境、社会及管治)指数，提升了我们的ESG评级，例如我们的MSCI评级由BBB级提升到A级，以及获得多个ESG奖项。</p></li></ul><p style=\"text-align: start;\"><strong>4Q2025财务摘要</strong></p><p style=\"text-align: start;\"><strong>总收入：同比增长13%，毛利：同比增长19%，按非国际财务报告准则的经营盈利：同比增长17%</strong></p><ul style=\"\"><li><p><strong>总收入</strong>为人民币1,944亿元，同比增长13%。</p></li><li><p><strong>毛利</strong>为人民币1,083亿元，同比增长19%。</p></li><li><p>按<strong>非国际财务报告准则</strong>，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：</p></li><li><p><strong>经营盈利</strong>为人民币695亿元，同比增长17%；经营利润率由去年的34%上升至36%。</p></li><li><p><strong>盈利</strong>为人民币667亿元，同比增长18%。</p></li><li><p><strong>本公司权益持有人应占盈利</strong>为人民币647亿元，同比增长17%。</p></li><li><p><strong>每股基本盈利</strong>为人民币7.144元，<strong>每股摊薄盈利</strong>为人民币6.966元。</p></li><li><p>按<strong>国际财务报告准则</strong>：</p></li><li><p><strong>经营盈利</strong>为人民币603亿元，同比增长17%；经营利润率由去年的30%提升至31%。</p></li><li><p><strong>盈利</strong>为人民币591亿元，同比增长15%。</p></li><li><p><strong>本公司权益持有人应占盈利</strong>为人民币583亿元，同比增长14%。</p></li><li><p>每股基本盈利为人民币6.433元，每股摊薄盈利为人民币6.276元。</p></li><li><p><strong>资本开支</strong>为人民币196亿元，同比减少46%。</p></li></ul><p style=\"text-align: start;\"><strong>4Q2025管理层讨论及分析</strong></p><p style=\"text-align: start;\">增值服务业务4Q2025的收入同比增长14%至人民币899亿元。本土市场游戏收入为人民币382亿元，同比增长15%，得益于《三角洲行动》与《无畏契约》系列(个人电脑端及移动端)的收入增长，以及《鸣潮》的增量收入贡献。国际市场游戏收入为人民币211亿元，同比增长32%（按固定汇率计算为31%），主要得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长3%至人民币306亿元，反映视频号直播服务收入及音乐付费会员收入的增长。</p><p style=\"text-align: start;\">营销服务业务4Q2025的收入为人民币411亿元，同比增长17%。我们对AI驱动的广告定向能力的优化，以及对微信生态系统内闭环营销能力的扩展，推动了广告表现改善和广告单价提升，构成收入增长的主要驱动力。由于用户参与度提高及广告加载率的小幅提升，广告曝光也略有增长。</p><p style=\"text-align: start;\">金融科技及企业服务业务4Q2025的收入同比增长8%至人民币608亿元。金融科技服务收入增长主要由于理财服务及商业支付活动的收入增加。企业服务收入同比增速提升至22%，得益于国内及海外市场云服务的收入增加(包括AI相关服务的收入)，以及主要由于微信小店交易额扩大而带动的商家技术服务费收入增长。</p></body></html>","source":"txkj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-18 16:40 北京时间&nbsp;&nbsp;&nbsp;<a href=https://news.qq.com/rain/a/20260318A061GG00><strong>腾讯科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>3月18日周三， 腾讯控股 今天公布二零二五年度（“2025年”）经审核综合业绩及截至二零二五年十二月三十一日止第四季（“4Q2025”）未经审核综合业绩。董事会主席兼首席执行官马化腾表示：“2025年我们保持了健康的增长，得益于AI技术提升了我们的广告定向能力及玩家在游戏中的互动，以及云业务收入加速增长并实现了规模化盈利。我们的核心业务富有韧性并产生充足的现金流，为我们加大AI投入提供支撑，包括...</p>\n\n<a href=\"https://news.qq.com/rain/a/20260318A061GG00\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"source_url":"https://news.qq.com/rain/a/20260318A061GG00","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139989661","content_text":"3月18日周三， 腾讯控股 今天公布二零二五年度（“2025年”）经审核综合业绩及截至二零二五年十二月三十一日止第四季（“4Q2025”）未经审核综合业绩。董事会主席兼首席执行官马化腾表示：“2025年我们保持了健康的增长，得益于AI技术提升了我们的广告定向能力及玩家在游戏中的互动，以及云业务收入加速增长并实现了规模化盈利。我们的核心业务富有韧性并产生充足的现金流，为我们加大AI投入提供支撑，包括招募顶尖AI人才及升级AI基础设施。我们的混元3.0大语言模型智能水平持续提升，元宝、WorkBuddy及QClaw等AI产品产生实际效用，这些令人鼓舞的初期迹象表明AI投入将为我们开拓新的机遇。人们既享受消费与娱乐，也从创作与高效工作中获得满足感，腾讯深感荣幸，能够提供AI服务全方位赋能用户，助其在这些领域更上一层楼。”2025年财务摘要总收入：同比增长14%，毛利：同比增长21%，按非国际财务报告准则的经营盈利：同比增长18%总收入为人民币7,518亿元，较二零二四年（“同比”）增长14%。毛利为人民币4,226亿元，同比增长21%。按非国际财务报告准则，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：经营盈利为人民币2,807亿元，同比增长18%；经营利润率由去年的36%上升至37%。盈利为人民币2,670亿元，同比增长18%。本公司权益持有人应占盈利为人民币2,596亿元，同比增长17%。每股基本盈利为人民币28.577元，每股摊薄盈利为人民币27.877元。按国际财务报告准则：经营盈利为人民币2,416亿元，同比增长16%；经营利润率为32%，同比稳定。盈利为人民币2,298亿元，同比增长17%。本公司权益持有人应占盈利为人民币2,248亿元，同比增长16%。每股基本盈利为人民币24.749元，每股摊薄盈利为人民币24.153元。资本开支为人民币792亿元，同比增加3%。总现金为人民币 4,949 亿元， 同比增长19%。自由现金流为人民币1,826亿元，同比增长18%。现金净额为人民币1,071亿元，同比增长40%。截至2025年12月31日，我们于上市投资公司（不包括附属公司）权益的公允价值为人民币6,727亿元，相较于截止2025年9月30日的公允价值为人民币8,008亿元。截至2025年12月31日，我们于非上市投资公司（不包括附属公司）权益的账面价值为人民币3,631亿元，相较于截止2025年9月30日的账面价值为人民币3,452亿元。2025年，本公司于香港联交所以约800亿港元的总代价回购约1.534亿股股份。2025年管理层讨论及分析增值服务业务2025年的收入同比增长16%至人民币3,693亿元。本土市场游戏收入为人民币1,642亿元，同比增长18%，得益于近期发布的《三角洲行动》的强劲表现，以及《王者荣耀》、《和平精英》等长青游戏及《无畏契约》系列(个人电脑端及移动端)的收入增长。国际市场游戏收入为人民币774亿元，同比增长33%(按固定汇率计算为32%)，得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长5%至人民币1,277亿元，得益于视频号直播服务收入、音乐付费会员收入及手机游戏应用的虚拟道具销售的增长。营销服务2025年的收入同比增长19%至人民币1,450亿元，主要得益于广告价格及广告曝光量增长。广告价格受益于AI驱动的广告定向、广告主使用AI创作更多广告，以及闭环广告的占比持续提升(用户点击后可直达小程序、微信小店或小游戏等原生交易场景)。曝光量增长主要得益于用户对包括视频号及微信搜一搜在内的产品参与度增加，以及广告加载率的小幅提升。年内大多数主要行业的广告主投放均有所增长。金融科技及企业服务2025年的收入同比增长8%至人民币2,294亿元。金融科技服务收入同比以高个位数百分比增长，得益于理财服务、消费贷款服务及商业支付活动的收入增加。企业服务收入同比增长接近20%，得益于国内及海外对包括AI在内的云服务需求的增加，以及由于微信小店交易额上升而带动的商家技术服务费收入的增长。图片2025年业务回顾及展望我们通过《三角洲行动》的突破性成功扩充了长青游戏组合，并强化了《王者荣耀》与《和平精英》等现有长青游戏。受益于长青游戏的持续增长及内容驱动游戏的快速扩张，我们的国际市场游戏年收入突破100亿美元。我们通过在游戏中部署AI，加速了内容制作，改善了用户体验并提升了我们的营销效益。我们升级了广告技术的基础模型，并推出了智能投放产品矩阵腾讯广告AIM+，令我们保持广告加载率远低于同业的同时，营销服务亦取得高于行业的收入增长。视频号受益于升级的内容推荐算法及更丰富的内容生态，总用户使用时长同比增长超过20%。我们提升微信的交易体验和内容生态，推动微信小店、小游戏及其他内容小程序的用户参与度同比快速增长。腾讯视频会员数同比上升，保持了其在中国长视频市场的领先地位。腾讯音乐ARPU和会员数同比提升，巩固了其在中国音乐流媒体市场的领先地位。腾讯云实现规模化盈利，受益于企业AI需求的上升，领先市场的PaaS及SaaS产品贡献的增长，以及供应链的优化。通过深化与持牌金融机构的合作及审慎的风险管理，我们金融科技业务的收入保持了健康增长。受益于专有的数据及丰富的使用场景，我们的混元基础模型在3D生成、文生图和世界模型等多模态能力方面成为了行业领导者。我们通过引进顶尖AI人才升级了团队，建立了系统化提升基础模型智能水平的流程，并在元宝及微信等服务中部署了新的AI能力。2025 年可持续发展的重点表现久久公益节提倡把公益融入到日常生活中，通过社交网络、数字工具及线下的合作伙伴，吸引用户参与了超过5.3亿次的慈善活动。通过科学探索奖和新基石研究员项目，我们至今已资助了超过430名杰出科学家，助力他们追寻基础科研的原创突破。通过改善能源效率，推进转用绿色电力及减少供应链碳排放的举措，我们正如期迈向于2030年前达到碳中和的目标。我们在可持续发展的成效获得广泛认可，被纳入主要的ESG(环境、社会及管治)指数，提升了我们的ESG评级，例如我们的MSCI评级由BBB级提升到A级，以及获得多个ESG奖项。4Q2025财务摘要总收入：同比增长13%，毛利：同比增长19%，按非国际财务报告准则的经营盈利：同比增长17%总收入为人民币1,944亿元，同比增长13%。毛利为人民币1,083亿元，同比增长19%。按非国际财务报告准则，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：经营盈利为人民币695亿元，同比增长17%；经营利润率由去年的34%上升至36%。盈利为人民币667亿元，同比增长18%。本公司权益持有人应占盈利为人民币647亿元，同比增长17%。每股基本盈利为人民币7.144元，每股摊薄盈利为人民币6.966元。按国际财务报告准则：经营盈利为人民币603亿元，同比增长17%；经营利润率由去年的30%提升至31%。盈利为人民币591亿元，同比增长15%。本公司权益持有人应占盈利为人民币583亿元，同比增长14%。每股基本盈利为人民币6.433元，每股摊薄盈利为人民币6.276元。资本开支为人民币196亿元，同比减少46%。4Q2025管理层讨论及分析增值服务业务4Q2025的收入同比增长14%至人民币899亿元。本土市场游戏收入为人民币382亿元，同比增长15%，得益于《三角洲行动》与《无畏契约》系列(个人电脑端及移动端)的收入增长，以及《鸣潮》的增量收入贡献。国际市场游戏收入为人民币211亿元，同比增长32%（按固定汇率计算为31%），主要得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长3%至人民币306亿元，反映视频号直播服务收入及音乐付费会员收入的增长。营销服务业务4Q2025的收入为人民币411亿元，同比增长17%。我们对AI驱动的广告定向能力的优化，以及对微信生态系统内闭环营销能力的扩展，推动了广告表现改善和广告单价提升，构成收入增长的主要驱动力。由于用户参与度提高及广告加载率的小幅提升，广告曝光也略有增长。金融科技及企业服务业务4Q2025的收入同比增长8%至人民币608亿元。金融科技服务收入增长主要由于理财服务及商业支付活动的收入增加。企业服务收入同比增速提升至22%，得益于国内及海外市场云服务的收入增加(包括AI相关服务的收入)，以及主要由于微信小店交易额扩大而带动的商家技术服务费收入增长。","news_type":1,"symbols_score_info":{"00700":2,"TCEHY":2}},"isVote":1,"tweetType":1,"viewCount":250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544029259867880,"gmtCreate":1773845146788,"gmtModify":1773845148881,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"**","listText":"**","text":"**","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544029259867880","repostId":"1139989661","repostType":2,"repost":{"id":"1139989661","kind":"news","pubTimestamp":1773823223,"share":"https://www.laohu8.com/m/news/1139989661?lang=zh_CN&edition=full","pubTime":"2026-03-18 16:40","market":"hk","language":"zh","title":"腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元","url":"https://stock-news.laohu8.com/highlight/detail?id=1139989661","media":"腾讯科技","summary":"2025年营业收入7517.66亿元，同比增长14%。","content":"<html><head></head><body><p>3月18日周三， <a href=\"https://laohu8.com/S/00700\">腾讯控股</a> 今天公布二零二五年度（“2025年”）经审核综合业绩及截至二零二五年十二月三十一日止第四季（“4Q2025”）未经审核综合业绩。</p><p style=\"text-align: start;\"><strong>董事会主席兼首席执行官马化腾表示：</strong>“2025年我们保持了健康的增长，得益于AI技术提升了我们的广告定向能力及玩家在游戏中的互动，以及云业务收入加速增长并实现了规模化盈利。我们的核心业务富有韧性并产生充足的现金流，为我们加大AI投入提供支撑，包括招募顶尖AI人才及升级AI基础设施。我们的混元3.0大语言模型智能水平持续提升，元宝、WorkBuddy及QClaw等AI产品产生实际效用，这些令人鼓舞的初期迹象表明AI投入将为我们开拓新的机遇。人们既享受消费与娱乐，也从创作与高效工作中获得满足感，腾讯深感荣幸，能够提供AI服务全方位赋能用户，助其在这些领域更上一层楼。”</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ca49602648a7416f5ce12fd0942cf15\" tg-width=\"1080\" tg-height=\"1080\"/></p><p style=\"text-align: start;\"><strong>2025年财务摘要</strong></p><p style=\"text-align: start;\"><strong>总收入：同比增长14%，毛利：同比增长21%，按非国际财务报告准则的经营盈利：同比增长18%</strong></p><ul style=\"\"><li><p><strong>总收入</strong>为人民币7,518亿元，较二零二四年（“同比”）增长14%。</p></li><li><p><strong>毛利</strong>为人民币4,226亿元，同比增长21%。</p></li><li><p>按<strong>非国际财务报告准则</strong>，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：</p></li><li><p><strong>经营盈利</strong>为人民币2,807亿元，同比增长18%；经营利润率由去年的36%上升至37%。</p></li><li><p><strong>盈利</strong>为人民币2,670亿元，同比增长18%。</p></li><li><p><strong>本公司权益持有人应占盈利</strong>为人民币2,596亿元，同比增长17%。</p></li><li><p><strong>每股基本盈利</strong>为人民币28.577元，<strong>每股摊薄盈利</strong>为人民币27.877元。</p></li><li><p>按<strong>国际财务报告准则</strong>：</p></li><li><p>经营盈利为人民币2,416亿元，同比增长16%；经营利润率为32%，同比稳定。</p></li><li><p>盈利为人民币2,298亿元，同比增长17%。</p></li><li><p>本公司权益持有人应占盈利为人民币2,248亿元，同比增长16%。</p></li><li><p>每股基本盈利为人民币24.749元，每股摊薄盈利为人民币24.153元。</p></li><li><p><strong>资本开支</strong>为人民币792亿元，同比增加3%。</p></li><li><p><strong>总现金</strong>为人民币 4,949 亿元， 同比增长19%。<strong>自由现金流</strong>为人民币1,826亿元，同比增长18%。<strong>现金净额</strong>为人民币1,071亿元，同比增长40%。</p></li><li><p>截至2025年12月31日，我们于上市投资公司（不包括附属公司）权益的公允价值为人民币6,727亿元，相较于截止2025年9月30日的公允价值为人民币8,008亿元。截至2025年12月31日，我们于非上市投资公司（不包括附属公司）权益的账面价值为人民币3,631亿元，相较于截止2025年9月30日的账面价值为人民币3,452亿元。</p></li><li><p>2025年，本公司于香港联交所以约800亿港元的总代价回购约1.534亿股股份。</p></li></ul><p style=\"text-align: start;\"><strong>2025年管理层讨论及分析</strong></p><p style=\"text-align: start;\">增值服务业务2025年的收入同比增长16%至人民币3,693亿元。本土市场游戏收入为人民币1,642亿元，同比增长18%，得益于近期发布的《三角洲行动》的强劲表现，以及《王者荣耀》、《和平精英》等长青游戏及《无畏契约》系列(个人电脑端及移动端)的收入增长。国际市场游戏收入为人民币774亿元，同比增长33%(按固定汇率计算为32%)，得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长5%至人民币1,277亿元，得益于视频号直播服务收入、音乐付费会员收入及手机游戏应用的虚拟道具销售的增长。</p><p style=\"text-align: start;\">营销服务2025年的收入同比增长19%至人民币1,450亿元，主要得益于广告价格及广告曝光量增长。广告价格受益于AI驱动的广告定向、广告主使用AI创作更多广告，以及闭环广告的占比持续提升(用户点击后可直达小程序、微信小店或小游戏等原生交易场景)。曝光量增长主要得益于用户对包括视频号及微信搜一搜在内的产品参与度增加，以及广告加载率的小幅提升。年内大多数主要行业的广告主投放均有所增长。</p><p style=\"text-align: start;\">金融科技及企业服务2025年的收入同比增长8%至人民币2,294亿元。金融科技服务收入同比以高个位数百分比增长，得益于理财服务、消费贷款服务及商业支付活动的收入增加。企业服务收入同比增长接近20%，得益于国内及海外对包括AI在内的云服务需求的增加，以及由于微信小店交易额上升而带动的商家技术服务费收入的增长。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/173bb6b4367339bc8563e7bd405c7d1d\" title=\"图片\" tg-width=\"960\" tg-height=\"330\"/><span>图片</span></p><p style=\"text-align: start;\"><strong>2025年业务回顾及展望</strong></p><ul style=\"\"><li><p>我们通过《三角洲行动》的突破性成功扩充了<strong>长青游戏</strong>组合，并强化了《王者荣耀》与《和平精英》等现有长青游戏。</p></li><li><p>受益于长青游戏的持续增长及内容驱动游戏的快速扩张，我们的<strong>国际市场游戏</strong>年收入突破100亿美元。</p></li><li><p>我们通过在游戏中部署<strong>AI</strong>，加速了内容制作，改善了用户体验并提升了我们的营销效益。</p></li><li><p>我们升级了广告技术的基础模型，并推出了智能投放产品矩阵腾讯广告AIM+，令我们保持广告加载率远低于同业的同时，<strong>营销服务</strong>亦取得高于行业的收入增长。</p></li><li><p><strong>视频号</strong>受益于升级的内容推荐算法及更丰富的内容生态，总用户使用时长同比增长超过20%。</p></li><li><p>我们提升<strong>微信</strong>的交易体验和内容生态，推动微信小店、小游戏及其他内容小程序的用户参与度同比快速增长。</p></li><li><p><strong>腾讯视频</strong>会员数同比上升，保持了其在中国长视频市场的领先地位。<strong>腾讯音乐</strong>ARPU和会员数同比提升，巩固了其在中国音乐流媒体市场的领先地位。</p></li><li><p><strong>腾讯云</strong>实现规模化盈利，受益于企业AI需求的上升，领先市场的PaaS及SaaS产品贡献的增长，以及供应链的优化。</p></li><li><p>通过深化与持牌金融机构的合作及审慎的风险管理，我们<strong>金融科技</strong>业务的收入保持了健康增长。</p></li><li><p>受益于专有的数据及丰富的使用场景，我们的<strong>混元基础模型</strong>在3D生成、文生图和世界模型等多模态能力方面成为了行业领导者。</p></li><li><p>我们通过引进顶尖AI人才升级了团队，建立了系统化提升基础模型智能水平的流程，并在元宝及微信等服务中部署了新的AI能力。</p></li></ul><p style=\"text-align: start;\"><strong>2025 年可持续发展的重点表现</strong></p><ul style=\"\"><li><p>久久公益节提倡把公益融入到日常生活中，通过社交网络、数字工具及线下的合作伙伴，吸引用户参与了超过5.3亿次的慈善活动。</p></li><li><p>通过科学探索奖和新基石研究员项目，我们至今已资助了超过430名杰出科学家，助力他们追寻基础科研的原创突破。</p></li><li><p>通过改善能源效率，推进转用绿色电力及减少供应链碳排放的举措，我们正如期迈向于2030年前达到碳中和的目标。</p></li><li><p>我们在可持续发展的成效获得广泛认可，被纳入主要的ESG(环境、社会及管治)指数，提升了我们的ESG评级，例如我们的MSCI评级由BBB级提升到A级，以及获得多个ESG奖项。</p></li></ul><p style=\"text-align: start;\"><strong>4Q2025财务摘要</strong></p><p style=\"text-align: start;\"><strong>总收入：同比增长13%，毛利：同比增长19%，按非国际财务报告准则的经营盈利：同比增长17%</strong></p><ul style=\"\"><li><p><strong>总收入</strong>为人民币1,944亿元，同比增长13%。</p></li><li><p><strong>毛利</strong>为人民币1,083亿元，同比增长19%。</p></li><li><p>按<strong>非国际财务报告准则</strong>，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：</p></li><li><p><strong>经营盈利</strong>为人民币695亿元，同比增长17%；经营利润率由去年的34%上升至36%。</p></li><li><p><strong>盈利</strong>为人民币667亿元，同比增长18%。</p></li><li><p><strong>本公司权益持有人应占盈利</strong>为人民币647亿元，同比增长17%。</p></li><li><p><strong>每股基本盈利</strong>为人民币7.144元，<strong>每股摊薄盈利</strong>为人民币6.966元。</p></li><li><p>按<strong>国际财务报告准则</strong>：</p></li><li><p><strong>经营盈利</strong>为人民币603亿元，同比增长17%；经营利润率由去年的30%提升至31%。</p></li><li><p><strong>盈利</strong>为人民币591亿元，同比增长15%。</p></li><li><p><strong>本公司权益持有人应占盈利</strong>为人民币583亿元，同比增长14%。</p></li><li><p>每股基本盈利为人民币6.433元，每股摊薄盈利为人民币6.276元。</p></li><li><p><strong>资本开支</strong>为人民币196亿元，同比减少46%。</p></li></ul><p style=\"text-align: start;\"><strong>4Q2025管理层讨论及分析</strong></p><p style=\"text-align: start;\">增值服务业务4Q2025的收入同比增长14%至人民币899亿元。本土市场游戏收入为人民币382亿元，同比增长15%，得益于《三角洲行动》与《无畏契约》系列(个人电脑端及移动端)的收入增长，以及《鸣潮》的增量收入贡献。国际市场游戏收入为人民币211亿元，同比增长32%（按固定汇率计算为31%），主要得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长3%至人民币306亿元，反映视频号直播服务收入及音乐付费会员收入的增长。</p><p style=\"text-align: start;\">营销服务业务4Q2025的收入为人民币411亿元，同比增长17%。我们对AI驱动的广告定向能力的优化，以及对微信生态系统内闭环营销能力的扩展，推动了广告表现改善和广告单价提升，构成收入增长的主要驱动力。由于用户参与度提高及广告加载率的小幅提升，广告曝光也略有增长。</p><p style=\"text-align: start;\">金融科技及企业服务业务4Q2025的收入同比增长8%至人民币608亿元。金融科技服务收入增长主要由于理财服务及商业支付活动的收入增加。企业服务收入同比增速提升至22%，得益于国内及海外市场云服务的收入增加(包括AI相关服务的收入)，以及主要由于微信小店交易额扩大而带动的商家技术服务费收入增长。</p></body></html>","source":"txkj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n腾讯2025年Q4营收1943.7亿元同比增长13%，全年总收入达7518亿元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-18 16:40 北京时间&nbsp;&nbsp;&nbsp;<a href=https://news.qq.com/rain/a/20260318A061GG00><strong>腾讯科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>3月18日周三， 腾讯控股 今天公布二零二五年度（“2025年”）经审核综合业绩及截至二零二五年十二月三十一日止第四季（“4Q2025”）未经审核综合业绩。董事会主席兼首席执行官马化腾表示：“2025年我们保持了健康的增长，得益于AI技术提升了我们的广告定向能力及玩家在游戏中的互动，以及云业务收入加速增长并实现了规模化盈利。我们的核心业务富有韧性并产生充足的现金流，为我们加大AI投入提供支撑，包括...</p>\n\n<a href=\"https://news.qq.com/rain/a/20260318A061GG00\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"source_url":"https://news.qq.com/rain/a/20260318A061GG00","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139989661","content_text":"3月18日周三， 腾讯控股 今天公布二零二五年度（“2025年”）经审核综合业绩及截至二零二五年十二月三十一日止第四季（“4Q2025”）未经审核综合业绩。董事会主席兼首席执行官马化腾表示：“2025年我们保持了健康的增长，得益于AI技术提升了我们的广告定向能力及玩家在游戏中的互动，以及云业务收入加速增长并实现了规模化盈利。我们的核心业务富有韧性并产生充足的现金流，为我们加大AI投入提供支撑，包括招募顶尖AI人才及升级AI基础设施。我们的混元3.0大语言模型智能水平持续提升，元宝、WorkBuddy及QClaw等AI产品产生实际效用，这些令人鼓舞的初期迹象表明AI投入将为我们开拓新的机遇。人们既享受消费与娱乐，也从创作与高效工作中获得满足感，腾讯深感荣幸，能够提供AI服务全方位赋能用户，助其在这些领域更上一层楼。”2025年财务摘要总收入：同比增长14%，毛利：同比增长21%，按非国际财务报告准则的经营盈利：同比增长18%总收入为人民币7,518亿元，较二零二四年（“同比”）增长14%。毛利为人民币4,226亿元，同比增长21%。按非国际财务报告准则，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：经营盈利为人民币2,807亿元，同比增长18%；经营利润率由去年的36%上升至37%。盈利为人民币2,670亿元，同比增长18%。本公司权益持有人应占盈利为人民币2,596亿元，同比增长17%。每股基本盈利为人民币28.577元，每股摊薄盈利为人民币27.877元。按国际财务报告准则：经营盈利为人民币2,416亿元，同比增长16%；经营利润率为32%，同比稳定。盈利为人民币2,298亿元，同比增长17%。本公司权益持有人应占盈利为人民币2,248亿元，同比增长16%。每股基本盈利为人民币24.749元，每股摊薄盈利为人民币24.153元。资本开支为人民币792亿元，同比增加3%。总现金为人民币 4,949 亿元， 同比增长19%。自由现金流为人民币1,826亿元，同比增长18%。现金净额为人民币1,071亿元，同比增长40%。截至2025年12月31日，我们于上市投资公司（不包括附属公司）权益的公允价值为人民币6,727亿元，相较于截止2025年9月30日的公允价值为人民币8,008亿元。截至2025年12月31日，我们于非上市投资公司（不包括附属公司）权益的账面价值为人民币3,631亿元，相较于截止2025年9月30日的账面价值为人民币3,452亿元。2025年，本公司于香港联交所以约800亿港元的总代价回购约1.534亿股股份。2025年管理层讨论及分析增值服务业务2025年的收入同比增长16%至人民币3,693亿元。本土市场游戏收入为人民币1,642亿元，同比增长18%，得益于近期发布的《三角洲行动》的强劲表现，以及《王者荣耀》、《和平精英》等长青游戏及《无畏契约》系列(个人电脑端及移动端)的收入增长。国际市场游戏收入为人民币774亿元，同比增长33%(按固定汇率计算为32%)，得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长5%至人民币1,277亿元，得益于视频号直播服务收入、音乐付费会员收入及手机游戏应用的虚拟道具销售的增长。营销服务2025年的收入同比增长19%至人民币1,450亿元，主要得益于广告价格及广告曝光量增长。广告价格受益于AI驱动的广告定向、广告主使用AI创作更多广告，以及闭环广告的占比持续提升(用户点击后可直达小程序、微信小店或小游戏等原生交易场景)。曝光量增长主要得益于用户对包括视频号及微信搜一搜在内的产品参与度增加，以及广告加载率的小幅提升。年内大多数主要行业的广告主投放均有所增长。金融科技及企业服务2025年的收入同比增长8%至人民币2,294亿元。金融科技服务收入同比以高个位数百分比增长，得益于理财服务、消费贷款服务及商业支付活动的收入增加。企业服务收入同比增长接近20%，得益于国内及海外对包括AI在内的云服务需求的增加，以及由于微信小店交易额上升而带动的商家技术服务费收入的增长。图片2025年业务回顾及展望我们通过《三角洲行动》的突破性成功扩充了长青游戏组合，并强化了《王者荣耀》与《和平精英》等现有长青游戏。受益于长青游戏的持续增长及内容驱动游戏的快速扩张，我们的国际市场游戏年收入突破100亿美元。我们通过在游戏中部署AI，加速了内容制作，改善了用户体验并提升了我们的营销效益。我们升级了广告技术的基础模型，并推出了智能投放产品矩阵腾讯广告AIM+，令我们保持广告加载率远低于同业的同时，营销服务亦取得高于行业的收入增长。视频号受益于升级的内容推荐算法及更丰富的内容生态，总用户使用时长同比增长超过20%。我们提升微信的交易体验和内容生态，推动微信小店、小游戏及其他内容小程序的用户参与度同比快速增长。腾讯视频会员数同比上升，保持了其在中国长视频市场的领先地位。腾讯音乐ARPU和会员数同比提升，巩固了其在中国音乐流媒体市场的领先地位。腾讯云实现规模化盈利，受益于企业AI需求的上升，领先市场的PaaS及SaaS产品贡献的增长，以及供应链的优化。通过深化与持牌金融机构的合作及审慎的风险管理，我们金融科技业务的收入保持了健康增长。受益于专有的数据及丰富的使用场景，我们的混元基础模型在3D生成、文生图和世界模型等多模态能力方面成为了行业领导者。我们通过引进顶尖AI人才升级了团队，建立了系统化提升基础模型智能水平的流程，并在元宝及微信等服务中部署了新的AI能力。2025 年可持续发展的重点表现久久公益节提倡把公益融入到日常生活中，通过社交网络、数字工具及线下的合作伙伴，吸引用户参与了超过5.3亿次的慈善活动。通过科学探索奖和新基石研究员项目，我们至今已资助了超过430名杰出科学家，助力他们追寻基础科研的原创突破。通过改善能源效率，推进转用绿色电力及减少供应链碳排放的举措，我们正如期迈向于2030年前达到碳中和的目标。我们在可持续发展的成效获得广泛认可，被纳入主要的ESG(环境、社会及管治)指数，提升了我们的ESG评级，例如我们的MSCI评级由BBB级提升到A级，以及获得多个ESG奖项。4Q2025财务摘要总收入：同比增长13%，毛利：同比增长19%，按非国际财务报告准则的经营盈利：同比增长17%总收入为人民币1,944亿元，同比增长13%。毛利为人民币1,083亿元，同比增长19%。按非国际财务报告准则，撇除若干一次性及/或非现金项目的影响，以体现核心业务的业绩：经营盈利为人民币695亿元，同比增长17%；经营利润率由去年的34%上升至36%。盈利为人民币667亿元，同比增长18%。本公司权益持有人应占盈利为人民币647亿元，同比增长17%。每股基本盈利为人民币7.144元，每股摊薄盈利为人民币6.966元。按国际财务报告准则：经营盈利为人民币603亿元，同比增长17%；经营利润率由去年的30%提升至31%。盈利为人民币591亿元，同比增长15%。本公司权益持有人应占盈利为人民币583亿元，同比增长14%。每股基本盈利为人民币6.433元，每股摊薄盈利为人民币6.276元。资本开支为人民币196亿元，同比减少46%。4Q2025管理层讨论及分析增值服务业务4Q2025的收入同比增长14%至人民币899亿元。本土市场游戏收入为人民币382亿元，同比增长15%，得益于《三角洲行动》与《无畏契约》系列(个人电脑端及移动端)的收入增长，以及《鸣潮》的增量收入贡献。国际市场游戏收入为人民币211亿元，同比增长32%（按固定汇率计算为31%），主要得益于Supercell旗下游戏及《PUBG MOBILE》的收入增长，以及《鸣潮》的增量收入贡献。社交网络收入同比增长3%至人民币306亿元，反映视频号直播服务收入及音乐付费会员收入的增长。营销服务业务4Q2025的收入为人民币411亿元，同比增长17%。我们对AI驱动的广告定向能力的优化，以及对微信生态系统内闭环营销能力的扩展，推动了广告表现改善和广告单价提升，构成收入增长的主要驱动力。由于用户参与度提高及广告加载率的小幅提升，广告曝光也略有增长。金融科技及企业服务业务4Q2025的收入同比增长8%至人民币608亿元。金融科技服务收入增长主要由于理财服务及商业支付活动的收入增加。企业服务收入同比增速提升至22%，得益于国内及海外市场云服务的收入增加(包括AI相关服务的收入)，以及主要由于微信小店交易额扩大而带动的商家技术服务费收入增长。","news_type":1,"symbols_score_info":{"00700":2,"TCEHY":2}},"isVote":1,"tweetType":1,"viewCount":187,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":543998235308856,"gmtCreate":1773837565721,"gmtModify":1773837567700,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TCEHY\">$腾讯控股ADR(TCEHY)$&nbsp;</a> 崩了？","listText":"<a href=\"https://laohu8.com/S/TCEHY\">$腾讯控股ADR(TCEHY)$&nbsp;</a> 崩了？","text":"$腾讯控股ADR(TCEHY)$ 崩了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/543998235308856","isVote":1,"tweetType":1,"viewCount":259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":543935953241976,"gmtCreate":1773822390235,"gmtModify":1773822392600,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"梭哈 再不上车","listText":"梭哈 再不上车","text":"梭哈 再不上车","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/543935953241976","isVote":1,"tweetType":1,"viewCount":400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":543662209910592,"gmtCreate":1773755539065,"gmtModify":1773755553158,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TCEHY\">$腾讯控股ADR(TCEHY)$&nbsp;</a> 废物啊","listText":"<a href=\"https://laohu8.com/S/TCEHY\">$腾讯控股ADR(TCEHY)$&nbsp;</a> 废物啊","text":"$腾讯控股ADR(TCEHY)$ 废物啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/543662209910592","isVote":1,"tweetType":1,"viewCount":268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":543644415840952,"gmtCreate":1773717138242,"gmtModify":1773717140343,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$&nbsp;</a> 我买put了","listText":"<a href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$&nbsp;</a> 我买put了","text":"$腾讯控股(00700)$ 我买put了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/543644415840952","isVote":1,"tweetType":1,"viewCount":317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":542831272476896,"gmtCreate":1773552736153,"gmtModify":1773553211180,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02649\">$优乐赛共享(02649)$ </a> 卧槽大新这废物","listText":"<a href=\"https://laohu8.com/S/02649\">$优乐赛共享(02649)$ </a> 卧槽大新这废物","text":"$优乐赛共享(02649)$ 卧槽大新这废物","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/542831272476896","isVote":1,"tweetType":1,"viewCount":331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":541715361226864,"gmtCreate":1773280220301,"gmtModify":1773280222723,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"亏麻了别吹","listText":"亏麻了别吹","text":"亏麻了别吹","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/541715361226864","repostId":"1131903391","repostType":2,"repost":{"id":"1131903391","kind":"news","weMediaInfo":{"introduction":"早报天天读，汇集天下事，做最好听的有声财经播报。","home_visible":1,"media_name":"格隆汇APP","id":"11","head_image":"https://static.tigerbbs.com/d06797dbcc3b4b9e839c351ca5a14e4d"},"pubTimestamp":1773224039,"share":"https://www.laohu8.com/m/news/1131903391?lang=zh_CN&edition=full","pubTime":"2026-03-11 18:13","market":"hk","language":"zh","title":"大量出王炸，已无人挡得住腾讯？","url":"https://stock-news.laohu8.com/highlight/detail?id=1131903391","media":"格隆汇APP","summary":"一夜之间，腾讯整个\"龙虾\"矩阵，便宣告完成，速度之快，令人咋舌。3月10日，腾讯控股高开高走，盘中涨幅一度超过7%，成交量急剧放大，隔夜美股腾讯ADR更是大涨超过10%。这不仅仅是一次产品发布，更像是一颗扔进深水的炸弹，市场突然意识到，那个在这场AI浪潮中一度被认为\"总是磨磨蹭蹭\"、\"快掉队了\"的腾讯，要后来居上了。更糟糕的是，随着AI的出现，腾讯大厦的裂痕在若隐若现。","content":"<html><head></head><body><p>腾讯，终于出手了！</p><p>刚发布了全场景AI智能体WorkBuddy，趁着龙虾热，一口气又推出多个&#34;龙虾&#34;智能体。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/700a373004bf801ff8b709d6eb9ec1d5\" alt=\"\" title=\"\" tg-width=\"879\" tg-height=\"684\"/></p><p>一夜之间，腾讯整个&#34;龙虾&#34;矩阵，便宣告完成，速度之快，令人咋舌。</p><p>能够与之比速的，要算股价了。</p><p>3月10日，腾讯控股高开高走，盘中涨幅一度超过7%，成交量急剧放大，隔夜美股腾讯ADR更是大涨超过10%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3d84d49439c8c61ffe73888bf5a82f2\" alt=\"\" title=\"\" tg-width=\"849\" tg-height=\"492\"/></p><p>妥妥的一把久违的肾上腺素飙升。</p><p>这不仅仅是一次产品发布，更像是一颗扔进深水的炸弹，市场突然意识到，那个在这场AI浪潮中一度被认为&#34;总是磨磨蹭蹭&#34;、&#34;快掉队了&#34;的腾讯，要后来居上了。</p><h2 id=\"id_2442957693\">01、落后诟病</h2><p>在ChatGPT引爆全球AI热潮的初期，腾讯的表现确实令人失望。</p><p>与OpenAI、Google乃至国内的百度、阿里巴巴相比，腾讯在生成式AI领域的声音相对微弱，被市场贴上了&#34;保守&#34;、&#34;缺乏AI基因&#34;的标签，<strong>估值长期被压制。</strong></p><p>这种质疑并非毫无道理。</p><p>长期以来，腾讯的业务重心集中在社交、游戏、内容等消费互联网领域，虽然内部也有AILab等研究机构，但更多是支撑型而非战略性的投入。</p><p><strong>更重要的是，凭借社交媒体上巨量流量优势，腾讯似乎也不需要去开荒，反而是别人开了荒，种好地，他再去摘果子就可以了。</strong></p><p>虽然总是会被人diss，但这难道不是低成本撬动高收益杠杆的完美案例吗？</p><p>不过，现在情况发生了变化。</p><p>腾讯以一种近乎激进的速度，密集推出了一系列智能体产品，覆盖了办公、教育、金融、医疗、娱乐等多个垂直领域。</p><p>这些智能体被网友戏称为&#34;龙虾&#34;，一方面因为数量众多、品类齐全，另一方面也因为它们在各自的细分领域展现出了惊人的能力。</p><p>以办公智能体为例，腾讯推出的&#34;文档智能助手&#34;能够自动完成文档起草、数据分析、PPT制作等任务；在教育领域，&#34;AI私教&#34;可以根据学生的学习进度自动生成个性化练习题；在金融领域，&#34;智能理财顾问&#34;能够基于用户的财务状况提供投资建议。</p><p>这些产品并非简单的技术展示，而是真正解决了用户的痛点问题。</p><p>更令人惊讶的是，这些智能体的推出速度极快。</p><p>从宣布立项到产品上线，平均周期不超过3个月，这在以往腾讯的产品迭代节奏中是极为罕见的。</p><p>这种&#34;闪电战&#34;式的打法，彻底颠覆了市场对腾讯&#34;慢&#34;的刻板印象。</p><p>3月10日，据The Information报道，四位知情人士透露，腾讯正为旗下应用微信秘密开发一款AI智能体，该项目被列为公司高优先级机密计划，启动时间至少可追溯至去年上半年。</p><p>市场这才恍然大悟，原来腾讯不是&#34;慢&#34;，而是躲起来&#34;练功&#34;了。</p><h2 id=\"id_2760158137\">02、估值压制</h2><p>腾讯股价暴涨，引发了另外一层热议：</p><p><strong>&#34;龙虾&#34;智能体上桌了，能否揭开压在腾讯估值上的&#34;锅盖&#34;？</strong></p><p>要知道，在这一轮上涨前，腾讯的股价已经跌破500，回到去年7月份的水平，距离10月份的高位，跌幅达到28%，动态估值则跌到接近18倍，放在过去10年里，历史分位点为28%。</p><p>再这么跌下去，股东可要掀桌子了！</p><p>要回答这个问题，就得先搞清楚压估值的&#34;锅盖&#34;到底是什么。</p><p>一直以来，腾讯的估值主要基于其在社交、游戏领域的统治地位、微信生态的商业化潜力，以及对外投资网络的价值。</p><p>其实，最终都可以浓缩为四个字：<strong>流量入口。</strong></p><p>然而，随着移动互联网红利的见顶，这种估值逻辑面临天花板。</p><p>更糟糕的是，随着AI的出现，腾讯大厦的裂痕在若隐若现。</p><p>就说流量入口的地位吧。</p><p>微信是连接人与人的社交网络，顺便收编办公、购物、支付等等流量入口，但问题是，AI其实也可以成为另类的社交网络，而且现在已经出现了一些聊天软件，对方是一个AI虚拟人，类似于电影《her》那种，优势是她更&#34;懂&#34;你。</p><p>而随着AI的进化，和一个更&#34;懂&#34;你的&#34;SHE&#34;聊天，你可能就会减少刷微信、看好友动态的时间。</p><p>这只是其中一个案例，无可否认的趋势是，随着AI的发展，用户会将习惯&#34;打开微信&#34;转向&#34;打开AI APP&#34;，那微信作为移动互联网第一入口的地位，就迎来了前所未有的挑战。</p><p>截至2026年2月，字节豆包月活已达3.15亿，阿里通义千问2.02亿，而腾讯元宝仅1.09亿。</p><p>社交流量入口被弱化，其附带的办公、购物、支付等等流量入口会跟着被弱化，整个生态系的商业化潜力也会随之弱化。</p><p>互联网，流量入口能够代表的东西太多太多了，一旦入口被人抢了，那就是春去秋来了。</p><p>前车之鉴，就是搜索引擎。</p><p>PC互联网时代，BAIDU是流量入口，到了移动互联网，APP成了新的流量入口，很多入口根本不需要通过BAIDU就可以进入，而且更加便捷。</p><p>结果，BAIDU的市值，2011年高峰期是460亿美元，现在最新的市值是431亿美元。</p><h2 id=\"id_4233226471\">03、估值重构？</h2><p>面对流量被AI弱化的风险，腾讯的反击不是去和字节拼大模型，和阿里拼GPU，拼独立App，而是将AI能力原生注入微信。</p><p>这里面的阳谋，是这样的：</p><p><strong>首先，让你加AI智能体为微信&#34;新好友&#34;。</strong></p><p>这些智能体将以对话形式嵌入用户的聊天列表，等同于微信里多了一个AI好友。</p><p>这个设计的精妙之处在于，完全符合用户已有的使用习惯，用户不需要下载新App、不需要学习新交互，微信还是那个微信，只是多了一个新好友。</p><p><strong>第二，让AI智能体成为微信服务的&#34;统一调度员&#34;。</strong></p><p>该智能体的核心能力是全面接入微信生态内数百万个小程序，用户只需下达自然语言指令，AI就能自动完成打车、外卖、订票、缴费等复杂任务。</p><p>这意味着，微信小程序过去八年积累的生态壁垒，并没有消失。</p><p><strong>第三，让你还是离不开微信（AI智能体）。 </strong></p><p>过去，微信的入口价值体现在&#34;用户主动来&#34;，用户打开微信聊天、刷朋友圈、搜小程序。</p><p>而AI智能体的加入，让微信的入口价值升级为&#34;客官请吩咐，小的马上去做&#34;。</p><p>后面两点的厉害之处就在于，用户仍然需要从微信入口，各种想法、行为、数据等等，都留在微信的生态系内，结果也在微信系统内完成。</p><p><strong>换句话说，微信依然是流量的入口，是流量的过程，也是流量的终点，用户并不需要绕过其他APP。</strong></p><p>现在，腾讯已密集推出面向个人本地操控的QClaw、面向企业协作的企业微信机器人、以及多平台办公助手WorkBuddy。三款产品均未采用独立App形态，而是直接嵌入微信、企业微信等高频应用，而且微信团队也没有完全押注腾讯自研的混元模型，而是同步测试智谱、阿里、DeepSeek等外部模型及自研小模型，以确保在复杂多步骤任务处理中的稳定性。</p><p>虽然效果如何还需要时间验证，但至少从逻辑上讲，如果最终微信能够守住流量入口的地位，那它就守住了自己的&#34;基本盘&#34;，<strong>估值中枢继续下跌的概率就变小；</strong></p><p>如果能顺势将微信从&#34;社交工具&#34;升级为&#34;智能操作系统&#34;，<strong>那估值中枢反而有机会迎来一波提升。</strong></p><p>毕竟，投资者现在最关心的，是能否将&#34;技术储备&#34;转向&#34;商业化落地&#34;，说白了就是<strong>你能用AI赚多少钱。</strong></p><p>而微信月活用户超过13亿，小程序日活超过4亿，公众号超过2000万个，就是现有的天然商业化土壤。</p><p>为了方便说明，我们还可以简单算一笔账，假设腾讯推出10个智能体产品，月活用户达到3000万，付费率提升到20%，客单价提高到30元，那么每个智能体的月营收可达1.8亿元，10个智能体就是18亿元的月收入，年化营收超过200亿元。</p><p>这还只是智能体本身的直接收入，如果考虑到由此带动的其他业务增长（如金融、电商等），整体收益将更加大。</p><p>在如此的业绩增长预期面前，那个压在估值上的&#34;盖子&#34;，恐怕很难压住了吧？</p><h2 id=\"id_2738635433\">04、结语</h2><p>看看龙虾热潮，再看看流量入口争夺战，可以得出一个前瞻性的结论（可能还需要时间验证）：</p><p><strong>AI可以消灭超级入口，也可以重塑超级入口的形态。</strong></p><p>看懂了这一点，也就看得懂了腾讯的战略意图，它依然试图用最低的成本（智能体开发成本、运营成本低），然后基于自己强大的流量和生态系统的赋能，去撬动更高的收益杠杆。</p><p>于竞争对手而言，当他们试图用独立App抢夺微信的流量入口时，微信却选择让AI&#34;住进&#34;自己体内。</p><p>于14亿微信用户而言，既可以找人聊天，又可以找AI办事。当那个置顶在消息列表里的AI好友，能够调用数百万小程序完成一切生活服务时，你还会去打开其他APP吗？</p><p>腾讯被各种羡慕嫉妒恨的&#34;从不争先，但总能后来居上&#34;的叙事，说不准会在AI时代再来一次。</p><p>这大概就是资金冲进去抢腾讯的原因吧。</p><p><strong>当然了，市场也不乏冷静的声音。</strong></p><p>今天，腾讯股价高开低走，下午还翻绿了，最终画面定格在一根大阴线，虽然可以甩锅短期市场情绪的冲高回落，有资金见好就收，套牢盘趁机跑路，但也证明了，故事再好，估值再抢跑，最后还需要&#34;成绩单&#34;。</p><p>关于这个，咱不也过度预测了，腾讯的智能体，到底是能端上五星级大酒店的高溢价大龙虾，还是只能上宵夜排档的平民小龙虾，等后面的数据验证吧。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>大量出王炸，已无人挡得住腾讯？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n大量出王炸，已无人挡得住腾讯？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/11\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d06797dbcc3b4b9e839c351ca5a14e4d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格隆汇APP </p>\n<p class=\"h-time\">2026-03-11 18:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>腾讯，终于出手了！</p><p>刚发布了全场景AI智能体WorkBuddy，趁着龙虾热，一口气又推出多个&#34;龙虾&#34;智能体。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/700a373004bf801ff8b709d6eb9ec1d5\" alt=\"\" title=\"\" tg-width=\"879\" tg-height=\"684\"/></p><p>一夜之间，腾讯整个&#34;龙虾&#34;矩阵，便宣告完成，速度之快，令人咋舌。</p><p>能够与之比速的，要算股价了。</p><p>3月10日，腾讯控股高开高走，盘中涨幅一度超过7%，成交量急剧放大，隔夜美股腾讯ADR更是大涨超过10%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3d84d49439c8c61ffe73888bf5a82f2\" alt=\"\" title=\"\" tg-width=\"849\" tg-height=\"492\"/></p><p>妥妥的一把久违的肾上腺素飙升。</p><p>这不仅仅是一次产品发布，更像是一颗扔进深水的炸弹，市场突然意识到，那个在这场AI浪潮中一度被认为&#34;总是磨磨蹭蹭&#34;、&#34;快掉队了&#34;的腾讯，要后来居上了。</p><h2 id=\"id_2442957693\">01、落后诟病</h2><p>在ChatGPT引爆全球AI热潮的初期，腾讯的表现确实令人失望。</p><p>与OpenAI、Google乃至国内的百度、阿里巴巴相比，腾讯在生成式AI领域的声音相对微弱，被市场贴上了&#34;保守&#34;、&#34;缺乏AI基因&#34;的标签，<strong>估值长期被压制。</strong></p><p>这种质疑并非毫无道理。</p><p>长期以来，腾讯的业务重心集中在社交、游戏、内容等消费互联网领域，虽然内部也有AILab等研究机构，但更多是支撑型而非战略性的投入。</p><p><strong>更重要的是，凭借社交媒体上巨量流量优势，腾讯似乎也不需要去开荒，反而是别人开了荒，种好地，他再去摘果子就可以了。</strong></p><p>虽然总是会被人diss，但这难道不是低成本撬动高收益杠杆的完美案例吗？</p><p>不过，现在情况发生了变化。</p><p>腾讯以一种近乎激进的速度，密集推出了一系列智能体产品，覆盖了办公、教育、金融、医疗、娱乐等多个垂直领域。</p><p>这些智能体被网友戏称为&#34;龙虾&#34;，一方面因为数量众多、品类齐全，另一方面也因为它们在各自的细分领域展现出了惊人的能力。</p><p>以办公智能体为例，腾讯推出的&#34;文档智能助手&#34;能够自动完成文档起草、数据分析、PPT制作等任务；在教育领域，&#34;AI私教&#34;可以根据学生的学习进度自动生成个性化练习题；在金融领域，&#34;智能理财顾问&#34;能够基于用户的财务状况提供投资建议。</p><p>这些产品并非简单的技术展示，而是真正解决了用户的痛点问题。</p><p>更令人惊讶的是，这些智能体的推出速度极快。</p><p>从宣布立项到产品上线，平均周期不超过3个月，这在以往腾讯的产品迭代节奏中是极为罕见的。</p><p>这种&#34;闪电战&#34;式的打法，彻底颠覆了市场对腾讯&#34;慢&#34;的刻板印象。</p><p>3月10日，据The Information报道，四位知情人士透露，腾讯正为旗下应用微信秘密开发一款AI智能体，该项目被列为公司高优先级机密计划，启动时间至少可追溯至去年上半年。</p><p>市场这才恍然大悟，原来腾讯不是&#34;慢&#34;，而是躲起来&#34;练功&#34;了。</p><h2 id=\"id_2760158137\">02、估值压制</h2><p>腾讯股价暴涨，引发了另外一层热议：</p><p><strong>&#34;龙虾&#34;智能体上桌了，能否揭开压在腾讯估值上的&#34;锅盖&#34;？</strong></p><p>要知道，在这一轮上涨前，腾讯的股价已经跌破500，回到去年7月份的水平，距离10月份的高位，跌幅达到28%，动态估值则跌到接近18倍，放在过去10年里，历史分位点为28%。</p><p>再这么跌下去，股东可要掀桌子了！</p><p>要回答这个问题，就得先搞清楚压估值的&#34;锅盖&#34;到底是什么。</p><p>一直以来，腾讯的估值主要基于其在社交、游戏领域的统治地位、微信生态的商业化潜力，以及对外投资网络的价值。</p><p>其实，最终都可以浓缩为四个字：<strong>流量入口。</strong></p><p>然而，随着移动互联网红利的见顶，这种估值逻辑面临天花板。</p><p>更糟糕的是，随着AI的出现，腾讯大厦的裂痕在若隐若现。</p><p>就说流量入口的地位吧。</p><p>微信是连接人与人的社交网络，顺便收编办公、购物、支付等等流量入口，但问题是，AI其实也可以成为另类的社交网络，而且现在已经出现了一些聊天软件，对方是一个AI虚拟人，类似于电影《her》那种，优势是她更&#34;懂&#34;你。</p><p>而随着AI的进化，和一个更&#34;懂&#34;你的&#34;SHE&#34;聊天，你可能就会减少刷微信、看好友动态的时间。</p><p>这只是其中一个案例，无可否认的趋势是，随着AI的发展，用户会将习惯&#34;打开微信&#34;转向&#34;打开AI APP&#34;，那微信作为移动互联网第一入口的地位，就迎来了前所未有的挑战。</p><p>截至2026年2月，字节豆包月活已达3.15亿，阿里通义千问2.02亿，而腾讯元宝仅1.09亿。</p><p>社交流量入口被弱化，其附带的办公、购物、支付等等流量入口会跟着被弱化，整个生态系的商业化潜力也会随之弱化。</p><p>互联网，流量入口能够代表的东西太多太多了，一旦入口被人抢了，那就是春去秋来了。</p><p>前车之鉴，就是搜索引擎。</p><p>PC互联网时代，BAIDU是流量入口，到了移动互联网，APP成了新的流量入口，很多入口根本不需要通过BAIDU就可以进入，而且更加便捷。</p><p>结果，BAIDU的市值，2011年高峰期是460亿美元，现在最新的市值是431亿美元。</p><h2 id=\"id_4233226471\">03、估值重构？</h2><p>面对流量被AI弱化的风险，腾讯的反击不是去和字节拼大模型，和阿里拼GPU，拼独立App，而是将AI能力原生注入微信。</p><p>这里面的阳谋，是这样的：</p><p><strong>首先，让你加AI智能体为微信&#34;新好友&#34;。</strong></p><p>这些智能体将以对话形式嵌入用户的聊天列表，等同于微信里多了一个AI好友。</p><p>这个设计的精妙之处在于，完全符合用户已有的使用习惯，用户不需要下载新App、不需要学习新交互，微信还是那个微信，只是多了一个新好友。</p><p><strong>第二，让AI智能体成为微信服务的&#34;统一调度员&#34;。</strong></p><p>该智能体的核心能力是全面接入微信生态内数百万个小程序，用户只需下达自然语言指令，AI就能自动完成打车、外卖、订票、缴费等复杂任务。</p><p>这意味着，微信小程序过去八年积累的生态壁垒，并没有消失。</p><p><strong>第三，让你还是离不开微信（AI智能体）。 </strong></p><p>过去，微信的入口价值体现在&#34;用户主动来&#34;，用户打开微信聊天、刷朋友圈、搜小程序。</p><p>而AI智能体的加入，让微信的入口价值升级为&#34;客官请吩咐，小的马上去做&#34;。</p><p>后面两点的厉害之处就在于，用户仍然需要从微信入口，各种想法、行为、数据等等，都留在微信的生态系内，结果也在微信系统内完成。</p><p><strong>换句话说，微信依然是流量的入口，是流量的过程，也是流量的终点，用户并不需要绕过其他APP。</strong></p><p>现在，腾讯已密集推出面向个人本地操控的QClaw、面向企业协作的企业微信机器人、以及多平台办公助手WorkBuddy。三款产品均未采用独立App形态，而是直接嵌入微信、企业微信等高频应用，而且微信团队也没有完全押注腾讯自研的混元模型，而是同步测试智谱、阿里、DeepSeek等外部模型及自研小模型，以确保在复杂多步骤任务处理中的稳定性。</p><p>虽然效果如何还需要时间验证，但至少从逻辑上讲，如果最终微信能够守住流量入口的地位，那它就守住了自己的&#34;基本盘&#34;，<strong>估值中枢继续下跌的概率就变小；</strong></p><p>如果能顺势将微信从&#34;社交工具&#34;升级为&#34;智能操作系统&#34;，<strong>那估值中枢反而有机会迎来一波提升。</strong></p><p>毕竟，投资者现在最关心的，是能否将&#34;技术储备&#34;转向&#34;商业化落地&#34;，说白了就是<strong>你能用AI赚多少钱。</strong></p><p>而微信月活用户超过13亿，小程序日活超过4亿，公众号超过2000万个，就是现有的天然商业化土壤。</p><p>为了方便说明，我们还可以简单算一笔账，假设腾讯推出10个智能体产品，月活用户达到3000万，付费率提升到20%，客单价提高到30元，那么每个智能体的月营收可达1.8亿元，10个智能体就是18亿元的月收入，年化营收超过200亿元。</p><p>这还只是智能体本身的直接收入，如果考虑到由此带动的其他业务增长（如金融、电商等），整体收益将更加大。</p><p>在如此的业绩增长预期面前，那个压在估值上的&#34;盖子&#34;，恐怕很难压住了吧？</p><h2 id=\"id_2738635433\">04、结语</h2><p>看看龙虾热潮，再看看流量入口争夺战，可以得出一个前瞻性的结论（可能还需要时间验证）：</p><p><strong>AI可以消灭超级入口，也可以重塑超级入口的形态。</strong></p><p>看懂了这一点，也就看得懂了腾讯的战略意图，它依然试图用最低的成本（智能体开发成本、运营成本低），然后基于自己强大的流量和生态系统的赋能，去撬动更高的收益杠杆。</p><p>于竞争对手而言，当他们试图用独立App抢夺微信的流量入口时，微信却选择让AI&#34;住进&#34;自己体内。</p><p>于14亿微信用户而言，既可以找人聊天，又可以找AI办事。当那个置顶在消息列表里的AI好友，能够调用数百万小程序完成一切生活服务时，你还会去打开其他APP吗？</p><p>腾讯被各种羡慕嫉妒恨的&#34;从不争先，但总能后来居上&#34;的叙事，说不准会在AI时代再来一次。</p><p>这大概就是资金冲进去抢腾讯的原因吧。</p><p><strong>当然了，市场也不乏冷静的声音。</strong></p><p>今天，腾讯股价高开低走，下午还翻绿了，最终画面定格在一根大阴线，虽然可以甩锅短期市场情绪的冲高回落，有资金见好就收，套牢盘趁机跑路，但也证明了，故事再好，估值再抢跑，最后还需要&#34;成绩单&#34;。</p><p>关于这个，咱不也过度预测了，腾讯的智能体，到底是能端上五星级大酒店的高溢价大龙虾，还是只能上宵夜排档的平民小龙虾，等后面的数据验证吧。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131903391","content_text":"腾讯，终于出手了！刚发布了全场景AI智能体WorkBuddy，趁着龙虾热，一口气又推出多个\"龙虾\"智能体。一夜之间，腾讯整个\"龙虾\"矩阵，便宣告完成，速度之快，令人咋舌。能够与之比速的，要算股价了。3月10日，腾讯控股高开高走，盘中涨幅一度超过7%，成交量急剧放大，隔夜美股腾讯ADR更是大涨超过10%。妥妥的一把久违的肾上腺素飙升。这不仅仅是一次产品发布，更像是一颗扔进深水的炸弹，市场突然意识到，那个在这场AI浪潮中一度被认为\"总是磨磨蹭蹭\"、\"快掉队了\"的腾讯，要后来居上了。01、落后诟病在ChatGPT引爆全球AI热潮的初期，腾讯的表现确实令人失望。与OpenAI、Google乃至国内的百度、阿里巴巴相比，腾讯在生成式AI领域的声音相对微弱，被市场贴上了\"保守\"、\"缺乏AI基因\"的标签，估值长期被压制。这种质疑并非毫无道理。长期以来，腾讯的业务重心集中在社交、游戏、内容等消费互联网领域，虽然内部也有AILab等研究机构，但更多是支撑型而非战略性的投入。更重要的是，凭借社交媒体上巨量流量优势，腾讯似乎也不需要去开荒，反而是别人开了荒，种好地，他再去摘果子就可以了。虽然总是会被人diss，但这难道不是低成本撬动高收益杠杆的完美案例吗？不过，现在情况发生了变化。腾讯以一种近乎激进的速度，密集推出了一系列智能体产品，覆盖了办公、教育、金融、医疗、娱乐等多个垂直领域。这些智能体被网友戏称为\"龙虾\"，一方面因为数量众多、品类齐全，另一方面也因为它们在各自的细分领域展现出了惊人的能力。以办公智能体为例，腾讯推出的\"文档智能助手\"能够自动完成文档起草、数据分析、PPT制作等任务；在教育领域，\"AI私教\"可以根据学生的学习进度自动生成个性化练习题；在金融领域，\"智能理财顾问\"能够基于用户的财务状况提供投资建议。这些产品并非简单的技术展示，而是真正解决了用户的痛点问题。更令人惊讶的是，这些智能体的推出速度极快。从宣布立项到产品上线，平均周期不超过3个月，这在以往腾讯的产品迭代节奏中是极为罕见的。这种\"闪电战\"式的打法，彻底颠覆了市场对腾讯\"慢\"的刻板印象。3月10日，据The Information报道，四位知情人士透露，腾讯正为旗下应用微信秘密开发一款AI智能体，该项目被列为公司高优先级机密计划，启动时间至少可追溯至去年上半年。市场这才恍然大悟，原来腾讯不是\"慢\"，而是躲起来\"练功\"了。02、估值压制腾讯股价暴涨，引发了另外一层热议：\"龙虾\"智能体上桌了，能否揭开压在腾讯估值上的\"锅盖\"？要知道，在这一轮上涨前，腾讯的股价已经跌破500，回到去年7月份的水平，距离10月份的高位，跌幅达到28%，动态估值则跌到接近18倍，放在过去10年里，历史分位点为28%。再这么跌下去，股东可要掀桌子了！要回答这个问题，就得先搞清楚压估值的\"锅盖\"到底是什么。一直以来，腾讯的估值主要基于其在社交、游戏领域的统治地位、微信生态的商业化潜力，以及对外投资网络的价值。其实，最终都可以浓缩为四个字：流量入口。然而，随着移动互联网红利的见顶，这种估值逻辑面临天花板。更糟糕的是，随着AI的出现，腾讯大厦的裂痕在若隐若现。就说流量入口的地位吧。微信是连接人与人的社交网络，顺便收编办公、购物、支付等等流量入口，但问题是，AI其实也可以成为另类的社交网络，而且现在已经出现了一些聊天软件，对方是一个AI虚拟人，类似于电影《her》那种，优势是她更\"懂\"你。而随着AI的进化，和一个更\"懂\"你的\"SHE\"聊天，你可能就会减少刷微信、看好友动态的时间。这只是其中一个案例，无可否认的趋势是，随着AI的发展，用户会将习惯\"打开微信\"转向\"打开AI APP\"，那微信作为移动互联网第一入口的地位，就迎来了前所未有的挑战。截至2026年2月，字节豆包月活已达3.15亿，阿里通义千问2.02亿，而腾讯元宝仅1.09亿。社交流量入口被弱化，其附带的办公、购物、支付等等流量入口会跟着被弱化，整个生态系的商业化潜力也会随之弱化。互联网，流量入口能够代表的东西太多太多了，一旦入口被人抢了，那就是春去秋来了。前车之鉴，就是搜索引擎。PC互联网时代，BAIDU是流量入口，到了移动互联网，APP成了新的流量入口，很多入口根本不需要通过BAIDU就可以进入，而且更加便捷。结果，BAIDU的市值，2011年高峰期是460亿美元，现在最新的市值是431亿美元。03、估值重构？面对流量被AI弱化的风险，腾讯的反击不是去和字节拼大模型，和阿里拼GPU，拼独立App，而是将AI能力原生注入微信。这里面的阳谋，是这样的：首先，让你加AI智能体为微信\"新好友\"。这些智能体将以对话形式嵌入用户的聊天列表，等同于微信里多了一个AI好友。这个设计的精妙之处在于，完全符合用户已有的使用习惯，用户不需要下载新App、不需要学习新交互，微信还是那个微信，只是多了一个新好友。第二，让AI智能体成为微信服务的\"统一调度员\"。该智能体的核心能力是全面接入微信生态内数百万个小程序，用户只需下达自然语言指令，AI就能自动完成打车、外卖、订票、缴费等复杂任务。这意味着，微信小程序过去八年积累的生态壁垒，并没有消失。第三，让你还是离不开微信（AI智能体）。 过去，微信的入口价值体现在\"用户主动来\"，用户打开微信聊天、刷朋友圈、搜小程序。而AI智能体的加入，让微信的入口价值升级为\"客官请吩咐，小的马上去做\"。后面两点的厉害之处就在于，用户仍然需要从微信入口，各种想法、行为、数据等等，都留在微信的生态系内，结果也在微信系统内完成。换句话说，微信依然是流量的入口，是流量的过程，也是流量的终点，用户并不需要绕过其他APP。现在，腾讯已密集推出面向个人本地操控的QClaw、面向企业协作的企业微信机器人、以及多平台办公助手WorkBuddy。三款产品均未采用独立App形态，而是直接嵌入微信、企业微信等高频应用，而且微信团队也没有完全押注腾讯自研的混元模型，而是同步测试智谱、阿里、DeepSeek等外部模型及自研小模型，以确保在复杂多步骤任务处理中的稳定性。虽然效果如何还需要时间验证，但至少从逻辑上讲，如果最终微信能够守住流量入口的地位，那它就守住了自己的\"基本盘\"，估值中枢继续下跌的概率就变小；如果能顺势将微信从\"社交工具\"升级为\"智能操作系统\"，那估值中枢反而有机会迎来一波提升。毕竟，投资者现在最关心的，是能否将\"技术储备\"转向\"商业化落地\"，说白了就是你能用AI赚多少钱。而微信月活用户超过13亿，小程序日活超过4亿，公众号超过2000万个，就是现有的天然商业化土壤。为了方便说明，我们还可以简单算一笔账，假设腾讯推出10个智能体产品，月活用户达到3000万，付费率提升到20%，客单价提高到30元，那么每个智能体的月营收可达1.8亿元，10个智能体就是18亿元的月收入，年化营收超过200亿元。这还只是智能体本身的直接收入，如果考虑到由此带动的其他业务增长（如金融、电商等），整体收益将更加大。在如此的业绩增长预期面前，那个压在估值上的\"盖子\"，恐怕很难压住了吧？04、结语看看龙虾热潮，再看看流量入口争夺战，可以得出一个前瞻性的结论（可能还需要时间验证）：AI可以消灭超级入口，也可以重塑超级入口的形态。看懂了这一点，也就看得懂了腾讯的战略意图，它依然试图用最低的成本（智能体开发成本、运营成本低），然后基于自己强大的流量和生态系统的赋能，去撬动更高的收益杠杆。于竞争对手而言，当他们试图用独立App抢夺微信的流量入口时，微信却选择让AI\"住进\"自己体内。于14亿微信用户而言，既可以找人聊天，又可以找AI办事。当那个置顶在消息列表里的AI好友，能够调用数百万小程序完成一切生活服务时，你还会去打开其他APP吗？腾讯被各种羡慕嫉妒恨的\"从不争先，但总能后来居上\"的叙事，说不准会在AI时代再来一次。这大概就是资金冲进去抢腾讯的原因吧。当然了，市场也不乏冷静的声音。今天，腾讯股价高开低走，下午还翻绿了，最终画面定格在一根大阴线，虽然可以甩锅短期市场情绪的冲高回落，有资金见好就收，套牢盘趁机跑路，但也证明了，故事再好，估值再抢跑，最后还需要\"成绩单\"。关于这个，咱不也过度预测了，腾讯的智能体，到底是能端上五星级大酒店的高溢价大龙虾，还是只能上宵夜排档的平民小龙虾，等后面的数据验证吧。","news_type":1,"symbols_score_info":{"00700":2}},"isVote":1,"tweetType":1,"viewCount":233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":541521261086640,"gmtCreate":1773232891870,"gmtModify":1773232893849,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"？","listText":"？","text":"？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/541521261086640","isVote":1,"tweetType":1,"viewCount":524,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":541469976371968,"gmtCreate":1773190044341,"gmtModify":1773190047251,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/07515\">$南方两倍做空日经(07515)$ </a> 做空小日子赚的钱 爽","listText":"<a href=\"https://laohu8.com/S/07515\">$南方两倍做空日经(07515)$ </a> 做空小日子赚的钱 爽","text":"$南方两倍做空日经(07515)$ 做空小日子赚的钱 爽","images":[{"img":"https://static.tigerbbs.com/a1419f08fa4b52dd6eda89bc89cc17ed","width":"1224","height":"2014"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/541469976371968","isVote":1,"tweetType":1,"viewCount":472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":539729643512840,"gmtCreate":1772788001690,"gmtModify":1772788003673,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02649\">$优乐赛共享(02649)$ </a> 归零","listText":"<a href=\"https://laohu8.com/S/02649\">$优乐赛共享(02649)$ </a> 归零","text":"$优乐赛共享(02649)$ 归零","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/539729643512840","isVote":1,"tweetType":1,"viewCount":362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":539612312622088,"gmtCreate":1772759356453,"gmtModify":1772759358386,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01211\">$比亚迪股份(01211)$&nbsp;</a> 不起飞？？？","listText":"<a href=\"https://laohu8.com/S/01211\">$比亚迪股份(01211)$&nbsp;</a> 不起飞？？？","text":"$比亚迪股份(01211)$ 不起飞？？？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/539612312622088","isVote":1,"tweetType":1,"viewCount":772,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3485728882911187","authorId":"3485728882911187","name":"申屠青竹","avatar":"https://static.tigerbbs.com/27eba484160e82091e8187ad8179e2f3","crmLevel":5,"crmLevelSwitch":1,"authorIdStr":"3485728882911187","idStr":"3485728882911187"},"content":"资本的短视凸显的淋漓尽致。。。 我估计某些资金就看到“年内要建2万个闪充站”就在那合计要有大额支出了 [笑哭] [笑哭] 完全不看未来的潜力","text":"资本的短视凸显的淋漓尽致。。。 我估计某些资金就看到“年内要建2万个闪充站”就在那合计要有大额支出了 [笑哭] [笑哭] 完全不看未来的潜力","html":"资本的短视凸显的淋漓尽致。。。 我估计某些资金就看到“年内要建2万个闪充站”就在那合计要有大额支出了 [笑哭] [笑哭] 完全不看未来的潜力"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":539421505037344,"gmtCreate":1772712847085,"gmtModify":1772716167298,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"我前几天爆买亏麻了","listText":"我前几天爆买亏麻了","text":"我前几天爆买亏麻了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/539421505037344","isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":538892603282312,"gmtCreate":1772586462825,"gmtModify":1772586464461,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$&nbsp;</a> 割吗","listText":"<a href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$&nbsp;</a> 割吗","text":"$腾讯控股(00700)$ 割吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/538892603282312","isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":538668967919816,"gmtCreate":1772531942459,"gmtModify":1772531944245,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$&nbsp;</a> 520没跑","listText":"<a href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$&nbsp;</a> 520没跑","text":"$腾讯控股(00700)$ 520没跑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/538668967919816","isVote":1,"tweetType":1,"viewCount":195,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536500424070560,"gmtCreate":1772002440019,"gmtModify":1772002442634,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"全老登？","listText":"全老登？","text":"全老登？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/536500424070560","isVote":1,"tweetType":1,"viewCount":820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":447695502824312,"gmtCreate":1750322945822,"gmtModify":1750336682942,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"希望能赚 别破发","listText":"希望能赚 别破发","text":"希望能赚 别破发","images":[{"img":"https://static.tigerbbs.com/d2e79bbd2be33948abc01808cbebcae2","width":"1224","height":"2177"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":7,"repostSize":1,"link":"https://laohu8.com/post/447695502824312","isVote":1,"tweetType":1,"viewCount":2332,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4097235486088880","authorId":"4097235486088880","name":"outgoinglong","avatar":"https://static.tigerbbs.com/c45bfc23a88d60c1c32f368b302f3a0a","crmLevel":7,"crmLevelSwitch":0,"authorIdStr":"4097235486088880","idStr":"4097235486088880"},"content":"你这…是乙组吧？","text":"你这…是乙组吧？","html":"你这…是乙组吧？"},{"author":{"id":"3497584593756125","authorId":"3497584593756125","name":"投资王子","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":0,"authorIdStr":"3497584593756125","idStr":"3497584593756125"},"content":"大佬出了吗","text":"大佬出了吗","html":"大佬出了吗"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":386389859,"gmtCreate":1613136656971,"gmtModify":1613136656971,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>3.8上车就跌到2块 **","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>3.8上车就跌到2块 **","text":"$Sundial Growers Inc.(SNDL)$3.8上车就跌到2块 **","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":10,"repostSize":0,"link":"https://laohu8.com/post/386389859","isVote":1,"tweetType":1,"viewCount":7144,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3573212809260326","authorId":"3573212809260326","name":"虚心求教","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3573212809260326","idStr":"3573212809260326"},"content":"跟你差不多。。试试长期持有把😭😭😭等两星期","text":"跟你差不多。。试试长期持有把😭😭😭等两星期","html":"跟你差不多。。试试长期持有把😭😭😭等两星期"},{"author":{"id":"122459259189757","authorId":"122459259189757","name":"失之东隅收之桑榆","avatar":"https://static.tigerbbs.com/d9537b92718dd63590a5e4abdadb8f6f","crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"122459259189757","idStr":"122459259189757"},"content":"你觉得这股票永远都没希望上4块吗？如果是，就割肉，如果不是，就淡定拿着","text":"你觉得这股票永远都没希望上4块吗？如果是，就割肉，如果不是，就淡定拿着","html":"你觉得这股票永远都没希望上4块吗？如果是，就割肉，如果不是，就淡定拿着"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":176984,"gmtCreate":1523419678557,"gmtModify":1704891515882,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"$腾讯控股(00700)$ 下午起飞 坐稳了","listText":"$腾讯控股(00700)$ 下午起飞 坐稳了","text":"$腾讯控股(00700)$ 下午起飞 坐稳了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":13,"repostSize":0,"link":"https://laohu8.com/post/176984","isVote":1,"tweetType":1,"viewCount":3098,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3471402362508326","authorId":"3471402362508326","name":"我是史莱克的朋友小驴","avatar":"https://static.laohu8.com/87fece0d469c4fb5ea17daf7f056788f","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3471402362508326","idStr":"3471402362508326"},"content":"不是说弱不弱。而是这次下跌之后。腾讯没有二月初明显的一个反弹行情。堪忧。","text":"不是说弱不弱。而是这次下跌之后。腾讯没有二月初明显的一个反弹行情。堪忧。","html":"不是说弱不弱。而是这次下跌之后。腾讯没有二月初明显的一个反弹行情。堪忧。"},{"author":{"id":"138442049989269","authorId":"138442049989269","name":"机构猎杀者","avatar":"https://static.tigerbbs.com/879fd829d15d6be2528978bc45e88bac","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"138442049989269","idStr":"138442049989269"},"content":"什么都不了解，还做等起飞。","text":"什么都不了解，还做等起飞。","html":"什么都不了解，还做等起飞。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544561403547808,"gmtCreate":1773975129783,"gmtModify":1773975131957,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a> 小米的大模型怎么把股票打崩了","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a> 小米的大模型怎么把股票打崩了","text":"$小米集团-W(01810)$ 小米的大模型怎么把股票打崩了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":11,"repostSize":0,"link":"https://laohu8.com/post/544561403547808","isVote":1,"tweetType":1,"viewCount":4521,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3540337121736898","authorId":"3540337121736898","name":"尔等","avatar":"https://static.tigerbbs.com/1e680ef413e2af2b1352ca43485851c6","crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"3540337121736898","idStr":"3540337121736898"},"content":"跌了也不算差，韭菜割完才会有进一步回弹空间，基本面没问题，3c、家电、汽车、机器人、ai，基本盘稳、风口也有","text":"跌了也不算差，韭菜割完才会有进一步回弹空间，基本面没问题，3c、家电、汽车、机器人、ai，基本盘稳、风口也有","html":"跌了也不算差，韭菜割完才会有进一步回弹空间，基本面没问题，3c、家电、汽车、机器人、ai，基本盘稳、风口也有"},{"author":{"id":"3540680319507322","authorId":"3540680319507322","name":"BenBina","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3540680319507322","idStr":"3540680319507322"},"content":"今天是因为昨晚的发布会。每次发布会，每次财报，必大跌","text":"今天是因为昨晚的发布会。每次发布会，每次财报，必大跌","html":"今天是因为昨晚的发布会。每次发布会，每次财报，必大跌"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":972344586,"gmtCreate":1600128130345,"gmtModify":1703820403940,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>330不敢抄底的我","listText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>330不敢抄底的我","text":"$特斯拉(TSLA)$330不敢抄底的我","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/972344586","isVote":1,"tweetType":1,"viewCount":3977,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3561490560692731","authorId":"3561490560692731","name":"Packy","avatar":"https://static.tigerbbs.com/1f80b9ae7e7900afc7596501e86cdd8c","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3561490560692731","idStr":"3561490560692731"},"content":"这次刚好大盘又涨上去了，要是大盘继续回调，杀得最狠的估计就是特斯拉这种没有业绩支撑的高位股。我现在还套在460呢，不跌到250左右坚决不加仓","text":"这次刚好大盘又涨上去了，要是大盘继续回调，杀得最狠的估计就是特斯拉这种没有业绩支撑的高位股。我现在还套在460呢，不跌到250左右坚决不加仓","html":"这次刚好大盘又涨上去了，要是大盘继续回调，杀得最狠的估计就是特斯拉这种没有业绩支撑的高位股。我现在还套在460呢，不跌到250左右坚决不加仓"},{"author":{"id":"3439987814074406","authorId":"3439987814074406","name":"wdl818","avatar":"https://static.tigerbbs.com/0904888d27073ab5a2f4fc19d496146f","crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3439987814074406","idStr":"3439987814074406"},"content":"330*5=1650，这是底吗","text":"330*5=1650，这是底吗","html":"330*5=1650，这是底吗"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606029926,"gmtCreate":1638802139544,"gmtModify":1638802139544,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a>今天刚看到有人发朋友圈清仓阿里 这就开始拉了？","listText":"<a href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a>今天刚看到有人发朋友圈清仓阿里 这就开始拉了？","text":"$阿里巴巴(BABA)$今天刚看到有人发朋友圈清仓阿里 这就开始拉了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/606029926","isVote":1,"tweetType":1,"viewCount":7202,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3565076865305740","authorId":"3565076865305740","name":"比宁时代","avatar":"https://static.tigerbbs.com/ce83dcdd3af157cc4641271da3f50e4f","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3565076865305740","idStr":"3565076865305740"},"content":"亏了35%亏麻了","text":"亏了35%亏麻了","html":"亏了35%亏麻了"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608767813,"gmtCreate":1638792738146,"gmtModify":1638792738146,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/DIDI\">$滴滴(DIDI)$</a>真无语啊 我抄底都亏了20个点","listText":"<a href=\"https://laohu8.com/S/DIDI\">$滴滴(DIDI)$</a>真无语啊 我抄底都亏了20个点","text":"$滴滴(DIDI)$真无语啊 我抄底都亏了20个点","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/608767813","isVote":1,"tweetType":1,"viewCount":7598,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3568324999785643","authorId":"3568324999785643","name":"驴得水","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3568324999785643","idStr":"3568324999785643"},"content":"局中局，套中套，回头看8$是依然是山顶 (̿▀̿ ̿Ĺ̯̿̿▀̿ ̿)","text":"局中局，套中套，回头看8$是依然是山顶 (̿▀̿ ̿Ĺ̯̿̿▀̿ ̿)","html":"局中局，套中套，回头看8$是依然是山顶 (̿▀̿ ̿Ĺ̯̿̿▀̿ ̿)"},{"author":{"id":"3566775503291979","authorId":"3566775503291979","name":"dun吨dun","avatar":"https://static.tigerbbs.com/15b4aeaf7219c2e2b9c1f980d422d3c1","crmLevel":8,"crmLevelSwitch":1,"authorIdStr":"3566775503291979","idStr":"3566775503291979"},"content":"7块的底？","text":"7块的底？","html":"7块的底？"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":917584504,"gmtCreate":1581997949308,"gmtModify":1704345416421,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>&nbsp;股民都瞎了吗 米10横扫华为三星苹果的高端市场，应该回到20啊","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>&nbsp;股民都瞎了吗 米10横扫华为三星苹果的高端市场，应该回到20啊","text":"$小米集团-W(01810)$ 股民都瞎了吗 米10横扫华为三星苹果的高端市场，应该回到20啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/917584504","isVote":1,"tweetType":1,"viewCount":6243,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3492831727917666","authorId":"3492831727917666","name":"向青春举杯","avatar":"https://static.tigerbbs.com/492560365a357c37b56355b6c9385e94","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3492831727917666","idStr":"3492831727917666"},"content":"友商黑稿太多了，散户被忽悠","text":"友商黑稿太多了，散户被忽悠","html":"友商黑稿太多了，散户被忽悠"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":833910072,"gmtCreate":1629196002596,"gmtModify":1629196002596,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BILI\">$哔哩哔哩(BILI)$</a>抄底抄不动了 等50","listText":"<a href=\"https://laohu8.com/S/BILI\">$哔哩哔哩(BILI)$</a>抄底抄不动了 等50","text":"$哔哩哔哩(BILI)$抄底抄不动了 等50","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/833910072","isVote":1,"tweetType":1,"viewCount":6060,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3519908714268123","authorId":"3519908714268123","name":"飞人开心就好","avatar":"https://static.tigerbbs.com/4dae7f8209df93d1d170f073f332fc5c","crmLevel":2,"crmLevelSwitch":1,"authorIdStr":"3519908714268123","idStr":"3519908714268123"},"content":"这种跌法还真没子弹了","text":"这种跌法还真没子弹了","html":"这种跌法还真没子弹了"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":921332141,"gmtCreate":1586161989683,"gmtModify":1704360173862,"author":{"id":"3435615840878311","authorId":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3435615840878311","idStr":"3435615840878311"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TVIX\">$二倍做多VIX波动率指数短期期权ETN(TVIX)$</a>[晕]&nbsp;","listText":"<a href=\"https://laohu8.com/S/TVIX\">$二倍做多VIX波动率指数短期期权ETN(TVIX)$</a>[晕]&nbsp;","text":"$二倍做多VIX波动率指数短期期权ETN(TVIX)$[晕]","images":[{"img":"https://static.tigerbbs.com/5e69ef5af9f3aedd7ad47f24364b0b44","width":"1080","height":"2340"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/921332141","isVote":1,"tweetType":1,"viewCount":4711,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"94789485488070","authorId":"94789485488070","name":"司马光砸缸","avatar":"https://static.tigerbbs.com/897381b8a4f8ab24004cbbcbe5758140","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"94789485488070","idStr":"94789485488070"},"content":"这要是实盘可以了","text":"这要是实盘可以了","html":"这要是实盘可以了"},{"author":{"id":"3520920424242790","authorId":"3520920424242790","name":"ezpzsty","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3520920424242790","idStr":"3520920424242790"},"content":"模拟盘tvix和股没算 多算了十倍而已","text":"模拟盘tvix和股没算 多算了十倍而已","html":"模拟盘tvix和股没算 多算了十倍而已"}],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}