---
title: "中银国际：上调腾讯控股目标价至 634 港元 重申 “买入” 评级"
description: "中银国际发布研报称，腾讯控股首季业绩胜预期，收入同比增长 13%，较该行及市场普遍预期高 3%。该行认为，腾讯人工智能投资加快及逐步变现，正形成业务发展的良性循环，推动业务效率提升，毛利率持续扩张，预计公司将在内容产生、分发及商业化方面捕捉到 AI 所带来的可持续机遇。中银国际重申对腾讯的 “买入” 评级，目标价上调至 634 港元，并将 2025 至 2027 年经调整每股盈利预测上调 1% 至"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/240484365.md"
published_at: "2025-05-16T02:08:02.000Z"
---

# 中银国际：上调腾讯控股目标价至 634 港元 重申 “买入” 评级

> 中银国际发布研报称，腾讯控股首季业绩胜预期，收入同比增长 13%，较该行及市场普遍预期高 3%。该行认为，腾讯人工智能投资加快及逐步变现，正形成业务发展的良性循环，推动业务效率提升，毛利率持续扩张，预计公司将在内容产生、分发及商业化方面捕捉到 AI 所带来的可持续机遇。中银国际重申对腾讯的 “买入” 评级，目标价上调至 634 港元，并将 2025 至 2027 年经调整每股盈利预测上调 1% 至 2%，游戏收入预测上调 3% 至 4%，在线广告收入预测上调 3% 至 8%。

智通财经 APP 获悉，中银国际发布研报称，腾讯控股 (00700) 首季业绩胜预期，收入同比增长 13%，较该行及市场普遍预期高 3%。该行认为，腾讯人工智能投资加快及逐步变现，正形成业务发展的良性循环，推动业务效率提升，毛利率持续扩张，预计公司将在内容产生、分发及商业化方面捕捉到 AI 所带来的可持续机遇。中银国际重申对腾讯的 “买入” 评级，目标价上调至 634 港元，并将 2025 至 2027 年经调整每股盈利预测上调 1% 至 2%，游戏收入预测上调 3% 至 4%，在线广告收入预测上调 3% 至 8%。

### Related Stocks

- [TCTZF.US - 腾讯控股(ADS)](https://longbridge.com/zh-CN/quote/TCTZF.US.md)
- [TCEHY.US - 腾讯控股(ADR)](https://longbridge.com/zh-CN/quote/TCEHY.US.md)
- [00700.HK - 腾讯控股](https://longbridge.com/zh-CN/quote/00700.HK.md)

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