---
title: "大摩：料腾讯控股第三季收入同比增 13% 重申 “增持” 评级"
description: "摩根士丹利发布研报称，预计腾讯控股第三季收入同比增长 13%，非国际财务报告准则经营溢利升 18%，游戏及广告业务具备潜在上升空间，其利润率或持续扩张。该行重申腾讯 “增持” 评级，目标价 700 港元，续为首选股。大摩上调腾讯 2025 至 27 年的非国际财务报告准则经营溢利预测 1 至 2%，并料公司 2025 至 27 年资本开支为 3,200 亿元人民币。该行看好公司在所有业务范畴的稳健"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/262006328.md"
published_at: "2025-10-21T08:39:29.000Z"
---

# 大摩：料腾讯控股第三季收入同比增 13% 重申 “增持” 评级

> 摩根士丹利发布研报称，预计腾讯控股第三季收入同比增长 13%，非国际财务报告准则经营溢利升 18%，游戏及广告业务具备潜在上升空间，其利润率或持续扩张。该行重申腾讯 “增持” 评级，目标价 700 港元，续为首选股。大摩上调腾讯 2025 至 27 年的非国际财务报告准则经营溢利预测 1 至 2%，并料公司 2025 至 27 年资本开支为 3,200 亿元人民币。该行看好公司在所有业务范畴的稳健增长，以及正面的营运杠杆、有限的竞争、资本管理和执行能力。

智通财经 APP 获悉，摩根士丹利发布研报称，预计腾讯控股 (00700) 第三季收入同比增长 13%，非国际财务报告准则经营溢利升 18%，游戏及广告业务具备潜在上升空间，其利润率或持续扩张。该行重申腾讯 “增持” 评级，目标价 700 港元，续为首选股。大摩上调腾讯 2025 至 27 年的非国际财务报告准则经营溢利预测 1 至 2%，并料公司 2025 至 27 年资本开支为 3,200 亿元人民币。该行看好公司在所有业务范畴的稳健增长，以及正面的营运杠杆、有限的竞争、资本管理和执行能力。

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