<p>我們最新整理的關於騰訊（00700.HK）的投資評級、目標價和觀點如下：-2.400 (-0.519%) 空頭頭寸 $1.65B；比例 14.977%，來自八家券商的分析。</p>
<p>法國巴黎銀行 跑贏大市 HKD800 核心業務勢頭在第一季度保持穩健，遊戲收入受到確認時機的壓力。關於人工智能的持續討論仍然是重點關注。</p>
<p>美銀證券 買入 HKD780 第一季度利潤略超預期，廣告表現強勁。資本支出的顯著增加反映了其對人工智能投資的承諾，而遊戲總收入增長保持穩健。</p>
<p>瑞士銀行 買入 HKD780 第一季度收入略低於預期。管理層對 Hunyuan 3.0 模型的表現感到滿意，並計劃推出 Hunyuan 4.0。核心業務依然強勁，支撐估值。未來的投資故事將更多地由估值重估驅動，而非每股收益增長。</p>
<p>招商證券 買入 HKD750 儘管人工智能投資上升，第一季度盈利增長依然韌性十足；人工智能進展令人鼓舞。</p>
<p>中信證券 跑贏大市（高信心）HKD740 第一季度業績符合預期，遊戲總收入保持雙位數增長。大型語言模型團隊即將發佈更多參數的模型。在人工智能投資的背景下，盈利能力保持韌性。</p>
<p>高盛 買入 HKD700 第一季度業績大致符合預期。廣告和雲業務在人工智能的推動下加速增長，前瞻性研發和資本支出投資增加，進入人工智能代理時代。</p>
<p>中銀國際 買入 HKD700 第一季度收入受到延期的國內遊戲收入影響；持續耐心但加速的人工智能投資和執行。</p>
<p>摩根大通 增持 HKD690 第一季度業績首次單獨披露非國際財務報告準則的營業利潤（不包括新人工智能產品，同比增長 17%），表明有機業務比預期更健康。人工智能變現風險可以量化和審計。</p>
<p>（廣告/數據）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-05-14 12:25。）</p>

BNGE

傳媒ETF

南方恆生科技

影視ETF

視頻遊戲技術 ETF - ETFMG

<p>最新的騰訊券商評級顯示出多種投資觀點：法國巴黎銀行將其評級為 “跑贏大盤”，目標價為 800 港元，指出核心業務勢頭強勁；美銀證券和瑞銀均將其評級為 “買入”，目標價為 780 港元，強調廣告表現強勁和對人工智能的投資關注；中信建投將其評級為 “買入”，目標價為 750 港元，指出盈利增長韌性；中信證券將其評級為 “跑贏大盤”，目標價為 740 港元，強調遊戲收入的兩位數增長；高盛將其評級為 “買入”，目標價為 700 港元，強調人工智能的勢頭；中銀國際將其評級為 “買入”，目標價為 700 港元，提到遞延遊戲收入；摩根大通將其評級為 “增持”，目標價為 690 港元，表明有更健康的有機業務增長。當前的空頭頭寸為 16.5 億美元，比例為 14.977%</p>

<p>Our latest compilation of investment ratings, TPs and views on TENCENT (00700.HK) -2.400 (-0.519%)  Short selling $1.65B; Ratio 14.977%  from eight brokers is as follows:</p>
<div class="lb-trans"><p>我們最新整理的關於騰訊（00700.HK）的投資評級、目標價和觀點如下：-2.400 (-0.519%) 空頭頭寸 $1.65B；比例 14.977%，來自八家券商的分析。</p>
</div><p>BNP Paribas Outperform HKD800 Core business momentum remained solid in 1Q, with game revenue pressured by timing of recognition. Ongoing discussions on AI remain a key focus.</p>
<div class="lb-trans"><p>法國巴黎銀行 跑贏大市 HKD800 核心業務勢頭在第一季度保持穩健，遊戲收入受到確認時機的壓力。關於人工智能的持續討論仍然是重點關注。</p>
</div><p>BofAS Buy HKD780 1Q profit slightly beat expectations, with strong advertising performance. A significant increase in capital expenditure reflects its commitment to AI investment, while game gross receipts growth remained solid.</p>
<div class="lb-trans"><p>美銀證券 買入 HKD780 第一季度利潤略超預期，廣告表現強勁。資本支出的顯著增加反映了其對人工智能投資的承諾，而遊戲總收入增長保持穩健。</p>
</div><p>UBS Buy HKD780 1Q revenue slightly missed expectations. Management is satisfied with the performance of the Hunyuan 3.0 model and plans to launch Hunyuan 4.0. Core businesses remain strong, supporting valuation. The future investment story will be driven more by valuation re-rating than by EPS growth.</p>
<div class="lb-trans"><p>瑞士銀行 買入 HKD780 第一季度收入略低於預期。管理層對 Hunyuan 3.0 模型的表現感到滿意，並計劃推出 Hunyuan 4.0。核心業務依然強勁，支撐估值。未來的投資故事將更多地由估值重估驅動，而非每股收益增長。</p>
</div><p>CMBI Buy HKD750 Despite rising AI investment, 1Q earnings growth remained resilient; AI progress is encouraging.</p>
<div class="lb-trans"><p>招商證券 買入 HKD750 儘管人工智能投資上升，第一季度盈利增長依然韌性十足；人工智能進展令人鼓舞。</p>
</div><p>CLSA Outperform (High Conviction) HKD740 1Q results met expectations, with game gross receipts maintaining double-digit growth. The large language model team is set to release a model with more parameters. Profitability remains resilient amid AI investment.</p>
<div class="lb-trans"><p>中信證券 跑贏大市（高信心）HKD740 第一季度業績符合預期，遊戲總收入保持雙位數增長。大型語言模型團隊即將發佈更多參數的模型。在人工智能投資的背景下，盈利能力保持韌性。</p>
</div><p>G Sachs Buy HKD700 1Q results were broadly in line. Advertising and cloud businesses accelerated under AI momentum, with increased forward-looking R&amp;D and capital expenditure investment to enter the AI agent era.</p>
<div class="lb-trans"><p>高盛 買入 HKD700 第一季度業績大致符合預期。廣告和雲業務在人工智能的推動下加速增長，前瞻性研發和資本支出投資增加，進入人工智能代理時代。</p>
</div><p>BOCI Buy HKD700 1Q revenue was affected by deferred domestic game revenue; continued patient yet accelerated AI investment and execution.</p>
<div class="lb-trans"><p>中銀國際 買入 HKD700 第一季度收入受到延期的國內遊戲收入影響；持續耐心但加速的人工智能投資和執行。</p>
</div><p>JPM Overweight HKD690 The 1Q results formally disclosed non-IFRS operating profit separately for the first time (excluding new AI products, up 17% YoY), indicating healthier organic business than expected. AI monetization risks can be quantified and audited.</p>
<div class="lb-trans"><p>摩根大通 增持 HKD690 第一季度業績首次單獨披露非國際財務報告準則的營業利潤（不包括新人工智能產品，同比增長 17%），表明有機業務比預期更健康。人工智能變現風險可以量化和審計。</p>
</div><p>(ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-14 12:25.)</p>
<div class="lb-trans"><p>（廣告/數據）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-05-14 12:25。）</p>
</div>

Summary of Latest Broker Ratings, TPs, Views on TENCENT

AASTOCKS News

First Trust S-Network Streaming and Gaming ETF

騰訊控股

騰訊控股(ADR)

法國巴黎銀行(ADR)

美國銀行

瑞銀集團

高盛

摩根大通

騰訊控股-R

Tencent HK SDR 10to1

騰訊控股(ADS)

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

GS Hldg R

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

最新券商評級、目標價及對騰訊的看法總結