“深入推进数字经济创新发展”——2024政府工作报告点明,今年数字经济发展关键词是“创新”。 创新的根源之一是前沿数字技术。 从2017年国务院政府工作报告首提数字经济,到2018年腾讯等科技平台企业拥抱产业互联网成为实体产业的数字化助手,再到中国跃居世界第二大规模数字经济体。在这期间,中国数字技术站稳世界第一梯队,数字技术也绵延深入工业、能源、零售、出行、交通、金融、医疗、教育、政务等领域,与实体企业深度融合,激发企业新的增长动能。贵州的乌骨鸡拥有了AI管家,年增产6万只;四川华拓的管理者通过一块屏幕管理3万平工厂,生产运营效率提升30%;三一智矿驾驶员坐在办公室开起了千里之外的“矿车”,安全和效率双提升.... 过去7年间,中国数字技术是如何实现从跟随发展到全球引领,又是如何深入千行百业激发实体产业新增长?随着新一轮人工智能、大模型技术的发展,数字经济未来有哪些创新增长空间?南都特刊以腾讯产业互联网作为样本,为读者呈现一份“显微镜”下的中国数字经济发展路径。 从跟随到引领,中国数字技术的自主创新路径 近年来,中国的数字科技在很多关键领域实现了自主创新,甚至达到世界领先水平。数据显示,2023年我国云计算、 ...

智通财经APP获悉，3月28日港股市场，北水成交净买入38.02亿港元，其中港股通(沪)成交净买入23.21亿港元，港股通(深)成交净买入14.81亿港元。 北水净买入最多的个股是腾讯(00700)、小米集团-W(01810)、中国银行(03988)。北水净卖出最多的个股是中国移动(00941)。 港股通(沪)活跃成交股 港股通(深)活跃成交股 腾讯(00700)再获净买入13.81亿港元。消息面上，腾讯公告显示，腾讯自3月22日起至今，已连续四个交易日回购股份，累计涉资约40.07亿港元。据悉，腾讯此前宣布2024年回购规模至少翻倍，从2023年的490亿港元增加至2024年的超1000亿港元。华创证券认为，腾讯千亿回购计划有望抵消股东减持在资金面上的压力。海通证券则指出，微信生态持续推动广告收入高质量增长，关注后续重点新游上线。 北水继续加仓内银股。中国银行(03988)、建设银行(00939)分别获净买入2.53亿、2946万港元。消息面上，广发证券表示，银行股季末合理波动。从资产配置的角度来看，季度初配置需求仍然存在，资产荒的逻辑又将重启，季末的调整为季度初的再配置打开了一定的空间。此外，中金 ...

Core Viewpoint - The lawsuit initiated by the creator of the popular map "Yinlan" from NetEase's "Egg Party" against Tencent's "Yuanmeng Star" for alleged plagiarism highlights ongoing issues of copyright infringement in the gaming industry [1][2]. Group 1: Legal Actions and Responses - The creator of the "Yinlan" map has filed a lawsuit against Tencent, claiming multiple maps in "Yuanmeng Star" are plagiarized, and the case has been accepted by the court [1]. - Tencent's "Yuanmeng Star" has responded by taking down all maps related to the complaint and has implemented stricter policies to prevent the use of the "Yinlan" keyword in player-created maps [2][3]. Group 2: Support for Creators - NetEase's "Egg Party" has established a "Creator Rights Protection Center" to assist creators facing copyright infringement, receiving nearly 100 requests for help so far [1]. - The company will cover all legal fees associated with the lawsuits for creators, emphasizing its commitment to protecting original works and fostering a fair UGC ecosystem [1][2]. Group 3: Industry Context - "Yuanmeng Star" has been proactive in enforcing copyright protections, having banned over 1,500 maps for violations since its launch [2]. - The platform encourages creators to report suspected infringements through its internal reporting system, reinforcing its stance on supporting original content [3][4].

IT之家 3 月 28 日消息，网易《蛋仔派对》知名 UGC 地图《因蓝》的创作者 @仟中酒 日前在抖音发布视频称，因为创作的地图在《元梦之星》中被长期、多次地抄袭，已经向腾讯发起诉讼，案件已被受理，将于 5 月开庭。 今日下午，腾讯《元梦之星》游戏官方微博发布《关于地图创作原创保护的声明》，在收到《因蓝》地图作者的维权投诉后，经人工审核，我们已将被投诉的相关创作地图全量下架，并依据《元梦之星侵权投诉通知指引》中的处理原则，以游戏内邮件通知了被投诉玩家。随后《元梦之星》运营团队更进一步升级了处理政策，禁止所有玩家发布、使用含“因蓝”关键词的玩家创作地图。 IT之家附完整声明如下： 自上线以来，《元梦之星》坚定秉承“鼓励原创、支持原创”的态度，为所有地图创作者提供原创保护服务。为了维护良好的平台秩序和保护各权利人的合法权益，我们根据相关法律法规开放了投诉维权入口，并制定了相应的原创保护审核评估流程。 至今为止，我们已封禁超过 1500 张涉嫌违规的玩家创作地图。而近期，在收到《因蓝》地图作者的维权投诉后，经人工审核，我们已将被投诉的相关创作地图全量下架，并依据《元梦之星侵权投诉通知指引》中的处理原则，以游戏 ...

Core Viewpoint - TVB has reported a continuous loss for six years, with a significant decline in its e-commerce business, prompting the company to streamline operations and seek growth opportunities in the mainland market through collaborations with major platforms like Taobao Live, Youku, and Tencent Video [1][3]. Financial Performance - In 2023, TVB recorded revenue of HKD 3.323 billion, a decrease of approximately 7% year-on-year, while the loss attributable to shareholders was HKD 763 million, a slight improvement from HKD 807 million in the previous year [1]. - The e-commerce segment saw a dramatic revenue drop of 44% to HKD 486 million, significantly impacting overall revenue after two years of growth [1][2]. Business Segments - TVB's operations are divided into five main segments: Hong Kong television broadcasting, mainland business, e-commerce, international business, and OTT streaming. The Hong Kong television and mainland business experienced slight revenue increases, while the e-commerce segment faced substantial declines [1]. - The merger of the e-commerce platforms "Shido" and "Lin Zhu Mai" is expected to reduce annual fixed costs by HKD 50-60 million [2]. Cost-Cutting Measures - TVB has implemented several cost-saving measures, including a workforce reduction of approximately 13%, bringing the total number of employees to 3,496 by the end of 2023 [2]. - The company anticipates saving HKD 100 million in content costs in 2024 due to the restructuring of its television broadcasting operations [2]. Strategic Partnerships - TVB has accelerated its entry into the mainland market, forming partnerships with Youku and Tencent Video for joint productions, which have led to a 72% increase in revenue from co-produced dramas in mainland China [3]. - The collaboration with Youku includes a two-year agreement worth approximately HKD 700 million for co-produced and inventory dramas, contributing to a 4% increase in mainland business revenue to HKD 729 million [3]. Future Outlook - TVB plans to enhance its live streaming efforts, with an increase in the frequency of live broadcasts and a focus on integrating artists into platforms like Taobao and Douyin [3].

| --- | --- | --- | --- | --- | |----------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | 沪深 300 对比 | | 1M | 2M | 3M | | 绝对涨幅 | | 5.2 | 3.9 | 10.2 | | （ % ） 相对涨幅 | | 3.7 | -0.9 | 4.9 | | （ % ） 资料来源：海通证券研究所 | | | | | 微信生态贡献新动能，关注后续重点新游 上线 [Table_Summary] 投资要点： 2）海外：23Q4 海外游戏收入同比增长 1%为 139 亿元（扣除汇率等影响同 降 1%），游戏收入占比为 34%，《PUBGMOBILE》、《胜利女神：NIKKE》 等游戏表现优异，根据公司财报援引 Sensor Tower 数据显示，近期《PUBG MOBILE》在印度、美国等市场收入快速攀升，2023 年 12 月海外收入环比 增长 27%，跃居收入榜冠军和增长榜亚军。《王者荣耀》海外版《HonourOf Kings》 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of HK$430.00, representing a potential upside of 49% from the current price of HK$288.80 [2][4]. Core Insights - The report highlights significant growth in high-margin business revenues, leading to a substantial increase in gross profit. The focus will shift towards measuring organic growth through gross profit growth metrics [4][9]. - The management has proposed a 42% increase in the annual dividend for 2023 to HK$3.40 per share, with a total dividend payout of HK$32 billion. Additionally, the stock buyback program for 2024 is expected to exceed HK$100 billion, doubling the previous year's buyback [9][32]. Financial Performance Summary - Revenue and Profit Forecasts: - 2022A Revenue: RMB 554,552 million - 2023A Revenue: RMB 609,015 million - 2024E Revenue: RMB 676,279 million (down 3% from market forecast) - 2025E Revenue: RMB 749,798 million (down 4% from market forecast) - 2022A Net Profit: RMB 115,649 million - 2023A Net Profit: RMB 157,688 million - 2024E Net Profit: RMB 188,885 million - 2025E Net Profit: RMB 213,165 million [5][3]. - Earnings Per Share (EPS) Projections: - 2022A EPS: RMB 11.84 - 2023A EPS: RMB 16.32 - 2024E EPS: RMB 18.69 (up 5% from market forecast) - 2025E EPS: RMB 21.24 (up 3% from market forecast) [5][3]. Business Segment Performance - Online Gaming: - Domestic gaming revenue decreased by 3% year-on-year in 4Q23, with expectations of a gradual recovery in 2024. The anticipated release of "Dungeon and Fighter Mobile" in 2Q24 is expected to contribute significantly to growth [9][32]. - Online Advertising: - Revenue from online advertising grew by 21% year-on-year in 4Q23, driven by advancements in advertising platform upgrades and a doubling of revenue from video accounts. The report forecasts an 18% year-on-year growth in advertising revenue for 1Q24 and 2024 [9][36]. - Financial Technology and Business Services: - Revenue in this segment increased by 15% year-on-year in 4Q23, with expectations of continued growth driven by strong demand for cloud services and commercial payments [9][36]. Valuation Analysis - The SOTP (Sum of the Parts) valuation for Tencent is detailed as follows: - Social Value-Added Services: HK$200 billion - Financial Technology: HK$956 billion - Content Ecosystem: HK$116 billion - Total Company Valuation: HK$4,552 billion [20][24].

腾讯控股（700） 更新报告 金融科技与企业服务增速稳定：2023Q4 金融科技和企业服务收入录得 544 亿元人民币，同比增长 15%，增速上升主要得益于商业支付活动增加以及理 财服务及消费贷款收入增长。另外，企业服务收入同比约 20%增长得益于视 频号直播带货的技术服务收入以及云服务的稳定 增长。全年金融科技和企业 服务收入录得 2038 亿元人民币，同比增长 15%。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------|-------|----------|----------|----------|-------|----------|-------|----------|----------------| | 盈利摘要 \n截至12月31日止财政年度 | | 22年实际 | 23年实际 | 24年预测 | | 25年预测 | | 26年预测 | 股价表现 \n450 | | 总营业收入（人民币百万元） | | 554,552 | 609,015 | 6 ...

智通财经APP获悉，3月25日，Sensor Tower 商店情报数据显示，2024年2月腾讯(00700)《王者荣耀》在全球 App Store 和 Google Play 吸金2.48亿美元，蝉联全球手游畅销榜冠军。2月10日，该游戏为庆祝春节推出5款龙年限定皮肤和海量的内容更新，创下该月单日流水高峰，并使得2月收入环比增长6%。 Scopely《Monopoly GO!》以2.44亿美元的收入位列榜单第2名。其中，79.2%的收入来自美国市场，英国市场的收入占3.9%，法国市场占2.8%。得益于情人节推出的各种活动，该游戏连续4个月收入创下新的纪录，同时位列本期增长榜第8名。凭借经典IP的号召力和为移动端打造的社交玩法，在2023年4月上线之后，该游戏仅用了3个月的时间就跻身全球手游收入榜头部并从未跌出Top10。 收入榜前五另外三款游戏为Dream Games《Royal Match》、腾讯《PUBG Mobile》(合并《和平精英》收入)和《Roblox》。 2024年2月，全球手游玩家在App Store和Google Play付费65亿美元，同比增长7.7%。美国依然是全球移动游戏收入 ...

导语：早报来啦~ 要闻提示 1.曝苹果与百度洽谈，中国iPhone或使用文心大模型 2.阿里回应出售哔哩哔哩传闻：基于资本管理目标，不影响业务合作 3.饿了么召开百人团会议，俞永福：相信饿了么会成为资本市场一块很好的交易，离独立上市的路径会越来越近 4.“我爱中国，我爱中国人”！库克称苹果头显年内中国上市 ，将持续加大在华研发投资 5.Stable Diffusion老板也跑了，核心研发已集体辞职，“稳定AI”乱成一锅粥 6.微软被曝6.5亿美元“掏空”初创公司Inflection AI，拿下技术授权、挖走大部分员工 7.曝苹果放弃microLED项目并裁员：数十亿美元打水漂 8.OpenAI拟携Sora进军电影市场，安排下周与电影工作室和导演们开会 今日头条 曝苹果与百度洽谈，中国iPhone或使用文心大模型 据报道，苹果正在中国寻找本土生成式AI提供方，这家全球手机巨头与百度就在中国市场的苹果设备中使用百度的生成式人工智能技术进行了初步谈判。这可能是为了向中国的苹果客户提供人工智能技术，因为中国法律要求大模型在被允许使用之前，必须得到监管机构的批准。不过外媒引述消息人士称，苹果公司与百度的讨论仍处于探索阶 ...