FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 騰訊控股有限公司 呈交日期： 2026年1月13日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00700 | 說明 | | | | | | | | 多櫃檯證券代號 | 80700 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變 ...

Core Viewpoint - The report from Bank of America Securities indicates that stock performance will continue to diverge this year, with the artificial intelligence sector expected to outperform the market again, while virtual consumption in entertainment and travel will continue to excel over physical e-commerce [2] Group 1: Market Trends - The macroeconomic environment remains weak, putting pressure on consumer spending (e-commerce) and corporate spending (advertising), which continues to be a drag on the industry [2] - Chinese internet stocks are seen as having attractive valuations, providing a buffer against downside risks, with a forecasted price-to-earnings ratio of 18 times, lower than the ten-year average of 23 times, the Nasdaq 100's 26 times, and the "Big Seven" of US stocks at 31 times [2] Group 2: Stock Preferences - The company prefers stocks in artificial intelligence and online gaming over e-commerce, with Tencent Holdings (00700) being the top choice due to its growth driven by AI applications, stable market competition, excellent shareholder returns, and attractive valuation [2] - Alibaba (09988) is identified as the best investment target in China's artificial intelligence sector and the preferred choice among Chinese e-commerce stocks [2] - Baidu Group-SW (09888) is considered attractive in the AI field, with value release on the right track [2] - In the digital entertainment sector, the company favors online gaming, recommending Bilibili-W (09626) and Tencent Music-SW (01698) [2] - Within specific segments, JD Health (06618) and Trip.com Group-S (09961) are viewed positively [2]

Core Viewpoint - The report from Bank of America Securities indicates that stock performance will remain differentiated this year, with the artificial intelligence sector expected to outperform the market again, while virtual consumption in entertainment and travel will continue to outperform physical e-commerce [1] Group 1: Market Trends - The macroeconomic environment is weak, putting pressure on consumer spending (e-commerce) and corporate spending (advertising), which remains a drag on the industry [1] - Chinese internet stocks are seen as having attractive valuations, providing a buffer against downside risks, with a forecasted price-to-earnings ratio of 18 times, lower than the ten-year average of 23 times, the Nasdaq 100's 26 times, and the "Big Seven" in the US stock market at 31 times [1] Group 2: Stock Preferences - The company prefers stocks in artificial intelligence and online gaming over e-commerce, with Tencent Holdings (00700) being the top pick due to its growth driven by AI applications, stable market competition, excellent shareholder returns, and attractive valuation [1] - Alibaba (09988) is identified as the best investment target in China's artificial intelligence sector and the top choice among Chinese e-commerce stocks [1] - Baidu-SW (09888) is considered attractive in the AI field, with value release on the right track [1] - In the digital entertainment sector, the company favors online gaming, recommending Bilibili-W (09626) and Tencent Music-SW (01698) [1] - Within specific sectors, JD Health (06618) and Trip.com (09961) are viewed positively [1]

Core Viewpoint - The report from Bank of America Securities indicates that stock performance will remain differentiated this year, with the artificial intelligence sector expected to outperform the market again, while virtual consumption in entertainment and tourism will continue to excel over physical e-commerce [1] Group 1: Market Trends - The weak macro environment is putting pressure on consumer spending (e-commerce) and corporate spending (advertising), which remains a drag on the industry [1] - Chinese internet stocks are seen as having attractive valuations, providing a buffer against downside risks, with a forecasted price-to-earnings ratio of 18 times, lower than the ten-year average of 23 times, the Nasdaq 100's 26 times, and the "Big Seven" of US stocks at 31 times [1] Group 2: Stock Selection - The company prefers artificial intelligence and online gaming over e-commerce, with Tencent Holdings (00700) being the top pick due to its growth driven by AI applications, stable market competition, excellent shareholder returns, and attractive valuation [1] - Alibaba (09988) is identified as the best investment target in China's artificial intelligence sector and the top choice among Chinese e-commerce stocks [1] - Baidu-SW (09888) is considered attractive in the AI field, with value release on the right track [1] - In the digital entertainment sector, the company favors online gaming, recommending Bilibili-W (09626) and Tencent Music-SW (01698) [1] - Within specific sectors, JD Health (06618) and Trip.com (09961) are viewed positively [1]

Group 1 - The core viewpoint of the report is that artificial intelligence will remain the primary theme in China's internet market through 2026, followed by the defensive entertainment sector and the rapidly growing tourism industry [1] - The report notes that the market has factored in recent consumer sentiment and monthly Gross Merchandise Volume (GMV) growth, with a year-on-year GMV increase of 7.5% in the third quarter of September, and expected growth of 4.9% and 1.5% in October and November respectively [1] - The report identifies Alibaba-W (09988) and Tencent Holdings (00700) as the top picks in the internet sector, followed by Baidu Group-SW (09888), Trip.com Group-S (09961), NetEase-S (09999), Kuaishou-W (01024), Tencent Music-SW (01698), JD Group-SW (09618), and Meituan-W (03690) [1] Group 2 - The focus in the fast e-commerce sector is shifting from low Average Order Value (AOV) orders to high AOV orders, as the latter offers better unit economics under healthy industry conditions [1] - Kuaishou's AI-generated model "K可灵" has launched several new products, and analysis indicates that its motion control feature has gained popularity in overseas markets since late December and into January, with expectations that Kuaishou's fourth-quarter performance will meet expectations [1]

Group 1 - The tightening of regulations and the introduction of e-commerce value-added tax are impacting the profitability of small and medium-sized merchants, which will exert pressure on the monetization capabilities and profit margins of e-commerce platforms [1] - Demand for AI cloud services remains strong, and with domestic chip supply gradually catching up and some high-end foreign chips being approved, supply constraints are expected to ease [1] - The competitive landscape in the fields of food delivery, instant retail, and AI chatbots remains intense, with companies investing in promotional expenses to capture market share and enhance new user penetration and adoption rates, potentially further pressuring profitability and profit margins [1] Group 2 - The overseas market is becoming a new focus for Robotaxi, AI applications, and internet data center construction [1] - The preferred companies in the industry include Tencent Holdings (00700), Alibaba (BABA.US), Trip.com (TCOM.US), NetEase (NTES.US), and Century Huatong (002602.SZ) [1]

Group 1 - The tightening of regulations and the introduction of e-commerce value-added tax are impacting the profitability of small and medium-sized merchants, which will exert pressure on the monetization capabilities and profit margins of e-commerce platforms [1] - Demand for AI cloud services remains strong, and with domestic chip supply gradually catching up and some high-end foreign chips being approved, supply constraints are expected to ease [1] - The competitive landscape in the fields of food delivery, instant retail, and AI chatbots remains intense, with companies investing in promotional expenses to capture market share and enhance new user penetration and adoption rates, potentially further pressuring profitability and profit margins [1] Group 2 - The overseas market is becoming a new focus for Robotaxi, AI applications, and internet data center construction [1] - The preferred companies in the industry include Tencent Holdings (00700), Alibaba (BABA.US), Trip.com (TCOM.US), NetEase (NTES.US), and Century Huatong (002602) [1]

Core Insights - The gaming ETF GAMR is undergoing rebalancing as it approaches its tenth anniversary, with notable adjustments in its index weights [1][2] Group 1: ETF Overview - GAMR, the Amplify Video Game Leaders ETF, charges 59 basis points to track the VGAME VettaFi Video Game Leaders Index [1] - The fund has outperformed its ETF Database Category average over three and one year periods [1] Group 2: Investment Strategy - VGAME employs a market cap-weighted approach, using factors like liquidity, size, revenue, and listing to identify its investable universe [2] - The index categorizes investments into tiers based on market cap, with the top tier weighted around 10%, the second around 5%, and the third at 2.5% [2] Group 3: Recent Changes in Holdings - Advanced Micro Devices (AMD) saw its weight decrease from 14% to 9.5%, while Nvidia (NVDA) increased its weight from 10% to 10.6% [3] - Tencent Holdings (TCEHY) rose from third to second place, increasing by 0.2%, and Sea Ltd. (SE) increased its weight from 3% to 5.5% [4]

Group 1 - The core point of the article is that Tencent Holdings has been actively repurchasing its shares, with a total of 3,844.20 million shares repurchased since November 18, 2025, amounting to a total repurchase value of 23.52 billion HKD [1] - On January 12, 2026, Tencent repurchased 1.024 million shares at a price range of 614.000 to 627.000 HKD, with a total repurchase amount of 636.88 million HKD [1] - The stock price of Tencent closed at 623.000 HKD on the same day, reflecting a 1.96% increase, while the total trading volume for the day was 17.095 billion HKD [1] Group 2 - Since the beginning of 2026, Tencent has conducted a total of 7 share repurchases, amounting to 7.17 million shares and a total repurchase value of 4.45 billion HKD [1] - The stock has experienced a cumulative decline of 2.12% during the period of share repurchases [1] - The detailed repurchase data shows the number of shares repurchased, highest and lowest prices, and total repurchase amounts for each day from January 2 to January 12, 2026 [1]

Core Viewpoint - The "2025 China ESG Top 100" list released by Sina Finance highlights the importance of ESG (Environmental, Social, and Governance) as a core measure of high-quality corporate development and a key link between corporate value and social value [1][12]. Industry Context - The global trend towards sustainable development has intensified, with ESG becoming a critical component of corporate competitiveness as regulatory policies tighten and capital market focus on ESG performance increases [1][12]. - The ESG rating center of Sina Finance offers 14 services, including information, reports, training, and consulting, to help listed companies communicate ESG concepts and enhance their sustainable development performance [1][11]. ESG Top 100 List - The list evaluates over 5,000 A-share listed companies and mainland companies listed in Hong Kong using 18 industry-specific ESG evaluation models and over 150 ESG indicators, providing a comprehensive and objective assessment of corporate ESG performance [1][12]. - Tencent Holdings ranked 4th on the list, recognized for its significant contributions and innovative practices in the ESG field [2][12]. Call to Action - The release of the list serves as a recognition of the sustainable development practices of the listed companies and encourages more enterprises to prioritize ESG system construction and innovation, integrating ESG concepts into strategic planning and operations [2][12].