摩根士丹利上调腾讯控股目标价至630港元

Core Viewpoint - Morgan Stanley raised the target price for Tencent Holdings to HKD 630, maintaining a "buy" rating, driven by optimism regarding its returns on artificial intelligence investments, growth in advertising revenue, demand in both enterprise and consumer markets, and improved profit margins [1] Financial Performance - Tencent's capital expenditure is expected to be approximately RMB 94 billion this year, primarily for GPU procurement [1] - Enterprise service revenue is projected to grow by 20% year-on-year [1] - Overall revenue and operating profit under non-International Financial Reporting Standards are expected to increase by 10% and 16% respectively, with an operating profit margin reaching 38% [1]