智通财经网·2025-08-05 03:53Group 1 - Morgan Stanley reports that the mobile game "Valorant" is one of Tencent's most important new releases this year, with high market expectations [1] - The firm anticipates Tencent's online gaming revenue will increase by 14% year-on-year by 2025, setting a target price of HKD 650 and a "buy" rating [1] - As of July, pre-registration for "Valorant" has exceeded 50 million, with the launch date earlier than the market's expected November, alleviating concerns from last year's high base due to "Dungeon & Fighter" mobile game [1] Group 2 - Morgan Stanley estimates that "Valorant" could generate annual revenue of RMB 5 to 6 billion [1] - Industry data shows that Tencent's total revenue in the Chinese market fell by 6% year-on-year in the second quarter, but classic games performed strongly, with "Honor of Kings" up 13% and "Peacekeeper Elite" up 5% [1] - The latest quarterly revenue for "Delta Force" reached RMB 1 billion [1]