聚焦腾讯投资者会：AI 引爆增长新引擎，多业务线齐发力，美银目标价 690 港元！

Core Viewpoint - Bank of America maintains a "Buy" rating for Tencent with a target price of 690 HKD, indicating significant upside potential from the current price of 593 HKD, driven by optimism regarding AI potential, sustainable growth in core businesses, and profit margin performance [1] AI: Building an Ecosystem - Tencent is heavily investing in upgrading its foundational AI model to create a comprehensive AI ecosystem, with the upgraded model expected to enhance the functionality of its Yuanbao platform and drive user growth through cross-promotion [2] - The unique advantage of Agentic AI within WeChat allows service providers and businesses to integrate closely with social, payment, and login systems, positioning Tencent favorably against competitors like Kakao [2] - Revenue opportunities from AI are already visible in advertising, gaming, and cloud services, with significant potential for future growth in native AI application advertising and transaction commissions [2] Financial Technology and Enterprise Services: Recovery - The payment business is showing signs of recovery, with commercial payments expected to turn positive in Q2 2024, supported by stable price levels [3] - Favorable conditions for credit business development include low interest rates, high household savings, and improved non-performing loan indicators, with AI being deployed to enhance credit scoring [3] - The cloud business continues to grow at double-digit rates year-on-year, capitalizing on increasing demand for real-time communication solutions [3] Advertising Business: Driven by AI - AI is becoming a core driver for Tencent's advertising business, with improvements in click-through rates (CTR) and increased display counts contributing to growth [4] - Over half of the advertising growth in Q2 2025 is expected to come from increased cost per thousand impressions, driven by enhanced data dimensions and algorithm upgrades [4] - Future advertising growth will benefit from AI-driven enhancements, increased CTR, and deeper integration of closed-loop transactions [4] Gaming Business: Dual Support from AI and Engine Upgrades - AI is enhancing content production efficiency in gaming, while advanced game engines like Unreal Engine 5 are improving visual quality [5] - Tencent remains optimistic about opportunities in the international gaming market, leveraging its expertise in technology and game-as-a-service (GaaS) [5] Profit Margins: Continuous Expansion - Tencent's gross margin is expected to continue expanding, driven by a favorable shift towards higher-margin self-developed and cross-platform games [6] - The proportion of high-margin financial products in the fintech and enterprise services sector is increasing, contributing to overall margin improvement [7] Mini Program Store: Focus on Service Enhancement - The total gross merchandise volume (GMV) of WeChat mini program stores is growing rapidly, with minimal external impact, leading to higher overall commission rates and transaction data beneficial for advertising [8] - Tencent's management plans to focus on enhancing service capabilities in the mini program store ecosystem rather than competing in the food delivery market [8]