智通财经网·2025-09-18 02:58Core Viewpoint - CICC maintains its revenue and profit forecasts for Tencent Holdings for 2025/2026, with a target price of HKD 700, indicating an 8.5% upside from the current stock price [1] Group 1: AI Technology and Product Development - Tencent has released the mixed Yuan 3D 3.0 model, achieving a threefold increase in modeling accuracy and supporting ultra-high-definition modeling with 3.6 billion voxels [2] - The company is adapting to domestic chips and will provide high-cost performance AI computing services through a heterogeneous computing platform [2] - Tencent is rapidly iterating in the model field, establishing differentiated advantages based on its own scenarios, particularly in gaming [2] Group 2: Expansion of B/C-end Application Ecosystem - Tencent's Yuanbao ranks among the top three in daily active users (DAU) for domestic AI-native applications, with its IMA knowledge base exceeding 100 million documents [3] - The user base for AI features in Tencent Meeting has increased by 150% over the past year, and the AI programming tool CodeBuddy has supported 50% of new code generation internally, reducing coding time by 40% and improving R&D efficiency by over 16% [3] - Tencent Cloud's AI Agent development platform has been upgraded to version 3.0, supporting various intelligent agent development frameworks and enhancing its ecosystem partnerships [3]