TENCENT(HK:00700) Ge Long Hui·2025-09-18 05:34Core Viewpoint - Goldman Sachs reports that Tencent's management emphasized efficiency improvements driven by AI and scale expansion through globalization as the two main growth engines for Tencent Cloud and its ecosystem partners [1] Group 1: Business Growth Drivers - Tencent has released over 30 mixed models in the past year, with expectations that AI applications in gaming, marketing services, native applications, and internal productivity enhancements will drive geometric business growth [1] - Tencent Cloud plans to strengthen its expansion in overseas markets, with an average annual compound growth rate of high double digits in overseas market revenue over the past three years [1] Group 2: Market Position and Outlook - The number of international customers has doubled year-on-year, indicating strong demand and market penetration [1] - Goldman Sachs expresses increased confidence in Tencent's prospects, suggesting that the company, through investments, is deepening its competitive moat and is well-positioned to benefit from AI application developments in the Chinese internet industry [1] - A "buy" rating is given with a target price of 701 HKD [1]