Zhi Tong Cai Jing·2025-09-18 06:34Core Viewpoint - Goldman Sachs expresses increased confidence in Tencent Holdings' (00700) outlook, believing that Tencent's investments are deepening its competitive moat, and with its unique WeChat ecosystem and global gaming assets, it could become one of the most benefitted companies in the Chinese internet sector from AI application developments, assigning a "Buy" rating with a target price of HKD 701 [1] Group 1 - Tencent recently held the 2025 Tencent Global Digital Ecosystem Summit in Shenzhen, where management emphasized that efficiency improvements driven by intelligence and scale expansion driven by globalization are the two main growth engines for Tencent Cloud and its ecosystem partners [1] - Over the past year, Tencent has iterated its foundational models, releasing more than 30 mixed models, and anticipates that AI applications in gaming, marketing services, native applications, and internal productivity enhancements could drive geometric business growth [1] - Management indicated that Tencent Cloud will 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, and the number of international clients has doubled year-on-year [1]