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腾讯控股(00700.HK):做“好用的AI”全面开放AI能力
Ge Long Hui·2025-09-18 19:04

Company Updates - Tencent held the 2025 Global Digital Ecosystem Conference on September 16, announcing advancements in AI technologies and products, and committing to fully open its AI capabilities to accelerate the implementation of "usable AI" [1] - The latest release of the mixed Yuan 3D 3.0 model has improved modeling accuracy by three times, supporting ultra-high-definition modeling with 3.6 billion voxels, applicable in gaming, animation, and industrial design [1] - Tencent is adapting to domestic chips and integrating various types of chips through a heterogeneous computing platform, aiming to provide cost-effective AI computing services [1] Industry Insights - Tencent's B/C-end applications are expanding, with its Yuanbao app ranking in the top three for daily active users among domestic AI-native applications, and the IMA knowledge base surpassing 100 million files [2] - The user base for AI features in Tencent Meeting has increased by 150% over the past year, while the AI programming tool CodeBuddy supports 50% of new code generation internally, reducing coding time by 40% and improving development efficiency by over 16% [2] - Tencent Cloud's AI Agent development platform has been upgraded to version 3.0, supporting multiple intelligent agent development frameworks, which enhances Tencent's own agent development and strengthens its ecosystem partnerships [2] Profit Forecast and Valuation - The company maintains its revenue and profit forecasts for 2025/2026, with a target price of HKD 700, corresponding to 23x/20x 2025e/2026e Non-IFRS P/E, indicating an 8.5% upside potential from the current stock price [2]