Zhi Tong Cai Jing·2025-09-24 06:30Core Viewpoint - 招银国际 maintains a "Buy" rating on Tencent Holdings (00700) with a target price of HKD 705, following insights from the 2025 Tencent Global Digital Ecosystem Conference held on September 16-17 [1] Group 1: Strategic Directions - Tencent Cloud is focusing on two main strategic directions: "Intelligentization" and "Globalization," with an emphasis on AI empowerment for clients and international business development [1] - In terms of intelligentization, the company is accelerating the implementation of AI applications for both C-end and B-end, and has released a comprehensive strategy for Tencent Intelligent Agents, offering open solutions to help enterprises build intelligent systems [1] - Regarding globalization, Tencent Cloud's international business has achieved high double-digit growth over the past year, with the number of overseas clients doubling year-on-year. Future plans include enhancing international business layout around infrastructure, product technology, and service capabilities [1] Group 2: Growth Drivers - The company is optimistic about the demand for AI products and overseas business as key drivers for revenue growth in Tencent Cloud in the medium to long term [1]