大行评级丨大和：重申腾讯“买入”评级 看好国际游戏拓展的发展及商业化步伐

Group 1 - The core viewpoint of the report is that Tencent is exporting best practices of game-as-a-service globally, enhancing the appeal of domestic games through a blend of Chinese and foreign elements [1] - The report highlights Tencent's unparalleled AI and cloud capabilities, emphasizing the critical role of AI throughout the entire game lifecycle [1] - The firm maintains a "Buy" rating on Tencent with a target price of HKD 750, corresponding to a projected price-to-earnings ratio of 20.6 times for 2026 [1] Group 2 - The report expresses optimism regarding Tencent's international game expansion and commercialization efforts [1] - It notes that the most significant potential downside risk is the underperformance of games compared to expectations [1]