大行评级丨摩根大通：看好腾讯增长循环 予其“增持”评级及目标价750港元

Core Viewpoint - Morgan Stanley's research report indicates that Tencent's core advantage lies not in a single blockbuster product or one-time customer acquisition, but in a replicable business model that allows for localized and scalable expansion globally [1] Group 1: Business Model and Strategy - Tencent's management estimates that the market size for shooting games could reach $38 billion by 2025, suggesting significant growth potential in this sector [1] - The company employs a three-engine model of publishing, developing, and investing in game studios to secure a position in the rapidly growing gaming industry [1] Group 2: Growth and Efficiency - Tencent is leveraging AI and global expansion to enhance business efficiency and quality, rather than merely focusing on cost reduction or short-term returns [1] - The company is viewed positively for its growth cycle, with a rating of "Overweight" and a target price of HKD 750 [1]