小摩：给予腾讯“增持”评级 目标价750港元

Core Viewpoint - Morgan Stanley's report highlights Tencent's core advantage lies not in relying on a single blockbuster product or one-time customer acquisition, but in its replicable business model that enables localized and scalable expansion globally [1] Group 1: Business Model and Growth Strategy - Tencent is expected to occupy a significant position in the rapidly growing gaming sector through its "three engines" model of issuing, developing, and investing in game studios [1] - The management anticipates that the shooting game market will reach a size of $38 billion by 2025 [1] - Tencent is enhancing business efficiency and quality through AI technology and global expansion, rather than focusing solely on cost reduction or short-term returns [1] Group 2: Investment Outlook - Morgan Stanley maintains a positive outlook on Tencent's growth cycle, assigning an "overweight" rating with a target price of HKD 750 [1]