广发证券：维持腾讯控股“买入”评级 AI成为新业务基因

Group 1 - Tencent Holdings has achieved solid results in advertising and gaming through AI technology and category expansion, with the advertising business expected to maintain strong growth momentum due to continuous iterations of AI technology and the proliferation of systems like AIM+ [1] - Tencent Cloud has made initial progress in international markets, opening services in 22 physical regions and 64 availability zones globally, with over 3,200 global acceleration nodes [1] - Southeast Asia is identified as a key focus area for Tencent Cloud over the next 3-5 years, driven by stable energy and power supply, with Thailand and Indonesia being primary infrastructure targets [1] Group 2 - Tencent has established a comprehensive AI strategy, enhancing talent acquisition to accelerate AI integration into its business model [2] - The company maintains its profit forecast, projecting revenues of 752.4 billion and 827.8 billion yuan for 2025 and 2026, respectively, with adjusted net profits expected to be 258.6 billion and 295.3 billion yuan [3] - The estimated fair value based on the latest share capital is 754.73 HKD per share for 2026 [3]