智通财经网·2026-01-07 01:39Group 1 - Core viewpoint: Zhongtai Securities initiates coverage on Tencent Holdings (00700) with a "Buy" rating, highlighting the company's potential to lead the next decade in the AI technology and computing power era, emphasizing the importance of an open ecosystem for competition [1] - Overview: Tencent is recognized as a leader in the Chinese internet sector, with a historical transformation from instant messaging to a social media giant, driven by a commitment to the ideals of an open world. The company has delivered a shareholder return of 4.28% over 24 years, with a growth pattern showing that EPS growth outpaces net profit, gross profit, and revenue growth [1] - Current strategy: The "connection" strategy is central to understanding Tencent's business logic, with its current business structure based on communication and social networking, while advertising has emerged as a new growth engine [1] Group 2 - Market potential: The C-end business is stable, while the B-end is poised for growth. The MAU is expected to remain stable, and the ARPU is projected to increase steadily with economic growth. There are significant opportunities in marketing services and cloud services as barriers lower [2] - C-end insights: In the context of a saturated domestic mobile internet market, growth in the C-end business will primarily come from enhancing user value (ARPU × LT), with international expansion also contributing to new traffic. The competitive advantage lies in a large traffic entry and strong operational capabilities [2] - B-end insights: Advertising through video accounts is expected to break through user engagement limits, while financial technology and cloud services are set to improve profitability and expand business opportunities [2] Group 3 - Investment strategy: Tencent maintains a stable asset scale with concentrated holdings, good liquidity, and a combination of business synergy and value-added potential [3] Group 4 - AI strategy: Tencent's AI strategy focuses on building an ecosystem through resource integration, with a preference for open interfaces and collaboration with partners. The company is advancing infrastructure through external purchases, self-research, and investments [4] - Current AI applications: The self-developed model "Hunyuan" and open-source initiatives are enabling AI applications across over 30 industries, with a focus on integrating AI into social ecosystems and making it accessible [4] - Future outlook: AI's contributions are expected to be more significant in B-end scenarios, enhancing existing business operations rather than just C-end value-added services. This includes expanding advertising content, improving gaming experiences, and addressing the needs of small and medium enterprises in cloud services [4]