TENCENT(HK:00700) Jin Rong Jie·2026-01-22 04:40Core Viewpoint - Despite facing macroeconomic headwinds and the impact of advertising expenditure taxes, Tencent's revenue growth in Q4 is expected to remain robust, with a year-on-year increase of 13% driven by inventory release and AI empowerment [1] Group 1: Revenue Growth - Tencent's Q4 revenue is projected to grow by 13% year-on-year [1] - The growth is supported by inventory release and enhancements from AI technology [1] Group 2: Investment Rating and Target Price - The firm maintains a "Buy" rating for Tencent with a target price of 800 HKD [1] Group 3: Catalysts for Growth - Upcoming catalysts include the launch of multiple flagship new games in 2026 [1] - Continuous improvement in advertising efficiency driven by AI [1] - The introduction of AI-driven mini-program code development tools on WeChat [1]