大华继显：料腾讯控股(00700)上季营收同比升13% 维持“买入”评级

Group 1 - The core viewpoint of the article is that Tencent Holdings (00700) is expected to maintain steady revenue growth of 13% year-on-year in the fourth quarter, despite facing macroeconomic headwinds and advertising expenditure taxes [1] - The report highlights that Tencent will benefit from inventory release and AI empowerment [1] - Key catalysts for Tencent in the near to medium term include the launch of multiple flagship new games in 2026, continuous improvement in AI-driven advertising efficiency, and the rollout of AI-driven mini-program code development tools on WeChat [1] Group 2 - The brokerage maintains a "Buy" rating for Tencent and keeps the target price unchanged at HKD 800 [1]