研报掘金丨招商证券(香港)：腾讯4Q25业绩符合预期，维持买入评级

Group 1 - The core viewpoint of the report is that Tencent Holdings (0700.HK) maintains a "Buy" rating with a target price of HKD 750.0, indicating confidence in the company's future performance [1] - The company's 4Q25 performance met expectations, showcasing robust core business operations [1] - Increased investment in AI is expected to enhance long-term competitiveness, despite potential short-term profit suppression in FY26E [1] Group 2 - Growth momentum is clearly evident in the gaming, advertising, and cloud business sectors [1] - The Sum-of-the-Parts (SOTP) valuation provides support for the company's stock price [1]