TENCENT(00700) 第一上海证券·2025-02-25 08:35Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings [1]. Core Insights - Tencent has launched the "Lightning War" plan in February 2025, integrating the DeepSeek-R1 model into over ten core products, enhancing search, office, and customer service capabilities [3][4]. - The restructuring of Tencent's AI products into the Cloud and Smart Industry Group (CSIG) aims to leverage B-end technology capabilities with C-end product scenarios, enhancing competitive differentiation in the AI market [4]. - Prosus has reduced its stake in Tencent to 23.89% as of February 21, 2025, and plans to continue reducing its holdings, which may impact Tencent's stock performance [5]. - The game "Peacekeeper Elite" has integrated DeepSeek technology, allowing players to interact with a digital spokesperson for real-time tactical guidance, marking a significant application of AI in gaming [6]. Summary by Sections Company Overview - Tencent's current stock price is 497 HKD, with a market capitalization of 4.56 trillion HKD and a total share capital of 9.179 billion [2]. AI Integration - Tencent's AI capabilities are being integrated into various products, including WeChat and QQ Browser, with features like intelligent assistants and enhanced search functionalities [3][4]. Shareholding Changes - Prosus has reduced its holdings in Tencent, which may lead to a decrease in stock price, but Tencent's stock buyback plans and AI business growth could mitigate this impact [5]. Gaming Sector - The integration of DeepSeek technology into "Peacekeeper Elite" represents a significant advancement in AI application within the gaming industry, enhancing user interaction and experience [6].