TENCENT(HK:00700) Haitong Securities International·2025-04-18 08:46Investment Rating - The report maintains a positive outlook on the computer sector, particularly regarding Tencent's AI initiatives through WeChat [3][4]. Core Insights - The best AI feature for WeChat is its core function of conversation, which aligns with user habits and increases usage frequency. The launch of the AI assistant "Yuanbao" indicates Tencent's strategic direction in AI [3][4]. - "Yuanbao" integrates into WeChat's friend system, offering features like one-click analysis of articles, images, and documents, along with smart interaction capabilities [5][6]. - The system can handle 8 million concurrent requests with a response time of less than 1.2 seconds, ensuring a smooth user experience [7]. Summary by Sections - Investment Advice: The report suggests that the integration of AI into WeChat represents a significant step for Tencent's AI strategy, potentially prompting increased investment in the AI sector by other players [3][4]. - Yuanbao Features: "Yuanbao" is designed for WeChat, avoiding complex functions and ensuring local data processing. It allows users to interact similarly to a ChatBot, providing simple and complex responses through links to the Yuanbao app for advanced services [6][7]. - Tencent's AI Development: Tencent is accelerating its AI development, with significant capital expenditure planned for 2025, focusing on AI as a strategic investment area [7].