Core Viewpoint - Goldman Sachs reports that Tencent Holdings achieved strong performance in Q2, with revenue growth reaching the fastest pace in four years [1] Group 1: Revenue Growth - Tencent's revenue growth is driven by its WeChat ecosystem and global gaming assets, with AI applications enhancing growth across all business lines including gaming, advertising, fintech, cloud, and e-commerce [1] - The gaming and marketing services segments have both recorded over 20% year-on-year growth for two consecutive quarters [1] Group 2: Forecast Adjustments - Goldman Sachs has raised its revenue and earnings per share forecasts for Tencent from 1% to 6% for the years 2025 to 2027 [1] - The upward revision is attributed to improved stability in the gaming business, expanded long-term growth potential in marketing services (advertising), recovery in fintech growth, and accelerated growth in cloud/e-commerce leading to sustained operational leverage [1] Group 3: Target Price and Rating - Goldman Sachs has increased Tencent's 12-month target price from HKD 658 to HKD 701 and maintains a "Buy" rating [1]