Investment Rating - The investment rating for Tencent Holdings is "Buy" and is maintained [13] Core Insights - The report highlights that 2025 is widely regarded as the "Year of AI Agents," with AI Agents becoming a focal point of technology, as global tech giants accelerate their layouts in this area. Tencent is positioning itself to seize the high ground in the industry by deeply embedding AI Agents into its ecosystem, aiming to unlock incremental value in core businesses such as advertising, gaming, and enterprise services [4][7][8] Summary by Sections AI Agent Evolution - AI is transitioning from "information processing" to "action execution," with AI Agents capable of understanding user needs and autonomously planning and executing tasks. This evolution is expected to redefine enterprise operational paradigms and become a core competitive indicator for businesses [7][22][24] Value Chain Reconstruction - AI Agents are anticipated to drive changes in cost structures and reconstruct value distribution chains. They can act as "digital employees," enhancing cost competitiveness and potentially leading to new payment models, such as transitioning from traditional SaaS to "AI Agent as a Service" [8][42] Tencent's AI Agent Strategy - Tencent has established a comprehensive layout for AI Agents through a "model-tool-scenario" closed loop. The company employs a dual-engine strategy of "self-developed models + DeepSeek open-source" to build a multi-modal capability matrix. Tencent's AI core strategy is embodied in its product "Yuanbao," which integrates deeply with the WeChat ecosystem and supports multiple models [9][10][56] Future Outlook for AI Agents - Tencent's Yuanbao is positioned as the intelligent hub of its ecosystem, with significant user growth and engagement since its integration with DeepSeek. The product's competitive edge lies in its flexible model invocation and deep integration with WeChat [10][11] WeChat as an Ecosystem Connector - WeChat is identified as a super entry point for Tencent's AI Agent ecosystem, leveraging its vast user base and diverse data coverage to enhance advertising, subscription, and transaction revenue streams [11][12] Commercialization Potential - The report notes that AI Agents have substantial commercialization potential, with ongoing innovations in payment models and the ability to monetize structured data generated during service interactions. The shift towards usage-based billing models is highlighted as a significant trend [39][42][45]