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更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Tencent Holdings (700 HK) Buy: Quality matters amid higher uncertainty Solid fundamentals, limited impact from tariffs: Tencent has immaterial direct revenue exposure to US tariffs. AI investment plans are expected to stay on track. Potential uncertainty regarding consumer recovery in China due to disruptions to export growth may affect the payment business, followed by ad. However, Tencent's on-going adtech enhancement and strong transaction facilitation capabilities can buffer ...