腾讯控股：核心实力叠加 AI 驱动的上行空间

ab 27 February 2026 Global Research Key Call: Tencent Holdings Core strength meets AI-driven upside Time to revisit Tencent Tencent's stock has declined 13% YTD, underperforming HSTech/HSI's -4%/+4%. We attribute the weakness to: 1) VAT hike concerns following China telecoms (despite denials from state media Xinhua News), 2) heightened regulatory scrutiny (particularly on food delivery platforms and Trip.com, which we do not view as a broad sector concern), 3) AI disruptions, and 4) Tencent's potential lag ...