腾讯控股：加大投资捕捉 AI 机遇；充沛现金与微信生态支撑，在 AI 竞赛中仍具追赶优势；维持买入评级

Tencent still well-placed to catch-up in the AI race backed by ample cash and WeChat; maintain Buy Adopting a more proactive approach towards AI investments At the recent 4Q25 call, Tencent indicated its plan to further ramp up investments in new AI products in 2026 – the company plans to more than double its investments to CNY36bn-plus, representing over 4% of the pre-4Q Bloomberg consensus revenue forecast for FY26 (CNY831bn). Meanwhile, Tencent signaled a pivot in its AI cloud investments, projecting rob ...