安信国际：维持腾讯控股 “买入” 评级 目标价 488.5 港元

CICC International released a research report stating that it maintains a "buy" rating on Tencent Holdings. The company is benefiting from the better-than-expected performance of its gaming business, smooth progress in commercializing WeChat, and continuous upgrades to its AI advertising model. The company's profit margin is expected to remain high, with a target price of HKD 488.5. Overall, the company's revenue performance is in line with expectations, with structurally better-than-expected performance in different business segments. Cost rates are stable, benefiting from income from associated companies and a decrease in effective tax rates, leading to the company's net profit significantly exceeding market expectations