中金：维持腾讯 “跑赢行业” 评级 微信电商进展证明其具增长潜力

On December 23rd, Jin10 reported that China International Capital Corporation (CICC) released a report stating that WeChat recently announced the launch of a "gift-giving" feature test, allowing users to send or receive products from WeChat mini-stores in a manner similar to sending and receiving WeChat red envelopes. The firm believes that this move, leveraging user interaction, may accelerate the penetration rate of WeChat mini-stores, but the final outcome remains to be observed. Meanwhile, in this context, Tencent Holdings Limited (00700.HK) has an adjusted price-to-earnings ratio of 14 times for 2025. The progress of WeChat e-commerce demonstrates Tencent's growth potential, which is expected to bring continuous returns to investors. CICC maintains a target price of HKD 468 for Tencent and an "outperform the industry" rating