Guosen Securities: Maintains Tencent Holdings (00700.HK) "Outperform" rating, core business growth steady.

Wisdom Financial APP learned that Guotai Junan Securities released a research report stating that it maintains a "outperform" rating for Tencent Holdings (00700.HK). Considering the impact of AI investment and amortization, the bank has lowered its profit forecast, with estimated adjusted net profits for 2026-2028 of 268.5 billion yuan, 308.1 billion yuan, and 340.8 billion yuan respectively (decreased by -3/-2/-2%). The company has increased investment in AI talent and other areas, enhancing its capabilities in model research, and the Mix 3.0 has fewer parameters than top open source models at home and abroad, giving the company an advantage on the product side. The bank is optimistic about Tencent's overall ecosystem capabilities.