CMB International: Maintain a "buy" rating for Tencent Holdings (00700) with a target price of HK$705.

Guotai Junan International released a research report stating that it maintains a "buy" rating on Tencent Holdings (00700) with a target price of HK$705. The bank attended the Tencent Global Digital Ecology Conference 2025 on September 16-17, where key points discussed included: 1) Tencent Cloud clearly aims to build two strategic directions, "intelligent" and "globalized" engines, with AI empowering customers and global business as key strategic directions; 2) In terms of intelligence, the company is accelerating the landing of AI applications in both the consumer and business sectors, and has released the Tencent Intelligent Body Strategic Panorama, fully opening up intelligent body solutions to help enterprises build intelligent bodies; 3) In terms of globalization, Tencent Cloud's international business achieved high double-digit growth in the past year, with the number of overseas customers doubling year-on-year, and in the future, Tencent Cloud will strengthen its international business layout around infrastructure, product technology, and service capabilities. Looking ahead in the medium to long term, the bank is optimistic that AI product demand as well as overseas business demand will become important drivers of Tencent Cloud's revenue growth.