CITIC Securities: Maintains "Buy" rating on Tencent Holdings, fully opens Tencent AI and accelerates international layout

CITIC Securities released a research report stating that it maintains a "Buy" rating for Tencent Holdings. On September 16-17, 2025, Tencent will hold the Global Digital Ecosystem Conference, themed "Aspiring Intelligence," focusing on the two growth engines of "Intelligence and Internationalization," fully opening Tencent AI and accelerating its international layout. The firm believes that Tencent is expected to leverage its continuously efficient capital investment and practical full-link product matrix to exert a multiplier effect through interconnectivity at all stages, consolidating its ecological advantages and unleashing commercial potential