--- title: "CICC: Maintains Tencent Holdings \"Outperform Industry\" Rating with a Target Price of HKD 666" type: "News" locale: "en" url: "https://longbridge.com/en/news/289010072.md" description: "CICC maintains Tencent Holdings \"Outperform\" rating and a target price of HKD 666. The research report points out that the key to competition in the second half of AI lies in application scenarios, and Tencent has advantages in depth and breadth. CICC adheres to a long-term perspective, focusing on the co-design approach of models and products, believing that Tencent Cloud builds an agent-native foundation by upgrading infrastructure and optimizes data quality to enhance model capabilities" datetime: "2026-06-08T06:24:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289010072.md) - [en](https://longbridge.com/en/news/289010072.md) - [zh-HK](https://longbridge.com/zh-HK/news/289010072.md) --- # CICC: Maintains Tencent Holdings "Outperform Industry" Rating with a Target Price of HKD 666 According to the Zhitong Finance APP, China International Capital Corporation (CICC) released a research report stating that on June 5, Tencent Holdings (00700) held the 2026 AI Industry Application Conference for Tencent Cloud, where the "Efficiency Intelligent Agent Toolkit" was launched, attracting market attention for the in-depth dialogue between Tang Daosheng and Yao Shunyu. The firm maintains its revenue and Non-IFRS profit forecasts for 2026 and 2027 unchanged. It maintains an "outperform the industry" rating and a target price of HKD 666, corresponding to a 20x 2026e Non-IFRS P/E, indicating a 47% upside potential compared to the current stock price. It is currently trading at 13x/11x 2026e/2027e Non-IFRS P/E. ## CICC's main viewpoints are as follows: **Adhere to long-termism, focus on the Co-Design approach for models and products** Yao Shunyu pointed out that the key to competition in the second half of AI lies in identifying specific problems and application scenarios; Tencent's advantage is precisely its ability to provide sufficiently deep and broad "problems," that is, having different application scenarios. Regarding the model Hy3-Preview, Yao Shunyu mentioned that they have restructured the infrastructure, optimized data classification and quality, and continuously iterated improvements using a "hit-and-hold" method. The subsequent focus will be on the Co-Design approach for models and products, where different products can provide a platform for models, and scenarios providing real high-value data can help objectively evaluate model capabilities and even feed back into improving model capabilities. Additionally, Yao Shunyu acknowledged that Tencent's culture is based on "trust," and Tencent is not a company that operates based on metrics, allowing for more patience in solving the win-win challenges between products and models. However, Yao Shunyu has also candidly pointed out multiple times that Tencent's "innovation is not aggressive enough," and proposed his personal goal of establishing a long-term, AGI-based organization domestically. The firm believes that although Yao Shunyu's vision does not equate to the company, his voice may influence company decisions (or is itself a consideration at the company level) and be reflected to some extent in the company's strategy. **Comprehensive upgrade of cloud infrastructure, creating a native base for Agents** In terms of infrastructure architecture, Tencent Cloud further proposed the core concept of the "Harness Project," fully upgrading the native infrastructure for Agents: Claw Pro (enterprise-level intelligent agent governance), AgentRuntime (millisecond-level activation, stateful services), Cloud Agent (lightweight API/SDK access), etc.; and launched the "Efficiency Intelligent Agent Toolkit," catering to individual, office, and enterprise needs, providing differentiated solutions for over 20 vertical scenarios: personal level (local AI assistant QClaw), professional level (Buddy family segmented by function), enterprise level (WorkBuddy enterprise version + Agent Suite + ADP 4.0). **The firm still believes that Tencent is one of the companies with a low probability of failure and a relatively high probability of success in the long-term AI competition** Recently, Tencent's accelerated progress in AI model talent and organization, as well as the vitality released in product innovation, have led the firm to believe that Tencent is heading in the right direction, and what may be needed next is opportunity and patience **Risks** Macroeconomic uncertainty; regulatory factors; costs or expense ratios higher than expected ### Related Stocks - [00700.HK](https://longbridge.com/en/quote/00700.HK.md) - [TCEHY.US](https://longbridge.com/en/quote/TCEHY.US.md) - [TCTZF.US](https://longbridge.com/en/quote/TCTZF.US.md) - [03908.HK](https://longbridge.com/en/quote/03908.HK.md) - [601995.CN](https://longbridge.com/en/quote/601995.CN.md) - [80700.HK](https://longbridge.com/en/quote/80700.HK.md) - [HTCD.SG](https://longbridge.com/en/quote/HTCD.SG.md) ## Related News & Research - [Tencent hires banks for dollar, offshore yuan bond sale, term sheets show](https://longbridge.com/en/news/289003271.md) - [China may move toward U.S. path on AI as firms poach employees](https://longbridge.com/en/news/288813840.md) - [KIDZ AI Announces Reverse Stock Split | KIDZ Stock News](https://longbridge.com/en/news/288714697.md) - [NAVER Expands AI Infrastructure With NVIDIA to Serve Surging Global AI Demand](https://longbridge.com/en/news/288974522.md) - [01:26 ET"Go AI Native with MuleRun" Lights Up New York Tech Week](https://longbridge.com/en/news/288669417.md)