Tencent was up 2% today, which looks flat, but I'm watching another number: it spent another HK$501 million to repurchase 1.148 million shares today. This relentless daily share buyback rhythm is Tencent's strongest foundation over the past two years.

Last week, China concept AI stocks were wrongly sold off in a wave, with Alibaba, Tencent, and PDD all falling together. The market thinks the China AI story isn't as sexy as the US stock market's. But I believe this is precisely where Tencent is undervalued—its large model weekly usage volume is leading domestically, and the AI monetization within the WeChat ecosystem hasn't truly rolled out yet, but the market only prices it as a "cheap China concept stock."

Today, southbound capital had a net inflow of 4.6 billion, smart money is flowing back. My judgment is straightforward: At this level for Tencent, there's no need to worry about short-term fluctuations. Buybacks are supporting the bottom, fundamentals are stabilizing. I'll hold it as a core position around 436 HKD. If a golden pit really forms from another drop, it would be an opportunity for me to add to my position, not a signal to exit. If I had to pick the most reassuring one among China concept stocks, it's still Tencent.