---
title: "Morgan Stanley: Tencent Holdings' performance reflects AI demonstrating specific commercial value, target price HKD 750"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/279743530.md"
description: "JP Morgan released a research report stating that it expects Tencent Holdings' performance in the fourth quarter of 2025 to lead to a more positive outlook among investors. The bank believes that the key information from this performance is not only that the core business remains robust, but also that AI has demonstrated concrete commercial value in advertising, gaming, and cloud services, while the group continues to benefit from an improved business portfolio and cash flow resilience. It now sets a target price of HKD 750 and an \"Overweight\" rating. Additionally, the company disclosed an increased reinvestment in AI talent, products, and infrastructure, which suggests that short-term market discussions may shift from whether Tencent's AI spending is productive to how much of the resulting profits management chooses to reinvest, rather than directing the results towards earnings. Overall, compared to driving short-term profit forecast upgrades, the bank believes that the performance is more likely to enhance confidence in the company's long-term prospects"
datetime: "2026-03-19T08:01:04.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279743530.md)
  - [en](https://longbridge.com/en/news/279743530.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279743530.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/279743530.md) | [English](https://longbridge.com/en/news/279743530.md)


# Morgan Stanley: Tencent Holdings' performance reflects AI demonstrating specific commercial value, target price HKD 750

According to the Zhitong Finance APP, JP Morgan has released a research report stating that it expects Tencent Holdings Limited (00700) to have a more positive outlook from investors in the fourth quarter of 2025. The bank believes that the key information from this performance is not only that the core business remains robust, but also that AI has demonstrated concrete commercial value in advertising, gaming, and cloud services, while the group continues to benefit from an improved business mix and cash flow resilience. It has set a target price of HKD 750 and an "Overweight" rating.

Additionally, the company has disclosed an increased reinvestment effort in AI talent, products, and infrastructure, which means that short-term market discussions may shift from whether Tencent's AI spending is productive to how much of the resulting profits management chooses to reinvest, rather than directing the results towards profits. Overall, compared to driving short-term profit forecast upgrades, the bank believes that the performance is more likely to enhance confidence in the company's long-term prospects

### 相關股票

- [TENCENT (00700.HK)](https://longbridge.com/zh-HK/quote/00700.HK.md)
- [Tencent Holdings Limited (TCTZF.US)](https://longbridge.com/zh-HK/quote/TCTZF.US.md)
- [Tencent (TCEHY.US)](https://longbridge.com/zh-HK/quote/TCEHY.US.md)

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