---
title: "Friedrich: Assigns Tencent Holdings a \"Buy\" rating with a target price of HKD 795"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/280133602.md"
description: "Credit Suisse released a research report stating that Tencent Holdings' investment in the Elderly Conference focuses on artificial intelligence investments covering training computing resources, AI talent, user acquisition, and inference; capital expenditures will see a larger increase compared to last year, with computing resources adopting a model of parallel capital expenditure and leasing; focusing on the SOTA model in the Chinese market, HY3.0 is a significant upgrade; past performance shows that new investments can turn profitable over time; artificial intelligence has a positive impact on the gaming business; advertising revenue showed steady growth in the first quarter. Rating \"Buy,\" target price HKD 795. Credit Suisse mentioned that Tencent's advertising business showed steady growth in the first quarter. Last year's fourth quarter advertising growth was affected by factors including e-commerce companies allocating more budgets to rapid e-commerce subsidies; due to the reduction of the industry annual interest rate cap, advertising spending by fintech companies decreased. In the first quarter of 2026, in addition to improvements in advertising technology from the fourth quarter to the first quarter, Tencent also expects to gain more advertising budgets from online merchants and traditional banks"
datetime: "2026-03-23T09:31:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280133602.md)
  - [en](https://longbridge.com/en/news/280133602.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280133602.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/280133602.md) | [English](https://longbridge.com/en/news/280133602.md)


# Friedrich: Assigns Tencent Holdings a "Buy" rating with a target price of HKD 795

According to the Zhitong Finance APP, Jefferies released a research report stating that Tencent Holdings (00700) focuses on investments in artificial intelligence, including training computing resources, AI talent, user acquisition, and inference; capital expenditures will see a larger increase compared to last year, with computing resources adopting a model of parallel capital expenditure and leasing; focusing on the SOTA model in the Chinese market, HY3.0 is a significant upgrade; past performance shows that new investments can turn profitable over time; artificial intelligence has a positive impact on the gaming business; advertising revenue showed steady growth in the first quarter. The rating is "Buy," with a target price of HKD 795.

Jefferies mentioned that Tencent's advertising business showed steady growth in the first quarter. In the fourth quarter of last year, advertising growth was affected by factors including e-commerce companies allocating more budgets to rapid e-commerce subsidies; due to the reduction of the industry annual interest rate cap, advertising spending by fintech companies decreased. In the first quarter of 2026, in addition to improvements in advertising technology from the fourth quarter to the first quarter, Tencent also expects to receive more advertising budgets from online merchants and traditional banks

### 相關股票

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

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