--- title: "Morgan Stanley: JP Morgan reaffirms target price of HKD 690 for Tencent Holdings as AI monetization logic improves" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/280408101.md" description: "JP Morgan released a research report stating that Tencent Holdings elaborated on its AI investment logic and monetization path at the investor meeting. It believes that the mid-term investment case is constructive, but the short-term stock price is affected by the downward revision of earnings forecasts. Morgan Stanley maintains an \"Overweight\" rating with a target price of HKD 690. Tencent's management indicated that AI spending is mainly related to new products, and future monetization will come from cloud business and WeChat intelligent agent commercialization, with AI optimizing revenue in the advertising and gaming sectors" datetime: "2026-03-25T03:52:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280408101.md) - [en](https://longbridge.com/en/news/280408101.md) - [zh-HK](https://longbridge.com/zh-HK/news/280408101.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/280408101.md) | [English](https://longbridge.com/en/news/280408101.md) # Morgan Stanley: JP Morgan reaffirms target price of HKD 690 for Tencent Holdings as AI monetization logic improves According to the Zhitong Finance APP, JP Morgan has released a research report stating that Tencent Holdings (00700) elaborated on its AI investment logic, visible monetization paths, and the capital allocation framework supporting related investments during its post-earnings investor meeting. The bank believes this is constructive for mid-term investment cases but expects limited help for short-term stock prices, as short-term prices are still affected by downward revisions in earnings forecasts, reduced buyback expectations, and market preferences for short-term profit visibility rather than the long-term value of AI options. Morgan Stanley maintains an "Overweight" rating on Tencent with a target price of HKD 690. The report cites that Tencent's management clarified that last year's AI expenditure of RMB 18 billion (the same below) and the framework of approximately RMB 36 billion discussed with investors this year refer to expenditures related to new AI products, rather than the overall AI infrastructure spending of the group. The significant GPU costs supporting existing businesses and Tencent Cloud are not included in the above figures, meaning the disclosed amount should be understood as investments related to the incubation and expansion of new AI products, rather than a complete measure of overall AI-related costs. Management also stated that this year should be viewed as a year of continued increased investment, while maintaining a cautious budget for the upside potential of existing businesses. Tencent's management pointed out more clearly that the most significant revenue increase brought by AI is already reflected in the advertising and gaming sectors—AI is optimizing placement accuracy, click-through rates, production processes, and content generation. The next phase of monetization will come more from cloud services as production capacity expands gradually; while "Token" monetization and the commercialization of WeChat intelligent agents belong to mid-term layouts. The bank believes Tencent's long-term AI opportunities lie within the WeChat ecosystem, utilizing AI and agency capabilities to improve task completion and deepen transaction behaviors, further monetized through payments, mini-program stores, e-commerce commissions, and related advertising. 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