Shares of TENCENT (00700) surged more than 5% in afternoon trading. At the time of writing, the stock was up 5.06% to HK$435.8, with a turnover of HK$9.458 billion.

On the news front, it is reported that the Corporate WeChat platform is set to launch an AI Agent named "Dayuan," which has now entered its internal testing phase. This product does not require users to repeatedly provide context. Instead, it can automatically understand user requests based on existing work data within Corporate WeChat, such as group chats, documents, meetings, emails, and schedules, and provide responses tailored to the corresponding scenarios. Corporate WeChat is inherently connected to WeChat, suggesting that "Dayuan" may not only serve internal enterprise collaboration in the future but also further penetrate customer management scenarios. It is noteworthy that WeChat itself initiated internal testing for its built-in AI assistant "Xiaowei" last weekend.

Goldman Sachs believes the recent testing news failed to boost the stock price due to three core investor concerns: controversy over model selection, potentially significant impacts from inference costs, and an unclear short-term monetization path. The firm points out that the recovery of Tencent's valuation multiples over the next few quarters will primarily depend on the progress of its AI narrative, with the user penetration rate of the WeChat AI assistant being a key variable in this equation.