According to Zhitong Finance APP, Tencent Holdings (00700) fell more than 3% again today, marking six consecutive sessions of declines with a cumulative drop of over 10%. As of press time, the stock was down 3.01% at HK$386.8, with turnover of HK$8.73 billion.

On the news front, Tencent plans to disclose its third-quarter results on November 18. CLSA recently lowered its adjusted net profit forecasts for the company for 2026 and 2027 by 3% and 7%, respectively, mainly reflecting the possibility that accelerated artificial intelligence investment could weigh on third-quarter earnings, especially the spending brought by model training and WorkBuddy penetration. However, the firm believes Tencent is stepping up its push into AI applications, and WorkBuddy and "Xiaowei" are expected to become leading enterprise and consumer-facing agents, bringing new growth drivers.

Recently, during Tencent's 28th anniversary Linktime online livestream, Pony Ma's unusually stern remarks drew attention. Management stressed that this is different from the "cost reduction and efficiency improvement" initiative a few years ago. The previous one was relatively passive and focused more on "cost cutting"; this time it is a proactive move aimed at the AI era and focuses more on "efficiency improvement." As early as this year's Tencent shareholder meeting in May, Pony Ma also addressed the question of whether Tencent's AI is lagging behind. "A year ago we thought we had boarded the ship, but later found the ship was leaking. Now we feel we have stood up on it, but still cannot sit down, and we still hope the ship can go faster."