摩根大通发表研报，预期腾讯2025年第四季业绩将令投资者看法更趋正面。是次业绩的关键信息不单止是核心业务维持稳健，更在于AI已在广告、游戏及云端业务展现具体商业价值，同时集团继续受惠于业务组合改善及现金流韧性。另外，公司披露对AI人才、产品及基础设施的再投资力度加大，意味着短期市场讨论可能从腾讯的AI开支是否具有生产力，转向管理层选择将多少由此产生的收益进行再投资，而非将成果流向盈利。相较于推动短期盈利预测上调，该行认为业绩更能增强对公司长远前景的信心；现予其目标价750港元及“增持”评级。
摩根大通发表研报，预期腾讯2025年第四季业绩将令投资者看法更趋正面。是次业绩的关键信息不单止是核心业务维持稳健，更在于AI已在广告、游戏及云端业务展现具体商业价值，同时集团继续受惠于业务组合改善及现金流韧性。另外，公司披露对AI人才、产品及基础设施的再投资力度加大，意味着短期市场讨论可能从腾讯的AI开支是否具有生产力，转向管理层选择将多少由此产生的收益进行再投资，而非将成果流向盈利。相较于推动短期盈利预测上调，该行认为业绩更能增强对公司长远前景的信心；现予其目标价750港元及“增持”评级。
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