花旗发布研报称，重申腾讯控股（00700）“买入”评级，目标价765港元。该行认为，微信“小微”独特定位有望成为中国终极消费AI代理。腾讯并非推出独立应用，而是将“小微”原生嵌入微信，直接利用其庞大月活跃用户基数、专有社交图谱，以及已建立并验证的小程序电商轨道。
该行指出，相对于Meta组建第三方连接器，以及阿里巴巴-W（09988）等国内同业或面对中国“围墙花园”下较大的API阻力，微信相对中立的平台定位及已建立的垂直合作伙伴关系，预计可提供无可比拟的分发及交易护城河。与Meta的Muse类似，该行相信，随着中国代理式商务起飞，“小微”可通过交易抽成及广告，解锁可观的长期变现机会。
该行称，腾讯自6月起已与选定商业伙伴测试“小微”代理功能，长期有望接入更广泛生态伙伴，在微信内自主执行更复杂的用户流程及交易动作。
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