$TENCENT(00700.HK) A foreign institution commented after hosting a summit: We maintain continued confidence in Tencent after the meeting. The company is further deepening its moat advantages by investing resources, while also being a major beneficiary of AI applications in China's internet sector, as AI has endowed all its major business lines with long-term growth potential. We also see the upcoming AI agent features in its WeChat super app, the growing closed-loop e-commerce transaction capabilities, and the growth potential of Tencent Cloud as one of China's top three public cloud service providers. We forecast year-on-year revenue growth of 13%/13% for Q3/full year 2025, with EPS growth of 18%/17%. We believe Tencent's unique WeChat ecosystem and global gaming assets, combined with diversified monetization methods, will enable the company to achieve compound earnings growth amid macroeconomic cycles. Maintain Buy rating, with a 12-month target price of HKD 701 based on sum-of-the-parts valuation.