You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》第一上海:騰訊(00700.HK)AI重構生態護城河 廣告、遊戲與微信AI等核心場景均已構建新增長動能
阿思達克 07-23 15:45
騰訊(00700.HK)今早高開近0.8%後持續向上,午後升幅擴大,盤中曾高見552元一度彈高4.9%,最新報549.5元上揚4.5%,成交額222.56億元,市值突破5萬億元水平(最新達50,365億元)。 第一上海發表報告,騰訊(00700.HK)廣告在AI賦能下逐步由「工具集合」向「工作流平臺」演進,廣告AI工具如「妙問」、「妙思」、「妙播」覆蓋素材生成、投放配置、數據反饋與影片內容創意環節,提升中小商家效率與規模投放能力。當前CTR與推薦算法精準度明顯提升,但尚處於 「插件型工具」階段,未來重點在於AI與廣告平臺的一體化協同升級。相較於Meta Advantage+與字節UBMax等國際/國內競爭對手,騰訊具備強社交流量及生態協同優勢,廣告業務有望在AI驅動下重構護城河。 該行,騰訊投資正在向「AI平臺+能力接口」傾斜,設立專項AI投資組,強化對AI產業投資的佈局。投資理念強調「生態嵌入」與「未來協同」,轉向戰略防禦與能力綁定。騰訊強調技術接口開放性與未來嵌入性,試圖通過投資形成長期的AI生態護城河。目前雖未 形成廣泛產品聯動,但作爲長期 Alpha 佈局,具備極高戰略含金量。 第一上海表示,騰訊在遊戲AI方向持續推進平臺化工具建設,混元遊戲視覺平臺、3D-DiT建模系統、VISVISE開發系統等覆蓋角色設計、劇情生成、素材管理等核心流程,顯着提升產能效率。AI角色如《和平精英》中的「吉莉」實現自然對話與戰術互動,構建「類真人隊友」體驗。AI原生遊戲《哈皮》開啓內容共創型輕社交互動新形態。整體看,AI正在幫助騰訊構建高頻內容疊代與用戶共創的超級數字空間。 該行維持對騰訊目標價660港元,「買入」評級。該行認爲騰訊在AI能力的持續投入與平臺級協同策略已初現成效,廣告、遊戲與微信AI等核心場景均已在構建新型增長動能。考慮AI在廣告收入提效、遊戲內容生產降本、社交平臺再構中的多重加速效應,預計其核心業務利潤率將穩步改善。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account