The Zhitong Finance App learned that CICC released a research report stating that it maintains Tencent Holdings (00700.HK)'s “outperforming the industry” rating and target price of HK$666, corresponding to the 2026 and 2027 non-IFRS price-earnings ratios of 20 times and 19 times, respectively. There is 68% upside compared to the current stock price. The bank kept the company's 2026 and 2027 revenue and non-IFRS profit forecasts unchanged. On November 4, Tencent Hybrid officially released Hy4. Compared with the Hy4 preview open source on August 28, the scale of pre-training and post-training was expanded, and the domestic and international versions of WorkBuddy were simultaneously connected to HY4. The bank believes that model iteration is only one of the competitive dimensions. The focus of Tencent's strategy is shifting to agent context accumulation, and the superposition advantages of horizontal ecological integration and positive contextual accumulation may be more definitive.

The Zhitong Finance App learned that CICC released a research report stating that it maintains Tencent Holdings (00700.HK)'s “outperforming the industry” rating and target price of HK$666, corresponding to the 2026 and 2027 non-IFRS price-earnings ratios of 20 times and 19 times, respectively. There is 68% upside compared to the current stock price. The bank kept the company's 2026 and 2027 revenue and non-IFRS profit forecasts unchanged. On November 4, Tencent Hybrid officially released Hy4. Compared with the Hy4 preview open source on August 28, the scale of pre-training and post-training was expanded, and the domestic and international versions of WorkBuddy were simultaneously connected to HY4. The bank believes that model iteration is only one of the competitive dimensions. The focus of Tencent's strategy is shifting to agent context accumulation, and the superposition advantages of horizontal ecological integration and positive contextual accumulation may be more definitive.