摩根大通维持腾讯“增持”评级，微信AI Agent降低风险溢价

Odaily Odaily Planet Daily News JPMorgan has published a report stating that the uncertainty surrounding Tencent's (00700.HK) WeChat AI Agent lies in whether it can truly integrate into the WeChat platform, the extent of its trading privileges, and whether Tencent can build a supply system accessible to the AI Agent without relying on open inventory from existing e-commerce platforms. As Tencent begins beta testing the WeChat AI Agent in June, the firm's confidence in its value creation framework has significantly increased.

Agent services are now sufficiently visible to clearly distinguish between the parts already in place and those that still need to be advanced. This transforms the WeChat AI Agent from an AI option with no clear timeline into a phased launch project with observable milestones. The firm believes that the initial impact of the WeChat AI Agent's launch on the stock price is more likely to come from a reduction in risk premium and an increase in valuation multiples, rather than short-term earnings per share growth. It maintains an "overweight" rating on Tencent with a target price of 690 Hong Kong dollars. (Jin Shi)