Zhao Yin International: TENCENT (00700)'s Tencent Cloud clearly defines the two strategic directions of intelligentization and globalization as its main engines.

CMB International released a research report stating that at the Tencent Global Digital Ecosystem Conference in 2025, TENCENT (00700) under Tencent Cloud clearly defined two major strategic directions: intelligence and globalization. Looking ahead in the medium to long term, the bank is bullish on AI product demand and overseas business demand becoming key drivers of revenue growth for Tencent Cloud. Therefore, they maintain a "buy" rating and a target price of HK$705. In terms of intelligence, Tencent Cloud will focus on accelerating the landing of AI applications and its intelligent body layout; globalization will strengthen its global business layout, with upgrades in international strategy at the infrastructure, technology, and service levels. At the same time, Tencent Cloud has recently released the Nebula 3D 3.0 model. The bank believes that, combined with AI capabilities, Tencent Cloud has already launched new AI game experiences in core games. In addition to the gaming field, supporting intelligent manufacturing and content industries can also create value.