Goldman Sachs: Tencent (00700) is most likely to win consumer-side traffic in the current OpenClaw deployment competition.

Goldman Sachs research report points out that Tencent (00700), Baidu (09888), Alibaba (09988), and ByteDance have all introduced OpenClaw, a lightweight cloud deployment package. Given Tencent's wide user base with products such as WeChat, QQ, and Enterprise WeChat, the bank believes Tencent is more likely to win consumer-side traffic in this round of competition. The report notes that at the level of artificial intelligence models, MiniMax (00100) is the company in China most likely to benefit from the huge growth potential in the global market of text, code, multimodal, and intelligent body and digital labor fields, thanks to its comprehensive multimodal products, strong commercialization capabilities, cost advantages based on token billing, and high organizational efficiency. Although Goldman Sachs expects revenue growth to slow down and profits to weaken for Chinese internet giants in the upcoming earnings season, it believes that the decline in their stock prices this year has largely absorbed the pessimistic expectations for the fourth quarter. Furthermore, with the narrative change around the scale and token demand expansion of AI intelligent bodies, as well as the improvement in investment discipline by internet giants in non-AI areas, the risk-return profile of these companies is attractive.