China Merchants Securities International: Tencent launches BuddyOne cross-app membership to consolidate ecosystem advantages, maintaining it as the top pick in China's AI internet sector.

China Merchants Securities International issued a research report stating that Tencent Holdings has launched BuddyOne, a cross-application membership, to consolidate its ecosystem advantages. The firm noted that Tencent released WorkBuddy in March this year, iterated through 43 versions over three months, and launched BuddyOne in October, completing the path from tool to ecosystem in seven months. BuddyOne marks Tencent AI office's shift from "building stronger tools" to "connecting existing products into a single network," and the focus of Agent competition has also switched from single-point features to multi-application ecosystem collaboration. The firm maintains Tencent as its top pick in China's AI internet sector, maintains a target price of HK$620 and an "Overweight" rating, and recommends watching for catalysts from flagship models and product updates at the Global Digital Ecosystem Summit. Key risks include macro consumption and policy regulation, competition, AI investment returns falling short of expectations, and talent attrition.