Daiwa Securities: It is estimated that Tencent's mobile game "Unwavering Contract" will generate annual revenue of 5 to 6 billion yuan.

Morgan Stanley's research report pointed out that Tencent Holdings' mobile game "Fearless Covenant" is one of its most important new works this year, with an expected annual revenue of RMB 5 to 6 billion. The bank also gave Tencent a "buy" rating and a target price of HK$650. The report showed that the mobile game "Fearless Covenant" was launched earlier than expected, with over 50 million pre-registered users as of July, helping to alleviate the impact of the high base brought by the mobile game "Dungeon & Warrior" in the same period last year. In addition, some of Tencent's classic games performed well, with the second quarter revenue of "King of Glory" and "Peace Elite" increasing by 13% and 5% respectively compared to the same period last year.