Dahua Jixian: Tencent (00700) Q2 revenue increased by 13% year-on-year, maintaining a "buy" rating.

Dahua Jixian released a research report stating that despite facing macro headwinds and the impact of advertising expenditure tax, TENCENT (00700) fourth-quarter revenue growth is expected to remain robust, with a year-on-year increase of 13%, continuing to benefit from inventory release and AI empowerment. The firm believes that Tencent's near-to-medium-term catalysts will include: 1) the launch of multiple flagship new games in 2026; 2) continued improvement in advertising efficiency driven by AI; 3) the launch of AI-driven mini-program code development tools on WeChat. Maintaining a "buy" rating with a target price of 800 Hong Kong dollars unchanged.