CICC published a research report stating that it maintains the revenue and profit forecasts for TENCENT (00700) for 2024/2025, retains the "outperform Industry" rating and a Target Price of HKD 468. The firm believes that under the current overall macro background, TENCENT's 2025 14x Non-IFRS P/E valuation provides investors with a significant margin of safety, and the progress of WeChat e-commerce further demonstrates TENCENT's potential for growth, which is expected to bring long-term sustainable returns to investors.