The Zhitong Finance App learned that Northeast Securities released a research report stating that it maintains the “buy” rating of Tencent Holdings (00700), believing that the game business growth rate has slowed in the short term due to the decline in core product flow and the lower than expected performance of new games, compounded by intense competition in the domestic and international game markets. However, the performance of “Yuanmeng Star” does not mean that the company's advantage on the DAU circuit has weakened. At the same time, many blockbuster products are expected to increase performance in 2024. Advertising benefits from improvements in video accounts and advertising technology, financial technology, recovery in offline trading scenarios, and business innovation after improving compliance capabilities. Meanwhile, the company plans to increase the share repurchase scale to HK$100 billion in 2024.