Bank of America Securities' research report stated that it reaffirms the "buy" rating on Tencent (00700.HK) with a target price of 480 yuan, indicating that its cloud business will benefit from three continuous growth demands, including enterprises using large language models and AI services to improve efficiency, mainland enterprises expanding their business overseas, leading to an increasing demand for international digital services, and a rising demand for local software and hardware, as businesses are seeking high compatibility solutions.

The bank points out that Tencent is upgrading its AI models, infrastructure, and applications, and its international services have advantages, serving 0.01 million clients and achieving double-digit growth over the past 3 years.