Gelonghui, January 26 | According to UBS Research Report, Tencent (0700.HK) held a WeChat conference this week, focusing on WeChat's recent progress and strategy, benefiting from strong user participation. The bank noticed several positive factors for future monetization. Among them, WeChat and the friend circle reached 1.1 billion and 780 million daily active users respectively, driving ecosystem growth. The number of applets increased 75% year by year, while corporate partners increased by 400% year on year, and related user transactions increased. Last year, GMV doubled to 16,000 yuan. According to the bank's analysis, most GMV comes from e-commerce and local services. The company continues to open up the WeChat ecosystem, link to short film products, etc., and open video news and external search functions. It is believed that in the long run, there will be monetization opportunities such as advertisements, payments, subscriptions, and rewards. The relevant factors are not reflected in the stock price, giving it a “buy” rating. The target price is HK$830.