CICC: Maintaining Tencent Holdings (00700)'s “outperforming the industry” rating, the target price of HK$666 is optimistic about WorkBuddy's integration into the office ecosystem

The Zhitong Finance App learned that CICC released a research report stating that maintaining Tencent Holdings (00700)'s “outperforming the industry” rating and target price of HK$666 corresponds to the 2026 and 2027 non-IFRS price-earnings ratios of 20 times and 19 times, respectively. There is 76% upside compared to the current stock price. The bank kept the company's 2026 and 2027 non-IFRS profit forecasts unchanged. On October 29, the 2026 Tencent Global Digital Ecosystem Conference opened. The company released Buddy One, an integrated office suite with WorkBuddy as a workbench, simultaneously released Tencent Network Drive as a unified storage product, and announced that hybrid Hy4 and Hy4 Flash will soon be released.

CICC's main views are as follows:

WorkBuddy integrates and releases Buddy One as a unified portal

The Buddy One package released this time is a cross-product account system based on WorkBuddy. Tencent Conference, Tencent Documents, ima, and the newly released Tencent Network Disk have the underlying AI capability to uniformly call WorkBuddy's agent base, and unify accounts, point pools, and data pools. The VIP package is continuously priced at 700 yuan per month.

Buddy One integrates Tencent's decentralized office product line into an Agent-centered system. The bank believes that the guarantee advantages previously determined continue to be realized, that is, horizontal integration and revitalization of existing resources within the system; at the same time, the competitive dimensions of intellectual ability (model, harness, context) have further strengthened Tencent's unique contextual barriers:

1) WorkBuddy has entrance bearing capacity. Since its launch in March, its business has expanded rapidly. According to Yiguan's September data, WorkBuddy has about 85.34 million monthly visits. It continues to maintain its leading position among mainstream desktop AI office intelligence, and the enterprise side continues to penetrate.

2) Open up the office system. Meetings, documents, IMA, and network disks maintain competitiveness through unified agent capabilities, avoid separate battles, and integrate all office assets using WorkBuddy as the axis, paving the way for subsequent AI transformation into the current rhythm in the office scene.

Model capability and infrastructure costs form a two-line supply

The company expects the official version of Hybrid Hy4 to be released soon, enhancing long-range task capabilities, improving the efficiency of using Mind Chain Tokens, and adding visual understanding; Hy4 Flash is positioned to provide a higher cost performance ratio. At the same time, the supply side of the agent model remains open, and TokenHub uniformly connects to external models such as DeepSeek, GLM, MiniMax, and Kimi.

In terms of computing power, Tencent Cloud builds heterogeneous computing power clusters and adapts to multiple domestic chips to reduce supply constraints. In terms of infrastructure, the upgraded Agent Runtime covers the five aspects of context management, tool call, security sandbox, observation and evaluation to avoid paying idle computing power costs for waiting agents. This base will also support mixed reinforcement learning training and WorkBuddy's call volume growth.

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