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海通國際:騰訊(00700.HK)微信AI智能體測試應能支持股價漲勢 重申「優於大市」評級
海通國際發表研究報告指,據英國《金融時報》報道,騰訊(00700.HK)正在內部測試微信AI智能體(AI Agent)原型,並計劃最快於本月啟動合規審批程序。在獲得監管批准後,騰訊將先進行小規模灰度測試,隨後分階段全面上線,惟正式發布時間尚未確定。報道稱,AI智能體推出在騰訊內部具有最高戰略優先級,目前的原型能夠流暢執行任務,但算力限制仍是大規模商業部署的主...
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海通國際:騰訊(00700.HK)微信AI智能體測試應能支持股價漲勢 重申「優於大市」評級
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海通國際發表研究報告指,據英國《金融時報》報道,騰訊(00700.HK)  -15.200 (-3.156%)    Short selling $2.91B; Ratio 12.669%   正在內部測試微信AI智能體(AI Agent)原型,並計劃最快於本月啟動合規審批程序。在獲得監管批准後,騰訊將先進行小規模灰度測試,隨後分階段全面上線,惟正式發布時間尚未確定。報道稱,AI智能體推出在騰訊內部具有最高戰略優先級,目前的原型能夠流暢執行任務,但算力限制仍是大規模商業部署的主要障礙。

該行指出,受此利好消息及空頭補倉推動,騰訊股價昨日(2日)單日大漲10.5%。在股價反彈後,該股對應2026財年預測市盈率仍處於14倍,鑑於其具吸引力的估值及穩固的基本面,海通國際認為儘管短期可能存在波動,但此輪漲勢是可持續的。微信在AI智能體的落地應用上具備巨大潛力,擁有14億用戶群、完善的小程序生態系統以及騰訊雲的接口支持,使其與同行相比具有更低的用戶獲取成本、龐大的數據訪問權限和更低的接口成本。

海通國際對微信AI智能體的開發進展持積極態度,因下半年算力預期將有所提升。管理層在第一季度業績中曾提及,隨著定製芯片(ASIC)進入量產,下半年將進一步加大資本開支。在時間表方面,該行預計微信AI智能體從內部原型測試走向外部灰度測試可能需要3至12個月。然而,該項目亦面臨多項挑戰,包括14億用戶群及每日約1小時的人均使用時間,這對算力及相關成本提出了極高要求;同時,用戶對聊天內容授權較為敏感,AI智能體的接入或會影響用戶的社交體驗。

該行維持騰訊「優於大市」評級,目標價為688港元。(ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-03 16:25.)

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