华泰金融(HK)9月20日发布公告。Tencent launched the new Hunyuan Turbo model (benchmarked against GPT-4o) at its Global Digital Ecosystem Summit with a 108% boost in training efficiency and a 50% cut in inference costs. It enhances internal development productivity by 15%. Tencent Cloud 2Q24 revenue yoy hit double digits in overseas markets, with strengths in audio/video, live streaming, and games. Spark cloud game also expanded the player base for Black Myth: Wukong by reducing hardware requirements. Looking ahead, we expect Tencent Cloud to see more synergies from AIGC and internal efficiency improvement. We maintain our 2024/2025/2026 adjusted NP forecasts for Tencent at RMB214.4/247.7/283.9bn. We maintain a BUY rating and the SOTP-based target price at HKD465.35.