研报掘金｜第一上海：维持腾讯目标价660港元及“买入”评级 AI重构生态护城河

格隆汇2025-07-24

第一上海发表报告，腾讯广告在AI赋能下逐步由工具集合向工作流平台演进，广告AI工具如妙问、妙思、妙播覆盖素材生成、投放配置、数据反馈与影片内容创意环节，提升中小商家效率与规模投放能力。相较于Meta Advantage+与字节UBMax等国际/国内竞争对手，腾讯具备强社交流量及生态协同优势，广告业务有望在AI驱动下重构护城河。另外，腾讯在游戏AI方向持续推进平台化工具建设，混元游戏视觉平台、3D-...

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