广发证券：关注云业务出海前景 AI成为腾讯新业务基因

广发证券2025-12-19

核心观点腾讯云依托在国内的优势，业务出海渐入佳境。腾讯云出海已经取得初步的成果，对全球22 个物理地区和64 个可用区开放，有超过3200 个全球加速节点。区域市场来看，3-5 年内东南亚会是重点发力区域，主要考虑该区域的能源和电力供应稳定，能支撑数据中心长期可持续的运营，目前重点基建区域为泰国和印尼。未来，中东等区域也有较高的潜力。腾讯云具备多项差异化优势，得益于在国内积累的媒体、游戏等垂直行业...

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