大行评级丨小摩：腾讯及网易将成AI受益者，均予“增持”评级

中金财经04-08

摩根大通发表研报指，随着市场叙事从AI颠覆游戏营运商转向AI在供给受限的市场中强化营运商，腾讯及网易的游戏业务有望获得重新评级。该行给予腾讯及网易“增持”评级。　　该行认为，AI在中国游戏市场的四个强化机制包括：1)AI让营运商能够不断更新和扩展现有已获版号的游戏组合，且回报随玩家基础规模非线性扩大；2)大型营运商的AI优势不在于单一专有模型，而在于将AI整合至整个生产和营运流程的编排能力...

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