Jefferies released a research report, characterizing Tencent's Harness business as the "crown jewel," maintaining a "buy" rating for Tencent Holdings (HK:0700) with a target price of HKD 750, implying approximately 70% upside potential from the current share price.

Tencent AI workbench WorkBuddy recently officially opened its ecosystem platform, introducing over a hundred ecosystem partners in its first batch, covering smart hardware, industry applications, and developers across three levels. Jefferies analysts believe that WorkBuddy possesses significant advantages in multiple dimensions, including addressable market size, skill ecosystem density, and model collaboration efficiency, and its current valuation has not yet fully reflected its long-term potential. The report points out that Harness has accumulated over 70,000 skills, forming a clear ecological barrier, and is creating a positive flywheel effect with a clear monetization path.