JPMorgan's report noted that Tencent's consolidated non-IFRS earnings per share (EPS) for the first quarter increased by 12% year-on-year, surpassing market expectations of 5-8% for FY2026. Although the results did not present a single decisive catalyst and management did not commit to AI-related goals, Tencent introduced a quarterly disclosure framework, transforming AI dilution controversies into quantifiable items. JPMorgan anticipates a gradual re-rating of Tencent's valuation over the next 6-12 months and reiterates its 'Overweight' rating. Meanwhile, the report also highlights three risks: first, capital expenditures for FY2026 may reach RMB 130-150 billion, raising concerns over AI spending discipline; second, the consolidated growth in Q1 included one-time benefits, and the actual growth after exclusion may align closer to market expectations; third, the scope of new AI products may expand in subsequent quarters, affecting the analytical clarity of segmented disclosures.