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On June 8, WeChat announced the integration of Mini Programs into its AI ecosystem. Citi believes this indicates that the development of WeChat's AI agents is progressing smoothly and may have entered its final stage. During the initial testing phase, core partners such as Meituan, Tongcheng Travel, and Ctrip participated, allowing users to directly access local lifestyle services through WeChat agents in the future. Upon full integration, Mini Programs will be eligible for WeChat AI recommendations and usage. Citi stated that this testing, combined with continuous feedback from the Hunyuan Hy3 model, will provide data support for the iteration of Tencent's next-generation models. With the full launch of WeChat AI agents imminent, Citi maintains its 'Buy' rating and a target price of HK$763 for Tencent.
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