1. Tencent stock is maintained as a 'Buy' due to its strong economic moat, solid growth prospects, and reasonable valuation despite recent stock price increases. 2. China's macroeconomic outlook shows signs of improvement, with GDP growth expected to be 4.6% in 2025, potentially leading to a long-term bull market. 3. Tencent's Q3 2024 results demonstrate solid growth with revenue up 8.1% YoY, operating profit up 20.3% YoY, and free cash flow up 14.5% YoY. Intrinsic value calculations suggest Tencent is undervalued, with potential growth rates justifying higher valuations.