I think $TENCENT(00700)$ BuyTencent Holdings.HK's performance last year was not very good, but it will have a good development this year. I think there are the following points: 

1) Tencent’s semi-annual financial report last year showed that the reasons for its poor performance were firstly the limitation of the game business version number, and secondly, due to the impact of the epidemic, the growth rate of financial payment and advertising business declined.

2) Since the third quarter of last year, Tencent's game and financial businesses are picking up, while its advertising business is still declining due to the impact of the epidemic. The overall performance bottomed out. become the driving force for the future rise of stock prices.

3) Looking forward to this year, the copyright of the game business is currently liberalized, which is good. The epidemic control is lifted, the financial business has bottomed out, and the advertising business will also reverse after the economy recovers.

4) At present, Tencent’s share price is sluggish, fluctuating around 330 to 360 yuan, mainly due to the high inflation in the United States some time ago, and the expectation of the Fed’s interest rate hike has picked up. But now the pressure on the global financial business is prominent, Silicon Valley Bank is thundering, and Credit Suisse is thundering. The pressure on the global financial industry will put pressure on the Federal Reserve, which may force the Federal Reserve to slow down the pace of interest rate hikes, and the economy will recover in disguise. As a result, Tencent has the opportunity to develop and catch up with last year's poor performance.

5) Finally, I think that in terms of Tencent's performance this year, games, finance, and advertising will all pick up, and the performance is expected to further improve. In terms of valuation, pressure from the financial industry may force the Fed to slow down rate hikes. Therefore, Tencent is now a second dip, reversing the car to pick up people. 

I personally think that the target price at the end of this year is 450-500 yuan.

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