腾讯混元HY-MT1.5-7B是腾讯于2025年12月正式开源的高性能机器翻译模型，是混元翻译模型1.5系列中的升级版本。支持33种 语言，包括中文、英语、日语等常用语种，以及5种中国少数民族语言、方言互译。在FLORES-200基准测试中得分约82-85%， 推理速度方面，在典型硬件上处理50个token的响应延迟约为0.45秒。该系列模型已应用于腾讯会议、企业微信、QQ浏览器和客 服翻译等腾讯核心业务中。 2025年3月，腾讯宣布将关停旗下的腾讯翻译君业务，包括App、在线网站和小程序，后续不再提供任何在线服务并将删除所有 用户的个人信息。此外还表示，翻译服务将完全迁移至腾讯元宝。 1月16日消息，腾讯元宝上线"同传翻译"功能。该功能使用腾讯混元HY-MT1.5-7B模型，从而提升翻译准确度。将元宝升级至最 新版本后，在右上角语音通话中选择该模式即可使用该功能。 ...

微信小游戏团队推出的"真金白银"激励政策是推动小游戏生态发展的核心动力。自2026年1月1日 起，微信小游戏正式升级IAP小游戏激励政策，将首发新游戏激励金上限提升至400万元。新政实施 后，首发新游戏享受"新游期"与"成长期"的双重激励。对于处于首发期的游戏，近30天内IAP内购流水 每满200万元，平台将额外给予流水5%的现金激励，不设上限。 一位业内分析师向《证券日报》记者表示："在游戏上线的黄金窗口期，开发者将获得更充足的资 金支持用于游戏成长。对中小团队而言，这无疑是雪中送炭。" 在分成模式上，平台也做出了重大调整。微信小游戏宣布已经接入苹果的"小程序合作伙伴计划"， 开发者在70%分成比例的基础上，将额外获得微信小游戏提供的15%优惠。 微信小游戏凭借"轻量"特征，成长为月活用户达数亿的庞大生态。1月15日，微信小游戏团队披 露，微信IAP（应用内购买）小游戏月活跃用户达到3亿，IAA（应用内广告）小游戏月活跃用户达到4 亿。 在开发者生态方面，微信小游戏平台累计开发者数量超过了40万，2025年首次在小游戏平台完成作 品发布的开发者就超过5000人。 当前，小游戏生态已成为IP价值衍生的新沃土。 ...

Core Viewpoint - The article emphasizes the importance of practical learning experiences in cutting-edge technology and investment research, highlighting the collaboration between entrepreneurs and top-tier companies to explore new opportunities in emerging industries [12][24]. Schedule Overview - The schedule for 2025 includes visits to leading companies in various sectors such as AI, robotics, and new energy, with specific dates and locations outlined for each event [5][9][10]. - Notable events include visits to companies like Tesla, Google, and various AI and robotics firms, providing participants with firsthand insights into industry trends and innovations [7][8][24]. Learning Experience - The program offers deep exploration into the development of cutting-edge technologies, allowing participants to witness the entire process from laboratory to industrialization [12]. - Participants engage in top-level dialogues with founders and executives, gaining insights into strategic decisions and industry disruption logic [12][24]. Participant Feedback - Feedback from participants highlights the value of the program in enhancing their understanding of macroeconomic trends and investment strategies, as well as fostering connections among entrepreneurs [46][47]. - Participants express appreciation for the practical approach of the program, which combines theoretical knowledge with real-world applications in leading technology firms [42][44].

智通财经APP获悉，周五，美股三大指数齐跌。恒生指数ADR下跌，按比例计算，收报26581.34点，较香港收市跌263.62点或0.98%。 大型蓝筹股多数下跌，汇丰控股收报128.695港元，较香港收市涨0.15%;腾讯控股收报612.833港元，较香港收市跌0.76%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较浅 较港股升跌 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0) 00700 | 617.500 | -4.500 | -0.72% | TCEHY | 612.833 | -4.667 | | 2 | M-BBBB08 | 09988 | 166.200 | +1.600 | 0.97% | BABA | 161.200 | -5.000 | | 3 | 汇丰控股 | 00005 | 128.500 | +0.300 | 0.23% | HSBC | 128.695 | +0.195 | | 4 | 建设银行 | 0093 ...

Company Overview - Tencent's main businesses in gaming, advertising, finance, and enterprise services are expected to maintain high-quality growth, with AI accelerating talent deployment [1] Gaming Performance - Domestic gaming revenue is projected to grow by 12% year-on-year in Q4, supported by stable performance of established games like "Honor of Kings" and rising revenue from new titles like "Delta Action" [1] - Overseas gaming growth is expected to normalize with a 24% year-on-year increase in Q4, driven by high revenue from Supercell's "Clash Royale" [1] - For 2026, revenue growth is anticipated to be influenced by deferred income from high revenue in 2025 and upcoming titles such as "Honor of Kings World" and "Crossfire: Rainbow" [1] Advertising and Financial Services - Advertising revenue is expected to grow by 19% year-on-year in Q4 2025, with healthy growth anticipated in 2026 due to deeper utilization of ecosystems like video accounts and mini-programs, as well as enhanced user engagement through AI [2] - Financial and enterprise services revenue is projected to grow by 10% year-on-year in Q4 2025, with financial services experiencing a potential slowdown in payment growth due to macroeconomic disturbances [2] - Enterprise services are expected to benefit from revenue growth in video account e-commerce technology services and cloud computing [2] AI Strategy and R&D Investment - Tencent's AI strategy is entering an accelerated phase, with significant R&D investments expected to continue growing [2] - The appointment of former OpenAI researcher Yao Shunyu as Chief AI Scientist and the release of the 2.0 version of the mixed Yuan model in December highlight the company's commitment to AI development [2] Financial Forecast and Valuation - Revenue forecasts for 2025 remain unchanged, while the 2026 revenue forecast has been slightly reduced by 1% to 831.7 billion yuan [2] - Non-IFRS profit estimates for 2025 and 2026 have been increased by 1% to 262.9 billion yuan and 294.8 billion yuan, respectively, with new projections for 2027 set at 903.5 billion yuan in revenue and 326.9 billion yuan in profit [2] Rating and Target Price - The company maintains a "outperform" rating with a target price of 700 HKD, corresponding to 19x/17x 2026e/2027e Non-IFRS P/E, indicating an 11% upside from the current stock price [3]

中经记者 许心怡 吴可仲 上海报道 一些大DAU（日活跃用户数）游戏正在UGC（用户生成内容）模式上发力——向玩家开放游戏内的美 术资产、音乐、玩法等，并提供易上手的编辑器，供玩家挥洒创意。 游戏厂商此举可以将一部分研发工作分摊给广大玩家，由他们创造出海量玩法，从而解决游戏内容研发 遇到的增长瓶颈问题。不仅如此，由玩家参与创意，还能激活社交传播，进一步完善商业模式。 在海外，不乏Roblox、《我的世界》等发展成熟的UGC平台。而此类平台未能在中国获得同样的人 气。不过，DataEye研究院负责人刘尊向《中国经营报》记者表示，UGC平台的模式在大DAU游戏中有 可能实现。在他看来，大DAU游戏自带庞大用户基数，并且国内游戏厂商已逐步完善扶持体系，解决 了此前创作者面临的工具和收益问题。 拓展玩家创作边界 2025年10月，《原神》在游戏内推出UGC模式"千星奇域"——玩家可以使用编辑器"千星沙箱"，调用 《原神》中海量的玩法功能与资产，在《原神》内创建自己的小游戏，供其他玩家游玩。 截至2026年1月3日，"千星奇域"模式吸引了超过3万名创作者，累计创作的地图关卡总游玩人次超过1.5 亿。这些UGC内容中，既 ...

Group 1 - The core viewpoint of the articles highlights the rapid growth and significant user engagement of WeChat mini-games, with monthly active users reaching 300 million for IAP mini-games and 400 million for IAA mini-games [1] - The developer ecosystem for WeChat mini-games has surpassed 400,000 developers, with over 5,000 developers publishing their first works on the platform in 2025 [1] - Mini-games are becoming a new fertile ground for IP value derivation, with 70 mini-games achieving daily active users in the millions and over 300 games generating quarterly revenues exceeding 10 million yuan [1] Group 2 - 80% of the developers on the WeChat mini-game platform are teams with fewer than 30 members, allowing smaller teams to find opportunities in a market dominated by larger investments [2] - The introduction of a new incentive policy for IAP mini-games, increasing the maximum incentive for newly launched games to 4 million yuan, is a key driver for the growth of the mini-game ecosystem [2] - The revenue-sharing model has been adjusted to provide developers with an additional 15% discount on top of the 70% revenue share, enhancing financial support for developers during the critical launch period [2] Group 3 - The contribution of mini-games to Tencent's financial performance is evident, with growth in video account live service revenue and mini-game platform service fees contributing to a 5% increase in social network revenue in Tencent's Q3 2025 financial report [3] Group 4 - The "going global" strategy for mini-games is accelerating, with low-cost, short-cycle development of light games at its core, relying on overseas traffic platforms for user acquisition [4] - The PC segment is becoming the fastest-growing area for mini-games, with a 30% increase in active users, a 35% increase in in-app purchase revenue, and a 50% increase in payment penetration rate in 2025 [4] - The integration of AI technology into the mini-game ecosystem is being supported by a new growth plan for AI applications and online tools, providing developers with comprehensive resources [4]

过去两年，AI原生应用多聚焦于内容生成、知识问答等轻交互场景。但随着竞争升维，头部玩家纷纷将AI助手从"信息中 介"升级为"任务执行者"。 除了阿里将千问App接入生态内核心业务之外，其他头部公司也积极争夺AI"超级入口"。 本报记者 袁传玺 随着大模型技术趋于成熟、算力成本持续下探、数据治理体系逐步完善，AI正从"能做什么"的技术验证阶段，加速迈 向"怎么用好"的商业化落地周期。在此背景下，一场围绕"超级入口"的争夺战在科技巨头间全面打响。 1月15日，阿里巴巴集团控股有限公司（以下简称"阿里"）正式宣布，千问App全面接入淘宝、高德、支付宝等核心业务。 用户只需一句自然语言指令，千问App即可在端内完成商品推荐、比价、下单、支付全流程，全程无需跳转其他App。此前， 字节跳动、腾讯等巨头也纷纷布局，争抢"第一触点"。 有业内人士对《证券日报》记者表示，在这场重塑数字生态格局的竞争中，谁能率先构建起"对话即应用"的能力，谁就可 能掌握未来十年AI时代的流量命脉与商业主动权。 AI助手升级为"任务执行者" 信任与安全是关键 如果说软件层面的AI助手是"大脑"，那么硬件载体则是"躯体"。2025年下半年以来，入 ...

一边是以近1.16万亿营收登顶的京东，一边是高盛眼中增长潜力巨大的腾讯阿里，中国企业正用两种截然不同的商业哲学，在全球经济版图上刻下自己的 坐标。 2025年8月，两份重量级榜单几乎同时发布，却给出了两个不同的"中国民企第一"答案。 全国工商联发布的"2025中国民营企业500强"榜单上，京东集团以1.16万亿人民币营收首次问鼎榜首，反超阿里巴巴与华为。而高盛同期发布的2026中国 市场展望报告中，"民营十巨头"名单却由腾讯、阿里巴巴、比亚迪等领衔，以投资价值和增长潜力为标准重新排序。 这场看似矛盾的榜单对决，实则揭示了中国民营经济正在上演的两种发展哲学。 01 榜首之争：两个榜单，两种标准 全国工商联的"民企500强"榜单基于对6379家年营收超10亿元企业的调研编制，是一个以营收规模为核心的评价体系。 在这个体系中，京东登顶标志着一种模式的胜利：这家以物流重资产和自营模式著称的企业，终于在规模上超越了所有对手。 京东的1.16万亿营收背后，是近67万名员工，相当于一个中等城市的人口规模；是每年超过千亿元的人力成本投入；是覆盖全国的物流网络和仓储系统。 与此形成鲜明对比的是高盛的报告。这家国际投行的"民营十 ...

从连续性进行统计， 有2只股获南向资金连续3天以上净买入，连续净买入天数较多的有腾讯控股、阿 里巴巴-W，连续净买入天数分别为8天、5天。以其间净买入金额统计，净买入金额最多的是腾讯控 股，合计净买入为96.85亿港元，其次是阿里巴巴-W合计净买入为44.24亿港元。（数据宝） 1月16日南向资金成交活跃股 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 00981 | 中芯国际 | 570236.85 | 108401.22 | 2.39 | | 01810 | 小米集团-W | 470068.85 | 86704.08 | -2.01 | | 01347 | 华虹半导体 | 269679.07 | 58509.58 | 7.39 | | 09992 | 泡泡玛特 | 342964.15 | 14181.56 | -5.60 | | 02050 | 三花智控 | 94099.67 | 12986.42 | 2.67 | | 09988 | 阿里巴巴-W | 695230.42 | 3959.6 ...