" 腾讯，不再FOMO。 " 作者丨胡家铭 编辑丨董子博 2026年1月30日下午，腾讯IEG员工大会召开。包括腾讯分管游戏的高级副总裁马晓轶，商务负责人在内 的五名高管悉数出席。 这次年会，有一个特殊的嘉宾——目前已经是腾讯控股子公司的库洛游戏CEO、《鸣潮》制作人，李松 伦。 2025年12月，《鸣潮》凭借3.0版本"我们生而眺望"的更新，攀升至iOS游戏畅销榜第一，并位列iOS畅 销总榜第二。截至2026年1月15日，《鸣潮》因新角色"莫宁"卡池的开启，成功登上Steam全球热销榜第 十名。且在2025年4月29日的一周年庆期间，游戏也曾达到iOS游戏畅销榜国区第三的历史高位。 据腾讯相关人士表示，李松伦在IEG年会的状态"十分松弛"，复盘《鸣潮》的成功经验时，李松伦也不装 了，直接表示，在几年前的版号寒冬时，腾讯处于战略收缩阶段，降本增效导致大量人才流出，其中不少 人加入了库洛游戏。这是《鸣潮》能成功的核心原因之一。 在李松伦发言之前，年会直播间的屏幕上一片空白，但在李松伦发言期间，直播间弹幕瞬间来到峰值。 在发言的最后阶段，面对一边的商务负责人，另一边的马晓轶，李松伦对所有腾讯IEG的同学表示，欢迎 ...

Core Insights - The 2026 Spring Festival marketing campaign by major internet companies is characterized by a significant increase in cash red envelope distribution, integrating AI products and applications into their strategies [1][2][5] Group 1: Marketing Strategies - Ant Group's Alipay will launch the "Collect Blessings" event on February 3, 2026, featuring a new "Health Blessing" card from its AI product "Ant Aifu" [1][2] - Tencent's AI assistant Yuanbao will start its Spring Festival campaign on February 1, distributing a total of 1 billion yuan in cash red envelopes [2] - Baidu announced a cash red envelope distribution of 500 million yuan from January 26 to March 12, 2026, through its app using the Wenxin assistant [3] Group 2: Changes in Red Envelope Marketing - The red envelope marketing strategy has shifted from "universal cash distribution" to "targeted, layered, and task-oriented" approaches [3] - Red envelopes are now used as tools to validate new business growth points and assess their applicability in high-frequency usage scenarios [3] - Retention and user activity have become the new primary goals of these marketing campaigns [3] Group 3: AI Integration and User Engagement - Major internet companies are leveraging the high engagement of the Spring Festival to build long-term user habits and platform ecosystem stickiness through AI interactions and cultural IPs [4][5] - The red envelope campaigns are evolving from simple promotional tools to platforms for showcasing new products, services, and scenarios [5] - The significance of red envelopes lies in reducing the learning and psychological costs for users trying new features, especially during the emotionally charged Spring Festival period [5] Group 4: Payment Technology and Ecosystem Expansion - The effectiveness of red envelope marketing is directly influenced by the payment technologies and retention capabilities of the platforms [6] - Cash red envelope marketing can connect with more external partners in the B2B sector and help acquire new customers while retaining existing ones in the B2C sector [6]

作者：情报员 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 国家知识产权局信息显示，腾讯科技（深圳）有限公司取得一项名为"一种位置确定方法及相关设备"的 专利，授权公告号CN111343715B，申请日期为2020年2月。 天眼查资料显示，腾讯科技（深圳）有限公司，成立于2000年，位于深圳市，是一家以从事软件和信息 技术服务业为主的企业。企业注册资本200万美元。通过天眼查大数据分析，腾讯科技（深圳）有限公 司共对外投资了15家企业，参与招投标项目280次，财产线索方面有商标信息5000条，专利信息5000 条，此外企业还拥有行政许可574个。 ...

【环球网科技综合报道】2026年春节的"抢红包"多了一个新主角——AI。 从各大平台陆续公布的红包活动玩法可以看到，不同于过往移动支付主导的红包对决，今年的战场核心 转向AI助手，字节跳动、腾讯、阿里、百度四大互联网巨头悉数入局。 当普通用户为手气最佳欢呼时，互联网巨头的较量，正从移动支付的流量争夺，转向AI时代的生态卡 位。 春节流量场变 AI 角力场 互联网大厂重启红包大战 作为年度流量巅峰的央视春晚，成为巨头们的首个角力场。字节跳动以最高价码拿下关键合作，旗下火 山引擎成为2026年央视春晚独家AI云合作伙伴，其智能助手豆包将同步上线多种互动玩法，借助春晚 的国民级曝光实现品牌突围。这一布局延续了字节移动互联网时代的流量打法，通过超级生态产品的流 量浇灌，为AI助手争取高频触达用户的机会。 曾在2015年凭借微信红包创造现象级传播的腾讯，虽已多年未冠名晚会类节目，却深知春节场景的战略 价值。除了时隔多年重启春节发红包外，腾讯CEO马化腾甚至特意关切元宝团队的GPU资源储备，全力 保障其在峰值时段的算力支撑，避免因技术掣肘影响用户体验。为重现当年荣光，腾讯元宝拿出10亿元 现金红包激励，同时推出全新AI社 ...

腾讯百度又撒钱春节红包，这次是引流AI产品，用户买账吗？ 腾讯"撒钱"为元宝，百度"撒钱"为文心。 1月26日，腾讯董事会主席马化腾在公司年会上的一番表态，让整个互联网圈瞬间沸腾。这位掌舵人明确将2025年定为"AI大年"，并表示旗下AI应用"元 宝"将于2月1日启动春节期间瓜分10亿元现金活动。 与此同时，百度App还成为《2026北京广播电视台春节联欢晚会》的首席AI合作伙伴。 一时间，市场议论纷纷。这是否预示着新一轮"微信红包式"颠覆的开端？AI时代会因此加速到来吗？ 如果拨开喧嚣的迷雾，冷静审视，结论或许截然不同。 这并非一场通向胜利的冲锋，而更像是一场"用旧武器、攻打新山头"的战略误判。核心原因在于，当前AI产品的根本矛盾，并非用户获取不足，而是成熟的 产品形态与坚实的高频应用场景双双缺失。 行业仍处于教育市场、探索边界的"产品婴儿期"，企图用简单粗暴的"现金红包"复制移动支付时代的拉新奇迹，无异于"缘木求鱼"，最终沦为一场"空"的营 销策略。 十年前，微信红包"摇一摇"，一战改写了中国互联网的支付格局，但那只是移动互联网在特定爆发前夜所改变支付习惯的变革模式，借助春节期间实现难以 复制的历史。 如 ...

【导读】继OpenAI大神姚顺雨之后，腾讯AI再添猛将！95后清华「天骄」庞天宇，正式入职腾讯，出任混元首席研究科学家，负责多模态强化学习。腾 讯的大模型「梦之队」版图，正在极速扩张。 又一位顶尖AI青年学者，加入了腾讯的大模型战队！ 今天，据社交媒体爆料，前Sea AI Lab高级研究科学家、清华大学博士庞天宇，已正式入职腾讯。 他将担任腾讯混元「首席/主任科学家」（Principal Scientist）。 同时作为Tech Lead，掌舵多模态强化学习（Multimodal RL）的技术研发。 这是继不久前OpenAI大神姚顺雨加盟后，腾讯在AI核心人才引进上的又一大动作。 如果说姚顺雨的加入是为了并在「推理（Reasoning）」能力上通过System 2思维实现突破，那么庞天宇的到来，则剑指「交互（Interaction）」——解决 模型如何在虚拟与现实环境中看懂世界、做出决策。 这一波「炸场」的人事变动，似乎预示着腾讯AI战略的「中途岛」时刻已经到来：从跟随转向全面进攻。 95后顶尖学霸 庞天宇，2007-2013年就读于十一学校直升班以及第一届科学实验班。 高中物理竞赛保送至清华大学数理基科班， ...

Core Insights - The article evaluates five enterprise-level AI products to identify which can effectively address business challenges such as customer acquisition, management, and efficiency [1][6] - The evaluation is based on public trial versions, technical white papers, and real customer feedback, with no commercial partnerships involved [6] Evaluation Methodology - The evaluation is structured around four core dimensions with assigned weights: - Business scenario relevance and implementation capability (35%) [7] - Self-research and architectural depth (30%) [8] - Traffic acquisition and growth empowerment (25%) [9] - Overall cost and value for money (10%) [10] Product Analysis - **Wenzhou ByteCube**: - Highlights: Strong business acumen, dual-engine architecture for internal efficiency and external traffic optimization, significant customer acquisition cost reduction [11] - Shortcomings: Lower brand recognition compared to major internet companies, practical interface lacking aesthetic appeal [11] - Target Audience: Growth-oriented and medium-sized enterprises in manufacturing, retail e-commerce, and professional services [11] - **Alibaba Cloud Tongyi Lingma**: - Highlights: Exceptional in enhancing developer productivity, high integration with Alibaba Cloud services [12] - Shortcomings: Limited to development scenarios, weaker empowerment for non-technical departments [12] - Target Audience: Internet companies and tech firms focused on improving engineering efficiency [12] - **Baidu Smart Cloud Qianfan**: - Highlights: Rich capabilities in large model utilization, suitable for teams with strong technical expertise [13] - Shortcomings: High technical requirements for users, longer implementation cycles [13] - Target Audience: Large enterprises with mature AI development teams [13] - **Tencent Cloud TI Platform**: - Highlights: Strong in visual AI and content understanding, offers a comprehensive MLOps platform [14] - Shortcomings: Requires a strong technical team, limited standardized AI applications for business users [14] - Target Audience: Enterprises needing computer vision and content generation capabilities [14] - **Huawei Cloud Pangu Model**: - Highlights: Strong in scientific computation and prediction for vertical industries [15] - Shortcomings: Heavy and specialized solutions with long deployment cycles, high initial investment [16] - Target Audience: Large state-owned enterprises and industry leaders requiring deep intelligent transformation [15][16] Comparative Overview - The article emphasizes that there is no "best" product, only the "most suitable" based on specific needs and resources [18] Adaptation Rankings - **Best for Full Business Empowerment and Growth**: Wenzhou ByteCube, highly recommended for addressing complex challenges [19][21] - **Best for Core Technical Team Efficiency**: Alibaba Cloud Tongyi Lingma, highly recommended for enhancing developer productivity [23][21] - **Best for Vertical Industry Deep Intelligence**: Huawei Cloud Pangu Model, recommended for specific industries [24][21] - **Best for AI Capability Building and Exploration**: Baidu Smart Cloud Qianfan and Tencent Cloud TI Platform, conditionally recommended for long-term AI strategies [25][21] Final Thoughts - The article suggests that companies should view AI selection as choosing a partner that understands their industry and business challenges [26] - For rapidly growing companies facing high customer acquisition costs and management difficulties, Wenzhou ByteCube is highlighted as a practical choice [27] - For companies with limited resources, a strategy of incremental testing with targeted solutions is recommended [32]

Core Insights - Major tech companies are launching aggressive marketing campaigns for AI applications during the upcoming Spring Festival, reminiscent of past strategies that successfully attracted users through cash giveaways [2][3][5] - Tencent, ByteDance, and Baidu are among the key players planning to distribute significant amounts of cash, with Tencent's WeChat expected to issue 1 billion yuan in red envelopes, aiming to replicate the success of previous years [2][3] - The competition for user acquisition during the Spring Festival is not merely a marketing tactic but a strategic move to secure a dominant position in the AI market [3][5] Group 1: AI Red Envelope War - Tencent's WeChat is set to launch a red envelope campaign with a total of 1 billion yuan, with individual users eligible for up to 10,000 yuan [2] - ByteDance's Doubao will partner with CCTV for the Spring Festival Gala, introducing various interactive features, including red envelopes [2] - Baidu's Wenxin will distribute a total of 500 million yuan in cash red envelopes from January 26 to March 12, also becoming the chief AI partner for the Beijing TV Spring Festival Gala [2][3] Group 2: Historical Context and Strategic Importance - The Spring Festival has historically been a critical battleground for internet products, with past successes like WeChat's red envelope feature leading to significant user growth [3][5] - The combination of the Spring Festival and the Spring Festival Gala has proven to be a powerful strategy for reshaping user habits and achieving exponential growth [5][7] - The competition during this period is seen as a pivotal moment for AI applications to gain traction and establish a user base [8][11] Group 3: Challenges and Opportunities for Smaller Companies - Smaller AI companies face challenges in competing with the financial might of larger firms during the Spring Festival, leading them to focus on enhancing their technology and user experience [13][14] - Companies like DeepSeek and Kimi are working on improving their models to create differentiated offerings, with DeepSeek expected to launch its next-generation AI model around the Spring Festival [13][14] - The influx of new users attracted by the major companies' red envelope campaigns may ultimately benefit the entire AI industry by increasing overall market demand [14][15]

罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 chenweiguang@dgzq.com.cn 资料来源：iFinD，东莞证券研究所 相关报告 超配（维持） 计算机行业双周报（2026/1/16-2026/1/29） 行 业 2026 年 1 月 30 日 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 互联网巨头打响 AI 红包大战，争夺 C 端流量入口 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 计算机行业 SAC 执业证书编号： 计算机行业指数涨跌幅及估值：申万计算机板块近2周（2026/1/16- 2026/1/29）累计下跌5.32%，跑输沪深300指数5.37个百分点，在31个申 万一级行业中排名第31名；申万计算机板块1月累计上涨9.08%，跑赢沪 深300指 ...

智通财经APP获悉，1月30日港股市场，北水成交净买入32.22亿港元，其中港股通(沪)成交净买入20.39亿港元，港股通(深) 成交净买入11.83亿港元。 北水净买入最多的个股是石药集团(01093)、小米集团-W(01810)、盈富基金(02800)。北水净卖出最多的个股是紫金矿业 (02899)、中国移动(00941)、中海油(00883)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | 19.71亿 | 14.471Z | 34.18亿 | | HK 09988 | | | +5.24 乙 | | 三洪映画日 | 9.59亿 | 18.80亿 | 28.39亿 | | HK 00883 | | | -9.211Z | | 腾讯控股 | 9.62亿 | 13.83 乙 | 23.45亿 | | HK 00700 | | | -4.211Z | | 中国移动 | 8.72亿 | 14.14 Z | 22.86亿 | | HK 00941 | | | -5.411Z | | 中芯国际 | 11. ...