记者丨彭新 编辑丨巫燕玲 1月26日下午，腾讯召开2025年度员工大会，腾讯董事会主席兼首席执行官马化腾在会上明确了公司最 新的AI战略方向：不盲目跟随市场节奏，坚持"稳扎稳打"，并表示旗下AI应用"元宝"将投入10亿元人 民币用于春节红包活动，试图通过社交裂变打开AI产品的C端市场。他解释称，这笔资金源自节省下来 的传统营销费用，希望让用户"重温抢红包的快乐"。 马化腾在大会上回顾了腾讯在2021年到2023年疫情期间、行业进入寒冬期的 "过冬"历程。他指出，通 过"聚焦主业、减脂增肌"，腾讯已恢复增长轨道，并且在AI的投入上持续加大力度。面对ChatGPT和 DeepSeek等技术变革带来的行业冲击，马化腾表示，每个企业的基因和体质不同，腾讯不会通过简单 的堆砌产品来应对竞争。 而在组织架构层面，腾讯正在进行深度的AI化重构。马化腾透露，过去一年公司大幅优化了AI人才结 构，引入更多年轻化的原生AI人才。未来，腾讯将改变单纯技术支撑模式，推动大模型与产品团队 的"一体化"，采用交叉派驻和Co-design（联合设计），让技术更直接地服务于产品创新。 在提及WXG（微信事业群）时，马化腾将其称为"中流砥柱" ...

成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额56.22亿港 元，腾讯控股、中国海洋石油成交额紧随其后，分别成交43.07亿港元、33.93亿港元。以净买卖金额统 计，净买入的个股共有5只，腾讯控股净买入额为10.15亿港元，净买入金额居首，该股收盘股价上涨 0.76%，小米集团-W净买入额为8.22亿港元，泡泡玛特净买入额为6.13亿港元。净卖出金额最多的是中 国移动，净卖出11.77亿港元，该股收盘股价下跌0.88%，紫金矿业、盈富基金遭净卖出10.77亿港元、 10.36亿港元。 今日上榜个股中，腾讯控股、小米集团-W、钧达股份等7只股同时上榜港股通（深）、港股通（沪）成 交活跃股， 腾讯控股合计成交额43.07亿港元，成交净买入10.15亿港元，小米集团-W合计成交额30.90 亿港元，成交净买入8.22亿港元。紫金矿业合计成交额33.65亿港元，成交净卖出10.77亿港元，阿里巴 巴-W合计成交额56.22亿港元，成交净卖出2.35亿港元。 1月26日恒生指数上涨0.06%，南向资金全天合计成交金额为1145.35亿港元，其中，买入成交568.55亿 港元，卖出成交 ...

| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 港股通(沪) | 374381.67 | -12829.26 | -1.96 | | 00700 | 腾讯控股 | 港股通(沪) | 256404.25 | 47186.91 | 0.76 | | 02899 | 紫金矿业 | 港股通(沪) | 234866.76 | -160485.92 | 4.35 | | 01810 | 小米集团-W | 港股通(沪) | 202530.35 | 52716.55 | -2.81 | | 02865 | 钧达股份 | 港股通(沪) | 200947.57 | 22193.94 | -6.56 | | 00941 | 中国移动 | 港股通(沪) | 199564.94 | -117692.48 | -0.88 | | 00981 | 中芯国际 | 港股通(沪) | 197489.33 | 18826.54 | -3.27 | | 09988 | 阿里巴巴-W ...

Core Viewpoint - Tencent is focusing on a stable and strategic approach to its AI development, emphasizing a careful and integrated method rather than simply following market trends [1][3]. Group 1: AI Strategy and Investment - Tencent's CEO, Ma Huateng, announced a significant investment of 1 billion RMB for the "Yuanbao" AI application during the Spring Festival, aiming to leverage social engagement to promote AI products [1]. - The company has optimized its AI talent structure by introducing younger, native AI professionals and is restructuring to integrate large models with product teams for better innovation [1][3]. Group 2: Business Units and Performance - The Cloud and Smart Industry Group (CSIG) is expected to achieve overall profitability by 2025, with key products like QQ Browser and Tencent Meeting being integrated [3]. - Tencent is replicating the success of "WeChat Red Packets" to promote its AI products, with plans to distribute 1 billion RMB in cash during the Spring Festival [3]. Group 3: WeChat and Ecosystem - Ma Huateng referred to the WeChat Business Group (WXG) as a core pillar, advocating for a patient approach to AI upgrades in WeChat's ecosystem while maintaining a decentralized strategy [4]. - The focus remains on enhancing long-term product competitiveness and user experience, with a commitment to privacy and security in the WeChat intelligent ecosystem [4]. Group 4: Gaming and Content - The Interactive Entertainment Group (IEG) is prioritizing the "evergreen game" strategy, introducing new AI-driven gameplay and content innovations [4]. - The Platform and Content Group (PCG) is reviving classic products using AI capabilities, such as QQ Show and QQ Farm, while enhancing cross-platform functionality with partners like Microsoft [4]. Group 5: Advertising and Financial Services - Despite rapid growth in advertising revenue due to AI, the income share remains low compared to industry averages, indicating significant future commercialization potential [4].

Core Viewpoint - In 2026, major companies are entering a new round of competition for AI application traffic, following the mobile internet era, with a focus on aggressive strategies and comprehensive engagement [1] Company Developments - Tencent's CEO Ma Huateng reassured employees at the January 26 employee meeting, emphasizing the company's steady approach and focus on its own pace amidst AI anxieties [2] - Tencent's AI assistant "Yuanbao" has evolved from a technical experiment to a leading AI application, rapidly growing its user base and integrating its capabilities across multiple Tencent platforms [2] - Tencent has restructured its AI development framework, establishing new departments and appointing former OpenAI researcher Yao Shunyu as a key figure in its AI strategy, indicating a significant acceleration in its AI initiatives [3] New AI Features - Tencent's "Yuanbao" launched a new social AI feature called "Yuanbao Party," aimed at enhancing user interaction in social scenarios, allowing seamless integration with WeChat and QQ [4] - The company is reviving its tradition of distributing cash red envelopes during the Spring Festival, announcing a distribution of 1 billion yuan in cash through the Yuanbao app, signaling its commitment to the AI sector [4][5] Industry Competition - As the Spring Festival approaches, major companies are gearing up for a new competition centered around AI, with significant investments and resources being allocated to promote their AI assistants [6][7] - Baidu announced a cash red envelope activity through its Wenxin assistant, while ByteDance secured exclusive AI cloud partnership for the Spring Festival gala, highlighting the competitive landscape [7] - The upcoming Spring Festival presents a critical opportunity for companies to establish user reliance and emotional connections with their AI assistants, which will be crucial in the emerging AI-native era [8]

Core Viewpoint - Tencent's founder Ma Huateng expressed concerns about the safety of the Doubao phone, jointly launched by ByteDance and ZTE [1] Group 1 - Doubao phone assistant acknowledged public concerns regarding security and privacy [1] - The assistant adheres to user authorization and compliance principles, only accessing necessary capabilities with explicit user consent [1] - Data processing in the cloud follows a "no storage, no training" principle, ensuring encrypted data transmission and strict protective measures to safeguard user privacy [1]

1月26日，在一年一度的腾讯员工大会上，谈到对腾讯元宝的期待时，腾讯CEO马化腾坦言。 在现场，马化腾首先回顾过去几年腾讯触底反弹的过程：2021年到2023年疫情期间，行业进入寒冬期， 腾讯提出"聚焦主业、降本增效、减脂增肌"，在随后几年中很快恢复增长，并且在AI的投入上持续加大 力度。 在他看来，ChatGPT和DeepSeek改变AI发展的进程，但每个企业穿越周期的节奏不一样，过往业务的长 青保证腾讯在AI上可以长期投入。"每个企业的基因不同、体质不同，腾讯的风格就是稳扎稳打。"他表 示，在AI战略上，腾讯有自己的考虑和节奏，核心是产品的长期竞争力和用户的体验，现在正在各个 业务板块和平台上仔细思考，持续点亮新的技能。 值得注意的是，马化腾此次还点评了行业动态：对于字节和中兴推出的豆包手机，以及阿里千问接入宣 布全面接入淘宝、支付宝、淘宝闪购、飞猪、高德等阿里生态业务，打通400多项功能一事，马化腾强 调腾讯的安全立场，表示腾讯一贯旗帜鲜明的反对用黑产外挂的方式把用户的手机和电脑屏幕录屏传到 云端，因为这是极其不安全、不负责任的。 这番言论立刻引起了行业关注。1月26日，豆包手机助手官方微博就外界关注的 ...

与主流的单一交互的Chatbot（对话机器人）不同，"元宝派"更像是一个能让AI陪一群人玩的"社交空 间"，从"人机交互"到"人机共生"，在这个有AI的社交空间里，用户可以让AI参与聊天、调节氛围、执 行任务等。 记者体验看到，用户可以选择创建一个"派"，或者加入一个已有的"派"，加入后，在派内@元宝或引用 元宝的话，可以让元宝AI总结派内聊天、创建健身、阅读等兴趣打卡活动，由元宝AI担任"监督员"。不 止文字聊天，用户还可以在派内进行"图片二创"，将一张普通的照片变成有趣的"梗图"或表情包，在共 同创作中激发乐趣。 据悉，元宝派后续公测还将开放上线"一起看""一起听"玩法，该玩法接入了腾讯会议的音视频底层能 力，让用户可以邀请派内好友同步观看一部电影、一场比赛、听一首歌。 AI有了新玩法。1月26日，腾讯旗下AI助手元宝低调开启全新社交AI玩法"元宝派"内测。 1月25日，腾讯还宣布将在元宝APP内派发10亿现金红包。腾讯已经多年不参与春节"撒币"，本轮用10 亿真金白银砸向元宝，在AI赛道加速的决心可见一斑。 想实现以上功能，用户只需要在应用市场/APP Store将"元宝"APP更新到2.55.0及以上 ...

1月26日下午，腾讯召开2025年度员工大会，腾讯公司董事会主席兼首席执行官马化腾分享了公司在过 去一年的业务总结和战略思考，以及对2026年工作的全新展望。 马化腾在现场表示，在AI战略上，腾讯有自己的考虑和节奏，核心是产品的长期竞争力和用户的体 验，现在正在各个业务板块和平台上仔细思考，持续点亮新的技能。"未来人的时间越来越宝贵，帮用 户节省时间、提高效率是非常重要的，这也是我们产品可以融入AI来帮忙的一个思考点。" 币"10亿元现金，能否再次通过春节这一超级社交场景，实现腾讯AI提速值得关注。马化腾表示，希望 此举能够重现11年前的微信红包的时刻。 谈AI战略，腾讯风格就是稳扎稳打 在现场，马化腾首先回顾过去几年腾讯触底反弹的过程：2021年到2023年疫情期间，行业进入寒冬期， 腾讯提出"聚焦主业、降本增效、减脂增肌"，在随后几年中很快恢复增长，并且在AI的投入上持续加大 力度。 在他看来，ChatGPT和DeepSeek改变了AI发展的进程，但每个企业穿越周期的节奏不一样，过往业务的 长青保证了腾讯在AI上可以长期投入。"每个企业的基因不同、体质不同，腾讯的风格就是稳扎稳 打。"他表示，在AI战略上 ...

Core Viewpoint - Tencent emphasizes a steady and focused approach to its business, particularly in the context of AI development, highlighting the importance of long-term product competitiveness and user experience [5][6]. Group 1: AI Strategy and Product Development - Tencent's new product "Yuanbao" is inspired by past experiences and aims to explore new social interactions through AI, integrating features from existing platforms [5][6]. - The company plans to invest 1 billion yuan in cash red envelopes to attract new users to the Yuanbao app, hoping to replicate the success of WeChat's red envelope feature from 11 years ago [6][8]. - The "Yuanbao" app includes features such as AI interaction, task management, and multimedia activities, aiming to enhance user engagement and experience [10][12]. Group 2: Organizational Changes and Talent Acquisition - Tencent has restructured its AI team, moving the "Yuanbao" team to a more prominent position within the organization to enhance its AI application capabilities [15]. - The company has made significant changes in talent acquisition and organizational structure to strengthen its AI strategy, including the establishment of new departments focused on AI infrastructure and data [15][16]. - The appointment of key personnel, such as Yao Shunyu, signals a strategic focus on large models and AI applications within Tencent [15][16]. Group 3: Market Position and Competitive Strategy - Tencent aims to leverage its extensive user base and data to create a robust feedback mechanism, enhancing product development and user experience [18]. - The company believes that its ability to convert complex technology into user-friendly products will be crucial in the AI era, focusing on practical applications rather than just technical superiority [18]. - Tencent's strategy includes building a top talent pool and flexible organizational structures to adapt quickly to market changes and technological advancements [18].