FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 騰訊控股有限公司 呈交日期： 2026年1月13日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00700 | 說明 | | | | | | | | 多櫃檯證券代號 | 80700 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變 ...

Core Viewpoint - The article discusses the vibrant developments in China's AI sector at the beginning of 2026, highlighting key figures in the field and their contributions to the evolution of large models and AI applications. Group 1: Event Highlights - The event featured prominent figures in AI, including Professor Tang Jie, Yang Zhilin, Lin Junyang, and Yao Shunyu, marking a significant gathering in Beijing [1]. - The presence of foundational figures like Zhang Bo and Yang Qiang indicates the event's importance in shaping the future of the large model industry [1]. Group 2: Observations on AI Development - The year 2025 was noted as a breakthrough year for open-source models in China, with a 10 to 20 times increase in coding activities [6]. - The discussion emphasized the differentiation of AI models, with a focus on enterprise applications and coding, inspired by developments in Silicon Valley [7][8]. Group 3: Model Differentiation - Yao Shunyu pointed out the clear division between To C (consumer) and To B (business) models, with a growing trend towards vertical integration and layered applications [9][12]. - The article highlights that while consumer applications may not require the highest intelligence, business applications benefit significantly from stronger models, leading to a willingness to pay for superior performance [10][11]. Group 4: Future Paradigms in AI - The conversation shifted to the next paradigm in AI, focusing on autonomous learning and self-improvement, with various interpretations of what this entails [23][24]. - Yao Shunyu mentioned that the bottleneck for autonomous learning is not methodology but rather the data and tasks involved, indicating a need for context and environment to enhance AI capabilities [23][25]. Group 5: Agent Strategy - The potential for agents to automate human tasks significantly was discussed, with expectations that by 2026, agents could handle workloads equivalent to one or two weeks of human effort [39][40]. - The article suggests that the development of agents is closely tied to advancements in model capabilities and the complexity of interaction environments [45][46].

转自：新华财经 腾讯官方保险代理平台——腾讯微保近日发布了2025年理赔服务年度报告（下称：报告）。数据显示，截至2025年12月31 日，经腾讯微保平台完成的累计理赔金额达84亿元，累计服务理赔案件数量突破2576万件，累计服务理赔人数达1090万 人。 年度理赔服务创新：更快、更省心 2025年7月，国家金融监督管理总局发布《关于推动城市商业医疗险高质量发展的通知》，明确要"推动商业医疗保险可及 可信、可保可赔、可感可知"。2025年，"微保安心赔"在线理赔服务，基于用户理赔全流程体验中的各项"痛点"，推动理赔 服务模式系统性再升级，将政策导向转化为用户可感知的保障体验。 报告显示：2025年，腾讯微保联手微信支付等多方试点上线了微信支付场景全国首个"商保直付"快捷通道。微医保·百万医 疗险（普惠版）的用户在深圳市南山区4家指定试点医院就诊后，出院结算时使用微信支付，即可同步完成医保报销和商业 保险理赔的直接结算。"商保直付"是腾讯微保在微信就医支付场景下保险理赔服务模式的新实践，通过将原先"医保报 销"和"商保理赔"两个串联流程，革新为出院时"医保+商保"同步结算的并联流程，实现了真正意义上的"一站式结 ...

中国社会科学院亚太与全球战略研究院研究员许利平表示，中国与东盟在"数字丝绸之路"建设方面已取 得实质性进展。华为、腾讯等中国企业积极参与东盟国家通信网络建设；字节跳动等企业在泰国、印尼 等地布局数据存储业务；此外，支付宝、微信等支付平台在东南亚地区逐步推广。 北京商报讯（记者 张绪旺）由《亚太日报》、亚太智库和华侨大学海上丝绸之路研究院共同举办的共 建"数字丝绸之路"研讨会近日举行，围绕中国-东盟数字合作、数字技术赋能"一带一路"建设、中国企 业出海如何加强"本土化"等议题展开深入讨论。 就中国企业出海的本土化策略，与会专家认为，中国企业应该加强社区参与或采用本土化商业策略。益 普索中国内容营销与报告负责人时悦介绍，研究发现，海外消费者对中国品牌的信任驱动因素日益多元 化，"沟通中诚实开放"首次进入前五位。 网剧、网游（包括电竞）、网络文学的出海被称作文化出海"新三样"。华侨大学教授、海上丝绸之路研 究院院长黄日涵指出，"Z世代"对信息的接受方式发生根本改变，数字内容成为连接不同文化的重要桥 梁。 腾讯战略传播中心总监廖芳莉介绍，腾讯云在海外已有56个可用区，去年成功服务印尼最大的互联网企 业GoTo集团旗下 ...

岗位： 腾讯研究院 数字内容研究实习生 岗位描述 1、研究方向：影视、综艺、短视频、微短剧等数字内容研究 4、实习时间：每周坐班5天、实习6个月以上，立即上岗者优先。 工作内容 1、围绕影视、综艺、短视频、微短剧等产业发展，以及文化与科技融合创新等方向，提供研究支持。 2、能综合应用各类AI工具，完成信息查询、数据分析、案例研究、文章撰写等工作。 3、日常交办的其他工作。 岗位要求 1、重点大学的出版/经管/统计/传媒等专业的在校硕士/博士研究生，关注数字内容行业前沿发展， 有相关研究成果者可不限专业。 2、了解影视、综艺、短视频、微短剧等数字内容行业趋势、技术创新，有互联网行业研究经验，对行 业热点事件有独立认识和思考。 3、具备较强的写作能力/数据分析能力和行业研究素养；喜爱研究，有志从事研究工作或渴望培养研 究能力。 4、责任感强，有契约精神，实习期6个月以上者优先。 有意者请以 【姓名-学校-年级-专业-每周 x 天】 命名邮件标题和附件，发送简历到 chloemchen@tencent.com ，并请附带个人研究论文等成果。 2、工作地点：北京市朝阳区亚洲金融大厦 3、工作待遇：税后150元/天 点 ...

Group 1 - The global mobile game revenue is projected to grow slightly by 1.3% to reach $82.3 billion in 2025, with the top 30 Chinese mobile game publishers generating $23.3 billion, accounting for 35% of the total revenue of the top 100 publishers [1] - Tencent remains the top global mobile game publisher, driven by strong performances from titles like "Honor of Kings," "Peacekeeper Elite," and "PUBG MOBILE," with "Honor of Kings" expected to generate over $2 billion in 2025, marking a 5% year-on-year growth [1] Group 2 - Diandian Interactive achieved explosive growth in 2025, with global revenue surging by 87%, securing the second position in the revenue rankings [2] - The strategy game "Whiteout Survival" saw a 45% year-on-year revenue increase, reaching $2.1 billion, maintaining its position as the top-grossing overseas mobile game for 24 consecutive months [2] - The merging game "Tasty Travels: Merge Game" experienced a remarkable 28-fold revenue increase, surpassing $100 million in cumulative revenue, and debuted at the 27th position in the overseas mobile game revenue rankings [2] - The global merging game segment has witnessed explosive growth, with a market size exceeding $2.4 billion in 2025, reflecting a 95% year-on-year increase, making it a key strategic focus for publishers [2]

Core Insights - The narrative around the AI industry is undergoing significant scrutiny as massive capital expenditures collide with stagnant revenue growth, raising concerns about a potential "bubble" [1] - There is a growing gap between substantial investments in AI and the actual commercial returns, leading to a shift in focus from technological optimism to financial pragmatism [2] Group 1: Investment and Market Performance - In the U.S. market, NVIDIA's stock has reached new highs, reflecting investor enthusiasm for its AI chip business, while companies like Microsoft, Google, and Meta show structural differences in stock performance [1] - In China, Alibaba's stock has hit multi-year highs, with Tencent and Baidu also showing active performance in AI-related stocks, indicating ongoing market interest in domestic AI applications and infrastructure [1] - Despite high valuations in the global capital markets for the AI industry, concerns about the sustainability of these valuations are becoming a focal point of discussion [1] Group 2: Profitability Challenges in ToB AI - The global enterprise AI market is experiencing an asymmetric cycle of investment and profitability, with major players like Amazon and Google facing challenges as they expand [3] - Amazon's AWS is projected to have a capital expenditure of $125 billion in 2025, primarily for AI data center expansion, but its profit margins are under pressure due to rising operational costs [4][6] - AWS's revenue and operating income showed signs of recovery in Q3 2025, but profitability remains sensitive to capital expenditure and customer purchasing cycles [7] Group 3: Google Cloud's Growth and Challenges - Google Cloud has positioned AI at the core of its growth strategy, achieving significant revenue growth, but concerns about the mismatch between capital expenditure and returns persist [8][10] - Despite high ROI cases reported, the majority of AI projects struggle to achieve measurable returns, with only 25% of enterprise AI projects meeting initial ROI goals [14][15] Group 4: ToC AI Market Dynamics - The consumer AI segment faces challenges in converting user growth into revenue, with only 5% of AI projects yielding measurable benefits [16] - OpenAI's ChatGPT is projected to have annual revenue exceeding $20 billion in 2025, but its operational costs are rising exponentially, leading to significant losses [17] - The user base for ChatGPT has grown rapidly, but the conversion rate to paid subscriptions remains low, highlighting a disconnect between user acquisition and monetization [20][23] Group 5: Commercialization and Long-term Perspectives - The current investment-return imbalance in AI is seen as a phase rather than a failure of technology, with the potential for long-term value creation through efficiency improvements across industries [25][26] - The AI industry's commercial path is expected to follow a "J-curve," indicating that current losses are part of a necessary accumulation phase before significant returns can be realized [26][27] - The ongoing challenges in both ToB and ToC segments are contributing to the narrative of an "AI bubble," but the long-term potential of AI technology remains intact [27][28]

1月13日，港股股指高开后震荡下行，截止收盘，恒生指数涨0.9%报26848.47点，恒生科技指数涨0.11% 报5869.79点，国企指数涨0.71%报9285.41点，红筹指数涨0.78%报4146.17点。 盘面上，大型科技股走势分化，阿里巴巴涨3.63%，腾讯控股涨0.72%，京东集团涨0.43%，小米集团跌 1.96%，网易跌0.18%，美团跌0.1%，快手跌2.24%，哔哩哔哩涨3.11%；创新药板块全天表现强势，药 明康德收涨8.3%；黄金股领涨，中国黄金国际涨超7%，万国黄金集团涨超5%，紫金黄金国际涨超 5%，灵宝黄金涨超3%；大模型概念股智谱跌超12%，MINIMAX跌超8%；半导体板块走弱，上海复旦 跌近5%，华虹半导体跌超2%；商业航天概念回调，金风科技跌超9%；今日三只新股上市，兆易创新涨 超37%，BBSB INTL涨超11%，红星冷链涨0.33%。 企业新闻 腾讯控股(00700.HK)：斥资约6.36亿港元回购102.4万股，回购价614-627港元。 吉利汽车(00175.HK)：斥资1.51亿港元回购900.7万股，回购价16.63-17.15港元。 钧达股份(02865. ...

1月13日，美银证券发表中国互联网报告，预期今年股价表现仍然分歧，人工智能将再次跑赢，娱乐及 旅游等虚拟消费再度跑赢实体电商，人工智能仍为业界最大增长亮点，但疲弱宏观状况对消费开支(电 商)及企业开支(广告)构成压力，仍为拖累行业因素。但中国互联网股估值吸引，为下行提供缓冲，目前 预测市盈率为18倍，低于十年平均的23倍、纳指100的26倍及美股"七巨头"的31倍。 责任编辑：栎树 选股方面，该行仍偏好人工智能及在线游戏多于电商，腾讯仍为行业首选，拥有人工智能应用推动增 长、市场竞争稳定、最佳股东回报及估值吸引的最佳结合。阿里巴巴仍为中国人工智能的最佳投资目标 股份，亦为中国电商股首选。 港股频道更多独家策划、专家专栏，免费查阅>> ...

美银证券发布研报称，预计今年股价表现仍将分化，人工智能板块将再次跑赢大市，娱乐及旅游等虚拟 消费将继续优于实体电商，人工智能仍是业界最大增长亮点。但疲弱的宏观环境对消费支出（电商）及 企业支出（广告）构成压力，仍是拖累行业的因素。不过中国互联网股估值具备吸引力，为下行风险提 供缓冲，目前预测市盈率为18倍，低于十年平均的23倍、纳指100的26倍及"美股七巨头"的31倍。 百度集团-SW（09888）在人工智能领域具备吸引力，价值释放亦步入正轨。数字娱乐方面偏好线上游 戏，推荐哔哩哔哩-W（09626）及腾讯音乐-SW（01698）。细分行业中，看好京东健康（06618）及携 程集团-S（09961）。 选股方面，该行仍更偏好人工智能及线上游戏而非电商，腾讯控股（00700）仍是行业首选，兼具人工 智能应用推动增长、市场竞争格局稳定、股东回报优异以及估值吸引等多重优势。阿里巴巴（09988） 仍是中国人工智能领域的最佳投资标的，亦是中国电商股首选。 ...