Core Insights - Tencent's HunyuanVideo 1.5 has been officially released and open-sourced, featuring a lightweight video generation model based on the Diffusion Transformer (DiT) architecture with 8.3 billion parameters, capable of generating 5-10 seconds of high-definition video [1][2]. Model Capabilities - The model supports video generation from text and images, showcasing high consistency between images and videos, and can accurately follow diverse instructions for various scenes, including camera movements and character emotions [5][7]. - It can natively generate 480p and 720p HD videos, with the option to upscale to 1080p cinematic quality using a super-resolution model, making it accessible for developers and creators to use on consumer-grade graphics cards with 14GB of memory [6]. Technical Innovations - HunyuanVideo 1.5 achieves a balance between generation quality, performance, and model size through multi-layered technical innovations, utilizing a two-stage framework [11]. - The first stage employs an 8.3B parameter DiT model for multi-task learning, while the second stage enhances visual quality through a video super-resolution model [12]. - The model features a lightweight high-performance architecture that achieves significant compression and efficiency, allowing for leading generation results with minimal parameters [12]. - An innovative sparse attention mechanism, SSTA (Selective and Sliding Tile Attention), reduces computational costs for long video sequences, improving generation efficiency by 1.87 times compared to FlashAttention3 [15][16]. Training and Optimization - The model incorporates enhanced multi-modal understanding with a large model as a text encoder, improving the accuracy of video text elements [20]. - A full-link training optimization strategy is employed, covering the entire process from pre-training to post-training, which enhances motion coherence and aesthetic quality [20]. - Reinforcement learning strategies are tailored for both image-to-video (I2V) and text-to-video (T2V) tasks to correct artifacts and improve motion quality [23][24]. Use Cases - Examples of generated videos include cinematic scenes such as a bustling Tokyo intersection and a cyberpunk-themed street corner, showcasing the model's ability to create visually appealing and contextually rich content [29][30].

Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - Tencent's Q3 revenue reached 192.87 billion yuan, representing a year-over-year increase of 15% and a quarter-over-quarter increase of 5%, exceeding consensus expectations of 188.8 billion yuan [4] - The adjusted net profit for Q3 was 70.55 billion yuan, up 18% year-over-year and 12% quarter-over-quarter, surpassing the consensus estimate of 65.97 billion yuan [4] - The growth in revenue and profit is driven by strong performance in the gaming sector, robust advertising growth fueled by AI, and improvements in financial technology services [4][10] Summary by Sections Q3 Performance - Revenue: 192.87 billion yuan (yoy +15%, qoq +5%), above consensus of 188.8 billion yuan [4] - Gross Profit: 108.8 billion yuan (yoy +22%, qoq +4%), exceeding consensus of 106.39 billion yuan [4] - Adjusted Net Profit: 70.55 billion yuan (yoy +18%, qoq +12%), above consensus of 65.97 billion yuan [4] Value-Added Services (VAS) - Domestic game revenue reached 42.8 billion yuan (yoy +15%), driven by stable contributions from titles like "Delta Action" and "Honor of Kings" [5] - International game revenue was 20.8 billion yuan (yoy +43%), exceeding expectations due to growth from Supercell games and new releases [5] Marketing Business - Marketing revenue was 36.2 billion yuan (yoy +21%), surpassing expectations, driven by AI-enhanced advertising platforms [6] - The combined MAU for WeChat reached 1.414 billion, a year-over-year increase of 2% [6] Financial Technology - Financial technology revenue was 58.2 billion yuan (yoy +10%), supported by growth in commercial payment activities and consumer loan services [7] AI Investments - Capital expenditure for Q3 was 12.98 billion yuan, a year-over-year decrease of 24% [8] - AI capabilities are continuously improving, with advancements in transaction ecosystems and model performance [8][9] Investment Recommendations - Projected net profits for 2025, 2026, and 2027 are 257.02 billion yuan, 290.51 billion yuan, and 319.01 billion yuan respectively, with stable growth expected in gaming and advertising sectors [10]

巨头纷纷入局的背后，是漫剧市场巨大的增长潜力。据巨量引擎披露的数据，2025年上半年，漫剧供给量的月复合增长率为83%，播放量趋势月复合增长率 为92%，半年内上线作品超3000部，并预计全年漫剧市场规模将破200亿元。 据Tech星球报道，腾讯正式布局漫剧市场，日前推出了"火星动漫"和"火星动漫社"两款漫剧小程序。 据悉，这两款小程序或许尚处于测试阶段，功能尚未完善，首页暂无可点击观看内容，推荐栏目下主推包括《我在三界直播带货》在内的漫剧，以及其他真 人短剧作品，大部分内容仍以真人短剧为主。 值得一提的是，在上线上述两款漫剧小程序之前，腾讯广告已发布最新漫剧相关政策，开通了"文娱-微短剧"类目，并推出具体的分成政策，符合条件的内 容方最高可享受95%的分成比例；若是漫剧内容授权给官方小程序，分成比例可达110%-160%。 值得注意的是，除了腾讯布局之外，多家企业早已入局漫剧赛道。红果短剧11月初推出"红果免费漫剧APP"，平台不仅所有剧集免费，还与番茄免费小说实 现内容打通，支持小说免费阅读；爱奇艺于10月22日官宣进军漫剧，并发布了漫剧相关的合作计划及激励政策；B站则推出"觉醒计划"，面向UP主、MCN ...

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 作者：情报员 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"对象分类方法、装置、计算机设 备和存储介质"的专利，授权公告号CN116796264 B，申请日期为2022年3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274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573个。 ...

从单村示范到片 区共富探索，广 东"百千万工 程"英德片区共 富乡村建设项目 正式启动_南方 +_南方plus 一个仅有29户人 家的小村庄，通 过一年多共富乡 村试点建设，村 里的乡村CEO团 队得到培养和壮 大，各种新业态 涌现，累计接待 游客近5万人 次，村集体增加 经营性收入近70 万元，村工匠队 增收160万元， 甚至吸引了央视 《山水间的家》 栏目前来取景拍 摄，逐步成为英 德的热门旅游打 卡地…… 11月24日，广东 省英德市龙华村 梅子寨这个小村 庄里，一天之内 迎来了三场重磅 活动：广东"百 千万工程"英德 片区共富乡村建 设项目启动仪 式，落实推 动"百千万工 程"建设宜居宜 业和美乡村学术 会议，广东"百 千万工程"英德 片区共富乡村建 设项目乡村经营 人才专项培训。 来自政府、学 界、企业界的代 表和乡村实践者 齐聚梅子寨，切 身感受村庄发展 的惊喜变化，共 同探讨乡村振兴 的机制创新、人 才培育与数字化 赋能路径。 作队、中国农业 大学国家乡村振 兴研究院、腾讯 可持续社会价值 事业部（简称腾 讯SSV）、中远 海运特种运输股 份有限公司等政 府和社会力量的 共同支持下，践 行"共富 ...

Financial Performance - In Q3 2025, Tencent achieved revenue of 192,869 million, a year-on-year increase of 15% [1] - For the first three quarters, revenue reached 557,395 million, reflecting a 14% year-on-year growth [1] - By segment, value-added services revenue was 95,860 million, up 16% year-on-year; marketing services revenue was 36,242 million, growing 21%, making it the fastest-growing segment; financial technology and enterprise services revenue was 58,174 million, increasing by 10% [1] - The company's overall gross margin rose to 56%, with operating profit at 63,555 million, a 19% year-on-year increase, resulting in an operating profit margin of 33% [1] - Net profit attributable to shareholders was 63,133 million, up 19% year-on-year, while non-IFRS net profit attributable to shareholders was 70,549 million, reflecting an 18% year-on-year growth [1] Business Development - Marketing services revenue was 36,200 million, with a year-on-year increase of 21%, maintaining double-digit growth for 12 consecutive quarters, driven by video accounts and AI-powered targeting and bidding optimization [1] - Value-added services revenue reached 95,900 million, up 16% year-on-year, with overall gaming revenue increasing by 23% (domestic revenue at 42,800 million, up 15%; overseas revenue at 20,800 million, up 43%) [1] - The positive impact of normalized licensing and a reduction in Apple's commission on WeChat mini-games to 15% contributed to stable growth, supported by evergreen products, international expansion, and AI-enabled operations [1] Profit Forecast - Revenue is projected to be 726,283 million in 2025, with operating profit expected to be 220,183 million, corresponding to PE ratios of 23.29, 20.34, and 18.05 for 2025-2027 [2]

成立仅五年时间，最近三年蝉联全球桌面级 3D 打印设备销量冠军，被誉为国内成长速度最快的 2020 世代企业之一——这家公司名为拓竹科技（Bambu Lab），其创始团队陶冶和高修峰、刘怀宇、陈子涵、吴伟，均出自大疆创新。 据硬氪报道，拓竹接近完成新一轮融资，腾讯参投，公司估值或达 100 亿美元。媒体就上述信息和拓竹、腾讯方面求证，双方均表示消息不实。 2024 年，拓竹营收约 60 亿人民币，出货量约 120 万台，全球消费级 3D 打印机市场占有率约 29%。 拓竹 A1（来源：拓竹） 腾讯与大疆锚定了3D打印赛道 作为目前的行业领头羊，拓竹此前就与腾讯展开合作。今年 7 月，拓竹与腾讯云达成全面合作，旗下 3D 模型平台 MakerWorld 全面接入腾讯混元 3D 生 成模型。 生成式 AI 带来的用户 3D 建模门槛降低，被认为是 3D 打印机市场开始爆发的关键推手。 MakerWorld（来源：拓竹） 值得一提的是，腾讯也是 3D 打印机企业创想三维的股东之一。创想三维，正在冲击港股 IPO，意欲成为「消费级 3D 打印第一股」。 Precedence Research 报告显示，全球 3D 打 ...

每经AI快讯，11月26日，腾讯混元3D创作引擎正式推出国际站，面向国际用户开放。用户可以直接输 入文字描述、图片、草图等，构建高质量3D作品。同时，混元3D模型API在腾讯云国际站上线，开发 者和企业用户可以通过该接口接入模型能力。 ...

截至2025年11月26日 10:45，云计算ETF天弘(517390)盘中换手3.76%，成交1465.12万元。跟踪的中证沪港 深云计算产业指数(931470)强势上涨2.77%，成分股石基信息(002153)上涨10.00%，中际旭创(300308)上涨 9.40%，新易盛(300502)上涨6.66%，浪潮信息(000977)，中科曙光(603019)等个股跟涨。 拉长时间看，截至11月25日，云计算ETF天弘(517390)近半年规模增长7663.70万元，实现显著增长。 科创综指ETF天弘(589860)盘中换手6.16%，成交1898.61万元。跟踪的上证科创板综合指数(000680)上涨 0.81%，成分股明微电子(688699)上涨20.01%，金迪克(688670)上涨20.00%，长光华芯(688048)上涨 17.94%，前沿生物(688221)上涨13.97%，悦康药业(688658)上涨12.04%。 【产品亮点】 科创综指ETF天弘(589860)，对应场外联接(A：023721；C：023722)。 【热点事件】 1、腾讯混元发布轻量级开源OCR模型，多项榜单斩获SOTA 11 ...

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