序言 腾讯服饰行业营销白皮书 2026 版 1 重塑增长新范式：拥抱全域经营的"质"与"量" 在流量红利趋稳、行业竞争加剧的当下，服饰品牌如何在存量市场中挖掘增量，如何在效率至上中回归品牌价值，成为所有经营者共 同思考的命题。微信生态，凭借其独有的社交基因与全域连接能力，正通过"视频号+小店+私域"的深度融合，为服饰行业给出了一 份全新的答案。 2025年，我们见证了服饰行业在微信小店的爆发式成长。数据显示，2025年微信小店品牌GMV增速快于大盘4.3倍，视频号平台创作者 规模同比激增158%。这些数字背后，折射出视频号已从单纯的内容入口，进化为连接公私域、驱动生意高增长的核心引擎。在这里， 内容不再仅仅是注意力的捕手，更是交易转化的催化剂；公域流量不再是转瞬即逝的过客，而是可以沉淀为品牌私域资产的源头活水。 新的机遇呼唤新的经营范式。从单一的投流获客，走向"公私域双轮驱动"；从粗放的流量收割，转向精细化的"人货场"匹配与全 周期用户运营，微信生态正在重新定义服饰行业的生意逻辑。 本《腾讯服饰行业营销白皮书（2026版）》通过腾讯营销洞察（TMI）的数据洞察与腾讯广告服饰行业积累，旨在从宏观趋势、人群洞 察 ...

Market Overview - The Hang Seng Index increased by 1.72%, closing at 25,757.29 points, with a total market turnover of 292.766 billion HKD [1] Southbound Trading Data - Tencent Holdings, Meituan-W, and药捷安康-B received net purchases of 2.262 billion HKD, 799 million HKD, and 8 million HKD respectively [1][2] - Alibaba-W, SMIC, and BYD Company experienced net sales of 630 million HKD, 598 million HKD, and 520 million HKD respectively [1][2] Individual Stock Performance - Tencent Holdings had a closing price of 519.00 HKD, with a price increase of 3.39% [2] - Meituan-W closed at 76.85 HKD, rising by 3.15% [2] -药捷安康-B saw a significant increase of 43.53%, closing at 92.00 HKD [2] - BYD Company closed at 94.70 HKD, with a decrease of 2.27% [2] - Alibaba-W closed at 130.70 HKD, with a price increase of 3.48% [2]

腾讯混元团队 投稿 量子位 | 公众号 QbitAI 学了新的，忘了旧的——大模型微调的"灾难性遗忘"难题，终于有了新解。 腾讯混元团队最新提出的 HY-WU 范式，彻底打破了静态权重的束缚。它的核心洞察是：适配新任务，不一定要改写原有参数。 在基座模型持续进化的征途中，如何平衡"通用性"与"适配性"始终是一项技术挑战。传统的微调 （Fine-tuning） 或PEFT （如LoRA） 虽然 解决了模型"学新知识"的问题，但本质上仍是在静态权重空间内的"存量博弈"——每适配一个新任务，都可能对旧有能力造成不可逆的挤压。 3月6日，腾讯混元发布了一篇名为"HY-WU (Part I): An Extensible Functional Neural Memory Framework and An Instantiation in Text-Guided Image Editing "的技术报告。提出了一种崭新的功能性记忆 （functional neural memory） 范式 （weight unleashing） ， 在模型推理时实时生成个性化参数，由此对不同任务/分布/样本进行个性化适应。 腾讯混元团队 ...

Group 1 - Tencent announced the launch of its 2026 internship recruitment program, offering over 10,000 internship opportunities globally, targeting students graduating between September 2026 and December 2027 [1] - The recruitment positions are categorized into five main areas: technology, product, design, marketing, and functional roles [1] Group 2 - In the technology category, Tencent is expanding recruitment by 36%, with significant increases in software development and AI application development roles, particularly in areas like multimodal, natural language processing, recommendation algorithms, and AI infrastructure [4] - The product category sees a 39% increase in recruitment, with a strong demand for AI product roles, game planning, and game operation positions [4] - The design category continues to see high demand for visual design, game GUI visual design, and product experience design roles [4] - The marketing category includes ongoing recruitment for Tencent advertising marketing management trainees, CSIG technical product business trainees, and investment analysts [4] - The functional category is actively recruiting human resources trainees in various directions, finance trainees, and secretarial roles [4] Group 3 - ByteDance has also launched its ByteIntern internship recruitment program, which is the largest in the company's history, aiming to recruit over 7,000 interns globally for the 2027 graduating class, with all positions offering conversion opportunities and an overall conversion rate exceeding 50% [6] - The recruitment is heavily focused on research and development, product, and AI fields, with over 4,800 offers in the R&D category, accounting for more than 60% of the total [6]

Group 1 - The three major indices in China closed in the green, with the Shanghai Composite Index rising by 0.38%, the Shenzhen Component Index by 0.59%, and the ChiNext Index by 0.38% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.2 trillion yuan, a decrease of 189.9 billion yuan compared to the previous trading day, with over 4,200 stocks rising [2] - The chemical sector saw a collective surge, with over ten constituent stocks hitting the daily limit, and the electric grid equipment concept was also active, with Shun Sodium and Han Cable achieving three consecutive limit-ups [2][16] Group 2 - The Hang Seng Index showed a strong performance, rising nearly 2%, while the Hang Seng Technology Index increased by nearly 3% [3][5] - Major technology stocks such as Xiaomi, Tencent, Alibaba, and Meituan all experienced significant gains, with Xiaomi up 4%, Tencent up 3%, Alibaba up 3.4%, and Meituan up 4.5% [10] - Xiaomi plans to invest 200 billion yuan over the next five years to drive core technology innovation, focusing on high-end manufacturing and new energy vehicles [14] Group 3 - The electric grid sector experienced a resurgence, with significant investments planned, including a total of 4 trillion yuan for the State Grid during the 14th Five-Year Plan, which is a 40% increase from the previous plan [18] - The Southern Power Grid is expected to invest around 1 trillion yuan during the same period, leading to a total investment of nearly 5 trillion yuan from both major grids [18] - The government emphasizes the need for infrastructure upgrades to support new energy systems, with a focus on integrating renewable energy sources [18] Group 4 - The agricultural chemical sector saw a notable increase, with the sector rising approximately 4%, and several stocks, including Chitianhua and Jinzhengda, hitting the daily limit [20] - The price of granular urea in the Middle East has risen by about $130 per ton since last Friday, currently reported at $575 to $650 [23] - The rotation logic of bulk commodities continues, with historical patterns indicating a sequence of movements among different commodities [24]

Core Viewpoint - The article emphasizes the importance of value investing as a long-term strategy that aligns with personal growth and life experiences, advocating for a focus on quality companies and emotional resilience in investment decisions [7][50]. Group 1: Investment Strategy - Value investing is presented as a method that allows for long-term asset accumulation without sacrificing current life enjoyment [7]. - The article suggests that during market downturns, investors should focus on their own decision-making rather than blaming external factors, highlighting that many companies will eventually recover [10]. - It is recommended that investors maintain a portion of their portfolio in broad market indices to simplify investment decisions and reduce emotional stress during market fluctuations [10][50]. Group 2: Behavioral Insights - Many investors fail to make profits due to emotional reactions, such as buying high during market excitement and selling low during downturns, which is attributed to a tendency for simple reasoning [12][13]. - The article discusses the dangers of oversimplifying investment decisions, which can lead to poor outcomes, emphasizing the need for deeper analysis and understanding of market dynamics [24][30]. - It highlights that successful investing requires emotional control, the ability to withstand market volatility, and a clear judgment of a company's future prospects [50][78]. Group 3: Risk Management - The article stresses the importance of avoiding significant losses, as even a few bad outcomes can jeopardize long-term investment success [33][36]. - It references the Blackstone Group's investment philosophy, which prioritizes risk avoidance and survival during market downturns as a key to their sustained success [35][46]. - Investors are encouraged to focus on risk management and ensure they are not overly exposed to any single investment, as this can lead to substantial losses [47][48].

Core Viewpoint - The latest version 4.1.8.21 of WeChat for Windows and macOS has been released, featuring a redesigned user interface that enhances the overall user experience [1][3]. Group 1: Version Update Details - Version 4.1.8.21 is an open beta version that does not require internal testing permissions, allowing all users to install and use it [3]. - The most notable change in this version is the complete redesign of the user interface, including elements such as frosted glass backgrounds, new icons, and updated color schemes [3]. Group 2: UI Changes - In the Windows version, the layout of the chat window has been altered, with functional buttons moved from above the input box to the bottom, and the selected chat object color changed from gray to dark green [6]. - The macOS version also features a redesigned user interface, although specific details about the changes were not provided in the current update [7][8]. Group 3: Future Insights - Further detailed analysis of the new version's highlights is expected to be published later, indicating ongoing testing and exploration of the new features [9].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 騰訊控股有限公司 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00700 | | 說明 | | | | | | | | | | 多櫃檯證券代號 | 80700 | RMB | 說明 | | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | | 50,000,000,000 | HKD | | 0.00002 | HKD | | | 1,000,000 | | 增加 / 減少 (-) | | | | | | | | HKD | | | | | 本月底結存 | | | | ...

Core Viewpoint - The Hang Seng Tech Index has dropped 28% since its peak in October last year, resulting in a market value loss of nearly $600 billion, with major companies like Tencent and Alibaba being significantly affected. The ongoing AI subsidy war raises concerns about profit erosion and the uncertainty of which company will ultimately prevail in the competition [1]. Group 1: AI Subsidy War - During the Spring Festival holiday, ByteDance, Alibaba, Tencent, and Baidu collectively spent approximately $1.1 billion on subsidies to compete for users [2]. - Goldman Sachs recently lowered Alibaba's target price, citing that the company's capital expenditures to secure AI leadership will exceed previous expectations before 2028 [3]. - The upcoming financial reports are critical, with Alibaba expected to see a 45% year-on-year decline in net profit for the quarter ending last December, while Tencent may face its slowest quarterly profit growth since 2023 [4]. Group 2: Market Sentiment and Valuation - The AI hype initiated by DeepSeek has faded, replaced by concerns similar to those faced by major U.S. cloud computing companies, including rising memory chip costs and potential impacts of AI on existing businesses [5]. - Lorraine Tan, Director of Asian Equity Research at Morningstar, notes that while AI spending in China remains reasonable, there are worries about resource wastage and low returns due to intense competition [5]. - Emerging Chinese AI companies have shown resilience to global market fluctuations, with stocks like MiniMax and Tupu Technology rising over 280% since their listings this year [5]. - Bo Ning from China Merchants Securities describes a clear "see-saw" effect between traditional internet giants and emerging AI firms, while market sentiment remains cautious, awaiting clearer AI strategies from companies like Tencent and Alibaba [5]. - The Hang Seng Tech Index currently has a price-to-earnings ratio of less than 17 times based on forward earnings forecasts, below the five-year average of about 22 times, suggesting potential buying opportunities for undervalued large tech stocks [6]. - However, many investors are adopting a wait-and-see approach, with concerns about user retention if subsidies cease, indicating significant uncertainty in determining the eventual winners in the market [6].

Core Viewpoint - The Hong Kong stock market, particularly the Hang Seng Technology Index, has experienced significant declines, with a nearly 30% drop since October last year, despite ongoing buying interest from various funds [2][3]. Group 1: Market Performance - The Hang Seng Technology Index has seen a 12.45% decline year-to-date, with individual stocks like Kingdee International dropping nearly 30% and others like Ctrip, Meituan, Xiaopeng Motors, and Tencent Music falling over 20% [3]. - The overall decline of the Hang Seng Index has exceeded 27% since its peak on October 3 of the previous year, with many fund managers expressing that the recent drop was beyond their expectations [3]. Group 2: Investment Trends - Despite the market downturn, there has been a strong influx of capital into the Hang Seng Technology sector, primarily from three sources: southbound funds, company buybacks, and cross-border ETFs [5]. - Southbound funds have shown resilience, with 27 out of 36 trading days this year recording net inflows, totaling HKD 181.8 billion [5][6]. - Major companies like Tencent and Alibaba have seen significant increases in their holdings from southbound funds, with Tencent's market value held by these funds exceeding HKD 540 billion [6]. Group 3: Valuation and Future Outlook - The current rolling price-to-earnings ratio of the Hang Seng Technology Index is at 20.09, which is below the historical average, indicating a potential undervaluation compared to tech stocks in the US, Japan, and South Korea [7]. - Fund managers believe that the negative sentiment has largely been priced in, and there is an expectation of a rebound in earnings growth, with projected EPS growth exceeding 40% for 2026 [7][8]. - The anticipated exit of external pressures and a return to focus on intrinsic growth within the industry could support a recovery in the Hang Seng Technology Index [8].