Group 1 - The overall A-share market exhibited a "V" shaped trend, with significant differentiation in the AI application sector, particularly the software ETF Huaxia (159256) which saw a surge of over 5% in its holdings, including stocks like Shunwang Technology and Information Development leading the gains [1] - The Huaxia software ETF recorded a trading volume exceeding 130 million, ranking first among similar indices [1] - Tencent's AI assistant "Yuanbao" has rapidly ascended in major app stores, ranking first in Huawei's app store and second in Apple's free app list in China, indicating strong market interest [1] Group 2 - Huatai Securities' 2026 outlook highlights that the global AI industry is at a pivotal point of "capability leap" and "commercialization acceleration," with the arrival of Scaling Law 2.0 marking a maturation of models, engineering systems, and business models [2] - The year 2026 is anticipated to be a milestone for AI applications, transitioning from "technical narrative" to "profit contribution," with a focus on high-value scenarios that address real productivity pain points and have clear payment logic, particularly in B-end software and multimodal generation sectors [2] - The software industry plays a crucial role in the AI industry chain, primarily in the midstream technology layer and downstream application layer, providing essential AI frameworks, development platforms, and algorithm models that are foundational for AI application development [2]

Core Insights - The article discusses the recruitment of AI talent by Pang Tianyu, a member of the MLNLP academic committee, who has recently joined Tencent's Mix Yuan as the Principal Research Scientist and Tech Lead of Multimodal Reinforcement Learning (RL) [1][2]. Group 1: Recruitment and Role - Pang Tianyu is actively recruiting AI talent for his team at Tencent Mix Yuan, focusing on Multimodal RL, which includes generative models (e.g., diffusion models) and understanding models (e.g., VLMs) [1][2]. Group 2: Background and Achievements - Pang Tianyu is a PhD student from Tsinghua University's Computer Science Department, class of 2017, under the supervision of Professor Zhu Jun, with a research focus on machine learning and deep learning robustness [3][4]. - He has published multiple papers as the first author (including co-first authorship) at top machine learning conferences such as ICML, NeurIPS, and ICLR, and has been selected for Oral or Spotlight presentations multiple times [3][4]. - Pang's team has won first place in several adversarial competitions, including NIPS 2017 and GeekPwn 2018 [4]. - He has served as a reviewer for prestigious international conferences and journals, including ICML, NeurIPS, ICLR, CVPR, ICCV, ECCV, and TPAMI [4]. - Pang has received several awards, including the Microsoft Scholarship and the NVIDIA Academic Pioneer Award, and worked as a Senior Research Scientist at SeaAl Lab in Singapore after graduating from Tsinghua [4].

Core Insights - The article discusses the recent hiring of Dr. Tangyu Pang, a prominent scholar in machine learning, by Tencent as the Principal Scientist for the Hunyuan large model team, focusing on multimodal reinforcement learning and generative models [1][2]. Group 1: Talent Acquisition - Dr. Pang will officially join Tencent on February 4, with an emphasis on generative models in the initial phase of his work [1]. - His previous experience includes being a senior research scientist at Sea AI Lab in Singapore, and he has a strong academic background with multiple publications in top machine learning conferences [2]. - The hiring of Dr. Pang follows the recent recruitment of another young scientist, Yao Shunyu, indicating Tencent's intensified efforts to attract top AI talent [2]. Group 2: Organizational Changes - Tencent's Hunyuan large model team has undergone significant restructuring, as noted by CEO Ma Huateng, to enhance talent acquisition and improve the research and development team [2]. - The establishment of new departments such as AI Infra and AI Data, along with the appointment of Yao Shunyu as Chief AI Scientist, signals a strategic acceleration in Tencent's AI initiatives [3]. - The Hunyuan team has also made advancements in user experience with the AI assistant "Yuanbao," which has rapidly grown to become one of the top AI applications in China [3]. Group 3: Product Development - Tencent's Hunyuan team announced the open-sourcing of Hunyuan Image 3.0, which has achieved a top-tier position in the global LMArena image editing rankings, marking it as one of the strongest open-source image generation models [3].

机器之心编辑部 刚刚，腾讯「青云奖学金」正式在深圳颁奖。 作为腾讯支持青年人才和科学研究的项目，「青云奖学金」首期评选出 15 位获奖者，并为每位获奖者提供总价值 50 万的激励，包括 20 万现金和价值 30 万的云 异构算力资源。 「我们希望青年研究者敢于探索未知、富有创新精神，追逐那些大胆的、前沿的、具有长远影响力的科研方向，共同探索更广阔的科技前沿。」腾讯集团高级副 总裁、首席人才官奚丹说。 不久之前正式入职腾讯出任「CEO / 总裁办公室」首席 AI 科学家的姚顺雨（Vinces Yao），也现身为获奖者颁奖。 白雨石 来自清华大学的白雨石，研究领域涉及长上下文大模型与大模型评测。截至目前，他已在 NeurIPS、ICML、ICLR、ACL 等国际顶会发表 10 篇一作论文，总引用 量 4000 + 次，一作论文被引近 2000 + 次。开源的 LongBench、Long-Writer、LongAlign 等工作在 GitHub 共获 3000+ stars 及 300+ forks，在 HuggingFace 上开源的 数据集和模型共被下载 200 万+ 次。 吉嘉铭、董冠霆、张金涛等多位机器之 ...

最近关于腾讯元宝派的讨论甚嚣尘上。 业界看法不一，有人吹捧有人嗤之以鼻，我体验一番后结合自己的体感，连夜古法手敲一篇。 从产品和逻辑的角度聊一聊我的7个冷思考—— 1. 被过度解读是大厂新品的宿命，元宝派也不例外 元宝派在2026年初这个时间节点推出，的确有点微妙。 毫无疑问，豆包、千问都在加码，DeepSeek在憋大招，Kimi、MiniMax们也没闲着，说元宝没有压力，那当然是不客观滴。 业界在等着元宝出招。 所以，当元宝派出来的时候，作为腾讯AI的桥头堡，媒体和行业的过度解读几乎是必然的。 一种声音将其捧上神坛，"定义AI+社交的下一代范式"、"人-人-AI三角关系的奠基者"、"颠覆微信群聊"......各种虎狼之词。 另一种声音则一棒子打死，认为这不过是以前QQ群里的小冰或者是微信群里的群助手的升级版，是新瓶装旧酒。 这两种论调，我都反对。 反对捧杀，是因为目前看到的元宝派，更多是腾讯在CSIG（云与智慧产业事业群）接手元宝后一次步子不小的AI探索。 它并没有从底层颠覆社交关系，微信依然是那个拥有13亿月活的基础设施，而元宝派更像一块可以探索各种可能性的试验田。 元宝派最终能长成什么样，还得经过市场检 ...

证券研究报告 | 行业点评报告 2026 年 01 月 30 日 26 年首月发放 182 款版号，大幅超过 25 年月均 148 款 游戏行业 1 月版号点评 TMT 及中小盘/传媒 1 月 26 日，国家新闻出版署公布了 177 款国产版号、5 款进口版号。177 款国产 版号中，其中"移动"类 101 款，"移动-休闲益智"类 64 款，"移动、客户端"10 款，"客户端"2 款；5 款进口版号中，"移动"4 款，"客户端"1 款。同时还发布 了 14 款游戏的审批变更信息。 ❑ 风险提示：游戏上线时间不及预期；流水不及预期等。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 160 | 3.1 | | 总市值（十亿元） | 2251.6 | 2.0 | | 流通市值（十亿元） | 2071.2 | 2.0 | 行业指数 相关报告 1、《传媒互联网行业周报—阿里千 问做出重大更新，泡泡玛特持续回购》 2026-01-29 2、《互联网行业周报—春节 AI 应用 活动陆续上线，关注大厂布局情况》 2026-01-29 3、《AI 应用研究感思 ...

1月29日，微信安全中心官微发布《针对第三方违规行为的打击公告》。《公告》表示，临近春节，结 合用户的投诉举报，平台针对部分严重干扰生态秩序、侵害用户权益的第三方违规行为进行了治理。 其主要表现为三类：一是虚假营销及相关欺诈行为；二是过度营销、诱导分享等破坏用户体验的行为； 三是存在数据安全风险、使用外挂软件等对用户隐私与安全构成直接威胁的行为。 为维护广大用户的切身利益与平台的健康生态，微信将依据国家相关法律法规及《腾讯微信软件许可及 服务协议》《微信个人账号使用规范》《微信外部链接内容管理规范》《微信公众平台服务协议》《微 信小程序平台服务条款》《微信开放平台开发者服务协议》《微信公众平台运营规范》《微信小程序平 台运营规范》《微信开放平台运营规范》等平台协议和规则，对以下三类违规行为进行重点治理： 一、虚假营销及相关欺诈行为 部分第三方发布的营销内容存在明显的欺诈性质，通过虚假宣传、仿冒身份、伪造福利等手段骗取用户 信任，进而侵害用户财产与信息安全。其主要表现形式包括但不限于： 1．虚假福利类欺诈：通过虚构"刷单返利""高额抽奖""现金红包""购物补贴"等活动，诱使用户参与并 支付费用、提供个人信息或完 ...

Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings [2] Core Insights - Tencent is undergoing a strategic transformation driven by AI, with a focus on organizational restructuring and cloud business profitability milestones. The CEO, Ma Huateng, emphasized that AI is the only area worth significant investment at this time, and the company has successfully transitioned to self-developed products [2][3] - The launch of the "Yuanbao" project marks a significant step in Tencent's "AI + social" strategy, aiming to enhance user engagement through integrated social features and AI capabilities. Tencent plans to invest 1 billion yuan to promote this initiative, targeting exponential growth in AI user numbers during the 2026 Spring Festival [3] - Tencent's gaming business is thriving, with overseas revenue exceeding 10 billion USD, accounting for approximately 30% of total gaming revenue. The company has regained confidence in its core gaming operations, providing stable cash flow and growth potential [4] - In response to challenges in the short drama sector, Tencent Video is shifting towards an "advertising-driven" model while maintaining high-quality long-form content. The company has already produced several successful short drama projects and is exploring new ways to balance content depth and traffic efficiency [5] Summary by Sections Strategic Overview - Tencent's current strategy focuses on AI-driven organizational restructuring and achieving profitability in its cloud business, with a clear commitment to investing in AI technologies [2] AI Initiatives - The "Yuanbao" project represents a critical advancement in Tencent's AI and social strategy, integrating various social features and aiming for significant user growth through substantial promotional investments [3] Gaming Performance - Tencent's gaming division is performing robustly, with a notable increase in overseas revenue, showcasing the company's strong competitive advantage and ability to adapt to market changes [4] Content Strategy - Tencent Video is adapting to market pressures by transitioning to an advertising-driven model while continuing to invest in high-quality content, aiming to leverage its large user base for enhanced revenue generation [5]

Group 1 - On January 29, a total of 30 Hong Kong stocks were repurchased by companies, with two stocks having repurchase amounts exceeding 10 million HKD [1] - The companies with the largest repurchase amounts were Geely Automobile at 108 million HKD, Shoucheng Holdings at 10.30 million HKD, and Jinke Service at 6.39 million HKD [1] - As of January 29, 116 Hong Kong stocks have been repurchased this year, with 9 stocks having a cumulative repurchase amount exceeding 100 million HKD [1] Group 2 - The companies with the highest cumulative repurchase amounts this year include Tencent Holdings at 6.358 billion HKD, Xiaomi Group-W at 2.390 billion HKD, and Sunny Optical Technology at 1.016 billion HKD [1]

证券研究报告|宏观点评报告 [Table_Date] 2026 年 01 月 30 日 [Table_Title] 资产配置日报：风格迅速切换，怎么看 1 月 29 日，权益市场放量震荡。万得全 A下跌 0.23%，全天成交额 3.26 万亿元，较昨日（1 月 28 日）放量 2671 亿元。港股方面，恒生指数上涨 0.51%，恒生科技下跌 1.00%。南向资金净流入 43.74 亿港元，其中腾讯控 股、小米集团分别净流入 8.00 亿港元和 6.43 亿港元，中国移动和紫金矿业则净流出 6.46 亿港元和 3.77 亿港元。 日内风格和题材迅速轮动。早盘黄金股和油气资源高开，但随后快速回落；与此同时，AI应用迅速上涨， SW 传媒指数一度涨超 6%，科技成为上午行情的焦点。临近中午，有色行情迎来修复，稀土永磁板块领涨。值得 注意的是，上午地产板块同样走强，低位补涨成为交易线索，为下午的风格转换埋下伏笔。午后，市场风格由成 长转换到价值，白酒接力地产迅速走强，中证白酒指数全天大涨 9.79%，成分股除贵州茅台外全部涨停，同时贵 金属、AI应用、稀土行情均显著回落。 如何看待市场风格从科技迅速切换至白酒？其一， ...