以下文章来源于洒家君泽 ，作者洒家君泽 2026 年初的一个凌晨，田飞按下了公众号"IDL 创新设计实验室"的发布按钮。 四篇文章，记录了微信正在进行的四个功能灰度更新： 田飞把这些文章转发到朋友圈。没多久，留言开始涌进来。有朋友问"微信终于把这个做出来了""我 怎么还没收到更新？""到底什么时候上线？" 他有点不好意思，又有点得意。 洒家君泽 . 关于改变你我生活的商业与科技 本文来自微信公众号： 洒家君泽 ，作者：洒家君泽，头图来自：受访者供图 不好意思是因为，这些所谓的新功能确实存在，但它们并非来自"官方"；得意则不仅在于这些新功能 都是他的学生设计的，还因为一个在心里放了很多年的想法，终于部分实现了。 "清理白名单"让用户可以一键删除白名单以外的其它聊天记录，快速释放存储空间，避免误删重 要内容； "微信口袋"把散落在微信里的各种文章、链接、重要信息装进统一空间，状态保留，随取随用； "固顶转发"将最常转发的联系人和群聊置顶在转发界面，还支持一键同时转发给多个对象，避免 转错人的尴尬； 朋友圈加入了"预览编辑"功能，发布前可以预览文字的展现效果，还能修改图片次序、大小，调 整好后一键发布，无缝衔接。 ...

Group 1 - The core viewpoint of the article is that the company, Caesar Culture, has no current plans for overseas distribution of its game "All-Star Awakening," which is currently being published in the domestic market by Tencent Games [2] - An investor inquired whether the game would leverage the recovery of TikTok's U.S. market for overseas distribution and if ByteDance would provide global traffic resources for the game [2] - The company confirmed that there are no overseas distribution plans for "All-Star Awakening" at this time [2]

以下文章来源于互联网怪盗团 ，作者怪盗团团长裴培 互联网怪盗团 . 一生只为那颗星。 来源丨互联网怪盗团（ID： TMTphantom ） 作者丨怪盗团团长裴培 图源丨Midjourney 1月26日，Pony在腾讯年会上的讲话，立即得到了资本市场和媒体的高度重视。腾讯管理层近年来很 少对外公开发言，仅有的传播自己观点的场合，第一是每季度的财报电话会议，第二是一年一度的年 会。众所周知，财报电话会议受到合规的重重限制，讲的往往是官样文章；而年会是难得的可以不讲 官样文章的场合。过去三年，每次 Pony 在年会上的演讲都得到了外界充分的、甚至是过度的重视。 这一次，外界的焦点集中在对AI的说法上。我认为最重要、最具指导意义的发言是如下三段： "（对于AI）我们整个动作其实是慢了，一直到2024年底，我们的AI产品元宝和混元大模型才转到 CSIG，他们才开始正式做这个产品。" "（混元大模型）问题的根源可能在于基础设施不足；要应对长期竞争，迭代频次和平台不能比别人 差"。 "大模型和AI产品应该合并，因为很多东西需要联合设计，不能简单剥离。" 这也意味着"以CSIG为主体、以元宝为核心"的C端AI战略会继续推进下 ...

Core Viewpoint - The market experienced increased volatility in Q4 2025, with A-shares and Hong Kong stocks showing mixed performance, while sectors like AI computing and semiconductors thrived, contrasting with weaker performances in real estate and pharmaceuticals [1] Group 1: Market Performance - The Shanghai Composite Index rose by 2.22% in Q4 2025, while the Hang Seng Index fell by 4.56% [1] - The technology growth sector, particularly AI computing and semiconductors, showed significant gains, while industries such as real estate and pharmaceuticals faced challenges [1] Group 2: Fund Manager Performance - Star fund managers like Fu Pengbo and Li Xiaoxing achieved over 60% returns in 2025, focusing on AI computing and semiconductors [2] - Balanced allocation funds, such as Zhu Shaoxing's, demonstrated stability with a 20% annual return, benefiting from diversified investments across various sectors [3][14] Group 3: Investment Strategies - Fu Pengbo's fund increased its allocation to data center cooling and computing-related companies, with a top ten stock concentration of 70.38% [5] - Li Xiaoxing emphasized AI hardware innovation and semiconductor investments, with a focus on domestic advancements in the semiconductor industry [6] Group 4: Traditional Value Investments - Fund managers like Zhang Kun and Liu Yanhun maintained positions in traditional sectors like consumer goods and pharmaceuticals, despite facing net value pressures [8][12] - Liu Yanhun's fund experienced a 5.85% decline in Q4, reflecting the challenges faced by traditional value sectors [12] Group 5: Policy and Market Outlook - Fund managers noted the impact of "anti-involution" policies on corporate fundamentals, suggesting a shift towards supply-side optimization [17] - Despite market rebounds, equity assets are still viewed as attractive, with a focus on high-quality listed companies as scarce income-generating assets [18]

APPSO 马化腾回应 AI 焦♫ 安利元宝新玩法 他还现场号召员工参与元宝 2.55 版本的内测，「一起 Debug」。 「每个企业的基因不同」，腾讯有自己的节奏。马化腾强调，腾讯的 AI 核心是产品的长期竞争力与用户体验。腾讯已在内部完成了 AI 人才结构的优 化，通过吸纳业界原生 AI 人才及团队年轻化，重构了研发力量。 马化腾指出，腾讯将把大模型和 AI 产品以一体化的方式来考虑，未来采用交叉、派驻和 Co-design 的逻辑进行产品和组织的设计。 在备受瞩目的微信生态 AI 智能化问题上，马化腾明确表示，AI 全家桶未必是大家都喜欢的，未来将继续坚持去中心化，以兼顾用户需求和隐私安全的方式 来思考规划微信的智能生态。 在业务板块复盘中，马化腾特别提到了腾讯 AI 助手「元宝」。昨天，元宝已官宣将在春节期间发放 10 亿元现金红包。马化腾对此解读称，这是将节省下 来的营销费用直接回馈给用户，重温「抢红包」的快乐。 并且，在提及春节分 10 亿元现金活动时，马化腾也表示希望重现当年微信红包的盛况。 目前，元宝正在内测元宝派功能，尝试将 AI 助手引入群聊场景。马化腾透露，部分灵感源自腾讯会议，目的是结 ...

Core Viewpoint - Tencent is strategically positioning its AI assistant, Yuanbao, to integrate AI into social interactions rather than replacing human communication, focusing on enhancing user engagement through social features and cash incentives [2][10]. Group 1: AI Integration and Features - Yuanbao has launched a social AI feature called "Yuanbao Pai," allowing users to create or join groups where they can interact with the AI for summarizing conversations and organizing activities [4][5]. - The platform will soon introduce features like "watch together" and "listen together," leveraging Tencent Meeting's capabilities for shared experiences [5]. - Yuanbao's integration with WeChat and QQ allows users to invite friends and share links, enhancing its social connectivity [5]. Group 2: Cash Incentives and User Engagement - Tencent announced a 1 billion yuan cash giveaway to promote Yuanbao, with individual red envelopes reaching up to 10,000 yuan [7][8]. - The cash distribution strategy is reminiscent of Tencent's previous successful campaigns, aiming to boost user engagement and retention [8]. - Users can earn additional chances to win through tasks, encouraging daily interaction with the app [7]. Group 3: Competitive Landscape - Other companies, such as Baidu, are also exploring AI group chat functionalities, but Tencent's approach emphasizes light interactions based on real social relationships [6]. - The competitive landscape shows that various players are integrating AI into their platforms, with each company adopting different strategies to capture market share [11]. Group 4: Organizational Adjustments and Strategic Direction - Tencent has made organizational changes to enhance its AI capabilities, including the establishment of new departments focused on AI infrastructure and data [11]. - The company is committed to a steady and thoughtful approach to AI development, prioritizing long-term product competitiveness and user experience [10].

Core Insights - ByteDance's valuation is currently estimated at $480 billion, surpassing Alibaba and posing significant competition to both Alibaba and Tencent in various sectors [1][2]. - The traditional "BAT" (Baidu, Alibaba, Tencent) framework has been disrupted, with ByteDance emerging as the new center of gravity in the tech landscape [4]. Group 1: Historical Context and Competition - The competition has evolved from a focus on user attention (2016-2019) to a battle for consumer spending (2020-2023), and is expected to shift towards AI-driven competition (2024-2026) [6][45]. - ByteDance's rise began with its innovative recommendation engine, which allowed it to capture user engagement more effectively than traditional platforms [12][26]. - By 2019, ByteDance's digital advertising revenue surpassed Baidu's, marking the end of the old BAT era [17]. Group 2: Market Dynamics - The transition to "transaction wars" saw ByteDance establish a significant presence in e-commerce, with its GMV skyrocketing from approximately 500 billion yuan in 2020 to 2.6 trillion yuan by 2023 [32]. - During this period, Alibaba faced severe challenges, including regulatory issues and competition from both ByteDance and Pinduoduo, leading to a significant decline in its market position [34][33]. - Tencent's response to the competition included the launch of WeChat Video Accounts, which integrated various services within its ecosystem, allowing for a more seamless user experience [38][41]. Group 3: Future Outlook - The upcoming "intelligent wars" will focus on AI capabilities, with companies vying for control over user intent through advanced AI agents [45][46]. - ByteDance is rapidly advancing in AI, launching its AI assistant "Doubao," which has gained over 100 million daily active users, showcasing its potential in the AI space [54]. - Alibaba is also pivoting towards AI, with its open-source model gaining traction among developers, while Tencent is restructuring to enhance its AI capabilities [66][60]. Group 4: Key Metrics - As of now, Tencent leads in monthly active users with 1.4 billion on WeChat, while ByteDance boasts two products (Douyin and TikTok) with over 1 billion monthly active users each [71]. - In e-commerce, Alibaba remains the leader with a GMV of approximately 8 trillion yuan, but ByteDance's e-commerce segment has reached around 3 trillion yuan, significantly impacting Alibaba's market share [71].

Core Viewpoint - Tencent has officially exited investments in JD.com and Meituan, signaling a strategic shift away from the competitive food delivery market to focus on artificial intelligence [3][4] Group 1: Strategic Shift - Tencent's CEO, Ma Huateng, announced the company's decision to withdraw from investments in JD.com and Meituan during the 2025 annual employee meeting [3] - This decision is interpreted as a strategic contraction in the fiercely competitive food delivery and community group buying sectors, with Tencent redirecting its focus towards core areas in artificial intelligence [3][4] Group 2: Competitive Landscape - The food delivery market has seen intense competition, with JD.com initiating a significant price war, followed by Meituan's quick response and Alibaba's entry through the integration of Ele.me into its Taobao Flash Purchase segment [3] - The combined investment of JD.com, Meituan, and Alibaba in this sector reached 80 billion yuan, with a notable increase of approximately 10 billion yuan in the third quarter compared to the second quarter [3] Group 3: Financial Impact - The high costs of competition have severely impacted financial performance, with JD.com reporting a 56% year-on-year decline in adjusted net profit to 5.8 billion yuan in Q3 2025 [4] - Meituan recorded a net loss of 16 billion yuan, marking its largest loss since going public, while Alibaba's net profit fell by 52% to 21 billion yuan, with a 72% decline when excluding GAAP adjustments [4] Group 4: Future Strategies - Despite Tencent's exit, competition in the food delivery and instant retail sectors remains fierce, with Alibaba demonstrating a commitment to increasing market share and investment in its Taobao Flash Purchase strategy [4][5] - Alibaba aims to enhance its user base and engagement by focusing on high-ticket users and expanding into non-food retail categories [5]

"每个企业的基因不同、体质不同"，在近日召开的腾讯2026年员工大会上，腾讯董事会主席兼CEO马化 腾一开场就直面差异。这场大会前，腾讯旗下AI助手元宝官宣春节10亿元现金活动，大会当天又内测 社交功能"元宝派"，把AI战局拉进自身最擅长的社交战场，这是一场典型的以慢打快、最"腾讯"的打 法。 眼下，字节依托短视频生态快速普及豆包，以轻量化、娱乐化交互抢占大众用户市场；阿里将千问植入 电商等场景，强化实用服务属性，腾讯选择暂避参数竞赛与流量轰炸，从十亿级社交关系链中寻找AI 落地的新切口——不是让AI替代人，而是让它融入人的日常对话与群体互动之中。 把AI放进群聊里 什么是AI时代的社交？腾讯正在尝试。 根据网络流出的内测截图，元宝已开启社交AI玩法"元宝派"，用户可以选择创建一个"派"，或者加入一 个已有的"派"。用户可以在派内@元宝 或引用元宝的话，让元宝AI总结派内聊天内容，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"梗图"或表情包。 据悉，"元宝派"后续公测还将开放"一起看""一起听"玩法，该玩法接入了腾讯会议的音视 ...

Core Viewpoint - The article discusses the competitive landscape of AI applications during the Chinese New Year, highlighting Tencent's strategic approach to leverage its social ecosystem for AI integration, particularly through the "元宝派" project and cash incentives to enhance user engagement and retention [5][9][12]. Group 1: Tencent's Strategy - Tencent is utilizing its social networks (WeChat and QQ) to drive the adoption of its AI product "元宝" by offering 10 billion yuan in cash incentives, aiming to replicate the success of its previous WeChat red envelope model [5][9]. - The company is focusing on high-frequency social scenarios to promote low-frequency AI usage, effectively transforming AI from a low-frequency tool into a high-frequency companion in daily social interactions [6][10]. - Tencent's approach is characterized as stable and strategic, avoiding the panic seen in other companies that aggressively push into AI without a clear advantage [9][10]. Group 2: Competitive Landscape - ByteDance's strategy contrasts with Tencent's, focusing on a defensive approach while maintaining a strong user base through its AI application "豆包," which currently leads in daily active users [10][11]. - The competition is framed as a "desktop elimination race," where the ability to secure a spot on users' home screens during the holiday period will determine long-term success in the AI sector [12][16]. - Other players like Baidu and Alibaba are noted for their more cautious strategies, with Baidu's "文心一言" facing challenges in both traffic and technology, while Alibaba's "千问" opts for a strategic retreat in the consumer market [13][15]. Group 3: User Engagement and Retention - The success of AI applications will ultimately be measured by user retention rates after the holiday period, rather than initial download numbers, indicating the importance of sustained engagement [16][17]. - The article suggests that the effectiveness of cash incentives, such as red envelopes, will play a crucial role in determining whether users continue to engage with AI applications post-holiday [12][16]. - The potential for user habits to shift towards using AI within social platforms like WeChat poses a significant risk for competitors like Douyin, which may lose their core user engagement if users prefer AI solutions integrated into their existing social interactions [10][11].