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].

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 30.81 亿元 | -1.01 亿元 | | 中芯国际(00981) | 19.73 亿元 | -3957.24 万元 | | 腾讯控股(00700) | 18.66 亿元 | +1.67 亿元 | | 中国海洋石油(00883) | 18.60 亿元 | -2.47 亿元 | | 长飞光纤光缆(06869) | 13.52 亿元 | +2.98 亿元 | | 紫金矿业(02899) | 13.17 亿元 | +10.13 亿元 | | 泡泡玛特(09992) | 10.25 亿元 | +2.45 亿元 | | 小米集团-W(01810) | 8.56 亿元 | -5105.41 万元 | | 华虹半导体(01347) | 7.52 亿元 | +4528.36 万元 | | 金山云(03896) | 6.63 亿元 | +1.65 亿元 | | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 50.18 亿元 | -8 ...

证券简称成交金额净买入额收盘价涨跌幅腾讯控股 0070049.15亿港元12.09亿港元621.00港元23.10%泡泡玛特 0999229.14亿港元7.34亿港元231.40港元70.30%长飞光纤光缆 0686913.52亿港元2.98亿港元75.20港元154.30%中国海洋石油 0088353.86亿港元2.86亿港元24.66港元48.50%金山云 038966.63亿港元1.65亿港元7.81港元34.40%云知声 0967819.62亿港元0.74亿港元382.00港元737.90%华虹半导体 013477.52亿港元0.45亿港元122.70港元74.40%小米集团－Ｗ 0181027.27亿港元-0.59亿港元36.32港元21.40%中芯国际 0098158.16亿港元-3.79亿港元79.30港元35.20%中国移动 0094132.78亿港元-7.48亿港元80.90港元30.60%紫金矿业 0289944.92亿港元-8.54亿港元44.76港元31.30%阿里巴巴－Ｗ 0998880.99亿港元-9.45亿港元173.50港元21.20%盈富基金 0280031.73亿港元-23 ...

Group 1 - The competition among cloud service providers is intensifying as they set ambitious targets for AI-related revenue growth, with Baidu aiming for a 200% increase and Alibaba targeting 80% of the new AI cloud market in China by 2026 [1] - ByteDance's Volcano Engine has secured a significant partnership, referred to as the "last piece of the old world of cloud services," by collaborating with the Spring Festival Gala [1] Group 2 - Tencent Cloud is adopting a different approach, emphasizing the importance of endurance and application scenarios over rapid growth in AI, as stated by its Vice President Yang Chen [2] - Yang Chen highlighted that the focus should be on creating healthy business models based on application scenarios rather than merely on token consumption, which lacks customer stickiness [2] - The emergence of AI is driving the intelligent transformation of enterprises and significantly expanding the public cloud market, with a shift from resource-based services to intelligent solutions [3] Group 3 - Tencent Cloud plans to focus on the integration of AI and SaaS products to differentiate itself in the market, moving away from resource sales to solving real business problems with AI [3] - Recent achievements include collaboration with over 11,000 partners, maintaining double-digit revenue growth in public cloud, and a doubling of orders related to AI and SaaS products [4] - The AI large model products have seen a growth of over 50 times in two years, indicating a significant increase in both revenue scale and quality [4] Group 4 - Tencent Cloud is enhancing its intelligent agent development platform, emphasizing the importance of platform capabilities and ecosystem collaboration as core competitive advantages for AI implementation [6]

1月27日，由腾讯研究院主办的"腾讯科技向善创新节（2026）"在深圳举行。本届创新节以"正在发生"为主题，汇聚来自全球科技、人文、艺术、教育等领 域的53位专家学者、行业领袖及产业实践者，共同探讨AI快速演进背景下，个体生活、产业形态与社会结构正在发生的深层变化。 除了主题演讲之外，在腾讯科技向善创新节的圆桌讨论中，还围绕教育、养老、内容产业与治理等议题，展开多场深度对话。在"智能社会生存法则：AI原 生教育新实践"圆桌讨论中，腾讯集团副总裁、腾讯研究院总顾问杨健与明湾学校校长郑腾飞等嘉宾，深入探讨了在AI重塑智力结构的当下，教育应如何从 知识灌输转向能力培养，以及如何帮助"AI原生一代"建立正确的科技观。 腾讯集团高级副总裁、腾讯研究院理事长郭凯天表示，AI不是短期竞争的工具，而是一场需要持续投入、与用户和社会共创的"马拉松"；其价值不在于替代 人，而在于放大人、帮助更多普通人获得能力与机会。 腾讯集团副总裁、腾讯研究院院长司晓在大会上发表了题为《让人放心，把人放大》的主旨演讲，并发布了"AI& Society 创造营"计划。司晓表示，"让人放 心"，意味着在系统稳定性、数据安全、算法透明与责任边界上建立 ...

Core Insights - Shenzhen's Nanshan District is set to become the first district in China to surpass a GDP of 1 trillion yuan by 2025, marking a significant milestone in the country's urban economic landscape [1][3] - The economic density of Nanshan has reached an impressive 54 billion yuan per square kilometer, with a per capita GDP exceeding 540,000 yuan, showcasing its economic output comparable to that of a nation [3][4] Economic Growth - Nanshan's GDP has grown from 652.7 billion yuan at the end of the 13th Five-Year Plan to over 1 trillion yuan in just five years, achieving an average annual growth rate of over 5.8% [3][4] - The district has successfully crossed multiple GDP thresholds (700 billion, 800 billion, 900 billion, and 1 trillion yuan) during this period, demonstrating resilience and vitality in its economic structure [3][4] Innovation and Industry - Nanshan has transformed from low-end manufacturing to high-end intelligent manufacturing, becoming a key center for technological innovation and industrial manufacturing in the Guangdong-Hong Kong-Macau Greater Bay Area [4] - The district is home to 218 publicly listed companies and over 5,500 national high-tech enterprises, with significant contributions from industry leaders like Huawei, Tencent, DJI, and others [4] Innovation Ecosystem - By 2025, Nanshan is expected to have over 860 invention patents per 10,000 people, approximately 22.9 times the national average, indicating a robust innovation output [4] - The district has established a comprehensive innovation ecosystem that includes basic research, technological breakthroughs, industrialization of results, financial support for technology, and talent development [4] Strategic Importance - Nanshan benefits from its strategic location adjacent to Hong Kong, the policy advantages of being in a special economic zone, and a long-standing industrial foundation, making it a unique case in regional economic development [5] - The district's development model emphasizes innovation-driven growth, industrial upgrading, reform and opening-up, and an optimized business environment, which can serve as a reference for other regions [5]

来源：@究竟视频微博 【#春节成多家AI应用厂商营销档#】#字节腾讯百度等大厂抢夺AI入口#春节成为多家AI应用厂商的"营 销档"。先是字节跳动旗下火山引擎宣布成为2026年春晚独家AI云合作伙伴、豆包将深度嵌入晚会互 动，接着，1月25日，腾讯宣布元宝将在2月1日上线春节活动，用户可以在元宝App上分10亿现金红 包。同日，百度也宣布入局春节现金红包活动。 来源：@究竟视频微博 【#春节成多家AI应用厂商营销档#】#字节腾讯百度等大厂抢夺AI入口#春节成为多家AI应用厂商的"营 销档"。先是字节跳动旗下火山引擎宣布成为2026年春晚独家AI云合作伙伴、豆包将深度嵌入晚会互 动，接着，1月25日，腾讯宣布元宝将在2月1日上线春节活动，用户可以在元宝App上分10亿现金红 包。同日，百度也宣布入局春节现金红包活动。 AI厂商开始集体营销了，这不再是一年前围绕聊天助手的投流大战。接近2026年春节，AI厂商拿出了 更多差异化的AI应用，各展身手，焦点在于抢夺AI入口。 AI厂商开始集体营销了，这不再是一年前围绕聊天助手的投流大战。接近2026年春节，AI厂商拿出了 更多差异化的AI应用，各展身手，焦点在于抢夺AI ...

Core Viewpoint - The Hong Kong stock market experienced a net sell-off of 34.27 billion HKD from northbound trading, with significant movements in individual stocks, indicating investor sentiment and market dynamics. Group 1: Northbound Trading Summary - Northbound trading saw a net sell of 34.27 billion HKD, with the Shanghai Stock Connect contributing a net sell of 47.72 billion HKD and the Shenzhen Stock Connect a net buy of 13.45 billion HKD [1] - The most bought stocks included Tencent (00700), Pop Mart (09992), and Yangtze Optical Fibre and Cable (06869) [1] - The most sold stocks included the Tracker Fund of Hong Kong (02800), Alibaba-W (09988), and Zijin Mining (02899) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) had a buy amount of 20.87 billion HKD and a sell amount of 29.31 billion HKD, resulting in a net outflow of 8.44 billion HKD [2] - Tencent (00700) recorded a net buy of 12.09 billion HKD, supported by the announcement of a cash red envelope event worth up to 1 billion HKD [4] - Pop Mart (09992) saw a net buy of 7.33 billion HKD, with plans for expansion into North American shopping centers [5] - Yangtze Optical Fibre and Cable (06869) had a net buy of 2.97 billion HKD, benefiting from a long-term supply agreement with Meta for fiber optic cables [5] - The Tracker Fund of Hong Kong (02800) faced a net sell of 23.16 billion HKD, influenced by market sentiment regarding the US dollar [7] - Other notable net sells included China Mobile (00941) with 7.48 billion HKD, Zijin Mining (02899) with 8.54 billion HKD, and Alibaba-W (09988) with 9.44 billion HKD [8]