探元计划是腾讯推动文化和科技深度融合，运用前沿数字科技焕活文化遗产的共创孵化项目。"探元计 划"资助那些从0到1的原创性、前瞻性项目。"探元计划2024"选择在景德镇资助一项基于时域技术的陶瓷 数字化光学孪生解决方案，用以建立"千馆万瓷"陶瓷文化遗产的数字资产版本库。 跟随2024探元计划，我们得以深入探访景德镇。（腾讯研究院高级研究员窦淼磊撰文） 一部中国陶瓷史，半部在景德镇。我们从小在历史课本里学过，景德镇瓷器在千百年来的中外贸易史 上，占据着重要位置。直到改革开放，景德镇瓷器外销还在为国家出口创汇做出重要贡献。 但在来到景德镇之前，我对这座城市当下的具体想象，几乎全由社交媒体塑造："千年瓷都"如今是手工 艺爱好者的天堂，是文艺青年的乌托邦。琳琅满目的独立工作室、熙熙攘攘的创意市集、短视频里游客 们专注地拉坯、主播们在直播间为"宝子""家人"一件件展示手作人的作品…… 在互联网上，景德镇展示着精致与闲适，"景漂"成了一种令人羡慕的生活方式选择。 景德镇随处可见涂鸦墙 而当我们真正来到这里，一个更为复杂的景德镇逐渐展开。最有人气的文旅地标陶溪川，由老国营宇宙 瓷厂改建。再现了明清瓷器商业街的明清园市集，也是 ...

格隆汇9月26日丨腾讯控股(00700.HK)发布公告，2025年9月26日耗资5.5亿港元回购85万股，回购价格 每股640-652.5港元。 ...

Core Insights - The Hong Kong stock market saw a net inflow of 10.541 billion HKD from Northbound trading on September 26, with the Shanghai Stock Connect contributing 7.366 billion HKD and the Shenzhen Stock Connect contributing 3.174 billion HKD [1] Group 1: Stock Performance - Alibaba-W (09988) received the highest net inflow of 5.720 billion HKD, with total trading volume of 11.062 billion HKD, reflecting a net increase of 3.77 billion HKD [2] - Horizon Robotics-W (09660) attracted a net inflow of 8.63 billion HKD, with plans to use proceeds from a share placement to expand overseas market operations and invest in emerging fields [5] - Tencent (00700) saw a net inflow of 7.92 billion HKD, supported by its global digital ecosystem conference focusing on AI and internationalization [5] - Xiaomi Group-W (01810) recorded a net inflow of 6.05 billion HKD, despite a stock price drop following a product launch event [5] Group 2: Market Trends - Northbound trading has shown a strong interest in technology and AI-related stocks, with significant inflows into companies like Alibaba and Horizon Robotics, indicating a growing demand for digital transformation and AI solutions [4][5] - The semiconductor sector faced selling pressure, with SMIC (00981) and Hua Hong Semiconductor (01347) experiencing net outflows of 1.45 billion HKD and 2.12 billion HKD respectively, amid concerns over U.S. government regulations on semiconductor production [6]

智通财经APP讯，腾讯控股(00700)发布公告，于2025年9月26日，该公司斥资5.5亿港元回购85万股。 ...

Core Insights - Tencent's "Hunyuan" has launched new 3D generation models, Hunyuan 3D-Omni and Hunyuan 3D-Part, which are now open-sourced, marking a significant advancement in controllable 3D generation technology [1] Group 1: Product Development - The new models enhance the practicality of AI 3D modeling, facilitating faster implementation of 3D generation in various industries [1] - The advancements are expected to accelerate the application of 3D generation models in gaming, printing, and AR/VR production processes [1]

| 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00700 | 說明 | | | | | | | 多櫃檯證券代號 | 80700 | RMB 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年9月25日 | | 9,162,591,153 | | 0 | | 9,162,591,153 | | 1). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | | | 439,984 | 0.00 ...

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Core Insights - Major domestic internet companies are launching cloud overseas strategies and utilizing debt financing to support these initiatives [1] - Alibaba Cloud plans to invest over 380 billion RMB in the next three years for cloud and AI hardware infrastructure, exceeding the total investment of the past decade [1] - Tencent Cloud has embraced internationalization, achieving high double-digit growth in international business over the past three years, with a doubling of overseas customer scale [2] Group 1: Cloud Overseas Strategies - Domestic internet giants are releasing cloud overseas strategic plans and leveraging debt financing to establish a foundation for these initiatives [1] - Alibaba Cloud aims to create a global cloud computing network covering China, Japan, South Korea, Southeast Asia, the Middle East, Europe, and the Americas, with a unified technical architecture and service platform [1] - Tencent Cloud has completed multiple product and function upgrades to adapt to the global technology ecosystem, with over 90% of internet companies and 95% of leading gaming companies choosing Tencent Cloud for their overseas ventures [2] Group 2: AI and Cloud Integration - The demand for AI overseas from internet giants is driving rapid expansion, with Tencent integrating models, computing power, and data across various sectors [2] - Alibaba is accelerating the deployment of AI applications to support numerous AI application enterprises [2] - ByteDance's overseas AI product matrix includes various fields such as chatbots, education, and emotional companionship, while Baidu is advancing its AI applications like Robotaxi and AI cameras [2][3] Group 3: Market Demand - There is a clear demand for AI and cloud solutions from Chinese enterprises, including industry leaders like BYD and Midea, as well as emerging unicorns like miHoYo [3] - The overseas market is experiencing significant growth in demand for localized AI applications, providing new business opportunities for internet giants [3] Group 4: Investment Recommendations - Suggested stocks include Alibaba Group-W (09988), Tencent Holdings (00700), and Baidu Group-SW (09888) in the cloud platform sector [4] - For computing power leasing, recommended stocks are Hongjing Technology (301396.SZ), Xiechuang Data (300857.SZ), and Youfang Technology (688159.SH) [4] - In the optical communication sector, notable companies include Dekeli (688205.SH), Shijia Photon (688313.SH), and Guangku Technology (300620.SZ) [5]

Core Insights - Tencent Cloud's proprietary cloud product TCE has launched a new version 3.10.11.4, enhancing intelligent computing infrastructure and supporting digital transformation for various sectors including finance and government [1] - The TCE product emphasizes a "public-private unified" architecture, leveraging mature public cloud technologies while catering to private clients, thus ensuring continuous improvement through real-world application [1][3] - The TCE high availability technology white paper outlines a comprehensive high availability framework, addressing the continuity and data security needs of enterprises transitioning to the cloud [5][6] Group 1: Technological Advancements - TCE has significantly reduced business interruption from hardware failures from "hour-level" to "millisecond-level" through its hot migration and fault migration capabilities [2] - The introduction of an integrated intelligent computing solution alleviates the "bottleneck effect" in AI training and inference, with network costs reduced by over 30% and data analysis efficiency improved by tenfold [2] - TCE's DPU solution integrates with domestic hardware, supporting AI infrastructure upgrades and achieving a recovery time objective (RTO) reduction from 30 minutes to 2 minutes, demonstrating high disaster recovery capabilities [3][6] Group 2: Market Applications and Client Success - TCE supports a flexible architecture that allows for small-scale initial setups and scalable expansions, as demonstrated by a rural commercial bank's transition from a single AZ to a dual AZ cloud platform [8] - The proprietary cloud has been successfully implemented in various sectors, including finance, manufacturing, and healthcare, showcasing its adaptability and effectiveness in real-world applications [10] - Tencent Cloud's PaaS platform TCS enhances resource utilization by 50%, facilitating a full-stack cloud-native transformation for a joint-stock bank across over 1,000 nodes [10]

Core Viewpoint - The article discusses the evolution of China's gaming industry policies, highlighting the government's support and regulatory measures aimed at fostering growth and addressing challenges within the sector [2][3][4]. Policy Evolution - The gaming industry in China has transitioned from "cultural market management" to "digital content industry cultivation" and finally to "cultural industry pillarization and digital strategy" as outlined in national economic plans from the "Eighth Five-Year Plan" to the "Fourteenth Five-Year Plan" [2][3][4]. - The "Eleventh Five-Year Plan" (2006-2010) encouraged the development of digital content industries, including gaming, and emphasized cultural innovation and quality improvement [3]. - The "Twelfth Five-Year Plan" (2011-2015) aimed to make the cultural industry a pillar of the national economy, enhancing its overall strength and competitiveness [3]. - The "Thirteenth Five-Year Plan" (2016-2020) introduced the term "gaming" and focused on accelerating the development of emerging industries such as online audio-visual, mobile multimedia, and digital publishing [3]. - The "Fourteenth Five-Year Plan" (2021-2025) emphasizes expanding the supply of quality cultural products and implementing a digital strategy for the cultural industry [4]. National Policy Summary - Since 2000, various government bodies have issued policies to support and regulate the gaming industry, covering aspects such as technological development, industry standards, and minor user regulations [7][8]. - Key policies include the "Network Game Management Measures" aimed at ensuring the healthy development of the gaming industry and the "Technical Requirements for Minor User Monitoring Systems" which impose restrictions on gaming time and spending for minors [9][10]. Provincial Policies - Coastal provinces like Guangdong, Beijing, and Zhejiang have introduced supportive policies for the gaming industry, focusing on high-quality development, technological innovation, and overseas expansion [23][24]. - Specific measures include optimizing game approval processes, encouraging the development of 3A games, and supporting collaborations with historical IPs [24][25]. Market Outlook - As of mid-2025, China's gaming industry is projected to have an overseas market size of $9.501 billion, reflecting a year-on-year growth of 11.07% [20]. - The government aims to enhance the global competitiveness of the gaming industry by promoting the entire value chain from IP creation to overseas operations [20].