表格類別： 股票 狀態： 新提交 公司名稱： 騰訊控股有限公司 呈交日期： 2025年12月5日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 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 ...

文 | NEXT趋势，作者 | 方远，编辑 | 小雨 过去一周，首款深度植入字节跳动豆包AI终端的努比亚M153工程样机，意外成为了中国互联网最吸睛 也最充满争议的硬件产品。在闲鱼等二手平台，这款原价3499元的手机被极客们炒至高价悬赏。 然而，这种试图重构手机交互的技术狂想，很快撞上了现实的铜墙铁壁。 继引发微信封号风波后，12月5日上午，面对各大银行 APP 的集体弹窗预警，豆包团队再发公告，宣布 因审慎考虑资金安全，主动下线针对银行及支付类 APP 的AI操作能力。 从一机难求的未来终端，到接连被社交与金融两大巨头生态围剿。豆包手机的历程，不只是一次产品的 试水，更是AI与旧有移动互联网秩序之间发出的第一声刺耳摩擦。 这不仅涉及技术层面，更是一场围绕流量、主权与隐私展开的博弈。 交互革命 如果说2007年iPhone的发布是用多点触控取代了物理键盘，那么2025年年末的这款豆包手机，则试图用 意图识别取代APP的图形界面。这被科技界视为一次潜在的降维打击。 根据多家科技媒体的实际测试与技术分析，豆包手机所搭载的AI能力，与我们所熟悉的Siri或小爱同学 存在本质差异。传统的语音助手更像一个传话工具，它们 ...

本文源自：市场资讯 作者：情报员 天眼查资料显示，腾讯科技（深圳）有限公司，成立于2000年，位于深圳市，是一家以从事软件和信息 技术服务业为主的企业。企业注册资本200万美元。通过天眼查大数据分析，腾讯科技（深圳）有限公 司共对外投资了15家企业，参与招投标项目277次，财产线索方面有商标信息5000条，专利信息5000 条，此外企业还拥有行政许可574个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，腾讯科技（深圳）有限公司取得一项名为"云平台的资产管理方法、装置、 设备及存储介质"的专利，授权公告号CN112115203B，申请日期为2020年9月。 ...

Core Insights - The article highlights the competition for the "super entry point" in the AI era, emphasizing that the ability to control data and traffic is shifting from traditional apps to system-level AI agents [2][17] - The recent developments surrounding the Doubao AI assistant reveal the challenges faced by AI companies in navigating existing app ecosystems and data security regulations [5][19] Group 1: Doubao AI Assistant Launch and Challenges - Doubao AI assistant was launched on December 1, enabling cross-application operations, which generated significant market excitement [7][4] - Shortly after its launch, Doubao announced a temporary suspension of its ability to operate financial apps due to security concerns, highlighting the need for clear AI operation guidelines [3][4] - Major apps like WeChat, Taobao, and banks implemented measures to prevent Doubao AI from functioning properly, indicating a defensive response to the new technology [8][10] Group 2: Industry Dynamics and Competitive Landscape - The conflict between AI companies, hardware manufacturers, and app developers illustrates a complex interplay of interests and poses challenges to existing data security frameworks [5][12] - Goldman Sachs identified three core obstacles for third-party AI agents: system-level operation permissions, memory capabilities, and cross-application interface connections [12][14] - The dominance of major smartphone manufacturers in the Chinese market, which hold over 90% market share, makes it difficult for new players to disrupt the ecosystem [14][15] Group 3: Future of AI and App Ecosystem - The article suggests that as voice interaction becomes the primary entry point, traditional app operations may collapse, making it crucial to establish a default system entry point [17][20] - The ongoing battle for AI agents signifies a broader struggle involving major tech companies and highlights the potential for significant shifts in the internet landscape over the next decade [19][20]

Core Insights - The National Press and Publication Administration announced the approval of 178 domestic game licenses and 6 imported game licenses on November 26, indicating a stable monthly issuance of licenses, which is expected to boost market confidence in the gaming industry [1][3]. Industry Overview - As of November, a total of 1,532 domestic game licenses and 92 imported game licenses have been issued this year, showing a significant increase compared to the same period in 2024 [1][3]. - The distribution of the 178 domestic licenses includes 167 mobile games, 7 games for both mobile and client platforms, 3 client-only games, and 1 game available on mobile, client, and web platforms [1]. Company Highlights - Key games approved in this round include titles from major companies such as: - Ksyun Network's "Ice and Snow King" - Iceberg Network's "Little Guardian" - Perfect World's "Dream New Zhu Xian: Light Enjoy" - Other notable titles from various developers [2]. - Tencent continues to maintain a strong portfolio with 14 evergreen games, while Giant Network's "Supernatural Action Group" has exceeded expectations [4]. - Companies like 37 Interactive Entertainment and Perfect World are also expected to contribute to profit growth with their new game launches and existing titles [4].

Core Insights - The report from China Merchants Securities International predicts an acceleration in AI model integration by 2026, with the U.S. leading in advanced agents and multimodal models like GPT-5 and Gemini 3, while China is rapidly closing the gap through efficient open-source models, creating intense competition in the global market [1] Industry Summary - Cloud capital expenditures remain high to meet the surging demand for inference, indicating a robust investment environment in AI technologies [1] - The emergence of AI agents is expected to trigger a competitive battle for traffic entry points in 2026, highlighting the strategic importance of AI in future market dynamics [1] Company Preferences - The firm maintains a favorable view on large tech companies for their optimal positioning in AI monetization, leveraging strong core businesses to subsidize AI investments and implement monetization strategies [1] - In the Chinese internet sector, the preferred order of segments is advertising > cloud > gaming > value-added services > e-commerce = local services > live streaming, indicating a strategic focus on advertising and cloud services [1] - The firm continues to favor companies with characteristics such as stable profit growth, competitive moats, good risk-reward profiles, and substantial shareholder returns, with top picks being Tencent, Alibaba, and Bilibili [1] - In the U.S. stock market, the preferred order for large tech companies is Alphabet > Meta > Amazon > Microsoft, reflecting a strategic preference based on their capabilities in AI [1]

《荒野起源》按下暂停键。 近日据外媒报道，腾讯与索尼就《荒野起源》侵权《地平线》系列一案达成临时协议。 根据双方于12月1日最新提交的法庭文件显示，在2026年初举行关键听证会之前，腾讯同意暂停《荒野起源》所有市场营销和公开测试活动，并承诺游戏 不会早于2027年第四季度前发售。 索尼一边跟腾讯打官司的同时，也在推进跟韩国游戏公司NCSoft 的合作。11月13日，索尼官宣与韩国游戏公司NCSoft 联合开发《地平线：钢铁边境 （Horizon Steel Frontiers）》。在官方声明中，索尼明确表示游戏是一款基于"地平线"世界观的MMO游戏，将采取免费游玩的模式多平台发布。 不难看出，两款产品属于直接竞对关系。对腾讯游戏来讲，压力越来越大了。 开发挑战变大 公开资料显示，《荒野起源》早在2020年便已经进入了预研阶段，早期团队内部曾毙掉了好几个Demo，最终才瞄准了SOC领域，项目内部代号为"Project Z"。游戏在2024年2月便已经拿到了国内版号，同年11月底正式进行了全球首曝。 | 上海电子出版有限公 上海游空信息技术有 国新出审 | ISBN 978-7- | 2024年02月26日 | ...

Core Viewpoint - The company announced adjustments to the AI operation capabilities of its mobile assistant to ensure stable technology development, industry acceptance, and user experience [2][10]. Group 1: Adjustments to AI Operation Capabilities - The company plans to limit the use of AI in scenarios involving score manipulation and incentive collection to protect the integrity of user interactions [11]. - There will be further restrictions on the use of AI in financial applications, such as banking and online payments, due to concerns over user fund security [11]. - The company will temporarily disable AI capabilities in certain gaming scenarios to maintain fairness in competitive rankings [11]. Group 2: User Feedback and Issues - Users reported issues with logging into WeChat on the company's mobile device, with accounts being flagged for abnormal login environments [6][12]. - The company responded that the ability to operate WeChat through its assistant has been disabled and that affected accounts will be gradually unblocked [12]. Group 3: Compliance and Risks - There are concerns that the AI operations may violate WeChat's service agreement, which prohibits the use of third-party tools for account manipulation [13]. - If deemed as non-official client operations, the company could face restrictions on account functionalities or service denial from Tencent [13]. Group 4: Technology and Permissions - The mobile assistant operates at a deep level within the phone's operating system, requiring extensive software authorizations to control various applications [14]. - The assistant utilizes accessibility permissions combined with AI capabilities, allowing it to simulate user actions and control other applications [14][16]. - The evolution of technology raises risks related to the expansion of permissions and the potential loss of user control over devices [16].

Group 1 - The number of initial jobless claims in the U.S. unexpectedly dropped to a three-year low, contrasting sharply with earlier weak ADP employment reports and record corporate layoffs, leading to a divergence in market perceptions regarding a soft landing for the U.S. economy [2] - The interest rate futures market is increasingly betting that the Federal Reserve will ignore data noise and implement rate cuts, indicating a significant shift in macroeconomic logic where investors believe the Fed's policy response has transitioned from being data-dependent to a more preemptive easing approach to mitigate potential economic slowdown risks [2] Group 2 - On Thursday, the Hong Kong Stock Connect saw a net inflow of HKD 1.5 billion, with the largest net inflow into the Tracker Fund of Hong Kong (02800.HK) amounting to HKD 2.61 billion, followed by WuXi Biologics (02269.HK) [2] - Conversely, Tencent Holdings (00700.HK) experienced the largest net outflow, totaling HKD 1.35 billion, followed by Semiconductor Manufacturing International Corporation (00981.HK) [2]

Summary of Key Points Core Viewpoint - On December 4, 48 Hong Kong-listed companies conducted share buybacks, totaling 35.36 million shares and an amount of HKD 968 million [1][2]. Company Buyback Details - Tencent Holdings repurchased 1.044 million shares for HKD 636 million, with a year-to-date total buyback amount of HKD 69.229 billion [1][2]. - Xiaomi Group-W repurchased 2.4 million shares for HKD 101 million, with a year-to-date total buyback amount of HKD 3.944 billion [1][2]. - China COSCO Shipping Holdings repurchased 3 million shares for HKD 41.82 million, with a year-to-date total buyback amount of HKD 6.072 billion [1][2]. - The highest buyback amount on December 4 was from Tencent Holdings at HKD 636 million, followed by Xiaomi Group-W at HKD 101 million [1][2]. Buyback Volume Leaders - China Feihe had the highest buyback volume on December 4, repurchasing 6.281 million shares [1][2]. - Other notable buyback volumes included Fenbi with 4.4695 million shares and China COSCO Shipping with 3 million shares [1][2].