Core Insights - Tencent's CEO Ma Huateng emphasized the company's steady approach amidst AI anxiety, stating that each enterprise has its unique characteristics and Tencent's style is to proceed cautiously [1][3] Group 1: AI Social Features - Tencent is set to launch a new AI social feature called "Yuanbao Pai," aimed at integrating AI technology into multi-user social scenarios, evolving from AI explorations in Tencent Meetings [1][3] - The new feature will allow users to create their own "groups" within Yuanbao, enabling shared experiences such as watching and listening to content together, while also facilitating real-time interactions with AI [1][3] Group 2: Talent Acquisition and Model Development - Over the past year, Tencent's "Hunyuan" model underwent significant restructuring, with a focus on attracting talent and reorganizing the R&D team, particularly after the arrival of Chief AI Scientist Yao Shunyu [1][3] - The company has made substantial changes in talent acquisition and organizational structure to attract more native AI talent [1][3] Group 3: Promotional Activities - Yuanbao is launching a 1 billion cash red envelope incentive for the Spring Festival, encouraging users to update the Yuanbao app to version 2.55.0 or above to participate [2][4] - Ma Huateng expressed hopes that this initiative could replicate the success of WeChat's red envelope feature from 11 years ago [2][4]

与此同时，腾讯元宝低调开启了名为"元宝派"的社交功能内测，马化腾透露该产品此前属于"绝密项 目"。根据媒体报道，"元宝派"允许用户创建群组，AI在其中不仅担任助手，还深度参与社交互动。此 举意味着腾讯正试图打破当前AI应用仅作为提效工具的局限，将其拉入高频的社交场景，通过"人机共 生"的交互模式构建新的流量护城河。 分析人士指出，腾讯此次"左手重金补贴，右手社交裂变"的组合拳，显示出其在AI商业化落地上的紧迫 感。在经历了去年的行业混战后，腾讯正试图利用其在社交链上的垄断优势，加速完成对用户AI使用 习惯的"闪电式改造"，以应对字节跳动、百度等竞争对手在AI应用侧的激烈挑战。 10亿现金重注，意在复刻支付战役奇迹 对于腾讯而言，春节往往是其关键产品的爆发节点。马化腾在年会上提及，元宝即将展开的春节分10亿 元现金活动，旨在复刻2015年微信支付的成功路径。当年，微信凭借春晚"摇一摇"发放数亿现金红包， 成功将海量用户绑定至其支付生态，完成了对移动支付格局的颠覆。 腾讯正在通过其最擅长的社交打法，试图在日益拥挤的AI赛道中复制当年的移动支付奇迹。 1月26日，腾讯董事会主席马化腾在公司年会上定调2025年为"A ...

Core Insights - The article emphasizes the importance of real-life gatherings despite the increasing digital connectivity, highlighting the return of the Tencent Technology for Good Innovation Festival after four years [3]. Event Details - The Tencent Technology for Good Innovation Festival will take place on January 27, 2026, at G&G Creative Community, Shenzhen [4][10]. - The event will feature 23 sessions with 52 speakers discussing how AI shapes the world and the essence of humanity amidst technological advancements [5]. Speaker Lineup - Notable speakers include: - Guo Kaitian, Senior Vice President of Tencent Group [12]. - Yuan Xiaohui, Director of the Innovation Research Center at Tencent Research Institute [12]. - Alan Macfarlane, a historian and anthropologist from Cambridge University [13]. - Various topics will be covered, including the evolution of organizations and individuals in the AI era, the development of embodied intelligence, and the redefinition of human-machine collaboration [13][14]. Workshop and Interactive Sessions - The festival will also feature hands-on workshops, including 3D printing, CNC machining, and laser engraving, allowing participants to engage directly with evolving smart hardware [30][34][36].

（文章来源：第一财经） 在今日召开的腾讯年会上，腾讯董事会主席马化腾表示，2025年是AI大年。今年业内竞争激烈，除了 AI还有社区团购、外卖，腾讯则稳扎稳打，唯一花钱投入比较多的就是AI。混元过去一年进行了结构 调整，发力吸引人才，包括博士毕业生，接下来还要吸引AI原生人才重构AI团队。 ...

（文章来源：第一财经） 在今日召开的腾讯年会上，腾讯董事会主席马化腾表示，腾讯视频去年没那么多爆款产品，要给耐心， 这跟投入周期有关。腾讯视频去年受到短剧冲击，除了坚持高品质长视频投入，接下来也要做一些广告 驱动的产品。 ...

近日，腾讯开启 AI 社交新场景的内测，通过旗下 AI 助手"元宝"推出 AI 社交新形态"元宝派"。 记者第一时间体验发现， "元宝派"像一个让 AI 陪大家互动的"社交空间"，用户可以创建或加入一个"派"，也可以邀请微信、 QQ 好友一 起入"派"。用户与好友进入"元宝派"后，可以体验让 AI 参与聊天、调节气氛或执行任务，也可以让 AI 推荐电影、音乐等，一起共享 AI 时代的社交乐趣。 这种将 AI 引入社交场景的探索，走出了一条 AI 场景落地的新路径，也预示着一个全新的" AI 社交时代"的到来。 从 "与 AI 对话"到" AI 帮人干活"，再到" AI 参与社交"，中国 AI 正以百舸争流的姿态，从模型比拼向场景落地演进。 这种 "你追我赶"的创新景象，既得益于成熟的互联网基础设施、超大规模市场优势与庞大数字用户群体，也是因为中国科技企业走出了一 条不同以往的模型开源之路。 在前几年的模型技术竞争中，中国 AI 实现了从"跟跑"到"并跑"的快速崛起。当到了比拼场景落地的"下半场"，中国 AI 则更有机会担 当"领跑者"的重要角色。 当 AI 带给人们极大便利与极致效率，甚至充当现实中的各种角色 ...

转自：智通财经 【马化腾谈AI应用元宝春节分10亿元现金活动：希望重现当年微信红包盛况】智通财经1月26日电，在 今日正在召开的腾讯年会上，腾讯董事会主席马化腾提及AI应用元宝即将展开的春节分10亿元现金活 动，表示希望重现当年微信红包的盛况。他还提及元宝要做社交类产品元宝派，并称这本来是绝密的项 目。此前，2015年微信支付凭借春晚"摇一摇"发放数亿现金红包，收割海量用户，成功将数亿用户绑定 至其生态之下，完成对用户支付习惯的一次闪电式改造。今年2月1日，元宝将上线春节活动，用户上元 宝App分10亿元现金红包，单个红包金额可达万元。（第一财经） ...

Group 1 - The core viewpoint of the news highlights the strong performance of certain Tencent Cloud concept stocks in the A-share market, driven by Tencent's announcement of a cash activity related to AI applications during its annual meeting [1] Group 2 - Stock performance details indicate that Ruijie Network saw a rise of 12.41%, with a total market value of 68.4 billion, and a year-to-date decline of 3.18% [2] - Century Hengtong increased by 6.97%, with a market capitalization of 3.892 billion, and a year-to-date increase of 17.62% [2] - Hongjing Technology rose by 5.82%, with a market value of 12.8 billion, and a year-to-date increase of 25.64% [2] - Keda Data and Deepin Technology both experienced increases of 3.30% and 3.10%, with market values of 33.1 billion and 72.5 billion respectively, and year-to-date increases of 15.63% and 49.73% [2] - Other stocks such as Donghua Software, Yunsai Zhili, Zhe Shu Culture, and Fanwei Network also showed positive performance, with varying increases and market capitalizations [2]

Group 1 - The core viewpoint of the report is that Haitong International maintains a "buy" rating on Tencent Holdings (00700) with a target price of HKD 700, expecting stable performance in Q4 2025 and high-quality growth to continue into FY 2026 [1][2] - The forecast for Tencent's Q4 performance includes total revenue of RMB 195 billion, representing a year-on-year growth of 13%, and an operating profit (non-IFRS) of RMB 68 billion, with a year-on-year increase of 15% [1] - For FY 2026, Tencent's gaming product line is expected to be robust, with key overseas titles and a variety of mid-sized games, predicting Q4 2025, full-year 2025, and full-year 2026 gaming revenues of RMB 58 billion, RMB 241 billion, and RMB 264 billion respectively, with year-on-year growth rates of 18%, 22%, and 10% [1] Group 2 - The advertising business is driven by three main growth engines: video accounts, search, and mini-programs, with AI technology continuing to empower growth; mini-programs are enhancing advertising revenue through e-commerce and content distribution [1] - The forecast for advertising revenue in Q4 2025, full-year 2025, and full-year 2026 is expected to reach RMB 42 billion, RMB 145 billion, and RMB 172 billion respectively, with year-on-year growth of 19%, 20%, and 18% [1] - Despite potential pressure on profit margins from increased capital expenditures in 2026, the company anticipates slight profit margin expansion driven by high-margin new business lines, with adjusted operating profits projected at RMB 68 billion, RMB 280 billion, and RMB 312 billion for Q4 2025, full-year 2025, and full-year 2026 respectively, reflecting year-on-year growth of 15%, 18%, and 12% [2]

Core Viewpoint - Haitong International maintains a "Outperform" rating for Tencent Holdings (00700) with a target price of HKD 700, expecting steady performance in Q4 2025 and high-quality growth to continue into FY 2026 [1][2] Group 1: Financial Performance Forecast - Tencent's total revenue for Q4 2025 is projected to reach RMB 195 billion, representing a year-on-year growth of 13% [1] - Non-IFRS operating profit is expected to be RMB 68 billion in Q4 2025, with a year-on-year increase of 15% [1] - For FY 2025 and FY 2026, the forecasted total revenues are RMB 2.41 trillion and RMB 2.64 trillion, respectively, with year-on-year growth rates of 22% and 10% [1] Group 2: Gaming and Advertising Business - The gaming product line is expected to remain robust, with key overseas titles like "Honor of Kings World" and "Valorant," alongside several mid-sized games [1] - Advertising revenue is anticipated to grow significantly, with Q4 2025 expected to reach RMB 42 billion, and full-year revenues for 2025 and 2026 projected at RMB 145 billion and RMB 172 billion, respectively [1] - The growth engines for advertising include video accounts, search, and mini-programs, with AI technology continuing to enhance these areas [1] Group 3: Profitability Outlook - Despite potential pressure on profit margins from increased capital expenditures in 2026, a slight profit margin expansion is still expected due to high-margin new business lines [2] - Adjusted operating profit forecasts for Q4 2025, FY 2025, and FY 2026 are RMB 68 billion, RMB 280 billion, and RMB 312 billion, respectively, with year-on-year growth rates of 15%, 18%, and 12% [2]