（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]

(本文来自第一财经) 1月26日下午，第一财经记者独家获悉，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。（第一财经记者 刘佳） ...

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。 1月26日下午，第一财经记者独家获悉，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。 ...

（文章来源：第一财经） 1月26日下午，第一财经记者独家获悉，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。 ...

2026年春节前夕，面对C端AI应用战场，腾讯再次祭出"社交+撒币"组合拳。 1月25日，腾讯官方发布通知，宣布旗下AI助手应用元宝App将在2月1日上线春节活动，分发10亿现金 红包。紧随其后的1月26日，据记者了解，元宝App开启了名为"元宝派"的社交AI玩法内测。 10亿红包导流，元宝内测AI社交 春节即将到来，红包大战依旧，腾讯率先打响"第一枪"。与往年不同，元宝App成为主角。 腾讯元宝的红包活动于2月1日正式开启。从玩法来看，元宝App设置了"预约"机制，用户需提前预约锁 定福利，将元宝更新至最新版本后，首页将展示"春节分10亿"预约卡片，点击卡片即可进入预约页面。 活动设置了万元小马卡、现金红包和分享红包等红包形态。用户每天登录元宝App可领现金红包，做任 务则可抽更多红包，并有几率抽中限量100张的价值1万元现金小马卡。 腾讯此次的红包策略具有极强的导流指向性，联动了元宝、微信、QQ等多个腾讯旗下产品。除了常规 现金，元宝还设计了"分享红包"，支持用户转发至微信、QQ好友等。 最早掀起春节红包大战的正是微信。 2015年，急需在移动支付场景寻求突破的微信斥资5亿元与春晚合作，凭借红包"摇一摇" ...