这条路，自然也决定了腾讯云在这场AI马拉松的前期不会是领跑的选手。 在AI产业的商业化进程中，token 生意是初期的"流量入口"，也是AI 应用的前提，其价值无可否定，但显然腾讯不打算将其token作为核心盈利模 式。 面对AI带来的增量机遇，杨晨对华尔街见闻表示，每家云厂商定位不一样，腾讯云重点发力的是AI与SaaS产品的融合，而这个方向也是腾讯云定 位的和整个市场差异化竞争最关键的一个点。 作者 | 黄昱 编辑 | 王小娟 过去一年来，各大云厂商在AI战场的竞争日益激烈，阿里云、字节火山引擎、百度智能云均在机场刷起存在感，打出自己在不同细分AI云市 场"第一"的广告。而腾讯云却拒绝了这场流量争夺。 近日，在一场媒体交流会上，腾讯云副总裁、产业生态合作业务负责人杨晨给出了答案。他透露，这确实和腾讯风格有关系，AI竞赛是场马拉 松，刚跑了两圈，没有必要显示腾讯云跑得多快，"坚持下去，比耐力"可能是更重要的。 这份"耐力"的背后，是腾讯云清晰的商业化取舍。杨晨明确表示，腾讯云不认为token 是门好生意 —— 这类以大模型 token 消耗为核心的标准化 算力/模型调用业务，看似规模庞大，实则客户黏性极差，不 ...

北京商报讯1月23日，腾讯集团发布公告称，2025年全年，腾讯反舞弊调查部共发现并查处触犯"腾讯高 压线"案件70余起，90余人因触犯"腾讯高压线"被解聘，其中20余人因涉嫌犯罪被移送公安机关处理， 30余名涉案的外部人员也被公安机关一并抓捕。 （文章来源：北京商报） ...

Core Viewpoint - Tencent has been actively addressing internal misconduct by terminating approximately 100 employees annually for violating company policies, with around 20 individuals referred to law enforcement each year [1][4]. Group 1: Tencent's Internal Measures - In 2025, Tencent's anti-fraud investigation department uncovered over 70 cases of policy violations, leading to the dismissal of over 90 employees, with more than 20 referred to law enforcement for criminal activities [1][3]. - The majority of the cases referred to law enforcement involved employees misusing their positions to illegally appropriate company assets or to benefit external companies, with some cases involving theft of company assets [3][4]. - Over the past three years, the number of cases handled by Tencent has increased, with 120 employees dismissed in 2023 and over 100 in 2024 for similar violations [4]. Group 2: Industry Trends - Other internet companies are also enhancing their internal anti-corruption measures, as evidenced by ByteDance's report in December, which revealed that 120 employees were dismissed for policy violations, with 14 referred to judicial authorities for criminal offenses [4]. - Perfect World recently announced the detention of three art-related personnel for corruption, highlighting issues in procurement management and the involvement of employees in colluding with suppliers to inflate prices and accept bribes [5].

Core Insights - Tencent's Anti-Fraud Investigation Department reported over 70 cases of violations of company policies in 2025, leading to the dismissal of more than 90 individuals, with over 20 being referred to law enforcement for criminal charges [1][2]. Summary by Categories Violations and Consequences - The Anti-Fraud Investigation Department identified serious violations including commercial bribery and embezzlement, resulting in dismissals and legal actions against employees [1]. - Specific cases include: - He Yongkang from IEG was sentenced to 1 year and 2 months for embezzlement, fined 20,000 RMB [1]. - Qin Yuan from CSIG received a 6-month sentence for embezzlement, fined 40,000 RMB [1]. - Ye Huahua from a subsidiary was sentenced to 3 years for embezzlement, fined 100,000 RMB [2]. - Wang Mengwei from another subsidiary received a 5-month detention with an 8-month suspension for embezzlement, fined 10,000 RMB [2]. External Collaborations and Bribery - Several employees were found to have engaged in bribery by leveraging their positions to benefit external companies, leading to their dismissal and blacklisting [3][4]. - Notable cases include: - Li Xiang from CDG was involved in bribery and was dismissed [2]. - Liu XianKai and Lin Haiqiang from PCG were also implicated in similar activities [3]. Theft of Company Assets - Cases of theft were reported, with employees being dismissed and referred to law enforcement for stealing company assets [6]. - Specific instances include: - Tian Chuanwu from CSIG was involved in theft and subsequently dismissed [6]. - Mai Jinming from CSIG also faced similar charges [6].

Core Insights - The top holdings of active equity funds have shifted, with Zhongji Xuchuang and Xinyi Sheng surpassing CATL and Tencent as the top two positions [1][2] Group 1: Fund Holdings Changes - As of the end of Q4 2025, Zhongji Xuchuang (300308.SZ) and Xinyi Sheng (300502.SZ) have become the top two holdings in active equity funds, overtaking CATL (300750.SZ) and Tencent (00700.HK) [1] - Significant increases in holdings were noted, with the Invesco Great Wall Fund increasing its stake in Zhongji Xuchuang by 1.747 million shares, making it the fund's largest holding [1] - The GF Technology Pioneer Fund also increased its position in Zhongji Xuchuang by 1.076 million shares, marking its first investment in the stock [1] Group 2: Other Notable Changes - In Q4 2025, major reductions were observed in holdings of traditional leaders like CATL and Tencent, which fell to third and fourth positions respectively [2] - East Mountain Precision (002384.SZ) saw a substantial increase of 8.785 million shares, entering the top ten holdings of active equity funds [2] - The overall trend indicates a shift from traditional consumer internet stocks to AI hardware and semiconductor sectors, reflecting a structural rebalancing by institutions [3]

Core Insights - The female-oriented gaming market is projected to reach 8 billion yuan in 2024, reflecting a year-on-year growth of 124.1%, significantly outpacing the industry average [1] - Despite the market potential, internal challenges persist, including high player expectations for visual effects, sensitivity to public opinion, and stringent quality demands for game narratives [1] - There is a disconnect between market perception and capital investment, with many publishers lacking specialization in female-oriented games, leading to difficulties in finding suitable partnerships [1] Market Performance - In 2025, 24 female-oriented games entered the iOS top 600, generating approximately 2.731 billion yuan in revenue, with 15 games making it to the top 200, accounting for only 4.79% of the total revenue of the top 200 [3] - "恋与深空" (Love and Deep Space) emerged as the biggest winner, expected to exceed 1.33 billion yuan in iOS revenue, capturing nearly half of the total revenue from the 24 games [3][5] - The game "我的花园世界" (My Garden World) launched in August 2025, quickly rose to the third position in revenue, showcasing the potential for new entrants in a competitive market [5] Company Revenue Distribution - The leading company, 叠纸 (Paper Games), generated 1.687 billion yuan in revenue, holding a 61.77% market share among the analyzed games [12] - Other notable companies include 网易 (NetEase) with 206.66 million yuan (7.57%) and 腾讯 (Tencent) with 200.22 million yuan (7.33%) [12] - The dominance of 叠纸 is attributed to its successful titles, including "恋与深空" and "无限暖暖" (Infinite Warmth) [12] User Engagement Metrics - "恋与深空" also leads in daily active users (DAU), capturing 48.64% of the DAU share among the top games [15] - The DAU rankings indicate that older games like "奇迹暖暖" (Miracle Warmth) and "偶像梦幻祭2" (Idol Dream Festival 2) still maintain significant user engagement, suggesting opportunities in niche markets [16] International Market Opportunities - In the overseas market, "浪漫餐厅" (Romantic Restaurant) generated approximately 4.543 billion yuan in revenue, accounting for 44.34% of the total revenue from the top female-oriented games [18] - The game "Tasty Travels: Merge Game" has shown promising growth, recently climbing to the top 30 in the U.S. iOS revenue rankings [23][25] - The overall market for casual games remains expansive, with significant revenue potential for companies like 柠檬微趣 (Lemon Microfun) [30] Emerging Trends - The rise of AI-driven emotional companionship products is anticipated to reshape the female-oriented gaming landscape, with several companies exploring this avenue [32][34] - Major internet companies are also investing in AI social companionship products, indicating a trend towards integrating AI into gaming experiences [36] - The female-oriented market is entering a stable phase post-restructuring, with expectations for a new wave of growth driven by AI companionship products in the next 1-2 years [38]

Core Viewpoint - In 2025, Tencent's Anti-Fraud Investigation Department identified and dealt with over 70 cases of violations of the company's strict regulations, resulting in the dismissal of more than 90 individuals, with over 20 being referred to law enforcement for criminal charges [1][2][3]. Group 1: Cases of Asset Misappropriation - Employee He Yongkang from IEG Quality Management Department was found guilty of embezzling company assets and sentenced to 1 year and 2 months in prison, along with a fine of 20,000 RMB [1]. - Employee Qin Yuan from CSIG Smart Industry Department was also found guilty of embezzling company assets, receiving a sentence of 6 months in prison and a fine of 40,000 RMB [1]. - Employee Ye Huahua from the subsidiary Nuclear Entertainment Game Interactive Center was sentenced to 3 years in prison and fined 100,000 RMB for misappropriating company assets [2]. - Employee Wang Mengwei from the subsidiary Tengzhuo R&D Center received a sentence of 5 months in detention (with 8 months probation) and a fine of 10,000 RMB for asset misappropriation [2]. - Employee Jiang Yingying from PCG Online Video BU was involved in both asset misappropriation and external benefit solicitation, leading to dismissal and blacklisting [4]. Group 2: Cases of External Benefit Solicitation - Employee Li Xiang from CDG Advertising Marketing Service Line was found guilty of soliciting benefits from external companies, resulting in dismissal and blacklisting [2]. - Employee Liu Xiankai from the original PCG Value-Added Products Department was also involved in soliciting external benefits, leading to similar consequences [2]. - Employee Chen Si from CSIG Eastern Business Department was dismissed for soliciting benefits from external companies [3]. - Employee Qu Yi from WXG WeChat Payment Line was found guilty of soliciting external benefits, resulting in dismissal and blacklisting [4]. Group 3: Theft Cases - Employee Tian Chuanwu from CSIG Cloud Products Department was charged with theft of company assets, leading to dismissal and blacklisting [5]. - Employee Mai Jinming from CSIG Information Platform and Service Line was also charged with theft of company assets, resulting in similar consequences [5].

Core Viewpoint - Tencent Group has issued an anti-fraud report indicating that over ninety individuals were dismissed for violating company policies, with more than twenty referred to law enforcement for criminal activities, and over thirty external individuals arrested [1]. Group 1: Employee Misconduct - He Yongkang from IEG Quality Management Department was dismissed for illegally embezzling company assets and was sentenced to one year and two months in prison, along with a fine of 20,000 RMB [1]. - Qin Yuan from CSIG Smart Industry Department was dismissed for similar misconduct, receiving a six-month prison sentence and a fine of 40,000 RMB [1]. - Ye Huahua from the subsidiary Nuclear Entertainment Game Interactive Center was sentenced to three years in prison and fined 100,000 RMB for embezzlement [1]. Group 2: External Benefits - Wang Mengwei from the subsidiary Tengzhuo R&D Center was dismissed for using his position to benefit external companies, receiving a five-month detention with an eight-month probation and a fine of 10,000 RMB [2]. - Li Xiang from CDG Advertising Marketing Service Line was dismissed for soliciting benefits from external companies [2]. - Liu Xiankai and Lin Haiqiang from the former PCG Value-Added Products Department were also dismissed for similar misconduct involving external companies [2]. Group 3: Continued Misconduct - Chen Si from CSIG East District Business Department was dismissed for soliciting benefits from external companies [3]. - Kan Chengbo from CDG Advertising Marketing Service Line was similarly dismissed for misconduct involving external companies [3]. - Lan Hongkai from the former CSIG Regional Business Department was dismissed for soliciting benefits from external companies [3]. Group 4: Additional Cases - Qu Yi from WXG WeChat Payment Industry Product Operations Department was dismissed for soliciting benefits from external companies [4]. - Qi Fenyong from the former WXG Basic Products Department was dismissed for similar misconduct [4]. - Jiang Yingying from PCG Online Video BU was dismissed for embezzling company assets and soliciting benefits from external companies [5].

新浪科技讯 1月23日午间消息，今日，腾讯官方账号"阳光腾讯"公布2025年反舞弊进展。官方表示2025 全年，腾讯反舞弊调查部共发现并查处触犯"腾讯高压线"案件七十余起，九十余人因触犯"腾讯高压 线"被解聘，其中二十余人因涉嫌犯罪被移送公安机关处理，三十余名涉案的外部人员也被公安机关一 并抓捕。 腾讯集团反舞弊通报 明 ... @ +关注 心 ▷ ♡ 다 35个 ... 79 1193 41 留言 据官方消息，WXG微信支付线行业产品运营部、IEG品质管理部、CSIG智慧行业一部、子公司核娱游 戏互动中心、子公司腾卓研发中心、CDG广告营销服务线营销方案部、原PCG增值产品部等部门的部 分员工在职期间存在利用职务便利，为外部公司谋取利益，并收取外部公司好处费，因涉嫌犯罪被移送 公安机关处理，其行为触犯了"腾讯高压线"，被列入黑名单，永不录用。另外还附有2025新增永不合作 主体清单。 腾讯表示，近年来，为主动、精准地识别舞弊线索，我们系统化梳理了过往案例中的关键风险点，通过 自建的多个AI分析工具构建了动态风险模型，在合作伙伴准入、项目招投标、合同管理、交付验收、 费用报销中，主动发现并调查处理了多起违规案 ...

摩根大通发布研报称，腾讯控股核心业务仍具备较强韧性，其股价未被过度赋予"AI溢价"，给予公 司"增持"评级。 研报指出，腾讯核心业务板块保持稳健运营节奏，游戏、广告等主营业务收入维持同比增长，视频号与 小程序生态的协同效应逐步释放，带动高毛利业务占比持续提升。在AI布局方面，公司持续推进技术 研发与场景落地，但市场并未对相关业务给予超出基本面的估值溢价，股价表现与公司实际价值匹配度 较高。 摩根大通认为，腾讯依托完善的业务生态与稳定的现金流能力，具备较强的长期发展韧性，当前估值处 于合理区间，未出现因AI概念催生的过热定价，因此给予"增持"评级，看好其业务基本面支撑下的长期 投资价值。 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。 本文源自：市场资讯 作者：观察君 ...