Industry Development & Technology - Tencent has fully adapted to mainstream domestic chips, aiming to provide cost-effective AI computing power through full-stack optimization of software and hardware [1] - The industry is addressing the challenge of computing power supply by integrating different types of chips [1] - DeepSeek-V3.1 uses UE8M0 FP8 Scale parameter precision and has made significant adjustments to the tokenizer and chat template [1] - UE8M0 FP8 is designed for the next generation of domestic chips [1] Company Strategy - Tencent is adopting a strategy of software and hardware collaboration for full-stack optimization [1] - Tencent aims to provide high cost performance AI computing power [1]

Core Viewpoint - Companies must focus on efficient growth through innovation and technology, particularly AI, to navigate the challenges of global competition and economic downturns [1][2]. Group 1: Economic Context and Challenges - The global economy faces multiple risks, including downturns, trade barriers, and supply chain disruptions, leading to increased costs and shrinking profits for businesses [1]. - Traditional growth models are becoming ineffective, necessitating innovation and efficiency improvements for companies to regain growth trajectories [1]. Group 2: AI as a Key Driver - AI is transitioning from a supportive tool to a fundamental infrastructure, significantly reshaping business landscapes and accelerating industrial upgrades [2]. - The consumption of AI tokens in China has surged from 1 trillion to over 30 trillion in just 1.5 years, indicating explosive growth in AI applications [2]. - A study by IDC reveals that 92% of global business leaders are actively leveraging AI to enhance productivity, customer engagement, revenue growth, cost management, and product innovation [2]. Group 3: Tencent's Strategic Initiatives - Tencent has positioned itself as a leader in AI application, integrating AI capabilities across over 900 products, including WeChat and QQ, to drive growth in core business areas [3]. - The company has developed a comprehensive AI service ecosystem, from infrastructure to development platforms, facilitating the deployment of AI across various industries [3]. - Tencent collaborates with leading companies like China Bank and Chow Tai Fook to implement intelligent marketing systems and enhance operational efficiency [3]. Group 4: Importance of Independent Innovation - The need for independent innovation and robust digital infrastructure is critical in the face of escalating global tech competition and supply chain disruptions [4]. - China Bank has utilized Tencent's cloud-native PaaS products to build a distributed technology platform capable of handling massive transaction volumes, showcasing the effectiveness of independent innovation [4]. Group 5: Investment in R&D and Ecosystem Development - Over the past 20 years, Tencent has invested 379.5 billion yuan in R&D, with over 88,000 patent applications filed globally [5]. - The company has established a comprehensive self-developed technology system and formed various initiatives to support partners and clients in AI and innovation [5]. - Tencent aims to maintain a stable and predictable ecosystem strategy, fostering long-term partnerships to share efficiency gains and advance the industry [5].

目前，腾讯AI共创营已有超300家企业报名，首次线下活动报名人数已近3000人，覆盖金融、法律、制 造、消费等多个行业领域。（罗宁） 新浪科技讯 9月16日下午消息，今日，2025腾讯全球数字生态大会上，腾讯正式发布AI应用繁荣计划， 涵盖"AI共创营"和"AI百校行"两大核心模块，将持续开放AI技术、深耕场景，携手全球伙伴加速AI人才 培养及"人工智能+"的突破与繁荣。 作为该计划的核心组成部分，腾讯新一期AI共创营正式启动，深圳市创想三维科技股份有限公司、深 圳得理科技有限公司、苏州奥莱维信息技术有限公司等18家合作伙伴代表共同参加了启动仪式，并将围 绕腾讯混元大模型、腾讯云智能体开发平台以及腾讯元器，依托腾讯全局生态资源，通过技术共享、资 源开放、培训赋能、产品共创、行业共建等形式，共同孵化垂直场景中的智能体与大模型应用，推动各 垂直领域协同发展。 责任编辑：屠欣怡 ...

Core Insights - The widespread application of AI is driving a surge in inference demand and cloud infrastructure upgrades [2][3] Group 1: Cloud Infrastructure Upgrades - Tencent Cloud is continuously upgrading its cloud infrastructure to support the large-scale deployment of AI agents and global business development [2] - The company has made breakthroughs in inference acceleration, agent infrastructure, and internationalization [2] - Tencent Cloud has developed and open-sourced FlexKV multi-level caching technology, significantly reducing KVCache usage and cutting first-byte latency by up to 70% [2] Group 2: AI Agent Applications - Tencent Cloud has launched the Agent Runtime solution, which integrates execution engines, cloud sandboxes, and security observability to provide a stable operating environment for AI agents [2] - The Cloud Mate intelligent agent has improved architecture governance and fault diagnosis efficiency, achieving a 95% risk SQL interception rate and reducing troubleshooting time from 30 hours to as fast as 3 minutes [3] Group 3: Global Market Performance - Tencent Cloud's self-developed products have enhanced performance and reliability, with over 200 million cores deployed in the Star Sea server and flagship SA9 achieving 768 cores per machine [3] - The proprietary cloud TCE has achieved a recovery time objective (RTO) of 2 minutes, meeting near-financial-grade disaster recovery standards [3] - The new TDSQL Boundless database combines ease of use with high concurrency, reducing latency by over 80% in complex queries through an AI optimizer [3] Group 4: International Expansion - Tencent Cloud's infrastructure covers 55 global availability zones with over 3,200 acceleration nodes, providing security protection for thousands of games and defending against a 183% year-on-year increase in DDoS attacks [3] - The company is accelerating its internationalization efforts, planning to establish new availability zones in Osaka, Japan, and Saudi Arabia, and has set up 9 technical support centers globally [3][4] - Tencent Cloud completed a large-scale migration for an Indonesian version of "Didi + Meituan" in just 5 months, establishing the third availability zone in Indonesia [4] Group 5: Future Investments - Tencent Cloud will continue to increase investments in technological innovation and global expansion to assist Chinese enterprises in stable overseas operations while providing secure, reliable, and intelligent cloud services to global businesses [5]

9月16日消息，网传阿里与微信在谈合作条款：淘宝在微信内部开设小程序，直接完成交易闭环，作为 代价，淘宝开通微信支付免密。 对此，新浪科技向微信方面求证，对方暂无回应。 责任编辑：李思阳 ...

经济观察网 2025腾讯全球数字生态大会9月16日在深圳举行。腾讯集团高级执行副总裁、云与智慧产业 事业群CEO汤道生表示，腾讯将打造"智能化"与"全球化"两大效率引擎。智能化方面，腾讯云发布腾讯 云智能体战略全景图，全面开放AI能力、C端和B端优势场景。通过智能体解决方案、SaaS+AI、大模 型技术三大升级，激发企业的创新潜能。腾讯元宝上线一年多，已经成为国内DAU（日活跃用户数 量）排名前三的AI原生应用，用户现在每天向腾讯元宝的提问量，已经达到年初一个月的总量；腾讯 AI智能工作台IMA知识库文件数量已经突破1亿；QQ浏览器的AI月活数比4月增长了17.8倍。汤道生介 绍，今年腾讯云持续加码基础设施建设，海外开区的速度在国内各大云厂商中排在最前列，同时完成多 项产品和功能升级，全面适配全球技术生态。 ...

Group 1: AI Tool Launch - Tencent Games has launched an AI creation tool called VISVISE, aimed at enhancing the efficiency of game art production across four major pipelines: animation production, 3D model production, intelligent NPCs, and digital asset management [2] - The tool significantly improves efficiency in various stages of game creation, such as skin binding, which can be reduced from 1-3.5 days per item to over 8 times faster with VISVISE [2] - The core value of VISVISE is to balance quality and efficiency in game production, addressing the industry's need for cost reduction and efficiency improvement [2] Group 2: Revenue Challenges - Tencent's flagship game, Honor of Kings, has experienced a revenue decline, with June's income dropping to $143 million, a nearly 25% decrease month-over-month [3] - Despite maintaining a daily active user count of over 100 million, the game's revenue growth shows significant uncertainty, with no substantial increase in user scale since November 2020 [4] - The revenue for Honor of Kings fell from $2.22 billion in 2022 to $1.48 billion in 2023, with a slight recovery projected for 2024 at $1.87 billion, indicating volatility in earnings [5] Group 3: Competitive Landscape - Tencent faces increasing competition from emerging companies like miHoYo and Eagle Dynamics, which have successfully launched popular titles such as Genshin Impact and Arknights, respectively [6][7] - The contrasting strategies between Tencent's established titles and the innovative approaches of competitors highlight a potential stagnation in Tencent's game development capabilities [8] - miHoYo's Genshin Impact generated $4 billion in revenue in 2023, showcasing the effectiveness of its global content strategy, while Tencent's reliance on traditional revenue models is under scrutiny [9] Group 4: International Expansion - Tencent has invested approximately 978.67 billion yuan in 33 overseas game companies since 2012, indicating a strategy to bolster its game business through international partnerships [9] - The company has successfully acquired rights to popular games like CrossFire and Dungeon & Fighter, which have contributed significantly to its portfolio [9] - However, there are concerns that relying heavily on acquisitions may lead to a lack of focus and potential inefficiencies in Tencent's international strategy [10][11] Group 5: Future Considerations - Tencent must reconsider its dependency on social and channel strategies as it introduces VISVISE to the market, aiming to break free from past reliance [12] - The company faces a critical decision on whether to adapt to changing market dynamics or risk becoming a stable yet unremarkable cash cow [12]

新浪科技讯 9月16日下午消息，在2025腾讯全球数字生态大会上，腾讯集团副总裁、政企业务总裁李强 表示："面向全球化竞争，企业不仅要增长，更要有效率的增长，AI是实现效率变革的最大变量和核心 引擎"。 "今天的全球化竞争，已经从规模扩张转向效率比拼"，在李强看来，纵观全球长青企业发展历程，大都 需要经历产品驱动、价格驱动、效率驱动三个发展阶段。当企业进入一个新兴市场时，往往以产品驱动 来确立自身的竞争优势。在这一发展阶段，市场需求旺盛，企业往往通过新技术驱动的产品、服务或商 业模式创新就能享受发展红利，实现企业规模快速成长。典型的像iPhone和ChatGpt的出现，都是在某 一个赛道抢得先机，成为行业领导者。 他认为，企业要想重拾增长曲线，实现穿越周期，亟须以新技术、新模式驱动效率提升。"AI正从辅助 工具转变为像水电一样的基础设施，伴随国家人工智能+政策出台，人工智能正在重塑企业全场景，加 速产业升级迈向效率时刻"，李强表示。 过去 20 多年来，腾讯始终保持在关键技术领域研发投入。2018年至今，腾讯累计技术研发投入3795亿 元，截止2024年12月底，腾讯在全球主要国家和地区专利申请公开总数超过8 ...

Group 1 - The core viewpoint of the report is that AI, macroeconomic recovery, competitive landscape, regulatory environment, shareholder return execution, and Sino-US tensions will be the six key factors affecting the financial performance and valuation of Chinese internet-listed companies in the next 6 to 12 months [1] - The ranking of sub-industries within the mainland internet sector is as follows: cloud computing > online music, online gaming, and online advertising (tied) > e-commerce > others [1] - The long-term preferred stocks identified are Tencent, Alibaba, NetEase, and Tencent Music, while Bilibili and Baidu are favored for the short term [1]

Group 1 - The core theme of the Tencent Global Digital Ecosystem Conference is "Intelligent and Ambitious," showcasing over 70 AI+ interactive experiences and 35 self-developed technologies [1] - Tencent aims to enhance industrial efficiency through intelligence and expand revenue through globalization, which are seen as key drivers for future industry dynamics [1] - The company reported a significant increase in capital expenditure, with a 300% year-on-year growth, while achieving a gross margin of 22% and an operating profit margin of 18% in Q2 [2] Group 2 - Tencent's AI application has expanded significantly, with the "Yuanbao" AI application ranking among the top three in daily active users in China, and user inquiries reaching the total amount of the previous month within a year [2] - AI has been integrated into various business processes, enhancing advertising, gaming, and social media operations, thus becoming a new business gene for Tencent [2][3] - The advertising revenue grew by 20% in Q2, driven by AI optimization in ad creation, delivery, and effectiveness [3] Group 3 - Tencent is focusing on three main directions for AI implementation: upgrading intelligent agent solutions, enhancing "SaaS+AI" applications, and iterating foundational large models [4][5] - The intelligent agent solutions have shown impressive results, with AI marketing efficiency reaching 2-3 times that of manual operations, and content click-through rates and payment conversion rates significantly higher than traditional methods [5] - In the SaaS+AI applications, AI integration has improved development efficiency, with over 40% of new code generated by AI and a 34% increase in monthly delivery rates for developers [5][6] Group 4 - Tencent has released over 30 models in the past year, focusing on reducing deployment costs while enhancing model performance, which facilitates broader industrial applications [6] - The company is exploring advanced fields like multi-modal and 3D modeling, with its 3D model downloads exceeding 2.6 million, ranking first in the industry [7] - Tencent emphasizes the importance of globalization, addressing challenges such as market entry and compliance, while expanding its international cloud services and achieving high double-digit growth in international business [8][9]