1月26日下午，腾讯召开2025年度员工大会，腾讯公司董事会主席兼首席执行官马化腾分享了公司在过 去一年的业务总结和战略思考，以及对2026年工作的全新展望。 马化腾在现场表示，在AI战略上，腾讯有自己的考虑和节奏，核心是产品的长期竞争力和用户的体 验，现在正在各个业务板块和平台上仔细思考，持续点亮新的技能。"未来人的时间越来越宝贵，帮用 户节省时间、提高效率是非常重要的，这也是我们产品可以融入AI来帮忙的一个思考点。" 币"10亿元现金，能否再次通过春节这一超级社交场景，实现腾讯AI提速值得关注。马化腾表示，希望 此举能够重现11年前的微信红包的时刻。 谈AI战略，腾讯风格就是稳扎稳打 在现场，马化腾首先回顾过去几年腾讯触底反弹的过程：2021年到2023年疫情期间，行业进入寒冬期， 腾讯提出"聚焦主业、降本增效、减脂增肌"，在随后几年中很快恢复增长，并且在AI的投入上持续加大 力度。 在他看来，ChatGPT和DeepSeek改变了AI发展的进程，但每个企业穿越周期的节奏不一样，过往业务的 长青保证了腾讯在AI上可以长期投入。"每个企业的基因不同、体质不同，腾讯的风格就是稳扎稳 打。"他表示，在AI战略上 ...

Core Viewpoint - Tencent emphasizes a steady and focused approach to its business, particularly in the context of AI development, highlighting the importance of long-term product competitiveness and user experience [5][6]. Group 1: AI Strategy and Product Development - Tencent's new product "Yuanbao" is inspired by past experiences and aims to explore new social interactions through AI, integrating features from existing platforms [5][6]. - The company plans to invest 1 billion yuan in cash red envelopes to attract new users to the Yuanbao app, hoping to replicate the success of WeChat's red envelope feature from 11 years ago [6][8]. - The "Yuanbao" app includes features such as AI interaction, task management, and multimedia activities, aiming to enhance user engagement and experience [10][12]. Group 2: Organizational Changes and Talent Acquisition - Tencent has restructured its AI team, moving the "Yuanbao" team to a more prominent position within the organization to enhance its AI application capabilities [15]. - The company has made significant changes in talent acquisition and organizational structure to strengthen its AI strategy, including the establishment of new departments focused on AI infrastructure and data [15][16]. - The appointment of key personnel, such as Yao Shunyu, signals a strategic focus on large models and AI applications within Tencent [15][16]. Group 3: Market Position and Competitive Strategy - Tencent aims to leverage its extensive user base and data to create a robust feedback mechanism, enhancing product development and user experience [18]. - The company believes that its ability to convert complex technology into user-friendly products will be crucial in the AI era, focusing on practical applications rather than just technical superiority [18]. - Tencent's strategy includes building a top talent pool and flexible organizational structures to adapt quickly to market changes and technological advancements [18].

就在昨日腾讯宣布10亿红包计划之后，百度随即通知称，自1月26日至3月12日，用户在百度APP使用文 心助手，有机会瓜分5亿现金红包，最高可获得1万元奖励。百度APP还将作为首席AI合作伙伴参与 《2026北京广播电视台春节联欢晚会》。 此前据智通财经记者了解，字节豆包已明确冠名春晚，或将带来新玩法与大量推广。 眼下多家大厂均已明确要开启春节AI应用"流量大战"，在社交领域具备优势的腾讯能否借助春节这一重 要时间节点实现AI提速，值得关注。 智通财经1月26日讯（记者 付静） 互联网巨头再度打响流量入口之战。 昨日，腾讯、百度则先后宣布，元宝、文心助手将分别投入10亿、5亿春节现金红包。就在一个月前， 火山引擎宣布成为2026年春节联欢晚会独家AI云合作伙伴。 智通财经记者从腾讯方面最新获悉，今日下午召开的腾讯2025年度员工大会上，腾讯董事会主席兼首席 执行官马化腾表示，希望此番10亿真金白银的动作将"重现11年前的微信红包的时刻。" 据昨日腾讯发布的《关于春节分10亿现金的通知》，元宝针对春节推出了10亿现金红包激励活动，将于 2月1日上线，用户在手机应用市场更新元宝APP至2.55.0版本及以上，即可参 ...

刚刚（1月26日），国家新闻出版署公布了2026年1月份的国产版号、进口版号，以及游戏审批变更信息，公示的审批时间为1月23日。 国产版号方面，今天共有177款游戏过审获得版号。 以申报类别划分：其中"移动"类别175个（含"移动-休闲益智"类别64款）、"客户端"类别2个、"网页"类别和"游戏机"类别本月没有新版号获批。值得一提 的是，共有10款游戏同时拿到了移动和客户端版号，可见多端多平台的趋势愈发明显。 回顾2025年，国家新闻出版署下发国产游戏版号共计1676个、进口游戏版号96个、游戏审批变更信息86条。如果从近一年的每月版号下发数量来看，可见 国产版号的获批数量在阶段性增长，本月的177个是近一年以来的次高。 以下为本批次版号的完整名单： | | | 2026年1月进口网络游戏审批信息 | | | | --- | --- | --- | --- | --- | | 序号 | 名称 | 申报类别 | 出版单位 | 运营单位 | | 1 | 彩虹六号: 攻势 | 客户端 | 华东师范大学电子音 上海纳原信息技术有 | | | | | | 像出版社有限公司 | 限公司 | | 2 | 彩虹岛:爱丽丝之境 ...

Market Overview - The market is currently focused on resilience rather than aggressive movements, with A-shares experiencing ETF sell-offs and the Hang Seng Index showing slight fluctuations, closing up 0.06% [1] - Tensions between the US and Iran are at a peak, with concerns over the Strait of Hormuz affecting oil prices, leading to significant gains for companies like China National Offshore Oil Corporation and China Petroleum [1] - Canadian Prime Minister's visit to China resulted in trade agreements, but US President Trump threatened tariffs on Canadian imports if trade agreements with China were pursued [1] Commodity Prices - International gold and silver prices have surged, with gold reaching a historical high of $5093.18 per ounce and silver surpassing $109 per ounce [2] - High-end gold consumption is increasing, with significant consumer interest noted in SKP stores during the Chinese New Year season [2] - Commodity trading companies like Nanhua Futures have benefited from these price increases, with notable stock price rises [2] Uranium Market - The uranium market is showing strength, with a trust fund planning to issue up to $2 billion in transferable trust shares, indicating a growing demand for uranium [3] - Companies like China General Nuclear Power Corporation have seen stock increases of around 10% due to this positive outlook [3] AI and Technology Sector - Tencent is focusing on AI investments, with plans to enhance its AI platform and engage in competitive activities in the AI application space [4] - Companies like Longi Green Energy and Xunlei have also seen stock increases due to their involvement in AI and data center businesses [3][4] Real Estate Market - Hong Kong real estate stocks are expected to see a price increase of 5% to 10% this year, with reports of a potential spin-off of telecommunications assets by CK Hutchison [5] - The domestic real estate market is showing resilience, with significant increases in second-hand home transactions in major cities [5] Health Sector - The emergence of the Nipah virus in India is expected to increase demand for antiviral medications, benefiting companies like Sihuan Pharmaceutical and CanSino Biologics [6][5] - CanSino is advancing its vaccine development for the Nipah virus, reflecting a proactive approach to emerging health threats [6] Coal Industry - A report indicates that coal supply policies may lead to significant reductions in production capacity, potentially improving coal prices in 2026 [7] - Major coal companies like China Shenhua Energy and Yanzhou Coal Mining are positioned to benefit from these changes in supply dynamics [8] Jewelry Market - Chow Tai Fook has reported strong sales growth, particularly in high-margin gold jewelry, with same-store sales in mainland China increasing by 21.4% [9][10] - The company is optimizing its store network and expanding into Southeast Asia, indicating a strategic approach to growth amid rising gold prices [10]

国产GPU厂商正进入批量上市时刻。 随着摩尔线程、沐曦股份等国产GPU厂商相继登上资本市场后，又有一家国产GPU厂商迈出上市第一步。 日前，上海燧原科技股份有限公司（下称"燧原科技"）的科创板IPO已获得受理，拟融资60亿元。 2025年前三季度，燧原科技的收入、净亏损分别为5.4亿元、8.88亿元。 与其他国产GPU厂商最大的不同在于，燧原科技与互联网巨头腾讯实现了深度的绑定。 腾讯不仅是燧原科技的第一大外部股东，更是2025年前三季度为其贡献了超7成营收的"超级大客户"。 这种"带资进组"的模式，让燧原科技在现金流与落地场景上拥有了令同行艳羡的安全垫，但也使其陷入了"单一依赖"与"低毛利以价换量"的争议 漩涡。 随着此次独立IPO，燧原科技能否在腾讯的温室之外，证明自己独立生存的造血能力，正受到关注。 最大的金主：腾讯 目前可用于AI加速卡及模组是燧原科技主要收入来源，从2022年的0.37亿元一路飙升至2025年前三季度的4.12亿元，期间暴增了超10倍。 客户身份的B面，腾讯还是燧原科技的第一大外部股东。截至此次IPO申报前，腾讯及其一致行动人苏州湃益合计持有燧原科技20.26%的股份。 事实上，腾讯 ...

Core Insights - Tencent's CEO emphasized the importance of maintaining focus and a steady pace in response to AI-related anxieties, highlighting the company's unique characteristics and approach to innovation [1] - The introduction of "Yuanbao Pai," a new AI social feature, aims to enhance user interaction and entertainment within social contexts, integrating various Tencent services [1] - Tencent has made significant organizational changes to attract AI talent and enhance its AI capabilities, including the establishment of new departments and leadership roles [2] Group 1: AI Strategy and Development - Tencent is focusing on integrating large models and AI products, employing a collaborative design approach to enhance product and organizational development [3] - The company has rapidly scaled its AI assistant "Yuanbao," which has become one of the top AI applications in China, with frequent updates and integration across multiple Tencent platforms [2] - Tencent's AI strategy is characterized by a long-term investment approach, ensuring that its existing business strengths support ongoing AI development [3] Group 2: Business Performance and Future Outlook - Tencent's cloud business achieved significant profitability milestones in 2025, reflecting successful integration of AI-related products across various services [4] - The WeChat ecosystem remains a critical focus for Tencent, with ongoing efforts to enhance its features while balancing user needs and privacy concerns [3] - The Interactive Entertainment Group (IEG) has seen growth through innovation and content development, contributing to Tencent's overall business evolution [4][5]

④亚信科技、ABB机器人联合成立"具身智能实验室"； ⑤阶跃星辰完成超50亿元B+轮融资； 亚信科技、ABB机器人联合成立"具身智能实验室"...... ①马化腾：腾讯唯一花钱投入比较多的就是AI； ②腾讯混元发布混元图像3.0图生图模型； ③腾讯发力社交AI赛道，元宝开启"元宝派"内测； ⑥众擎机器人与穿越者达成深度战略合作，启动人形机器人宇航员探索计划； ⑦宇树科技成为2026年春晚机器人合作伙伴。 ...

腾讯正在寻找AI时代的自身节奏。 1月26日下午，腾讯召开2025年度员工大会，腾讯董事会主席兼首席执行官马化腾在会上明确了公司最 新的AI战略方向：不盲目跟随市场节奏，坚持"稳扎稳打"，并表示旗下AI应用"元宝"将投入10亿元人民 币用于春节红包活动，试图通过社交裂变打开AI产品的C端市场。 马化腾在大会上回顾了腾讯在2021年到2023年疫情期间、行业进入寒冬期的 "过冬"历程。他指出，通 过"聚焦主业、减脂增肌"，腾讯已恢复增长轨道，并且在AI的投入上持续加大力度。面对ChatGPT和 DeepSeek等技术变革带来的行业冲击，马化腾表示，每个企业的基因和体质不同，腾讯不会通过简单 的堆砌产品来应对竞争。 而在组织架构层面，腾讯正在进行深度的AI化重构。马化腾透露，过去一年公司大幅优化了AI人才结 构，引入更多年轻化的原生AI人才。未来，腾讯将改变单纯技术支撑模式，推动大模型与产品团队 的"一体化"，采用交叉派驻和Co-design（联合设计），让技术更直接地服务于产品创新。 作为腾讯AI战略落地的排头兵，CSIG（云与智慧产业事业群）在2025年迎来了关键转折点。马化腾在 会上确认，2025年腾讯云业 ...

这标志着大模型竞争已进入下半场。如果说阿里在用通义千问"修路"做生态，字节跳动用豆包"造场"博 流量，那么腾讯则选择回归其核心基因——用元宝拓展"AI社交"的新边界。 什么是"元宝派"？腾讯内部人士向记者透露，"元宝派"是元宝全新的社交场景探索，用户可以选择创建 一个"派"，或者加入一个已有的"派"。 "元宝派"形态类似于传统群组，但核心逻辑已彻底重构，腾讯内部也将其称为"AI社交"。在这个空间 内，AI不再是边缘的辅助工具，而是社交的参与者。 在"元宝派"，用户可以体验各项全新社交玩法，包括"问元宝""共享屏幕""一起看电影""一起听音 乐"等，均将于近期陆续灰度上线。 据第一财经报道，1月26日下午，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。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。 马化腾表示，2025年是AI大年。去年业内竞争激烈，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 ...