腾讯在AI生态层面频繁的动作，对业绩的转化效果非常明显。 腾讯AI方面的负责人也发生变化。OpenAI前研究员姚顺雨（Vincesyao）出任"CEO/总裁办公室"首席AI 科学家，向腾讯总裁刘炽平汇报；同时兼任AI Infra部、大语言模型部负责人，向技术工程事业群总裁 卢山汇报；王迪继续担任大语言模型部副总经理，向姚顺雨汇报。刘煜宏担任AI Data部负责人、陈鹏 担任数据计算平台部负责人，均向公司副总裁蒋杰汇报。 "人才争夺是当前AI竞争的核心，腾讯为此下重金引进人才。一方面，姚顺雨是OpenAI智能体产品 Operator的核心贡献者，他擅长的领域是行业的下一个竞争焦点。而姚顺雨有望快速推动腾讯在混元大 模型方面的进一步研究，他的加入能够帮助腾讯从其他竞争对手招募到更核心的人才。"一位业内从业 者向《证券日报》记者说。 提升AI大模型研发效率 作为腾讯大模型体系的重要一环，AI Infra部将负责大模型训练和推理平台技术能力建设，聚焦大模型 分布式训练、高性能推理服务等核心技术能力，构建大模型AI Infra核心竞争力，为大模型算法研发和 业务场景落地提供稳定高效的技术支持和服务；架构升级后的AI D ...

生成式AI 一、OpenAI推出全新ChatGPT Images，sam露腹肌搞宣传 1. OpenAI发布全新图像生成模型驱动的ChatGPT Images，图像生成速度提升4倍，实现精准编辑并保持细节完好， Sam Altman亲自下场"辣眼睛"宣传； 2. 该模型支持添加、删减、组合、融合等多种编辑类型，文本渲染能力增强可处理更密集更小的文字，并可将日常照 片转换成电影海报等创意风格； 3. 新版Images功能向所有ChatGPT用户推出，API以GPT Image 1.5形式提供，价格比GPT Image 1降低20%，内 置数十种预设滤镜和提示词。 https://mp.weixin.qq.com/s/ORFy20qnLXeIu4FKHlHf0g 二、3D分割还不够，Meta开源SAM Audio分割一切声音 1. Meta开源音频分割模型SAM Audio，支持文本、视觉和业内首创的时间跨度提示三种方式，可从复杂音频混合中 分离任意声音； 四、腾讯混元世界模型1.5发布，国内首个开放实时体验 1. 腾讯混元世界模型1.5（HY WorldPlay）正式发布并开源，支持文本或图片输入创建实时交互的 ...

以下文章来源于MaxAIBox ，作者Max MaxAIBox . MaxAIBox.com 汇集优秀 AI 工具，探索 AI 无限可能 9 月传闻炸圈：上亿年薪？OpenAI 大神要入腾讯混元？ 2025 年 9 月上旬，AI 圈被一条传闻搅得沸沸扬扬： OpenAI 前核心研究员姚顺雨要跳槽腾讯，加盟混 元大模型团队，甚至有消息称其年薪高达上亿元 。 要知道，今年 27 岁的姚顺雨已是业内顶流——清华姚班出身、普林斯顿博士，刚从 OpenAI 离职，还深 度参与过今年推出的 Operator、Deep Research 等核心智能体产品研发，更是《麻省理工科技评 论》"35 岁以下科技创新 35 人"中国区最年轻入选者。 这样的"天才选手"要加入腾讯，自然引发全网热议。但没过多久，腾讯官方公众号"鹅厂黑板报"就出面辟 谣，明确表示"上亿薪资入职"传闻不实，给这波热度泼了盆冷水。 12 月官宣落地：不止入职，更是架构升级的核心棋子 和他入职同步的，还有腾讯大模型研发架构的重大调整——新成立 AI Infra 部、AI Data 部、数据计算平 台部三大部门，形成"研发—数据—平台"的闭环"铁三角"，而姚顺雨 ...

以下文章来源于智能涌现 ，作者邓咏仪 智能涌现 . 直击AI新时代下涌现的产业革命。36氪旗下账号。 腾讯内部已形成共识： 必须拥有不能拖后腿的自研模型能力。 2024年，大模型招聘市场里最慷慨的玩家是字节跳动，但到了今年，名单上加上了腾讯。 据The Information近期报道，腾讯正在高价抢夺字节跳动的AI团队，在过去数月里，以加倍薪资积极挖角字节旗下的顶尖AI人才。 " 智能涌现 " 和接近腾讯的人士了解到的情况是，今年腾讯的校招可以说是不惜成本——对于中意的人才，腾讯出价高50%是基准线，最高可以达到2倍薪 资挖人。 顶尖人才的变动，往往反映一家公司对这件事的急迫程度。腾讯不仅抢应届毕业生，更是瞄准了全球范围内的顶尖大模型人才。 文 ｜ 邓咏仪 编辑 ｜ 苏建勋 杨轩 来源｜ 智能涌现（ID：AIEmergence） 封面来源 ｜ AI 生成 " 智能涌现 " 独家获悉，腾讯近期完成了一次组织调整，正式新成立AI Infra部、AI Data部、数据计算平台部。 12月17日下午发布的内部公告中，腾讯表示，Vinces Yao将出任"CEO/总裁办公室"首席AI科学家，向腾讯总裁刘炽平汇报；他同时 ...

Major Events - CICC (03908) plans a stock swap to absorb Dongxing Securities (601198.SH) and Xinda Securities (601059.SH), with resumption of trading on December 18 [1] - Yuanda Pharmaceutical (00512) has received approval to conduct clinical research in the U.S. for its self-developed innovative radiopharmaceutical GPN01530 [1] - Changfeng Pharmaceutical (02652) has had its clinical trial application for Olopatadine Mometasone nasal spray accepted by NMPA [1] - CRRC (01766) and its subsidiaries have signed significant contracts totaling approximately 53.31 billion yuan over the past three months [1] - Guangzhou Pharmaceutical, a subsidiary of Baiyunshan (00874), plans to invest around 500 million yuan to acquire 100% equity of Zhejiang Pharmaceutical Industry Co., Ltd. [1] Buybacks - China Metallurgical Group (01618) intends to repurchase up to 2 billion yuan of A-shares and 500 million yuan of H-shares [1] - Tencent Holdings (00700) repurchased 1.057 million shares for 636 million HKD on December 17 [1] - Techtronic Industries (00669) repurchased 500,000 shares for 44.91 million HKD on December 17 [1] - Country Garden Services (06098) repurchased 3.697 million shares for 23.17 million HKD on December 17 [1] - COSCO Shipping Holdings (01919) repurchased 285,750 shares for 38.61 million HKD on December 17 [1]

Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings [2]. Core Insights - Tencent's "Friend Praise" social discount activity on WeChat aims to enhance user engagement and drive e-commerce transactions by leveraging social relationships, offering up to 45% subsidies to users [2]. - Tencent's gaming revenue from overseas markets has surpassed that of Electronic Arts (EA), with a decentralized empowerment model that allows studios creative autonomy, contributing to a more resilient gaming ecosystem [3]. - Tencent Cloud's native API has seen explosive growth, with daily calls exceeding 10 billion and over 1 million developers served, marking a shift from resource selling to capability services [4]. - Tencent's first digital therapy product has entered clinical application, showcasing the integration of gaming technology into healthcare and establishing a commercial closed loop for future digital therapy products [5]. Summary by Sections E-commerce - The launch of "Friend Praise" on WeChat targets private domain conversion, allowing users to invite friends to like products for exclusive discounts, thus enhancing product exposure and conversion rates [2]. Gaming - Elon Musk's endorsement of Tencent's gaming strategy highlights its success in overseas markets, where its revenue has outpaced EA, emphasizing a non-interfering investment approach that fosters creativity [3]. Cloud Services - Tencent Cloud's API usage has surpassed 10 billion daily calls, indicating its robust architecture and the transition to providing standardized API services for developers, facilitating digital transformation [4]. Healthcare - The introduction of Tencent's digital therapy product in clinical settings represents a significant advancement in applying gaming technology to medical interventions, establishing a precedent for future digital health solutions [5].

智通财经记者获悉，混元旗舰模型TurboS是业界首个基于混合线性注意力机制落地的超大规模MoE模 型，自年初发布后保持着每月一个版本的迭代速度。12月5日，最新旗舰模型混元2.0推出；今日，腾讯 混元发布世界模型1.5，该模型系国内首个开放体验的实时世界模型。 实际上，不仅腾讯AI提速，几家大厂均是AI战略决心明确，年内重磅动作频频。 例如，本月推出的字节跳动旗下豆包手机颇受外界关注，明日上午火山引擎FORCE原动力大会召开， 预计将发布豆包大模型新品。 据悉，AI Infra部将负责大模型训练和推理平台技术能力建设，聚焦大模型分布式训练、高性能推理服 务等核心技术能力，构建大模型AI Infra核心竞争力，为大模型算法研发和业务场景落地提供技术支持 和服务。架构升级后的AI Data部、数据计算平台部，将分别负责大模型数据及评测体系建设、大数据 和机器学习的数据智能融合平台建设工作。王迪继续担任大语言模型部副总经理，向Vinces Yao汇报； 刘煜宏担任AI Data部负责人、陈鹏担任数据计算平台部负责人，均向公司副总裁蒋杰汇报。 腾讯方面表示，此次大模型研发架构升级，在进一步强化腾讯工程化优势的同时，旨 ...

Core Insights - Tencent has announced an upgrade to its large model research architecture, establishing new departments: AI Infra, AI Data, and Data Computing Platform [2][5] - Vinces Yao, a former OpenAI researcher, has been appointed as the Chief AI Scientist, reporting directly to Tencent's President, Liu Chiping [2][3] Group 1: Organizational Changes - The new AI Infra department will focus on building technical capabilities for large model training and inference, emphasizing distributed training and high-performance inference services [4] - The AI Data and Data Computing Platform departments will be responsible for constructing data and evaluation systems for large models, as well as integrating big data and machine learning [5] - The restructuring aims to enhance Tencent's engineering advantages while improving research capabilities in AI large models [5][6] Group 2: Talent Acquisition and Competitive Landscape - Vinces Yao, at just 27 years old, is recognized as a leading young researcher in AI, having previously worked on core projects at OpenAI [3][4] - Tencent's recent talent acquisition and team restructuring are part of a strategy to support intensive technical challenges in the competitive AI large model sector [6] - Over the past year, Tencent has launched more than 30 new models under its Mix Yuan large model initiative, which has been integrated into over 900 applications and scenarios within the company [5]

证券时报•数据宝统计，腾讯控股在港交所公告显示，12月17日以每股595.000港元至605.500港元的价格 回购105.70万股，回购金额达6.36亿港元。该股当日收盘价605.000港元，上涨1.42%，全天成交额89.13 亿港元。 自11月18日以来公司已连续22日进行回购，合计回购2285.70万股，累计回购金额139.86亿港元。 其间 该股累计下跌4.95%。 今年以来该股累计进行122次回购，合计回购1.45亿股，累计回购金额749.51亿港元。（数据宝） （港元） 回购最低价 （港元） 回购金额 （万港元） 2025.12.17 105.70 605.500 595.000 63572.20 2025.12.16 106.70 602.500 592.500 63566.03 2025.12.15 105.10 608.000 602.500 63579.09 2025.12.12 104.40 616.000 601.500 63582.21 2025.12.11 105.40 611.000 599.500 63593.95 2025.12.10 106.00 603.000 595. ...

Investment Rating - The report maintains a "Recommended" rating for the media and internet industry [1] Core Viewpoints - The media and internet industry is driven by performance and AI empowerment, with a focus on core assets in the Hong Kong internet sector and AI applications [3][4] - The report highlights the stable supply in the film industry and the recovery of the box office, with significant growth in ticket sales [16][20] - The gaming sector shows strong performance with an increase in both client and mobile game revenues, driven by dual-end interaction [57][58] - The advertising market is showing steady growth, with a notable increase in spending across various sectors [3][4] Market Review - In November 2025, the media industry index rose by 1.69%, outperforming the Shanghai and Shenzhen 300 index, which fell by 2.46% [5][6] - The media sector's performance varied, with advertising marketing up by 9.68% and the gaming sector down by 0.94% [10][12] Sub-industry Data Tracking Film Industry - The national box office for November 2025 reached 3.553 billion yuan, a year-on-year increase of 89.29% and a month-on-month increase of 36.03% [16][20] - The top film, "Zootopia 2," generated a box office of 1.731 billion yuan, accounting for 54.2% of the monthly total [23] Gaming Industry - The domestic gaming market's actual sales revenue in October 2025 was 31.359 billion yuan, a year-on-year increase of 7.83% [57] - Client games showed a strong performance with revenues of 7.227 billion yuan, up 29.4% year-on-year [58] Advertising Industry - The overall advertising market expenditure increased by 4.3% year-on-year in the first ten months of 2025, with a significant rise of 10.6% in October [3][4]