10月15日，微信公关总监在微信派播客中回应"很多人不发朋友圈了、朋友圈是不是真的凉了"的言论， 并表示这是个人的感受，有点像信息茧房。"我们早年有分享过一组数据，每天有7.8亿用户进入到朋友 圈，并有1.2亿用户发朋友圈。这几年这个数据很稳定。从这个角度，有言论说每个人不发朋友圈是不 存在的。"她称朋友圈的信息流排序没有算法，推荐逻辑一直都是按照时间做排序。 对于去世的人，朋友圈会消失吗？她称微信产品团队针对逝者账号做了许多研究和努力，从今年9月开 始，微信对长时间不使用的微信账号已经不再进行回收处理。（第一财经记者 刘佳） ...

Group 1 - The core point of the article is that nine Chinese gaming companies have made it to the top 50 mobile game developers list for 2025 published by PocketGamer, highlighting their significant presence in the global gaming market [1][3]. - The companies listed include Century Games (1st), Tencent (10th), miHoYo (15th), FunPlus (24th), Lilith (27th), Lemon Legend (16th), Paper Games (18th), Haipi (19th), and NetEase (22nd) [1][3][4]. - PocketGamer emphasizes the importance of innovation and the ability of companies to redefine the industry with new hits, especially those that continue to succeed despite challenges [1].

Core Viewpoint - The WeChat public relations director addressed concerns about the decline of Moments, stating that the perception of fewer posts is subjective and not reflective of actual user engagement. Daily statistics show that 780 million users access Moments, with 120 million users posting, indicating stable usage over the years [1]. Group 1 - The director emphasized that the data regarding user engagement in Moments has remained consistent, countering claims that fewer people are posting [1]. - It was clarified that the sorting of information in Moments is based on chronological order rather than an algorithmic recommendation system [1]. - The WeChat product team has conducted extensive research on accounts of deceased users, and as of September this year, inactive accounts will no longer be reclaimed [1].

Group 1 - The WeChat product team has conducted extensive research and efforts regarding accounts of deceased users, and starting from September this year, inactive WeChat accounts will no longer be recycled [1] - The WeChat PR director addressed concerns about the decline of the Moments feature, stating that personal feelings may contribute to this perception, and emphasized that 780 million users access Moments daily, with 120 million users posting [2] - The data regarding user engagement in Moments has remained stable over the years, countering claims that fewer people are posting [2] Group 2 - The information flow in Moments is sorted by time, with no algorithmic recommendations influencing the order of posts [2]

Core Viewpoint - Tencent proposes a new method for upgrading large model agents called Training-Free GRPO, which significantly reduces costs and improves performance without the need for parameter tuning [1][5][11]. Group 1: Methodology - The Training-Free GRPO method allows for performance enhancement by learning from brief experiences embedded in prompts, eliminating the need for parameter adjustments [2][11]. - This approach maintains the model parameters in a frozen state while dynamically updating an external knowledge base to optimize performance [14][22]. - The method leverages the core logic of traditional GRPO but transforms it into a non-parametric reasoning process [13]. Group 2: Experimental Results - Experiments demonstrate that the DeepSeek-V3.1-Terminus model using Training-Free GRPO shows significant performance improvements in mathematical reasoning and web search tasks [4][25]. - Compared to fine-tuning a 32B model, Training-Free GRPO requires less training data and incurs lower costs, with a notable example being a cost of approximately $18 compared to over $10,000 for traditional methods [5][28]. - In the AIME24 and AIME25 tests, the model's performance improved from 80.0% to 82.7% and from 67.9% to 73.3%, respectively, showcasing a clear advantage with minimal training samples [28]. Group 3: Performance Evaluation - The method achieved a Pass@1 score of 67.8% on the WebWalkerQA benchmark, a significant increase from the baseline score of 63.2% [35]. - The results indicate that the learned experiences help the model avoid redundant tool calls and improve decision-making efficiency [31][30]. - The effectiveness of Training-Free GRPO is contingent upon the underlying model's reasoning and tool usage capabilities, as demonstrated by its lower performance on less capable models [40].

Group 1: Tencent - Tencent's mobile game revenue stabilized year-on-year in September, with strong performances from "Delta Action" and "Clash Royale" offsetting high base effects [1][2] - Domestic revenue decreased by 2.7 billion yuan (8%) year-on-year, primarily due to the high base from "MDnF," partially mitigated by new games like "Valorant: Source Action" and "Delta Action" [2] - "Delta Action" achieved a record high revenue of 1.5 billion yuan in September, driven by continuous user growth, with daily active users exceeding 30 million [2] - Overseas revenue increased by 670 million yuan (9%) year-on-year, mainly due to contributions from "Clash Royale," which saw a revenue of over 750 million yuan in September, reflecting a year-on-year increase of 360% [2] Group 2: NetEase - NetEase's domestic mobile game revenue slightly increased by 70 million yuan (1%) year-on-year, with new games like "Yanyun Sixteen Sounds" and "Egg Party" contributing to offset the high base from "Nirvana in Fire" [3] - Overseas revenue grew by 160 million yuan (18%) year-on-year, benefiting from new games such as "Destiny: Rising," which surpassed 100 million yuan in revenue in September [3] Group 3: Market Trends - Tencent is exploring interactive gaming, having released "The Queen's Game" on September 9, achieving cumulative sales of over 1 million [4] - By September 2025, 145 domestic game licenses and 11 import licenses are expected to be issued, with a focus on Tencent's open-world RPG "Return" and miHoYo's new game "Honkai: Origin Spirit" [4]

Group 1 - The core viewpoint of the articles highlights the positive impact of the Federal Reserve's interest rate cut expectations on the Hong Kong stock market, with significant gains in major indices and tech stocks [1] - The Hang Seng Index and Hang Seng Tech Index both rose over 1% in early trading, with notable increases in stocks such as China Life (+4.93%), Haidilao (+4.52%), and Pop Mart (+4.33%) [1] - The probability of a 25 basis point rate cut by the Federal Reserve in October is reported at 97.3%, reinforcing market expectations for further rate cuts [1] Group 2 - The Hang Seng China Enterprises Index (HSCE) has its top ten weighted stocks, including Alibaba, Tencent, and Xiaomi, which collectively account for 55.78% of the index [2] - Continuous attention is recommended for the Hang Seng China Enterprises ETF (159960), which closely tracks the performance of H-shares listed in Hong Kong [2]

Core Viewpoint - The establishment of the Tencent Qinyun Scholarship aims to alleviate the long-standing computational resource shortages faced by academic researchers, particularly in the AI field, enabling them to focus on meaningful scientific exploration [1][6]. Group 1: Challenges in Academic Research - The lack of computational power is identified as a critical constraint for academic researchers compared to industry and large tech companies [1]. - A survey published in Nature revealed that many scholars feel frustrated with limited computational resources for AI research, with 66% of respondents rating their satisfaction with available resources at 3 or lower on a scale of 5 [3]. Group 2: Industry Response - Major tech companies are launching various funding programs to address the computational resource shortages in academia, such as AWS Cloud Credits for Research and free cloud credits from Google and Microsoft [5]. - Domestic universities are also taking measures to alleviate students' computational anxiety, with Tsinghua University recently distributing computational vouchers to students [5]. Group 3: Tencent Qinyun Scholarship - The Tencent Qinyun Scholarship provides not only cash rewards but also essential computational resources for young scholars, particularly top doctoral students who prioritize long-term research value over short-term returns [6][15]. - Each awardee will receive 200,000 yuan in cash and 300,000 yuan worth of cloud heterogeneous computing resources, which can significantly enhance their research capabilities [15][17]. - The scholarship aims to stimulate innovation among young scholars and support breakthroughs in the AI field [6][15]. Group 4: Computational Resource Value - The 300,000 yuan worth of computational resources can support 24/7 usage of cutting-edge GPU instances for three months or 2,000 hours of usage on an 8-card GPU setup, providing substantial support for research [17][19]. - Awardees can flexibly configure their computational resources based on their research needs, which is crucial for the varying demands of large model research [19][20]. Group 5: Industry-Academic Collaboration - The scholarship serves as a direct and effective means for tech companies to connect with academia, facilitating talent acquisition and fostering innovation [14][23]. - Tencent's extensive business matrix, including social media, content production, and cloud services, provides a rich ecosystem for the application of AI technologies [24][25].

Core Viewpoint - Tencent's third-quarter revenue from gaming is expected to increase by 15% year-on-year for local income and 22% for international income, with online advertising revenue rising by 20% and financial technology and enterprise services revenue increasing by 10% [1] Revenue Expectations - Gaming business revenue is projected to grow 15% locally and 22% internationally [1] - Online advertising revenue is anticipated to rise by 20% [1] - Financial technology and enterprise services revenue is expected to increase by 10% [1] Profitability Projections - Gross margin for the third quarter and the full year is expected to be 56.4% and 56.3%, respectively, representing an increase of 330 and 340 basis points year-on-year [1] - Adjusted operating profit margin is projected to reach 37.2% for the third quarter and 37.3% for the full year, reflecting an increase of 59 and 132 basis points year-on-year [1] Investment Rating - The firm maintains a "Buy" rating on Tencent, raising the target price from 685 HKD to 780 HKD due to the company's ongoing progress in revenue growth and AI development [1]

Core Insights - The article discusses the evolution of intelligent driving maps, highlighting the transition from high-precision maps to lightweight maps in response to the growing demand for advanced driver-assistance systems (ADAS) [4][5][12]. Group 1: Evolution of Intelligent Driving Maps - The development of intelligent driving maps has gone through three stages: the sweet period of high-precision maps (2018-2021), the aggressive phase of "no map driving" post-2021, and the current rational phase focusing on lightweight maps as of 2024 [7][9][12]. - The shift to lightweight maps is driven by the need for safety, continuity, and comfort in driving experiences, as traditional high-precision maps are not feasible for widespread use across various terrains [10][12][15]. Group 2: Market Dynamics and Competition - Tencent has emerged as a leader in the intelligent driving map market, holding a 49.01% market share in the urban NOA intelligent driving map segment for new energy passenger vehicles, while Gaode follows closely with 47.9% [5][18]. - The market for intelligent driving maps is expected to grow significantly, with projections estimating it will reach 5.4 billion yuan by 2025 and 11.7 billion yuan by 2030 [27]. Group 3: Technological Innovations - Tencent's transition to lightweight high-precision maps (HD Air) began in 2022, allowing for faster updates and lower costs, which has positioned it favorably against traditional map providers [19][20]. - The introduction of cloud services for map data delivery enhances the flexibility and responsiveness of map updates, allowing for real-time adjustments based on driving conditions [22][24]. Group 4: Future Trends - The integration of AI large models is expected to further transform the landscape of intelligent driving maps, moving beyond traditional databases to models that incorporate geographical and environmental data [29][31]. - The competition in the intelligent driving map sector is ongoing, with companies needing to adapt to new paradigms to maintain or gain market share [26][31].