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]

Core Insights - The Chinese AI landscape in 2025 has evolved from a focus on model parameters to a comprehensive competition involving capital efficiency, infrastructure, and traffic entry points [1] - Tencent's strategy contrasts with Alibaba's heavy asset investment and ByteDance's focus on traffic, opting instead for an "internal validation + external empowerment" approach [1] Tencent's AI Strategy - Tencent has recently accelerated its AI efforts, restructuring its organization to enhance model development efficiency, including the establishment of new departments focused on AI infrastructure and data [2] - The appointment of Vincesyao as Chief AI Scientist signals Tencent's commitment to strengthening its AI research and development framework [2] - Tencent's AI model, WorldPlay, is the first in China to support real-time interaction, allowing users to create and explore personalized 3D virtual worlds [3] Historical Context of Tencent's AI Development - Prior to 2023, Tencent adopted a defensive posture, focusing on foundational technology research rather than immediate commercialization [4] - In 2024, Tencent shifted to a multi-model strategy, integrating both self-developed and open-source models to enhance user value [4] - By 2025, Tencent entered a proactive phase, restructuring teams and recruiting talent from OpenAI to optimize its AI capabilities [5] Internal Integration and Application - Tencent's AI capabilities have been integrated into over 900 internal applications, significantly enhancing efficiency in core business areas like advertising and gaming [6] - The company follows a "dog food" principle, ensuring AI tools are first utilized internally before being offered externally [6] Market Position and Competitive Advantage - Tencent's ecosystem, with billions of users, provides a unique advantage in data-driven model optimization, creating a closed-loop system that enhances user experience [7] - The company aims to leverage its AI capabilities across various applications, embedding AI seamlessly into user interactions [8] Cloud and B2B Strategy - Tencent Cloud's AI development platform lowers the barrier for businesses to adopt AI, allowing for quick deployment of AI solutions without extensive technical teams [9][10] - The platform enables businesses to integrate AI directly into WeChat, facilitating a direct connection between B2B development and C-end user engagement [10] Future Outlook - Tencent's dual-agent strategy aims to create both general-purpose and ecosystem-specific AI agents, enhancing its competitive edge in the market [12] - The company is focused on building a robust AI foundation while ensuring its ecosystem remains a significant competitive advantage [14]

12月17日恒生指数上涨0.92%，报收25468.78点，全天南向资金通过港股通渠道合计净买入79.09亿港 元。 证券时报•数据宝统计，12月17日港股通全天合计成交金额为796.24亿港元，成交净买入79.09亿港元。 具体来看，沪市港股通成交金额455.02亿港元，成交净买入22.18亿港元；深市港股通成交金额341.22亿 港元，成交净买入56.91亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，阿里巴巴-W成交额为30.01亿港元，成交金额居 首；其次是长飞光纤光缆、腾讯控股，成交金额分别为20.20亿港元、14.40亿港元。以净买卖金额统 计，紫金矿业净买入额为3.58亿港元，净买入金额居首，该股收盘股价上涨1.82%。净卖出金额最多的 是中国海洋石油，净卖出3.85亿港元，收盘股价下跌0.20%。 深市港股通前十大成交活跃股中，成交额居首的是阿里巴巴-W，成交金额25.57亿港元；其次是腾讯控 股、小米集团-W，成交金额分别为20.65亿港元、14.33亿港元。以净买卖金额统计，有9只股为净买 入，净买入金额最多的是小米集团-W，净买入8.89亿港元，该股收盘上涨0.78%。净卖出金额 ...

记者了解到，Vinces Yao即为此前已入职腾讯的姚顺雨。他毕业于清华大学姚班，是普林斯顿大学计算 机科学博士，在2024年加入OpenAI，担任OpenAI研究员，是OpenAI首批智能体产品Operator与Deep Research的核心贡献者。姚顺雨现年27岁，他曾发布的技术博文《AI的下半场》在业界有着广泛影响。 腾讯邀请他加入也凸显了其在AI战略上的坚定投入。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。 12月17日，《每日经济新闻》记者获悉，腾讯升级大模型研发架构，新成立AI Infra（人工智能基础设 施）部、AI Data部、数据计算平台部，全面强化其大模型的研发体系与核心能力。Vinces Yao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。 近期混元团队的重组与高密度人才引进，本质上正是为了支 ...

⑥Adobe Firefly新增基于提示词的视频编辑功能； ⑦OpenAI据悉正与亚马逊洽谈超100亿美元投资，并使用亚马逊的人工智能芯片； ⑧Alphabet旗下自动驾驶公司Waymo洽谈新一轮融资，估值或超1000亿美元。 ③腾讯大模型团队架构调整，前OpenAI研究员姚顺雨任要职； ④小米开源MiMo-V2-Flash大模型； ⑤阶跃星辰宣布GUI Agent全面升级，包括云端模型Step-GUI全量上新，并开放GUI-MCP协议； AI进化速递 | OpenAI推出GPT Image 1.5 ①OpenAI推出全新图像生成模型GPT Image 1.5； ②腾讯混元世界模型1.5正式发布； ...

大厂AI竞争进入深水区 腾讯并未公开披露Vinces Yao的个人履历，不过据记者了解，其就是数月前被传入职腾讯的姚顺雨。姚 顺雨先后毕业于清华大学和普林斯顿大学，博士毕业后入职OpenAI，是OpenAI首批智能体产品Operator 与Deep Research的核心贡献者。 腾讯AI提速 记者了解到，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。 在过往混元大模型训练以及海量业务场景的深度实践中，腾讯已经积累了系统化的工程能力。此次大模 型研发架构升级，腾讯将进一步强化工程化优势，聚焦公司AI战略布局，提升AI大模型的研发效率。 过去一年，混元大模型发布超过30个新模型。12月5日发布的混元2.0，显著改进了预训练数据和强化学 习策略，在复杂推理与文本生成场景表现居国内领先水平。混元3D模型甚至保持着全球领先的水准， 开源社区下载量超过300万。 在产品和服务层面，腾讯元宝 ...

Core Insights - Tencent has made a significant structural adjustment by hiring Vinces Yao from OpenAI as its Chief AI Scientist, indicating a shift towards prioritizing AI at the highest corporate level [1][5][20] - This move reflects Tencent's recognition that developing advanced AI models requires a foundational approach, focusing on infrastructure and data rather than merely application-level innovations [6][10][24] Group 1: Structural Changes - Vinces Yao will report directly to Tencent's President, a departure from the norm where technical leaders report to lower-level executives, highlighting the importance of AI within the company [4][5] - Tencent has established two independent departments: AI Infra, led by Vinces Yao, and AI Data, led by Liu Yuhong, to streamline operations and enhance focus on AI development [7][10] Group 2: Strategic Intent - The restructuring signifies Tencent's strategic shift from a "guerrilla warfare" approach to a more consolidated "group army" strategy in AI development, aiming to compete effectively against rivals like ByteDance [16][19] - Tencent's focus is on building a robust AI foundation, as opposed to merely racing to develop applications, recognizing that it cannot outpace competitors in speed [15][17] Group 3: Competitive Landscape - Tencent's aggressive hiring strategy includes offering salaries up to double the market rate to attract top talent from competitors, indicating a fierce talent war in the AI sector [18][19] - The competition is intensifying, with ByteDance's "Doubao" application capturing significant market share, prompting Tencent to rethink its approach to AI applications [12][13] Group 4: Future Prospects - The integration of advanced AI models with high-quality data from Tencent's platforms, particularly WeChat, could create a powerful AI search capability, potentially transforming the AI landscape in China [21][23] - The cultural shift brought by new hires from OpenAI may challenge Tencent's traditional focus on user experience and incremental improvements, raising questions about the adaptability of its corporate culture [24]

Core Viewpoint - Tencent has made significant adjustments to its AI model organization structure, focusing on enhancing foundational research and engineering capabilities in the AI era [1][2]. Group 1: Organizational Changes - Tencent has established new departments: AI Infra, AI Data, and Data Computing Platform, to strengthen its AI model research and engineering capabilities [1]. - Yao Shunyu has been appointed as the Chief AI Scientist, overseeing both the AI Infra department and the large language model department, reporting to the company's president [1][2]. - The restructuring emphasizes the integration of data capabilities, with the new AI Data and Data Computing Platform departments prioritizing data cleaning, evaluation systems, and big data platform integration [1]. Group 2: Strategic Focus - The recent adjustments mark a shift from algorithm development to a stronger emphasis on computing power and data, reinforcing Tencent's engineering advantages while enhancing AI model research capabilities [2]. - Tencent aims to improve the efficiency of AI model development and align with its broader AI strategic layout [2]. Group 3: Market Position and Competition - Tencent's mixed Yuan model has been implemented in over 900 internal business scenarios, including Tencent Meeting and WeChat [3]. - Over 90% of Tencent engineers are utilizing the internal code assistant CodeBuddy, with an AI code adoption rate of 50% [3]. - Tencent is actively upgrading its mixed Yuan model and expanding its top-tier R&D talent, while also integrating AI capabilities into major platforms like WeChat and QQ to increase user engagement [3]. - Competitors like Alibaba and ByteDance are also intensifying their investments in AI infrastructure and user engagement strategies, indicating a competitive landscape in the AI sector [3].

Core Insights - Tencent is enhancing its AI model development framework by establishing new departments, including AI Infra, AI Data, and Data Computing Platform, to strengthen its core capabilities in AI model research [2][6] - Renowned OpenAI researcher Yao Shunyu has joined Tencent as the Chief AI Scientist and will lead the AI Infra and Large Language Model departments, indicating a significant talent acquisition for Tencent's AI initiatives [3][4] Group 1: Organizational Changes - Tencent has appointed Yao Shunyu as the Chief AI Scientist, who will report directly to Tencent's President Liu Chiping, and will also oversee the AI Infra and Large Language Model departments [2][3] - The newly formed AI Infra department will focus on building technical capabilities for large model training and inference platforms, while the AI Data and Data Computing Platform departments will handle data and evaluation systems [6] Group 2: Talent Acquisition and Strategy - Yao Shunyu's recruitment is seen as a signal of Tencent's commitment to strengthening its AI capabilities, as he is recognized as a top talent in the AI field [4][5] - Tencent's strategy includes a focus on young talent, with plans to rapidly promote young professionals within the AI sector, emphasizing the need for sufficient talent to create valuable innovations [4][7] Group 3: AI Model Development - Tencent's core AI research team, known as the Mix Yuan team, has released over 30 new models in the past year, with the recent Mix Yuan 2.0 showing significant improvements in pre-training data and reinforcement learning strategies [4][5] - The Mix Yuan 3D model has achieved a leading position globally, with over 3 million downloads from the open-source community, reflecting the team's strong technical capabilities [5][6] Group 4: Internal AI Integration - Tencent is undergoing a comprehensive AI-driven efficiency transformation, with the Mix Yuan model being implemented in over 900 internal applications, including Tencent Meeting, WeChat, advertising, and gaming [7] - More than 90% of Tencent engineers are utilizing the Tencent Cloud Code Assistant, CodeBuddy, with AI assisting in generating 50% of new code and participating in 94% of code review processes [7]

人才策略：年轻化、国际化与实战化 来源：环球网 【环球网科技报道 记者 李文瑶】12月17日，腾讯正式宣布对大模型研发体系进行重大架构调整，新设 立AI Infra部、AI Data部、数据计算平台部三大部门，并引入年仅27岁的OpenAI前研究员姚顺雨 （Vinces Yao）出任"CEO/总裁办公室"首席AI科学家。 在AI竞争日趋白热化的当下，腾讯此次调整显然不是简单的部门增设，而是一次系统性、面向未来的 战略布局。从技术架构到人才引进，从内部效率提升到外部生态赋能，腾讯正试图在工程能力、数据体 系、平台支撑等多维度构筑护城河，回应行业对"大模型如何真正落地"的追问。 架构重组：从技术支撑到体系化作战 记者从腾讯方面了解到，此次新成立的三个部门各有明确分工，共同构成腾讯大模型研发的"铁三角"。 AI Infra部聚焦大模型训练与推理的平台能力，重点攻关分布式训练、高性能推理等底层技术；AI Data 部负责构建大模型数据与评测体系；数据计算平台部则致力于打通大数据与机器学习 平台，推动数据 智能融合。 值得注意的是，这三者并非孤立运作，而是围绕"研发—数据—平台"形成闭环。AI Infra提供算力与系 ...