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].

Group 1 - Tencent announced an upgrade to its large model research architecture, establishing new departments: AI Infra, AI Data, and Data Computing Platform, to enhance its large model research capabilities and core competencies [1][2] - Vinces Yao has been appointed as the Chief AI Scientist, overseeing the AI Infra and Large Language Model departments, reporting to Tencent's President Liu Chih-Ping [1][2] - The 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, as well as data intelligence integration [2] Group 2 - Tencent's flagship model, TurboS, is the first large-scale MoE model based on a hybrid linear attention mechanism, with a rapid iteration pace of one version per month since its launch [3] - Other major companies are also making significant moves in AI, such as ByteDance's launch of the Doubao phone and Alibaba's establishment of the Qianwen C-end business group, aiming to create a super app for AI users [3][4] - The competition in the AI application layer is shifting towards building sustainable competitive advantages around specific use cases and industry workflows, which are seen as valuable and difficult to replicate by independent third-party vendors [4]

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]

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 ...