Core Viewpoint - Morgan Stanley's report highlights Tencent's core advantage lies in its replicable business model that enables localized and scalable expansion globally, rather than relying on a single blockbuster product or one-time customer acquisition [1] Group 1: Business Model and Growth Strategy - Tencent is expected to maintain a significant position in the rapidly growing gaming sector through its "three engines" model of publishing, developing, and investing in game studios [1] - The management anticipates that the shooting game market will reach a size of $38 billion by 2025 [1] Group 2: Financial Outlook - Morgan Stanley maintains a positive outlook on Tencent's growth cycle, assigning an "overweight" rating with a target price of HKD 750 [1] - Tencent is recognized as a company with years of compound profit growth capability, enhancing business efficiency and quality through AI technology and global expansion rather than focusing solely on cost reduction or short-term returns [1]

Core Viewpoint - Morgan Stanley's report highlights Tencent's core advantage lies not in relying on a single blockbuster product or one-time customer acquisition, but in its replicable business model that enables localized and scalable expansion globally [1] Group 1: Business Model and Growth Strategy - Tencent is expected to occupy a significant position in the rapidly growing gaming sector through its "three engines" model of issuing, developing, and investing in game studios [1] - The management anticipates that the shooting game market will reach a size of $38 billion by 2025 [1] - Tencent is enhancing business efficiency and quality through AI technology and global expansion, rather than focusing solely on cost reduction or short-term returns [1] Group 2: Investment Outlook - Morgan Stanley maintains a positive outlook on Tencent's growth cycle, assigning an "overweight" rating with a target price of HKD 750 [1]

Investment Rating - The investment rating for Tencent Holdings is "Outperform the Market" (maintained) [1][7]. Core Views - Tencent's overseas cloud and gaming businesses are positioned as dual growth engines, with AI empowerment creating new growth opportunities. The company is focusing on infrastructure expansion and local service differentiation to enhance its competitive edge in the global market [3][8][21]. Summary by Sections Overseas Cloud Business - Tencent is adopting an "infrastructure-first" strategy, rapidly expanding its global data center footprint, currently covering 22 regions worldwide. The company has successfully migrated key clients like GoTo in Indonesia and Charoen Pokphand Group in Thailand, demonstrating its ability to penetrate the market with high cost-effectiveness and optimized architecture [3][6][9]. - The company plans significant investments in overseas cloud infrastructure, including $150 million in the Middle East and $500 million in Indonesia for new data centers [6]. Overseas Gaming Business - Tencent's overseas gaming revenue is projected to reach 75.7 billion yuan in 2025, representing a year-on-year growth of 31%. This growth is attributed to the maturation of Tencent's industrial capabilities and the long-term benefits of recent acquisitions [4][11]. - The company is increasingly collaborating with game development teams, enhancing its Game as a Service (GaaS) capabilities by leveraging domestic industrial efficiency alongside overseas creative strengths [4][16]. AI Empowerment in Gaming - AI tools are being utilized by 95% of employees in Tencent's Photon Studio, significantly improving game production efficiency. AI applications are enhancing user retention through features like AI teammates and coaches [5][17]. - Tencent is making strides in AI-native gaming, developing technologies that allow for real-time scene generation and improved gameplay experiences, although challenges remain in character behavior and coherence [18]. Financial Forecasts - The adjusted net profit forecasts for Tencent are 262.6 billion yuan, 301.3 billion yuan, and 345.4 billion yuan for the years 2025, 2026, and 2027, respectively [21][22].

今年7月，腾讯混元团队发布混元3D世界模型1.0，支持文本或单张图片输入生成兼容图形学管线的3D 场景；10月，混元团队发布世界模型1.1，支持多视图或视频一键创造3D世界。此次发布的混元世界模 型1.5进一步带来了世界建模的全新可能性。 同时，混元世界模型1.5(WorldPlay)首次开源了业界最系统、最全面的实时世界模型框架，涵盖数据、 训练、流式推理部署等全链路、全环节，并提出了重构记忆力、长上下文蒸馏、基于3D的自回归扩散 模型强化学习等算法模块。 12月17日，腾讯混元发布世界模型1.5(Tencent HY WorldPlay)，用户输入文字描述或者图片即可创建专 属的互动世界，通过键盘、鼠标或手柄实时控制虚拟相机的移动和转向，像玩游戏一样自由探索AI生 成的世界。这是国内首个开放体验的实时世界模型。 ...

凤凰网科技讯 12月17日，腾讯混元团队正式发布混元世界模型1.5（WorldPlay）。该模型支持通过文本 描述或单张图片生成可实时交互的3D场景，用户可通过键盘、鼠标或手柄在生成的世界中自由探索。 据悉，此次发布版本强调空间记忆能力，当用户在场景中移动并返回先前区域时，模型能保持三维结构 的前后一致性。模型支持以24帧/秒的速率生成720P视频流，并可将交互场景导出为3D点云复用。 腾讯宣布，此次同步开源了涵盖数据、训练与流式推理部署的实时世界模型全链路框架。技术报告公开 了包括重构记忆机制、长上下文蒸馏及基于3D奖励的强化学习后训练等模块的细节。该模型主要面向 AI游戏关卡生成、影视场景预览、虚拟现实及具身智能研究等场景。目前用户可通过官网申请体验。 ...

2025年12月初，全球游戏行业瞩目的法律对决迎来阶段性转折。腾讯与索尼互动娱乐就《荒野起源》版 权纠纷达成临时协议，同意暂停该游戏所有市场营销及公开测试活动，并将关键听证会延至2026年1月 29日。 这场始于2025年7月的诉讼，因涉及"抄袭"边界界定、巨头战略博弈与行业知识产权保护等核心议题， 持续引发全球市场关注。 八个月后，腾讯公布自研游戏《荒野起源》，其红发女主角、机械生物横行的后末日世界观与《地平 线》系列高度相似。颇具戏剧性的是，索尼PlayStation中国官方账号曾转发该游戏宣传片并提及"未来 合作"，但随后删除动态，双方关系急转直下。 索尼在诉状中指控《荒野起源》为"拙劣复制品"，列举其角色设计（如红发女猎手形象）、核心视觉风 格（机械生物与自然共存的场景）及宣传素材构图均存在实质性相似。 腾讯则反驳称，相关元素属科幻题材通用表达，并指责索尼试图"垄断行业公共领域内容"。法律攻防 中，腾讯曾援引迪士尼"米老鼠"案例，质疑索尼对角色红发特征商标化的主张；索尼则提交35页文件驳 斥腾讯的"空壳游戏"论，强调埃洛伊形象已成为PlayStation的"来源标识"。 临时协议的战略考量：各取所需的 ...

Market Overview - The Hong Kong stock market experienced a rebound on December 17, with the Hang Seng Index rising by 0.22% to 25,291.4 points, the Hang Seng Tech Index increasing by 0.02% to 5,403.74 points, and the National Enterprises Index up by 0.27% to 8,781.76 points, while the Red Chip Index fell by 0.11% to 4,055.42 points [1] Company News - China Energy Construction (03996.HK) announced the official production commencement of the first phase of the Zhongnengjian Songyuan Hydrogen Energy Industrial Park project [2] - China Coal Energy (01898.HK) reported a total coal sales volume of approximately 234 million tons for the first 11 months, a year-on-year decrease of 8.7%, with November sales at 21.74 million tons, down 15.7% year-on-year [2] - China Pacific Insurance (02601.HK) disclosed that its cumulative original insurance premium income for Pacific Life reached RMB 250.32 billion, a year-on-year increase of 9.4%, while Pacific Property's premium income was RMB 187.68 billion, up 0.3% year-on-year [2] - Hansoh Pharmaceutical (03692.HK) entered into a licensing agreement with Glenmark for Amivantamab, which includes an upfront payment and potential milestone payments exceeding USD 1 billion, along with tiered royalties on net sales in the licensed territory [2] Financing Activities - Yuexiu Property (00123.HK) secured a term loan financing of HKD 500 million [3] - China Railway Construction (01186.HK) plans to issue up to HKD 4 billion of perpetual corporate bonds [4] - Genscript Biotech (01672.HK) increased its share buyback fund from a maximum of HKD 300 million to HKD 500 million [5] - Tencent Holdings (00700.HK) repurchased 1.067 million shares for approximately HKD 636 million at prices ranging from HKD 592.5 to HKD 602.5 [6] - Xiaomi Group (01810.HK) repurchased 7.2 million shares for approximately HKD 294 million at prices between HKD 40.36 and HKD 41.00 [7] - Kuaishou Technology (01024.HK) repurchased 1.8231 million shares for approximately HKD 116 million at prices from HKD 63.05 to HKD 64.4 [8] - Geely Automobile (00175.HK) repurchased 299,900 shares for approximately HKD 50.54 million at prices between HKD 16.72 and HKD 17.2 [9] Institutional Insights - CMB International noted that the recent weakness in the Hong Kong stock market is attributed to southbound capital returning to A-shares due to new public fund benchmark regulations, concerns over IPO financing, and a peak in lock-up expirations, while the market has potential for a year-end recovery [10] - Ping An International observed that the market sentiment index for Hong Kong stocks has been volatile since November, influenced by fluctuating expectations of U.S. interest rate cuts and corrections in the U.S. AI sector, with the forward P/E ratio of the Hang Seng Index at 12.7 times, down 5% from its yearly peak [10] - CMB Securities indicated that the Hong Kong market has not stabilized post U.S. rate cuts, primarily due to internal liquidity issues, including the implementation of new public fund regulations and significant demand for capital [10]

摩根大通发表研究报告指，近日与腾讯游戏及云业务管理层交流，认为该公司的核心优势不在于单一爆 款产品或一次性客户获取，而是在于拥有一套可复制的经营模式，能在全球进行本地化及规模化扩张。 以射击游戏为例，腾讯管理层估算2025年市场规模可达到380亿美元，摩通认为，透过发行、开发及投 资于游戏工作室的三引擎模式，腾讯可在此快速增长的游戏领域中取得一席位。摩通又指，作为多年的 盈利复合增长股份，腾讯正运用AI及全球化拓展来提升业务效率及质量，而非单单降低成本或追求短 期回报，看好其增长循环，给予"增持"评级，目标价750港元。 来源：格隆汇APP ...

近日， 开发商 Drama Studios 宣布获得腾讯的投资。这可能是一个很陌生的厂商名字，但是这家厂商在2023年的时候发布过一款超写实枪战游戏，名叫 《Unrecord》。《Unrecord》是一款单人FPS游戏，玩家将以一位特警的执法记录仪的视角来体验游戏的故事内容。在解决复杂案件的过程中，玩家需要 运用自己的战术和侦查技能才能获得完成任务。 初看这款游戏的视频演示，很多人都会误以为是在看执法记录仪，后来Drama Studios 跑出来澄清，这一些都是游戏，工作室还承诺将"打造一款以超现实 主义、沉浸式游戏体验和引人入胜的故事情节为特色的单人第一人称射击游戏"。 而这一效果直接拉爆了玩家们的情绪，所以很快，工作室就宣布《Unrecord》在Steam愿望单上的数字突破60万。 不过在这之后，《Unrecord》就开始淡出人们视野，因为Drama Studios是一个小团队，要处理《Unrecord》这个项目来说显得非常吃力，同时还需要很多 的时间。 终于，《Unrecord》的潜力被腾讯发现了。 近日，腾讯合作伙伴与投资副总裁Mark Maslowicz在宣布这一消息时表示："腾讯非常重视创意人才。 ...

Group 1 - The core adjustment to the WeChat Work customer contact interface will begin gray testing on December 18, 2025, impacting data access for thousands of service providers within its ecosystem [1] - The new model will require service providers to meet dynamic conditions to access customer data, moving away from the previous "one-time authorization, long-term use" approach [1] - If an application is in a trial period, it can only access customer data from the previous month and any new customers added during the trial [1] Group 2 - A new "Marketing Customer Acquisition" application category has been launched, focusing on front-end lead generation with lightweight interfaces like "Contact Me QR Code" and "Join Group Chat QR Code" [2] - The adjustments are primarily aimed at enhancing user privacy protection in response to the implementation of the Personal Information Protection Law, which has been in effect for over three years [3] - Service providers must shift from a "sales-driven" approach to a "value-driven" model, ensuring their products integrate into daily operations and are frequently used by employees [3] Group 3 - Over 20,000 third-party applications currently access the WeChat Work customer contact interface, with many relying on bulk customer exports and offline analysis [3] - The new regulations will particularly affect tools that depend on full customer data exports, as they may face limitations in functionality due to the new access conditions [3] - Companies will need to actively manage the usage of their internal applications to ensure continuous access to customer data, as inactivity may lead to restrictions on data retrieval [4]