TENCENT(HK:00700) 智通财经网·2025-05-19 05:01Group 1 - Tencent's QQ browser has been upgraded to an AI browser, introducing QBot with capabilities in AI search, browsing, office tasks, learning, and writing, along with the ability to execute complex tasks through Agents [1] - The report from China Galaxy Securities highlights the rapid advancement of the domestic AI industry, with domestic open-source models expected to overcome computational and chip limitations, accelerating technological catch-up [1] - Major internet companies are likely to achieve a value reassessment in AI, leading to a concentration of applications and services around DeepSeek, enhancing the overall industry's collaborative effect and innovation capacity [1] Group 2 - CITIC Securities reports that Tencent and Alibaba are currently in an investment phase for AI infrastructure, maintaining a high level of investment intensity despite potential fluctuations in quarterly capital expenditures [2] - AI investments are contributing to business growth for Tencent, with significant contributions to its advertising and gaming sectors, while Alibaba's AI-related product revenues are experiencing high growth across various verticals [2] - The current cycle of AI investment promoting growth, which in turn supports further AI development, is being realized in the industry [2]