6万亿的腾讯，不打价格战

Core Insights - Tencent's stock rose by 2.56% to HKD 661.5 per share, with a total market capitalization returning to HKD 6 trillion, reflecting positive investor sentiment during the 2025 Global Digital Ecosystem Conference held in Shenzhen [1][3] - The conference highlighted significant AI business updates and collaborations, indicating Tencent's strategic focus on AI as a growth driver [3][5] Financial Performance - In Q2 2025, Tencent reported revenue of CNY 184.5 billion, a 15% year-on-year increase, marking the highest growth rate in nearly a year; operating profit reached CNY 69.2 billion, up 18% year-on-year [3][5] - CEO Ma Huateng emphasized the company's ongoing investments in AI and the benefits derived from these efforts [3] AI Market Dynamics - The AI market is experiencing rapid growth, with China's daily token consumption increasing from 100 billion to over 30 trillion in just 18 months, a growth of over 300 times [5] - The competition among cloud service providers for AI computing power and related services is intensifying, with a notable shift from scale expansion to efficiency competition [7][12] Pricing Strategies - Tencent has opted not to engage in price wars for cloud services, with executives stating that unsustainable pricing models are not a viable long-term strategy [7][10] - The downward trend in API pricing for large models is stabilizing, with a slight recovery observed, indicating a potential shift in market dynamics [7] Strategic Focus - Tencent has established "intelligentization" and "globalization" as its two primary growth directions for Tencent Cloud, aiming to enhance industry efficiency and revenue scale [8][10] - The company leverages its unique "connectivity" capabilities by integrating core technologies with tools like WeChat and Tencent Meeting to provide competitive solutions for clients [10] Competitive Landscape - Other major players like Alibaba, ByteDance, and Baidu are also positioning themselves in the AI market, aiming for new growth opportunities [12][13] - IDC forecasts that the AI public cloud service market in China will reach CNY 19.59 billion in 2024, growing by 55.3% year-on-year, driven by the expansion of generative AI applications and increased demand for machine learning [13][14] Investment Trends - The ongoing investments in AI are expected to continue, with a focus on achieving scalable usage rather than merely addressing individual user pain points [14] - The global server market is projected to reach USD 366 billion by 2025, with AI server shipments expected to grow by 20% year-on-year, indicating robust demand for high-end GPUs and self-developed ASIC chips [14]