TENCENT(HK:00700) Sou Hu Cai Jing·2026-01-16 08:27Core Insights - The report highlights the rapid growth of the proprietary cloud market in China, driven by its advantages in migration costs, security compliance, and internal system integration, making it a critical infrastructure for "intelligent" and "overseas" enterprises [1][3] - Tencent's proprietary cloud TCE has been recognized as a leader in the Frost Radar evaluation, ranking first in both the "Customer Value Index" and "Overseas Leadership Index," showcasing its comprehensive strength and market influence [1][4] Group 1: Market Trends - The proprietary cloud is evolving from a simple resource delivery platform to a "smart infrastructure system" that supports core business and AI strategies, requiring full-stack solutions that include computing power, AI frameworks, and model services [3] - The demand for proprietary cloud solutions is deepening across industries, necessitating capabilities in security compliance, independent innovation, and collaboration from core to edge [3] Group 2: Tencent's Positioning - Tencent's TCE has established a leading position in customer value and overseas expansion by leveraging technology to enhance customer outcomes, aiming to support various industries in their digital transformation [4] - In the financial sector, TCE has become the preferred choice for major financial institutions' cloud transformation, exemplified by its support for China UnionPay in expanding its multi-center financial cloud architecture [4] - In the public sector, TCE's "one cloud, multiple cores" government cloud platform supports over 80 government systems in Shanghai's Xuhui District, significantly improving urban operational efficiency and risk management [4] Group 3: Technological Innovations - TCE maintains a core advantage of "same-source, same-structure," providing users with a consistent experience akin to public cloud services, enabling seamless use of full-stack services in a private environment [4][5] - TCE has achieved multiple domestic certifications for security compliance, establishing a comprehensive security protection system from infrastructure to application layers, which is crucial for industries with high security requirements [5] - The proprietary cloud is expected to focus on AI-native capabilities, cloud-edge collaboration, and intelligent operations as key development trends, with Tencent committed to continuous innovation and application deepening [5]