TENCENT(HK:00700) Shang Hai Zheng Quan Bao·2026-01-25 11:29Core Viewpoint - Tencent is launching a significant cash red envelope campaign worth 1 billion yuan to attract users to its Yuanbao app during the Spring Festival, aiming to replicate the success of its previous "Shake" campaign from ten years ago [2][7]. Group 1: Cash Red Envelope Campaign - The campaign will start on February 1, with users able to receive cash red envelopes up to 10,000 yuan each [2]. - Users can participate by updating to the latest version of the Yuanbao app and can earn additional lottery chances by making reservations [5]. - The campaign includes various forms of red envelopes, such as cash and shareable red envelopes, encouraging user engagement through tasks and sharing with friends [5]. Group 2: AI Development and Competition - Tencent is preparing to launch new features for the Yuanbao app, including a new tab called "Pai," which is currently in internal testing [5]. - The Yuanbao app has recently completed a core model upgrade and will officially launch its self-developed Tencent Hongyuan 2.0 model on December 5, 2025, integrating with DeepSeek V3.2 to enhance AI capabilities [5]. - The AI assistant market in China is becoming increasingly competitive, with Tencent Yuanbao experiencing a 20% month-over-month growth in active users, ranking third among native apps [9]. Group 3: Historical Context and Future Implications - The current cash red envelope initiative is reminiscent of the 2015 collaboration between WeChat and the Spring Festival, which significantly boosted WeChat Pay's user base [7]. - Analysts suggest that while the campaign may attract new users in the short term, the long-term success will depend on the app's AI capabilities and user retention [9]. - The competition for super traffic entry points in the AI sector is intensifying, with significant updates from competitors like Alibaba's Qianwen [9].