TENCENT(HK:00700) Guan Cha Zhe Wang·2026-01-26 02:53Core Viewpoint - Tencent is launching a Spring Festival event on February 1, distributing a total of 1 billion cash red envelopes through the Yuanbao app, with individual envelopes worth up to 10,000 yuan [1][4]. Group 1: Tencent's Spring Festival Activity - The event will feature various forms of red envelopes, including a 10,000 yuan "Little Horse Card" and cash red envelopes, with users able to earn more through daily tasks [3][4]. - Users who successfully reserve their participation will receive an additional 10 chances to win on the event day [1][4]. - The cash can be directly withdrawn to WeChat from Yuanbao [1]. Group 2: AI Integration and Market Position - Tencent is reportedly preparing to introduce new AI features in Yuanbao, with a new tab labeled "Distribute" being tested [5]. - Yuanbao has seen significant growth since integrating with DeepSeek, with user engagement increasing over 100 times since early last year, positioning it among the top three native AI applications in China [8]. Group 3: Competitive Landscape - Other companies are also launching similar initiatives, with Baidu announcing a 500 million yuan red envelope campaign for the 2026 Spring Festival, emphasizing AI interaction [8][12]. - The trend of using AI as a core feature for red envelope distribution reflects a shift in the industry, as companies aim to enhance user engagement beyond mere cash incentives [13]. - The competitive landscape for Spring Festival red envelopes has evolved, with major players like Alibaba and ByteDance also participating, indicating a strategic focus on user retention and experience [13].