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微信接入DeepSeek灰度测试，带动产业链估值回升
Guosen International·2025-02-19 05:03

Investment Rating - The report indicates a positive outlook for Tencent Holdings (700.HK) and Alibaba (9988.HK), suggesting potential valuation recovery for these internet giants [3][7]. Core Insights - The integration of DeepSeek R1 into WeChat is expected to enhance Tencent's competitive edge and profitability, potentially leading to an increase in its valuation [2][5]. - The collaboration is anticipated to trigger a wave of technological competition and cooperation within the industry, prompting other leading internet companies to accelerate partnerships with AI model providers or increase their own AI research and development investments [2][7]. - The demand for cloud computing resources is expected to rise alongside the growth of AI applications, benefiting Tencent Cloud and other cloud service providers [8]. Summary by Sections Overview of WeChat's Integration of DeepSeek R1 - On February 15, WeChat began a gray test of DeepSeek R1, allowing users to access the full version of the model for free, enhancing the AI capabilities of various Tencent products [1][5]. Long-term Business Impact - The optimization of WeChat's search experience is likely to attract more users, increasing user engagement and boosting core business revenues such as advertising [2][7]. - New revenue growth paths are expected to emerge from AI technology, including paid AI services and enterprise-level AI solutions [2][5]. Market Impact - The integration of DeepSeek R1 is projected to have significant effects on the Hong Kong capital market and various industries, presenting new opportunities and challenges for investors [3][7]. - Tencent's valuation has decreased by over 50% from its peak of 30x PE in the past five years, indicating a potential for valuation recovery [3]. Recommended Stocks - The report recommends focusing on Tencent Holdings (700.HK), Alibaba (9988.HK), and various companies in the cloud computing and software service sectors, including China Mobile (941.HK), China Unicom (762.HK), and Kingdee International (268.HK) [3][8].