TENCENT(HK:00700)2025-12-04 11:37Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The emergence of AI is significantly transforming the structure, scale, and boundaries of enterprises, leading to the concept of "Agent-native enterprises" that operate in collaboration with AI, resulting in lower operational costs [9]. - The report emphasizes the need for enterprise-level applications of AI, highlighting the differences between consumer-grade and enterprise-grade AI applications, particularly in terms of reliability, security, and compliance [18]. - A unified data governance framework is essential for effectively managing both structured and unstructured data, addressing the current challenges of data silos and inefficiencies in data utilization [93][99]. Summary by Sections PART 1: Evolution from Response to Execution - The transition from traditional media applications to AI-driven solutions is discussed, emphasizing the need for businesses to adapt to AI capabilities for improved efficiency and effectiveness [12][15]. PART 2: Tencent Cloud Intelligent Agent Development Platform - The platform supports various application modes, including standard, workflow, and multi-agent modes, catering to diverse business needs [49][50]. - The platform's advantages include high accuracy in task execution, strong multi-agent collaboration capabilities, and comprehensive security and compliance features [47]. PART 3: Unified Data Governance in the AI Era - The report outlines the current state of media data systems, identifying issues such as data fragmentation and the lack of a unified processing framework for structured and unstructured data [96][103]. - It highlights the importance of integrating data insights into business strategies to enhance decision-making processes [110].