TENCENT(HK:00700) 第一财经·2025-08-14 08:58Core Viewpoint - The article emphasizes Tencent's focus on AI development and its integration into existing business operations, highlighting the early-stage impact of AI on user behavior and the company's ongoing exploration of monetization strategies for AI tools [3][5]. AI Development and Impact - Tencent management is closely monitoring AI development progress and the performance evolution of large models, aiming to enhance AI products by understanding user needs and habits [3]. - The current changes in user behavior due to AI are still in the early stages, with AI-assisted search not significantly impacting the search ecosystem yet [3]. - AI is expected to increase the visibility of quality content for users, benefiting specific creators rather than negatively impacting them [3]. Monetization and Capital Expenditure - Tencent is providing free AI tools to users and plans to explore monetization models over time, with AI currently aiding business growth [3]. - The company has increased its capital expenditure significantly, with a 119% year-on-year growth in Q2 to 19.1 billion yuan, aimed at supporting AI-related businesses [5]. Cloud Business and GPU Supply - The financial technology and enterprise services revenue grew by 10% year-on-year in Q2, driven by increased demand for AI-related services such as GPU leasing and API token usage [5]. - Tencent is cautious about GPU supply fluctuations and does not intend to overly rely on GPU resources for its cloud strategy [5]. Gaming Strategy - Tencent's game "Delta Action" achieved an average daily active user count of over 20 million in July, reflecting a strategy focused on long-term user growth and revenue stability [6]. - The company acknowledges the potential of AAA games in the domestic market, despite the prevalence of free-to-play games, and believes in the complementary relationship between different game types [6].