TENCENT(HK:00700) 券商中国·2026-01-23 14:48Core Viewpoint - The article discusses the shift in the competitive logic of the domestic cloud computing market as artificial intelligence (AI) moves from technical demonstrations to practical applications within industries, emphasizing the importance of integrating AI into business processes to create measurable commercial value by 2026 [2]. Group 1: Competitive Logic Shift - The initial phase of AI competition focused on selling resources, particularly GPU computing power, but many clients did not fully understand how AI could reduce costs and improve efficiency [3]. - By 2025, the market's focus shifted from survival to seizing new AI opportunities, with competition now centered on application rather than underlying resources [3]. - Tencent Cloud's revenue structure shows a significant shift, with approximately 25% of revenue coming from SaaS, contrasting with other cloud providers that primarily focus on infrastructure services [3]. Group 2: Ecosystem Partner Transformation - Tencent Cloud estimates that 30%-40% of its ecosystem partners have begun exploring AI business opportunities, but transitioning from resource resellers to value service providers presents challenges [4]. - Partners face two main pain points: internal consensus and execution issues, and the need to shift from price-based sales to value-based sales, requiring a deep understanding of customer business scenarios [4]. - Tencent Cloud's strategy has evolved from merely opening technology capabilities to integrating technology with business through collaborative exploration of vertical industry scenarios [4]. Group 3: International Expansion and Value Competition - In addition to the competitive domestic market, "going global" has become a common strategy for cloud providers and partners seeking growth, with Tencent Cloud's international business growing by 30% year-on-year [5]. - Key factors for winning overseas clients include advanced audio and video technology, competitive pricing, and professional localized service support [5]. - Tencent Cloud's executives reject the notion of engaging in price wars, emphasizing that the focus should be on delivering core value to customers rather than competing on price [5].