三是在互动层面，社交游戏化正塑造社交连接方式。 以法国社交平台BeReal、Zenly为例，通过每日限时自拍挑战、出行距离排行榜与勋章奖励系统等方式，将 真实分享转化为具有规则性的互动任务，为社交活动增添游戏属性。更进一步的是，游戏本身已演变为轻 量化的社交场域，如《Roblox》以游戏为表达形式，凭借低门槛的互动设计，使"一起玩"取代传统的"先加 好友，再一起玩"，成为建立社交关系的起点。这种以共同体验为核心的瞬时连接模式，既契合Z世代对低 负担社交的内在需求，也标志着社交与娱乐边界趋于消融。 霍浩華 腾讯研究院研究员 随着全球环境不确定性增强与数字生态的持续演变，全球Z世代正在加速转向灵活且低负担的"轻社交"。这 不仅是一种行为模式的调整，更是年轻一代在复杂环境中形成的适应性策略。 这一趋势将影响全球数字服务格局，推动社交和游戏产品向轻量化迭代，并对未来数字生态构建带来重要 启示。 全球Z世代社交方式的三种转变 一是在关系层面，社交模块化特征更加突出。 Z世代的社交重心正逐渐从构建与维护稳定的泛化友谊网络，转向根据不同场景和即时需求，精准匹配轻 量、灵活且服务于单一目标的社交零件。由新京报贝壳财经与商务部 ...

日前，马斯克旗下社交平台"X"推出的一项显示账号所处位置的新功能已引起外网热议——不少打 着"MAGA"旗号的账号竟被发现位于美国境外，甚至美国国土安全部账号被指"位于以色列"，导致该功 能一度紧急下线。 据美国全国广播公司、英国每日邮报等外媒报道，在刚刚过去的周末，社交平台X悄然上线了一项可以 查看用户IP属地的新功能。此前这一功能已得到该平台产品主管尼基塔·比尔（Nikita Bier）的预告。当 时他宣称，这一功能旨在帮助用户验证所读内容的真实性，并限制"水军"。 然而这一功能甫一上线，许多网友惊讶地发现，许多特朗普的"忠实拥趸"或是宣扬"MAGA"（让美国再 次伟大）的账号位于海外，例如，一个名为"特朗普是我的总统"的用户，位于马其顿；一个名为"美国 优先"的账号位于孟加拉国等等。不仅如此，还有网友扒出，美国国土安全部官方账号的创建地和IP属 地均显示为"以色列"，相关截图已在外网广泛流传。 外网网友发布的截图 但对于这一表态，网友们并不买账，许多网友纷纷贴出自己未经剪辑的录屏并痛斥其用谎言"蒙蔽美国 人"。 截至当地时间11月23日，显示IP属地的功能又一次上线。重新上线后，美国国土安全部账号的IP ...

微信生态正悄然发生一场革命，这一次，腾讯电商要动真格了。 "发个朋友圈自拍都能带上商品链接，朋友一旦购买我就能获得佣金。"一位刚加入微信推客的宝妈表示，这种零门槛的赚钱方式让她在照顾孩子的同时多了 一份收入。 在传统电商平台竞争白热化的今天，微信推客以其独特优势快速崛起。不同于淘宝、京东等传统电商的"人找货"模式，微信电商创造了"货找人"的新路径， 让每个普通用户都能成为分销节点。 商品卡片功能让用户的每一条朋友圈、每一条聊天消息都可能成为销售渠道。即使是分享日常生活，也可以附带商品链接，实现"生活化电商"。 直播间转发功能解决了内容创作的痛点。"以前自己搞直播累得半死还不一定有人看，现在我可以直接转发热门直播间，任何成交都与我有关。"一位资深推 客表示。 最引人注目的是礼物蓝包功能，这一创新设计让传统红包有了营销价值。用户在群内发放礼物蓝包，无论接收者是否获奖，都会与推客建立关联，实现"关 系染色"。 微信推客不是第三方开发的推广平台，而是腾讯官方推出的电商推广模式。这一身份决定了它与市场上其他推广方式的本质区别。 官方背景意味着合法合规的保障。腾讯不仅为推客平台提供技术支持，更开放了一系列核心功能权限，这 ...

Core Insights - The article discusses the launch of RedOne 2.0, a large model designed for social networking services (SNS), which utilizes reinforcement learning (RL) and lightweight supervised fine-tuning (SFT) to enhance user intent understanding and adaptability to diverse languages and cultures [1][6][35]. Group 1: Model Performance and Training Framework - RedOne 2.0 outperforms its predecessor in the SNS-Bench, demonstrating higher knowledge density and requiring less training data while achieving superior overall performance [2][20]. - The training framework of RedOne 2.0 is based on a three-stage progressive training method: exploration, targeted fine-tuning, and continuous optimization, which addresses the limitations of traditional SFT methods [8][23]. - The model shows significant improvements in various benchmarks, including General-Bench, SNS-Bench, and SNS-TransBench, indicating its strong generalization and domain-specific capabilities [18][20][21]. Group 2: Addressing Traditional Model Limitations - Traditional SFT methods often lead to performance imbalances, where improvements in one area can degrade performance in others, a challenge that RedOne 2.0 aims to overcome [5][8]. - The model's RL-driven approach allows for rapid adaptation to new trends and policies in the SNS environment, addressing the issue of slow model updates associated with traditional methods [5][6]. - RedOne 2.0's training strategy significantly reduces the need for large-scale labeled data, making it more efficient for deployment in various scenarios [7][8]. Group 3: User Experience and Business Value - The implementation of RedOne 2.0 has led to a 0.43% increase in core business metrics, indicating a measurable enhancement in user engagement and community activity [27][28]. - The model has improved content quality, with a reduction in vague titles by 11.9% and increases in practical, authentic, and interactive titles by 7.1%, 12.9%, and 25.8% respectively [27][28]. - Case studies demonstrate that RedOne 2.0 generates more engaging and interactive content compared to baseline models, effectively aligning with user preferences [31][34]. Group 4: Future Prospects - The team plans to expand RedOne 2.0's capabilities in multi-modal and multi-language contexts, exploring applications in complex scenarios such as cross-cultural communication [35][36]. - There is an intention to apply the RL-based training framework to other verticals like finance, healthcare, and education, addressing the balance between domain adaptation and general capabilities [35][36].

Investment Rating - The report maintains a "Strong Buy" investment rating for Tencent Holdings [2][6] Core Insights - Tencent's Q3 2025 performance exceeded expectations with revenue of 192.9 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5% [1] - The company's AI ecosystem continues to accelerate, enhancing various business lines including gaming, advertising, and social networking [6][39] - The report forecasts revenue growth for 2025-2027, projecting revenues of 753.5 billion, 832.5 billion, and 907.7 billion yuan respectively, with adjusted net profits of 260.2 billion, 293.6 billion, and 325.4 billion yuan [6][39] Business Segment Performance 1. Online Gaming - Q3 2025 revenue from online gaming reached 63.6 billion yuan, a 23% year-on-year increase, driven by strong domestic and international performance [10][14] - Domestic gaming revenue grew 15% to 42.8 billion yuan, while international gaming revenue surged 43% to 20.8 billion yuan [10][16] 2. Social Networking - Social networking revenue for Q3 2025 was 32.3 billion yuan, a 5% year-on-year increase, slightly below expectations [18] - The growth was primarily driven by paid music subscriptions and video live streaming services [18] 3. Marketing Services - Marketing services revenue reached 36.2 billion yuan in Q3 2025, a 21% year-on-year increase, benefiting from improved ad exposure and AI-driven optimization [23][24] 4. Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services was 58.2 billion yuan, a 10% year-on-year increase, supported by growth in commercial payments and demand for AI-related services [29] 5. Profitability and AI Integration - The company achieved a gross profit of 108.8 billion yuan in Q3 2025, with a gross margin of 56.4%, reflecting improvements in high-margin businesses [36] - Significant investments in AI are expected to enhance operational efficiency and drive future growth across various segments [36][39]

Core Viewpoint - Meta's revenue model is significantly impacted by fraudulent advertising, with internal documents revealing that approximately 10.1% of its annual revenue, around $16 billion, comes from high-risk scam ads, while the company earns about $7 billion annually from these ads alone [5][10]. Group 1: Fraudulent Advertising Revenue - Meta displays up to 15 billion scam ads daily, exposing billions of users to fraudulent investment schemes and illegal products [8][9]. - The company has been criticized for its lenient approach to fraudulent advertisers, allowing them to continue advertising as long as they pay higher fees, effectively becoming a "middleman" for scams [9][10]. - Internal reports indicate that Meta has ignored or incorrectly dismissed up to 96% of valid user reports regarding scams, raising concerns about user safety and platform integrity [9][10]. Group 2: AI Investment and Talent Exodus - Meta is investing heavily in AI infrastructure, with capital expenditure guidance reaching $66-72 billion, while facing a talent exodus from its AI research teams [6][12]. - Key AI researchers have left Meta for competitors, raising questions about the company's ability to maintain its AI leadership and effectively integrate AI into its business model [6][12]. Group 3: Financial Performance and Market Reaction - Despite strong revenue growth, with Q3 2025 revenue reaching $51.2 billion (up 26% year-over-year), investor confidence has waned due to concerns over the sustainability of Meta's AI investments [12][18]. - Meta's stock has experienced significant volatility, particularly following announcements of increased capital expenditures, leading to a sharp decline in market value [11][18]. Group 4: Strategic Challenges and Future Outlook - Meta's dual focus on combating fraud while heavily investing in AI raises questions about its strategic coherence and ability to generate revenue from these investments [7][20]. - The company is perceived as lacking a clear path to monetize its AI capabilities, which could hinder its long-term growth prospects [20][29]. - The ongoing restructuring and frequent changes within Meta's organization may further complicate its efforts to achieve technological breakthroughs and maintain investor trust [27][29].

2021年10月28日，扎克伯格站在蓝色光效的舞台中央，宣布"Facebook"正式更名为"Meta"。 他身后的虚拟人形象在元宇宙场景中穿梭，台下的分析师却注意到一个刺眼的数据：当天盘后，Meta股价微跌1.5%。 这场耗资千万美元的发布会，没能掩盖一个巨大的危机，正在悄然降临。 就在那三个月前，苹果悄然推出ATT隐私新规，允许用户拒绝App追踪设备数据。对依赖IDFA标识符实现精准广告投放的Meta而言，这无异于抽走了其广 告帝国的地基。 2021年Q4财报电话会上，CFO戴维·韦纳的声音带着罕见的焦虑："仅这一项政策，我们全年将损失至少100亿美元收入。" 2025年11月，Meta的股价一度差点跌破600美元大关，从最新一期财报发布不及预期开始，短短10个交易，其股价已经暴跌达到了20%。 在众多其他同级别的万亿科技巨头仍在狂欢之际，只有它却再次一只脚迈进了熊市。 此情此景，又让人想起来了四年前那个深秋——也因为业绩暴雷、全力投资转型投资元宇宙，被反垄断制裁，亏损裁员，然后被机构纷纷看空，导致从此 往后整整一年，股价跌入无尽深渊。 这是多么熟悉的一幕啊！ 2022年10月，Meta推出的QuestPr ...

11月12日晚间消息，新浪科技独家获悉，小红书正在内测"发文件"功能，用户可在笔记中直接挂文档， 并支持一键预览下载。 对此小红书官方客服予以确认，并表示，"该功能目前内测中，目前仅支持大陆部分用户可见。"并提 示，"目前折叠屏还不支持这一功能，平台在逐步完善相关功能。" 对于内测"发文件"功能的原因，小红书客服解释称，此举旨在提升用户体验，满足用户的需求，强化平 台的社区属性。当被问及该功能未来是否会进行商业化，对方表示，"还没有相关计划。"（转载自新浪 科技） 据悉，一篇笔记最多支持上传一个不超过100MB的文件，目前支持doc、docx、pdf、ppt、pptx格式。 ...

对此小红书官方客服予以确认，并表示，"该功能目前内测中，目前仅支持大陆部分用户可见。"并提 示，"目前折叠屏还不支持这一功能，平台在逐步完善相关功能。" 对于内测"发文件"功能的原因，小红书客服解释称，此举旨在提升用户体验，满足用户的需求，强化平 台的社区属性。当被问及该功能未来是否会进行商业化，对方表示，"还没有相关计划。"（闫妍） 新浪科技讯 11月12日晚间消息，新浪科技独家获悉，小红书正在内测"发文件"功能，用户可在笔记中 直接挂文档，并支持一键预览下载。 据悉，一篇笔记最多支持上传一个不超过100MB的文件，目前支持doc、docx、pdf、ppt、pptx格式。 责任编辑：何俊熹 ...

Core Viewpoint - The report from West Cow Securities maintains a "Buy" rating for Zhi Zi Cheng Technology (09911) with a target price of HKD 13.20, reflecting confidence in the company's business resilience and future recovery despite recent stock price adjustments due to legal disputes [1] Group 1: Financial Performance - The company has reaffirmed its total revenue target for the fiscal year 2025 to be between RMB 6.8 billion and RMB 7.0 billion [1] - For the nine months ending September 2025, the expected revenue from the social networking business is approximately RMB 4.38 billion to RMB 4.44 billion, representing a year-on-year growth of about 34.5% to 36.4% [1] - The average monthly active users for the social networking business in Q3 2025 are expected to reach approximately 34.08 million, a 0.7% increase from the previous quarter [1] Group 2: Business Segments - The innovative business segment is projected to generate revenue of approximately RMB 530 million to RMB 550 million, with a year-on-year growth of about 69.9% to 76.3% [1] - The flagship applications Sugo and TopTop have contributed significantly to revenue growth, with monthly revenue exceeding USD 10 million [1] - The self-developed AI operational tool Boomiix has notably improved key metrics such as user online duration, payment conversion, and ARPU, which are crucial for expanding new markets and enhancing product social matching efficiency [1] Group 3: Profitability and Growth Drivers - The innovative business has diversified and improved profit margins, with an expected revenue of RMB 190 million in Q3 2025, marking a record for a single quarter [2] - Growth in the innovative business is primarily driven by traffic monetization and the expansion of social e-commerce [2] - Premium games like Alice's Dream continue to enhance overall profit margins, supported by the company's capability to replicate monetization models and new gameplay [2]