每经评论员 黄婉银 1月26日，深圳湾体育中心"春茧"体育馆被腾讯人包围。 腾讯总裁刘炽平走上前，为马化腾围上了一条印有经典企鹅标识的红色围巾。随后，马化腾带领腾讯一 众高管为员工献唱《气势如虹》。 就在这场年会前一天，腾讯旗下AI助手元宝官宣：将于春节期间分发10亿元现金红包。这是腾讯继 2015年春节"摇一摇"红包大战后，时隔11年再次祭出这种规模的"核武级"手段。 11年前，微信支付靠红包一夜突围；11年后，对手不再是单纯的支付工具，而是席卷全球、可能颠覆社 交根基的AI浪潮。 在笔者看来，这轮AI大战中，马化腾手中派发的这叠10亿元红包，更像是一场关于AI战略定力、基因 博弈与组织进化的巨额"押注"，是在派发"节奏红包""基因红包"与"未来红包"。 所谓派发"节奏红包"，是马化腾正用一种看似"慢动作"的定力，去消解技术代差带来的集体焦虑。 那条红色围巾以及围巾上那只企鹅，既是腾讯一切版图的起点，也是马化腾在AI（人工智能）丛林里 反复确认的坐标。 这已经不是马化腾第一次通过这样的仪式向外界传递信号。回望过去两年，马化腾的形象正发生微妙演 变。 2024年初，他身着大红毛衣用粤语献唱《祝福你》，那是寒冬 ...

Core Insights - NewBridge Asset Management's Q4 2025 letter indicates that equity markets maintained upward momentum due to resilient economic growth and solid corporate returns, with large-cap growth outperforming in this quarter [1] - The NewBridge Large Cap Growth Strategy generated positive returns but lagged behind the Russell 1000® Growth Index, with most portfolio companies exceeding quarterly expectations [1] - The contrasting performance of Uber Technologies, Inc. and Tesla, Inc. posed challenges for the portfolio, despite a generally favorable market environment [1] Company Highlights - Reddit, Inc. (NYSE:RDDT) was highlighted as a new addition to the NewBridge Large Cap Growth Equity Strategy, with shares trading between $79.75 and $282.95 over the past 52 weeks, and a market capitalization of $40.482 billion [2] - As of January 26, 2026, Reddit, Inc. stock closed at $213.63 per share, with a one-month return of -8.45% and a three-month return of 0.31% [2] - Reddit is recognized for its loyal user base and potential for advertising monetization, leveraging data for AI-related use cases, and recent successful partnerships with leaders in the AI sector [3]

□ 大河财立方 记者 陈薇 1月26日，腾讯旗下AI助手"元宝"正式开启"元宝派"功能内测。不同于豆包、千问及手机厂商AI产品多 聚焦工作、消费等单一场景，"元宝派"锚定多人真实社交场景，成为腾讯发力AI社交赛道的重要布局。 作为腾讯混元大模型赋能的重点产品，元宝派深度打通微信、QQ两大社交生态，用户可自由创建或加 入主题化"派"社群，通过@元宝即可触发AI聊天总结、表情包生成等场景化服务。据悉，后续公测阶段 还将上线接入腾讯会议音视频能力的"一起看""一起听"功能，实现好友同步观影、听歌的沉浸式社交体 验。 AI切入社交场景，意味着其从被动响应指令的效率工具，升级为主动参与群体互动的"社交伙伴"，完成 了从"工具依赖"到"关系依赖"的关键转变，也为AI技术开辟了高频次、高黏性的全新应用场景。值得注 意的是，在元宝派内测前四天，即1月22日，百度文心App已披露正在内测多人、多Agent群聊功能，该 功能支持在同一群聊中调用多个AI角色，AI可根据讨论氛围主动应答，这也意味着头部企业对AI社交 赛道的布局已形成竞速态势。 相较于同行，腾讯虽非AI社交赛道的先发者，但其沉淀二十余年的社交生态优势，让元宝派构筑了 ...

Core Viewpoint - The article emphasizes the importance of effective architecture in product and business development, highlighting that a well-thought-out structure can lead to continuous optimization and growth without the need for complete overhauls [4][7]. Group 1: Learning and Adaptation - The only difference between individuals is their learning ability and speed, which is crucial for success in any field [1]. - The learning curve for hardware development is similar to that of internet technology; effective analysis and understanding can lead to better outcomes even without prior experience [3]. Group 2: Product and Business Architecture - A clear understanding of product architecture, business structure, and technical implementation is essential for successful product management [3][4]. - The architecture of a product should allow for self-iteration and growth, avoiding the need for complete rewrites, which is a hallmark of successful long-term projects [4]. Group 3: Engineering and Problem-Solving - Engineering problems can be addressed through structured questioning, which helps teams improve efficiency and progress [8]. - The CEO's engineering mindset allows for better oversight and understanding of technical issues, ensuring that the team remains on track [5][6].

Core Viewpoint - Tencent is leveraging its AI assistant "Yuanbao" to enhance social interactions and is launching a significant cash giveaway of 1 billion yuan during the Spring Festival, aiming to replicate the success of its previous WeChat red envelope campaign [2][6]. Group 1: AI Strategy and Development - Tencent's Chairman, Ma Huateng, emphasized that 2025 will be a pivotal year for AI, with the company focusing heavily on AI investments while maintaining a steady approach in other sectors like community group buying and food delivery [2]. - The company is restructuring its AI team to attract top talent, including PhD graduates, to enhance its AI capabilities [2]. - Tencent's TEG (Technology Engineering Group) and CSIG (Cloud and Smart Industry Group) are identified as the main drivers of the company's AI initiatives, integrating large models and AI products into a cohesive strategy [3]. Group 2: New Features and User Engagement - The new "Yuanbao Pai" social feature allows users to create or join groups, fundamentally rethinking social interactions by integrating AI as an active participant rather than a mere tool [4]. - Users will have access to various social activities within "Yuanbao Pai," such as chatting, watching movies, and listening to music together, enhancing user engagement [4]. - Tencent aims to deepen the integration of AI within its existing platforms like WeChat and QQ, enhancing user experience through features like one-click webpage summaries and smart replies [4]. Group 3: Historical Context and Market Impact - Tencent's previous success with the 2015 Spring Festival red envelope campaign, which distributed 5 billion yuan, significantly boosted user engagement and payment habits [5]. - The current 1 billion yuan initiative during the Spring Festival is seen as a strategic move to accelerate Tencent's AI development and strengthen its position in the social media landscape [6].

腾讯在AI领域慢于字节和阿里 AI被腾讯提到了前所未有的高度。1月26日，腾讯年会，腾讯董事局主席马化腾和总裁刘炽平在演讲中都用最大篇幅来讲AI。 马化腾在年会中提到，腾讯自2022年初开始经历了长达3年的聚焦主业、降本增效，取得了一定的成效。每个平台的基因和体制不一样，穿越周期的节奏 也不一样。但他同时承认，腾讯在AI上"太慢了"。 从内部来看，腾讯面对新一轮的AI机遇，首先考虑的是各个平台部门和AI的结合，混元大模型和元宝经历了高开低走的阶段，如今正处于产品和组织架 构的调整之中。就外部而言，字节跳动、阿里千问处于领先地位，不管是在研究层面还是应用层面，都比腾讯先行一步。对于这个"落后追赶的阶段"，马 化腾的判断是"腾讯慢了9个月到1年。" 刘炽平将字节跳动称为"大力出奇迹式的抢市场大王"。在刘炽平看来，字节跳动看到很多不同的市场都会有去抢的动作，包括短视频、资讯、电商，现在 则是通过AI去抢搜索的市场份额。他认为"字节跳动的确很强大"，但腾讯不会因此焦虑。 纵观全球的AI格局，刘炽平认为，海外有8家公司有足够资源长期投入大模型，其中做的最好的3家是OpenAI、谷歌和Anthropic，这3家公司各有侧 ...

Core Viewpoint - The article discusses the resurgence of the "cash-splashing" marketing strategy during the Spring Festival, highlighting Tencent's announcement of distributing 1 billion yuan in cash red envelopes and Baidu's follow-up with 500 million yuan, indicating a competitive landscape among major internet companies [2][3][4][21]. Group 1: Marketing Strategies - Tencent's CEO, Ma Huateng, emphasized the importance of AI investments while announcing the cash red envelope initiative, aiming to recreate the excitement of the original WeChat red envelope launch in 2015 [3][21]. - Baidu's cash red envelope campaign, which runs from January 26 to March 12, offers users a chance to share in 500 million yuan, showcasing its AI technology as a key selling point [4][23]. - The article notes that the Spring Festival marketing battle has evolved from merely acquiring new users to focusing on building user relationships and delivering value through technology [28][29]. Group 2: Historical Context - The article reflects on the evolution of Spring Festival marketing, starting with Tencent's 5 billion yuan red envelope campaign in 2015, which significantly impacted China's mobile payment landscape [10][25]. - Other companies, such as Alibaba and Baidu, have also engaged in similar campaigns over the years, with Baidu investing 1.9 billion yuan in 2019, resulting in a substantial increase in active users [12][15]. - The shift in marketing strategies is evident as companies move from simple cash giveaways to integrating technology and content into their campaigns, reflecting broader trends in the tech industry [44]. Group 3: Competitive Landscape - The competition for advertising during the Spring Festival has intensified, with companies like ByteDance's Volcano Engine and various robotics firms vying for visibility and engagement [33][34]. - The article highlights that the focus of major companies is shifting from consumer internet to hard technology, indicating a broader industry trend towards value-driven strategies [40]. - The changing landscape of Spring Festival marketing suggests that while the methods may evolve, the underlying goal of capturing user attention and showcasing technological capabilities remains constant [43].

The EU handed Google a six-month deadline to lift technical barriers to rival AI search assistants on Android and give key data to other search engine providers https://t.co/GjJdGu6Xph ...

1月26日下午，腾讯召开2025年度员工大会。据新华网、快科技等消息，腾讯公司董事会主席兼首席执 行官马化腾在大会上分享了腾讯公司在过去一年中的诸多业务信息和战略思考，并提出了对2026年的新 期望。 "目前唯一还值得投入的就是人工智能" 腾讯在过去的几年中经历了触底反弹的过程。而在马化腾看来，在2021年到2023年，行业进入寒冬期 后，腾讯提出"聚焦主业、降本增效、减脂增肌"，在随后几年中很快恢复了增长，并且在AI的投入上持 续加大力度。 马化腾在讲话中明确表示："对腾讯来说，稳扎稳打仍然是核心战略之一，目前唯一还值得投入的就是 人工智能。"他介绍道，在AI战略上，腾讯有自己的考虑和节奏，核心是产品的长期竞争力和用户的体 验，现在正在各个业务板块和平台上仔细思考，持续点亮新的技能。 但稳扎稳打并不意味着腾讯在AI方面的投入吝啬。"姚顺雨（腾讯首席AI科学家）加入之后，公司加快 吸引人才的力度，重构研发团队，以及在内部加快了Co-design设计，强化混元大模型和元宝的协 同。"马化腾透露，腾讯混元去年在人才吸引、组织结构等方面"做了很大的改变"，吸引了更多的原生 AI人才。 马化腾还表示，除了各业务平台的 ...

Core Insights - The competition among major tech companies in the AI sector has intensified, with significant developments from Alibaba, Tencent, Baidu, and ByteDance [1][4][15] - Alibaba has launched its flagship reasoning model, Qwen3-Max-Thinking, which is claimed to be the strongest domestic AI model, surpassing benchmarks set by international models [3][5][8] - The integration of Qwen into Alibaba's ecosystem aims to create a comprehensive AI service that connects various consumer needs, transforming it into a potential "AI butler" [13][14] Group 1: Company Developments - Tencent's CEO Ma Huateng acknowledged the slow pace of AI development and emphasized the need for integrated AI products [1] - Baidu has raised its AI-related revenue growth forecast for 2026 to 200%, aiming to lead the AI cloud market [1] - ByteDance is aggressively entering the hardware market with the development of the second-generation Doubao AI phone [1] Group 2: Model Innovations - Qwen3-Max-Thinking has over one trillion parameters and has set new records in 19 authoritative benchmark tests [5][8] - The model employs a new Test-time Scaling mechanism that enhances reasoning efficiency by allowing iterative refinement of previous results [7] - In the HLE test, Qwen scored 58.3, outperforming GPT-5.2-Thinking and Gemini 3 Pro, marking it as the highest score among all models [8] Group 3: Ecosystem Integration - Alibaba is integrating Qwen into its ecosystem, allowing it to connect various services such as e-commerce, local life, and financial transactions [13][14] - The launch of the Qwen app has introduced over 400 AI service functions, enabling users to complete tasks through natural dialogue [13] - The strategy aims to redefine the value of AI "entry points" by focusing on a comprehensive model-ecosystem-scene comparison [14] Group 4: Competitive Landscape - Tencent's AI strategy focuses on integrating AI capabilities into its existing social and enterprise applications [15] - Baidu's approach is more B2B oriented, providing AI solutions for enterprise digital transformation [15] - ByteDance is exploring hardware opportunities while leveraging its existing applications for AI integration [15]