新力量 New Force 第一上海研究部 总第 4845 期 2025 年 8 月 26 日 星期二 研究观点 research@firstshanghai.com 第一上海证券有限公司 www.mystockhk.com 咨询热线：400-882-1055 服务邮箱：Service@firstshanghai.com 网址：www.mystockhk.com 【公司评论】 腾讯控股（700.HK）：周报 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 第一上海 新力量 New Force 股价表现 +852 2532 1539 腾讯控股（700.HK）：周报 游戏：腾讯科隆展集中展示新游成果 【公司评论】 李京霖 + 852 2532 1957 Alexandra.lyu@ firstshanghai.com.hk Jinglin.li@firstshanghai.com.hk | 行业 | TMT | | --- | --- | | 股价 | 600 港元 | | 市值 | 5.416 万亿港元 | | 总股本 | 91.71 亿 | | 52 周高/低 | 620 港元/360 ...

AI前沿每周关键词Top50 （ 腾讯研究院ima AGI知识库二维码） 推 荐 阅 读 腾讯研究院 ： 《重磅报告｜智启新章：2025金融业大模型应用报告正式发布（附下载）》 应用 | 应用 | Draw-to-Video | Higgsfield | | --- | --- | --- | | 应用 | AutoGLM 2.0 | 智谱 | | 应用 | 企业微信5.0 | 腾讯 | | 应用 | Looki L1 | Looki | | 应用 | Pixel 10系列 | 谷歌 | | 应用 | 蒸汽机2.0 | 百度 | | 应用 | 腾讯视频接入 | 腾讯元宝 | | 应用 | 人形机器人运动会 | 宇树等 | | 应用 | 远征A2长行走 | 智元机器人 | | 应用 | 芭蕾人形机器人 | 宇树 | | 应用 | Atlas机器人进展 | 波士顿动力 | | 观点 | 世界模型发展 | DeepMind | | 观点 | AI CEO | OpenAI | | 观点 | AI改变世界 | OpenAI | | 观点 | 长尾Agent公司 | Sierra AI | | 观点 | 鸿蒙生死线 | ...

Core Viewpoint - The article discusses the challenges faced by employees in companies due to inefficient workflows and communication, highlighting how the new features of WeChat Work 5.0 aim to streamline these processes through AI integration [3][4][15]. Group 1: Challenges in Current Workflows - Employees often encounter repetitive and frustrating situations where they cannot access necessary information quickly, leading to inefficiencies [3][4]. - Despite the push for AI adoption, many tools available in the market fail to integrate seamlessly into existing workflows, leaving employees to rely on manual processes [4][8]. - The lack of effective communication and information sharing among departments contributes to a stagnant growth environment, causing anxiety among management [4][8]. Group 2: WeChat Work 5.0 Features - WeChat Work 5.0 introduces features like intelligent search, intelligent summary, and intelligent forms, which aim to connect fragmented workflows and enhance internal collaboration [5][8][39]. - The intelligent search function allows employees to retrieve information across various platforms, making it easier to find relevant data without extensive manual searching [19][21]. - Intelligent summaries enable project updates to be generated automatically, reducing the burden of manual reporting and allowing employees to focus on more creative tasks [22][24]. Group 3: Integration and Efficiency - The integration of internal and external communication through WeChat Work allows for real-time updates and feedback, enhancing responsiveness to market changes [44][45]. - The intelligent forms feature automates data collection and analysis, transforming customer interactions into actionable insights for better decision-making [34][36]. - By centralizing data and communication, WeChat Work 5.0 provides a comprehensive solution that addresses the management challenges faced by growing companies [39][45]. Group 4: Case Study - BYD - BYD's experience with WeChat Work illustrates the platform's ability to scale with the company, growing from 100,000 to 1,000,000 employees while maintaining effective communication and collaboration [38][39]. - The platform is viewed as a "global optimal solution" that integrates various functions, unlike other tools that may excel in specific areas but lack overall cohesion [39][40]. Group 5: Future Outlook - The article emphasizes the importance of evolving from merely connecting with customers to creating deeper, more meaningful interactions through enhanced service capabilities [46]. - WeChat Work aims to facilitate this transition by leveraging AI to improve the quality and depth of connections between businesses and their clients [46].

三大AI能力重磅上线，让办公智能触手可及 智能搜索 针对管理者"层层汇报耗时长、信息失真"的痛点，企业微信5.0推出了智能总结功能，实现自动整合群聊、文档、会议记录，生成项目进展报告，跳过中间 环节，让项目进展汇总更高效。其次，企业微信的智能总结功能，无需用户额外手动整理资料，AI会自动基于自然工作流提炼客观结论，让总结汇报更加 客观真实，从而帮助企业管理者更快更准确地作出相应决策。 8月20日，企业微信团队举行2025新品发布，正式发布企业微信5.0。新版本融合AI能力，推出智能搜索、智能总结、智能机器人三大核心功能，并将AI能力 接入到更多办公模块。 现场，腾讯公司副总裁、企业微信负责人黄铁鸣发布企业微信最新数据。截至目前，企业微信已接入超过1400万真实的企业与组织，企业每天通过企业微信 服务的微信用户数超过7.5亿。过去一年，企业微信完成12次版本迭代，上线1700多个功能更新。"我们希望通过企业微信，能支持企业更好地连接上下游的 各种资源，帮助企业在社会化协同中创造更大价值。" 搜索作为办公场景中非常高频的一个需求，用户时常面临记忆、关键词模糊，信息量大且分散的问题，导致搜索效率和准确度非常低下。企 ...

4 、 国务院办公厅转发财政部文件明确，采取分类分级推进实施存量 PPP 项目。 优先实施具有一定收益的项目，持续保障项目建成完 工。对接近完工的项目，抓紧推进建设、及时验收决算、及早投入运营。对推进缓慢的项目，研究压缩实施规模、优化建设标准、调整 配套建设内容等。 1 、 财政部、税务总局发布公告称，对按照育儿补贴制度规定发放的育儿补贴免征个人所得税。自 2025 年 1 月 1 日起施行。 2 、 中国新一期 LPR 出炉， 1 年期为 3.0% ， 5 年期以上为 3.5% ，连续三月保持不变。 业内专家普遍认为， LPR 继续"按兵不 动"，符合预期。从 LPR 报价机制看，近期央行多次开展公开市场操作，作为 LPR 定价基础的 7 天期逆回购操作利率为 1.4% ，并未 发生变化，因此本月 LPR 继续维持不变。 3 、 今日凌晨，美联储公布的 7 月会议纪要显示， 7 月会上，几乎全体决策者支持暂不降息，只有两人反对。纪要体现了，对通胀和 就业的风险以及关税对通胀的影响，联储官员均存在分歧，不过多数还是认为，通胀上升的风险比就业下行的风险高。 多人认为，关税 的影响需要一些时间才会全面显现。与会者 ...

生成式AI 一、 Meta重组AI部门，将超级智能实验室拆分为四个团队 https://mp.weixin.qq.com/s/GzaD8SM82Sy5IdQ6wBjl2g 二、 实测最新DeepSeek V3.1 Base，不止拓展上下文长度 1. DeepSeek V3.1相比V3不仅拓展上下文长度至128k，在编程表现、创意写作、翻译水平和回答语气等方面均有明 显提升； 2. 实测表明，V3.1在代码能力方面更全面周到，考虑了更多可能性并主动提供使用说明，支持更激进的压缩策略； 3. V3.1在Reddit测试中获得71.6%分数，成为非推理模型SOTA，比Claude Opus 4高1%但价格便宜68倍。 https://mp.weixin.qq.com/s/x0X481MgH_8ujjB0_XL4SQ 三、 智谱发布AutoGLM 2.0，为Agent配置云手机/云电脑 1. Meta将超级智能实验室拆分为TBD Lab（研究新版Llama）、FAIR（长期研究）、产品应用团队和基础设施四个 部门； 2. 新团队已讨论将Meta下一代AI模型改为闭源模式，可能放弃Llama 4转而从头开发新模型，动摇 ...

Group 1 - The core viewpoint is that the AI sector is experiencing significant growth, as evidenced by the performance of the Huaxia Sci-Tech AI ETF, which rose by 2.84% and has seen an 8.65% increase over the past five trading days [1][2] - The ETF's holdings include key stocks such as Chip Origin, which surged by 17.53%, and Cambrian, which increased by 6.72%, indicating strong performance in the AI-related stocks [1] - The trading activity was robust, with a turnover exceeding 20% and a transaction amount of 16.4 million yuan, reflecting active market participation and continued capital inflow [1] Group 2 - WeChat Work 5.0 has been officially released, integrating AI capabilities with features like intelligent search and intelligent summarization, enhancing workplace efficiency [1] - Open Source Securities highlights the strong performance and certainty of earnings in the AI computing power chain, emphasizing the importance of optical modules and PCBs in the infrastructure development for AI [1] - The AI industry is supported by high R&D investment and favorable policies, with the ETF designed to capture the "singularity moment" in the AI sector [2]