最近找我们做GEO的客户越来越多，但发现很多人陷入了一个误区。 可能很多人 因为SEO是效果广告就下意识认为GEO是效果广告 。但如果这样思考反而会陷入误区、也会误导品牌主——因为当前的DeepSeek、kimi、豆 包、元宝这些app并没有一键跳转购买链接的功能，所以充其量还只能算小红书和抖音短视频种草阶段的1.0（尚无电商跳转功能），未来会不会有不知道 （虽然ChatGPT已经灰度了，但是国内大模型的格局以及电商的耦合度来看在可见的未来不太能形成气候）， 当前品牌主如果去往效果广告来纠结ROI反 而会措施这一波AI流量红利，现阶段AI聊天软件更像是一个种草KOL 。 GEO（Generative Engine Optimization，生成式引擎优化）作为 AI 时代的新兴营销范式，正逐渐崭露头角，吸引着众多品牌主的目光。与此同时，传统的 SEO（Search Engine Optimization，搜索引擎优化）依然在数字营销领域占据着重要地位。 今天，我们就来深入探讨一下GEO 与 SEO 的本质区别，以及为何说GEO 更像是品牌广告。 一、GEO 与 SEO：概念初窥 1. SEO：效果广告的典型代 ...

资料图。本文来源：新浪科技 腾讯2025Q2业绩电话会议高管解读财报（附问 答） 8月13日，腾讯控股发布了截至6月30日的2025年第二季度财报：营收为1845亿元，同比增长 15%。权益持有人应占利润为556亿元，同比增长17%。非国际财务报告准则下，权益持有人应 占利润为631亿元，同比增长10%。 财报发布后，腾讯董事长兼CEO马化腾、总裁刘炽平、首席战略官詹姆斯·米歇尔（James Mitchell）及CFO罗硕瀚等公司高管召开了财报电话会议，解读财报要点，并回答分析师提问。 以下为腾讯高管解读财报要点： 黄文迪： 大家好，晚上好。感谢您的收看。欢迎参加腾讯控股有限公司2025年第二季度业绩发 布会。我是腾讯投资者关系团队的黄文迪。 请注意，今天的网络研讨会正在录制中。 在开始演示之前，我们想提醒您，本演示包含前瞻性陈述，这些陈述包含诸多风险和不确定 性，并且由于各种原因，未来可能无法实现。有关一般市场状况的信息来自腾讯以外的各种来 源。本演示还包含一些未经审计的非国际财务报告准则 (Non-IFRS) 财务指标，这些指标应作为 对根据国际财务报告准则 (IFRS) 编制的集团财务业绩指标的补充，但 ...

以下文章来源于AI产业链研究 ，作者研究 AI产业链研究 . AI产业链研究 腾讯本月发布财报，在电话会议中提到，公司储备了充足的训练芯片，因此无需担忧芯片短 缺问题。众所周知，在几家大厂中，腾讯对底层模型的态度最为佛系。我们 上篇文章 也曾指 出，腾讯的基因在于打造优质产品，对于底层模型的选择策略是，哪家优秀就使用哪家的。 显然，腾讯并非训练芯片的主要采购方。本文尝试对当前国内AI算力训练市场进行分析。整体 而言，AI算力市场无论国内外，均已进入以推理为主导的阶段。在国内，企业对H20的追捧也 印证了这一点，其他国产AI芯片厂商主要竞争的也是推理市场。 以说，训练市场已正式回归大厂主导的逻辑，若无大厂订单支撑，该市场恐将陷入停滞。 算力训练需求的另一个重要群体是"六小龙"。 然而，调研纪要显示，"六小龙"正在大规模退 租相关训练资源，对整个训练市场造成不良影响。从近期"六小龙"争相上市可见，其资金状 况不容乐观。 这些公司仍处于争取用户、拓展市场的阶段，商业化程度较低。 其中，月之暗面和MiniMax两家公司主要专注于to C应用，前者侧重国内市场，后者则更关 注国际市场。对于月之暗面这样的公司，一方面要支 ...

Group 1: AI Industry Overview - The AI industry has transitioned from an exploratory and growth phase to a rapid development stage over the past two decades, with global ChatGPT monthly active users exceeding 2 billion, becoming an efficient tool for daily work and study [1] - In China, AI applications are rapidly penetrating the market, with "Doubao" achieving over 50 million daily active users and "Yuanbao" focusing on workplace scenarios, showing a 200% month-on-month increase in document processing and meeting minutes usage [1] Group 2: Customized Software for Enterprises - The Chinese software industry is projected to exceed 3.5 trillion yuan by 2030, with an annual compound growth rate of around 8%, driven by the rapid development of the digital economy and accelerated digital transformation of enterprises [2] - AI plays a crucial role in software development, utilizing machine learning and deep learning to optimize performance and enhance user experience, as well as natural language processing for better human-computer interaction [2] Group 3: AI in Finance and Asset Management - The demand for AI applications in finance is strong, with many banks still in the technology reserve phase, while leading institutions are beginning to explore core business applications [3] - It is predicted that financial technology investment will exceed 580 billion yuan by 2027, with a compound annual growth rate of 11.8%, and over half of financial institutions plan to allocate 30%-39% of their IT budgets to generative AI [3] Group 4: Smart Transportation - Smart transportation, supported by information and communication technologies, is a key strategic direction for national support, with the market expected to reach 261 billion yuan by 2024 and 287.1 billion yuan by 2025 [4] - Fixed asset investment in transportation is projected to reach 3.7893 trillion yuan in 2024, focusing on smart transportation and related fields [4] Group 5: C-end AI Products - The development of AI products for consumers in China is rapid, with diverse product types and wide application scenarios, expected to break new ground by early 2025 [5] - The continuous development of the AIGC industry will provide a stable technological foundation and innovative potential for the AI e-commerce industry chain, significantly transforming the e-commerce sector [5]

Investment Rating - The report does not explicitly provide an investment rating for the AI industry or specific companies within it. Core Insights - The AI industry is experiencing rapid growth, with global active users of ChatGPT exceeding 2 billion, indicating a shift from novelty to necessity in AI tools for daily work and life [3][20] - The software industry in China is projected to exceed 3.5 trillion yuan by 2030, with an annual growth rate of around 8%, driven by digital transformation and emerging technologies [4][26] - Financial AI applications are in a policy-driven growth phase, with expected investments in fintech exceeding 580 billion yuan by 2027, reflecting a compound annual growth rate of 11.8% [5][43] - The smart transportation sector is projected to reach a market size of 261 billion yuan by 2024, supported by government policies and infrastructure investments [6][61] - C-end AI products are rapidly expanding, with a focus on enhancing e-commerce operations and user engagement [6][20] Summary by Sections AI Industry Overview - The AI industry has transitioned from exploration to rapid development, with significant advancements in natural language processing and machine learning technologies [11][12] - China's AI market is expected to maintain a compound annual growth rate of 32.1% from 2025 to 2029, potentially exceeding 1 trillion yuan by 2029 [17][18] Customized Enterprise Software - The software industry is benefiting from AI integration, with applications in financial management, customer relationship management, and supply chain management [29][30] - AI technologies are enhancing software development processes, improving efficiency and user experience [29][30] AI in Finance and Asset Management - Financial institutions are increasingly adopting AI for customer service and operational efficiency, with a significant portion of IT budgets allocated to generative AI projects [5][43] - The report highlights the need for deeper integration of AI into core business functions within the financial sector [43][44] Smart Transportation - Smart transportation is a key area of national strategic focus, with policies promoting the integration of advanced technologies to improve urban mobility [61] - The market for smart transportation solutions is expected to grow significantly, driven by government support and infrastructure investments [6][61] C-end AI Products - The C-end AI market is diversifying, with products aimed at various demographics and professional sectors, enhancing e-commerce capabilities [6][20] - The ongoing development of AI-generated content (AIGC) is expected to stabilize the technological foundation for the e-commerce industry [6][20]

Core Viewpoint - The recent advancements in AI, particularly the launch of the GLM-4.5V visual reasoning model by Zhipu, have garnered significant attention due to its impressive performance in visual benchmark tests, achieving first place in 41 out of 42 tests [2][3]. Group 1: Company Developments - Zhipu has introduced the GLM-4.5V visual reasoning model, which is an open-source model that has excelled in visual benchmark tests [2]. - The GLM-4.5 model has shown substantial improvements in logical reasoning, code writing, and tool invocation [1]. - Despite rapid developments in the AI sector, Zhipu, being a more technology-focused company, has not received as much public attention [3]. Group 2: Evaluation Process - An evaluation task was conducted to test the visual recognition capabilities of various AI tools, inspired by a recent international AI competition [5][12]. - The evaluation involved ten images of confusing restroom signs, with a scoring system based on correct identification [11][15]. - Zhipu's GLM-4.5 model (without reasoning) scored the highest at 86 points, while the reasoning version and ChatGPT's GPT-5 both scored 78 points [12]. Group 3: Performance Insights - The evaluation revealed that Zhipu's models made errors in identifying restroom signs, with the non-reasoning version being the only one to answer incorrectly on one of the ten questions [26]. - Other AI tools, such as Doubao and Kimi, performed better in certain instances, showcasing the varying capabilities of different models [26][23]. - The evaluation highlighted the potential for AI tools to improve in visual recognition tasks, which could have significant applications across various industries [39][42].

Core Viewpoint - Tencent has experienced a resurgence in growth, with a total revenue of RMB 184.5 billion in Q2, representing a 15% year-on-year increase, while also achieving a gross margin of 22% and an operating profit margin of 18% [6][7]. Group 1: Financial Performance - Tencent's capital expenditure reached RMB 19.1 billion, a 119% increase year-on-year, primarily due to increased investments in AI, although it saw a 30% decrease quarter-on-quarter [6][13]. - The company reported a 16% increase in value-added services revenue to RMB 91.37 billion and a 20% increase in marketing services revenue to RMB 35.76 billion, both exceeding industry averages [6][7]. Group 2: AI Investments - AI investments have been significant, with capital expenditure for AI rising to RMB 19.1 billion and R&D expenditure increasing by 17% to RMB 20.25 billion [13]. - Tencent's president emphasized the need for "wise spending" on AI, focusing on efficiency rather than just increasing expenditure on chips and personnel [14][15]. Group 3: Gaming and Advertising Performance - The gaming segment saw a 22% year-on-year revenue growth, with overseas game revenue increasing by 35% and domestic revenue growing by 17% [9]. - The advertising business achieved a 20% revenue growth, driven by increased demand for video accounts, mini-programs, and search traffic, despite a challenging external environment [10][11]. Group 4: Strategic Insights - Tencent's long-term strategy focuses on sustaining existing games while also launching new titles, with the success of games like "Delta Action" demonstrating the effectiveness of this approach [10]. - The company believes that the future of the Chinese gaming market will still be dominated by long-term operational games rather than solely AAA titles [10].

Core Viewpoint - Tencent Holdings demonstrated robust growth in Q2 2025, with double-digit year-on-year increases in revenue and profit across key metrics, driven by strong performance in gaming, marketing services, fintech, and enterprise services [1][2]. Group 1: Financial Performance - Revenue reached 184.5 billion yuan, a 15% year-on-year increase, with gross margin improving from 53% to 57% due to higher contributions from high-margin businesses and cost efficiency [1]. - Non-IFRS operating profit rose to 69.25 billion yuan, up 18% year-on-year, with core profit growth reaching 20% after excluding joint venture impacts [1]. - Non-IFRS net profit attributable to shareholders increased by 10% to 63.05 billion yuan, exceeding market expectations [1]. Group 2: Business Segments - The value-added services segment generated 91.37 billion yuan, a 16% year-on-year increase, accounting for 50% of total revenue, with domestic game revenue at 40.4 billion yuan, up 17% [1]. - International game revenue grew by 35% year-on-year, driven by strong performance from titles like "Clash Royale" and "PUBG MOBILE" [1]. - Marketing services revenue reached 35.76 billion yuan, a 20% year-on-year increase, benefiting from AI-driven advertising efficiency improvements [2]. Group 3: User Engagement and AI Integration - Monthly active users for WeChat and WeChat combined reached 1.411 billion, a 3% year-on-year increase, while QQ mobile MAUs were 532 million, showing high user engagement [3]. - The company invested 19.107 billion yuan in capital expenditures, primarily focused on AI-related business development [3]. - AI technology is deeply integrated across various business lines, enhancing user experience and driving growth in gaming, advertising, and enterprise services [3]. Group 4: Investment Outlook - The strong performance in Q2 2025 reflects the deep empowerment of AI technology across business lines, with expectations for continued growth driven by new game launches and consumption recovery [3]. - The company is projected to have a target price of 699.1 HKD, with estimated PE ratios of 23.6x and 20.7x for 2025 and 2026, respectively, indicating a potential upside of 19.3% from recent closing prices [3].

Core Viewpoint - Tencent has reported record-high financial results for the second quarter, achieving significant revenue and profit growth, driven primarily by its gaming business and advancements in AI technology [1][11]. Financial Performance - Total revenue reached 184.5 billion RMB, a year-on-year increase of 15% [2]. - Net profit grew by 17% to 55.6 billion RMB, with a gross margin improvement to 57% [1][2]. - The company achieved its fastest revenue growth in four years and a new high in gross margin [1]. Gaming Business - Gaming revenue amounted to 59.2 billion RMB, reflecting a 22% year-on-year increase [5]. - Domestic game revenue was 40.4 billion RMB, up 17%, while international game revenue surged by 35% to 18.8 billion RMB [5]. - Popular titles like "Honor of Kings" and "Peacekeeper Elite" continue to perform exceptionally well, with "Honor of Kings" being the only mobile game to surpass 1 billion USD in revenue in the first half of the year [7][9]. AI Integration - AI has become a focal point for Tencent, with significant investments leading to improved operational efficiencies and revenue generation [11][16]. - The advertising business saw a 20% increase in revenue to 35.8 billion RMB, attributed to AI optimizations in ad placement and production [19][24]. - AI is also enhancing gaming experiences, with applications in NPC design and gameplay mechanics [29][31]. Future Outlook - Tencent's diverse revenue streams, including gaming and AI, position it well for continued growth [31]. - The company is leveraging its gaming success to fund AI initiatives, ensuring a sustainable financial model [31].

Core Viewpoint - Tencent is experiencing a resurgence, with significant revenue growth and increased investment in AI, indicating a shift from a cautious growth strategy to a more aggressive approach [5][6]. Financial Performance - In Q2, Tencent reported total revenue of RMB 184.5 billion, a year-on-year increase of 15% [5]. - The company achieved a gross margin of 22% and an operating profit (Non-IFRS) of 18%, both showing growth despite a three-digit percentage increase in capital expenditure [5]. - Capital expenditure reached RMB 19.1 billion, up 119% year-on-year, primarily due to increased AI investments, although it saw a 30% decline quarter-on-quarter due to U.S. export restrictions on AI chips [5][6]. AI Investment and Impact - Tencent's investment in AI has been substantial, with capital expenditure and R&D spending increasing by 119% and 17% respectively [11]. - AI has been integrated into core business areas such as gaming, advertising, and social ecosystems, driving revenue growth in value-added services and marketing services [6][8]. - The company emphasizes a strategic approach to AI spending, focusing on efficiency rather than indiscriminate investment [12][13]. Gaming Business - Tencent's gaming revenue grew by 22% year-on-year, maintaining over 20% growth for three consecutive quarters [8]. - Notable contributions to growth came from both new titles like "Delta Force" and established games like "Peacekeeper Elite," with the former achieving over 20 million daily active users [8][9]. - AI tools are being utilized to enhance game content production and improve player engagement through more realistic non-player characters [8]. Advertising Business - Advertising revenue increased by 20% year-on-year, outperforming the industry average despite a challenging external environment [9][10]. - Growth in advertising revenue was driven by improved click-through rates due to AI, as well as increased exposure from platforms like video accounts and search traffic [9][10]. - The current low ad loading rates present significant growth potential for future advertising revenue [10]. Strategic Outlook - Tencent's management believes that the future of the gaming market will still favor long-term operational games over AAA titles, viewing both as complementary [9]. - The company is cautious about monetizing AI tools, focusing on integrating them with existing platforms rather than pursuing aggressive user acquisition strategies [12][13].