刘强东明确提出的"永不商业化"铁律——京东点评和真榜业务承诺永远不做商业化，这一原则直击当前 行业痛点：传统平台普遍存在的付费推广、刷评控评等乱象，导致用户对点评真实性信任度持续下滑。 引人注目的是，京东点评利用AI大模型分析全网消费场所数据，宣称打造全球首个AI生成榜单，涵盖 美食、酒店、景点等五大场景。其创新引入"京东美食八大家"虚拟人格增强文化属性；"京东真榜"则融 合AI全网评、用户复购数据及十万名用户参与的线下"买吃分离"盲测，实现"万人共荐，不说假话"的目 标。 值得留意的是，这并不是京东首次将AI融入本地生活领域。2025京东全球科技探索者大会上，京东就 推出基于JoyAI大模型能力推出的三款产品"京犀""他她它""JoyInside2.0"。其中，京犀App通过一句指令 就完成购物、点餐、订酒店等动作；面对C端服务场景，"他她它"数字人助手可以让帮忙用户点外卖、 做理财咨询，还能在学习时获得陪伴式指导。 美团的AI Agent战略在AI领域的布局同样引人注目。 导语：AI Agent在本地生活已从"能用"走向"敢用"，但仍需跨越复杂语义、跨平台协同与实时履约三大 门槛，才能达到好用水平。 20 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (700.HK) with a target price of 800 HKD, reflecting confidence in the company's growth potential and market position [19]. Core Insights - Tencent is restarting its offshore financing channels by issuing approximately 8 billion RMB in "dim sum bonds," marking its first bond issuance since 2021. This move aims to optimize its debt structure and support long-term investments in AI and cloud computing [4]. - The 2025 Tencent Global Digital Ecosystem Conference highlighted significant advancements in AI technology, showcasing improvements in modeling accuracy and the integration of AI capabilities across various applications, including customer service and enterprise solutions [5][7]. - Tencent Cloud has doubled its overseas customer base over the past year, expanding its global infrastructure and local services to support Chinese enterprises going abroad [6]. - The company has fully adapted to mainstream domestic chips, enhancing its AI computing capabilities and addressing the industry's need for cost-effective and reliable computing power [12]. Summary by Sections Company Review - Tencent is issuing 80 billion RMB in "dim sum bonds" to optimize its debt structure and fund long-term investments in AI and cloud computing [4]. - The company has a current outstanding bond size of approximately 17.7 billion USD, with over 1.5 billion USD maturing in the next two years [4]. AI Technology - The conference showcased Tencent's AI advancements, including a threefold increase in modeling precision and significant user growth in AI-driven applications [5][12]. - Tencent's AI capabilities are being integrated into various sectors, including gaming and enterprise solutions, demonstrating a shift from technology concepts to quantifiable productivity tools [5][7]. Global Expansion - Tencent Cloud's overseas customer base has increased significantly, with new data centers established in Saudi Arabia and Japan, enhancing its global service capabilities [6]. - The company is leveraging its cross-border payment and localization services to support Chinese enterprises in international markets [6]. Chip Adaptation - Tencent Cloud has fully adapted to mainstream domestic chips, focusing on software optimization to ensure compatibility and performance across different chip types [12]. - This adaptation is seen as essential for the sustainable development of China's AI industry, moving from reliance on external hardware to a complete domestic ecosystem [12].