Core Insights - Tencent has undergone a significant personnel change with the departure of AI veteran Yu Dong and the appointment of 27-year-old prodigy Yao Shunyu, who now leads AI infrastructure and core model development [1][2][11] - Yao Shunyu, with nearly 20 years of experience at Microsoft Research and a strong academic background, represents a new paradigm in the ongoing "model war" in AI, focusing on rapid engineering capabilities and cutting-edge insights [2][5][11] Company Developments - Yu Dong's exit marks the end of an era characterized by deep-rooted technological development and productization in AI, while Yao Shunyu's entry signifies a shift towards a more agile and responsive approach to AI model competition [3][11] - Tencent has restructured its R&D framework to include new departments like AI Infra and AI Data, aiming to enhance resource integration and improve the efficiency of large model development [8][10] Industry Context - The AI competition has intensified, with major companies like Alibaba and ByteDance announcing substantial investments in AI and cloud technologies, reflecting a collective industry response to the evolving landscape [9][10] - The shift in leadership at Tencent illustrates a broader trend in the AI sector where experience is being challenged by the need for rapid innovation and adaptability, emphasizing the importance of talent with both academic and practical expertise [11]

Core Insights - The article emphasizes that AI is the only technology in China's tech landscape projected to grow exponentially, with significant investments from major players like Tencent, Alibaba, ByteDance, Baidu, and Huawei, marking AI as a critical driver for future growth [2] Investment Trends - By 2025, China's total investment in AI is expected to reach $56.8 billion, accounting for 27.4% of global AI investment, surpassing Europe for the first time [2] - Major internet companies are directing 63% of their capital expenditures towards AI capabilities, models, and applications, reflecting a 28 percentage point increase year-over-year [2] Model Development - The competition in AI models has shifted from catching up to parallel development, with significant advancements in open-source models and performance metrics [3] - Notable achievements include DeepSeek's R1 model aligning with OpenAI's capabilities at a fraction of the cost and Alibaba's Tongyi Qianwen 3.0 surpassing GPT-4 Turbo in code generation accuracy [3] Computing Power - The race for computing power is characterized by innovations such as Huawei's Ascend supernodes and Alibaba's expansion of its cloud computing capabilities [4][5] - By 2025, China's intelligent computing power is projected to reach 725 EFLOPS, a 74% increase year-over-year, with major companies building their own infrastructure [5] Application Integration - AI applications are becoming deeply integrated into various sectors, with Tencent, Alibaba, ByteDance, and Baidu reporting significant improvements in efficiency and cost reductions through AI tools [6] - For instance, Tencent's AI-generated content has increased ad click-through rates by 18%, while Alibaba's tools have significantly reduced product photography costs [6] Financial Impact - AI is reshaping traditional revenue streams in advertising, e-commerce, and gaming, with companies reporting substantial growth in customer numbers and sales due to AI-driven innovations [8] - Tencent anticipates that AI-related revenue will reach 36.2 billion yuan by 2025, constituting 12% of its total revenue [9] Policy Support - The Chinese government is actively promoting AI development through initiatives aimed at building a national integrated computing network and supporting AI applications across various sectors [10] - These policies are expected to generate over 200 billion yuan in market demand by 2026 [10] Challenges Ahead - The industry faces challenges related to energy consumption, talent shortages, and ethical concerns, with projections indicating a significant increase in energy use by AI data centers [11] - The talent gap is projected to reach 5 million by 2025, while ethical issues related to AI are becoming more prevalent [11] Future Outlook - By 2026, the core AI industry in China is expected to exceed 1 trillion yuan, with a shift from a focus on scale to efficiency in AI applications [13] - The article concludes that AI is not just a trend but a foundational element for future growth, with significant transformations anticipated across various industries [13]

回望2025年，大语言模型行业取得了一些发展，但同时也面临着一定的挑战。DeepSeek凭借开源策略 和推理功能成为黑马，用户增长很快。国内外头部厂商如OpenAI、谷歌、腾讯、阿里巴巴、字节跳 动，以及智谱、月之暗面这些专业大模型公司，在技术、应用和生态上持续竞争。 财经专栏作者马继鹏接受《中国经营报》记者采访时表示，目前来看，整个行业还处于朝气蓬勃发展的 一种状态，很明显的就是，这些互联网巨头研发的这些大语言模型，后劲还是比较足的，比如字节跳动 的豆包、阿里巴巴的千问、百度的文心一言、腾讯的元宝。目前来看，各家的水平可能都差不多，但是 互联网巨头在大模型应用方面，和专门做大模型的公司如Kimi、DeepSeek相比，有一些天然的优势， 其更懂得怎么大规模地获取用户，怎么解决用户的实际问题。 2025这一年 目前，"大模型四小龙"智谱AI、月之暗面、百川智能和MiniMax这四家公司都推出了各自特色的大模型 产品。比如智谱AI在技术能力上，实现了参数规模从5万亿到10万亿级的翻倍增长，推理精度也提升到 98.5%，接近国际领先水平。新发布的GLM-4.7在编程能力上表现突出，在Vals Index榜单中拿下 ...

记者丨董静怡 编辑丨包芳鸣 回望2025年全年，AI成为贯穿中国科技行业一整年的核心主题词。 AI被普遍视为驱动下一轮生产力革命和商业模式迭代的确定性技术方向。伴随人口与流量红利的逐步 消退，腾讯、阿里巴巴、字节跳动等互联网头部企业纷纷将发展重心聚焦于AI领域，2025年的相关布 局动作更为密集。 相较于比拼模型参数，2025年行业发展更看重技术落地。大厂们基本沿着两大路径推进：对内，将AI 深度植入核心业务，将其作为激活存量业务价值、挖掘护城河的工具；对外，则竞相布局有望定义下一 代交互范式的原生AI应用与硬件产品，全力争夺面向未来的"超级入口"入场券。与此同时，企业也持续 大手笔投入，相关资本开支规模达到数百上千亿元。 短期的财务承压在所难免，而缺席赛道的风险则更大。大厂们正依托自身资源禀赋，在技术研发、生态 构建、商业化落地等多个维度全面展开竞争。 千亿资本开道 打开任何一家中国互联网科技巨头的财报，最引人注目的数字往往与AI直接相关。2025年以来，AI已 成各大公司财报电话会上的核心议题，其相关投入的规模和节奏，显示出各企业对未来技术话语权与市 场份额的激烈争夺。 阿里巴巴是最早宣布明确AI投资规模 ...

AI人工智能ETF紧密跟踪中证人工智能主题指数，中证人工智能主题指数选取50只业务涉及为人工智能 提供基础资源、技术以及应用支持的上市公司证券作为指数样本，以反映人工智能主题上市公司证券的 整体表现。 截至2025年12月29日 13:01，中证人工智能主题指数(930713)上涨0.66%，成分股拓维信息(002261)上涨 9.80%，芯原股份(688521)上涨7.47%，寒武纪(688256)上涨5.86%，协创数据(300857)上涨3.03%，中科 星图(688568)上涨2.53%。AI人工智能ETF(512930)上涨0.88%，最新价报2.19元。 消息面上，据火山引擎消息，12月28日，中央广播电视总台《2026年春节联欢晚会》分会场发布活动在 京举行，会上宣布火山引擎正式成为总台春晚独家AI云合作伙伴。此外，字节跳动旗下豆包DAU已突 破1亿大关。 申万宏源研究认为，这一事件标志着国内AI应用有望在2026年迈出商业化关键一步，或将倒逼腾讯、 阿里、百度等互联网巨头加快AI布局节奏。目前豆包已接入抖音商城形成交易闭环，未来可通过广告 与电商抽成实现变现。与此同时，腾讯重组AI架构，成立A ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - ByteDance's AI collaboration for the Spring Festival is a significant milestone, with its product Doubao achieving over 100 million daily active users. The integration with Douyin's e-commerce platform is expected to enhance monetization through advertising and transaction fees [2]. - Alibaba is focusing on AI advancements, particularly in chip localization and consumer applications, while Tencent is restructuring its AI framework to accelerate the development of large models [2]. - The gaming sector is entering a peak season, with major titles expected to drive user engagement and revenue growth. Notable releases include Giant Network's "Supernatural Action Group" and Tencent's "Delta" [2]. - The collectibles market is also thriving, with Pop Mart's Labubu 4.0 set to launch, reflecting a diverse product range and successful international market expansion [2]. Summary by Sections AI and Technology - ByteDance's AI cloud partnership for the Spring Festival and Doubao's integration with e-commerce are pivotal for future growth [2]. - Alibaba's AI initiatives include the launch of new products and continued growth in cloud services [2]. - Tencent's restructuring aims to enhance its AI capabilities and product offerings [2]. Gaming Industry - The upcoming gaming season is highlighted by major releases that cater to a younger audience, which is crucial for monetization [2]. - Notable games include "Supernatural Action Group" and "Delta," which are expected to perform well during the peak season [2]. Collectibles and Entertainment - Pop Mart's Labubu 4.0 is anticipated to boost sales, supported by a diverse product lineup and international market strategies [2]. - The animation "Chinese Fantasy 2" is set to premiere exclusively on Bilibili, indicating strong collaboration in the entertainment sector [2]. Advertising and Media - Companies like Tencent, Alibaba, and Baidu are expected to benefit from AI product promotions, which will positively impact advertising firms like Focus Media [2]. - The report emphasizes the importance of adapting to AI changes in content production to maintain competitive advantages [2].

Core Viewpoint - The core narrative of the Hong Kong stock market in 2025 was driven by AI, with significant structural trends observed in the technology sector, highlighted by a notable increase in the Hang Seng Tech Index and substantial inflows of capital into AI-related stocks [2][6][33]. Group 1: AI as a Growth Driver - AI technology transitioned from a speculative concept to a value-realization phase, becoming a critical growth driver for the technology industry [6][14]. - The performance of major tech companies like Alibaba and Tencent was significantly enhanced by their AI strategies, with Alibaba's stock rising over 80% and Tencent's by over 46% due to successful AI implementations [7][9]. - The overall market sentiment towards AI remained strong, with a projected $10 trillion market opportunity for the global tech industry over the next five years due to AI penetration [13][14]. Group 2: Individual Company Performance - Alibaba's AI-related revenue saw triple-digit growth for multiple quarters, with a 34% revenue increase in Q3 2025, reflecting strong market expectations [16][18]. - Tencent's AI initiatives, including the launch of over 30 new models, contributed to a 19% year-on-year increase in adjusted net profit, although its valuation expansion was less pronounced compared to Alibaba [18][21]. - Xiaomi's stock performance lagged behind its peers, with a 13% increase, attributed to a slower realization of AI value despite significant R&D investments exceeding 100 billion RMB over five years [19][20]. Group 3: Valuation Disparities - The valuation of AI-related companies showed clear differentiation, with Alibaba's AI value fully reflected in its stock price, while Xiaomi's AI capabilities had not yet translated into market consensus [21][22]. - AI vertical companies like SenseTime experienced high valuation premiums, with stock prices increasing over 80% due to their technological advancements [18][19]. - The market has yet to fully price in the AI value of leading Hong Kong tech companies, indicating potential for upward valuation adjustments [20][21]. Group 4: Future Outlook - The investment focus for 2026 is expected to shift from "technological breakthroughs" to "commercialization," with a faster pace of value realization anticipated [33]. - Companies that can effectively integrate AI into their business models and demonstrate scalable applications are likely to continue releasing growth value [33]. - The deep integration of AI with the physical world is seen as an irreversible trend, suggesting that the Hong Kong tech sector will continue to evolve and present investment opportunities [33].

Core Viewpoint - The core narrative of the Hong Kong stock market in 2025 is centered around AI, which has driven significant structural changes in the technology sector, with the Hang Seng Technology Index experiencing a notable upward trend and a net inflow of 1.4 trillion yuan from southbound funds focused on technology investments [3][6]. Group 1: Market Performance and Trends - The Hang Seng Technology Index saw fluctuations but ultimately rose over 50% at one point during the year, reflecting strong investor interest in AI-related stocks [3]. - Major technology companies like Alibaba and Tencent have significantly benefited from AI integration, with Alibaba's stock rising over 80% due to successful AI and cloud strategies, while Tencent's stock increased by over 46% driven by AI technology deployment [9][12]. - The performance of individual stocks revealed a clear divergence, with leading firms like Alibaba and Tencent realizing substantial valuation increases, while Xiaomi's stock lagged despite its ongoing AI investments [4][30]. Group 2: AI as a Driving Force - AI technology has transitioned from a speculative concept to a critical driver of value creation in the technology sector, fundamentally altering how companies are evaluated [8][18]. - The global technology market is expected to see an additional market value of over 10 trillion USD due to the comprehensive penetration of AI technology over the next five years, which is a key reason for the investment focus on AI [18][19]. - The competitive landscape has shifted, with companies needing to embrace AI to avoid obsolescence, leading to increased R&D investments in AI across the industry [20][21]. Group 3: Individual Company Analysis - Alibaba's AI capabilities have been fully reflected in its valuation, with significant revenue growth from AI-related products and services, while Tencent's AI value is partially reflected, with ongoing growth in its advertising business driven by AI [27][33]. - Xiaomi, despite substantial R&D investments exceeding 100 billion yuan over five years, has not yet realized a corresponding AI valuation premium, indicating a lag in market recognition of its AI potential [31][30]. - The release of Xiaomi's MiMo model is seen as a pivotal moment, marking a transition from a hardware manufacturer to an AI ecosystem operator, with the potential to significantly enhance its market valuation [45][48]. Group 4: Future Outlook - The investment focus for 2026 is expected to shift from "technological breakthroughs" to "commercialization," with companies that can effectively implement AI at scale anticipated to unlock growth value [51][52]. - The integration of AI with the physical world is viewed as an irreversible trend, with the potential for significant value reconstruction in the Hong Kong technology sector still in its early stages [52][53].

当然，不同统计口径得出的结论并不相同，但不可否认的是，混元大模型的份额，确实与腾讯在互联网的地位是不匹配的。除了要抹平数据上的差距外， 还有一件意外的动因，潜在地加速了腾讯的AI布局。 2025年的最后一个月，一则消息在科技圈引起了不小的震动——27岁的OpenAI前研究员姚顺雨正式出任腾讯"CEO/总裁办公室"首席AI科学家，同时兼任 新成立的AI Infra部负责人。 这不仅是一位顶尖AI人才的回归，更是腾讯AI战略的重大转向信号。 作为OpenAI前研究员，姚顺雨为智能体方向的发展做出了突出贡献。他提出了ReAct 方法，并首次引入"推理一行动"结合的智能体范式，这一思路不但增 强了模型的可控性，也极大拓展了其在各类实际领域中的适用能力。 这样的顶尖人才加入，意味着腾讯这次真的想好好做大模型了。 在这个节点上审视腾讯的AI布局，会发现一个有趣的时间悖论：身为BAT三巨头之一，腾讯直到2025年末才真正开始认真布局大模型，这与其他互联网巨 头的节奏，形成了鲜明对比。 据IDC 2025年Q3数据显示，中国大模型市场份额中，百度文心占31%、阿里通义24%、字节估算18%，腾讯混元未跻身前三。百度在2025 ...

大模型"智力代差"难靠微创新弥补。 文丨胡镤心 编辑丨张睿 最近，腾讯引入前OpenAI核心研究员姚顺雨（Vinces Yao）出任首席AI科学家，并且完成了大模型研发体系的关键重组，将原本分散在各部门的算力基 建、数据处理等能力独立并整合。与此同时，腾讯还在到处高薪招聘AI人才。 这样看来，在AI模型能力建设上，腾讯终于有点着急了。曾经屡战屡胜的"后发制人"策略，如今还灵验吗？ 当"后发制人"已成为腾讯的路径依赖 15年前，一篇题为《"狗日的"腾讯：搅局者还是终结者？》的文章，引起互联网行业轩然大波。 这篇发表于《计算机世界》2010年7月刊的封面报道，以"惊悚"的标题，道出了当时所有人都已意识到、但未言明的怒气：腾讯就像一只潜伏的巨兽，但 凡被他人验证成功的领域，它总是从背后一跃而起，依靠用户基数（QQ流量）和复制能力，打败领先者，取而代之。 比如，通过QQ游戏终结联众在棋牌游戏界的第一宝座；通过3366小游戏狙击"域名之王"蔡文胜的4399小游戏；通过QQ医生给周鸿祎正面暴击；通过QQ 影音压迫暴风影音；上线QQ团购网让美团王兴感到恐慌…… 依靠"观察-模仿-流量碾压"的策略，腾讯从一个单一的聊天软件， ...