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 ...

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].

Tencent Holdings Q2 2025 Earnings Call Summary Industry and Company Overview - The document discusses Tencent Holdings, a leading technology and entertainment company in China, focusing on its performance in the second quarter of 2025. Key Points and Arguments Financial Performance - Tencent reported a 0% revenue growth year-over-year for Q2 2025, with a notable 15% increase in overall revenue compared to the previous year and a 2% increase quarter-over-quarter [2][3] - Non-GAAP profit increased by 10% year-over-year, with core operating performance growth exceeding 20% when excluding investment impacts [3] Gaming Business - The gaming segment saw a 22% year-over-year growth, with domestic growth at 17% and international growth at 35% [2][4] - Key drivers included the success of "Delta Force," which surpassed 20 million active users, and updates to "Clash Royale" from Supercell, leading to record revenue [4] - New game "Star Dune" contributed significantly to revenue, and updates to the mixed Yuan model aimed to enhance large language model quality and multi-modal interactions [4][11] Advertising Business - Advertising revenue grew by 20% year-over-year, primarily driven by an increase in CPM (cost per thousand impressions) rather than ad display volume [2][6] - The share of revenue from video ads continued to rise, with AI enhancements improving click-through rates, exposure, and creative generation, thereby facilitating e-commerce transactions [6][7] Impact of AI Technology - AI technology has positively influenced both advertising and gaming sectors by enhancing ad effectiveness and optimizing user experience [7] - The integration of AI is expected to continue driving revenue growth, particularly in advertising, where it has been validated as a lucrative area for monetization [7] Capital Expenditure - Tencent's capital expenditure reached 19 billion yuan in 2025, reflecting over a threefold increase year-over-year, although it slightly decreased quarter-over-quarter due to H20 chip procurement [2][8] - The capital expenditure as a percentage of total revenue was 10% for Q2, with expectations for an increase in the second half of the year [9] AI Native Applications - Tencent is advancing its AI native applications, having released a deep report on Tencent AI agent, with plans for increased promotion in the latter half of the year [2][10] - Current innovative products like IMA are in early exploration stages, with user growth for the Yuanbao product slowing down due to previous high-impact changes [10] Future Growth Prospects - The gaming business is expected to maintain strong performance, with advertising growth projected around 20% [4][12] - Tencent's valuation remains relatively low at 18 times core profit, compared to 20-25 times for other gaming companies, suggesting a favorable long-term investment outlook [12][13] Investment Opportunities - Concerns regarding high base effects from the previous year are deemed manageable, with further insights expected in upcoming discussions about technological equity and AI developments [14]

Core Viewpoint - The article discusses the significant layoffs occurring in major tech companies like Microsoft, Amazon, and Google, despite their strong financial performance, highlighting the impact of AI on job roles and the evolving nature of work in the tech industry [2][3][4]. Group 1: Layoffs in Major Tech Companies - Microsoft has announced a new round of layoffs affecting approximately 9,000 jobs, which is about 4% of its global workforce, marking its second major layoff this year and the fourth in 18 months [2]. - Despite these layoffs, Microsoft reported a revenue of $70.066 billion for Q3 of fiscal year 2025, a 13% increase from $61.858 billion in the same quarter last year, with a net profit of $25.824 billion, up 18% from $21.939 billion [2]. - The layoffs are not due to revenue concerns but rather a shift in operational efficiency driven by AI, with up to 30% of Microsoft's code now being written by AI [3][4]. Group 2: AI's Role in Job Displacement - The article emphasizes that AI is transitioning from a supportive role to one that can directly replace jobs, particularly in coding and software development [4][5]. - Other tech giants like Amazon and Google are also reducing their workforce as AI capabilities increase, with Amazon's CEO indicating that fewer employees are needed due to advancements in generative AI [3][4]. - The rise of AI is reshaping the business landscape, providing opportunities for smaller companies to compete with larger firms [4][5]. Group 3: AI in Advertising and Marketing - Major companies are integrating AI into their advertising strategies, with firms like Google and Meta leveraging AI to enhance ad targeting and content creation, leading to significant revenue growth [9][11]. - Goldman Sachs predicts that AI will disrupt approximately $470 billion in global advertising profits, transforming how ads are created and targeted [9][12]. - Companies like Alibaba and Tencent are also adopting AI in their marketing platforms to improve efficiency and reduce costs, with Tencent's advertising platform allowing for automated content generation [12][13]. Group 4: Opportunities for Small and Medium Enterprises - Smaller companies, such as 筷子科技, are finding success by leveraging AI tools to enhance their service capabilities and reduce operational costs [15][17]. - The use of AI has enabled small businesses to generate personalized marketing content quickly, significantly increasing customer acquisition rates [18][19]. - The article suggests that while larger firms face challenges from AI, smaller enterprises can thrive by focusing on niche markets and utilizing AI to improve their operational efficiency [20][22].

Group 1 - Zhang Yiming has become China's latest richest person with a net worth of 481.57 billion yuan, surpassing the second-ranked Zhong Shanshan by 120 billion yuan [3][6] - Zhang's wealth primarily comes from his 21% stake in ByteDance, which is experiencing a surge in valuation due to its deepening presence in the short video sector and the success of its AI applications [3][4] - ByteDance's AI initiatives are aggressive, with three core departments and a team of 2,500 people driving new growth, indicating a shift from being merely a short video platform to an AI leader [4][6] Group 2 - The valuation of ByteDance has skyrocketed, with overseas investors estimating its worth at over $400 billion, and internal stock buyback plans suggesting a valuation anchor of $315 billion [6][8] - If ByteDance successfully goes public, its market value could exceed $500 billion, positioning it as a new benchmark in the Chinese internet sector [6][8] - The AI sector is reshaping wealth distribution, with companies like DeepSeek also seeing significant valuation increases due to AI commercialization prospects [6][7] Group 3 - Douyin (the Chinese version of TikTok) has over 1 billion monthly active users, with an average usage time of 46.54 hours per month, indicating its role as a lifestyle platform [8][10] - Douyin's aggressive expansion into various sectors, including travel and e-commerce, is projected to generate a GMV of 90 billion yuan in 2024, nearing 30% of Meituan's scale [10][11] - TikTok is becoming the strongest non-gaming app globally, with in-app purchases expected to reach $6 billion in 2024, and advertising revenue in the U.S. projected to exceed $9.5 billion by 2025 [10][11] Group 4 - The competition in AI is seen as a critical battleground for internet giants, with companies like OpenAI, Google, and Meta leading the charge globally [12] - Zhang Yiming recognizes the necessity for ByteDance to innovate in AI and the metaverse to sustain its growth, highlighting the importance of AI as a core competitive factor [12] - The acknowledgment of Zhang's wealth as a reflection of his successful bet on AI underscores the ongoing narrative of ByteDance's AI journey [12]

Group 1 - The report indicates that the influx of funds into Hong Kong since May has not significantly boosted the stock market, as these funds have primarily flowed into deposits, bond trading, and other areas rather than equities, leading to a negative sentiment shift [1][2] - Investors who previously sold stocks are now considering re-entering the market, believing that a significant downturn in Hong Kong stocks is unlikely, which could create new incremental capital [2][3] - The report suggests that returning investors are likely to favor undervalued stocks rather than high-flying thematic stocks, focusing on those with lower price-to-earnings ratios [2] Group 2 - The report lists a selection of recommended stocks, including Tencent Holdings (market cap: 470.47 billion, 2025 EPS: 22.9), Xiaomi Group (market cap: 152.97 billion, 2025 EPS: 1.5), and others across various sectors [3][8] - Tencent Holdings is highlighted for its strong competitive position in gaming and advertising, with expected EPS growth driven by AI integration and a robust ecosystem [11][12] - Xiaomi Group is noted for its innovative automotive segment and strong performance in the smartphone market, with a focus on high-margin products and AI applications [19][20] - Sunny Optical Technology is recognized for its growth in the automotive sector and advancements in optical technology for smartphones, projecting significant revenue increases [27][28] - Anta Sports is expected to benefit from strong brand performance and strategic acquisitions, enhancing its market position [33][34] - Greentown Service is identified as a quality property management company with strong growth potential and high dividend yields [39][40] - Yuehai Investment is focusing on core water supply operations, with expectations for stable cash flow and high dividends following the divestment of non-core assets [44][45] - Jiufang Zhitu Holdings is positioned for growth in the online investment space, leveraging technology to enhance its service offerings [49][50] - Dashih Holdings is expanding its store network significantly, with a focus on delivery services and menu optimization [56][57] - Far East Pharmaceutical is projected to see rapid growth in its nuclear medicine segment, with several innovative products in the pipeline [62][63] - Haitian International is expected to benefit from domestic upgrades and international expansion, with a focus on high-end markets [68][69] Group 3 - Financial data for the recommended stocks shows projected revenues and net profits for 2025, with Tencent Holdings expected to generate 716.55 billion in revenue and 210.26 billion in net profit [75] - Xiaomi Group is projected to achieve 491.83 billion in revenue and 39.60 billion in net profit for 2025 [75] - Sunny Optical Technology is expected to generate 42.68 billion in revenue and 3.32 billion in net profit in 2025 [75] - Anta Sports is projected to achieve 78.17 billion in revenue and 13.23 billion in net profit for 2025 [75] - Greentown Service is expected to generate 19.98 billion in revenue and 898 million in net profit in 2025 [75] - Yuehai Investment is projected to achieve 18.54 billion in revenue and 4.27 billion in net profit for 2025 [75] - Jiufang Zhitu Holdings is expected to generate 3.58 billion in revenue and 1.29 billion in net profit in 2025 [75] - Dashih Holdings is projected to achieve 5.37 billion in revenue and 129 million in net profit for 2025 [75] - Far East Pharmaceutical is expected to generate 12.20 billion in revenue and 2.08 billion in net profit in 2025 [75] - Haitian International is projected to achieve 18.25 billion in revenue and 3.52 billion in net profit for 2025 [75]

机器之心编辑部 又到一年毕业季。这个 6 月，相信很多同学都已经收到了心仪的实习 offer，或者在准备秋招投递。 对于 AI 相关专业毕业生来说，就业市场选择很多，各个大厂、小厂、初创都在积极招揽 AI 人才。 但目前行业变化很快，今天还是 SOTA 的模型明天可能就被挤到第二名，下个月可能就有同等实力的开源模型出来，把大家拉到同一起跑线。产品也是如此，只 要一个产品 demo 足够出圈，接下来两个月同类产品就会相继涌现，连创始人出镜讲述的风格都高度相似。这导致就业市场也变化很快，今天还是重点投入，明天 可能就有变动。 同学们在择业时，会不会也有疑虑？或许我们可以从行业走势、公司基因、过往人才培养案例等方面跟同学们一起探讨一下。 AI 下半场，拼的是什么？ 机器之心报道 很多关注 AI 领域发展趋势的同学可能都看过 OpenAI 研究员姚顺雨写的一篇博客 ——《The Second Half》。这篇文章当时被大量转发，其中的洞见也得到了很多 从业者的赞同。 文章主要是说，AI 领域的竞争重心正在发生转移 —— 上半场比拼模型参数与训练技巧（如刷榜 ImageNet），而下半场需聚焦「如何定义有价值的问题」和 ...