在中国AI应用迎来爆发式增长的关键节点，腾讯和阿里巴巴这两大科技巨头正以截然不同的路径争夺AI时代的制高点，一个凭借微信生态在2C端AI应用领域独 领风骚，另一个则在企业级AI市场攻城略地。 腾讯在2025年全球数字生态峰会上全面展示其AI战略进展， 摩根士丹利分析师认为腾讯已成为2C端AI应用的最佳实践者 。公司云业务聚焦数字化和全球化两 大战略方向，AI投资在二季度已显现高投资回报率，推动营销收入增长20%，游戏业务增长22%。 摩根士丹利维持腾讯"增持"评级，目标价700港元。 分析师Gary Yu表示，腾讯凭借全套应用产品组合和强大的微信生态系统，在2C端AI应用领域表现突出。 云业务CEO汤道生在峰会上强调，"真正实用的AI应用将推动产业效率提升，而国际化将开拓新的增长可能性。" 高盛则在另一份报告中指出，受益于企业对大模型的加速采用和计算需求的持续强韧，以阿里巴巴为代表的全栈式云厂商正迎来新的增长机遇。 阿里凭借其领 先的模型能力、47%的中国公有云市场份额以及多样化的芯片供应，处于有利地位，并具备国际化扩张的空间。 基于对行业前景的乐观看法，高盛将阿里巴巴的目标价从163美元上调至179美元，维 ...

Core Viewpoint - Tencent and Alibaba are competing for dominance in the AI era through different strategies, with Tencent excelling in consumer-facing AI applications and Alibaba focusing on enterprise-level AI solutions [3][8]. Tencent's Strategy and Performance - Morgan Stanley views Tencent as the best practitioner of consumer-facing AI applications, supported by its comprehensive application product suite and strong WeChat ecosystem [3][6]. - Tencent's cloud business is focused on digitalization and globalization, with AI investments showing high returns, leading to a 20% increase in marketing revenue and a 22% growth in gaming revenue [3][6]. - The company has launched a wide range of AI efficiency-enhancing products, including a cloud platform with 600 features and over 12 mainstream models, providing a complete service for developers [6][7]. - Tencent's advertising business has improved click-through rates through AI, while its gaming sector has accelerated content creation and enhanced user experiences using AI tools [6][7]. - Tencent's international business has seen double-digit growth, with over 90% of leading Chinese internet companies utilizing Tencent's models [7]. Alibaba's Market Position and Growth - Goldman Sachs highlights Alibaba's advantageous position in the enterprise AI market, with a 47% share of China's public cloud market and strong model capabilities [3][8][9]. - The demand for enterprise-level AI applications is surging, with daily token consumption for large models in China reaching 10.2 trillion by mid-2025, a 363% increase from late 2024 [8][9]. - Alibaba has penetrated most of the Fortune 500 companies deploying generative AI in China, establishing a leading position in this segment [8]. - Goldman Sachs has raised Alibaba's target price from $163 to $179, reflecting optimism about its cloud business and growth prospects [4][9]. Investment Outlook - Morgan Stanley maintains an "overweight" rating for Tencent with a target price of HKD 700, while Goldman Sachs has a "buy" rating for Alibaba, indicating confidence in both companies' future performance [3][4].