Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings [2]. Core Insights - Tencent is enhancing its e-commerce capabilities through the introduction of a group buying feature in WeChat Mini Stores, shifting from a transaction-oriented model to a social-oriented one, which could lower consumer decision costs and differentiate it from competitors like Pinduoduo [4]. - The launch of the "VISVISE" AI solution for game development indicates Tencent's commitment to integrating AI across the gaming industry, aiming to improve efficiency and creativity in game production [5]. - Tencent's AI app, Yuanbao, has seen a decline in downloads, attributed to a cooling market and a strategic shift towards better integration with core Tencent apps, focusing on user growth efficiency [6]. - The upcoming mobile game "Valorant: Source Action" is expected to generate significant revenue, with projections estimating annual income of at least 6 billion to 7 billion yuan, indicating strong market interest [7]. Summary by Sections E-commerce - WeChat Mini Stores are testing a new group buying feature that allows users to share links and accumulate order amounts for discounts, enhancing the social aspect of e-commerce [4]. AI Development - Tencent has launched the "VISVISE" AI solution for game creation, which includes tools for model generation and character animation, marking a shift towards a comprehensive AI system in gaming [5]. - The performance of Tencent's AI app, Yuanbao, has declined, with a focus now on integrating it with other Tencent applications to improve user engagement and growth [6]. Gaming - The mobile adaptation of "Valorant" has begun testing, with high anticipation reflected in over 20 million pre-registrations, and is expected to significantly contribute to Tencent's revenue [7].

在筛选入围品牌的过程中，我们发现人工智能在"兴趣消费"重要组成部分——游戏产业中发挥日益突出的作用。 近日，中国国际数字娱乐产业大会(CDEC)组委会发布消息，公布了8月份举行的ChinaJoy AIGC大会首批嘉宾名单，包括清华大学人工智能研究院副院长朱 军、腾讯混元 AIGC ToB 业务负责人邵帅等AI领域专家参会。据悉，今年的AIGC会议将以"破晓之光"为主题，探讨"AIGC驱动的数字娱乐新范式"等内容。 而在上月底，腾讯发布混元游戏视觉生成平台，这是依托混元大模型打造的首个工业级AIGC游戏内容生产引擎。 为何国内最负盛名的游戏行业盛会和游戏行业"一哥"不约而同打出"AIGC"这张牌？ 2025高品质消费品牌TOP100行业趋势观察 为进一步助力经济高质量发展、提振消费信心，南方都市报近日启动"高品质消费观察"系列专题，聚焦兴趣消费、颜值经济、体验经济、消费科技等九大热 门赛道，展开系列调研、走访和报道。 同时，南方都市报将举办"2025高品质消费生态大会"，从企业品质力、成长性、创新性、社会责任等方面综合评定"2025高品质消费品牌TOP100"。 实际上，随着人工智能技术的飞速发展，以AIGC为 ...

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2025 年 06 月 09 日 [Table_Title] 吉比特新游表现亮眼，AI 产业持续迭代 ——传媒行业周报 [Table_Summary] 报告要点： 周度涨跌情况（2025.5.31-2025.6.7）：传媒行业（申万）上涨 2.59%， 排名行业第 7 名，同期沪深 300 涨 0.88%，上证指数涨 1.13%，深证 成指涨 1.42%，创业板指涨 2.32%，恒生科技指数涨 2.25%。ST 联 合、湖北广电、*ST 大晟、歌华有线、姚记科技表现较优，恒生科技 成分股中快手-W（周涨幅 10.88%）、阅文集团（周涨幅 8.58%）表现 较好。 市场表现 行业重点数据及动态更新 AI：根据 AI 产品榜数据，2025 年 5 月 ChatGPT 年化订阅收入为 12.5 亿美元，中国出海产品 PLAUD、PolyBuzz 等表现较好。5 月，全球 MAU 排名前十的 AI 应用中百度网盘、夸克、豆包、Deepseek、元宝、 Talkie AI 进入全球前十，占比过半，其中前四款的月活用户破亿。AI ...

2025年6月5日星期四 ➢ 美经济数据疲软；美国质疑中国芯片产 能。A股节后第二日走强。上证指数涨 0.42%报3376.2点，深证成指涨0.87%， 创业板指涨1.11%。珠宝首饰维持强势， 券商股活跃，啤酒概念受提振。港股走 强。香港恒生指数收涨0.6%报23654.03 点，恒生科技指数涨0.57%，恒生中国 企业指数涨0.67%。消费板块涨幅领先， 贵金属个股活跃，医药持续强势。大市 成交额2126.868亿港元。外盘方面，欧 洲股市连续第二天上涨。美国三大股指 收盘涨跌不一，道指跌0.22%，标普500 指数涨0.01%报5970.81点，纳指涨0.32%。 美国5月服务业萎缩，企业招聘速度大 幅放缓。美国商务部长卢特尼克称，中 国目前不具备大规模生产高精尖芯片的 能力。 资料来源：彭博 | 62.85 | -0.88 | -10.25 | | --- | --- | --- | | 3399.20 | 0.65 | 25.36 | | 9621.50 | -0.13 | 9.73 | | 2483.00 | 0.79 | -2.68 | | 1045.00 | 0.44 | 1.01 | | 4 ...

01 大盘 昨夜美股三大股指持续震荡。截至收盘，道指跌 0.22%，纳指涨 0.32%，标普涨 0.01%。恐慌指数VIX 跌 0.45%至17.61。美元指数昨日跌 0.45%，报98.82。美国十年国债收益率跌2.244%，收报4.356%，相 较两年期国债收益率差48.7个基点。现货黄金昨日涨 0.56%，报3372.18美元/盎司。布伦特原油收跌 1.11%至64.84。 中概股多数收涨，KWEB涨2.48%，台积电涨 2.42%，阿里涨 3.9%，拼多多涨 1.34%，京东涨 2.84%， 理想跌 0.17%，小鹏涨 3.77%， 富途涨 6.93%，蔚来涨 6.23%。 大型科技股涨跌互现。英伟达涨 0.5%，微软涨 0.19%，苹果收跌 0.22%，亚马逊涨 0.74%，谷歌涨 1%，Meta涨 3.16%，博通涨 1.65%，特斯拉跌 3.55%，中国乘联分会数据显示，预估5月特斯拉中国销 辆达61662辆；同时，特斯拉在英国的新车销售在五月份同比下降45.8%，至1758辆。伯克希尔跌 1.12%，奈飞涨 1.78%。 03 每日焦点 1、意法半导体料市场回暖，有望实现第二季度目标 6.4 ...

Core Viewpoint - Tencent is developing an AI-driven game creation solution called "VISVISE," which includes various development tools like Auto LUV and Skirt AI, indicating a significant investment in AI technology for game development [1] Group 1: AI Game Development Tools - Tencent's GoSkinning team has created tools such as Auto LUV and Skirt AI as part of the VISVISE initiative, showcasing a comprehensive approach to AI in game development [1] - The company is actively developing various AI game tools to enhance its offerings in the gaming sector [1] Group 2: Industrial-Grade AIGC Platform - Tencent's mixed yuan has launched an industrial-grade AIGC game content production engine, which significantly optimizes game asset generation and production processes [1] - The platform can accurately replicate various artistic styles and themes, including "thick paint," "celluloid," and "cyberpunk," demonstrating its versatility in generating high-consistency game content [1] Group 3: Financial Impact and Industry Trends - During the Q1 earnings call, Tencent's CEO Ma Huateng noted that AI capabilities have already made substantial contributions to businesses like Changqing Games [1] - Other companies in the industry, such as NetEase and miHoYo, are also increasing their investments in AI game development, indicating a broader trend towards AI integration in gaming [1]