542 lines
39 KiB
HTML
542 lines
39 KiB
HTML
<!DOCTYPE html>
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<html lang="zh-CN" data-theme="night">
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<head>
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>腾讯元宝 - 深度投研报告</title>
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<!-- Tailwind CSS & DaisyUI -->
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<link href="https://cdn.jsdelivr.net/npm/daisyui@4.10.1/dist/full.min.css" rel="stylesheet" type="text/css" />
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<script src="https://cdn.tailwindcss.com"></script>
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<!-- Alpine.js -->
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<script defer src="https://cdn.jsdelivr.net/npm/alpinejs@3.x.x/dist/cdn.min.js"></script>
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<!-- ECharts -->
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<script src="https://cdn.jsdelivr.net/npm/echarts@5.5.0/dist/echarts.min.js"></script>
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<!-- Custom Styles -->
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<style>
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@keyframes gradient-animation {
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0% { background-position: 0% 50%; }
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50% { background-position: 100% 50%; }
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100% { background-position: 0% 50%; }
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}
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body {
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background: linear-gradient(-45deg, #0a0e23, #0f172a, #1c1917, #020617);
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background-size: 400% 400%;
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animation: gradient-animation 25s ease infinite;
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color: #e2e8f0;
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font-family: 'Helvetica Neue', Arial, sans-serif;
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}
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.glass-card {
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background: rgba(15, 23, 42, 0.4);
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backdrop-filter: blur(16px) saturate(180%);
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-webkit-backdrop-filter: blur(16px) saturate(180%);
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border: 1px solid rgba(255, 255, 255, 0.1);
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border-radius: 2rem;
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transition: all 0.3s ease;
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}
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.glass-card:hover {
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background: rgba(30, 41, 59, 0.5);
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box-shadow: 0 0 40px rgba(59, 130, 246, 0.2);
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}
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.bento-grid {
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display: grid;
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gap: 1.5rem;
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grid-template-columns: repeat(12, 1fr);
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}
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.grid-item {
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grid-column: span 12; /* Default for mobile */
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}
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@media (min-width: 1024px) {
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.grid-item-span-4 { grid-column: span 4; }
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.grid-item-span-5 { grid-column: span 5; }
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.grid-item-span-6 { grid-column: span 6; }
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.grid-item-span-7 { grid-column: span 7; }
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.grid-item-span-8 { grid-column: span 8; }
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.grid-item-span-12 { grid-column: span 12; }
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}
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.section-title {
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font-size: 2.5rem;
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font-weight: 800;
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background: linear-gradient(90deg, #a5b4fc, #3b82f6);
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-webkit-background-clip: text;
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-webkit-text-fill-color: transparent;
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text-shadow: 0 0 15px rgba(59, 130, 246, 0.3);
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margin-bottom: 2rem;
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text-align: center;
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}
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.timeline .timeline-middle .badge {
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background-color: #3b82f6;
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border-color: #a5b4fc;
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box-shadow: 0 0 10px #3b82f6;
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}
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.tab-lifted.tab-active {
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background-color: rgba(30, 41, 59, 0.6) !important;
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border-color: rgba(255, 255, 255, 0.1) !important;
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}
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.echarts-container {
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width: 100%;
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height: 400px;
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}
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table.dataframe thead {
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background-color: rgba(59, 130, 246, 0.1);
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}
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table.dataframe tbody tr:hover {
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background-color: rgba(59, 130, 246, 0.15);
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}
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</style>
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</head>
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<body class="p-4 md:p-8">
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<div class="max-w-screen-2xl mx-auto">
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<!-- Header -->
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<header class="text-center mb-16">
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<h1 class="text-5xl md:text-7xl font-extrabold mb-4" style="background: linear-gradient(90deg, #d8b4fe, #a5b4fc, #67e8f9); -webkit-background-clip: text; -webkit-text-fill-color: transparent; text-shadow: 0 0 25px rgba(165, 180, 252, 0.3);">
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腾讯元宝
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</h1>
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<p class="text-xl md:text-2xl text-slate-400">深度投研报告</p>
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</header>
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<!-- Core Thesis -->
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<div class="glass-card p-8 md:p-12 mb-16 shadow-lg">
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<h2 class="text-2xl font-bold text-indigo-300 mb-4">核心观点摘要</h2>
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<p class="text-lg text-slate-300 leading-relaxed">
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腾讯元宝正处在<strong class="text-cyan-300">从用户规模爆发式增长向生态价值深度整合的关键过渡期</strong>。其核心驱动力是“<strong class="text-purple-300">顶尖技术（混元+DeepSeek）</strong>”与“<strong class="text-emerald-300">无双生态（微信+泛娱乐）</strong>”的双轮驱动，未来最大的潜力在于将庞大的用户流量和独特的生态数据，转化为可持续的商业模式（广告、订阅、B端服务），从而成为腾讯新一轮增长的核心引擎。
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</p>
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</div>
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<!-- Bento Grid Layout -->
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<div class="bento-grid">
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<!-- Concept Evolution -->
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<div class="grid-item lg:grid-item-span-5 glass-card p-6 md:p-8">
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<h3 class="text-xl font-bold text-indigo-300 mb-6">概念事件：从孵化到爆发</h3>
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<ul class="timeline timeline-vertical">
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<li>
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<div class="timeline-start timeline-box glass-card !bg-slate-800/50">
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<time class="font-mono italic text-sm text-slate-400">2025.01 - 03</time>
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<div class="text-lg font-black">战略转折与加速期</div>
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组织划归CSIG，接入DeepSeek，日更级迭代，登顶App Store，打通微信顶级入口。
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</div>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="w-5 h-5 text-indigo-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg>
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</div>
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<hr class="bg-indigo-400"/>
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</li>
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<li>
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<hr class="bg-indigo-400"/>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="w-5 h-5 text-indigo-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg>
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</div>
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<div class="timeline-end timeline-box glass-card !bg-slate-800/50">
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<time class="font-mono italic text-sm text-slate-400">2025.04 - 至今</time>
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<div class="text-lg font-black">生态融合与功能深化</div>
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全面打通腾讯系内容(视频/音乐/读书)、工具(文档/地图)、服务应用，DAU增长超20倍，开启B端商业化探索。
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</div>
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<hr class="bg-indigo-400"/>
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</li>
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<li>
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<hr class="bg-indigo-400"/>
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<div class="timeline-start timeline-box glass-card !bg-slate-800/50">
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<time class="font-mono italic text-sm text-slate-400">未来1-2年</time>
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<div class="text-lg font-black">商业化落地与模式探索</div>
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通过广告、会员订阅、API调用、品牌智能体等多种方式，全面开启商业化变现。
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</div>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="w-5 h-5 text-indigo-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg>
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</div>
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</li>
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</ul>
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</div>
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<!-- Core Logic -->
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<div class="grid-item lg:grid-item-span-7 glass-card p-6 md:p-8">
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<h3 class="text-xl font-bold text-indigo-300 mb-6">核心逻辑与市场认知</h3>
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<div class="space-y-6">
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<div>
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<h4 class="text-lg font-semibold text-cyan-300 mb-2">核心驱动力</h4>
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<ul class="list-disc list-inside space-y-2 text-slate-300">
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<li><strong>技术驱动:</strong> “自研(混元)+外采(DeepSeek)”双模型策略，万亿参数、7万亿tokens预训练量，技术实力国内第一梯队。</li>
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<li><strong>生态驱动 (核心壁垒):</strong> 独家整合微信公众号、视频号等高质量内容源，形成信息护城河；打通腾讯全家桶，成为生态“智能调度中枢”。</li>
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<li><strong>流量驱动:</strong> 依托微信“九宫格”、搜索、聊天联系人等顶级入口导流，实现用户爆炸式增长，2月投放素材量环比增长345.1%。</li>
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</ul>
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</div>
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<div>
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<h4 class="text-lg font-semibold text-purple-300 mb-2">预期差分析</h4>
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<div class="collapse collapse-arrow bg-slate-800/50">
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<input type="checkbox" />
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<div class="collapse-title text-md font-medium">1. 用户数据口径差异</div>
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<div class="collapse-content">
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<p class="text-slate-400">路演披露2月DAU <strong>377万</strong>，研报引述3月DAU月达<strong>1800万</strong>。巨大差异表明市场对真实用户体量认知模糊，增长可持续性待验证。</p>
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</div>
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</div>
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<div class="collapse collapse-arrow bg-slate-800/50 mt-2">
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<input type="checkbox" />
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<div class="collapse-title text-md font-medium">2. 产品性能与体验的现实差距</div>
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<div class="collapse-content">
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<p class="text-slate-400">宏大叙事背后，2月路演测评暴露“<strong>正确率50%</strong>”、“速度问题（耗时超6分钟）”等问题，揭示算力稳定性和模型可靠性仍是其商业化和用户留存的隐形瓶颈。</p>
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</div>
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</div>
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<div class="collapse collapse-arrow bg-slate-800/50 mt-2">
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<input type="checkbox" />
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<div class="collapse-title text-md font-medium">3. 商业化路径的复杂性</div>
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<div class="collapse-content">
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<p class="text-slate-400">市场多以简单订阅制测算收入，但元宝商业化更可能是与现有广告、小程序电商、企业服务深度融合的复合模式，落地复杂度和整合难度或被低估。</p>
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</div>
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</div>
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</div>
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</div>
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</div>
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<!-- Data Deep Dive with Tabs & Chart -->
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<div class="grid-item lg:grid-item-span-8 glass-card p-6 md:p-8" x-data="{ tab: 'performance' }">
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<div role="tablist" class="tabs tabs-lifted mb-6">
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<a role="tab" class="tab" :class="{ 'tab-active': tab === 'performance' }" @click.prevent="tab = 'performance'">市场表现</a>
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<a role="tab" class="tab" :class="{ 'tab-active': tab === 'features' }" @click.prevent="tab = 'features'">核心功能</a>
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<a role="tab" class="tab" :class="{ 'tab-active': tab === 'ecosystem' }" @click.prevent="tab = 'ecosystem'">生态打通</a>
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</div>
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<div x-show="tab === 'performance'">
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<h3 class="text-lg font-semibold text-green-300 mb-4">用户增长与市场排名</h3>
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<div id="dauChart" class="echarts-container"></div>
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<ul class="list-disc list-inside mt-4 text-slate-300">
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<li><strong>2025-02-22:</strong> 超越豆包，登顶中国区苹果应用商店免费App榜第二。</li>
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<li><strong>2025-03-04:</strong> 登顶中国区苹果应用商店免费App榜第一。</li>
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<li><strong>2025-04-17 (研报):</strong> 接入DeepSeek后，DAU增长超过20倍，成为AI APP前三。</li>
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</ul>
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</div>
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<div x-show="tab === 'features'">
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<h3 class="text-lg font-semibold text-green-300 mb-4">核心功能矩阵</h3>
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<div class="grid grid-cols-1 md:grid-cols-2 gap-4 text-sm">
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<div class="p-4 bg-slate-800/50 rounded-xl"><strong>长文处理:</strong> 支持近50万字输入，深度阅读模式生成图文并茂的模块化解析和总结图表。</div>
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<div class="p-4 bg-slate-800/50 rounded-xl"><strong>多模态能力:</strong> 文生图(混元+DeepSeek)、图片理解、图片AI编辑、文生视频(试用)。</div>
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<div class="p-4 bg-slate-800/50 rounded-xl"><strong>场景功能:</strong> AI口语陪练、AI编程模式、高考志愿咨询服务。</div>
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<div class="p-4 bg-slate-800/50 rounded-xl"><strong>搜索与交互:</strong> 深度搜索能力，结果呈现图片与视频号，支持对话长图分享。</div>
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</div>
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</div>
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<div x-show="tab === 'ecosystem'">
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<h3 class="text-lg font-semibold text-green-300 mb-4">生态打通一览</h3>
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<div class="grid grid-cols-2 md:grid-cols-3 gap-4 text-center">
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<div class="p-3 bg-slate-800/50 rounded-xl">微信</div>
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<div class="p-3 bg-slate-800/50 rounded-xl">QQ音乐</div>
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<div class="p-3 bg-slate-800/50 rounded-xl">腾讯视频</div>
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<div class="p-3 bg-slate-800/50 rounded-xl">微信读书</div>
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<div class="p-3 bg-slate-800/50 rounded-xl">腾讯文档</div>
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<div class="p-3 bg-slate-800/50 rounded-xl">腾讯地图</div>
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<div class="p-3 bg-slate-800/50 rounded-xl">腾讯新闻</div>
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<div class="p-3 bg-slate-800/50 rounded-xl">搜狗输入法</div>
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<div class="p-3 bg-slate-800/50 rounded-xl">京东</div>
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</div>
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</div>
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</div>
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<!-- Catalysts & Future Path -->
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<div class="grid-item lg:grid-item-span-4 glass-card p-6 md:p-8">
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<h3 class="text-xl font-bold text-indigo-300 mb-6">关键催化剂</h3>
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<div class="space-y-4">
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<div class="alert bg-blue-900/30 border-blue-500/50">
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<svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="stroke-info shrink-0 w-6 h-6"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 16h-1v-4h-1m1-4h.01M21 12a9 9 0 11-18 0 9 9 0 0118 0z"></path></svg>
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<div>
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<h3 class="font-bold">付费订阅模式推出</h3>
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<div class="text-xs">商业化能力与用户付费意愿的首次大考。</div>
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</div>
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</div>
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<div class="alert bg-cyan-900/30 border-cyan-500/50">
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<svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="stroke-info shrink-0 w-6 h-6"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 16h-1v-4h-1m1-4h.01M21 12a9 9 0 11-18 0 9 9 0 0118 0z"></path></svg>
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<div>
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<h3 class="font-bold">与"腾讯元器"完全打通</h3>
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<div class="text-xs">海量第三方Agent涌入，丰富应用生态。</div>
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</div>
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</div>
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<div class="alert bg-purple-900/30 border-purple-500/50">
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<svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="stroke-info shrink-0 w-6 h-6"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 16h-1v-4h-1m1-4h.01M21 12a9 9 0 11-18 0 9 9 0 0118 0z"></path></svg>
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<div>
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<h3 class="font-bold">与微信支付深度整合</h3>
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<div class="text-xs">实现服务闭环，成为真正的“超级入口”。</div>
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</div>
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</div>
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</div>
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</div>
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<!-- Industry Chain -->
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<div class="grid-item lg:grid-item-span-12 glass-card p-6 md:p-8">
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<h3 class="text-xl font-bold text-indigo-300 mb-6">产业链与核心公司深度剖析</h3>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-6 text-center">
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<div class="p-4 bg-slate-800/50 rounded-xl">
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<div class="text-lg font-bold text-red-300">上游：AI基础设施</div>
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<p class="text-sm text-slate-400 mt-2">AI芯片、服务器、数据中心、算力租赁</p>
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</div>
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<div class="p-4 bg-slate-800/50 rounded-xl">
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<div class="text-lg font-bold text-yellow-300">中游：模型与应用合作</div>
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<p class="text-sm text-slate-400 mt-2">大模型ISV、广告营销、购物助手</p>
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</div>
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<div class="p-4 bg-slate-800/50 rounded-xl">
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<div class="text-lg font-bold text-green-300">下游：腾讯生态与投资</div>
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<p class="text-sm text-slate-400 mt-2">零售、OA、游戏、财税、金融等</p>
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</div>
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</div>
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<div class="mt-8 grid grid-cols-1 lg:grid-cols-3 gap-6">
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<div class="p-6 bg-slate-900/50 rounded-2xl border border-blue-400/50 shadow-lg shadow-blue-500/10">
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<h4 class="font-bold text-lg text-blue-300">领导者 (逻辑最纯粹)</h4>
|
||
<p class="mt-2 text-slate-300"><strong>华勤技术:</strong> 作为腾讯AI服务器第一大供应商，业绩与腾讯AI资本开支直接挂钩，逻辑链条最短、最确定。</p>
|
||
</div>
|
||
<div class="p-6 bg-slate-900/50 rounded-2xl border border-cyan-400/50 shadow-lg shadow-cyan-500/10">
|
||
<h4 class="font-bold text-lg text-cyan-300">核心受益者</h4>
|
||
<p class="mt-2 text-slate-300"><strong>数据港/科华数据:</strong> 为腾讯提供定制化数据中心，深度绑定。<strong>东华软件:</strong> 腾讯云与混元双重合作伙伴+腾讯持股，有望在垂直领域深度受益。</p>
|
||
</div>
|
||
<div class="p-6 bg-slate-900/50 rounded-2xl border border-purple-400/50 shadow-lg shadow-purple-500/10">
|
||
<h4 class="font-bold text-lg text-purple-300">潜力玩家</h4>
|
||
<p class="mt-2 text-slate-300"><strong>省广集团/蓝色光标:</strong> 腾讯广告核心伙伴，元宝带来的精准画像和新广告形态可能创造业务增量。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Risks -->
|
||
<div class="grid-item lg:grid-item-span-12 glass-card p-6 md:p-8">
|
||
<h3 class="text-xl font-bold text-red-400 mb-6">潜在风险与挑战</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-4 gap-4">
|
||
<div class="p-4 border border-red-500/30 rounded-lg bg-red-950/20">
|
||
<h4 class="font-semibold text-red-300">技术风险</h4>
|
||
<p class="text-sm text-slate-400 mt-1">模型能力瓶颈（正确率、响应速度），多模态技术成熟度不及预期。</p>
|
||
</div>
|
||
<div class="p-4 border border-orange-500/30 rounded-lg bg-orange-950/20">
|
||
<h4 class="font-semibold text-orange-300">商业化风险</h4>
|
||
<p class="text-sm text-slate-400 mt-1">高昂的投放和算力成本，用户付费意愿不确定，数据隐私与合规挑战。</p>
|
||
</div>
|
||
<div class="p-4 border border-yellow-500/30 rounded-lg bg-yellow-950/20">
|
||
<h4 class="font-semibold text-yellow-300">竞争与政策风险</h4>
|
||
<p class="text-sm text-slate-400 mt-1">“百模大战”竞争加剧，可能陷入同质化或价格战；监管政策不确定性。</p>
|
||
</div>
|
||
<div class="p-4 border border-indigo-500/30 rounded-lg bg-indigo-950/20">
|
||
<h4 class="font-semibold text-indigo-300">信息交叉验证风险</h4>
|
||
<p class="text-sm text-slate-400 mt-1">DAU数据（377万 vs 1800万）、产品体验（强大 vs 不稳定）存在矛盾，市场可能过于乐观。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Investment Thesis -->
|
||
<div class="grid-item lg:grid-item-span-12 glass-card p-6 md:p-8">
|
||
<h3 class="text-xl font-bold text-indigo-300 mb-6">综合结论与投资启示</h3>
|
||
<div class="prose prose-invert max-w-none text-slate-300">
|
||
<p>腾讯元宝已<strong>从纯粹的主题炒作阶段，进入由用户数据驱动的基本面验证阶段</strong>。其核心投资逻辑已经确立（生态赋能+技术驱动），但商业模式尚未得到验证，基本面仍处于投入期。其成功与否，将深刻影响腾讯的长期估值。</p>
|
||
<h4>最具投资价值的细分环节：</h4>
|
||
<ol>
|
||
<li><strong>上游算力基础设施：</strong> 这是当前阶段<strong>确定性最高、风险最低</strong>的投资方向。无论元宝最终商业化是否成功，其用户增长和模型迭代过程本身就会持续产生巨大的算力需求。因此，服务器（华勤技术）、数据中心（科华数据）、网络设备（锐捷网络）等核心供应商将直接受益。</li>
|
||
<li><strong>腾讯深度合作/持股的行业应用商：</strong> 如东华软件、南天信息。这类公司具备“技术+渠道+资本”三重绑定，虽然业绩兑现有不确定性，但一旦元宝在B端成功落地，其想象空间巨大，具备较高的赔率。</li>
|
||
</ol>
|
||
<h4>需重点跟踪的关键指标：</h4>
|
||
<ul>
|
||
<li><strong>用户数据：</strong> 官方财报披露的元宝DAU/MAU及增长率。</li>
|
||
<li><strong>商业化进展：</strong> 付费用户数、ARPU值、品牌智能体签约客户数及收入。</li>
|
||
<li><strong>腾讯资本开支 (CAPEX)：</strong> 用于AI和云基础设施的资本开支。</li>
|
||
<li><strong>模型评测榜单 (Benchmark)：</strong> 混元大模型在权威评测中的排名变化。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
|
||
</div>
|
||
|
||
<!-- Stock Data Section -->
|
||
<section class="mt-16">
|
||
<h2 class="section-title">相关产业链公司梳理</h2>
|
||
|
||
<div class="glass-card p-4 md:p-8 mb-8">
|
||
<h3 class="text-xl font-bold text-indigo-300 mb-4">腾讯元宝概念股</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="table table-zebra w-full dataframe">
|
||
<thead>
|
||
<tr>
|
||
<th>分类</th>
|
||
<th>子类</th>
|
||
<th>股票名称</th>
|
||
<th>股票代码</th>
|
||
<th>关联原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<!-- 算力供货 -->
|
||
<tr><td rowspan="9" class="font-bold align-top">算力供货</td><td rowspan="5">数据中心</td><td>数据港</td><td><a href="https://valuefrontier.cn/company?scode=603881" target="_blank" class="link link-primary">603881</a></td><td>公司数据中心业务服务于阿里、腾讯、百度</td></tr>
|
||
<tr><td>锐捷网络</td><td><a href="https://valuefrontier.cn/company?scode=301165" target="_blank" class="link link-primary">301165</a></td><td>供货腾讯数据中心交换机</td></tr>
|
||
<tr><td>英维克</td><td><a href="https://valuefrontier.cn/company?scode=002837" target="_blank" class="link link-primary">002837</a></td><td>供货腾讯数据中心节能制冷系统</td></tr>
|
||
<tr><td>科华数据</td><td><a href="https://valuefrontier.cn/company?scode=002335" target="_blank" class="link link-primary">002335</a></td><td>针对腾讯云的个性化需求，运营四大定制化数据中心</td></tr>
|
||
<tr><td>航锦科技</td><td><a href="https://valuefrontier.cn/company?scode=000818" target="_blank" class="link link-primary">000818</a></td><td>子公司超擎数智从事算力租赁业务，合作伙伴包括腾讯</td></tr>
|
||
<tr><td rowspan="3">服务器</td><td>华勤技术</td><td><a href="https://valuefrontier.cn/company?scode=603296" target="_blank" class="link link-primary">603296</a></td><td>腾讯AI服务器一供</td></tr>
|
||
<tr><td>浪潮信息</td><td><a href="https://valuefrontier.cn/company?scode=000977" target="_blank" class="link link-primary">000977</a></td><td>供货腾讯AI服务器</td></tr>
|
||
<tr><td>中科曙光</td><td><a href="https://valuefrontier.cn/company?scode=603019" target="_blank" class="link link-primary">603019</a></td><td>供货腾讯AI服务器</td></tr>
|
||
<tr><td>AI芯片</td><td>弘信电子</td><td><a href="https://valuefrontier.cn/company?scode=300657" target="_blank" class="link link-primary">300657</a></td><td>关联公司：腾讯持股AI芯片企业燧原科技</td></tr>
|
||
|
||
<!-- 应用合作 -->
|
||
<tr><td rowspan="17" class="font-bold align-top">应用合作</td><td rowspan="5">腾讯云</td><td>东华软件</td><td><a href="https://valuefrontier.cn/company?scode=002065" target="_blank" class="link link-primary">002065</a></td><td>政务殿堂级集成合作伙伴</td></tr>
|
||
<tr><td>久远银海</td><td><a href="https://valuefrontier.cn/company?scode=002777" target="_blank" class="link link-primary">002777</a></td><td>政务标准级行业合作伙伴</td></tr>
|
||
<tr><td>神州数码</td><td><a href="https://valuefrontier.cn/company?scode=000034" target="_blank" class="link link-primary">000034</a></td><td>金融标准级集成合作伙伴</td></tr>
|
||
<tr><td>上海电气</td><td><a href="https://valuefrontier.cn/company?scode=601727" target="_blank" class="link link-primary">601727</a></td><td>工业能源认证级集成合作伙伴</td></tr>
|
||
<tr><td>宝信软件</td><td><a href="https://valuefrontier.cn/company?scode=600845" target="_blank" class="link link-primary">600845</a></td><td>工业能源标准级行业合作伙伴</td></tr>
|
||
<tr><td rowspan="3">广告营销</td><td>省广集团</td><td><a href="https://valuefrontier.cn/company?scode=002400" target="_blank" class="link link-primary">002400</a></td><td>腾讯广告2024如翼领航合作伙伴</td></tr>
|
||
<tr><td>蓝色光标</td><td><a href="https://valuefrontier.cn/company?scode=300058" target="_blank" class="link link-primary">300058</a></td><td>腾讯广告2024如翼领航合作伙伴</td></tr>
|
||
<tr><td>天地在线</td><td><a href="https://valuefrontier.cn/company?scode=002995" target="_blank" class="link link-primary">002995</a></td><td>腾讯广告服务商、企点/企业微信服务商</td></tr>
|
||
<tr><td rowspan="7">混元大模型</td><td>东华软件</td><td><a href="https://valuefrontier.cn/company?scode=002065" target="_blank" class="link link-primary">002065</a></td><td>公司为混元大模型优秀合作伙伴</td></tr>
|
||
<tr><td>常山北明</td><td><a href="https://valuefrontier.cn/company?scode=000158" target="_blank" class="link link-primary">000158</a></td><td>子公司北明软件为混元大模型优秀合作伙伴</td></tr>
|
||
<tr><td>南天信息</td><td><a href="https://valuefrontier.cn/company?scode=000948" target="_blank" class="link link-primary">000948</a></td><td>卓越级金融端大模型落地，卓越级集成合作伙伴</td></tr>
|
||
<tr><td>中科软</td><td><a href="https://valuefrontier.cn/company?scode=603927" target="_blank" class="link link-primary">603927</a></td><td>标准级金融端大模型落地，标准级行业合作伙伴</td></tr>
|
||
<tr><td>神州数码</td><td><a href="https://valuefrontier.cn/company?scode=000034" target="_blank" class="link link-primary">000034</a></td><td>标准级金融端大模型落地，标准级集成合作伙伴</td></tr>
|
||
<tr><td>世纪恒通</td><td><a href="https://valuefrontier.cn/company?scode=301428" target="_blank" class="link link-primary">301428</a></td><td>正在与腾讯混元大模型进行实质上业务需求沟通</td></tr>
|
||
<tr><td>值得买</td><td><a href="https://valuefrontier.cn/company?scode=300785" target="_blank" class="link link-primary">300785</a></td><td>公司AI购物助手“小值”入驻基于腾讯混元大模型</td></tr>
|
||
<tr><td rowspan="2">其他</td><td>岭南股份</td><td>N/A</td><td>已与腾讯签署长期战略合作协议，在VR、云计算、大数据等领域展开合作</td></tr>
|
||
<tr><td>梦网科技</td><td><a href="https://valuefrontier.cn/company?scode=002123" target="_blank" class="link link-primary">002123</a></td><td>与华为、腾讯等在云通信领域展开深入合作</td></tr>
|
||
|
||
<!-- 腾讯持股 -->
|
||
<tr><td rowspan="10" class="font-bold align-top">腾讯持股</td><td>游戏</td><td>ST华通</td><td>N/A</td><td>腾讯持股比例A股第一，10%</td></tr>
|
||
<tr><td>财税</td><td>博思软件</td><td><a href="https://valuefrontier.cn/company?scode=300525" target="_blank" class="link link-primary">300525</a></td><td>腾讯持股比例A股第二，8%</td></tr>
|
||
<tr><td>零售</td><td>永辉超市</td><td><a href="https://valuefrontier.cn/company?scode=601933" target="_blank" class="link link-primary">601933</a></td><td>腾讯持股比例A股第三，5.27%</td></tr>
|
||
<tr><td>通信</td><td>中国联通</td><td><a href="https://valuefrontier.cn/company?scode=600050" target="_blank" class="link link-primary">600050</a></td><td>腾讯持股比例A股第四，5.06%</td></tr>
|
||
<tr><td>OA软件</td><td>泛微网络</td><td><a href="https://valuefrontier.cn/company?scode=603039" target="_blank" class="link link-primary">603039</a></td><td>腾讯持股比例A股第五，4.89%</td></tr>
|
||
<tr><td>影视</td><td>博纳影业</td><td><a href="https://valuefrontier.cn/company?scode=001330" target="_blank" class="link link-primary">001330</a></td><td>腾讯持股比例A股第六，3.8997%</td></tr>
|
||
<tr><td>银行IT</td><td>长亮科技</td><td><a href="https://valuefrontier.cn/company?scode=300348" target="_blank" class="link link-primary">300348</a></td><td>腾讯持股比例A股第七，2.48%</td></tr>
|
||
<tr><td>量子技术</td><td>神州信息</td><td><a href="https://valuefrontier.cn/company?scode=000555" target="_blank" class="link link-primary">000555</a></td><td>腾讯持股比例A股第八，2.01%</td></tr>
|
||
<tr><td>网络安全</td><td>天融信</td><td><a href="https://valuefrontier.cn/company?scode=002212" target="_blank" class="link link-primary">002212</a></td><td>腾讯持股比例A股第九，1.95%</td></tr>
|
||
<tr><td>医疗</td><td>东华软件</td><td><a href="https://valuefrontier.cn/company?scode=002065" target="_blank" class="link link-primary">002065</a></td><td>腾讯持股比例A股第十，0.98%</td></tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="glass-card p-4 md:p-8">
|
||
<h3 class="text-xl font-bold text-indigo-300 mb-4">相关个股涨幅异动分析</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="table table-compact w-full dataframe">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>代码</th>
|
||
<th>日期</th>
|
||
<th>涨幅</th>
|
||
<th>核心原因分析</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr><td>群兴玩具</td><td><a href="https://valuefrontier.cn/company?scode=002575" target="_blank" class="link link-primary">002575</a></td><td>2025-08-22</td><td>10.04%</td><td>核心结论: 因重大资产重组进入协议落地阶段、与腾讯云签署1.134亿元GPU算力大单、叠加《算力基础设施高质量发展行动计划》政策催化，三因素共振涨停。</td></tr>
|
||
<tr><td>市北高新</td><td><a href="https://valuefrontier.cn/company?scode=600604" target="_blank" class="link link-primary">600604</a></td><td>2025-07-11</td><td>10.08%</td><td>核心结论: 国务院批复上海数字经济先行区并点名市北高新为“可信数据跨境试点”核心承载区，叠加公司与新加坡电信、腾讯云签署2亿元跨境数据托管合作协议，政策红利与订单落地共振触发涨停。</td></tr>
|
||
<tr><td>科士达</td><td><a href="https://valuefrontier.cn/company?scode=002518" target="_blank" class="link link-primary">002518</a></td><td>2025-09-11</td><td>10.01%</td><td>核心结论: 三部委《算力基础设施三年行动计划》首次把“储能型UPS”列入量化指标，科士达作为该细分唯一已批量供货且进入腾讯/移动/联通供应链的A股标的，被机构资金集中抢筹导致涨停。</td></tr>
|
||
<tr><td>健康元</td><td><a href="https://valuefrontier.cn/company?scode=600380" target="_blank" class="link link-primary">600380</a></td><td>2025-09-01</td><td>9.98%</td><td>核心结论: 广东省医保局将健康元与阿里、腾讯合作的“呼吸慢病数字疗法平台”纳入医保支付试点，券商同步上调盈利预测，低流通盘触发资金抢筹，形成消息-基本面共振涨停。</td></tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
</section>
|
||
|
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|
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<!-- Footer -->
|
||
<footer class="mt-16 text-center text-slate-500 text-sm">
|
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<p>北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现</p>
|
||
<p>本报告为AI合成数据，投资需谨慎。</p>
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</footer>
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||
],
|
||
yAxis: [
|
||
{
|
||
type: 'value',
|
||
name: 'DAU (万)',
|
||
axisLine: {
|
||
lineStyle: {
|
||
color: 'rgba(255, 255, 255, 0.2)'
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||
}
|
||
},
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||
splitLine: {
|
||
lineStyle: {
|
||
color: 'rgba(255, 255, 255, 0.1)'
|
||
}
|
||
}
|
||
}
|
||
],
|
||
series: [
|
||
{
|
||
name: 'DAU (万)',
|
||
type: 'line',
|
||
stack: '总量',
|
||
smooth: true,
|
||
lineStyle: {
|
||
width: 2,
|
||
color: '#67e8f9'
|
||
},
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showSymbol: false,
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areaStyle: {
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||
opacity: 0.8,
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color: new echarts.graphic.LinearGradient(0, 0, 0, 1, [
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{
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||
offset: 0,
|
||
color: 'rgba(59, 130, 246, 0.5)'
|
||
},
|
||
{
|
||
offset: 1,
|
||
color: 'rgba(15, 23, 42, 0.1)'
|
||
}
|
||
])
|
||
},
|
||
emphasis: {
|
||
focus: 'series'
|
||
},
|
||
data: [377, 1800]
|
||
}
|
||
]
|
||
};
|
||
dauChart.setOption(option);
|
||
|
||
window.addEventListener('resize', function() {
|
||
dauChart.resize();
|
||
});
|
||
});
|
||
</script>
|
||
</body>
|
||
</html> |