跌麻了啊_老虎社区_美港股上老虎 - 老虎社区

点赞
评论
收藏

暴涨暴赚
09-22

跌麻了啊

腾讯为何突然爆发？两条线索催化AI Agent行情，微信成“中国版Muse”最佳落地场景

腾讯港股大涨近8%，主因Meta AI Agent应用Muse走红引发市场映射逻辑：坐拥庞大社交与小程序生态的微信，被视为“中国版Muse”最具优势的落地载体。市场看好其利用小程序与闭环支付体系降低AI交付摩擦，借分发与生态优势抢占2C Agent赛道先机。

腾讯为何突然爆发？两条线索催化AI Agent行情，微信成“中国版Muse”最佳落地场景

# 华尔街见闻

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

点赞

举报

评论

推荐
最新

empty

暂无评论

热议股票

{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":610437707341896,"tweetId":"610437707341896","gmtCreate":1790059316756,"gmtModify":1790061933271,"author":{"id":3435615840878311,"idStr":"3435615840878311","authorId":3435615840878311,"authorIdStr":"3435615840878311","name":"暴涨暴赚","avatar":"https://static.tigerbbs.com/931ccc12171c6d287be9ae1be78c5f05","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":9,"crmLevelSwitch":1,"currentWearingBadge":{"badgeId":"10d8ad8d391644a888f8cb7af2d056a4-1","templateUuid":"10d8ad8d391644a888f8cb7af2d056a4","name":"2025元宝x1","description":"2025年度投资收益达成10万美金","bigImgUrl":"https://static.tigerbbs.com/77da5fe9da608523f0fd7cf355adc306","smallImgUrl":"https://static.tigerbbs.com/77da5fe9da608523f0fd7cf355adc306","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":3,"allocatedDate":"2026.01.29","individualDisplayEnabled":0},"individualDisplayBadges":[],"wearingBadges":[{"categoryType":4001,"badgeId":"10d8ad8d391644a888f8cb7af2d056a4-1","name":"2025元宝x1","description":"2025年度投资收益达成10万美金","smallImgUrl":"https://static.tigerbbs.com/77da5fe9da608523f0fd7cf355adc306","bigImgUrl":"https://static.tigerbbs.com/77da5fe9da608523f0fd7cf355adc306","isScarce":0,"effectEnabled":0,"redirectLinkEnabled":0,"redirectLinkValidityFrom":0,"redirectLinkValidityTo":9223372036854776000,"sortingWeight":0,"wearable":0}],"fanSize":690,"starInvestorFlag":true,"fullDisclosureFlag":false,"starInvestorFollowerNum":682,"starInvestorOrderShareNum":433,"userFollowInvestorFlag":false,"orderNotificationFlag":false,"ror":98.33,"showRor":true,"investmentPhilosophy":"冲","winRationPercentage":84.615385,"tradeVolumeEst":0},"themes":[{"themeId":"5025dc3c20f14808adebf26909c9e535","categoryId":"2929bb7468f5415f853fd96fb35d7c3b","name":"华尔街见闻","type":2,"rnLink":"https://laohu8.com/RN?name=RNTheme&page=/theme/special/finance&rndata={\"themeId\":5025dc3c20f14808adebf26909c9e535}&rnconfig={\"headerBarHidden\": true}","description":"紧盯全球金融市场，覆盖股市、外汇、债券、大宗商品等。","image":"https://static.tigerbbs.com/38b2d7b10c53afe188a3eead61d9c3e4"}],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>跌麻了啊</p></body></html>","htmlText":"<html><head></head><body><p>跌麻了啊</p></body></html>","text":"跌麻了啊","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/610437707341896","repostId":2669011663,"repostType":2,"repost":{"id":"2669011663","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1790058851,"share":"https://www.laohunote.com/m/news/2669011663?lang=zh_CN&edition=full","pubTime":"2026-09-22 14:34","market":"hk","language":"zh","title":"腾讯为何突然爆发？两条线索催化AI Agent行情，微信成“中国版Muse”最佳落地场景","url":"https://stock-news.laohu8.com/highlight/detail?id=2669011663","media":"华尔街见闻","summary":"腾讯港股大涨近8%，主因Meta AI Agent应用Muse走红引发市场映射逻辑：坐拥庞大社交与小程序生态的微信，被视为“中国版Muse”最具优势的落地载体。市场看好其利用小程序与闭环支付体系降低AI交付摩擦，借分发与生态优势抢占2C Agent赛道先机。","content":"<html><head></head><body><p style=\"text-align: left;\"><span style=\"color: rgb(126, 140, 141);\">原标题《放量大涨8%！腾讯发布AI图像模型，对标Meta Muse爆款逻辑》</span></p><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/00700\">腾讯控股</a>周二港股一度涨近8%，成交额放量至177亿港元，催化剂来自两条相互呼应的消息线索：Meta旗下AI Agent应用Muse在美国迅速走红，登顶应用商店下载榜，而腾讯同日发布最新图像生成模型Hy Image 3.5 Preview。市场由此形成一条清晰的映射逻辑——坐拥超级社交生态与高频生活场景入口的腾讯，被视为&#34;中国版Muse&#34;最具条件的落地载体。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/aee9661ead9e741f87874f2b36263530\" data-align=\"center\" tg-width=\"1013\" tg-height=\"708\"/><span></span></p><p style=\"text-align: left;\">Meta Muse上线次日即跻身美国App Store免费榜前三，生产力榜单持续维持前列。Muse的核心差异在于超越聊天机器人范畴：通过读取社交关系、接入邮件、日历、购物、订餐等各类API，在后台异步自主替用户执行跨应用复杂任务。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6b5da16d6cd9f5c960f403e47af6f7cd\" data-align=\"center\" tg-width=\"1024\" tg-height=\"489\"/><span></span></p><p style=\"text-align: left;\">这一爆款效应刺激资本市场将目光转向国内对标公司，而微信凭借庞大的小程序服务生态与闭环支付体系，一旦将AI Agent深度植入，其落地效率和商业变现潜力被认为不逊于Meta，腾讯因此成为当日最受追捧的受益公司。</p><p style=\"text-align: left;\">中金研报指出，Meta Muse的突破口已从&#34;模型是否足够聪明&#34;转向&#34;用户能否放心交付、产品能否连接真实事务&#34;，2C Agent的竞争重心正式从技术层下沉至生态分发与信任架构。Allspring Global Investments投资组合经理Gary Tan表示：&#34;一些投资者正将腾讯与Meta进行类比，特别是考虑到微信独特的社交生态系统及其在支持大规模个人AI助手方面的潜力。&#34;</p><h2 style=\"text-align: left;\">腾讯同日发布图像模型，追赶步伐提速</h2><p style=\"text-align: left;\">腾讯此次发布的Hy Image 3.5 Preview，是其正面竞争AI图像生成赛道的最新动作。腾讯在声明中表示，该模型较前代产品性能有所提升，目前已整合至元宝及视频编辑、设计工具等产品线。</p><p style=\"text-align: left;\">腾讯以数百名内部设计师作为测试群体，<strong>并表示该模型表现与字节跳动Seedream 5.0 Pro不相上下，同时略优于Alphabet旗下谷歌的Nano Banana Pro及<a href=\"https://laohu8.com/S/09988\">阿里巴巴</a>的Qwen-Image-3.0 Pro。</strong>腾讯拥有数千名游戏设计师和美术人员，有望成为该工具的主要受益群体，不过腾讯并未对上述质量主张进行量化说明。</p><p style=\"text-align: left;\">此次发布恰好与阿里巴巴开启人工智能大会同日，时间节点的选择颇为醒目。自聘请前OpenAI研究员姚顺雨担任首席AI科学家以来，腾讯AI战略发生转向：姚顺雨公开批评仅为榜单分数训练模型的做法，强调产品整合与解决现实问题。另一位前OpenAI研究员、计算机视觉专家田永龙亦于7月加入腾讯混元团队，负责视觉语言模型研发。</p><h2 style=\"text-align: left;\">Muse爆款逻辑：从聊天到交付的范式跃迁</h2><p style=\"text-align: left;\">理解腾讯此番涨势的核心，需要厘清Meta Muse究竟打开了什么新叙事。</p><p style=\"text-align: left;\">中金研报梳理指出，Muse相较此前同类Agent产品存在四点实质区别：<strong>其一，</strong>后台异步执行，跨对话保留长期记忆与用户偏好，任务在用户关闭应用后仍可持续推进；<strong>其二，</strong>真实账户连接，通过内置连接器、公开API及浏览器操作三类方式接入邮件、日历、支付、健康、电商、智能家居等场景；<strong>其三，</strong>隔离执行与审批门控，每个用户拥有独立的Muse Secure VM运行环境，并由Sentinel代理把守所有对外操作，将安全架构作为产品设计核心；<strong>其四，</strong>Ideas与Feed功能已显露推荐式Agent雏形，Muse开始从等用户提问转向主动识别需求、提前定义问题。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/57cf35fbef6c67f5121b38622f92c426\" data-align=\"center\" tg-width=\"1024\" tg-height=\"616\"/><span></span></p><p style=\"text-align: left;\">中金研报认为，2C Agent的竞争终局将更像&#34;推荐&#34;而非&#34;搜索&#34;——Agent基于足够上下文主动识别需求、替用户定义并解决问题，而非被动等待指令。Meta的优势在于分发与信任基建：36亿日活用户提供触达规模，WhatsApp对话线程降低使用门槛，Instagram与Facebook的长期内容行为积累形成更丰富的个人需求图谱，这是仅依赖聊天历史的ChatGPT等产品难以复制的。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4050c0e68ed7a38b1e46292bbbd18139\" data-align=\"center\" tg-width=\"1024\" tg-height=\"530\"/><span></span></p><p style=\"text-align: left;\">在商业模式上，Muse采取免费层与20美元、100美元两档月度订阅，最高档定价已接近部分ToB软件水平。中金研报认为，随着Muse承接购物、预订等消费任务，其变现路径有望形成&#34;订阅打底＋交易抽佣&#34;的混合模式。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/0ece6fe81c30705d7cf01c10f344daa0\" data-align=\"center\" tg-width=\"1024\" tg-height=\"610\"/><span></span></p><h2 style=\"text-align: left;\">为何腾讯是&#34;中国版Muse&#34;的最优解</h2><p style=\"text-align: left;\">资本市场将腾讯对标Meta Muse，并非简单类比，背后有清晰的生态逻辑支撑。</p><p style=\"text-align: left;\">中金研报在梳理中美2C Agent生态差异时指出，<strong>微信已将账户、支付与生活服务整合于平台内部，且拥有独特的小程序生态，有利于自有Agent在授权范围内直接调用能力、完成交易。</strong>相比之下，Meta的海外服务入口相对分散，网页仍是重要载体，Muse需借助浏览器操作覆盖长尾服务，连接与维护成本相对较高，网页改版亦可能影响执行效率。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/cd8e3b3405b8b5fdc6ab4f151c62b742\" data-align=\"center\" tg-width=\"1024\" tg-height=\"578\"/><span></span></p><p style=\"text-align: left;\">换言之，若腾讯将AI Agent深度植入微信生态，其天然的小程序闭环与支付体系将赋予它比Meta更低的执行摩擦。腾讯正致力于实现的愿景——为微信生态超过10亿用户构建能够执行各项任务的AI——与Muse的产品方向高度吻合，这是当日市场给予腾讯超额定价的核心逻辑。</p><h2 style=\"text-align: left;\">时机决定节奏：两种路径与四个阶段</h2><p style=\"text-align: left;\">中金研报引入产品创新周期框架，将2C Agent的发展划分为四个阶段：探索期（技术效果与成本均未达阈值）、过渡创新期（技术效果达阈值但成本仍高）、全能创新期（效果与成本双双突破阈值）、强者恒强期（技术曲线趋于平缓）。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c0323e29b6aa53e6d072bd046e2981d4\" data-align=\"center\" tg-width=\"1024\" tg-height=\"646\"/><span></span></p><p style=\"text-align: left;\">报告以黑莓与iPhone的历史路径为参照：过渡创新期对应黑莓聚焦企业邮件、削减非核心功能的打法，黑莓营收由2004年的6亿美元增至2011年高点200亿美元；全能创新期则对应iPhone的多合一融合，对过渡式产品形成生态碾压。</p><p style=\"text-align: left;\">中金研报认为，AI模型能力持续精进、Token算力成本下行，是当前确定性较高的因素；更难把握的是用户对Agent解决任务的错误容忍率、对既有习惯的迁移意愿，以及用户成本阈值。基于此，2C Agent存在两种发展情形：其一是先经历过渡创新阶段，从泛办公刚需切入后逐步延伸至综合场景；其二是技术与成本曲线同步快速下行，直接跨越过渡期进入全能创新阶段——届时，坐拥分发优势与生态深度的Meta、腾讯等巨头将率先受益。中金研报强调，从过渡阶段到全能阶段的间隔越短，互联网巨头越占优势；反之，创业公司则有更多时间构筑壁垒。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>腾讯为何突然爆发？两条线索催化AI Agent行情，微信成“中国版Muse”最佳落地场景</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n腾讯为何突然爆发？两条线索催化AI Agent行情，微信成“中国版Muse”最佳落地场景\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-09-22 14:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\"><span style=\"color: rgb(126, 140, 141);\">原标题《放量大涨8%！腾讯发布AI图像模型，对标Meta Muse爆款逻辑》</span></p><p style=\"text-align: left;\"><a href=\"https://laohu8.com/S/00700\">腾讯控股</a>周二港股一度涨近8%，成交额放量至177亿港元，催化剂来自两条相互呼应的消息线索：Meta旗下AI Agent应用Muse在美国迅速走红，登顶应用商店下载榜，而腾讯同日发布最新图像生成模型Hy Image 3.5 Preview。市场由此形成一条清晰的映射逻辑——坐拥超级社交生态与高频生活场景入口的腾讯，被视为&#34;中国版Muse&#34;最具条件的落地载体。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/aee9661ead9e741f87874f2b36263530\" data-align=\"center\" tg-width=\"1013\" tg-height=\"708\"/><span></span></p><p style=\"text-align: left;\">Meta Muse上线次日即跻身美国App Store免费榜前三，生产力榜单持续维持前列。Muse的核心差异在于超越聊天机器人范畴：通过读取社交关系、接入邮件、日历、购物、订餐等各类API，在后台异步自主替用户执行跨应用复杂任务。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6b5da16d6cd9f5c960f403e47af6f7cd\" data-align=\"center\" tg-width=\"1024\" tg-height=\"489\"/><span></span></p><p style=\"text-align: left;\">这一爆款效应刺激资本市场将目光转向国内对标公司，而微信凭借庞大的小程序服务生态与闭环支付体系，一旦将AI Agent深度植入，其落地效率和商业变现潜力被认为不逊于Meta，腾讯因此成为当日最受追捧的受益公司。</p><p style=\"text-align: left;\">中金研报指出，Meta Muse的突破口已从&#34;模型是否足够聪明&#34;转向&#34;用户能否放心交付、产品能否连接真实事务&#34;，2C Agent的竞争重心正式从技术层下沉至生态分发与信任架构。Allspring Global Investments投资组合经理Gary Tan表示：&#34;一些投资者正将腾讯与Meta进行类比，特别是考虑到微信独特的社交生态系统及其在支持大规模个人AI助手方面的潜力。&#34;</p><h2 style=\"text-align: left;\">腾讯同日发布图像模型，追赶步伐提速</h2><p style=\"text-align: left;\">腾讯此次发布的Hy Image 3.5 Preview，是其正面竞争AI图像生成赛道的最新动作。腾讯在声明中表示，该模型较前代产品性能有所提升，目前已整合至元宝及视频编辑、设计工具等产品线。</p><p style=\"text-align: left;\">腾讯以数百名内部设计师作为测试群体，<strong>并表示该模型表现与字节跳动Seedream 5.0 Pro不相上下，同时略优于Alphabet旗下谷歌的Nano Banana Pro及<a href=\"https://laohu8.com/S/09988\">阿里巴巴</a>的Qwen-Image-3.0 Pro。</strong>腾讯拥有数千名游戏设计师和美术人员，有望成为该工具的主要受益群体，不过腾讯并未对上述质量主张进行量化说明。</p><p style=\"text-align: left;\">此次发布恰好与阿里巴巴开启人工智能大会同日，时间节点的选择颇为醒目。自聘请前OpenAI研究员姚顺雨担任首席AI科学家以来，腾讯AI战略发生转向：姚顺雨公开批评仅为榜单分数训练模型的做法，强调产品整合与解决现实问题。另一位前OpenAI研究员、计算机视觉专家田永龙亦于7月加入腾讯混元团队，负责视觉语言模型研发。</p><h2 style=\"text-align: left;\">Muse爆款逻辑：从聊天到交付的范式跃迁</h2><p style=\"text-align: left;\">理解腾讯此番涨势的核心，需要厘清Meta Muse究竟打开了什么新叙事。</p><p style=\"text-align: left;\">中金研报梳理指出，Muse相较此前同类Agent产品存在四点实质区别：<strong>其一，</strong>后台异步执行，跨对话保留长期记忆与用户偏好，任务在用户关闭应用后仍可持续推进；<strong>其二，</strong>真实账户连接，通过内置连接器、公开API及浏览器操作三类方式接入邮件、日历、支付、健康、电商、智能家居等场景；<strong>其三，</strong>隔离执行与审批门控，每个用户拥有独立的Muse Secure VM运行环境，并由Sentinel代理把守所有对外操作，将安全架构作为产品设计核心；<strong>其四，</strong>Ideas与Feed功能已显露推荐式Agent雏形，Muse开始从等用户提问转向主动识别需求、提前定义问题。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/57cf35fbef6c67f5121b38622f92c426\" data-align=\"center\" tg-width=\"1024\" tg-height=\"616\"/><span></span></p><p style=\"text-align: left;\">中金研报认为，2C Agent的竞争终局将更像&#34;推荐&#34;而非&#34;搜索&#34;——Agent基于足够上下文主动识别需求、替用户定义并解决问题，而非被动等待指令。Meta的优势在于分发与信任基建：36亿日活用户提供触达规模，WhatsApp对话线程降低使用门槛，Instagram与Facebook的长期内容行为积累形成更丰富的个人需求图谱，这是仅依赖聊天历史的ChatGPT等产品难以复制的。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4050c0e68ed7a38b1e46292bbbd18139\" data-align=\"center\" tg-width=\"1024\" tg-height=\"530\"/><span></span></p><p style=\"text-align: left;\">在商业模式上，Muse采取免费层与20美元、100美元两档月度订阅，最高档定价已接近部分ToB软件水平。中金研报认为，随着Muse承接购物、预订等消费任务，其变现路径有望形成&#34;订阅打底＋交易抽佣&#34;的混合模式。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/0ece6fe81c30705d7cf01c10f344daa0\" data-align=\"center\" tg-width=\"1024\" tg-height=\"610\"/><span></span></p><h2 style=\"text-align: left;\">为何腾讯是&#34;中国版Muse&#34;的最优解</h2><p style=\"text-align: left;\">资本市场将腾讯对标Meta Muse，并非简单类比，背后有清晰的生态逻辑支撑。</p><p style=\"text-align: left;\">中金研报在梳理中美2C Agent生态差异时指出，<strong>微信已将账户、支付与生活服务整合于平台内部，且拥有独特的小程序生态，有利于自有Agent在授权范围内直接调用能力、完成交易。</strong>相比之下，Meta的海外服务入口相对分散，网页仍是重要载体，Muse需借助浏览器操作覆盖长尾服务，连接与维护成本相对较高，网页改版亦可能影响执行效率。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/cd8e3b3405b8b5fdc6ab4f151c62b742\" data-align=\"center\" tg-width=\"1024\" tg-height=\"578\"/><span></span></p><p style=\"text-align: left;\">换言之，若腾讯将AI Agent深度植入微信生态，其天然的小程序闭环与支付体系将赋予它比Meta更低的执行摩擦。腾讯正致力于实现的愿景——为微信生态超过10亿用户构建能够执行各项任务的AI——与Muse的产品方向高度吻合，这是当日市场给予腾讯超额定价的核心逻辑。</p><h2 style=\"text-align: left;\">时机决定节奏：两种路径与四个阶段</h2><p style=\"text-align: left;\">中金研报引入产品创新周期框架，将2C Agent的发展划分为四个阶段：探索期（技术效果与成本均未达阈值）、过渡创新期（技术效果达阈值但成本仍高）、全能创新期（效果与成本双双突破阈值）、强者恒强期（技术曲线趋于平缓）。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c0323e29b6aa53e6d072bd046e2981d4\" data-align=\"center\" tg-width=\"1024\" tg-height=\"646\"/><span></span></p><p style=\"text-align: left;\">报告以黑莓与iPhone的历史路径为参照：过渡创新期对应黑莓聚焦企业邮件、削减非核心功能的打法，黑莓营收由2004年的6亿美元增至2011年高点200亿美元；全能创新期则对应iPhone的多合一融合，对过渡式产品形成生态碾压。</p><p style=\"text-align: left;\">中金研报认为，AI模型能力持续精进、Token算力成本下行，是当前确定性较高的因素；更难把握的是用户对Agent解决任务的错误容忍率、对既有习惯的迁移意愿，以及用户成本阈值。基于此，2C Agent存在两种发展情形：其一是先经历过渡创新阶段，从泛办公刚需切入后逐步延伸至综合场景；其二是技术与成本曲线同步快速下行，直接跨越过渡期进入全能创新阶段——届时，坐拥分发优势与生态深度的Meta、腾讯等巨头将率先受益。中金研报强调，从过渡阶段到全能阶段的间隔越短，互联网巨头越占优势；反之，创业公司则有更多时间构筑壁垒。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/23dac3ab753f13d989663c75b5990935","relate_stocks":{"SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","IE0009570106.USD":"FSSA ASIA OPPORTUNITIES \"I\" (USD) ACC","SOCL":"社交媒体ETF-Global X","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU2279858448.HKD":"富国中国中小盘成长基金 A1 类（港元）","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","BK1610":"ETF&股票定投概念","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU1235295612.USD":"FIDELITY PACIFIC \"A\" (USDHDG) INC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","HK0001040168.HKD":"CLSA GREATER CHINA HIGH DIVIDEND EQUITY \"A\" (HKD) INC","LU2294711473.HKD":"BNP PARIBAS CHINA EQUITY \"C\" (HKD) ACC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1196710351.USD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (USD) INC MF","LU1439102457.SGD":"Fidelity Asia Pacific Multi Asset Growth & Income A-MINCOME(G)-SGD","LU1196710195.USD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","HK0001040143.USD":"中信里昂大中华高息股票基金 美元","XSOE":"WisdomTree Emerging Markets Ex-State Owned Enterprises Fund","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU2279701549.SGD":"JPMorgan Funds - Emerging Markets Sustainable Equity A (acc) SGD","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","ODDS":"Pacer BlueStar Digital Entertainment ETF","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0821914370.USD":"贝莱德亚洲成长领袖A2","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0414403682.SGD":"Blackrock Asia Pacific Equity Income A5 SGD-H","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","BK1589":"北水核心资产","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","ESPO":"VanEck Video Gaming and eSports ETF","LU0738912210.USD":"Blackrock Asia Pacific Equity Income A6 USD","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LDEM":"iShares ESG MSCI EM Leaders ETF","BKF":"iShares MSCI BIC ETF","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","BK1586":"云计算","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU0188438112.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" ACC","IE00B031J352.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) INC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","IE00B97KM107.HKD":"FSSA ASIAN EQUITY PLUS \"I\" (HKD) ACC","LU0048597586.USD":"富达亚洲焦点A","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0052750758.USD":"富兰克林中国基金A Acc","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","GAMR":"Amplify Video Game Leaders ETF","LU1226288097.SGD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P\" (SGDHDG) INC A","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU0878004406.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) INC","LU0359201612.USD":"贝莱德中国基金A2","LU0882747503.HKD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (HKD) INC","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU2008162690.USD":"FIDELITY FUNDS - ASIA PACIFIC OPPORTUNITIES \"A\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU1171460220.USD":"FULLGOAL CHINA SMALL-MID CAP GROWTH \"A1\" (USD) INC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU0972618739.USD":"JPM TOTAL EMERGING MARKETS  \"A\" (USD) INC (M)","HK0000151867.HKD":"JPMORGAN ASIA EQUITY DIVIDEND (HKD) INC","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU2177674079.SGD":"Fidelity Asia Pacific Opportunities A-ACC-SGD (hedged)","LU1785774172.SGD":"JPM TOTAL EMERGING MARKETS INCOME \"A\" (SGD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","SG9999001846.SGD":"Schroder Asian Equity Yield A Dis SGD","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU1102505762.USD":"富达新兴市场焦点 A","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0173614495.USD":"富达中国焦点A","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU2498475776.HKD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (HKD) INC","LU0608807946.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" Q (USD) INC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","HK0000288743.USD":"VALUE PARTNERS HIGH-DIVIDEND STOCKS \"A2\" (USDHDG) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","SG9999001051.SGD":"United Asia Fund SGD","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","HK0000288784.HKD":"VALUE PARTNERS HIGH-DIVIDEND STOCKS \"A2\" (HKDHDG) INC","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","HK0000352291.HKD":"VALUE PARTNERS ASIAN INCOME \"A\" (HKD) INC","HK0000352382.USD":"VALUE PARTNERS ASIAN INCOME \"A\" (USD) INC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","SG9999001689.USD":"施罗德亚洲成长股票","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","IE0032834883.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) INC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU1226287792.SGD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P\" (SGDHDG) INC","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","IE00B0169L03.USD":"FSSA ASIA FOCUS FUND \"I\" (USD) ACC","SG9999007991.SGD":"Schroder Asian Income A Dis SGD","BK1502":"双十一","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","JADE":"JPMorgan Active Developing Markets Equity ETF","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","TCEHY":"腾讯控股ADR","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0228659784.USD":"施罗德金砖四国基金","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU0051755006.USD":"摩根大通中国A (dist)","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU0862451837.USD":"JPM EMERGING MARKETS DIVIDEND \"A\" (USD) INC (M)","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","IE0008368411.USD":"FSSA ASIAN GROWTH \"I\" (USD) ACC","LU2051468812.USD":"JPM EMERGING MARKETS ESG EQUITY \"A\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","IE00B031HW06.USD":"FSSA ASIAN GROWTH \"I\" (USD) INC","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","IE0008368742.USD":"首域中国增长基金I Acc","LU0049112450.USD":"FIDELITY PACIFIC \"A\" INC","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","BK1608":"元宇宙概念","BK1095":"互动媒体与服务","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","BK1531":"手游股","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","EMC":"GLOBAL X EMERGING MARKETS GREAT CONSUMER ETF","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","KWEB":"中国海外互联网ETF-KraneShares","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","EMCS":"XTRACKERS MSCI EMERGING MARKETS CLIMATE SELECTION ETF","LU0080751232.USD":"富达环球多元动力基金A","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU3227948356.SGD":"JPMORGAN FUNDS SINGAPORE AND ASIA EQUITY INCOME \"A\" (SGD) INC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","JEMA":"Jpmorgan Activebuilders Emerging Markets Equity ETF","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU0594300419.USD":"富达中国消费基金A","BK1517":"云办公","LU2317271919.USD":"BGF FUTURE CONSUMER \"A2\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","BK1516":"腾讯概念","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","IE0031814852.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) ACC","HTCD.SI":"Tencent HK SDR 10to1","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","IE00B067MR52.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","FDNI":"First Trust Dow Jones International Internet ETF","TCHI":"iShares MSCI China Multisector Tech ETF","BK1618":"Manus概念股","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","LU1725190679.HKD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (HKD) INC MF","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU1226288170.HKD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P6%\"(HK D) INC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","BK1615":"港股-互联网","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU1951186391.HKD":"UBS (LUX) KEY SEL CHINA ALLOCATION OPPORTUNITY (US \"P\" (HKD) INC","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU2251237306.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) INC A","IE0003851619.USD":"BNY MELLON ASIAN EQUITY \"B\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU2251237488.HKD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (HKD) INC A","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","EEMX":"SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","IE0003795394.USD":"BNY MELLON ASIAN EQUITY \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","BK1526":"科网股","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU1226287875.USD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"PM\" (USD) INC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","BK1591":"就地过年概念","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","BK1521":"挪威政府全球养老基金持仓","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","IE00B8HQ1Z84.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"A\" (USD) ACC","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU1883866441.USD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (USD) ACC","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU0192582467.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" (USD) INC MF","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU1226288253.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) INC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU1629966141.USD":"Aberdeen Standard SICAV I - Asia Pacific Multi Asset A Acc USD","LU0823426308.USD":"法巴中国股票基金","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","CXSE":"WisdomTree China ex-State-Owned Enterprises Fund","AAXJ":"亚洲ETF-iShares MSCI","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU2462611646.USD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (USD) INC MTI","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU1733274473.HKD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (HKD) INC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","FFEM":"Fidelity Fundamental Emerging Markets ETF","SG9999013353.USD":"SCHRODER ASIAN INCOME FUND\"A\" (USDHDG) INC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU1733274390.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) INC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","SG9999015978.USD":"利安颠覆性创新基金A","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0823426480.USD":"法巴中国股票经典Dis","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","00700":"腾讯控股","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","BIDD":"BlackRock International Dividend ETF","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0396098781.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (USD) ACC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","BK1609":"ChatGPT概念","LU0048580855.USD":"富达大中华区A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD"},"source_url":"https://wallstreetcn.com/articles/3782282","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2669011663","content_text":"原标题《放量大涨8%！腾讯发布AI图像模型，对标Meta Muse爆款逻辑》腾讯控股周二港股一度涨近8%，成交额放量至177亿港元，催化剂来自两条相互呼应的消息线索：Meta旗下AI Agent应用Muse在美国迅速走红，登顶应用商店下载榜，而腾讯同日发布最新图像生成模型Hy Image 3.5 Preview。市场由此形成一条清晰的映射逻辑——坐拥超级社交生态与高频生活场景入口的腾讯，被视为\"中国版Muse\"最具条件的落地载体。Meta Muse上线次日即跻身美国App Store免费榜前三，生产力榜单持续维持前列。Muse的核心差异在于超越聊天机器人范畴：通过读取社交关系、接入邮件、日历、购物、订餐等各类API，在后台异步自主替用户执行跨应用复杂任务。这一爆款效应刺激资本市场将目光转向国内对标公司，而微信凭借庞大的小程序服务生态与闭环支付体系，一旦将AI Agent深度植入，其落地效率和商业变现潜力被认为不逊于Meta，腾讯因此成为当日最受追捧的受益公司。中金研报指出，Meta Muse的突破口已从\"模型是否足够聪明\"转向\"用户能否放心交付、产品能否连接真实事务\"，2C Agent的竞争重心正式从技术层下沉至生态分发与信任架构。Allspring Global Investments投资组合经理Gary Tan表示：\"一些投资者正将腾讯与Meta进行类比，特别是考虑到微信独特的社交生态系统及其在支持大规模个人AI助手方面的潜力。\"腾讯同日发布图像模型，追赶步伐提速腾讯此次发布的Hy Image 3.5 Preview，是其正面竞争AI图像生成赛道的最新动作。腾讯在声明中表示，该模型较前代产品性能有所提升，目前已整合至元宝及视频编辑、设计工具等产品线。腾讯以数百名内部设计师作为测试群体，并表示该模型表现与字节跳动Seedream 5.0 Pro不相上下，同时略优于Alphabet旗下谷歌的Nano Banana Pro及阿里巴巴的Qwen-Image-3.0 Pro。腾讯拥有数千名游戏设计师和美术人员，有望成为该工具的主要受益群体，不过腾讯并未对上述质量主张进行量化说明。此次发布恰好与阿里巴巴开启人工智能大会同日，时间节点的选择颇为醒目。自聘请前OpenAI研究员姚顺雨担任首席AI科学家以来，腾讯AI战略发生转向：姚顺雨公开批评仅为榜单分数训练模型的做法，强调产品整合与解决现实问题。另一位前OpenAI研究员、计算机视觉专家田永龙亦于7月加入腾讯混元团队，负责视觉语言模型研发。Muse爆款逻辑：从聊天到交付的范式跃迁理解腾讯此番涨势的核心，需要厘清Meta Muse究竟打开了什么新叙事。中金研报梳理指出，Muse相较此前同类Agent产品存在四点实质区别：其一，后台异步执行，跨对话保留长期记忆与用户偏好，任务在用户关闭应用后仍可持续推进；其二，真实账户连接，通过内置连接器、公开API及浏览器操作三类方式接入邮件、日历、支付、健康、电商、智能家居等场景；其三，隔离执行与审批门控，每个用户拥有独立的Muse Secure VM运行环境，并由Sentinel代理把守所有对外操作，将安全架构作为产品设计核心；其四，Ideas与Feed功能已显露推荐式Agent雏形，Muse开始从等用户提问转向主动识别需求、提前定义问题。中金研报认为，2C Agent的竞争终局将更像\"推荐\"而非\"搜索\"——Agent基于足够上下文主动识别需求、替用户定义并解决问题，而非被动等待指令。Meta的优势在于分发与信任基建：36亿日活用户提供触达规模，WhatsApp对话线程降低使用门槛，Instagram与Facebook的长期内容行为积累形成更丰富的个人需求图谱，这是仅依赖聊天历史的ChatGPT等产品难以复制的。在商业模式上，Muse采取免费层与20美元、100美元两档月度订阅，最高档定价已接近部分ToB软件水平。中金研报认为，随着Muse承接购物、预订等消费任务，其变现路径有望形成\"订阅打底＋交易抽佣\"的混合模式。为何腾讯是\"中国版Muse\"的最优解资本市场将腾讯对标Meta Muse，并非简单类比，背后有清晰的生态逻辑支撑。中金研报在梳理中美2C Agent生态差异时指出，微信已将账户、支付与生活服务整合于平台内部，且拥有独特的小程序生态，有利于自有Agent在授权范围内直接调用能力、完成交易。相比之下，Meta的海外服务入口相对分散，网页仍是重要载体，Muse需借助浏览器操作覆盖长尾服务，连接与维护成本相对较高，网页改版亦可能影响执行效率。换言之，若腾讯将AI Agent深度植入微信生态，其天然的小程序闭环与支付体系将赋予它比Meta更低的执行摩擦。腾讯正致力于实现的愿景——为微信生态超过10亿用户构建能够执行各项任务的AI——与Muse的产品方向高度吻合，这是当日市场给予腾讯超额定价的核心逻辑。时机决定节奏：两种路径与四个阶段中金研报引入产品创新周期框架，将2C Agent的发展划分为四个阶段：探索期（技术效果与成本均未达阈值）、过渡创新期（技术效果达阈值但成本仍高）、全能创新期（效果与成本双双突破阈值）、强者恒强期（技术曲线趋于平缓）。报告以黑莓与iPhone的历史路径为参照：过渡创新期对应黑莓聚焦企业邮件、削减非核心功能的打法，黑莓营收由2004年的6亿美元增至2011年高点200亿美元；全能创新期则对应iPhone的多合一融合，对过渡式产品形成生态碾压。中金研报认为，AI模型能力持续精进、Token算力成本下行，是当前确定性较高的因素；更难把握的是用户对Agent解决任务的错误容忍率、对既有习惯的迁移意愿，以及用户成本阈值。基于此，2C Agent存在两种发展情形：其一是先经历过渡创新阶段，从泛办公刚需切入后逐步延伸至综合场景；其二是技术与成本曲线同步快速下行，直接跨越过渡期进入全能创新阶段——届时，坐拥分发优势与生态深度的Meta、腾讯等巨头将率先受益。中金研报强调，从过渡阶段到全能阶段的间隔越短，互联网巨头越占优势；反之，创业公司则有更多时间构筑壁垒。","news_type":1,"symbols_score_info":{"ODDS":0.6,"JEMA":0.6,"SOCL":0.6,"TCEHY":1.97,"FFEM":0.6,"GAMR":0.6,"LDEM":0.6,"EMC":0.6,"JADE":0.6,"EMCS":0.6,"HTCD.SI":0.6,"CXSE":0.6,"ESPO":0.6,"XSOE":0.6,"FDNI":0.6,"BIDD":0.6,"00700":2.1,"KWEB":0.6,"TCHI":0.6,"EEMX":0.6,"BKF":0.6,"AAXJ":0.6}},"isVote":1,"tweetType":1,"viewCount":53,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"optionInvolvedFlag":false,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}