摩根士丹利-亚洲暑期课堂：中国人工智能之路-Asia Summer School：China's AI Path-20260604

Morganstanley

RESEARCHFouNDATloN

June4,202603:34PMGMT

InvestorPresentation|AsiaPacific

AsiaSummerSchool:China'sAlPath

MoRGANSTANLEyAsiALimiTED+

GaryYuEquityAnalyst

Gary.Yu@

+8522848-6918

LydiaLinEquityAnalyst

Lydia.Lin@

+8522239-1572

DaisyDai,CFAEquityAnalyst

Daisy.Dai@

+8522848-7310

CHiNAINTERNETANDOTHERSERvicEs

AsiaPacific

IndustryViewAttracti∨e

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

2

Morganstanley

RESEARCH

FouNDATloN

AsiaSummerSchool2026

Morganstanley

RESEARCH

FouNDATloN

MoRGANSTANLEyREsEARcH3

China’sAIPath:

SummerSchool2026

4

ChinaAIValueChain

Beisen北森

kingdee

Trip.com

unlTRee

lulByteDance⃞MoonshotAl

EAlibaba

ceepseek

paRareRa并行"eoxconni

AvolcanoEngine

⃞kingsoftcloud

sieyua"思源电气

Applications

Models

Infrastructure

Chips

Energy

MoRGANSTANLEyREsEARcH5

GlobalSOTAModel

•Modelperformancecriteria:intelligencelevel,price,speed

•Chinacontributesoverhalfofthetop10SOTAmodelsgloballyasamajorcompetitortotheUS

•AImodelstrategy:“Open”Chinavs.“Proprietary”US

OpenRouterweeklytokenconsumption

ArtificialAnalysisintelligenceindex

Source:ArtificialAnalysis,OpenRouter,updatedasJun2026;“Open”standsforopen-weightedAImodels.

6

ChinaFrontierFoundationModelPlayers

ChinaFrontierFoundationModelPlayers

AIlab

Model

Z.ai

GLM-5.1

DeepSeek

V4-Pro

Moonshot

K2.6

MiniMax

M3

Alibaba

Qwen3.7-

Xiaomi

MiMoV2.5Pro

Plus

ReleasedateMay-26Jun-26Apr-26Apr-26Apr-26Apr-26

License

Proprietary

OpenWeight

OpenWeight

OpenWeight

OpenWeightOpenWeight

Totalparameter(B)

n.a

500*

754

1000

1600

1000

Contextwindow(K)

1000

1000

200

256

1000

1000

APIprice(Rmb/mntokens)

Input(uncached)

Input(cachedread)

4.00n.a

6.301.26

7.001.65

6.501.10

3.000.02

3.000.03

Output

16.00

25.20

24.28

27.00

6.00

6.00

AAIntelligenceIndex

53

55

51

54

52

54

ARR(US$mn)

n.a

300(Apr)

250(Mar)

n.a

n.a

n.a

Source:MorganStanleyResearch*estimates

MoRGANSTANLEyREsEARcH7

GlobalSOTAModelPerformanceOverTime

ArtificialAnalysisintelligenceindexovertime:Chinavs.US

ArtificialAnalysisintelligenceindexovertime:Chinamodels

Source:ArtificialAnalysis

8

GlobalSOTAModelIntelligencevs.Price

ArtificialAnalysisintelligenceindexvs.price

ArtificialAnalysisIntelligenceIndex

MiMo-V2.5-Pro

KimiK2.6

USmodel

DeepSeekV4Pro(Max)

GLM-5.1MiniMax-M2.7

CheapExpensive

Lowscore

60AttractiveUSmodelquadrant

Qwen3.7Max

USmodelUSmodel

50

40

Highscore

0246

Blendedprice(US$/mntoken)

Z.AiandMiniMaxpricetrend

Rmb/mntokens

12

10

8

6

4

2

0

MiniMax(KVcachprice,RHS)

GLM-5.1

M2.7

GLM-4.7

GLM-4.6

M2.5

——

Z.ai

(Avg.input/outputprice)

GLM-5.0

GLM-4.5

Jul-25Aug-25Sep-25Oct-25Nov-25Dec-25Jan-26Feb-26Mar-26Apr-26

0.5

0.4

0.3

0.2

0.1

0

ChinaleadingLLMsaverageprice

Input(Rmb/mntoken)Output(Rmb/mntoken)

18.118.1

13.412.2

12.7

4.03.7

3.3

2.8

2.2

20.018.016.014.012.010.08.06.04.02.00.0

1Q252Q253Q254Q251Q26

ChinaleadingLLMspriceas%ofUSpeers

18%

17%

6%

5%

InputOutput

1Q251Q26

20%

18%

16%

14%

12%

10%

8%

6%

4%

2%

0%

Source:ArtificialAnalysis,MorganStanleyResearch,AveragedAPIpriceofAlibaba(Qwen2.5-Max,Qwen3,Qwen3-Max,Qwen3.5),Bytedance(Doubao-1.5-pro,Doubao-seed-1.6,Doubao-seed-1.8,Doubaoseed-2.0-pro),Baidu(Ernie4.5,Erniex1,Erniex1.1,Ernie5.0-Thinking-Preview),Tencent(Hunyuan-T1,HY2.0),MiniMax(MiniMax-Text-01,MiniMax-M1,MiniMax-M2,MiniMax-M2.1,MiniMax-M2.5,MiniMaxM2.7),Z.AI(GLM-4-Plus,GLM-4.5,GLM-4.6,GLM-4.7,GLM-5),Moonshot(Kimi-latest-128k,K2,K2.5),DeepSeek(DeepSeek-R1,DeepSeek-V3.2).Inputpriceaveragedwithcachedanduncachedandallcontextlength.

MoRGANSTANLEyREsEARcH9

GlobalTopMulti-modalModels

ArtificialAnalysisimage-to-videoleaderboard

ArtificialAnalysistext-to-videoleaderboard

Source:ArtificialAnalysis,MorganStanleyResearch,updatedbyMay2026

10

AIModelCompetition–Compute,DataandAlgorithm

Chinavs.UShyperscalercapex

KeyfactorsofAImodels

HowmuchcanAIlearn

Computing

power/energysupply

Model

algorithm/brainpotential

HowefficientlyAIlearns

Data/knowledge

WhatAIlearns

AI

Source:Companydata,MorganStanleyResearchestimates.ChinesehyperscalersincludeAlibaba,Tencent,Baidu,Bytedance,Kuaishou.UShyperscalersincludeGoogle,Meta,Microsoft,Amazon,Oracle

KeypersonsatChinaAIlabs

Globaldatavolumeinzettabytes

AIlab

Keyperson

Age

Role

Alibaba

JingrenZhou

n.a

HeadofQwenBG,ChiefAIArchitect

Bytedance

YonghuiWu

n.a

HeadofFoundationAIResearch(Seed)

Tencent

ShunyuYao

28

ChiefAIScientist,HeadofAIInfraDepartmentandLLM

DeepSeek

WenfengLiang

41

Founder,CEO

MiniMax

JunjieYan/IO

37

Founder,Chair,CEO,CTO

Z.ai

JieTang

49

Co-founder,ChiefScientist

Moonshot

ZhilinYang

34

Founder,CEO

Xiaomi

FuliLuo

31

HeadofAIModelteam

MoRGANSTANLEyREsEARcH11

China’sCompetitiveEdge–AlgorithmInnovationtoImproveEfficiency

SummaryofmajorChinaAIlabalgorithminnovations

Source:Companydata,MorganStanleyResearch

12

AIChipsets–Chinavs.USValueChain–aDecouplingofAICompute

ArtificialAnalysisintelligenceindexovertime:Chinavs.US

Source:MorganStanleyResearch

MoRGANSTANLEyREsEARcH13

WeExpectChinaAIGPUTAMtoGrowtoUS$67bnby2030e

WeexpectChinaAIchipTAMtogrowtoUS$67bnby

2030

AIaccelerators'revenuetrend

Source:Companydata,MorganStanleyResearch.E=MorganStanleyResearchestimates.

14

China’sAdvancedNodeCapacityExpansiontoFulfilLocalAIGPUProductionDemand

ChineseadvancednodecapacitymaysupportUS$58

AIacceleratorrevenuein2030

Source:Companydata,MorganStanleyResearch(e)estimates.

WeexpectChinaAIchipself-sufficiencytoreach86%

in2030e(US$58bn/US$67bn)

MoRGANSTANLEyREsEARcH15

China’sInfrastructureStrengthNarrowsPerceivedTechnologyGap

NinefactorscomparisonbetweenUSandChinaAI–Chip,System,Infrastructure

Step1:Ifonecomputedieisnotpowerful,packagemorediesintoasinglechip.

Step2:Ifonechipisnotpowerfulenough,buildlargerracksandclusters.

Step3:Ifonefabisnotsufficient,expandmanufacturingcapacity.

DieshotofAscend950

HuaweiCloudMatrix384A3SuperPod

Source:MorganStanleyResearch.

16

ChineseAIacceleratorvendors–wefocusonCambricon,MetaXandIluvatar

CompanyTickerGPUProductNodeGPGPU/ASIC

Foundry

sourcing

viability

AIinferenceperformance

Affiliated

designhouse

Sovereignbackground

Private

950,910C,910B

7nm

ASIC

✔

✔

X

688256-SS

MLUseries

7nm

ASIC

✔

X

X

688041-SS

DCU

7nm

GPGPU

✔

✔

X

688802-SH

MXCseries;

MXGseries

7nm/12nm

GPGPU

✔

X

X

688795-SH

MUSAMTT

S5000,S4000

7nm/12nm

GPGPU

▲

X

X

6082-HK

BR100

7nm/12nm

GPGPU

▲

X

X

9903-HK

TianGai-100

series,Zhikai-

100Series

7nm

GPGPU

✔

X

X

CurrentlyunderH-sharelistingcounselingprocess

Hangguang800,

PPU

12nm

GPGPU

✔

X

✔

CurrentlyunderA-sharelistingcounselingprocess

S60,I20,L600

12nm

ASIC

▲

X

✔

Source:Companydata,MorganStanleyResearch.

MoRGANSTANLEyREsEARcH17

Cloudinfra:DataCenters

Chinadatacentercapacity

Chinahyperscalers’capex(GPUleasingnotincluded)

18

Cloudinfra:DataCenters

KeyIDCplayers

Datacentersinclouderavs.AIera

MoRGANSTANLEyREsEARcH19

AICloudMarketOverview

AIcloudvs.traditionalcloud

ChinaCIOSurvey:publiccloudspendingrelatedtoAI

Source:AlphaWise,MorganStanleyResearch

Chinacloudmarketbreakdown

Source:IDCestimates,MorganStanleyResearch

ChinaAIcloudmarketbreakdown

Source:IDCestimates,MorganStanleyResearch

20

AICloudMarketOverview

MajorAIcloudplayers

ChinaCIOSurvey:vendorstoassistAIdeployement

Source:AlphaWise,MorganStanleyResearch

2H25ChinaMaaSmarketsharebreakdownbyrevenue

Volcengine

(Bytedance)

43%

Others11%

AliCloud26%

Zhipu6%

BaiduCloud10%

ChinaMobile

4%

Source:IDC

ChinaCIOSurvey:vendorstoassistAIdeployement

Source:AlphaWise,MorganStanleyResearch

MoRGANSTANLEyREsEARcH21

AICloud–FromTrainingtoInference

Source:Companydata,MorganStanleyResearch

22

2CAIApplicationOverview

ChinamajortoCAIapptimespent

ChinamajortoCAIappMAU

MAU(mn)

DeepSeekDoubaoYuanbaoKimiERNIEBotQuarkQwen

400.0

350.0

300.0

250.0

200.0

150.0

100.0

50.0

-

2024-03

2024-04

2024-05

2024-06

2024-07

2024-08

2024-09

2024-10

2024-11

2024-12

2025-01

2025-02

2025-03

2025-04

2025-05

2025-06

2025-07

2025-08

2025-09

2025-10

2025-11

2025-12

2026-01

2026-02

2026-03

ChinamajortoCAIapp

Tool

Developer

Keypositioning

Specialfeatures

Primaryusecase

Yuanbao

Tencent

GeneralAIassistant,chatbotbased

IntegratedwithWeChatecosystem,cansearchthroughWeChatpubliccontentoruploaddocumentsfrom

WeChat

Contentcreating,gaming,emotional

interactions,research

Quark

Alibaba

AllroundAIsearchengine,supportsgeneric

queries,workrelatedsupport,casualconversationalinteractions

Supportsmultimediaupload/generation;

Supportse-commercesearchresultsfrom

Taobao/JD

Casualandlightweight,moreforemotionalinteractionsorcontentgeneration

Qwen

Alibaba

GeneralAIassistant,chatbotbased

IntegratedwithQuark,supportmultimodalupload/generation

Contentcreating,gaming,emotionalinteractions,research

DeepSeek

DeepSeek

Technicaltasks,coding,reasoning

Chatbot,doesnotsupportimagegeneration

Coding,research,documentanalysis

ErnieBot

Baidu

MultimodelAIintegratedwithBaidu

ecosystem

Chatbot,supportsmultimediageneration

Enterprisesolutions,generalpurposeLLM

Doubao

ByteDance

Casual,Lightweight,socialmedia

entertainment

Chatbot,supportmediatovideo/textgeneration

Casualchat,emotionalinteractions,viralcontentcreation

Kimi

MoonshotAI

Longcontextdocumentanalysis

Chatbot,similartoDeepSeeklayout

Academicresearch,professionalcontentgeneration

Source:Questmobile,MorganStanleyResearch

MoRGANSTANLEyREsEARcH23

2CAIApplication–WeChatasPrecursortoAIAgent

WeChatecosystem

FactsaboutWeChatinJuly2025

•1.1bnMAUinChina

•44.6averagesessions/userindailybasis

•99.4minsaveragedailytimespent/users

DiversifiedlifescenariosonWeChat

Utility

Source:Questmobile,MorganStanleyResearch

Travel

Shopping

24

ByteDanceDreamina

2PAIApplication–ContentCreator

KuaishouKling

Hailuo

Contentcreationmarket

Professionals

(Designers,Producers)

Prosumers

(Marketers,KnowledgeWorkers,Businesses)

Generalconsumers

(Hobbyists,Enthusiasts,K-12,

SocialMediaUsers)

Source:Companydata/websites,MorganStanleyResearch

MoRGANSTANLEyREsEARcH25

2PAIApplication–Agents

Officiallaunchdate

LLMsavailable

Keyhighlights

OpenClaw

LaunchedinNov-25underthename

ClawBot,gainedtractioninlate-January

-Minimax(recommended)

-AllotherLLMsareavailabletoconnectthroughAPI

-Requirestechnicalself-hostedsetup,onlocalcomputer

China’sOpenClawProducts

MostlylaunchedintheweekofMarch9

China’sopensourceLLMs

-One-clickinstallationoneitherlocalcomputerorcloud-basedservice

-ConnectwithChinesemessagingappslikeWeChat,WeCom,Feishu,Dingtalk,etc.

-Pre-builtskillsthataresuitableforChina’sinternetenvironment

Tencent-LighthouseCloud-based

OpenClaw

January26,2026

-TencentCloudModelCodingplan

-Cloud-basedservice

Tencent-WorkBuddy

March9,2026

Hunyuan-2.0-Instruct,Deepseek-V3.2/-V3-1-Terminus,GLM-

5.0/4.7,Kimi-K2.5/K2-Thinking,MiniMax-M2.5

-Installonlocalcomputer

-151pre-builtplug-insincluding300+Skills

Tencent-QClaw

March20,2026

Hunyuan-2.0-Instruct,Deepseek-V3.2/-V3-1-Terminus,GLM-

5.0/4.7,Kimi-K2.5/K2-Thinking,MiniMax-M2.5

-Installonlocalcomputer

ByteDance-ArkClaw

March9,2026

Doubao-Seed-2.0-pro/lite/Code,Doubao-Seed-Code,GLM-5/4.7,Deepseek-V3.2,Kimi-K2.5,

Minimax-M2.5

-Cloud-basedservice

-IntegrationwithByteDanceecosystem(Doubao-Seed-2.0series&Feishu&ArkClaw),betterperformanceforcomplextasks

-Flexibleselectiononlatestmainstreammodels,massivebuilt-inSkillslibrary

-ConnectwithFeishu(recommended)

26

2PAIApplication–Agents(cont’d)

ByteDance–FeishuMiaoda

Marcj9,2026

Sameastheabove,orowncodingplan

-SmoothintegrationwithFeishutools

Alibaba-JVSClaw

March12,2026

-BailianCodingPlan

-Qwen3.5,Kimi-K2.5,GLM-5,etc.

-Cloud-basedserviceandlocalhostedbothsupported

-noconnectionwithmessagingapps,hasaseparateJWSClawapp

Baidu-DuClaw

March11,2026

-QianfanCodingPlan

-GLM-5,Minimax-M2.5,Deepseek,Kimi-K2.5

-Cloud-basedservice

MiniMax-MaxClaw

February26,2026

MiniMaxseries

-Cloud-basedservice

Zhipu-AutoClaw

March10,2026

Pony-Alpha-2(SpecializedforAutoClaw)

-One-clickinstallationonlocalcomputer

-ConnectwithFeishu(recommended)

-50+pre-builtSkillsincluding:Mediacontentcreationand

publishing,writewebsites,smartemail,Deepintegrationwith

Feishu,marketingandSEO,codedevelopment,verticalscenarioslikeinvestment/academicresearch

Kimi-KimiClaw

February18,2026

Multiplemodels

-Cloud-basedservice

-5,000+SkillsfromClawHub

Source:Companydata,MorganStanleyResearch

MoRGANSTANLEyREsEARcH27

2BAIApplication–EarlyAdoptionCases

ChinamajortoBAIapplicationscenarios

E-commerce

ProductDescription&ImageGeneration

CustomerServices

DataAnalysis

DemandPrediction

Inventory

Management

AIHuman

Model

Energy&Industrials

EnergyUsageAnalytics

EnergyTrading

Enhancement

Office

Financials

Healthcare

AIPortfolioManagement

NewDrugDevelopment

MedicalImaging

PathologyDetection

DocumentSummary&Rewrite

FinancialAdvisors

PPTGeneration

KnowledgeBase

Email/IMSummary

Spreadsheet

FormulaGeneration

CreditReview

LaborScheduling

LeakDetection&TrackEmissions

ComplianceCheck

InvestmentResearch

CustomerService

IdentifyBiomarkers

ClinicalDecisionSupport(CDSS)

AnalysisofGenomicData

PhysicianPointofServiceTools

GeologicalModels

AITools

forPipelines

Advertising&DigitalContent

MarketingEfficiency

EnhancedAdTargeting

RecommendationEngine

HigherAdConversion

AdAuctionDynamics

ContentCreation

Customized

TravelItineraries

VidelGameDevelopment

Source:MorganStanleyResearch

28

2BAIApplication–EarlyAdoptionCases

ChinaCIOSurvey:ITprojectimportance

ChinaCIOSurvey:AIspendingallocation

ChinaCIOsSurvey:ProjectswithLargestIncreaseinSpend

(%TotalResponses)

2H201H212H211H222H221H232H231H242H241H252H251H26ArtificialIntelligence/MachineLearning/ProcessAutomation

37%

DigitalTransformation DataCenterBuildout ERPApplicationsCollaborationSoftware DW/BI/AnalyticsCloudComputing

DataCenterAutomationComplianceSoftware SecuritySoftwareConsulting

CRMApplicationsTraditionalInfrastructureHardware

VerticalApplicationsSoftware DesktopVirtualization Desktop/LaptopEquipmentHyperconvergedInfrastructure InfrastructureSoftware InternetofThingsMaintenanceHardware

MaintenanceSoftwareOutsourcing

Servers/MainframeEquipmentSystemsMgmtSoftware

Contact/Customerservicecentersoftware/equipmentFlashStorageHRSoftware

MobileApplications MobileHardwareNetworkingEquipment ServerVirtualizationStorageHardware

StorageSoftware

VPN/RemoteAccessWindowsDesktop/PCOperatingSystem WindowsServer/OperatingSystemWirelessLAN

Other

13%8%

6%5%5%

4%

3%

3%

3%

2%

2%

2%

2%

1%

1%

26%24%

46%47%

28%29%

20252026

2H25Survey

25%26%

43%40%

32%34%

20242025

1H25Survey

27%26%

39%41%

34%33%

20232024

1H24Survey

26%26%

40%40%

34%33%

20252026

1H26Survey

ITServices

Software

(applications,models)

Hardware

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

AI/LLMSpendingAllocation:NextYearvs.PastYear

1%

ChinaCIOSurvey:AIinvestmentinitiatives

1%

1%

1%

Top3AreasofAI/LLMInvestment

1%

1%

1%

1%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

SupplyChain&InventoryMgmtCustomerServiceSales

Coding/SoftwareDevelopmentITMaintenanceandOperationsMarketing

FinanceOffice&Collaboration…

ProductionLegal/Risk/Compliance

HR(

e.g.training

andinterview)Other

43%

50%

45%2H25

1H26

34%

34%30%

31%23%

28%

37%26%

17%

0%10%20%30%40%50%60%

12%

8%5%

5%

29%23%

29%23%

31%

31%

3%

Source:AlphaWise,MorganStanleyResearch

MoRGANSTANLEyREsEARcH29

2BAIApplication–EnterpriseAdoption

Publiccloudvs.GenAImajormilestone

Enterpriseworkloadpenetrationestimates

36%

26%

EstimatesonWorkHourstobeReplacedbyGenAI/LLMinNext3Years(Average%)

40%

35%

30%

25%

20%

15%

10%

5%

0%

16%11%

16%

13%

16%

13%

14%

6%

WorkhourstobereplacedbyGenAIinnext3yearsinChina

Source:AlphaWiseChinaCIOSurvey1H26,MorganStanleyResearch

Source:MorganStanleyResearch,USGenAIworkloadpenetrationestimatedbyUSresearchteam

30

MiniMax

•Model–TheonlystandaloneAIlabinChinafocusingonfull-modalitycapabilities–bothLLMsandmulti-modalmodels.

•Revenuestream–Cloud-basedMaaSandapplicationsincludingGenerativeMedia(Hailuo&Audio),AgentsandCompanionship(Xingye&Talkie)

•Globalexposure–Over70%ofrevenuecontributedbyoverseasmarket

•Efficiency–Prioritizingbalanceofmodelperformance,inferencecostandspeed

Source:MorganStanleyResearch

MoRGANSTANLEyREsEARcH31

Z.ai

•Model–PurelyfocusesonLLMs,specializingincoding,agentsandreasoning

•Revenuestream–MaaSonlywithcloud(API+subscription)andon-premdeployment

•Premiummarket–FocusingonhighvalueproductivitymarketwithhighAPIpricing

•Academicbackground–OriginatedfromTsinghuaUniversity’sleadingacademiclab

Source:Z.ai

32

ByteDance:TheNewDisrupter

Source:MorganStanleyResearch

MoRGANSTANLEyREsEARcH33

Alibaba

•Qwen–Theworld’smostwidelyusedopen-sourcemodelfamily,surpassed1bncumulativedownloadsonHuggingFaceasofJanuary21,2026.

•EstablishedAlibabatokenhub–CompriseexistingAlibabaunitsTongyiLaboratory(multimodalfoundation

model),MaaSBusinessLine,Qwen(2Cagenticapplication),Wukong(2Bagenticapplication)andAIInnovation(newAIapplications,businessesmodels,andmarkets).

•Cloudgrowthtoaccelerate–GuidedforUS100bnrevenueinfiveyears,40%+CAGR.

•Capex–WeexpectfurtherupsidefromRmb380bn+three-yearguidance.

Source:Alibaba

Morganstanley

RESEARCH

FouNDATloN

34

Tencent:SteppingUpAIInvestmentin2026

Keyproducts:

•FoundationmodelHunyuan:Scaleuptolargermodels;co-designprocesswithotherTencentproductteams

•YuanbaoAIchatbot:informationaggregators,mostoverlapwith,andsubstitute,searchusecases;CoreexperiencewillbenefitfromHY3.0deploymentandfutureimprovementwithinYuanbao

•ProductivityAI:EarlyleadinagenticAIdeployment,WorkBuddy,CodeBuddyandClaws

•WeixinAI:Underdevelopment

WilldoubleinvestmentinNewAIfornewopportunitiesin2026(spentRmb18billionin2025–includingtalent,data,trainingforHY,inferenceandmarketingforYuanbao)

TencentYuanbaoWeCh