Good write up. However as a ba

1
Comment
Favorite

Good write up. However as a basic communication tool WeChat is still unrivalled. AI tools will be embedded and used in conjunction with WeChat ecosystem. Tencent is extremely undervalued now worth easily double of current valuation

Why Is Capital Fleeing When Tencent Hasn't Made a Mistake?

Over the past few months, Tencent's stock price has been puzzling. From a high of HK$639 in early 2026, it fell to around HK$472 by the end of April, a drop of over 25%. During this period, there...

Why Is Capital Fleeing When Tencent Hasn't Made a Mistake?

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

Top
Latest

No comments yet

Most Discussed

{"i18n":{"language":"en_US"},"data":{"magic":2,"id":563625143083368,"tweetId":"563625143083368","gmtCreate":1778636995973,"gmtModify":1778637020580,"author":{"id":3586737504816693,"idStr":"3586737504816693","authorId":3586737504816693,"authorIdStr":"3586737504816693","name":"Gohsan","avatar":"https://community-static.tradeup.com/news/bc3295777ce907771beb2bd2d98fe79a","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":13,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":115,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body>Good write up. However as a basic communication tool WeChat is still unrivalled. AI tools will be embedded and used in conjunction with WeChat ecosystem. Tencent is extremely undervalued now worth easily double of current valuation&nbsp;</body></html>","htmlText":"<html><head></head><body>Good write up. However as a basic communication tool WeChat is still unrivalled. AI tools will be embedded and used in conjunction with WeChat ecosystem. Tencent is extremely undervalued now worth easily double of current valuation&nbsp;</body></html>","text":"Good write up. However as a basic communication tool WeChat is still unrivalled. AI tools will be embedded and used in conjunction with WeChat ecosystem. Tencent is extremely undervalued now worth easily double of current valuation","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/563625143083368","repostId":1154565874,"repostType":2,"repost":{"id":"1154565874","kind":"news","weMediaInfo":{"introduction":"Global Stock Market Deep Analysis","home_visible":1,"media_name":"Deep News","id":"1039043262","head_image":"https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922"},"pubTimestamp":1778588633,"share":"https://ttm.financial/m/news/1154565874?lang=en_US&edition=fundamental","pubTime":"2026-05-12 20:23","market":"us","language":"en","title":"Why Is Capital Fleeing When Tencent Hasn't Made a Mistake?","url":"https://stock-news.laohu8.com/highlight/detail?id=1154565874","media":"Deep News","summary":"Over the past few months, Tencent's stock price has been puzzling. From a high of HK$639 in early 2026, it fell to around HK$472 by the end of April, a drop of over 25%. During this period, there...","content":"Over the past few months, Tencent's stock price has been puzzling. From a high of HK$639 in early 2026, it fell to around HK$472 by the end of April, a drop of over 25%. During this period, there were no obvious negative developments for Tencent: gaming revenue remained stable, the advertising business was recovering, and WeChat's monthly active users continued to exceed one billion. Each earnings report was more impressive than the last, yet the stock price kept declining. Analysts offered various explanations, but they often felt superficial—correct yet missing the core issue.\nA new perspective emerged after seeing a screenshot from a friend's phone. It showed iPhone battery usage for the day, with data for two apps side by side: WeChat, with 2 hours and 1 minute of screen-on time, consuming 50% of the battery; and Claude, with 2 hours and 11 minutes of screen-on time, consuming 26%. The usage durations were nearly identical. My friend added a note: \"I'm now spending more time on Claude than on WeChat.\"\nWhile this single screenshot doesn't prove a macro trend, it offers an observation point: in one specific user's day, an AI application is competing directly with WeChat for attention. Not TikTok, not Weibo, not any product that has challenged WeChat over the past 15 years, but an entirely different type of application.\nCapital markets are pricing in this structural unease. The issue for Tencent is not about today's earnings, but about user time flowing toward a domain where WeChat has never truly established a defense. To understand what this means, we must start from a more fundamental proposition: in an era of information overload, what is the truly scarce resource?\nAttention as a Scarce Resource\nIn 1971, Herbert Simon wrote in a frequently cited yet often misinterpreted paper that an abundance of information necessarily leads to a poverty of attention. His logic was concise and powerful: information consumes the attention of its recipients. Therefore, the more information there is, the scarcer attention becomes. This insight, proposed before the internet's birth, found its full historical weight in the mobile internet era.\nIn 1997, Michael Goldhaber built on this to propose the concept of the \"attention economy\": in the information age, attention itself is currency. Whoever captures user attention can monetize it—whether through advertising, subscriptions, or data. The business models of internet platforms are, in essence, the monetization of attention.\nThis framework provides the first key to understanding WeChat's competitive history. Over the past 15 years, every challenge WeChat faced was superficially a battle of product features but fundamentally a reallocation of attention share: telecom operators lost the time and money users spent on SMS; Weibo lost the idle time users spent in public squares; TikTok competed for users' fragmented sensory time during waits, commutes, and before sleep.\nBut attention is not homogeneous. Herbert Simon, a cognitive scientist, understood that human cognitive resources exist in hierarchies—superficial perceptual attention and deep, thoughtful attention are qualitatively different. This distinction becomes crucial in the AI era, a point we will return to later.\nFrom SMS Killer to National Operating System\nTo understand WeChat's competitive history, one must first grasp how disruptive its emergence was. When WeChat launched in 2011, China's mobile communication market was in the golden age of telecom operators. SMS was the main channel for daily communication, MMS was the precursor to social media, and Fetion was China Mobile's failed attempt to build a closed ecosystem. WeChat, with its minimalist instant messaging tool,颠覆了 this order. Leveraging QQ's user base for rapid growth, it used features like \"Shake,\" \"People Nearby,\" and \"Moments\" to transform a communication tool into a social platform. This降维打击 against telecom operators took less than three years.\nWeChat's first real competitors were other instant messaging products. Momo, launched in 2011, focused on stranger social networking and一度 showed fierce user growth. Miliao, a同期 product from Xiaomi with Lei Jun personally endorsing it, was seen as WeChat's most dangerous early rival. However, neither Momo nor Miliao could break through the network effects barrier WeChat had already established.\nNetwork effects are an extremely残酷的 competitive mechanism. Economists Carl Shapiro and Hal Varian systematically explained this logic in their 1999 book \"Information Rules\": when a product's value increases non-linearly with the number of users, the user base of the first mover itself forms an entry barrier.\nMore critically, communication products face \"bilateral lock-in\": you need to convince not only users to switch platforms but also all their contacts simultaneously. This coordination cost is, in practice, almost an impossible task. Miliao最终 ceased service in 2019; Momo found its own niche but never threatened WeChat's core position.\nThe second wave of challenges came from content platforms. The rise of Weibo once led outsiders to believe the main battlefield of social media was in public squares, not private messaging spaces. The launch of WeChat Moments in 2012 was, to a significant extent, a strategic response to Weibo—using a \"semi-closed\" circle of friends to counter Weibo's public broadcast logic. This proved to be an extremely correct judgment. The intimacy and information quality of Moments were better suited to the social habits of mainstream Chinese users than Weibo's information deluge. Weibo subsequently gradually transformed into a public domain platform for celebrities and media, coexisting with WeChat in a differentiated manner rather than engaging in direct confrontation.\nThe third wave came from short video. TikTok launched in 2016, with Kuaishou slightly earlier. This was the first genuine time分流危机 WeChat encountered. Short video doesn't compete for communication or social relationship chains; it directly competes for every minute users spend idly in front of their phone screens. TikTok's algorithmic recommendation mechanism is extremely precise; it is essentially the ultimate engineering of attention economy logic: using reinforcement learning algorithms to continuously optimize the \"attention capture rate per minute,\" keeping users scrolling for an hour without expectation.\nPlatform economist Jean Tirole's theory of two-sided markets has an interesting application here: WeChat and TikTok are actually competing for two sides of the same users—as content consumers and as communication nodes. TikTok only challenges the former; it does not and cannot challenge the latter. This explains why WeChat, despite some losses during the short video era, did not see its foundation shaken.\nWeChat's response was Channels. Launched in 2020, its development was slow initially, but under Zhang Xiaolong's持续 strategic bet, Channels' daily active users and usage time have increased year by year. By 2024, Channels had become a non-negligible third force in China's short video领域. WeChat's reaction this time cannot be called a failure, but it was certainly not an overwhelming victory. TikTok's advantage in user time remains largely unshaken.\nBefore AI, Did WeChat Ever Lose?\nFrankly, before AI, WeChat never lost any competition in a fundamental sense.\nIt achieved complete victory over telecom operators. It achieved complete victory over early instant messaging rivals. It achieved strategic non-defeat against Weibo (the two diverged, but WeChat's core social functions remained unshakable). Against short video, it experienced局部失守; user time spent on TikTok was indeed eroded, but WeChat's reliance is not on entertainment time but on its irreplaceable position as communication infrastructure.\nThis is WeChat's true moat: it is not an app you like to use; it is an app you have to use. Work groups are on WeChat, payment QR codes are via WeChat Pay, parents contact you through WeChat, school notifications come via WeChat. Ordering food delivery, making medical appointments, checking housing provident fund—all can be done through WeChat Mini Programs. WeChat long ago ceased to be just a communication tool; it is the underlying operating system of digital life in China.\nHere, a theoretical concept worth辨析 is switching costs. Economists distinguish between two types: functional switching costs (the cost of relearning and adapting to a new product) and relational switching costs (the cost of disconnecting from an existing social network when switching platforms). WeChat's moat is primarily the latter. Users are on WeChat not necessarily because it is the best, but because social networks are already established there in practice. The cost of leaving is not losing a tool but losing a set of social connections.\nDavid Evans and Richard Schmalensee, in studying platform competition, noted that once this kind of relational lock-in forms, there are almost only two ways to break it: either the entire social network migrates collectively (extremely difficult) or a new demand scenario emerges that doesn't require migrating old relationships (possible).\nAI恰好 provides the second possibility.\nAI: The First Challenger That Truly Alters Time Structure\nReturning to Herbert Simon's hierarchy of attention. In the past, all of WeChat's competitors were vying for users'浅层注意力—entertainment time, fragmented browsing time, social chat time. This time could be taken by TikTok or occupied by games, but WeChat's \"essential communication time\" remained unbreakable.\nThe emergence of AI assistants has, for the first time,触动了一种不同性质的时间: deep attention time. When users open DeepSeek, Claude, or GPT, what are they doing? Writing articles, researching information, analyzing data, processing legal documents, learning new knowledge, conducting investment research. The common feature of these scenarios is that users are in a state of active cognitive engagement, not passive sensory consumption. This is what Herbert Simon termed \"thoughtful attention,\"其稀缺程度和价值密度 far exceed the fragmented time spent scrolling through Moments.\nFrom the battery screenshot, one user spent 2 hours and 11 minutes interacting with Claude in a single day, exceeding their active time on WeChat. This is not entertainment substitution; it is workflow substitution. Workflow, however, is territory WeChat has never truly competed for.\nTencent is certainly aware of this threat. Its Hunyuan large model has been launched, and WeChat internally is exploring integration paths for AI features. But there is a fundamental tension here: WeChat's product philosophy is \"use and leave.\" Zhang Xiaolong has emphasized on multiple occasions that a good product should not make users沉迷; it should allow them to complete tasks and leave quickly. This conflicts intrinsically with the product logic of AI assistants, which aim to become users'深度工作伴侣.\nBeyond the conflict in product philosophy, there is a more direct reality: Hunyuan's actual performance has been underwhelming. During the most intense period of the global AI race from 2024 to 2025, OpenAI, Anthropic, Google, Meta, and even China's本土 DeepSeek were iterating at a肉眼可见的速度, with capability curves rising steeply. Hunyuan remained lukewarm, rarely appearing in the top tier in domestic mainstream evaluations and having almost no international presence.\nFor a company with massive user data, ample funds, and top engineers, this is a result that puzzles the market. Tencent is not losing on resources; it is more likely losing on priorities and organizational culture: whether a company with social and gaming in its基因 can muster sufficient strategic will in an era requiring \"all in\" on foundational model R&D remains an open question.\nA deeper issue is that competition among AI assistants is not about features but about竞争 for cognitive trust. Economics has the concept of \"experience goods\"—products whose quality cannot be judged before consumption, only known after use. AI assistants go a step further: they are highly personalized experience goods. The longer you use them, the deeper the context, the more accurately they understand you, and the higher the switching cost becomes. Once this stickiness forms, its mechanism is identical to the social relationship chain stickiness WeChat built years ago, but it binds not users' social relationships but their cognitive habits and working memory.\nTencent's situation is somewhat similar to China Mobile's in 2011—not that the product is bad or resources are insufficient, but that a new competitive dimension has been defined, and you are not the one defining it.\nThe Final Outcome of Time\nReturning to the initial question: where is the time going? Herbert Simon's proposition has been fully validated in the mobile internet era: attention is indeed the scarcest resource. Over the past 15 years, WeChat won battle after battle in the attention war. It first took communication time from telecom operators, then used Moments to secure social time, and further used Mini Programs and Pay to lock in service time. WeChat built a super platform that几乎全天候复盖 the digital lives of Chinese users.\nBut the hierarchical structure of attention means this war never truly ends. The rise of AI assistants represents a new paradigm of time consumption—not娱乐式的浅层注意力消费, but工具式的深层注意力投入. Every minute users spend on AI is actively completing a task: writing, researching, analyzing, learning. The value density of this time is far higher than scrolling through Moments or watching Channels. This high-value time恰恰 is territory WeChat has never truly guarded before.\nShapiro and Varian made a prophetic judgment in \"Information Rules\": in the information economy, lock-in effects are the core source of lasting competitive advantage, but the basis for lock-in can shift with changes in technological paradigms. WeChat locks in social relationships; TikTok locks in sensory habits; AI will lock in cognitive habits and working memory. These three types of lock-in target different levels of the human attention system and do not have simple substitution relationships with each other.\nTencent is not incapable of responding: it lacks neither funds, data, nor user base. But the challenge it faces is at the product philosophy level: WeChat's greatness lies in knowing what it is and what it is not. The rise of AI assistants is重新画定 \"what is the core of digital life.\" If the answer shifts from \"social\" to \"thinking and work,\" WeChat's product positioning will require a difficult self-reconstruction, for which there is no precedent.\nThe stock price likely reflects precisely this uncertainty. The market is not worried about how much Tencent earns today but about where WeChat will stand in the next hierarchical migration of user attention.\nThis question cannot be answered by a single battery screenshot. But it is the right question to ask.","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>Why Is Capital Fleeing When Tencent Hasn't Made a Mistake?</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\">\nWhy Is Capital Fleeing When Tencent Hasn't Made a Mistake?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1039043262\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nDeep News \n2026-05-12 20:23\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\nOver the past few months, Tencent's stock price has been puzzling. From a high of HK$639 in early 2026, it fell to around HK$472 by the end of April, a drop of over 25%. During this period, there were no obvious negative developments for Tencent: gaming revenue remained stable, the advertising business was recovering, and WeChat's monthly active users continued to exceed one billion. Each earnings report was more impressive than the last, yet the stock price kept declining. Analysts offered various explanations, but they often felt superficial—correct yet missing the core issue.\nA new perspective emerged after seeing a screenshot from a friend's phone. It showed iPhone battery usage for the day, with data for two apps side by side: WeChat, with 2 hours and 1 minute of screen-on time, consuming 50% of the battery; and Claude, with 2 hours and 11 minutes of screen-on time, consuming 26%. The usage durations were nearly identical. My friend added a note: \"I'm now spending more time on Claude than on WeChat.\"\nWhile this single screenshot doesn't prove a macro trend, it offers an observation point: in one specific user's day, an AI application is competing directly with WeChat for attention. Not TikTok, not Weibo, not any product that has challenged WeChat over the past 15 years, but an entirely different type of application.\nCapital markets are pricing in this structural unease. The issue for Tencent is not about today's earnings, but about user time flowing toward a domain where WeChat has never truly established a defense. To understand what this means, we must start from a more fundamental proposition: in an era of information overload, what is the truly scarce resource?\nAttention as a Scarce Resource\nIn 1971, Herbert Simon wrote in a frequently cited yet often misinterpreted paper that an abundance of information necessarily leads to a poverty of attention. His logic was concise and powerful: information consumes the attention of its recipients. Therefore, the more information there is, the scarcer attention becomes. This insight, proposed before the internet's birth, found its full historical weight in the mobile internet era.\nIn 1997, Michael Goldhaber built on this to propose the concept of the \"attention economy\": in the information age, attention itself is currency. Whoever captures user attention can monetize it—whether through advertising, subscriptions, or data. The business models of internet platforms are, in essence, the monetization of attention.\nThis framework provides the first key to understanding WeChat's competitive history. Over the past 15 years, every challenge WeChat faced was superficially a battle of product features but fundamentally a reallocation of attention share: telecom operators lost the time and money users spent on SMS; Weibo lost the idle time users spent in public squares; TikTok competed for users' fragmented sensory time during waits, commutes, and before sleep.\nBut attention is not homogeneous. Herbert Simon, a cognitive scientist, understood that human cognitive resources exist in hierarchies—superficial perceptual attention and deep, thoughtful attention are qualitatively different. This distinction becomes crucial in the AI era, a point we will return to later.\nFrom SMS Killer to National Operating System\nTo understand WeChat's competitive history, one must first grasp how disruptive its emergence was. When WeChat launched in 2011, China's mobile communication market was in the golden age of telecom operators. SMS was the main channel for daily communication, MMS was the precursor to social media, and Fetion was China Mobile's failed attempt to build a closed ecosystem. WeChat, with its minimalist instant messaging tool,颠覆了 this order. Leveraging QQ's user base for rapid growth, it used features like \"Shake,\" \"People Nearby,\" and \"Moments\" to transform a communication tool into a social platform. This降维打击 against telecom operators took less than three years.\nWeChat's first real competitors were other instant messaging products. Momo, launched in 2011, focused on stranger social networking and一度 showed fierce user growth. Miliao, a同期 product from Xiaomi with Lei Jun personally endorsing it, was seen as WeChat's most dangerous early rival. However, neither Momo nor Miliao could break through the network effects barrier WeChat had already established.\nNetwork effects are an extremely残酷的 competitive mechanism. Economists Carl Shapiro and Hal Varian systematically explained this logic in their 1999 book \"Information Rules\": when a product's value increases non-linearly with the number of users, the user base of the first mover itself forms an entry barrier.\nMore critically, communication products face \"bilateral lock-in\": you need to convince not only users to switch platforms but also all their contacts simultaneously. This coordination cost is, in practice, almost an impossible task. Miliao最终 ceased service in 2019; Momo found its own niche but never threatened WeChat's core position.\nThe second wave of challenges came from content platforms. The rise of Weibo once led outsiders to believe the main battlefield of social media was in public squares, not private messaging spaces. The launch of WeChat Moments in 2012 was, to a significant extent, a strategic response to Weibo—using a \"semi-closed\" circle of friends to counter Weibo's public broadcast logic. This proved to be an extremely correct judgment. The intimacy and information quality of Moments were better suited to the social habits of mainstream Chinese users than Weibo's information deluge. Weibo subsequently gradually transformed into a public domain platform for celebrities and media, coexisting with WeChat in a differentiated manner rather than engaging in direct confrontation.\nThe third wave came from short video. TikTok launched in 2016, with Kuaishou slightly earlier. This was the first genuine time分流危机 WeChat encountered. Short video doesn't compete for communication or social relationship chains; it directly competes for every minute users spend idly in front of their phone screens. TikTok's algorithmic recommendation mechanism is extremely precise; it is essentially the ultimate engineering of attention economy logic: using reinforcement learning algorithms to continuously optimize the \"attention capture rate per minute,\" keeping users scrolling for an hour without expectation.\nPlatform economist Jean Tirole's theory of two-sided markets has an interesting application here: WeChat and TikTok are actually competing for two sides of the same users—as content consumers and as communication nodes. TikTok only challenges the former; it does not and cannot challenge the latter. This explains why WeChat, despite some losses during the short video era, did not see its foundation shaken.\nWeChat's response was Channels. Launched in 2020, its development was slow initially, but under Zhang Xiaolong's持续 strategic bet, Channels' daily active users and usage time have increased year by year. By 2024, Channels had become a non-negligible third force in China's short video领域. WeChat's reaction this time cannot be called a failure, but it was certainly not an overwhelming victory. TikTok's advantage in user time remains largely unshaken.\nBefore AI, Did WeChat Ever Lose?\nFrankly, before AI, WeChat never lost any competition in a fundamental sense.\nIt achieved complete victory over telecom operators. It achieved complete victory over early instant messaging rivals. It achieved strategic non-defeat against Weibo (the two diverged, but WeChat's core social functions remained unshakable). Against short video, it experienced局部失守; user time spent on TikTok was indeed eroded, but WeChat's reliance is not on entertainment time but on its irreplaceable position as communication infrastructure.\nThis is WeChat's true moat: it is not an app you like to use; it is an app you have to use. Work groups are on WeChat, payment QR codes are via WeChat Pay, parents contact you through WeChat, school notifications come via WeChat. Ordering food delivery, making medical appointments, checking housing provident fund—all can be done through WeChat Mini Programs. WeChat long ago ceased to be just a communication tool; it is the underlying operating system of digital life in China.\nHere, a theoretical concept worth辨析 is switching costs. Economists distinguish between two types: functional switching costs (the cost of relearning and adapting to a new product) and relational switching costs (the cost of disconnecting from an existing social network when switching platforms). WeChat's moat is primarily the latter. Users are on WeChat not necessarily because it is the best, but because social networks are already established there in practice. The cost of leaving is not losing a tool but losing a set of social connections.\nDavid Evans and Richard Schmalensee, in studying platform competition, noted that once this kind of relational lock-in forms, there are almost only two ways to break it: either the entire social network migrates collectively (extremely difficult) or a new demand scenario emerges that doesn't require migrating old relationships (possible).\nAI恰好 provides the second possibility.\nAI: The First Challenger That Truly Alters Time Structure\nReturning to Herbert Simon's hierarchy of attention. In the past, all of WeChat's competitors were vying for users'浅层注意力—entertainment time, fragmented browsing time, social chat time. This time could be taken by TikTok or occupied by games, but WeChat's \"essential communication time\" remained unbreakable.\nThe emergence of AI assistants has, for the first time,触动了一种不同性质的时间: deep attention time. When users open DeepSeek, Claude, or GPT, what are they doing? Writing articles, researching information, analyzing data, processing legal documents, learning new knowledge, conducting investment research. The common feature of these scenarios is that users are in a state of active cognitive engagement, not passive sensory consumption. This is what Herbert Simon termed \"thoughtful attention,\"其稀缺程度和价值密度 far exceed the fragmented time spent scrolling through Moments.\nFrom the battery screenshot, one user spent 2 hours and 11 minutes interacting with Claude in a single day, exceeding their active time on WeChat. This is not entertainment substitution; it is workflow substitution. Workflow, however, is territory WeChat has never truly competed for.\nTencent is certainly aware of this threat. Its Hunyuan large model has been launched, and WeChat internally is exploring integration paths for AI features. But there is a fundamental tension here: WeChat's product philosophy is \"use and leave.\" Zhang Xiaolong has emphasized on multiple occasions that a good product should not make users沉迷; it should allow them to complete tasks and leave quickly. This conflicts intrinsically with the product logic of AI assistants, which aim to become users'深度工作伴侣.\nBeyond the conflict in product philosophy, there is a more direct reality: Hunyuan's actual performance has been underwhelming. During the most intense period of the global AI race from 2024 to 2025, OpenAI, Anthropic, Google, Meta, and even China's本土 DeepSeek were iterating at a肉眼可见的速度, with capability curves rising steeply. Hunyuan remained lukewarm, rarely appearing in the top tier in domestic mainstream evaluations and having almost no international presence.\nFor a company with massive user data, ample funds, and top engineers, this is a result that puzzles the market. Tencent is not losing on resources; it is more likely losing on priorities and organizational culture: whether a company with social and gaming in its基因 can muster sufficient strategic will in an era requiring \"all in\" on foundational model R&D remains an open question.\nA deeper issue is that competition among AI assistants is not about features but about竞争 for cognitive trust. Economics has the concept of \"experience goods\"—products whose quality cannot be judged before consumption, only known after use. AI assistants go a step further: they are highly personalized experience goods. The longer you use them, the deeper the context, the more accurately they understand you, and the higher the switching cost becomes. Once this stickiness forms, its mechanism is identical to the social relationship chain stickiness WeChat built years ago, but it binds not users' social relationships but their cognitive habits and working memory.\nTencent's situation is somewhat similar to China Mobile's in 2011—not that the product is bad or resources are insufficient, but that a new competitive dimension has been defined, and you are not the one defining it.\nThe Final Outcome of Time\nReturning to the initial question: where is the time going? Herbert Simon's proposition has been fully validated in the mobile internet era: attention is indeed the scarcest resource. Over the past 15 years, WeChat won battle after battle in the attention war. It first took communication time from telecom operators, then used Moments to secure social time, and further used Mini Programs and Pay to lock in service time. WeChat built a super platform that几乎全天候复盖 the digital lives of Chinese users.\nBut the hierarchical structure of attention means this war never truly ends. The rise of AI assistants represents a new paradigm of time consumption—not娱乐式的浅层注意力消费, but工具式的深层注意力投入. Every minute users spend on AI is actively completing a task: writing, researching, analyzing, learning. The value density of this time is far higher than scrolling through Moments or watching Channels. This high-value time恰恰 is territory WeChat has never truly guarded before.\nShapiro and Varian made a prophetic judgment in \"Information Rules\": in the information economy, lock-in effects are the core source of lasting competitive advantage, but the basis for lock-in can shift with changes in technological paradigms. WeChat locks in social relationships; TikTok locks in sensory habits; AI will lock in cognitive habits and working memory. These three types of lock-in target different levels of the human attention system and do not have simple substitution relationships with each other.\nTencent is not incapable of responding: it lacks neither funds, data, nor user base. But the challenge it faces is at the product philosophy level: WeChat's greatness lies in knowing what it is and what it is not. The rise of AI assistants is重新画定 \"what is the core of digital life.\" If the answer shifts from \"social\" to \"thinking and work,\" WeChat's product positioning will require a difficult self-reconstruction, for which there is no precedent.\nThe stock price likely reflects precisely this uncertainty. The market is not worried about how much Tencent earns today but about where WeChat will stand in the next hierarchical migration of user attention.\nThis question cannot be answered by a single battery screenshot. But it is the right question to ask.\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","HK0001040168.HKD":"CLSA GREATER CHINA HIGH DIVIDEND EQUITY \"A\" (HKD) INC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS \"A2\" (USD) ACC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS \"A2\" (USD) INC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","HK0001040143.USD":"中信里昂大中华高息股票基金 美元","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU2317271919.USD":"BGF FUTURE CONSUMER \"A2\" (USD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0414403682.SGD":"Blackrock Asia Pacific Equity Income A5 SGD-H","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0541502299.USD":"ALLSPRING EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","IE00B067MR52.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) ACC","LU0738912210.USD":"Blackrock Asia Pacific Equity Income A6 USD","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU1725190679.HKD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (HKD) INC MF","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB LE EQUITY \"A\" (USD) ACC","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU0541501648.USD":"ALLSPRING EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU2251237306.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) INC A","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU2251237488.HKD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (HKD) INC A","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)","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD ACC","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","IE0003795394.USD":"BNY MELLON ASIAN EQUITY \"A\" (USD) ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU0048597586.USD":"富达亚洲焦点A","BK4585":"ETF&股票定投概念","LU0052750758.USD":"富兰克林中国基金A Acc","LU0791591158.USD":"ALLSPRING EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","TCEHY":"腾讯控股ADR","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","BK1609":"ChatGPT概念","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU1226288097.SGD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P\" (SGDHDG) INC A","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD) INC AV","BK4550":"红杉资本持仓","BK4588":"碎股","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) 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","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","IE00B8HQ1Z84.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"A\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","BK1610":"ETF&股票定投概念","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","HK0000151867.HKD":"JPMORGAN ASIA EQUITY DIVIDEND (HKD) INC","LU0972618739.USD":"JPM TOTAL EMERGING MARKETS \"A\" (USD) INC (M)","LU2177674079.SGD":"Fidelity Asia Pacific Opportunities A-ACC-SGD (hedged)","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU1785774172.SGD":"JPM TOTAL EMERGING MARKETS INCOME \"A\" (SGD) INC","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","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","SG9999001846.SGD":"Schroder Asian Equity Yield A Dis SGD","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU1102505762.USD":"富达新兴市场焦点 A","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0173614495.USD":"富达中国焦点A","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0608807946.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" Q (USD) INC","LU0072913022.USD":"UBS (LUX) EQUITY FUND - GREATER CHINA \"P\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU2498475776.HKD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (HKD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc 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","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","SG9999007991.SGD":"Schroder Asian Income A Dis SGD","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU0823426308.USD":"法巴中国股票基金","LU0228659784.USD":"施罗德金砖四国基金","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC NC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU0862451837.USD":"JPM EMERGING MARKETS DIVIDEND \"A\" (USD) INC (M)","LU2051468812.USD":"JPM EMERGING MARKETS ESG EQUITY \"A\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0823426480.USD":"法巴中国股票经典Dis","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) 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","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","IE0008368742.USD":"首域中国增长基金I Acc","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","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","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund SGD","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU1235295612.USD":"FIDELITY PACIFIC \"A\" (USDHDG) INC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0791590937.USD":"ALLSPRING EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU2294711473.HKD":"BNP PARIBAS CHINA EQUITY \"C\" (HKD) ACC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0080751232.USD":"富达环球多元动力基金A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU1439102457.SGD":"Fidelity Asia Pacific Multi Asset Growth & Income A-MINCOME(G)-SGD","LU1196710351.USD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (USD) INC MF","LU0396098781.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (USD) ACC","BK4504":"桥水持仓","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU1196710195.USD":"SCHRODER ISF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU0594300419.USD":"富达中国消费基金A","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU2279701549.SGD":"JPMorgan Funds - Emerging Markets Sustainable Equity A (acc) SGD","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0287142896.SGD":"Fidelity China Focus A-SGD","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","IE0031814852.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","BK1502":"双十一","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU0502904849.HKD":"FIDELITY FUNDS CHINA INNOVATION \"A\" (HKD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU1226288170.HKD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P6%\"(HK D) INC","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU1951186391.HKD":"UBS (LUX) KEY SEL CHINA ALLOCATION OPPORTUNITY (US \"P\" (HKD) INC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","IE0003851619.USD":"BNY MELLON ASIAN EQUITY \"B\" (USD) ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0188438112.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","IE00B031J352.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) INC","LU0192582467.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" (USD) INC MF","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","BK1095":"互动媒体与服务","BK1608":"元宇宙概念","IE00B97KM107.HKD":"FSSA ASIAN EQUITY PLUS \"I\" (HKD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","BK4077":"互动媒体与服务","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU1226287875.USD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"PM\" (USD) INC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","BK1531":"手游股","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0878004406.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) INC","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0882747503.HKD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (HKD) INC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU2008162690.USD":"FIDELITY FUNDS - ASIA PACIFIC OPPORTUNITIES \"A\" (USD) ACC","LU0261947096.USD":"FIDELITY FUNDS SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","00700":"腾讯控股","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0455707207.USD":"FIDELITY FUNDS CHINA INNOVATION \"A\" (USD) INC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","BK1517":"云办公","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","BK1516":"腾讯概念","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","SG9999001051.SGD":"United Asia Fund SGD","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","HK0000352291.HKD":"VALUE PARTNERS ASIAN INCOME \"A\" (HKD) INC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","HK0000352382.USD":"VALUE PARTNERS ASIAN INCOME \"A\" (USD) INC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","IE0032834883.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) INC","SG9999001689.USD":"施罗德亚洲成长股票","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU1226287792.SGD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P\" (SGDHDG) INC","IE00B0169L03.USD":"FSSA ASIA FOCUS FUND \"I\" (USD) ACC","BK1589":"北水核心资产","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","BK1618":"Manus概念股","LU1629966141.USD":"Aberdeen Standard SICAV I - Asia Pacific Multi Asset A Acc USD","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU2462611646.USD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (USD) INC MTI","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","BK4581":"高盛持仓","BK1615":"港股-互联网","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU1733274473.HKD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (HKD) INC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","HTCD.SI":"Tencent HK SDR 10to1","SG9999013353.USD":"SCHRODER ASIAN INCOME FUND\"A\" (USDHDG) INC","LU1733274390.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) INC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY \"A\" (USD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","BK1586":"云计算","IE0008368411.USD":"FSSA ASIAN GROWTH \"I\" (USD) ACC","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","IE00B031HW06.USD":"FSSA ASIAN GROWTH \"I\" (USD) INC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU2237443895.HKD":"abrdn SICAV I - GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","BK1526":"科网股","LU1008478684.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY \"P\" (HKD) ACC","LU0049112450.USD":"FIDELITY PACIFIC \"A\" INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","BK1591":"就地过年概念","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","BK1521":"挪威政府全球养老基金持仓","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0048580855.USD":"富达大中华区A","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","IE0009570106.USD":"FSSA ASIA OPPORTUNITIES \"I\" (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","LU2237443465.HKD":"abrdn SICAV I - GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154565874","content_text":"Over the past few months, Tencent's stock price has been puzzling. From a high of HK$639 in early 2026, it fell to around HK$472 by the end of April, a drop of over 25%. During this period, there were no obvious negative developments for Tencent: gaming revenue remained stable, the advertising business was recovering, and WeChat's monthly active users continued to exceed one billion. Each earnings report was more impressive than the last, yet the stock price kept declining. Analysts offered various explanations, but they often felt superficial—correct yet missing the core issue.\nA new perspective emerged after seeing a screenshot from a friend's phone. It showed iPhone battery usage for the day, with data for two apps side by side: WeChat, with 2 hours and 1 minute of screen-on time, consuming 50% of the battery; and Claude, with 2 hours and 11 minutes of screen-on time, consuming 26%. The usage durations were nearly identical. My friend added a note: \"I'm now spending more time on Claude than on WeChat.\"\nWhile this single screenshot doesn't prove a macro trend, it offers an observation point: in one specific user's day, an AI application is competing directly with WeChat for attention. Not TikTok, not Weibo, not any product that has challenged WeChat over the past 15 years, but an entirely different type of application.\nCapital markets are pricing in this structural unease. The issue for Tencent is not about today's earnings, but about user time flowing toward a domain where WeChat has never truly established a defense. To understand what this means, we must start from a more fundamental proposition: in an era of information overload, what is the truly scarce resource?\nAttention as a Scarce Resource\nIn 1971, Herbert Simon wrote in a frequently cited yet often misinterpreted paper that an abundance of information necessarily leads to a poverty of attention. His logic was concise and powerful: information consumes the attention of its recipients. Therefore, the more information there is, the scarcer attention becomes. This insight, proposed before the internet's birth, found its full historical weight in the mobile internet era.\nIn 1997, Michael Goldhaber built on this to propose the concept of the \"attention economy\": in the information age, attention itself is currency. Whoever captures user attention can monetize it—whether through advertising, subscriptions, or data. The business models of internet platforms are, in essence, the monetization of attention.\nThis framework provides the first key to understanding WeChat's competitive history. Over the past 15 years, every challenge WeChat faced was superficially a battle of product features but fundamentally a reallocation of attention share: telecom operators lost the time and money users spent on SMS; Weibo lost the idle time users spent in public squares; TikTok competed for users' fragmented sensory time during waits, commutes, and before sleep.\nBut attention is not homogeneous. Herbert Simon, a cognitive scientist, understood that human cognitive resources exist in hierarchies—superficial perceptual attention and deep, thoughtful attention are qualitatively different. This distinction becomes crucial in the AI era, a point we will return to later.\nFrom SMS Killer to National Operating System\nTo understand WeChat's competitive history, one must first grasp how disruptive its emergence was. When WeChat launched in 2011, China's mobile communication market was in the golden age of telecom operators. SMS was the main channel for daily communication, MMS was the precursor to social media, and Fetion was China Mobile's failed attempt to build a closed ecosystem. WeChat, with its minimalist instant messaging tool,颠覆了 this order. Leveraging QQ's user base for rapid growth, it used features like \"Shake,\" \"People Nearby,\" and \"Moments\" to transform a communication tool into a social platform. This降维打击 against telecom operators took less than three years.\nWeChat's first real competitors were other instant messaging products. Momo, launched in 2011, focused on stranger social networking and一度 showed fierce user growth. Miliao, a同期 product from Xiaomi with Lei Jun personally endorsing it, was seen as WeChat's most dangerous early rival. However, neither Momo nor Miliao could break through the network effects barrier WeChat had already established.\nNetwork effects are an extremely残酷的 competitive mechanism. Economists Carl Shapiro and Hal Varian systematically explained this logic in their 1999 book \"Information Rules\": when a product's value increases non-linearly with the number of users, the user base of the first mover itself forms an entry barrier.\nMore critically, communication products face \"bilateral lock-in\": you need to convince not only users to switch platforms but also all their contacts simultaneously. This coordination cost is, in practice, almost an impossible task. Miliao最终 ceased service in 2019; Momo found its own niche but never threatened WeChat's core position.\nThe second wave of challenges came from content platforms. The rise of Weibo once led outsiders to believe the main battlefield of social media was in public squares, not private messaging spaces. The launch of WeChat Moments in 2012 was, to a significant extent, a strategic response to Weibo—using a \"semi-closed\" circle of friends to counter Weibo's public broadcast logic. This proved to be an extremely correct judgment. The intimacy and information quality of Moments were better suited to the social habits of mainstream Chinese users than Weibo's information deluge. Weibo subsequently gradually transformed into a public domain platform for celebrities and media, coexisting with WeChat in a differentiated manner rather than engaging in direct confrontation.\nThe third wave came from short video. TikTok launched in 2016, with Kuaishou slightly earlier. This was the first genuine time分流危机 WeChat encountered. Short video doesn't compete for communication or social relationship chains; it directly competes for every minute users spend idly in front of their phone screens. TikTok's algorithmic recommendation mechanism is extremely precise; it is essentially the ultimate engineering of attention economy logic: using reinforcement learning algorithms to continuously optimize the \"attention capture rate per minute,\" keeping users scrolling for an hour without expectation.\nPlatform economist Jean Tirole's theory of two-sided markets has an interesting application here: WeChat and TikTok are actually competing for two sides of the same users—as content consumers and as communication nodes. TikTok only challenges the former; it does not and cannot challenge the latter. This explains why WeChat, despite some losses during the short video era, did not see its foundation shaken.\nWeChat's response was Channels. Launched in 2020, its development was slow initially, but under Zhang Xiaolong's持续 strategic bet, Channels' daily active users and usage time have increased year by year. By 2024, Channels had become a non-negligible third force in China's short video领域. WeChat's reaction this time cannot be called a failure, but it was certainly not an overwhelming victory. TikTok's advantage in user time remains largely unshaken.\nBefore AI, Did WeChat Ever Lose?\nFrankly, before AI, WeChat never lost any competition in a fundamental sense.\nIt achieved complete victory over telecom operators. It achieved complete victory over early instant messaging rivals. It achieved strategic non-defeat against Weibo (the two diverged, but WeChat's core social functions remained unshakable). Against short video, it experienced局部失守; user time spent on TikTok was indeed eroded, but WeChat's reliance is not on entertainment time but on its irreplaceable position as communication infrastructure.\nThis is WeChat's true moat: it is not an app you like to use; it is an app you have to use. Work groups are on WeChat, payment QR codes are via WeChat Pay, parents contact you through WeChat, school notifications come via WeChat. Ordering food delivery, making medical appointments, checking housing provident fund—all can be done through WeChat Mini Programs. WeChat long ago ceased to be just a communication tool; it is the underlying operating system of digital life in China.\nHere, a theoretical concept worth辨析 is switching costs. Economists distinguish between two types: functional switching costs (the cost of relearning and adapting to a new product) and relational switching costs (the cost of disconnecting from an existing social network when switching platforms). WeChat's moat is primarily the latter. Users are on WeChat not necessarily because it is the best, but because social networks are already established there in practice. The cost of leaving is not losing a tool but losing a set of social connections.\nDavid Evans and Richard Schmalensee, in studying platform competition, noted that once this kind of relational lock-in forms, there are almost only two ways to break it: either the entire social network migrates collectively (extremely difficult) or a new demand scenario emerges that doesn't require migrating old relationships (possible).\nAI恰好 provides the second possibility.\nAI: The First Challenger That Truly Alters Time Structure\nReturning to Herbert Simon's hierarchy of attention. In the past, all of WeChat's competitors were vying for users'浅层注意力—entertainment time, fragmented browsing time, social chat time. This time could be taken by TikTok or occupied by games, but WeChat's \"essential communication time\" remained unbreakable.\nThe emergence of AI assistants has, for the first time,触动了一种不同性质的时间: deep attention time. When users open DeepSeek, Claude, or GPT, what are they doing? Writing articles, researching information, analyzing data, processing legal documents, learning new knowledge, conducting investment research. The common feature of these scenarios is that users are in a state of active cognitive engagement, not passive sensory consumption. This is what Herbert Simon termed \"thoughtful attention,\"其稀缺程度和价值密度 far exceed the fragmented time spent scrolling through Moments.\nFrom the battery screenshot, one user spent 2 hours and 11 minutes interacting with Claude in a single day, exceeding their active time on WeChat. This is not entertainment substitution; it is workflow substitution. Workflow, however, is territory WeChat has never truly competed for.\nTencent is certainly aware of this threat. Its Hunyuan large model has been launched, and WeChat internally is exploring integration paths for AI features. But there is a fundamental tension here: WeChat's product philosophy is \"use and leave.\" Zhang Xiaolong has emphasized on multiple occasions that a good product should not make users沉迷; it should allow them to complete tasks and leave quickly. This conflicts intrinsically with the product logic of AI assistants, which aim to become users'深度工作伴侣.\nBeyond the conflict in product philosophy, there is a more direct reality: Hunyuan's actual performance has been underwhelming. During the most intense period of the global AI race from 2024 to 2025, OpenAI, Anthropic, Google, Meta, and even China's本土 DeepSeek were iterating at a肉眼可见的速度, with capability curves rising steeply. Hunyuan remained lukewarm, rarely appearing in the top tier in domestic mainstream evaluations and having almost no international presence.\nFor a company with massive user data, ample funds, and top engineers, this is a result that puzzles the market. Tencent is not losing on resources; it is more likely losing on priorities and organizational culture: whether a company with social and gaming in its基因 can muster sufficient strategic will in an era requiring \"all in\" on foundational model R&D remains an open question.\nA deeper issue is that competition among AI assistants is not about features but about竞争 for cognitive trust. Economics has the concept of \"experience goods\"—products whose quality cannot be judged before consumption, only known after use. AI assistants go a step further: they are highly personalized experience goods. The longer you use them, the deeper the context, the more accurately they understand you, and the higher the switching cost becomes. Once this stickiness forms, its mechanism is identical to the social relationship chain stickiness WeChat built years ago, but it binds not users' social relationships but their cognitive habits and working memory.\nTencent's situation is somewhat similar to China Mobile's in 2011—not that the product is bad or resources are insufficient, but that a new competitive dimension has been defined, and you are not the one defining it.\nThe Final Outcome of Time\nReturning to the initial question: where is the time going? Herbert Simon's proposition has been fully validated in the mobile internet era: attention is indeed the scarcest resource. Over the past 15 years, WeChat won battle after battle in the attention war. It first took communication time from telecom operators, then used Moments to secure social time, and further used Mini Programs and Pay to lock in service time. WeChat built a super platform that几乎全天候复盖 the digital lives of Chinese users.\nBut the hierarchical structure of attention means this war never truly ends. The rise of AI assistants represents a new paradigm of time consumption—not娱乐式的浅层注意力消费, but工具式的深层注意力投入. Every minute users spend on AI is actively completing a task: writing, researching, analyzing, learning. The value density of this time is far higher than scrolling through Moments or watching Channels. This high-value time恰恰 is territory WeChat has never truly guarded before.\nShapiro and Varian made a prophetic judgment in \"Information Rules\": in the information economy, lock-in effects are the core source of lasting competitive advantage, but the basis for lock-in can shift with changes in technological paradigms. WeChat locks in social relationships; TikTok locks in sensory habits; AI will lock in cognitive habits and working memory. These three types of lock-in target different levels of the human attention system and do not have simple substitution relationships with each other.\nTencent is not incapable of responding: it lacks neither funds, data, nor user base. But the challenge it faces is at the product philosophy level: WeChat's greatness lies in knowing what it is and what it is not. The rise of AI assistants is重新画定 \"what is the core of digital life.\" If the answer shifts from \"social\" to \"thinking and work,\" WeChat's product positioning will require a difficult self-reconstruction, for which there is no precedent.\nThe stock price likely reflects precisely this uncertainty. The market is not worried about how much Tencent earns today but about where WeChat will stand in the next hierarchical migration of user attention.\nThis question cannot be answered by a single battery screenshot. But it is the right question to ask.","news_type":1,"symbols_score_info":{"TCEHY":1,"HTCD.SI":1,"00700":1}},"isVote":1,"tweetType":1,"viewCount":139,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["CHAT","AIPO","AGIX","ARTY","IEMG"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":196,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}