Matters:
On May 30, 2024, Tencent Yuanbao, a C-terminal app based on Tencent's mixed-element model, was officially launched. It is available for download in all major app stores, and has multi-modal capabilities such as watching, listening, and speaking.
Guoxin Internet views:
1) Functional perspective: Tencent Yuanbao targets the core needs of users in work efficiency scenarios: information acquisition, processing, and production. It focuses on three major functions: AI search, AI summary, and AI writing. Life scenes are more focused on the “Discover” tab. Tencent Yuanbao can also create creative paintings and avatars, create intelligent objects, obtain information and AI maps.
2) Feature comparison: We compared the features of Ingot and Kimi. Experience it: ① Search function: Yuanbao and Kimi can make point-by-point analyses and provide sources of information. However, compared to ingots, the logic is more clear. They answer questions from several angles and make active predictions about questions.
In addition to this, from the perspective of data sources, Tencent Yuanbao will also provide references to articles on the official account. ② Summary function: Both Yuanbao and Kimi can summarize by point. Kimi will sort it down by key points, making it even more clear. Judging from the quality of the results, the content of Yuanbao's summary is more in line with the problem.
3) Tencent Yuanbao integrates rich Tencent business formats. Currently, at the bottom of the Yuanbao search results, the content of the WeChat public account article is presented in the form of a card. Click in to see the relevant WeChat account article. This design shows the mixed-element model's consideration of Tencent's entire content ecosystem. According to Tencent Technology, the daily usage volume of Tencent's internal products for large mixed-element models has reached 200 million, and more than 600 Tencent businesses and scenarios use large models to restructure and upgrade their own products. From internal use, Yuanbao slowly discovered some high-frequency scenarios, and then pushed product capabilities and user experience to the C end.
Investment advice: Yuanbao's answers are very in-depth. Essentially, it is the accumulation of high-quality content behind the public account. In the future, Tencent Yuanbao is expected to integrate more rich Tencent business formats. We believe that the future AI era will also be an era of strengthening personal IP. It can comprehensively grasp UGC data — not limited to a single model, but includes user behavior, search, content creation, commercialization, etc. that will reduce the dimensions and crack down on platforms that only had independent functions in the past. We are optimistic about Tencent's application in the AI era. Maintaining Tencent's profit forecast, the company's adjusted net profit for 24-26 is estimated to be 2002/2256/25.9 billion yuan, continuing to maintain the “superior to market” rating.