https://reports.zhihai.me/tags/%E6%B7%B7%E5%85%83/Recent content in 混元 on 脱水研报HugoenTue, 08 Sep 2026 14:00:00 +0800https://reports.zhihai.me/posts/2026-09-08-tencent-q2-memi-prepay-harness-maas/Tue, 08 Sep 2026 14:00:00 +0800https://reports.zhihai.me/posts/2026-09-08-tencent-q2-memi-prepay-harness-maas/腾讯 Q2 预付逾 500 亿元锁定当前及下一代内存芯片，Harness 付费用户推理毛利率已与 MaaS 持平、Token 消耗 2x+ 免费用户；汇丰维持买入，目标价 655 港元不变。