At 8 o'clock, here are the latest news: The average salary cost per Tencent employee exceeds one million yuan; An old - fashioned antibiotic has been hyped up to 1,000 yuan per box; NetEase denies "using AI to lay off all outsourced employees".

Today's Hot Topics Guide

Oil prices may return to the "9-yuan era" next week.

Country Garden responds to large-scale recall of former employees.

Multiple well-known Chinese patent medicines for colds are required to supplement information on adverse reactions.

iPhone 18 will use Samsung cameras for the first time.

WeChat now supports folded image sending: images over three can be displayed together.

Yang Zhilin's speech at GTC 2026: First complete disclosure of the technical roadmap of the Kimi model.

Top 3 Big News

Tencent's Financial Report Reveals: Revenue of 751.77 Billion in 2025, Total Salary of 130.7 Billion, Average Annual Salary per Employee Exceeds 1.12 Million

According to Yicai Daily, on March 18th, Tencent Holdings (00700.HK) released its financial reports for the fourth quarter and the whole year of 2025. AI continues to drive the optimization of the company's profit structure: Q4 revenue reached 194.37 billion yuan, a year-on-year increase of 13%; Non-IFRS operating profit was 69.52 billion yuan, a year-on-year increase of 17%. The annual revenue was 751.77 billion yuan, a year-on-year increase of 14%; Non-IFRS operating profit increased by 18% year-on-year.

As of December 31, 2025, Tencent Group had a total of 115,849 employees, an increase of more than 5,000 compared with 110,558 in 2024. Tencent's total salary cost in 2025 reached 130.7 billion yuan, a year-on-year increase of about 15.9% compared with 112.8 billion yuan in 2024. Calculated on this basis, the average annual salary cost per Tencent employee is about 1.128 million yuan. (Yicai, The Paper)

An Old - Brand Antibiotic Is Being Sold at Up to 1,000 Yuan per Box

On March 17th, Jiemian News reporters found that the original - research antibiotic Zinnat (cefuroxime axetil) was being sold at 1,589 yuan and 1,600 yuan per box on some e - commerce platforms. Based on an estimate of 12 tablets per box, the price per tablet was even as high as 130 yuan. Zinnat is a common anti - infective drug and a second - generation cephalosporin antibiotic. It can be used when diseases such as pharyngitis, tonsillitis, and otitis media occur, and it is also a commonly used drug for colds and fevers. Its purple outer packaging design has high visual recognition. In the past, a box of Zinnat cost only about a few dozen yuan in hospitals and pharmacies.

In January this year, GlaxoSmithKline told Hongxing Capital Bureau that the company's Zinnat comes in two forms: injections and tablets. Due to corporate strategic adjustments, the supply of tablets in the Chinese market has been stopped since January 1st, 2024. The current market price may be related to the distribution channels. (Jiemian News)

NetEase Responds to Outsourcing Lay - off Rumors

On March 18, 2026, a large number of rumors suddenly spread on domestic Internet industries and social platforms that NetEase would conduct large - scale lay - offs of outsourced and off - payroll employees, which attracted wide attention. NetEase later responded to the media that the information was untrue.

In the most widely circulated chat screenshots and online posts, there were statements with clear time points and lay - off ratios, such as "30% of employees will be laid off on April 1st" and "all employees will be laid off on May 1st". Some rumors further pointed out that this adjustment was directly related to artificial intelligence (AI) technology. It was said that NetEase's management had been trying to use AI to replace some human labor. The original lay - off plan was scheduled for May, but due to the unexpectedly high efficiency improvement after AI implementation, it was decided to implement it ahead of schedule.

According to the 21st Century Business Herald, in response to the above rumor of "using AI to lay off all outsourced employees", NetEase responded to reporters that the information was untrue. The recent personnel changes were only normal business adjustments and personnel replacements for some projects, which were part of the company's daily operation and management and would not have any impact on the overall operation of the company and the normal operation of each business line. (21st Century Business Herald, National Business Daily)

Large Companies/ Major Events

Tim Cook Denies Retirement Rumors: "I Can't Imagine Life Without Apple"

During an interview with the media, Apple CEO Tim Cook directly responded to the outside world's speculation about his retirement. He clearly stated that the claim of his departure was purely a rumor. Cook said, "No, I never said such a thing, never. It's just a rumor spread outside. I love my job deeply. I joined Apple 28 years ago, and since then, I've loved every day here. We've had ups and downs, but the colleagues I work with are extremely excellent. They bring out the best in me, and I also hope to help them achieve their best. I can't imagine my life without Apple." Previously, some media reported that Apple was preparing for Cook to step down in 2026. Coupled with the fact that Cook reached the regular retirement age of 65 last year, the market's speculation about the change of Apple's top management has intensified. (Jiemian News)

The iPhone 18 will use Samsung cameras for the first time

According to Kuaikeji, Sony, the core supplier of iPhone camera sensors, is currently facing severe production bottlenecks. This problem is mainly concentrated in Sony's technology center in Nagasaki, Japan, and the fluctuation of its yield rate has directly threatened the stability of the supply chain. Facing supply risks, Apple has been actively promoting the diversified layout of the supply chain. The latest strategic move is that Apple has chosen to cooperate deeply with Samsung, and the latter will officially enter the supply sequence of image sensors for the iPhone 18 series.

Samsung is customizing an extremely advanced three - layer stacked sensor for Apple. It is reported that its comprehensive performance is expected to surpass Sony's classic Exmor RS series, achieving a leap - forward improvement in data reading speed and photosensitive ability. (Kuaikeji)

Multiple well - known Chinese patent cold medicines are required to complete the information on adverse reactions, and "not yet clear" is strictly prohibited.

On March 17th, a reporter from Jiemian News learned from the National Medical Products Administration that well - known Chinese patent medicines such as Siji Ganmao Tablets, Siji Ganmao Capsules, Honeysuckle Flower Oral Liquid (Mixture, Capsules), and Bupleurum Oral Liquid (Drop Pills) are required to uniformly revise and supplement the "Adverse Reactions", "Contraindications", and "Precautions" in the instructions. The marketing authorization holders of the above - mentioned drugs should, in accordance with relevant regulations such as the "Measures for the Administration of Drug Registration", revise the instructions for over - the - counter drugs as required and submit them to the provincial medical products administration for filing before June 15, 2026. (Jiemian News)

Country Garden Responds to Large-Scale Recall of Former Employees: Recruitment Only for a Small Number of Specific Positions

According to The Paper, recently, there were reports that Country Garden, a company listed on the Hong Kong Stock Exchange, was "recalling former employees on a large scale." In response, Country Garden clarified that there is no special plan for a "large-scale recall of former employees." Rehiring is only one of the regular channels to fill individual key positions and is only carried out for a small number of specific positions.

It is reported that in January this year, Country Garden revised and updated the existing internal document "Management Measures for Rehiring Former Employees," which is not a newly introduced policy. Country Garden responded that the company has established a regular internal management system review mechanism and will sort out and optimize the details of existing systems annually based on actual business operations and management needs. (The Paper, Cailian Press)

Next week, oil prices may return to the "9-yuan era", and filling up a tank could cost 100 yuan more

On March 17th, driven by geopolitical tensions, international oil prices rose on Tuesday. As of the close of the day, the price of light crude oil futures for April delivery on the New York Mercantile Exchange closed at $96.21 per barrel, a gain of 2.90%; the price of Brent crude oil futures for May delivery on the London market closed at $103.42 per barrel, a gain of 3.20%. Industry insiders analyzed that if international oil prices do not show a significant decline, the expected increase in domestic oil prices will continue to expand. According to the valuation model of Jinlian Chuang, assuming that international oil prices remain at the level of March 16th, the adjustment range of this round of retail oil prices will be around 2,000 yuan per ton.

Reporters found that at 24:00 on March 9th, oil prices were raised for the 5th time in 2026, with an increase of 0.52 - 0.61 yuan per liter. The price of 92 - octane gasoline in Beijing and Shanghai has reached 7.6 yuan per liter. If estimated based on this, the oil price increase on March 24th may directly drive domestic oil prices back to the "9 - yuan era". (CCTV Finance, China News Service, Cover News)

Anomaly in Huawei's Channel Server Causes Players' Accounts Unable to Log In, Customer Service Responds: Issue Fixed

A large number of players have reported on social platforms that there was a sudden abnormal account login situation on Huawei's channel server. The games involved include Love and the Deep Space, Egg Party, Identity V, Genshin Impact, Shining Nikki, etc. When players tried to log in to the games, the system popped up a prompt saying, "This game account has a minor renewal appeal record and the refund has been completed. The service has been terminated and you cannot log in to this game." However, the above - mentioned players generally reported that they had never initiated a similar refund appeal and they are all adult players. Regarding the abnormal login situation on Huawei's channel server, on March 18th, a reporter called Huawei's consumer service hotline. The customer service staff responded that "it has been verified that the relevant issue was fixed yesterday, and users' accounts and the virtual assets within the accounts are not affected." (The Paper)

ByteDance internally releases security specifications related to "Lobster" and launches ByteClaw for employees

The security team of ByteDance recently released the "OpenClaw Security Specifications and Usage Guidelines" internally and simultaneously launched ByteClaw for ByteDance employees. This service is built on the enterprise version of ArkClaw of Volcengine. It can achieve unified identity authentication, access control, and permission management under the company's account system, supporting employees to securely call the company's internal resources. (Sina Technology)

Two listed companies fined 15.5 million yuan for riding on the "brain-computer interface" hype

Due to riding on the "brain-computer interface" hype, Ingenic Semiconductor Co., Ltd. and Yaohui Long were punished on the same day, with a total fine of 15.5 million yuan. On the evening of March 17th, Ingenic Semiconductor issued an announcement stating that the company received the "Prior Notice of Administrative Penalty" (the "Notice") issued by the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission on the same day. Due to suspected illegal and irregular information disclosure, the company and three core executives are proposed to be fined a total of 8 million yuan.

The core reason for Ingenic's fine this time is mainly that it asked and answered questions on the interactive platform by itself to ride on the "brain-computer interface" hype. The Shenzhen Regulatory Bureau believes that the relevant information disclosed by Ingenic on the interactive platform on January 6th was inaccurate and incomplete, which caused or may have caused investors to make wrong judgments. (Jiemian News)

WeChat Now Allows Collapsible Image Sending: Images Above Three Can Be Combined for Display

Recently, many netizens reported on social platforms that WeChat is conducting a phased roll - out test of the collapsible image sending function on the iOS version. When users send three or more pictures or videos, they can choose to combine them for display, making the chat interface cleaner. One user also added: "In the iOS system version 8.0.69, when you select three or more videos or photos, an option for combined sending will appear at the bottom." "I just discovered this feature. It should be an internal test." (The Paper)

Multiple airlines raise fuel surcharges

Recently, many domestic airlines have intensively raised fuel surcharges for international routes, with the increase generally exceeding 50%, and even doubling on some routes. Against the backdrop of the rapid rise in international oil prices, airlines' cost pressure is accelerating the transmission to ticket prices.

On March 17th, Juneyao Airlines announced that due to the adjustment of international fuel prices, it will adjust the fuel surcharges for routes between China and Southeast Asian countries from March 20th, 2026 (ticketing time). Among them, the fuel surcharge for each segment of the China - Vietnam route will be adjusted to 400 yuan, the China - Indonesia route to 600 yuan, and the routes between China and Thailand, Singapore, Malaysia, the Philippines, Laos, Myanmar, Cambodia and other countries to 550 yuan. On the same day, Xiamen Airlines announced that it will raise the fuel surcharge for the Indonesia - China route from March 16th. The surcharge will be increased from the previous 640,000 Indonesian rupiahs to 736,000 Indonesian rupiahs, which is equivalent to an increase from about 290 yuan to 330 yuan at the current exchange rate, a rise of about 15%. (Jiemian News)

Meituan Responds to "Peking University Graduate Delivering Food": After verification, there is indeed a rider named Tao Moujun who only completed 5 orders in one day

On March 18th, Meituan's official account "Xiaotuan Has Something to Say" released a message stating that it has noticed the video of "Peking University graduate delivering food" spreading on social platforms and has verified the situation with the Wanliu Station in Haidian, Beijing, immediately.

According to the station manager's inquiry, there is indeed a crowdsourced rider named Tao Moujun who registered in early December 2025 and only completed 5 deliveries on December 9th, with no further order records since then. It should be noted that the registration process for Meituan riders is convenient, and there is no mandatory requirement to submit academic certificates. Therefore, the station and the platform do not have access to the riders' educational information and cannot verify the claimed educational background of individuals. (Jinan Times)

The Federal Reserve Announces Keeping Interest Rates Unchanged, in Line with Market Expectations

According to CCTV News, the Federal Reserve of the United States announced on the 18th that it would keep the target range of the federal funds rate unchanged between 3.5% and 3.75%. This decision is in line with market expectations. The Federal Reserve said that the impact of the development of the Middle East situation on the US economy is uncertain.

The Federal Reserve stated that when deciding whether and when to adjust interest rates in the future, the committee will comprehensively evaluate the latest economic data, changes in the economic outlook, and the balance of risks. (CCTV News)

South Korea Considers Vehicle Restrictions Amid Oil Supply Crisis

In the face of the actual oil supply crisis, the South Korean government raised the resource security crisis warning from the first - level "Attention" to the second - level "Caution" at 3 p.m. on the 18th. After comprehensively considering factors such as the severity of the crisis and its impact on people's lives and the national economy, the South Korean government decided to activate the resource security crisis warning. The government will further expand the oil supply and tighten demand control. In terms of demand, the South Korean government will cooperate with relevant departments such as the Ministry of Climate, Energy and Environment to implement mandatory energy - saving measures in the public sector and consider implementing vehicle restriction measures. (Caixin)

Rumors suggest that HK$300 billion of Middle Eastern capital has flowed into Hong Kong. Investigation reveals an inflow of Middle Eastern funds, but it is difficult to accurately calculate and verify the specific scale and actual direction of the inflow.

Recently, the claim that "HK$300 billion of Middle Eastern capital has poured into Hong Kong" has gone viral in the market. Reporters recently visited several banks, securities firms, financial institutions in Hong Kong, and Middle East market researchers and learned that after the outbreak of the Middle East conflict, there has indeed been an increase in foreign capital flowing into the Hong Kong market, including some funds from the Middle East. However, it is difficult to accurately calculate and verify the specific inflow scale and real flow direction. What is clear is that, on the one hand, affected by the turmoil in the Middle East situation, the global demand for risk aversion among funds continues to rise; on the other hand, Middle Eastern capital has been continuously deploying in the capital markets of Hong Kong and the Chinese mainland over the past two years, and Hong Kong has become an important choice for global funds, including Middle Eastern capital, for asset allocation. (Securities Times) 

The three major U.S. stock indexes closed down collectively, and large technology stocks generally declined

36Kr learned that at the close on March 18, the three major U.S. stock indexes fell collectively. The Dow Jones Industrial Average dropped 1.64%, the Nasdaq Composite Index fell 1.46%, and the S&P 500 Index declined 1.36%. Large technology stocks generally declined. Amazon fell more than 2%, while Microsoft, Apple, Tesla, Meta, and Google dropped more than 1%. NVIDIA fell 0.84%. Popular Chinese concept stocks tumbled collectively. Weibo fell more than 10%, Tencent Music dropped more than 9%, Li Auto declined more than 5%, Bilibili fell more than 4%, Pinduoduo dropped more than 3%, NIO and XPeng Motors declined more than 2%, and Alibaba and JD.com dropped more than 1%.

Tencent executives: The industry has no choice but to pass on the rising costs

Tencent executives responded to the issue of rising prices of storage chips on the evening of March 18, saying that the surge in demand for artificial intelligence has not only driven the recovery of demand for DRAM and high - bandwidth memory (HBM), but also led to a comprehensive recovery in demand for CPUs, solid - state drives, and mechanical hard drives. Currently, orders need to be booked several months, quarters, or even years in advance. Suppliers give priority to ensuring the supply for the largest and most stable customers, such as Tencent Cloud. Smaller cloud providers are now having difficulty ensuring stable supply - chain support. Tencent executives said that in this context, the industry may have no choice but to pass on the rising costs to the selling prices. In the past 24 hours, several Chinese cloud providers have been seen raising prices in many aspects. (Yicai Global) 

*ST Jingfeng: Controlling shareholder changed to CSPC Holdings

36Kr learned that *ST Jingfeng announced that due to the implementation of the reorganization plan, the company carried out a 10-for-10 share capitalization based on the original total share capital of approximately 880 million shares, increasing the total share capital to approximately 1.76 billion shares. The transfer of the newly issued shares was completed on March 17. CSPC Holdings Group holds approximately 457 million shares (accounting for 26% of the total share capital), becoming the company's largest shareholder. The company's controlling shareholder has changed from Ye Xiangwu to CSPC Holdings, and the actual controller has changed to Cai Dongchen. The shareholding ratio of Ye Xiangwu and his concerted actors has been passively diluted to 6.52%, and Great Wall Asset holds 7.60%. This change will not affect the company's normal operations.

All three major A-share indices closed higher, with over 3,500 stocks rising across the market

36Kr learned that all three major A-share indices closed higher. The Shanghai Composite Index rose 0.32%, the Shenzhen Component Index rose 1.05%, and the ChiNext Index rose 2.02%. Storage and computing power stocks soared. New Easycom Technology Co., Ltd. rose more than 10%, and companies such as BAW Storage Co., Ltd., Tianfu Communication Co., Ltd., and Jiangbo Long Storage Technology Co., Ltd. rose more than 8%. Lithium battery and oil and gas stocks weakened. Intercontinental Oil & Gas Co., Ltd. and Tongyuan Petroleum Co., Ltd. fell more than 8%, and Do-Fluoride New Materials Co., Ltd. fell nearly 5%. The new stock N Zuxing soared more than 400% on its first day of listing. More stocks rose than fell, with over 3,500 stocks rising across the market.

The forefront of AI

Yang Zhilin's Speech at GTC 2026: First Complete Disclosure of Kimi Model's Technical Roadmap

36Kr learned that at the NVIDIA GTC conference in 2026, Yang Zhilin, the founder of Kimi from the Dark Side of the Moon, delivered a public speech, for the first time fully disclosing the three major technical roadmaps of the Kimi model, namely Token efficiency, long context, and the large - scale expansion (Scaling) of the Agent cluster. He said that to continuously break through the upper limit of large - model intelligence, it is necessary to reconstruct the underlying cornerstones such as the optimizer, attention mechanism, and residual connection. In addition, he judged that the future form of intelligence will evolve from a single intelligent agent to a dynamically generated cluster.

Microsoft Considers Legal Action Over Amazon's $50 Billion Cloud Deal with OpenAI

On March 18th, it was reported that Microsoft is considering taking legal action against Amazon and OpenAI over their $50 billion deal, which may violate the exclusive cloud cooperation agreement Microsoft reached with OpenAI. The report states that the core of the dispute lies in whether Amazon Web Services (AWS) can provide OpenAI's artificial intelligence platform, Frontier, without violating a long - term agreement. This agreement requires that all access to the startup's models must be through Microsoft's Azure cloud platform. (Jiemian News)

Baidu Smart Cloud: Prices of AI computing power products increased by about 5% - 30%, and prices of storage increased by about 30%

36Kr learned that Baidu Smart Cloud issued a price adjustment notice for products such as AI computing power and storage on March 18th. Affected by the rapid development of global artificial intelligence applications, the demand for computing power has been continuously rising. The costs of core hardware and related infrastructure have increased significantly. To ensure the long - term stable operation of the platform and service quality, the prices of some products have been structurally optimized. Among them, the prices of products and services related to AI computing power have been increased by about 5% - 30%; the prices of parallel file storage, etc. have been increased by about 30%. The above prices will be effective from 00:00 (Beijing time) on April 18, 2026.

Alibaba Cloud's AI computing power and storage products see a maximum price increase of 34%

On March 18th, Alibaba Cloud's official website issued an announcement stating that due to the global explosion in AI demand and rising supply - chain costs, products such as Alibaba Cloud's AI computing power and storage will see a maximum price increase of 34%.

Among them, computing power card products like the Pingtouge Zhenwu 810E have seen a price increase of 5% - 34%, and the file storage product CPFS (Intelligent Computing Edition) has increased by 30%. A person familiar with the matter revealed to Yicai that another important reason for this round of price increases is the "explosive growth in Token call volume". Alibaba Cloud's MaaS business, Bailian, achieved the highest growth rate in history from January to March this year. Alibaba Cloud is allocating its scarce AI computing power resources to the Token business. (Yicai)

Financial reports of large companies

Weibo: Total revenue of 1.2576 billion yuan in 2025

36Kr learned that Weibo released its financial reports for the fourth quarter and the whole year of 2025. The financial reports show that in the fourth quarter, Weibo's total revenue was 473.3 million US dollars, approximately equivalent to 3.337 billion yuan; the adjusted operating profit in the fourth quarter was 100.4 million US dollars, approximately equivalent to 702 million yuan. In the whole year of 2025, Weibo's total revenue reached 1.76 billion US dollars, approximately equivalent to 1.2576 billion yuan; the net profit attributable to Weibo shareholders was 449 million US dollars, approximately equivalent to 3.224 billion yuan, a year-on-year increase of 49%. In terms of users, as of the end of the fourth quarter, Weibo's monthly active users reached 567 million, and the daily active users reached 252 million.

Tencent: Capital expenditure payment in the fourth quarter of 2025 was 22.4 billion yuan, mainly used to support the development of AI business

36Kr learned that Tencent released its financial reports for the fourth quarter and the whole year of 2025. The financial reports show that as of December 31, 2025, the group's net cash was 107.1 billion yuan, compared with 102.4 billion yuan on September 30, 2025. The sequential increase in net cash was mainly driven by free cash flow, partially offset by a share repurchase of 19.6 billion yuan and a net cash outflow of 6.9 billion yuan mainly related to investments in other enterprises. The free cash flow in the fourth quarter of 2025 was 34 billion yuan, reflecting a net cash generated from operating activities of 66.5 billion yuan, partially offset by a capital expenditure payment of 22.4 billion yuan (mainly used to support the development of our AI business), a media content payment of 8.1 billion yuan and a lease liability payment of 2 billion yuan.

Chery Automobile: The profit attributable to the owners of the company increased by 34.6% year-on-year in 2025

36Kr learned that Chery Automobile announced that in 2025, most of the group's revenue came from the sales of fuel vehicles; the group's revenue was 300.287 billion yuan, a year-on-year increase of 11.3%; the profit attributable to the owners of the company was 19.019 billion yuan, a year-on-year increase of 34.6%. At the meeting held on March 18, 2026, the board of directors proposed to pay a final dividend for the year ended December 31, 2025, of RMB 0.86 per share, with a total dividend of RMB 5 billion.

Geely Automobile: Annual revenue in 2025 reached 345.2 billion yuan, a year-on-year increase of 25%

36Kr learned that Geely Automobile released its full-year performance for 2025. The report shows that Geely Automobile's total revenue in 2025 was 345.2 billion yuan, a year-on-year increase of 25%. After deducting non-core net profit attributable to shareholders such as foreign exchange gains and losses, the core net profit attributable to shareholders reached 14.41 billion yuan, a year-on-year increase of 36%. Thanks to the continuous release of economies of scale and the optimization of the high-value product structure, the total gross profit increased to 57.3 billion yuan, a year-on-year increase of 25%. As of the end of 2025, the total cash level increased by 46% to 68.2 billion yuan, with a sufficient and stable cash reserve.

Investment and Financing

"Sweet Potato Robotics" Completes $120 Million Series B1 Financing

36Kr learned that "Sweet Potato Robotics" has completed a $120 million Series B1 financing. Less than a year has passed since its $100 million Series A financing in May 2025. The old shareholder, Huangpu River Capital, has heavily invested in Sweet Potato, a robot underlying platform, for multiple consecutive rounds. In this round of financing, it, along with Hillhouse Ventures, Matrix Partners China, etc., has over - subscribed. The new investors include industrial capitals such as Didi, Meituan Longzhu, and BAIC Capital. So far, the total amount of the two - round financing of Sweet Potato Robotics has reached $220 million. This round of financing will be mainly used for technology R & D and market expansion.

"Qingtianzu" Completes Angel Round Series Financing

36Kr learned that on March 18th, "Qingtianzu" announced the completion of two rounds of financing, the angel round and the angel + round, with a cumulative financing amount reaching the level of hundreds of millions of yuan. The angel round and angel + round financing were led by Dayang Motor, Muhua Kechuang, Minzhuo Electromechanical, etc., and followed by Lehua Entertainment, Fuzhuo Investment, Mingjia Capital, Ruizhi Venture Capital, Tianji Investment, Jiaxing Nantou, Zhixing Investment, etc. The old shareholder Dafeng Industry continued to over - subscribe. The funds from this round will be mainly used to lay out a national standardized performance service network, upgrade the platform's asset and dispatching system, and empower the upstream and downstream of the industrial chain based on scenario data.

Cool Products

MiniMax Unveils New-Generation Large Model M2.7

36Kr learned that on March 18th, MiniMax launched its new-generation flagship Agent large model, M2.7, and for the first time demonstrated the path of "model self-evolution". By constructing the Agent Harness system, this model is deeply involved in its own training and optimization processes. It can undertake 30% - 50% of the workload in some R & D scenarios and has achieved an approximately 30% improvement in performance on the internal evaluation set.

Tencent's new Hunyuan model HY 3.0 is about to be released and is currently undergoing internal business testing

36Kr learned that on March 18th, Tencent revealed at a media event after the earnings report that HY 3.0 is currently undergoing internal business testing and is planned to be launched externally in April. It is understood that this is a major upgrade of the Hunyuan model. Compared with the HY 2.0 version, the effect has improved significantly, and the inference and agent capabilities have been significantly enhanced. Since the second half of 2025, Tencent Hunyuan has reorganized its team and processes, focusing on improving data quality, and rebuilt the infrastructure for pre-training and reinforcement learning. This is conducive to accelerating the model's iteration speed and creating a foundation model with a higher level of intelligence.

Compiled | Zixin Xu