中国互联网行业正经历新一轮的生态布局调整。[1]曾经通过投资建立庞大商业联盟的巨头们正在改变策略，出售投资业务，但随着AI时代到来，社交和生态合作的重要性再次凸显，巨头们又在重新整合各类服务生态。
腾讯的投资版图变化最为明显。[1]2014年，腾讯与京东进行换股交易，京东获得微信一二级入口，腾讯则获得2.48亿元佣金收入和50.1亿元广告资源购买。[1]随后腾讯形成了包括美团、携程、拼多多、虎牙、斗鱼、知乎、滴滴等公司的"腾讯系"阵营。然而这种投资模式并未长期延续。[1]2021年腾讯向股东分掉大量京东和美团股票，2025年度员工大会上Pony透露腾讯已退出对京东美团的投资。[1]撤出投资后，腾讯的净利润反而增长，微信生态收入也实现快速增长。[1]阿里也采取了类似举措，2023年出售丽人丽妆、光线传媒等股份，2024年底出售银泰百货和高鑫零售股份。
在AI浪潮推动下，巨头们正以新的方式重建生态合作。[1]微信AI助手"小微"首批接入京东、美团、滴滴、携程四大服务商，[1]腾讯与华为、荣耀、小米、OPPO、vivo五大手机厂商合作推出智能体互联能力。[1]这表明在超级AI入口需要连接各类服务的背景下，互联网生态合作正在重新成为竞争焦点。
China's internet industry is experiencing a strategic reversal in how it structures business ecosystems. After a decade-long shift away from equity-based alliances, major technology companies are now rebuilding partnership networks—this time centered around artificial intelligence capabilities.[1]
Tencent exemplifies this trajectory. The company initially constructed a sprawling investment empire through equity stakes and strategic partnerships, most notably its 2014 stock swap with JD.com, which granted JD access to WeChat's primary and secondary entry points while securing Tencent 248 million yuan in commission income and 5.01 billion yuan in advertising resources.[1] This strategy extended to forming the "Tencent ecosystem," encompassing Meituan, Trip.com, Pinduoduo, Huya, Douyu, Zhihu, and Didi.[1] However, the synergies proved limited in a maturing market. Beginning in 2021, Tencent began divesting its holdings; by the 2025 employee conference, CEO Pony Zhang revealed the company had fully exited investments in JD.com and Meituan.[1] Counterintuitively, Tencent's net profit grew following these divestitures, with WeChat ecosystem revenue expanding rapidly.[1]
Alibaba followed a similar pattern, divesting stakes in Liren Lizhuang and Guangxian Media in 2023, then selling its positions in Bailian Department Store and Gao Xin Retail by late 2024.[1] Yet rather than abandoning partnerships entirely, both giants are redeploying them. Tencent's WeChat AI assistant "Xiawei" now integrates four major service providers—JD.com, Meituan, Didi, and Trip.com—as initial partners.[1] Simultaneously, Tencent has established collaboration agreements with five major smartphone manufacturers—Huawei, Honor, Xiaomi, OPPO, and vivo—to develop intelligent agent interconnection capabilities.[1] This restructuring reflects how the emergence of AI as a super-application layer has renewed the strategic necessity of ecosystem coordination and social connectivity.
