来源丨凤凰网财经《IPO观察哨》 作为2026年A股首单获受理的IPO项目，上海燧原科技股份有限公司（下称"燧原科技"）于1月22日正式向上交所科创板提交上市申请，拟募资60亿 元，保荐机构为中信证券。这笔募集资金将重点投向第五代、第六代AI芯片研发及产业化、先进人工智能软硬件协同创新等项目，为公司核心技术迭 代与供应链安全保障注入动力。 然而，这笔大额募资背后，难掩公司对腾讯的深度依赖——作为"国产GPU四小龙"中最后冲刺资本市场的玩家，燧原科技自成立起便与腾讯形成"资 本+订单"的强绑定关系，关联交易已成为其营收的绝对支柱，独立经营能力缺失、客户结构失衡等隐忧凸显，而这些问题也在其披露的财务数据中暴 露无遗，为此次IPO闯关蒙上阴影。 01 拟募60亿募资背后，与腾讯关联交易主导营收命脉 资料显示，燧原科技成立于2018年3月，在"国产GPU四小龙"中起步最早，但IPO进程却最为滞后。公司创始团队堪称芯片行业"老兵"，具备深厚的 技术积淀与管理经验：创始人、董事长兼CEO赵立东曾任职AMD计算事业部高级总监、紫光集团副总裁，拥有超过20年芯片研发与管理经验，主导 过多款核心芯片的研发落地；另一位创始人、总 ...

"世界不是由事实构成的，而是由事实之间的关系构成的。" 如果用维特根斯坦的理论来反推 AI 的能力边界，智能的上限或许从一开始就不取决于模型"知道多少"，而取决于它是否理解Context(语境)、规则，以及 这些知识在不同场景中如何被使用。 也正是在这一意义上，今天更有竞争力的模型们，开始逐步逼近维特根斯坦后期所说的"语言游戏"：意义并不来自词本身，而来自使用。能否参与这种游 戏，决定了 AI 只是一个高效的工具，还是正在进入更深层的认知结构。 但这一变化，并没有被舆论第一时间捕捉。过去两年，舆论场被 ChatGPT 与 Claude 轮番占据，行业习惯将 AI 视为一个整体的、线性的竞赛，更强的模 型、更大的参数、更通用的智能被视为唯一的进化方向。 身处一线的从业者，先于市场感知到了"温差"。前OpenAI成员姚顺雨，便在此前AGI会谈上分享到： AI 在 To C 端和 To B 端正遵循不同的发展轨迹。 从 GPT-4 到后续迭代版本，普通 C 端用户的体感差异微乎其微；但另一边，Claude，已开始深入编程等核心环节，改变程序员们的工作模式。 陷入马太效应的"垂直整合" 过去两年，市场曾笃信"模型+应 ...

Core Viewpoint - Tencent is shifting from a historically cautious approach to a more aggressive strategy in the AI sector, recognizing the need to adapt to new competitive dynamics and infrastructure challenges [4][10][21]. Group 1: Tencent's Historical Approach - For the past two decades, Tencent has rarely faced defeat, employing a strategy of cautious restraint followed by opportunistic responses [3]. - The company has traditionally prioritized stability and user habits, particularly with its flagship product WeChat, which has over a billion monthly active users [6][10]. - Tencent's historical success has been attributed to its ability to learn from competitors and innovate after market models have been established, avoiding early-stage risks [8][12]. Group 2: Current AI Landscape - The AI landscape is characterized by a "scale law," where the effectiveness of AI models increases with more computational power, data, and talent, creating a "snowball effect" that favors early movers [12][13]. - Competitors like ByteDance and Alibaba are rapidly gaining market share in AI applications, with ByteDance's Doubao leading in active user numbers [14][16]. - Tencent's AI product, Yuanbao, is lagging behind, with significant gaps in user engagement compared to its competitors [14][16]. Group 3: Strategic Shifts - Tencent's CEO, Ma Huateng, has acknowledged the company's slow response in AI and emphasized the need for substantial investment in AI infrastructure [4][21]. - The company is implementing a major organizational restructuring to consolidate AI resources and enhance its technological capabilities [23]. - Tencent is actively recruiting top AI talent to strengthen its research and development efforts, signaling a shift in its approach to attracting innovative thinkers [24]. Group 4: Market Strategies - Tencent is adopting aggressive market strategies, such as distributing 10 billion yuan in cash red envelopes to promote its AI product Yuanbao, reminiscent of its earlier success with WeChat [25][27]. - The company is exploring new product features that integrate AI with social networking, aiming to create a more engaging user experience [27]. - The competitive landscape is intensifying, with rivals like Baidu also launching significant promotional campaigns to capture user attention [27]. Group 5: Future Outlook - Tencent's ability to adapt to the evolving AI landscape will determine its future success, as it seeks to maintain relevance in a rapidly changing market [28]. - The company's recent actions indicate a strategic pivot towards proactive engagement in AI, moving away from its historically cautious stance [28].

从线上到线下，从福卡到红包，从消费到出行，各巨头的春节营销战全面升级。 AI新招和生态打法 从1月25日官宣以来，腾讯"撒币战春节，可领万元红包"消息还在发酵中。 腾讯官方预告，将在2月1日上线春节活动，用户上元宝App，可分10亿元现金红包。当日，北京商报记者实测发现，将元宝App更新至最新版本后，打开 App已能看到主页的预约卡片，点击后就可以进入春节会场预约页面。 距离除夕不足一月，巨头间的春节数字红包营销战已提前上线。 1月27日，支付宝官宣2026年"集福啦"活动预热启动，2026年"支付宝集福啦"活动将于2月3日正式开始，一直持续至2月16日除夕夜。而在两日前的1月25 日，腾讯官方也发布"春节分10亿元现金"的通知，将在2月1日上线春节活动，用户上元宝App分10亿元现金红包，单个红包金额可达万元。除此之外，京东 也告知，与12306合作带来"十万份车票免单天天抽"活动，还叠加支付立减，单笔最高可减298元，让不少用户在回家路上就提前感受到年味…… 据了解，提前预约的用户将在2月1日活动开启当天，额外获得10次抽奖次数。 北京商报记者了解到，该活动设置了万元小马卡、现金红包和分享红包等红包形态， ...

随着AI大模型技术的快速发展与应用落地，输入法作为互联网诞生之初就存在的工具型产品，正加速 拓展AI在输入场景的应用边界，成为AI时代的重要入口之一。 今年，腾讯搜狗输入法迈入其产品生命周期的第20年，作为国内输入法赛道的领军者，积累了行业领先 的打字、语音、手写等能力，并构建起包括AI帮写、AI续写在内的丰富AI能力矩阵，AI用户规模破 亿，汪仔智能助手月活破千万。 腾讯搜狗输入法大模型产品负责人柴宝全表示，此次20.0AI大版本的发布，是腾讯搜狗输入法的一次全 面AI进化。未来，将以此为方向，通过AI大模型技术、Agent能力，不断提升用户的智能输入体验，让 AI普惠亿万用户，让输入、表达和创作更简单、更高效。 此前，腾讯搜狗输入法已先后升级推出了AI搜索、AI帮写、AI合成表情、图片文字等功能，其中，AI 表情混元图搜日请求量已达数亿次。 此次AI翻译接入全球领先的腾讯混元翻译模型，实现30多种语言输入即译，在社交、旅游、学习、办 公等多场景下的翻译更准确专业，支持文本和语言翻译。腾讯混元翻译模型曾在国际顶级机器翻译比赛 中，拿下30个第一名。 而在打字能力方面，搜狗输入法自研AI打字大模型的升级，带来 ...

Core Viewpoint - Tencent has made significant updates to its AI product, Yuanbao, which is seen as a testing ground for AI features within WeChat, aiming to enhance user engagement and social interaction [1][2][8]. Group 1: Yuanbao as WeChat's AI Testing Ground - The recent update to Yuanbao includes a Spring Festival red envelope activity and a new "Pai" feature that allows users to invite friends to join different groups, currently in a limited testing phase [2][4]. - Yuanbao's main functionalities currently include a chatbot and simple task management, integrating features from Tencent Meeting for enhanced user interaction [4][6]. - The limitations in file sharing between WeChat and Yuanbao indicate room for improvement, but future updates are expected to enhance user experience [6][8]. Group 2: Tencent's Strategic Shift - Tencent's recent actions reflect a shift from a passive to a more aggressive approach in the AI space, leveraging its social networking strengths to drive growth [9][15]. - The company is focusing on product shape and core strategies rather than solely on foundational model technology, indicating a sense of urgency to capture market share [9][10]. - The competitive landscape shows that other major players like ByteDance and Alibaba are also making rapid advancements, prompting Tencent to act quickly to maintain relevance [10][12]. Group 3: Competitive Landscape and User Engagement - The AI competition is still in its early stages, with significant opportunities for differentiation through product iteration and user engagement strategies [16][18]. - Yuanbao's social features are designed to enhance user interaction and retention, potentially increasing the time users spend on the platform [15][28]. - The integration of AI into social interactions is seen as a way to extend user engagement without directly altering the WeChat experience, allowing for a more gradual adoption of AI features [15][31]. Group 4: Financial Implications and Future Outlook - Tencent's capital expenditure is expected to increase significantly, with projections indicating a potential rise of 32% in 2026, reflecting the company's commitment to investing in AI and related technologies [28][30]. - The company is balancing its investments in AI with traditional business operations, ensuring that any expansion in AI capabilities does not compromise overall financial health [30][32]. - The anticipated launch of new gaming titles and improvements in advertising efficiency through AI are expected to bolster Tencent's revenue streams in the near future [32].

Core Viewpoint - Tencent has launched a new cash red envelope campaign for the Spring Festival, offering a total of 1 billion yuan in cash rewards through its AI assistant "Yuanbao," aiming to recreate the success of past promotional events and enhance user engagement with its AI products [5][8]. Group 1: Cash Red Envelope Campaign - On January 25, Tencent's AI assistant "Yuanbao" announced a 1 billion yuan cash red envelope incentive for the Spring Festival, with individual red envelopes worth up to 10,000 yuan [5]. - The campaign is reminiscent of the 2015 collaboration between WeChat and the Spring Festival Gala, which significantly boosted WeChat Pay's user base through a 500 million yuan red envelope giveaway [8]. - The red envelope strategy is characterized as a "high investment, high return" marketing activity, aimed at promoting core business areas, with Tencent focusing on AI this time [8][9]. Group 2: Introduction of "Yuanbao Pai" - "Yuanbao Pai" is a new AI social product from Tencent, currently in internal testing, allowing users to create or join social groups where the AI acts as a "social secretary" [10][12]. - The AI can participate in conversations, summarize chat records, and assist with tasks like setting reminders and answering questions, enhancing the social experience [14]. - Features such as screen sharing and audio-video integration are designed for collaborative learning and gaming, with plans for additional functionalities like watching movies and listening to music together [17][19]. Group 3: AI Strategy and Development - Tencent's AI strategy is focused on enhancing user efficiency and experience, with a commitment to steady and thoughtful development in AI products [21]. - The company has made significant organizational changes to accelerate AI development, including restructuring its team and enhancing collaboration between its AI products and core applications [23][24]. - Tencent aims to create a decentralized AI ecosystem within WeChat, allowing third-party developers to build their own AI applications while maintaining user privacy and security [26].

港股通成交数据披露（沪深合计） 恒生指数今日涨1.35%，报27126.95点，大市成交2543.73亿港元。 披露的南向资金成交股中，腾讯控股、中国人寿、长飞光纤光缆分别获净买入10.24亿港元、5.11亿港 元、3.55亿港元；中国移动、紫金矿业、中芯国际分别遭净卖出11.47亿港元、8.43亿港元、5.53亿港 元。 本文源自：市场资讯 作者：智投君 证券简称成交金额净买入额收盘价涨跌幅腾讯控股 0070056.62亿港元10.24亿港元607.00港元12.50%中国人寿 0262817.21亿港元5.11亿港元34.10港元59.70%长飞光纤光缆 0686923.09亿港元3.55亿港元65.15港元37.40%中国海洋石油 008839.47亿港元3.12亿港元23.52港元7.70%钧达股份 0286513.71亿港元0.38亿港元35.26港元-32.40%小米集团－Ｗ 0181015.00亿港元-0.96亿港元35.56港元9.70%紫金黄金国际 0225910.85亿港元-1.33亿港元233.00港元115.90%招金矿业 018187.94亿港元-1.45亿港元38.42港元-22. ...

Group 1 - The core focus of the article is on the future of artificial intelligence (AI) and the potential reshaping of the Chinese internet landscape, particularly in the context of embodied intelligence and the emergence of new super apps [1][19][20] - The embodied intelligence sector is expected to undergo a significant reshuffle by 2026, with over 230 companies currently in the market, including more than 100 humanoid robot firms [2][4] - The industry is transitioning from experimental phases to mass production, with humanoid robot sales surpassing 10,000 units, indicating a move towards initial commercialization [4][9] Group 2 - Major players in the global humanoid robot market include Zhiyuan, Yushun, and Ubtech, with Zhiyuan leading with an annual shipment of over 5,100 units, capturing 39% of the global market share [6] - The competition for AI super apps is intensifying, with companies like OpenAI and Alibaba striving to create comprehensive platforms that integrate various services into a single interface [10][11] - The article highlights the emergence of vertical players in specific domains, such as Ant Group's "Antifor Health" and MiniMax's AI companionship applications, which have successfully established business models and attracted significant user bases [14] Group 3 - The AI industry is predicted to enter a "trough of disillusionment" in 2026, with many AI projects failing to deliver measurable impacts, leading to a potential delay in AI investments [15][19] - The market for synthetic data is experiencing rapid growth, with projections indicating that by 2030, the scale of synthetic data will surpass that of real data, becoming the primary fuel for model training [17] - The advancements in data quality and the evolution of AI technologies are expected to drive significant changes in the operational dynamics of the real economy [19]

智通财经APP获悉，2026年1月27日当天，阿里巴巴-W(09988)、腾讯控股(00700)、中国移动(00941)位 居沪港通（南向）成交额前3位，成交额分别为47.26 亿元、33.88 亿元、26.36 亿元；阿里巴巴- W(09988)、腾讯控股(00700)、中芯国际(00981) 位居深港通（南向）成交额前3位，成交额分别为26.74 亿元、22.74 亿元、17.09 亿元。 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 47.26 亿元 | -5722.86 万元 | | 腾讯控股(00700) | 33.88 亿元 | +8.69 亿元 | | 中国移动(00941) | 26.36 亿元 | -15.93 亿元 | | 中芯国际(00981) | 21.01 亿元 | -8599.30 万元 | | 中国人寿(02628) | 17.21 亿元 | +5.11 亿元 | | 紫金矿业(02899) | 15.60 亿元 | -6.66 亿元 | | 小米集团-W(01810) | ...