瑞银发布研报称，腾讯(00700)近期在人工智能部门进行了组织架构重组，并加快了人才引进，展现其 对人工智能的坚定承诺；而对人工智能负责人姚顺雨(曾任职OpenAI)的新任命，也进一步增强了集团吸 引顶尖AI人才的能力。重申腾讯为首选股及关键荐股；评级"买入"，目标价780港元。 该行表示，腾讯参加了其2026年瑞银大中华研讨会(GCC)，管理层看到AI代理蕴含的巨大机会。相较于 人工执行，ToC端AI应用成功的关键在于对用户全面一致的理解，从而提升AI代理代用户执行任务的效 率。腾讯微信凭借其庞大用户群、应用场景丰富及小程序生态系统蓬勃发展，拥有独特优势。 瑞银预计，腾讯去年第四季营收年增13%，调整后营业利润年增14%至680亿元人民币。分业务看，预 计国内游戏收入年增13%，国际游戏预计年增24%。营销服务年增18%。金融科技及企业服务预计保持 稳健，年增11%。调整后营业利润率预计同比提升0.3个百分点至34.8%，毛利率改善将部分缓解对AI投 资增加的影响。 ...

瑞银预计，腾讯去年第四季营收年增13%，调整后营业利润年增14%至680亿元人民币。分业务看，预 计国内游戏收入年增13%，国际游戏预计年增24%。营销服务年增18%。金融科技及企业服务预计保持 稳健，年增11%。调整后营业利润率预计同比提升0.3个百分点至34.8%，毛利率改善将部分缓解对AI投 资增加的影响。 智通财经APP获悉，瑞银发布研报称，腾讯(00700)近期在人工智能部门进行了组织架构重组，并加快了 人才引进，展现其对人工智能的坚定承诺；而对人工智能负责人姚顺雨(曾任职OpenAI)的新任命，也进 一步增强了集团吸引顶尖AI人才的能力。重申腾讯为首选股及关键荐股；评级"买入"，目标价780港 元。 该行表示，腾讯参加了其2026年瑞银大中华研讨会(GCC)，管理层看到AI代理蕴含的巨大机会。相较于 人工执行，ToC端AI应用成功的关键在于对用户全面一致的理解，从而提升AI代理代用户执行任务的效 率。腾讯微信凭借其庞大用户群、应用场景丰富及小程序生态系统蓬勃发展，拥有独特优势。 ...

瑞银发表研报指，腾讯近期在人工智能部门进行了组织架构重组，并加快了人才引进，展现其对人工智 能的坚定承诺；而对人工智能负责人姚顺雨(曾任职OpenAI)的新任命，也进一步增强了集团吸引顶尖AI 人才的能力。 该行表示，腾讯参加了其2026年瑞银大中华研讨会(GCC)，管理层看到AI代理蕴含的巨大机会。相较于 人工执行，ToC端AI应用成功的关键在于对用户全面一致的理解，从而提升AI代理代用户执行任务的效 率。腾讯微信凭借其庞大用户群、应用场景丰富及小程序生态系统蓬勃发展，拥有独特优势。 瑞银预计，腾讯去年第四季营收年增13%，调整后营业利润年增14%至680亿元。该行重申腾讯为首选 股及关键荐股，评级"买入"，目标价780港元。 ...

Group 1 - The gaming sector experienced a decline, with the gaming ETF (159869) dropping nearly 2%, indicating a potential low-point for investors to consider entry [1] - As of January 14, the gaming ETF (159869) reached a scale of 15.948 billion yuan, attracting a total of 1.039 billion yuan in the last 10 trading days, providing a convenient tool for investors to position in A-share gaming leaders [1] - Tencent is set to launch two major new games this month, including the PVE shooting game "Counter-Strike: Future," which has already surpassed 25 million reservations, and the MMORPG "World of the Sky," which began limited testing on January 6 [1] Group 2 - The media and gaming industry is experiencing sustained growth, primarily driven by the transformative impact of AI technology, which is optimizing game production processes and enhancing user experience [2] - The gaming sector is benefiting from multiple catalysts, including AI applications, content innovation, and changes in commercialization models, with the gaming ETF (159869) tracking the performance of the A-share animation and gaming industry [2] - Current favorable policies, product cycles, and AI empowerment are creating a strong momentum for the gaming sector, suggesting a favorable window for investment in this area [2]

近5日，港股消费(159735)获净申购6982.19万元，位居跨境ETF净流入排名第28/208。近10日，港股消费 (159735)获净申购6982.19万元，位居跨境ETF净流入排名第35/208。近20日，港股消费(159735)获净申 购6574.55万元，位居跨境ETF净流入排名第47/208。 来源：新浪基金∞工作室 数据显示，1月14日，港股消费(159735)获净申购482.98万元，位居当日跨境ETF净流入排名27/208。最 新规模8.14亿元，前一日规模8.02亿元，当日资金净流入额占前一日规模的比例为0.60%。 最新定期报告显示，银华基金（159735）重仓股包括阿里巴巴-W、腾讯控股、泡泡玛特、安踏体育、 百胜中国、农夫山泉、万洲国际、海尔智家、小米集团-W、申洲国际，持仓占比如下： 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）09988阿里巴巴-W19.54%101.10万1.63亿 00700腾讯控股16.59%22.91万1.39亿09992泡泡玛特7.99%27.42万6679.05万02020安踏体育4.88%47.76万 4076.97万09987百胜中国4. ...

证券时报·数据宝统计显示，1月14日有39家香港上市公司进行了股份回购，合计回购2027.89万股，回购 金额9.19亿港元。 腾讯控股回购数量100.60万股，回购金额6.36亿港元，回购最高价为638.000港元，最低价为626.000港 元，年内累计回购金额57.22亿港元；小米集团-W回购数量400.00万股，回购金额1.51亿港元，回购最 高价为37.800港元，最低价为37.720港元，年内累计回购金额10.93亿港元；舜宇光学科技回购数量 114.00万股，回购金额7441.17万港元，回购最高价为66.150港元，最低价为64.050港元，年内累计回购 金额3.03亿港元。 以金额进行统计，1月14日回购金额最多的是腾讯控股，回购金额为6.36亿港元；其次是小米集团-W， 回购金额为1.51亿港元；回购金额居前的还有舜宇光学科技、巨子生物等。回购数量上看，1月14日回 购股数最多的是小米集团-W，当日回购量为400.00万股；其次是首程控股、捷利交易宝等，回购数量 分别为270.00万股、200.00万股。（数据宝） 1月14日港股公司回购一览 （文章来源：证券时报网） | 代码 | 简称 | ...

| 手回集团(02621) | 1.44 万 | 5.13 万 | 42.96 万 | | | --- | --- | --- | --- | --- | | 华检医疗(01931) | 2.00 万 | 5.06 万 | 1653.40 万 | 1.020% | | 美亨实业(01897) | 10.00 万 | 4.80 万 | 162.80 万 | 0.400% | | 天福(06868) | 1.70 万 | 4.40 万 | 69.00 万 | 0.064% | | 九源基因(02566) | 3000.00 | 2.47 万 | 3.30 万 | 0.030% | | 滨海投资(02886) | 1.80 万 | 2.07 万 | 229.80 万 | 0.167% | | 同方友友(01868) | 4.60 万 | 1.83 万 | 168.40 万 | 0.080% | | 天润云(02167) | 4000.00 | 1.83 万 | 10.72 万 | 0.062% | | 乐声电子(00213) | 3.00 万 | 1.06 万 | 81.60 万 | 0.089% | | 摩比发展 ...

Investment Rating - The report suggests a positive outlook on the Chatbot industry, indicating it has become a "Killer App" in the AI era, with significant user engagement and growth potential [3][6]. Core Insights - Chatbots have emerged as a transformative application in the AI landscape, akin to social media platforms in the internet era, enabling users to become content creators with low barriers to entry [3][9]. - ChatGPT leads the global market with over 870 million monthly active users (MAU) as of November 2025, capturing 63% of the market share, while domestic competitor Doubao has also achieved significant user engagement [3][25]. - The evolution from Chatbot to Agent is anticipated, with potential for Chatbots to develop into comprehensive service platforms, similar to early messaging apps [3][10]. - Monetization strategies are evolving, with current models focusing on subscriptions in overseas markets and free access in domestic markets, suggesting a shift towards a "free + transaction-driven advertising" model in the future [3][10]. Summary by Sections Section 1: Chatbot as a "Killer App" - Chatbots are positioned as the leading application in the AI era, demonstrating rapid user growth and engagement comparable to social media platforms [3][9]. - The user engagement metrics for ChatGPT show a monthly active user count surpassing major social platforms, indicating a shift in user behavior towards AI applications [3][10]. Section 2: Market Dynamics - ChatGPT's user base has reached over 700 million weekly active users (WAU), while Gemini, a competitor, has 650 million active users, showcasing a competitive landscape [25][30]. - The report highlights the importance of user retention, with ChatGPT showing higher retention rates compared to competitors, indicating strong user loyalty [29][30]. Section 3: User Behavior and Engagement - The report notes that ChatGPT's average daily usage time is around 16-17 minutes, reflecting deep integration into users' daily routines [29][30]. - The user overlap between different AI applications suggests that users are leveraging multiple tools for various tasks, indicating a trend towards diversified usage [33][34]. Section 4: Domestic Market Insights - In the Chinese market, Doubao has established a leading position with over 100 million daily active users (DAU), benefiting from the mobile internet's growth trajectory [49][50]. - The report emphasizes the rapid growth of AI applications in China, particularly through in-app integrations with major platforms like WeChat and Douyin [50][56].

智通财经APP获悉，根据2026年1月14日披露数据，中国电信（00728）、绿色动力环保（01330）、凯 盛新能（01108）位居港股通持股比例前3位，分别为71.10%、69.65%、67.73%。此外，腾讯控股 （00700）、快手-W（01024）、小米集团－Ｗ（01810）在最近有统计数据的5个交易日内，持股额增 幅最大，分别为+43.92亿元、+31.64亿元、+27.00亿元;盈富基金（02800）、恆生中国企业（02828）、 阿里巴巴－W（09988）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-69.19亿 元、-29.74亿元、-23.42亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 98.67亿股 | 71.10% | | 绿色动力环保(01330) | 2.82亿股 | 69.65% | | 凯盛新能(01108) | 1.69亿股 | 67.73% | | 天津创业环保股份(01065) | 2.29亿 ...

| 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | 40.31 亿元 | 9.88% | -4.41% | | 腾讯控股(00700) | 25.53 亿元 | 14.07% | 3.39% | | 阿里健康(00241) | 17.76 亿元 | 23.84% | 1.53% | | 美团-W(03690) | 13.57 亿元 | 16.66% | -0.03% | | 小米集团-W(01810) | 10.94 亿元 | 16.34% | -4.90% | | 快手-W(01024) | 9.57 亿元 | 16.38% | 1.36% | | 中国人寿(02628) | 8.95 亿元 | 24.11% | 3.90% | | 泡泡玛特(09992) | 8.79 亿元 | 36.21% | 13.10% | | 中国平安(02318) | 7.50 亿元 | 19.75% | -8.73% | | 携程集团-S(09961) | 7.09 亿元 | 22.75% | 6.46% | 前十大沽空偏离值排行 ...