Core Viewpoint - The Hong Kong stock market opened higher on February 25, with the Hang Seng Technology Index rising nearly 1%, driven by gains in companies like Xpeng Motors, Hua Hong Semiconductor, Tencent Holdings, Alibaba, and SMIC [1] Valuation Insights - The current price-to-earnings ratio of the Hang Seng Technology Index is 21.49, which is at a historically low level since the index was launched, indicating sufficient margin of safety [1] - Galaxy Securities believes that the technology sector remains a key investment theme for the medium to long term, as the recent pullback has reduced valuation pressure on the index [1] Market Trends - The acceleration of AI model updates and the rapid deployment of AI applications are expected to support a rebound in the relevant sectors [1]

（文章来源：每日经济新闻） 每经AI快讯，2月25日，Wind数据显示，2月24日，共24只港股获公司回购，6只个股回购金额超千万港 元。其中，小米集团-W、吉利汽车、佑驾创新回购金额最大，分别获公司回购9999.8万港元、5328.01 万港元、1995.6万港元。截至2月24日，今年已有132只港股获公司回购，13只个股年内累计回购金额超 亿港元。其中，腾讯控股、小米集团-W、中通快递-W年内累计回购金额最大，分别获公司回购63.58亿 港元、36.32亿港元、32.69亿港元。 ...

Core Insights - The core focus of major internet companies during the Spring Festival was on user acquisition, marking a significant shift towards AI application penetration in the market [1][2][3] User Acquisition and Engagement - Major companies like Tencent and ByteDance reported substantial increases in daily active users (DAU) during the Spring Festival, with Tencent's Yuanbao surpassing 50 million DAU and ByteDance's Doubao achieving 1.14 billion monthly active users [2] - The competition among AI applications intensified, with Doubao leading the App Store rankings, followed by Qianwen and Ant Financial's AI assistant [2][4] Market Dynamics and Competition - The Spring Festival saw a fierce competition primarily between ByteDance and Alibaba's AI assistants, with Qianwen experiencing a 727.7% increase in DAU on the first day of the red envelope campaign [4][5] - The rankings of AI applications fluctuated significantly during the campaign, indicating a dynamic market landscape [4][5] Long-term User Retention Challenges - Despite the initial success in user acquisition, industry experts highlight that user retention remains a critical challenge, with concerns about the sustainability of growth post-subsidy [6][11] - Companies are focusing on enhancing user experience and feedback rather than solely on DAU metrics, indicating a shift towards long-term engagement strategies [7] Technological Advancements and Strategic Differentiation - The competition is not just about user acquisition but also involves significant technological advancements, with companies launching new AI models and integrating them into their ecosystems [8][10] - Each major player is adopting distinct strategies: Alibaba is integrating its AI with e-commerce, ByteDance is leveraging its traffic and multi-modal capabilities, and Tencent is focusing on social integration [10][11] Future Outlook and Industry Trends - The Spring Festival marked a pivotal moment for AI applications in China, transitioning from novelty to mainstream usage, with a notable increase in older demographics engaging with AI [11][12] - The industry is entering a phase where the focus will shift from user acquisition to value creation and retention, indicating the beginning of an "AI oligopoly" era [13]

据悉，天美蒙特利尔成立仅五年，隶属于天美工作室集团，未曾发布任何游戏，但一直计划制作"3A 级 开放世界、多平台游戏"。 根据 Game File 的说法，消息人士早已警告工作室"即将被关闭"，随后一名高级游戏程序员在领英平台 发文（现已被删除）证实该传闻。他当时在帖文中写道，尽管团队早已预见这一情况，但现实还是很难 接受。（IT之家）#腾讯天美蒙特利尔工作室关闭#@新浪科技 【#腾讯关闭工作室曾计划制作3A游戏#】据IGN报道，腾讯现已关闭天美蒙特利尔（TiMi Montréal）工 作室。据报道，这家工作室曾雇佣前育碧创意总监 Ashraf Ismail，他担任过《刺客信条：起源》《刺客 信条：黑旗》《刺客信条：英灵殿》等游戏的创意总监，但在 2020 年因不当行为被内部调查后高调离 开育碧，随后加入天美。 ...

| 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 昊天国际建投(01341) | 79.88亿股 | 71.99% | | 中国电信(00728) | 99.03亿股 | 71.35% | | 南方恆生科技(03033) | 104.06亿股 | 69.01% | | 绿色动力环保(01330) | 2.79亿股 | 68.95% | | 天津创业环保股份(01065) | 2.29亿股 | 67.22% | | 凯盛新能(01108) | 1.67亿股 | 66.84% | | 中国神华(01088) | 22.40亿股 | 66.31% | | 钧达股份(02865) | 0.53亿股 | 64.80% | | 中远海能(01138) | 8.33亿股 | 64.30% | | 广汽集团(02238) | 17.75亿股 | 63.07% | | 大眾公用(01635) | 3.33亿股 | 62.43% | | 昭衍新药(06127) | 0.74亿股 | 62.32% | | 弘业期货(03678) | 1.51亿股 | 60.38% | | 中州证券(01 ...

每经记者｜陈婷 李宇彤 每经编辑｜金冥羽 魏文艺 记者|陈婷 李宇彤 编辑|金冥羽 魏文艺 杜波 校对|许绍航 用户留存率才是真正的"试金石" 随着春节假期结束，这场"烈火烹油"般的红包大战暂告一段落。 截至2月24日，互联网大厂们的大手笔投入都已陆续交出成绩单。《每日经济新闻》记者（以下简称"每经记者"）梳理发现，"拉新"无疑是今年春节期间 大厂们最为核心的成果。 2月23日，千问App（应用程序）发文称，春节期间，千问帮大家"一句话下单"近2亿次，全国平均每10人就有1人让千问下单。 此前的2月18日，腾讯宣布，元宝日活跃用户（DAU）超5000万，月活跃用户（MAU）已达1.14亿。 豆包官方则于2月17日透露，除夕（2月16日）当天豆包AI（人工智能）总互动19亿次，"豆包过年"活动在除夕帮助用户生成超过5000万张新春主题头像、 超1亿条新春祝福。 2026年春节之前，国内通用大模型行业已经历了数年的技术竞速与百模大战。如今，随着互联网大厂以"撒钱"姿态强势入局，AI应用的渗透率正以前所未 有的速度飙升至新高点，今年春节无疑成为中国AI从尝鲜走向全民普及的里程碑。 然而，在艾媒咨询CEO（首席执行官 ...

Group 1 - Anta Sports-R (82020), JD Health-R (86618), and Geely Automobile-R (80175) have the highest short-selling ratios at 100.00%, 100.00%, and 95.46% respectively [1] - Tencent Holdings (00700), Alibaba-W (09988), and Meituan-W (03690) lead in short-selling amounts, with 2.193 billion, 1.867 billion, and 1.658 billion respectively [1] - Geely Automobile-R (80175), Tencent Holdings-R (80700), and Blue Moon Group (06993) have the highest deviation values at 56.09%, 35.57%, and 33.29% respectively [1] Group 2 - The top short-selling ratio rankings show Anta Sports-R (82020) at 100.00% with a short-selling amount of 29.79 thousand, followed by JD Health-R (86618) at 100.00% with 9.88 thousand, and Geely Automobile-R (80175) at 95.46% with 31.09 thousand [2] - The top short-selling amounts are led by Tencent Holdings (00700) at 2.193 billion, Alibaba-W (09988) at 1.867 billion, and Meituan-W (03690) at 1.658 billion [2] - The highest short-selling deviation values are led by Geely Automobile-R (80175) at 56.09%, followed by Tencent Holdings-R (80700) at 35.57%, and Blue Moon Group (06993) at 33.29% [2]

Core Insights - The AI competition among major companies has intensified during the recent Spring Festival, with significant cash incentives and promotional activities [1][2][4] - Companies are focusing on three main areas of AI competition: AI empowerment, independent AI applications, and AI hardware [9][25] Group 1: AI Empowerment - Major companies are embedding AI capabilities into traditional business models, such as Alibaba's Quark browser transforming into an "AI Super Box" by March 2025 [10] - Tencent plans to launch Qbot, an intelligent assistant, in May 2025, enhancing its QQ browser with various AI functionalities [10] - Baidu will transition its traditional search box to an "intelligent box" by July 2025, marking a shift towards AI-driven search [11] - Meituan has launched an AI life assistant named "Xiao Mei" [12] - The integration of AI has positively impacted some business segments, with Tencent's marketing services revenue reaching 36.2 billion yuan in Q3 2025, a 21% increase year-on-year [16] Group 2: Independent AI Applications - Companies are shifting focus to independent AI applications as AI empowerment alone does not alter the competitive landscape [18] - Alibaba's "AI Super Entrance" strategy has pivoted to its Qianwen app, which has surpassed 30 million monthly active users by December 2025 [19] - Doubao continues to leverage sponsorships, such as the Spring Festival Gala, to maintain its leading position in the market [20] - Current AI applications show limited daily usage time, with the highest being around 10 minutes per user [22][23] Group 3: AI Hardware - The competition has expanded from software to hardware, with the launch of the Doubao phone in December 2025, which sold out within a day [25] - The rapid success of the Doubao phone has prompted other companies to restrict access to their platforms on this device [26] - AI glasses have also gained popularity, with Alibaba's Quark AI glasses S1 selling out immediately and a significant increase in global smart glasses shipments [29] - Predictions indicate that global smart glasses shipments could exceed 40 million units by 2029 [30] Group 4: Strategic Directions of Major Companies - Alibaba focuses on providing tool value through its AI applications, aiming to assist users in various tasks [33] - Tencent emphasizes social value, with its "Yuanbao" platform allowing users to invite friends through social media [36] - ByteDance's Doubao offers emotional value, creating a personalized and engaging user experience [41] - The strategies of these companies reflect their core strengths, with Alibaba addressing practical needs, Tencent focusing on social interactions, and ByteDance enhancing emotional connections [43]

超45亿元，几大巨头疯狂投入，马年春节的入口之争，不是结束，甚至不是结束的开始，而只是开始的结束。 "领了几块钱红包，薅了一杯后，就再没有打开过它了。""如果平时不常用，那么留一个图标也没任何意义。""它不仅要会干活，还要更懂我们的情 绪"…… 马年春节已过，字节、阿里、百度、腾讯四家巨头用45亿元砸出的这场中国AI历史——甚至互联网史上最大规模用户入口争夺战，喧嚣渐散。 从目前趋势看，胜负格局初步显现：字节豆包守擂成功，继续领跑；阿里千问攻势凌厉，一度登顶但未能完成反超；腾讯元宝起跑最早，却快速滑落；百 度砸下5亿，似乎再次印证"起大早赶晚集"的魔咒。 真正让人遗憾的是美团——这家曾被视为"AT"之外第三极的生活服务巨头，几乎完全缺席。当阿里用30亿元将AI直接嵌入"点奶茶、买电影票"的消费闭 环时，美团护城河第一次显得如此岌岌可危。 所有人都很清楚，所谓AI入口之战，本质是下一个时代的"船票"争夺。但潮水退去，一个根本性问题浮出水面：撒钱能买来流量，但买不来留存，字 节、阿里、百度、腾讯、美团之所以能拥有自己的江湖地位，从不是靠烧钱硬生生打出来，而取决于产品能否将技术和工具变成真正生产力，能否和人们 日常 ...

智通财经APP获悉，2月24日,盈富基金（02800）、腾讯控股（00700）、阿里巴巴-W（09988）南向资 金净流入金额位列市场前三，分别净流入36.79 亿、22.23 亿、21.94 亿 | 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 中国太保(02601) | -2.65 亿 | -39.19% | 36.640（-4.53%） | | 长飞光纤光缆(06869) | -1.74 亿 | -4.65% | 129.200（+1.17%） | | 中金公司(03908) | -1.56 亿 | -53.15% | 21.020（-4.89%） | | 中国黄金国际(02099) | -1.49 亿 | -40.09% | 199.900（-1.14%） | | 中国宏桥(01378) | -1.41 亿 | -14.09% | 36.020（-3.43%） | | 中国太平(00966) | -1.16 亿 | -47.44% | 23.660（-4.44%） | | 紫金矿业(02899) | -1.16 亿 | -5.07% ...