| | | concession of the demond formed anticle and in the in | STATISTICS AND FOR AND | | | --- | --- | --- | --- | --- | | 19 | t | ABC (中国农业银行) | Banking | | | 24 | t | Bank of China (中国银行) | Banking | | | 28 | t | China Mobile (中国移动) | Telecoms | | | 30 | 4 | Moutai (贵州茅台) | Food & Drinks | | | 40 | 1 | Ping An (中国平安) | Insurance | | | 43 | 4 | PetroChina (中国石油) | Oil & Gas | ■> | | 48 | t | TSMC(台积电) | Semiconductors | a | | 67 | t | CSCEC (中国建筑) | Engineering & Construction | 2 | | 74 | t | JD.com (京东) ...

文 | 本原财经 另一支付巨头腾讯的态度值得玩味。在2025年的腾讯股东周年大会上，有股东提问："近期国内友商在 NFC支付上有较大推广力度，微信刷掌支付却没看到特别大的推广动作，请问管理层关于支付业务未来 的推广和市场占有率提升的规划。" 马化腾给出了清晰回应：微信支付将坚持"扫码+刷掌"的组合策略，暂不大力推广NFC"碰一下"支付。 01 双寡头十年暗战 1998年，程序员马克斯·列夫琴（Max Levchin）在斯坦福大学听了一场关于货币交易的演讲，演讲者彼 得·泰尔（Peter Thiel）提出了电子支付系统的构想。两人一拍即合，之后共同创立了PayPal。 泰尔说，他想要用支付改变世界。历经二十余年技术迭代，到如今PayPal年已完成「NFC+二维码+文 本」支付全闭环，PayPal也是移动支付发展的生动缩影。 在线下购物场景，完成一次支付往往要经历5步：解锁手机屏幕→打开微信/支付宝→点击付款码→扣在 商家的扫码机上→"滴"声付款完成。 扫码支付平均用时大概是4-5秒左右。而支付巨头们觉得这样还是太慢了，一直在想办法用科技缩短你 「理性思考」的时间。于是，2024年7月，基于NFC近场通信技术的" ...

Core Insights - The article discusses the development of AdaptCLIP, a universal visual anomaly detection framework that aims to improve performance in industrial quality inspection and medical imaging by leveraging the capabilities of the CLIP model while addressing its limitations in zero-shot and few-shot scenarios [2][4]. Group 1: Challenges in Anomaly Detection - Traditional models for defect detection require extensive labeled data, making them less effective in real-world scenarios where data is scarce [1][3]. - The core challenge in anomaly detection is the need for models to generalize across domains while accurately identifying subtle anomalies with minimal target domain data [3][4]. Group 2: AdaptCLIP Framework - AdaptCLIP introduces a lightweight adaptation approach by adding three adapters to the CLIP model without altering its core structure, enabling it to perform both image-level anomaly classification and pixel-level anomaly segmentation [5][6]. - The framework employs an alternating learning strategy, optimizing visual and textual representations separately to enhance performance in zero-shot anomaly detection [20][21]. Group 3: Key Innovations - The visual adapter fine-tunes CLIP's output tokens to better align with the anomaly detection task, significantly improving pixel-level localization capabilities [15][18]. - The text adapter eliminates the need for manually designed prompts by learning optimized embeddings for "normal" and "anomalous" classes, thus reducing dependency on prompt engineering [16][18]. Group 4: Experimental Results - AdaptCLIP achieved an average image-level AUROC of 86.2% across multiple industrial datasets in zero-shot scenarios, outperforming existing methods [31]. - In medical imaging tasks, AdaptCLIP demonstrated an average pixel-level AUPR of 48.7% and an average image-level AUROC of 90.7%, indicating superior performance compared to other approaches [31][32]. Group 5: Efficiency and Scalability - The model introduces approximately 0.6 million additional trainable parameters under zero-shot conditions, significantly lower than competing methods that can exceed 10.7 million parameters [32][37]. - AdaptCLIP maintains a reasonable inference time of about 162 ms per image at a resolution of 518x518, balancing detection accuracy with deployment efficiency [32][37].

Core Insights - The article discusses Tencent's position in the AI landscape, highlighting its slower pace compared to competitors like ByteDance and Alibaba, which have made significant strides in AI applications and user engagement [1][2][4]. Group 1: Tencent's AI Strategy - Tencent's AI application "Tencent Yuanbao" has approximately 200,000 to 300,000 daily active users as of early March 2025, significantly lower than ByteDance's "Doubao," which is nearing 30 million [2]. - Historically, Tencent's AI focus has been on application-level optimization rather than foundational large models, which some view as a strategic misstep [5]. - Tencent's internal discussions reveal a cautious approach to investing heavily in large models, with a belief that current AI products have not yet disrupted its core social and content business [4][5]. Group 2: Competitive Landscape - Investment analysts note that leading U.S. companies are investing about ten times more in AI than their Chinese counterparts, making the AI opportunities for Chinese firms appear limited [4]. - The competition in AI is evolving from a focus on model parameters to a more complex battle involving capital efficiency, infrastructure, and user engagement [13]. Group 3: Talent Acquisition and Investment - Tencent has recently intensified its talent acquisition efforts, hiring top researchers from ByteDance and offering competitive salaries to attract graduates [11]. - From Q3 2024 to Q2 2025, Tencent's capital expenditure reached 102.3 billion yuan, a 178% increase year-on-year, indicating a strong commitment to AI investment [11]. Group 4: Application and User Engagement - Tencent has released over 30 new models under its "Hunyuan" model, applied across more than 900 internal business scenarios, demonstrating ongoing application development [12]. - Successful application of AI tools is linked to user scale and market foundation, with Tencent focusing on creating a "social × service × AI" ecosystem to enhance user engagement [9][12]. Group 5: Future Outlook - The article suggests that Tencent's unique ecosystem, which integrates communication, social, content, payment, and business, positions it well for future AI developments [14]. - The competition among companies like Tencent, ByteDance, and Alibaba is framed as a race to find sustainable business models in AI, with Tencent's strategy emphasizing the evolution of its existing ecosystem [9][14].

Core Viewpoint - Nomura's research report indicates that Tencent's revenue for the last quarter is expected to grow by 12% year-on-year to 193.5 billion yuan, aligning closely with market expectations [1] - Non-IFRS net profit is projected to increase by 15% year-on-year to 63.9 billion yuan, which is 3% lower than the latest market forecast [1] - The report highlights a 4.2 percentage point increase in gross margin, with non-IFRS operating margin expected to rise by 0.7 percentage points to 35.2% [1] - For the fiscal year 2026, the operating margin is anticipated to remain around 37.2% [1] Group 1 - Tencent may follow ByteDance's lead by more actively utilizing GPU resources from third-party data centers to train its Tencent hybrid model, addressing the shortage of advanced chips [1] - The company is expected to increase its investments in AI [1] - Nomura maintains a "Buy" rating for Tencent, with a target price of 775 Hong Kong dollars [1]

华泰证券则表示"（港股）情绪指标当前已经脱离恐慌区间，且空头比例明显下行，目前已到右侧收获 期"，同时指出港股"一季度市场反弹的核心因素并未发生根本变化"，包括：金融条件整体偏宽松、外 资和南向共振回流、盈利预期上修、AH比价下港股性价比再度凸显等。 中金公司指出："港股去年10月后偏弱因素有三：一是港股特色结构都不是焦点；二是资金面处于弱势 （美债利率居高不下，南向资金偏弱，港股IPO节奏加快）；三是更多反映基本面走弱。"但上述因素 到2026年，都将迎来转机。中金认为，短期看，"是否会因赛道降温将关注点推向港股、小盘价值甚至 大盘成长"。 在市场对港股反弹尚未形成共识时，部分聪明资金已逢低布局： 近日，不少机构建议关注港股成长板块，在本轮上涨中涨幅相对较少，若有合适的回撤买入机会，是不 错的介入时机。 财通证券看好恒生互联网的胜率，当前利多因素包括"平台经济支持+受益放权给企业，AI方面仍有潜 在催化，叠加两国关系进一步改善+人民币升值被动外资流入"。 1）外资方面，截至上周三，EPFR口径下外资净流入港股28.2亿美元（vs 前一周净流入15.4亿美元）， 其中主动型外资转为净流入1.6亿美元，创202 ...

近日，外媒Mobilegamer.biz发布了2025年全年的全球手游收入榜。（注：数据来源AppMagic，统计范围不包括第三方安卓渠道、网页商店及广告 收入，且已扣除平台分成） 具体来看：过去几年，《王者荣耀》在这些排行榜中往往都是遥遥领先——但2025年有所不同，《Last War》与之竞争激烈，并且还有六款游戏 在2025年收入超过10亿美元。 虽然竞争更接近了，但腾讯的这款MOBA仍然排在榜单首位。2025年，《王者荣耀》的收入为16.8亿美元（不包括第三方安卓渠道、网页商店及 广告收入，且已扣除平台分成），几乎全部来自中国，其第二大市场是美国，贡献了约850万美元。值得一提的是，2025年的收入实际上比2024年 的17.4亿美元略有下降，但《王者荣耀》仍然是难以超越的存在。 排在榜单第二的是FunFly（也就是FirstFun）的《Last War》，这款产品在2025年表现非常出色——与2024年的11亿美元相比，收入上升至15.7亿 美元，而且它目前还未在中国大陆上线。 第三名《Roblox》的收入也实现了同比增长，2025年接近14.9亿美元（2024年为11亿美元，2023年为9亿美元） ...

Group 1: Internet Company Revenue and Profit - JD.com leads the revenue chart with 956.8 billion, followed by Alibaba at 731.9 billion and Tencent at 557.4 billion [1] - Alibaba's net profit stands at 76.5 billion, significantly higher than JD.com's 22.3 billion, while Tencent shows a strong profit of 166.6 billion [1] - The profit margin for Tencent is notably high at 30.63%, compared to Alibaba's 10.45% and JD.com's 2.33% [1] Group 2: Market Trends and Insights - The data indicates a competitive landscape among major internet companies, with varying revenue and profit margins suggesting different business strategies and operational efficiencies [1] - The significant profit margins of Tencent may indicate a focus on high-margin services, while JD.com and Alibaba are still scaling their operations [1] Group 3: Financial Performance Overview - The overall financial performance of the top internet companies reflects a diverse range of growth strategies, with some companies prioritizing revenue growth while others focus on profitability [1] - The financial results for the third quarter of 2025 highlight the ongoing evolution of the internet sector in China, with implications for future investment opportunities [1]

不知不觉，2026 年已经加载了十来天了，回望刚刚翻篇的 2025，和往常一样，大部分喜怒哀乐、工作对接、八卦吹水，都发生在一个绿色的 App 里。 没错，就是微信，我们每天吐槽它占内存、功能臃肿，但每次更新又急切关心如何影响我们的生活。 2025 年的微信给了我们不少惊喜。它没搞什么大动作，而是默默修补和优化那些我们吐槽了 N 年的老大难问题。 今天，果子就带大家盘一盘，挑一些最具实用性和关注度的重要功能来说一下。 内存救星出现 "手机内存不足"这句话是不是你手机里最惊悚的恐怖故事？ 在这个动不动就斗图、发视频的时代，微信成为手机里的"内存刺客"。家庭群里的风景视频、工作的超大文件，不知不觉就吞噬了十几个 G 的空间。 为了这事儿，我相信微信开发团队早就想过如何解决。终于，在 2025 年的 3 月，微信在储存空间上做了一次"微创手术"。 现在只要我们点进「设置」-「通用」-「存储空间」，并且进入缓存清理，会发现里面多了两个新选项：「已接收的原图、原视频」和「已发出的原图、 原视频」。 最关键的是，页面顶部有一行提示：清理原图、原视频可以节省空间。清理后，你仍可在聊天中看到普通画质的图片、视频。 你还可以按 ...

来源：真是港股圈 近期A股成交额创下新高，商业航天、AI应用等题材一度掀起涨停潮，但在监管引导下市场情绪降温， 市场进入震荡整固阶段。 不过，此轮调整本质是良性调整，且从更宏观视角看，居民储蓄正持续从存款、债券等低收益资产向权 益市场迁移，形成一场结构性的"流动性再配置"。同时，央行已明确表态"降准降息仍有空间"，预示流 动性环境将持续宽松。 在此背景下，前期过热的A股题材炒作退潮后，资金有望向估值更具吸引力、基本面更扎实的港股市场 转移。 尤其值得关注的是，本轮增量资金中，大量通过ETF形式集体入场，这在市场中形成了一种显著的资金 流向与价格发现相互促进的正向循环机制。 这意味着，ETF不再仅是单纯的投资产品，而是成为了高效的资产配置中枢。因此，在场外资金持续追 求稀缺资产的过程中，或会产生更多由ETF带动的行情，这也会令港股ETF的重要性日益凸显。 其中，港股互联网ETF（513770，场外联接：017126）是个值得关注的选择。其成分股不仅精准锁定科 技龙头，更涵盖了深度赋能的生态体系业务。 例如，该ETF不仅纳入了阿里等平台型巨头，同时也包含了阿里健康等垂类应用领军者，这为投资者提 供了把握本轮AI与 ...