Core Viewpoint - The article highlights the selection of 263 stocks by brokerages as "golden stocks," with a focus on balancing growth and stability amid macroeconomic uncertainties. The selected stocks are categorized into two main themes: embracing the AI-driven technology revolution and investing in value sectors benefiting from cyclical recovery. Group 1: Growth-Focused Stocks - The "offensive" aspect of the stock selection emphasizes a comprehensive layout in the AI industry, covering everything from infrastructure to application and cloud services, directly addressing the surging global demand for AI computing power and domestic alternatives [1][2] - Key stocks include Alibaba, which is expected to see a 32% revenue growth in its cloud business due to AI demand, and Tencent, which is leveraging AI in social and gaming sectors to enhance user engagement and monetization [3][9] Group 2: Stability-Focused Stocks - The "defensive" aspect is characterized by investments in companies with strong cash flows, policy benefits, and unique brand advantages. China Ping An is highlighted for its high dividend yield and improving fundamentals, while Kweichow Moutai benefits from its brand strength and channel reforms [2][5][18] - Other stable stocks include China Duty Free, which is expected to benefit from ongoing policy advantages in Hainan, and Foster, which is expanding its electronic materials business alongside its core photovoltaic operations [2][16][14] Group 3: Individual Stock Insights - **Alibaba**: Expected net profit of 1,045.52 million yuan in 2026, with a growing user base for AI products [3] - **Haiguang Information**: Revenue of 9.49 billion yuan in the first three quarters of 2025, with a year-on-year growth of 54.65% [4] - **China Ping An**: Projected net profit of 157.55 billion yuan in 2026, with a PE ratio of 7.59 [5] - **Wanhua Chemical**: Anticipated net profit of 16.36 billion yuan in 2026, with a PE ratio of 15.37 [7][8] - **Tencent**: Monthly active users of WeChat at 1.414 billion, with AI-related capital expenditures rising to 40% [10] - **Zijin Mining**: Expected net profit of 45.70 billion yuan in the first three quarters of 2025, with significant gold resource reserves [12][13] - **Foster**: Projected net profit growth of 49.98% in 2026, with over 50% market share in photovoltaic films [15] - **China Duty Free**: Expected net profit growth of 27.10% in 2026, benefiting from policy advantages [16][17] - **Kweichow Moutai**: Net profit of 66.90 billion yuan in the first three quarters of 2025, with a gross margin of 91.29% [18]

Core Insights - The article discusses the resurgence of a viral marketing strategy similar to Pinduoduo's "cut a knife" campaign, with Tencent's new app "Yuanbao" leveraging social sharing to attract users [2][6][8] - The initial success of Yuanbao is evident as it quickly rose to the top of the Apple App Store's free chart, surpassing the previously dominant app "Doubao" [3][8] - The main challenge for Yuanbao will be converting the short-term influx of users into long-term retention [4][11] User Acquisition Strategy - Yuanbao's promotional activities include daily login rewards and tasks that encourage users to share red envelope links with friends, mirroring Pinduoduo's earlier strategies [5][7] - The app's launch saw significant engagement, with users actively sharing links in groups, leading to a rapid increase in downloads and user activity [5][10] - Tencent aims to replicate the success of WeChat's red envelope feature from 11 years ago, indicating a strategic focus on social engagement [6][8] Competitive Landscape - The competitive environment is intensifying, with Alibaba's Qianwen app announcing a substantial investment of 30 billion yuan to counter Tencent's red envelope initiative, which is three times the amount Tencent allocated [8] - The AI application market is characterized by aggressive user acquisition tactics, with companies like Yuanbao, Baidu, and Alibaba all employing similar strategies to attract new users [9] User Retention Challenges - Despite the initial success in user acquisition, the article highlights the critical issue of user retention, as many AI applications struggle to maintain long-term engagement [11][12] - Research indicates that a significant percentage of AI applications experience declining active user numbers, emphasizing the need for deeper user engagement strategies [12] - The article suggests that for Yuanbao to succeed, it must evolve beyond initial viral marketing tactics and develop features that create lasting user value [12]

2月3日消息，港股三大指数涨跌不一。截至午间收盘，恒生指数涨0.2%，报26830.23点，恒生科技指数 跌1.32%，国企指数跌0.22%。盘面上，科网股普跌，快手、哔哩哔哩跌超4%，百度、腾讯跌超3%，阿 里巴巴、小米、美团跌超1%；商业航天概念股涨幅居前，亚太卫星涨超9%；中资券商股走弱，中金公 司跌超2%；东鹏饮料港股首日破发。 | 名称 | 最新价 | 涨跌额 | 涨跌幅 ^ | | --- | --- | --- | --- | | 恒生科技指数 | 5453.46 | -72.85 | -1.32% | | 800700 | | | | | 国企指数 | 9060.38 | -19.81 | -0.22% | | 800100 | | | | | 恒生指数 | 26830.23 | +54.66 | +0.20% | | 800000 | | | | 商业航天概念股涨幅居前，亚太卫星涨超9%。SpaceX官网发布马斯克署名的公告，宣布SpaceX已收购 xAI，合并后公司将整合人工智能、火箭、天基互联网、移动设备直连的通信。此外，SpaceX近日向美 国联邦通信委员会提交申请部署百万颗卫星，以构 ...

Core Viewpoint - The competition in the AI sector is intensifying, with companies like Tencent, ByteDance, and Alibaba exploring different approaches to AI assistants and smart devices, highlighting the importance of user privacy and security in their strategies [1][4][8]. Group 1: Company Strategies - Tencent's CEO, Ma Huateng, criticized the security risks associated with the "Doubao" phone's screen recording and cloud uploading features, emphasizing the need for responsible practices in technology [1][4]. - ByteDance, in collaboration with ZTE, aims to integrate AI directly into smartphones with the "Doubao" assistant, focusing on cross-application tasks without waiting for app interfaces to open [2][6]. - Alibaba's "Qianwen" AI application emphasizes a controlled ecosystem, integrating shopping recommendations and payment processes within its own platforms, which allows for better transaction and risk management [3][6]. Group 2: User Privacy and Security - The "Doubao" assistant claims to operate under strict user authorization and compliance, ensuring that no data is stored or used for training, with encrypted transmission and robust protective measures [5][6]. - Concerns about privacy and security have escalated, with users experiencing restrictions on popular apps like WeChat and Alipay due to the assistant's operations, raising questions about the balance between functionality and safety [5][6]. - Industry experts highlight that as AI assistants approach system-level capabilities, the challenges of ensuring user privacy and data security become more complex, necessitating clearer regulations and standards [6][7]. Group 3: Industry Trends and Future Directions - The AI industry is shifting from simple Q&A capabilities to more complex tasks, with a focus on creating intelligent agents that can perform actions on behalf of users, thus changing the interaction dynamics [2][8]. - There are two main approaches emerging in the market: the "screen reading + simulated clicking" method, which is more universal but faces platform barriers, and the "API interface calling" method, which is more structured and manageable [6][7]. - The competition among "Doubao," "Qianwen," and Tencent's "Yuanbao" signifies a new phase in the AI entrance battle, characterized by product innovation and the need for regulatory frameworks to support safe and effective AI deployment [8].

春节AI大战， 各家AI大l 腾讯10亿的现金红包能不能复刻十年前微信红包的盛况还不可知，但压力已经上来了： 今天，阿里千问宣布投入30亿元启动"春节请客计划"，在春节期间，千问App将联合淘宝闪购、飞猪、大麦、盒马、天猫超市、支付宝等阿里生态业务，以 免单形式请全国人民在春节期间吃喝玩乐。 2026年春节被各大厂视为AI应用从"尝鲜"走向"国民级"的分水岭，而这场"入口夺权战"也愈发白热化。目前三家大厂的打法各有侧重： 1047 刚刚过去的周末，元宝的红包满天飞，也将此前不温不火的元宝App带上了苹果商店国内免费榜第一。 字节火山引擎抢下春晚合作，豆包将在春晚配合上线多种玩法。这一打法很有"特色"，更注重AI功能体验，让用户在"玩"中熟悉AI功能和使用场景；但春晚 这一特定场景过后，怎么让用户继续"用"起来，也值得进一步观察。 你更看好谁？ 阿里的打法比较务实，走的是"AI+实体"的路线，千问不是只做聊天Bot，而是做"行动Agent"。接入阿里电商和本地生活生态后，千问能够成为帮助用户完 成现实生活订外卖、买年货、订机酒任务的"助理"，而不仅仅是一个停留在"只说不做"的聊天工具。 腾讯依靠深厚的社交土壤， ...

据介绍，《年少有为》由腾讯视频、新丽电视、阅文影视、狂欢者文化传媒出品，狂欢者文化传媒承 制。原著《亏成首富从游戏开始》目前已入藏上海图书馆、深圳图书馆，同名改编漫画作品在腾讯动漫 人气达7亿，同名改编多人有声剧在喜马拉雅播放量超过1.1亿。 新浪科技讯 2月3日上午消息，1月31日，改编自小说《亏成首富从游戏开始》的网剧《年少有为》开 播。起点读书披露数据，1月31日站内联动剧集，上线相关活动后，原著阅读用户数实现了环比增长20 倍。 责任编辑：宋雅芳 新浪科技讯 2月3日上午消息，1月31日，改编自小说《亏成首富从游戏开始》的网剧《年少有为》开 播。起点读书披露数据，1月31日站内联动剧集，上线相关活动后，原著阅读用户数实现了环比增长20 倍。 据介绍，《年少有为》由腾讯视频、新丽电视、阅文影视、狂欢者文化传媒出品，狂欢者文化传媒承 制。原著《亏成首富从游戏开始》目前已入藏上海图书馆、深圳图书馆，同名改编漫画作品在腾讯动漫 人气达7亿，同名改编多人有声剧在喜马拉雅播放量超过1.1亿。 责任编辑：宋雅芳 ...

| ■阿里巴巴-W | | --- | | 09988 港股通 L2 ▼ | | 1 55.800 今井 165.400 最高 166.000 最低 155.200 | | -4.58% -7.500 换手 0.25% 总量 4691万股 金额 74.98亿 | | 总值⊙2.98万亿 市盈™ 22.43 市净 2.61 亜名 | | 相关港股 (人民币计价)： 138.200 -4.49% | | 由名▼ 分时，在五日期，吕K、中周K、1月K、 | | 均价:159.843 最新:155.800 -7.500 -4.59% | | 171.400 4.96% 卖8 156.600 3.0万(15) | | 卖7 156.500 4.3万(22) | | 卖6 156.400 3.1万(18) | | 55 156.300 4.7万(21) | | 24 156.200 6.1万(20) | | 卖3 156.100 5.0万(32) | | 52 156.000 4.5万(41) | | 卖1 155.900 2.5万(15) | | 21 155.800 3.2元 (4) | | 2 155.700 2. ...

Group 1: Core Insights - Talent density is a key factor in capital pricing within the AI sector, with high valuations reflecting the future value that talent can create [2] - The second wave of talent migration in AI was triggered by the resurgence of interest in the industry following the launch of ChatGPT in 2022 [4][5] - The "AI Six Dragons" have attracted over 10 billion in capital investments between 2023 and 2024, with companies like Zhipu and MiniMax seeing valuations exceed 20 billion [5][11] Group 2: Talent Movement - High-end talent is increasingly flowing back to major tech companies, with significant salary increases reported, such as algorithm engineers receiving up to a 30% salary boost or even doubling their pay when moving to larger firms [11] - The talent flow from the "AI Six Dragons" indicates a trend where technical roles are returning to big companies, while product and business roles are more inclined to pursue entrepreneurial ventures [6][11] - Major companies like ByteDance, Tencent, and Alibaba are actively recruiting top AI talent, with reports of salaries reaching up to 10 million for new graduates [10][11] Group 3: Competitive Landscape - The "Hundred Model War" began in March 2023, with various companies rapidly iterating and releasing new models, reflecting the competitive nature of the AI landscape [12][16] - By the end of 2023, the "AI Six Dragons" had expanded significantly, with Zhipu AI growing to over 400 employees, 70% of whom are in R&D [20] - ByteDance's strategic entry into the AI market, including the launch of its Doubao model, marked a significant shift in the competitive dynamics among AI companies [21][24]

Group 1 - The core rumor about a tax increase from 6% to 32% for the gaming industry is deemed unreliable, as the actual tax rates for major companies range from 15% to 25% [3][10] - The recent decline in Tencent's stock price, dropping 6% to 560, is attributed to market reactions to the tax rumors and other factors, leading to significant selling pressure from large investors [2][8] - The comparison of the gaming tax situation to the recent increase in value-added tax for telecommunications companies has contributed to market fears, although the gaming tax structure is more complex [3][10] Group 2 - The issuance of red envelopes by Yuanbao has been criticized in the tech community, with concerns that it disrupts users and questions Yuanbao's technical capabilities, but this should not justify a drop of over 5% in stock price [5][11] - There are concerns regarding capital expenditures, particularly in AI, with rumors suggesting a significant downward revision of revenue expectations for HWJ by 50-100%, indicating potential reductions in AI spending by major domestic companies [6][12]

针对朋友圈和群里刷屏现象，不少网友这就质疑触碰微信平台"禁止诱导分享"的外链规范，甚至吐槽"自家业务 就放行，第三方就封禁"。 2 月 2 日，澎湃新闻报道腾讯发了一封内部信，直接回应核心争议： 元宝红包基础逻辑是无门槛领取，用户 不分享、不助力、不集卡，也能直接领基础红包 。分享仅用于增加额外抽奖机会，并非拿红包的必要条件， 和平台长期打击的"不分享就拿不到奖励"的诱导分享、恶意营销，有 本质不同 。 内部信同时强调，微信对真正普惠、无附加条件的福利活动保持开放， 这套合规标准不只适用于元宝，会平 等适用于所有第三方软件与活动 ，不存在双标。目前腾讯法务、公关、业务团队已联合研判，后续会持续监 控活动传播，优化外链风控，减少误伤，兼顾生态规则与用户体验。 最近腾讯 10 亿的元宝红包不是很火嘛， 甚至在 2 号零点还一度崩溃 。 各种群里很多分享链接获取抽奖次数，所以看到有人调侃是拼夕夕砍一刀的味道。 ...