近年来，为主动、精准地识别舞弊线索，腾讯已系统化梳理了过往案例中的关键风险点，通过自建的多 个AI分析工具构建了动态风险模型，在合作伙伴准入、项目招投标、合同管理、交付验收、费用报销 中，主动发现并调查处理了多起违规案件。 通过持续的案件反馈，腾讯会不断提升模型的准确度和深化探索AI与大数据分析技术在舞弊线索主动 挖掘中的应用。这一系列实践不仅帮助我们更及时发现潜在风险和完善内控机制，也一定程度上减少了 舞弊案件发生，加强了对公司和员工的保护。 1月23日，腾讯发布2025年反舞弊通报。腾讯表示，2025年全年，腾讯反舞弊调查部共发现并查处触 犯"腾讯高压线"案件七十余起，九十余人因触犯"腾讯高压线"被解聘，其中二十余人因涉嫌犯罪被移送 公安机关处理，三十余名涉案的外部人员也被公安机关一并抓捕。 其中IEG（腾讯互动与娱乐事业群）发生2起，CSIG（腾讯云与智慧产业事业群）发生5起，子公司发生 2起，CDG（企业发展事业群）发生4起，PCG（平台与内容事业群）发生4起，WXG（微信事业群）发 生2起。 腾讯还提到，通过制定"腾讯高压线"等反舞弊制度和建立完善的风险管理体系，来预防、发现和打击商 业贿赂、职务侵 ...

说起《QQ农场》，这是很多80、90后的回忆。自2009年上线以来它已经历16年时间，一直待在大家的QQ空间中，从来没有离开过。 这样一款本身还好好活着的游戏，为什么要在2025年重新申请版号推出移动端？问题的答案或许与QQ的焦虑有关。面对以抖音为代表的新生代对手竞 争，27周年的QQ并不想束手待毙，而是想复兴自己的玩家生态，用偷菜防别人偷家。 七成网民都玩过、QQ农场的疯狂时代 《QQ农场》的历史，还要从另一款游戏《开心农场》说起。2008年的中文互联网，社交网络已经乘着宽带普及的东风兴起，但在线娱乐主要还是被图文 统治，当时的厂商都面临一个问题，那就是社交平台运营成本随用户规模水涨船高，却没什么很好的变现手段。《开心农场》类游戏，就是在这样的背景 下诞生。 2008年，程炳皓以300万元创立北京开心人信息技术有限公司，推出实名社交的开心网。然而就和那个年代的许多同类创业项目一样，新网站开业并无起 色。他虽然引入了"抢车位""买房子"等社交游戏，但并没有找到流量密码，直到他注意到刚刚上线人人网的《开心农场》。 事实证明，在千人汽车保有量仅为22辆的2008年，"抢车位"还无法成为中文网络的爆款密码，而主打" ...

摩根大通发表研报指，腾讯在微信生态系统、广告和 游戏业务的核心引擎仍具韧性，且预期 人工智能 对股价走势的影响将超越盈利上升的预期。相较同业，腾讯的生成式AI布局在模型展示与独立应用动 力方面仍处于更早期阶段，因管理层会优先考虑可靠性、合规性与生态系统契合度，而非规模扩张。这 个定位使其股价未被过度"AI溢价"，如果公司今年能展现明确执行力与产品市场契合度，将创造上行价 值。 对于腾讯即将公布2025年第四季财报，该行预期整体财务走势将大致保持在正轨，主要争议点在 于宏观经济疲弱会否影响广告等周期性业务，建设投资者应关注能同时影响市场情绪和基本面的AI信 号。该行预计腾讯第四财季总收入按年增12%至1937亿元，与市场预期一致；经调整净利润料为656亿 元，经调整净利润率升2个百分点至34%；经调整每股盈测7.13元。该行维持对其目标价750港元，评 级"增持"。 ...

Core Insights - The 2025 annual performance of AI-themed funds has drawn market attention, with significant adjustments in their holdings during the reporting period [1] - There is a divergence among fund managers regarding investment opportunities in the AI sector for 2026, despite some funds experiencing substantial net value increases due to their investments in AI application stocks [9] Fund Adjustments - The top-performing active equity funds have made considerable adjustments to their AI asset holdings, with some funds increasing their positions in leading companies while others have reduced their stakes [1][4] - For instance, the fund Yongying Technology Select increased its holdings in Dongshan Precision, Jingwang Electronics, and others, while reducing its stake in Zhongji Xuchuang [1][4] - The fund Zhongou Digital Economy has also shifted its focus, increasing investments in domestic AI and AI infrastructure while reducing exposure to smart driving and edge AI [1][6] Sector Consensus and Divergence - There is a consensus among high-performing funds regarding the PCB sector, with several funds increasing their positions in companies like Dongshan Precision and Shengxin Technology [5][6] - However, there are notable divergences in the strategies of different funds regarding specific AI sub-sectors, such as the varying approaches to Zhongji Xuchuang [4][5] Future Outlook - Fund managers are considering how to capitalize on the expanding AI market, with a focus on the potential for significant breakthroughs in AI applications and the ongoing competition in the large model sector [10][11] - Some managers emphasize the importance of balancing growth potential with safety margins, while others highlight the need for diversified investments to mitigate risks associated with high valuations in the AI sector [12]

Economic Policy - The People's Bank of China will continue to implement a moderately loose monetary policy in 2026, utilizing various tools such as reserve requirement ratio cuts and interest rate reductions to maintain ample liquidity [1] - The Ministry of Commerce and nine other departments have issued opinions to promote high-quality development in the pharmaceutical retail industry, supporting mergers and acquisitions among retail pharmacies [1] Capital Market Developments - The People's Bank of China announced a 900 billion yuan MLF operation to maintain liquidity in the banking system, with a one-year term [3] - Public funds have focused on core sectors such as electronics and power equipment, with Zhongji Xuchuang becoming the largest holding stock, valued at 78.421 billion yuan [3] - The National Development and Reform Commission has allocated 93.6 billion yuan in special bonds to support over 4,500 projects across various sectors, driving total investment exceeding 460 billion yuan [3] Industry Highlights - The commercial aerospace sector is gaining attention, with Blue Arrow Aerospace's IPO status changing to "inquiry" as it aims to become the first commercial aerospace stock [7] - Domestic AI chip company Suiyuan Technology has received approval for its IPO, aiming to raise 6 billion yuan for AI chip development [7] - The human-shaped robot sector remains active, with Zhejiang's innovation center completing a 450 million yuan Pre-A round of financing [7] Company Updates - Zhaoyi Innovation expects a net profit of 1.61 billion yuan for 2025, a year-on-year increase of approximately 46%, benefiting from AI computing demand [8] - ST Biology announced the termination of its major asset restructuring plan to acquire a 51% stake in Hunan Huize Biomedical Technology [9] - Xiaomi Group plans to repurchase up to 2.5 billion Hong Kong dollars of its Class B shares starting January 23 [10] - Alibaba has decided to support its chip subsidiary "Pingtouge" for future independent listing, initiating a restructuring process [11] - Intel reported a fourth-quarter revenue of 13.674 billion dollars, with a net loss of 591 million dollars, while its annual revenue was 52.853 billion dollars [11]

1月22日，上海AI芯片独角兽燧原科技科创板IPO申请获上交所受理。 燧原科技成立于2018年3月，注册资本为3.87亿元，自研迭代了4代架构5款云端AI芯片，计划今年发布燧原四代AI推理卡、ESL32/64超节点集 群，2027年发布第五代云端AI芯片、训推一体卡、推理卡，2029年发布第六代云端AI芯片、训推一体卡、推理卡。 该公司已构建AI芯片、AI加速卡及模组、智算系统及集群和AI计算及编程软件平台的完整产品体系。 腾讯科技、国家大基金二期、美图科技分别是其第五、第六、第十三大股东，分别持股19.95%、4.32%、1.31%。 同时，腾讯科技（深圳）是燧原科技2025年1-9月的第一大客户，包括直接销售和AVAP模式销售的销售额占比多达71.84%。 燧原科技创始人赵立东、张亚林均曾任职于AMD。赵立东为清华大学电子系校友，张亚林为复旦大学电子系校友。 国内云端AI芯片行业处于发展初期。中国本土云端AI芯片厂商包括以华为海思、寒武纪、燧原科技、昆仑芯等为代表的非GPGPU架构厂商， 和以海光信息、摩尔线程、沐曦股份、天数智芯、壁仞科技、平头哥等为代表的GPGPU架构厂商。 截至1月22日收盘，寒武纪 ...

③为保持银行体系流动性充裕，1月23日，中国人民银行将以固定数量、利率招标、多重价位中标方式 开展9000亿元MLF操作，期限为1年期。(王宇露) ②1月22日，公募基金2025年四季报披露完毕。公募基金最新前十大重仓股出炉，分别为中际旭创 （300308）、新易盛（300502）、宁德时代（300750）、腾讯控股、紫金矿业（601899）、阿里巴巴- W、寒武纪、立讯精密（002475）、贵州茅台（600519）、东山精密（002384）。 中证网讯①1月22日，A股通用航空板块再度走强，多只航空主题ETF大涨近4%，军工、卫星等相关主 题ETF普遍涨超3%；此前热度较高的半导体设备、电网、黄金股等板块集体降温，多只半导体设备主 题ETF跌超2%。 ...

Group 1: Commercial Aerospace - The Chinese commercial aerospace sector is entering a new phase aimed at large-scale launches and commercial closed-loop systems, with significant breakthroughs expected in rocket capacity over the next 3 to 5 years [1] - By 2025, China's commercial aerospace is projected to complete 50 launches, accounting for 54% of total space launches, with 25 commercial rockets launched and 311 commercial satellites in orbit, representing 84% of total satellites [1] - The capital market for commercial aerospace companies is accelerating, with several leading firms preparing for IPOs, including Blue Arrow Aerospace and Zhongke Aerospace [1] Group 2: Public Fund Performance - The latest public fund reports reveal that the top ten holdings include companies like Zhongji Xuchuang, Ningde Times, and Tencent, with notable increases in holdings for companies like Zhongji Xuchuang, which saw an increase of 22.602 billion yuan [2] - The automotive industry is facing cost pressures due to rising prices of memory chips and metals, impacting supply chain dynamics and competition [2] Group 3: Biopharmaceutical Industry - Over 50 biopharmaceutical companies have disclosed their 2025 performance forecasts, with nearly 50% showing positive expectations, particularly in the CXO sector, where WuXi AppTec anticipates a revenue increase of approximately 15.84% [3] - The biopharmaceutical industry is expected to enter a new phase of high-quality development as structural reforms and supportive policies continue to evolve [3] Group 4: Fundraising and Market Trends - The public fund market has seen a resurgence, with several equity funds raising over 7 billion yuan, indicating a positive trend in active equity fund performance [4] - The Shanghai Suiruan Technology Co., Ltd. has received approval for its IPO, aiming to raise 6 billion yuan for product development and business expansion [5] Group 5: Aluminum Market - The aluminum market has shown strong performance, with prices rising over 12% since mid-December 2025, supported by favorable macroeconomic conditions and demand for aluminum in various applications [6] - The copper-aluminum price ratio exceeding 4 suggests a potential shift towards aluminum in sectors like air conditioning, indicating new demand growth [6] Group 6: Banking Sector - Five listed banks have reported a year-on-year increase in net profit for 2025, with improvements in non-performing loan ratios for three banks [9] - The banking sector is expected to maintain stable performance, supported by improved funding costs and a potential stabilization of net interest margins [9] Group 7: Chemical Industry - The chemical industry is experiencing positive performance, with over 60% of companies reporting improved earnings, driven by rising prices of certain chemical products [10] - The DOP market is expected to maintain upward momentum due to strong raw material prices and limited supply, indicating a stable support for pricing [10]

Monetary Policy and Economic Measures - The central bank governor Pan Gongsheng stated that a moderately loose monetary policy will continue in 2026, with room for further cuts in reserve requirement ratios and interest rates to maintain ample liquidity [3] - The first batch of 936 billion yuan of ultra-long special government bonds has been allocated to support approximately 4,500 projects in various sectors, expected to drive total investment exceeding 460 billion yuan [4] - The People's Bank of China will conduct a 900 billion yuan MLF operation on January 23, net injecting 700 billion yuan into the market, marking the 11th consecutive month of increased operations [4] Consumer and Investment Trends - State-owned banks collectively announced the implementation of personal consumption loan interest subsidy policies, allowing some high-quality clients to enjoy effective interest rates in the "2%" range, lower than current housing loan rates [3] - Public funds have focused their fourth-quarter 2025 positions on core sectors such as electronics and power equipment, with Zhongji Xuchuang becoming the largest holding stock [3] Market Performance - The A-share market saw a slight increase, with the Shanghai Composite Index rising 0.14% to 4122.58 points, and the Shenzhen Component Index increasing by 0.5% [6] - The Hong Kong stock market also experienced minor fluctuations, with the Hang Seng Index rising 0.17% to 26629.96 points, and net inflows from southbound funds amounting to 5.166 billion HKD [6] Corporate Developments - Alibaba Group has decided to support its chip company "Pingtouge" for independent listing, with plans for restructuring to a mixed-ownership enterprise [7] - Xiaomi Group has initiated a stock repurchase plan of up to 2.5 billion HKD [9] - Nanjing Bank reported a net profit growth of 8.08% year-on-year for 2025 [9] Regulatory and Policy Updates - The State Administration for Market Regulation has issued a red card for the first time in the public utility sector, prohibiting a merger between two gas companies [10] - Nine departments jointly issued opinions to promote high-quality development in the pharmaceutical retail industry, encouraging mergers and acquisitions among retail pharmacies [10] Economic Indicators - The unemployment rate for urban labor aged 16-24 was reported at 16.5% in December 2025, while the rate for those aged 25-29 was 6.9% [5] - The National Bureau of Statistics reported a 28.1% year-on-year increase in sales revenue for the smart device manufacturing industry in 2025 [10]

"马年茅台"出现印刷错误，错版二手价格被炒至2800元 1月21日，53%vol500ml贵州茅台酒（丙午马年）经典版印刷错误的消息引发关注。有网友指出，马年 茅台外包装所印制的星宿图中，"昴宿"的"昴"字被错印成了形近字"昂"。目前，茅台已确认并修改，有 白酒专家称错版马茅因稀缺性或有升值空间。 1月22日，记者搜索发现，二手平台已有多个卖家出售2026年"错版马茅"。原价1899元一瓶的"错版马 茅"二手标价在2300元至2800元不等。还有加价500元卖2499元一瓶的商家称，已经接到茅台专卖店的召 回电话。"包装印刷错了很特别，很难抢。"另有以14998元出售6瓶整箱马茅、生产日期在20260116吉利 顺顺号的卖家称，错版茅台更有收藏价值。（江南都市报） 今日热点导览 TOP 3 大新闻 "黑白颠周媛"账号被封，此前付费课程收入已超过2400万元 近日"眼神给出去，我的身体形成X形"成为互联网热梗，网红周媛因为教女性向男性撒娇的片段引发争 议，骂声也随之而来。网友指责她发布擦边低俗视频。记者1月22日获悉，"黑白颠周媛"实名主账号已 被封。 然而在玩梗与热闹之外，周媛背后还隐藏着一个覆盖知识付费、情 ...