本报记者 田 鹏 2026年开年至今，港股市场龙头企业积极参与回购。据Wind资讯数据统计，今年以来，截至1月26 日，共有108家港股公司加入回购队伍，回购金额合计已突破117亿港元。其中腾讯控股、小米集团等头 部公司贡献了主要增量。 与热闹的龙头企业回购形成对比的是，港股市场整体回购规模呈现收缩态势。参与回购的公司数量 较去年同期的123家有所减少，回购金额仅为去年同期的五成，中小市值公司参与意愿偏低，市场分化 特征明显。 接受《证券日报》记者采访的专家表示，港交所2024年的库存股改革为龙头企业大规模股份回购扫 除了制度障碍，叠加全球外资回流中国资产、市场流动性边际改善的宏观环境，盈利稳定、现金流充裕 的科技龙头得以通过大额回购传递股价被低估的信号。而中小市值公司受盈利波动、现金流紧张等因素 影响，参与回购意愿较低。这一分化既是政策与宏观环境作用的结果，也是市场对公司价值的精准定 价。 港股龙头加码回购 在本轮港股回购潮中，龙头企业的主力军作用尤为突出。各赛道头部公司以大额回购、密集操作、 加码计划的多重举措，成为市场中最鲜明的回购主体，用真金白银释放积极信号。 值得注意的是，在龙头企业密集加码回购的同 ...

Group 1 - Tencent's CEO Ma Huateng stated that 2025 will be a significant year for AI, with intense industry competition, and that Tencent is heavily investing in AI [1] - Tencent has completed structural adjustments in its AI division, attracting PhD graduates and plans to introduce AI-native talent to restructure its AI team [1] - Tencent has made organizational changes to its large model team, establishing departments focused on AI infrastructure, AI data, and data computing platforms, while also attracting top AI talent with competitive salaries [1] Group 2 - According to Shenwan Hongyuan, significant breakthroughs in domestic computing power, models, and applications are expected by 2026, with improvements in usability and a narrowing gap between China and the US [2] - The AI industry is anticipated to undergo major changes, with IDC serving as the foundational layer for AI computing power, leading to a potential revaluation of the entire AIDC industry chain [2] - The industry chain includes upstream supply and distribution (UPS/HVDC, etc.), midstream IDC intelligent computing center construction and operation, and downstream connections to core demand from cloud vendors [2] Group 3 - Hongxin Electronics is collaborating with Suiruan Technology to promote the localization of AI computing chips and servers, with Tencent being a major shareholder and customer of Suiruan [3] - Baoxin Software is partnering with Tencent Cloud to work on basic cloud infrastructure and IDC industry projects, with a focus on accelerating the construction of IDC projects in North China [3]

Market Overview - The Hang Seng Index (HSI) closed at 26,752.51, down by 13.01 points or 0.05% as of January 26, 16:00 Eastern Time [1] - The index reached a high of 26,826.45 and a low of 26,622.25 during the trading session, with a trading volume of 35.7947 million [1] - The 52-week high for the index is 27,275.90, while the 52-week low is 19,335.70, indicating a trading range of 0.76% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 132.695, up by 1.29% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 600.708, reflecting a slight increase of 0.2% from the Hong Kong market close [2] - Alibaba Group (BABA) saw a decline of 1.96%, closing at HKD 165.200 [3] - Xiaomi Group (01810) decreased by 2.81%, closing at HKD 35.220 [3] - AIA Group (01299) remained unchanged at HKD 83.050 [3] Notable Stock Movements - New World Development (00016) experienced a significant increase of 3.93%, closing at HKD 119.000 [3] - Kuaishou Technology (01024) fell by 3.26%, closing at HKD 78.600 [3] - JD.com (09618) rose by 1.05%, closing at HKD 116.000 [3] - Ctrip Group (09961) increased by 1.40%, closing at HKD 492.200 [3]

Group 1 - The core viewpoint of the articles highlights the competitive landscape of AI applications in China, particularly focusing on Tencent's efforts to enhance its AI capabilities and user engagement through its AI assistant, Yuanbao [1][2][3] - Tencent's AI assistant, Yuanbao, has evolved from a technical experiment to a leading AI application, achieving rapid user growth and integration into various Tencent services, including QQ Music and Tencent Meetings [2] - The company is planning to launch a new AI social feature called "Yuanbao Pai," aimed at enhancing social interactions through AI, and is also introducing a 1 billion yuan cash incentive to stimulate user engagement during the Spring Festival [3] Group 2 - Tencent's CEO, Ma Huateng, emphasized the importance of maintaining a steady approach and focusing on the company's unique strengths during the AI competition [1] - The restructuring of Tencent's AI team has led to significant changes in talent acquisition and organizational structure, enhancing the collaboration between the mixed Yuan model and Yuanbao [1] - The introduction of cash incentives and new social features is seen as a strategy to replicate past successes, such as the WeChat red envelope campaign, to drive AI adoption and user interaction [3]

腾讯马化腾：元宝即将推出命名为"元宝派"AI社交新玩法 值得关注的是，阶跃星辰同日正式任命印奇为公司董事长，负责战略节奏与技术方向制定。公司核心战 略聚焦"基础大模型"与"AI+终端"，已在语言模型、多模态模型及端云协同领域达到世界领先水平。 李想临时召开线上公司全员会，不谈汽车谈AI 1月26日上午10点半，理想汽车CEO李想召开了一场不一样的线上全员会。近两个小时的全员会议，大 部分内容都是李想分享自己对于AI的趋势判断。 据多位内部员工反馈，李想强调了接下来几个和AI相关的重要时间节点，比如2026年是所有想要成为 AI头部公司上车的最后一年；最晚2028年，L4一定能落地； 同时布局基座模型、芯片、具身智能、操 作系统等业务的公司，最终全球不会超过3家，理想汽车会努力成为其中一家。未来，理想会进一步强 化具身智能的品牌定位，而不仅仅是创造移动的家。 在上述重要的时间节点之外，李想还明确了一点：在汽车之外，理想一定会做人形机器人，并会尽快落 地亮相。同时，他还表示，要去招聘最好的人，把原来那些去到机器人创业公司的人再招回来。 京东科技JoyGlance登录乐奇AI眼镜 在今日正在召开的腾讯年会上，腾讯董 ...

Core Insights - Tencent emphasizes a steady approach to business, focusing on long-term product competitiveness and user experience in its AI strategy [2][3] - The introduction of "Yuanbao" is a new social AI product inspired by Tencent's existing platforms, aiming to enhance social interactions [2][3] - Tencent plans to invest 1 billion yuan in cash red envelopes to attract users to the Yuanbao app, hoping to replicate the success of WeChat's red envelope feature from 11 years ago [3][4] Group 1: AI Strategy and Product Development - Tencent's AI strategy is characterized by a decentralized approach that balances user needs and privacy concerns, with a focus on building a smart ecosystem within WeChat [3][12] - The "Yuanbao" product is designed to integrate AI capabilities with social interactions, moving beyond traditional chatbot functionalities to create a collaborative environment [9][12] - The product features include basic search, image generation, task management, and social activities, with plans for further enhancements [6][9] Group 2: Organizational Changes and Market Position - Tencent has undergone strategic adjustments and team restructuring to enhance its AI capabilities, including the establishment of new departments focused on AI infrastructure and data [12][13] - The company aims to leverage its vast user base and data feedback mechanisms to improve product offerings and user experience [15] - Tencent's historical ability to adapt and thrive in various internet phases is attributed to its channel potential, user data utilization, and talent acquisition strategies [14][15]

● 本报记者 胡雨 1月25日，腾讯元宝、百度App双双公布春节红包派发计划，拟派发的现金红包总额达到15亿元，消息 发布后迅速引发各方关注。进入2026年，行业头部厂商进一步发力，成为机构持续看好AI应用方向投 资机遇的重要催化剂。 从市场表现看，AI应用板块在进入快速调整期后，于近期基本企稳。在业内人士看来，无论从算力ROI （投资回报率）诉求角度，还是从互联网、软件、端侧公司做产品的角度，2026年AI应用已是"必修 课"，后续国内用户规模增长及商业化或加速，建议聚焦具有价值的AI应用方向展开布局，AI广告营 销、AI电商、AI办公、AI教育、AI医疗等多个细分领域值得关注。 看好AI应用全年发展趋势 AI大厂的"阔绰"出手再度引发市场对AI应用相关领域的关注。 从市场表现看，Wind数据显示，截至1月26日收盘，AI应用板块收跌逾2%，其在1月14日盘中创出阶段 新高后开始回调，近几个交易日呈现横盘震荡态势，不过从2026年开年以来的整体表现看，AI应用板 块累计涨幅仍接近12%，明显跑赢上证指数等A股主要指数。 1月25日，腾讯元宝、百度App在同一天公布春节红包派发计划，其中腾讯元宝将在2月1日开 ...

a uilt 12800 . 46 2 2 1月26号腾讯年会现场，马化腾提出，AI应用"元宝"将于2月1日启动春节活动，用户通过元宝App可瓜分10亿元现金红包，单个红包最高达一万元。 他还透露，团队正在秘密开发名为"元宝派"的社交产品，并直言希望"重现当年微信红包的盛况"。 期望本身，便揭示了一个关键的竞争格局：元宝此次面临的最直接、最深刻的参照系与潜在竞争压力，并非来自外部的其他AI应用，恰恰源于腾讯内部那 座无法绕过的丰碑——微信。 从活动形式、战略意图到生态位争夺，元宝的此次出击，都像是在与"另一个自己"的影子赛跑。 从活动本质看，元宝的春节现金红包，是对微信红包经典路径的一次直接致敬与复刻。 将"元宝"作为独立App推出，并嵌入高达10亿元的春节红包活动，其目的正是为了在一个相对"纯净"和灵活的环境中进行创新。 当年微信红包的成功，其不可复制的核心在于它发生在一个"空白"或"洼地"市场：移动支付习惯尚未成形，社交软件与金融功能的结合充满新鲜感。 微信红包以一种低成本、高社交趣味的游戏化方式，完成了支付启蒙与关系链的货币化。 如今，元宝祭出"10亿现金，单个可达万元"的更大规模激励，其面临的却是一个 ...

Core Insights - The article discusses the competitive landscape of AI applications in China, highlighting Tencent's focus on AI integration across its business operations and the launch of its AI assistant, Yuanbao [2][3]. Group 1: Tencent's AI Strategy - Tencent has emphasized AI in its quarterly reports, indicating its significant role in enhancing business efficiency [2]. - The company has undergone a "deep restructuring" of its AI model, attracting talent and reorganizing its research and development teams to strengthen the collaboration between its AI model and Yuanbao [2]. Group 2: Yuanbao's Development and Integration - Yuanbao transitioned from the Technology Engineering Group to the Cloud and Smart Industry Group, evolving from a "technical testing ground" to an "AI application pioneer" [3]. - The AI assistant has rapidly scaled to become one of the top three AI applications in China, with its capabilities integrated into various Tencent platforms, including QQ Music and Tencent Meetings [3]. Group 3: Growth Initiatives and User Engagement - Tencent plans to leverage social features to drive Yuanbao's growth, introducing a new AI social feature called "Yuanbao Club" to enhance user interaction and collaboration [4]. - The company has launched a 1 billion yuan cash incentive campaign for the Spring Festival, aiming to replicate the success of its previous WeChat red envelope initiative from 2015 [4].

本报记者 梁傲男 在郭涛看来，红包能带来"脉冲式流量"，但决定用户黏性的核心因素集中在三个关键维度：一是能否精 准直击用户真实痛点，形成差异化技术或场景壁垒；二是用户使用数据能否持续反哺模型迭代，让产品 体验随使用时长不断优化，形成正向循环；三是能否无缝嵌入用户已有的社交、办公等核心生态，降低 使用门槛与迁移成本，提升用户使用便捷性。 QuestMobile发布的《2025下半年AI应用交互革新与生态落地报告》显示，全市场AI原生App周活跃用 户排名前五依次为豆包、DeepSeek、元宝、蚂蚁阿福、阿里千问。随着竞争趋于白热化，春节成为各 大厂商实现用户规模跨越式增长的必争场景。 开源证券研报显示，国内大模型厂商不断通过高频模型迭代升级、模型性价比优势及海外扩张，提升用 户及收入规模，并借助春节期间的系列活动所带来的强社交裂变效应，加码争夺C端AI入口，后续国内 用户规模增长及商业化或加速，从而打开围绕大模型广告、电商、娱乐、本地生活、教育等变现方式的 产业链上下游成长空间。 网经社电子商务研究中心数字生活分析师陈礼腾对《证券日报》记者表示，"AI超级入口"的本质并非简 单的信息中介，而是用户获取服务的中心 ...