以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH 1-6月日程安排 · 2月27日 北京 国内头部智驾科技企业 人形机器人 年研学安 型成 11月4日-11日 洛杉矶、拉斯维加斯、旧金山 CES、英伟达、特斯拉 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会-2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 复星财富、HashKey、港交所 5月22日-23日 1151 11:47:50 深圳 华为、新凯来、江波龙、莫界科技 闭门投研会—2026 Al 的中国力量(二) ...

1月29日，挪威央行投资管理（Norges Bank Investment Management）正式发布 2025 年年度投资报告。 数据显示，全球最大主权财富基金之一的挪威政府全球养老基金（Government Pension Fund Global，GPFG）在2025年实现15.1%的整体回报率，基金规模 于2025年12月31日达到21.268万亿挪威克朗（约合15.47万亿人民币）。 从基金规模变动细节来看，2025年基金会计收益达2.362万亿克朗（约1.72万亿人民币），但受挪威克朗对多国主要货币升值影响，汇率因素导致基金价值 缩水。同时，扣除管理费用后的资金净流入为319亿克朗，多重因素共同作用下，基金全年规模净增1.526万亿克朗。 从资产类别表现来看，权益类投资成为基金收益的核心驱动力。2025年，基金股票投资回报率高达19.3%，显著跑赢其他资产类别。其中，科技、金融及 基础材料板块表现尤为突出，贡献了权益投资的主要收益。挪威央行投资管理首席执行官尼古拉・丹根（Nicolai Tangen）在声明中强调："2025年基金交 出了极具说服力的成绩单，科技、金融与基础材料领域的优质股票持续 ...

Core Insights - Tencent is leveraging AI to redefine social interactions, particularly through its new feature "Yuanbao Party" in the Yuanbao app, aiming to establish a new form of "AI social" [3][22] - The concept of AI social is being explored by various companies, but many existing applications do not fundamentally change traditional social interactions, often serving more as tools or assistants rather than redefining social connections [14][15] Group 1: Tencent's AI Social Strategy - Tencent's "Yuanbao Party" allows users to chat and engage in activities like watching movies or listening to music together, differentiating it from traditional group chats by incorporating an AI element [4][3] - The AI in Yuanbao Party can answer questions, summarize chats, and generate emojis, functioning as a group atmosphere enhancer or management tool [4][10] - Despite its innovative branding, the underlying concept of integrating AI into group chats is not new, as similar functionalities have existed since the early days of QQ [7][10] Group 2: Comparison with Other AI Social Applications - Another application, Bubbl, offers a contrasting approach by creating an AI avatar that mimics the user's chat style, allowing the AI to handle messages on behalf of the user [13][14] - Both Yuanbao Party and Bubbl represent different experiments in AI social, but neither fully encapsulates the essence of social interaction, leaning more towards being AI tools rather than redefining social connections [14][22] Group 3: The Nature of Social Connections in the AI Era - The essence of social interaction is defined as "connection," which can evolve to include relationships between humans and AI, as well as interactions among AIs [15][19] - The traditional understanding of social connections remains relevant, with technology merely altering communication methods rather than the fundamental nature of human relationships [19][21] - The shift towards short video platforms indicates a new form of social currency, where AI-generated content is becoming a tool for self-expression and social interaction [21][22] Group 4: Tencent's Strategic Direction - Tencent's decision to launch AI social features in the Yuanbao app rather than integrating them into WeChat signals a strategic shift towards creating a new social platform tailored for AI interactions [23][24] - This approach reflects Tencent's intent to foster a new social ecosystem that is not merely an enhancement of existing products but a fresh, AI-native social experience [27][28] - The transition from WeChat to Yuanbao represents a significant evolution in Tencent's product strategy, aiming to establish a new paradigm for social interactions in the AI era [27][28]

Core Insights - The article discusses the evolving landscape of AI and social interaction, highlighting the competition among major players like Tencent, Baidu, and Alibaba in the AI chat space, particularly focusing on group chat functionalities as a new frontier for user engagement and collaboration [1][2][3] Group 1: Industry Dynamics - Tencent's return with "Yuanbao" and Baidu's entry with 500 million cash signals a strategic shift towards group chat functionalities, indicating a consensus among industry giants on the need for more sustainable user engagement models [1][2] - The historical context of the competition between the "BAT" (Baidu, Alibaba, Tencent) suggests that the current focus on group chat is a response to the limitations of traditional chatbot interactions, which have struggled to maintain user engagement [1][5] - The shift towards group chat as a collaborative space reflects a broader trend in the industry, where companies are moving from individual tool provision to creating environments for multi-agent collaboration [2][5] Group 2: Strategic Intent - Baidu's development of the Wenxin app's group chat feature aims to establish a new user habit of involving AI in collaborative tasks, moving beyond mere tool usage to integrating AI as a collaborator in daily activities [2][8] - The emphasis on goal-oriented collaboration in group chats is seen as a more effective approach for AI integration into social interactions, contrasting with traditional social media's focus on relationship maintenance [6][7] - Baidu's strategy reflects a significant shift from a technology-centric approach to a user-centric model, focusing on cultivating user habits that leverage AI for practical problem-solving [9][11] Group 3: Technological and Business Framework - Baidu has established a comprehensive "chip-cloud-model-application" ecosystem, which underpins its ability to offer AI services sustainably, thus enabling its aggressive investment in the group chat space [11][12] - The success of Baidu's AI applications, such as Wenku and Wangpan, demonstrates the potential for AI to generate stable revenue streams, reinforcing the company's confidence in its strategic direction [12] - The competitive landscape is characterized by a race to define the future of human-AI collaboration, with each company leveraging its unique strengths to capture market share and user engagement [13][14]

作为社交领域霸主，腾讯显然不愿错失AI赛道。 彼时，DeepSeek引爆科技圈，并在2025年春节期间吸引大量用户下载。随后，宣布接入满血版DeepSeek-R1后的腾讯元宝热度快速上升，在苹果应用 商店的排行榜上接连超越豆包和DeepSeek，登顶榜首。 在过去一年中，元宝虽然多次迭代和升级，但在To C的AI应用中，并未能成功建立起用户心智与用户使用习惯，甚至一度发生辱骂用户的负面事 件，对此腾讯元宝回应称："在内容生成过程中，模型偶尔可能出现不符合预期的失误，这也是我们持续需要改进的地方。" 在AI社交新玩法"元宝派"内测、春节10亿红包活动的刺激下，腾讯旗下AI助手"元宝"App热度快速上涨。 截至1月28日晚间，元宝在各大应用商店排名飙升，登上华为应用商城飙升榜第一、苹果中国区App免费榜第二、VIVO应用商城下载榜第二。 此前，腾讯在1月25日宣布，将在2月1日上线春节活动，用户上元宝App分10亿元现金红包，单个红包金额可达万元。1月26日，腾讯旗下AI助手元宝 低调开启全新社交AI玩法"元宝派"内测。 一年前，元宝也曾迎来一波下载热潮。 而在同样的时间内，豆包凭借着"用豆包给朋友和家人打电话" ...

Group 1 - On January 29, 2026, Alibaba-W (09988), CNOOC (00883), and SMIC (00981) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 3.175 billion, 2.764 billion, and 2.555 billion respectively [1] - In the Southbound Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and CNOOC (00883) were the top three companies by trading volume in the Shenzhen-Hong Kong Stock Connect, with transaction amounts of 1.847 billion, 1.779 billion, and 1.669 billion respectively [1] Group 2 - The top active companies in the Southbound Stock Connect included Alibaba-W (09988) with a transaction amount of 3.175 billion and a net buy of -248 million, CNOOC (00883) with a transaction amount of 2.764 billion and a net buy of -686 million, and SMIC (00981) with a transaction amount of 2.555 billion and a net buy of -81.725 million [2] - In the Shenzhen-Hong Kong Stock Connect, the top active companies included Alibaba-W (09988) with a transaction amount of 1.847 billion and a net buy of -82.154 million, Tencent Holdings (00700) with a transaction amount of 1.779 billion and a net buy of 296 million, and CNOOC (00883) with a transaction amount of 1.669 billion and a net buy of 572 million [2]

一位广告行业人士向经济观察报记者透露，助贷或贷款机构广 告如此做，是为了"蹭流量"，借助微信提升曝光和点击。 作者：刘颖 封图：图虫创意 2026年1月28日，刘先生在微信朋友圈刷到一则借款广告。 广告中"微信里信用飞可以借钱了""微信支付使用2年了，我在微信上信用飞借到了15万8！！"等 话术反复提及微信。 而当刘先生点击广告跳转链接后，发现进入到一个名为"信用飞"的借款小程序，却再无"微信"相 关字样，显示的资金来源为小米消金等。"我第一眼看到这个朋友圈广告时，还以为是微信推出的 贷款产品，难道互联网大厂的尽头都是放贷吗？"刘先生说。 让刘先生疑惑的是，信用飞与微信、微信支付是什么关系，使用微信支付2年真的能借到这么多 钱？ 在这一过程中，并未再出现"微信"相关字样。 针对该广告引发的用户误解，腾讯方面回应，经核实，该广告主体为上海晓途网络科技有限公司 （信用飞平台经营主体）。为了防止用户误解为腾讯提供的服务，平台要求广告账号名称需明确露 出广告主品牌，同时在广告页面添加明确警示语。 腾讯方面表示，腾讯广告根据相关法律法规，从广告主准入、内容发布到广告巡查等环节建立了一 系列审核标准和规范流程。用户如发现 ...

2026年春晚成为大厂首个"秀肌肉"的全民舞台。 百度分5亿，腾讯分10亿，阿里更了新模型，字节拿下了央视春晚的独家合作。 比春晚更先来到的，是大厂间的"战火"。 25日，百度官宣马年春节瓜分5亿元红包。同一天，腾讯开启新春分10亿元现金红包活动，腾讯公司董事会主席兼首席执行官马化腾称"希望重现 当年微信红包的盛况。" 相隔一天后，26日阿里巴巴发布千问旗舰推理模型Qwen3-Max-Thinking。报道称该模型是迄今最接近国际顶尖模型的国际AI大模型，标志着中 国大模型从"追平"到"领跑"的关键突破。 而更早些时候，字节跳动旗下火山引擎"一举夺魁"，成为央视春晚独家AI云合作伙伴。这是继抖音与央视春晚的两次合作之后，字节跳动第三次 成为春晚的重要合作平台。 自2025年年初的"DeepSeek时刻"之后，国内市场上，大模型经历了从"百模大战"到行业洗牌分化的过程。通用大模型的牌桌上，百度、腾讯、阿 里、字节几家互联网科技巨头成为最终争夺"AI超级入口"的"种子选手"。 在大模型爆火之后第一个农历春节，谁能在此期间得到更广泛的用户认可、提供更优质的服务、成为最终赢家，吸引着市场的关注。 春晚——大厂争抢国民 ...

Core Insights - The Chinese large model industry has transformed from a "follower" to a "runner" and even a "leader" in certain areas by 2026, reshaping the global AI competitive landscape with breakthroughs in technology, ecosystem prosperity, and application capabilities [1] Group 1: Company Highlights - DeepSeek (DS) leads with its innovative Mixture of Experts (MoE) architecture and Multi-Head Potential Attention (MLA) mechanism, significantly reducing computational costs while maintaining high performance. The latest DS-V4 model surpasses GPT-4o in blind tests and offers a cost-effective API [2] - Tencent Yuanbao excels in multi-modal understanding and reasoning, leveraging Tencent's vast ecosystem data. Its Qwen3-Max-Thinking model achieves a 73.8% accuracy rate in complex tasks, outperforming Gemini 3 Pro [3] - ByteDance's Doubao 1.5Pro utilizes a large-scale sparse MoE architecture, achieving performance equivalent to a dense model with seven times the activation parameters while reducing inference costs by 40% compared to GPT-4o [4] Group 2: Industry Trends - The industry is witnessing verticalization in sectors like healthcare, education, and manufacturing, with significant advancements in specialized applications [6] - General scene integration is evident in office, e-commerce, and cross-border trade, with open-source strategies reshaping the global AI ecosystem. DS models have over 200,000 derivatives in the Hugging Face community, while Yuanbao's Qwen series has spawned over ten sub-models [7][8] - The commercialization of large models has entered a scalable phase, with DS serving over 2,000 enterprises and maintaining an 85% customer renewal rate. Yuanbao manages over 800 billion in assets in the financial advisory sector [9] Group 3: Future Outlook - The competition focus is shifting from "model capability" to "intelligent ecosystem," with DS developing technologies for human-like understanding and Yuanbao enhancing tool invocation capabilities [9][10] - The Chinese large model industry is positioned to further penetrate the physical world, becoming a "smart foundation" for new productive forces, emphasizing technological independence, deep scene cultivation, and open ecosystems [10]

Group 1 - The Hang Seng Index increased by 0.51%, closing at 27,968.09 points, with a total market turnover of 331.99 billion HKD [1] - The southbound trading data revealed significant net purchases in certain stocks, including 2.395 billion HKD in the Tracker Fund of Hong Kong, 800 million HKD in Tencent Holdings, and 643 million HKD in Xiaomi Group-W [1][2] - Conversely, net sales were observed in China Mobile, Zijin Mining, and Alibaba-W, with net outflows of 646 million HKD, 377 million HKD, and 331 million HKD respectively [1][2] Group 2 - The Tracker Fund of Hong Kong recorded a closing price of 28.18 HKD, with a price increase of 5.00% [2] - Tencent Holdings closed at 622.00 HKD, reflecting a price increase of 1.60% [2] - Xiaomi Group-W had a closing price of 36.62 HKD, with an increase of 8.30% [2] - In contrast, stocks like Huahong Semiconductor and Alibaba-W experienced significant declines, with Huahong Semiconductor dropping by 53.00% and Alibaba-W decreasing by 1.20% [2]