21世纪经济报道记者雷晨 马年春节，一场烧掉超80亿元的AI"红包大战"落下了帷幕。腾讯、阿里、字节跳动等互联网平台轮番上 阵，把这个传统意义上的"抢红包"旺季，彻底变成了一场AI落地全民生活的压力测试。 各家晒出的战报一个比一个亮眼，但数据背后的行业格局也愈发清晰：头部平台靠着资金、技术和生态 的三重壁垒，正在加速收割市场；中小玩家想要挤进通用AI这条赛道，越来越难。而更残酷的考验才 刚刚开始——春节的流量退潮之后，用户是走是留，才是检验这场狂欢的最终标准。 在业内人士看来，这场春节档的卡位战，不仅影响到AI行业的竞争牌局，也让中国互联网向AI互联网 转型的节点，提前到来了。 春节档，AI的"全民大考" 春节向来是互联网平台拉新的黄金窗口。2026年的这个窗口，被赋予了全新的意义——它不再是简单的 流量争夺，而是AI技术第一次直面全国用户的"大考"。 一位大厂高管告诉21世纪经济报道记者，今年春节档的竞争，关系到未来几年企业的前台业务布局乃至 投融资格局。可以说，整个行业在春节这一节点所奠定的竞争格局，将直接决定未来"牌桌"上的席位归 属。 正是这种紧迫感，让各大平台不惜重金入局。超80亿元的投入，让这个春 ...

据悉，天美蒙特利尔工作室成立于2021年，由曾担任刺客信条系列创意总监的阿什拉夫·伊斯梅尔领衔 组建，是天美在美国洛杉矶工作室和西雅图工作室外的第三处北美研发基地。 在蒙特利尔工作室成立之初，腾讯内部对其定位是专注于开发具备3A品质、开放世界架构及跨平台能 力的大型游戏产品，但在成立后的五年中该工作室始终未有成品项目公布。在运营过程中，其工作中心 逐渐转向承接天美IP的国际化项目延伸，包括参与《宝可梦大集结》《使命召唤手游》等产品的开发和 本地化工作。 近日，腾讯天美旗下蒙特利尔工作室被曝已于近期停止运营，多名前员工在社交媒体平台确认了这一消 息。21世纪经济报道记者就此询问了腾讯天美工作室群，截至发稿未获得回复。 值得注意的是，近年来腾讯与网易两家中国游戏巨头正持续调整海外研发布局。 以网易为例，其于2025年下旬先后关闭了美国Fantastic Pixel Castle、T-Minus Zero Entertainment、 Jackalytic Games，加拿大Bad Brain Game Studios等多个海外游戏工作室；腾讯此前在美国洛杉矶建立的 Team Kaiju工作室也已于2023年停止运 ...

21世纪经济报道记者 边万莉 2026年马年春节支付数据如期出炉，释放出消费复苏与行业转型的多重积 极信号。 2月23日，微信团队发布的2026春节数据报告《新春消费"马"力全开》显示，春节期间旅行、生活娱乐 线下交易笔数同比涨幅均超20%。在支付后，用户通过"摇一摇领优惠"领用银行立减金并且核销的用户 比上月同期接近翻了一番。 县域城市势能强劲，大规模的返乡潮有力激活了下沉市场的内需。数据显示，下沉市场中支付笔数增速 最快的5个城市分别为通辽、沧州、鞍山、赤峰、周口。超长假期亦激发空前的出行需求。"生肖游（记 者注：去含"马"字的目的地旅游）成为超长假期出行的新时尚，直接带动跨境支付交易升温。 马来西亚、马尔代夫线下交易消费金额同比分别大涨131%和186%，马来西亚小程序春节期间交易金额 同比增长超140%，春节假期，小程序在全球市场表现亮眼，交易金额同比增长超65%。此外，受冬奥 会驱动，意大利小程序春节期间交易金额同比增长超190%，意大利也领衔卡塔尔、瑞士等国，在马年 春节一跃成为全球交易笔数同比增速"最快黑马"。 与此同时，入境游在马年春节迎来集中爆发。海外入境游客通过在微信绑定国际银行卡线下交易 ...

每经记者｜杜波 每经编辑｜段炼 记者|杜波 编辑|段炼 杜恒峰 校对|许绍航 动"。刘刚认为，短期看，市场或有超调，回撤后短期可能存在向上修复空间。中期看，基准情形下，我们判断港股盈利增长3%~4%与景气结构主线情绪 修复，或推动恒指中枢上行至28000~29000点左右。 招商证券策略研究团队表示，"春节后，随着南下资金的流入，也将为港股带来流动性支持。结构上，推荐科技（AI算力与应用）、非银（保险）与红 利。"其中，恒生科技的估值底和政策底逐步夯实，但盈利底和流动性拐点仍需确认，重点关注未来市场对恒生科技盈利预期的修正，以及美联储政策预 期变化对恒生科技的催化。一旦降息预期重新稳固，港股作为离岸市场将显著受益。 （免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。） 互联网科技股齐跌，腾讯控股跌近3.3%，阿里巴巴跌2.7%，金山云跌5%，快手、小米等跌逾2%。 | 1 | 腾讯控股 | -3.346% 188.29亿 520.000 | | | --- | --- | --- | --- | | | 00700 | | | | 2 | 小米集团－W | 35.740 - ...

Core Insights - The global investment wave in AI is reshaping the technology industry and capital markets, characterized by significant capital accumulation since 2008, driven by large models, computing infrastructure, and data center construction [1] - The current AI investment cycle is marked by larger scales, faster paces, and shorter depreciation cycles compared to traditional tech cycles, creating a feedback loop that may lead to systemic risks [1] - The AI industry is experiencing a dual-track development between profit potential and cost realities, leading to market fluctuations between prosperity and bubbles [1] AI Investment Historical Progression - The early exploration phase (1950s-1980s) focused on academic research with limited investment, primarily funded by government grants [2] - The AI winter (1980s-1990s) saw a significant reduction in investment due to unmet market expectations and technological limitations [2] - The revival phase (2000s-2010s) was driven by the internet and big data, leading to renewed investment interest, particularly in data-driven algorithms [3] - The rapid development of generative AI since 2021 has sparked a new investment frenzy, with significant stock price increases for major companies like NVIDIA (up 964%) and Google (up 211%) [4] Industry Structure and Participants - The AI industry is advancing across three levels: infrastructure, platforms, and applications, with various stakeholders driving capital flow and technology implementation [5] - Major tech companies and cloud providers are the primary drivers of infrastructure and platform capabilities, while smaller cloud service providers and private equity are facilitating access to AI services for SMEs [7] - The financing structure for AI infrastructure is becoming more diversified, involving private credit and various forms of debt financing, which introduces complexities in risk management [8] Financing Forms and Cycle Characteristics - AI hardware, particularly GPUs and AI-optimized servers, has a short update cycle, leading to intensive capital expenditures and rapid depreciation [10] - In large AI data center projects, GPUs account for approximately 40-50% of total capital expenditures, significantly impacting financial pressures [10] Similarities and Differences with the Dot-Com Bubble - The current AI investment trend shares similarities with the 1999 internet bubble, including market enthusiasm and overvaluation of companies [11] - However, the technological foundation of AI is more robust, with established applications across various industries, unlike the immature internet technologies of the late 1990s [12] - The AI investment landscape is more diverse, involving various financing methods and a stronger connection to global infrastructure, which provides long-term value [12] Potential for AI Bubble and Transmission Paths - The potential for an AI bubble to burst is linked to valuation logic, macroeconomic policies, and global capital flows, with a likelihood of gradual structural adjustments rather than a sudden collapse [15] - Key triggers for a potential bubble burst include slower-than-expected commercialization of AI models and rising refinancing costs due to tightening monetary policies [16] Cross-Border Risk Transmission - The global nature of AI investments means that market adjustments could have cross-border impacts, particularly in emerging markets reliant on foreign currency financing [18] - Macroeconomic policies from major central banks will significantly influence the risk landscape, affecting debt burdens and risk premiums across the AI investment spectrum [19]

长和：反对巴拿马政府强行接管巴拿马港口公司之资产、员工与营运 港股收盘，港股恒生指数跌1.82%，报26590.32点，恒生科技指数跌2.13%，报5270.7点，国企指数跌 2.06%，报9007.86点，红筹指数跌0.46%，报4445.9点。大模型股上涨，智谱涨约12%，MINIMAX涨约 5%。油气股上涨，山东墨龙涨约11%。机器人概念股跌幅居前，卧安机器人跌约12%，越疆跌约11%。 大型科技股中，阿里巴巴-W跌2.76%，腾讯控股跌3.35%，京东集团-SW跌1.12%，小米集团-W跌 2.24%，网易-S跌1.64%，美团-W跌4.24%，快手-W跌2.77%，哔哩哔哩-W跌1.7%。 公司新闻： 国金宏观认为，市场波动主要源于流动性与风险偏好变化，而非AI产业方向逆转。未来美股对业绩兑 现要求将更严苛，资本开支容忍度持续下降，波动大概率加剧，但科技股是否已经走到右侧仍需观察。 长江和记实业有限公司发表新闻稿：公司获悉，于巴拿马时间2026年2月23日，巴拿马共和国（"巴拿马 政府"）强行进入由长江和记之附属公司巴拿马港口公司所营运之巴尔博亚港和克里斯托瓦尔港两个货 柜码头，并且接管两个货柜码头 ...

中国网络视听协会微短剧工作委员会发布《关于保障微短剧行业演职人员合法权益的自律公约》提出， 约定留痕确权责。用工前双方应协商并以纸质或线上图文视频等形式明确工作内容、工作时长、薪酬标 准、支付周期及方式、违约责任及赔偿等权责内容，做到可核查可追溯。按时足额付薪酬。用工方应按 约定按时、足额支付演职人员劳动报酬。鼓励积极推行人工费用分账管理、设立薪酬保证金账户、建立 薪酬垫付保障机制等措施，从源头堵住"欠薪漏洞"。合理规划制作节奏，不安排"超长待机""连轴转"等 透支式工作，保障演职人员休息时间。首批签署单位共38家，包括爱奇艺、百度时代网络技术（北京） 有限公司、北京笔墨留香科技有限公司（红果短剧）、哔哩哔哩、湖南风芒传媒有限公司、快手等。 关于保障微短剧行业演职人员合法权益的自律公约 微短剧行业的蓬勃发展离不开每一位演职人员的辛勤付出。为更好保障从业人员合法权益，规范行业用 工行为，营造健康有序的行业生态，中国网络视听协会微短剧工作委员会向所有微短剧演职人员、用工 单位、剧组、制作机构、摄制基地、播出平台发出以下自律倡议： 1.约定留痕确权责。用工前双方应协商并以纸质或线上图文视频等形式明确工作内容、工作时 ...

Group 1: Core Insights - The large model industry is evolving towards reasoning and multi-modality, emphasizing the feasibility of commercial application and improving ROI efficiency [1] - The new Qwen3.5-Plus model from Alibaba has significantly improved reasoning efficiency, with a total parameter count of 397 billion and a 60% reduction in deployment memory usage [2] - During the Spring Festival, the DAU of Qianwen reached 73.52 million, indicating a competitive edge in capturing C-end traffic [3] Group 2: Industry Trends - Since 2025, the development of large models has shown trends such as evolution from "generation" to "reasoning," emphasis on native multi-modality, and a focus on commercial scene implementation and ROI returns [1] - The AI application landscape is shifting from "buying traffic" to "buying mindset" and "buying pathways" to achieve customer retention [3] Group 3: Recommended Stocks - Companies to focus on include Zhizhu (02513), MiniMax-WP (00100), and Alibaba-W (09988) [2] - Additional recommendations include Cao Cao Travel (02643), SF Express City (09699), Damai Entertainment (01060), Focus Media (002027), and Bilibili-W (09626) [2]

撰文｜画画 今年春节，互联网真正的大战藏在暗处。 不是电商，不是短视频。 是AI的To C化。 阿里、腾讯、字节全线开火，用最熟悉的方式，把AI塞进上亿人的日常。 阿里塞进购物，字节塞进内容，腾讯塞进社交。 三家看似各做各的，但当你把视角拉远，会发现一个更大的趋势。 AI在向最高频、最刚需的场景渗透。 购物、内容、社交，这三个战场背后，藏着同一个终极目标，占领用户的时间、习惯和关系。 而在这三者中，社交是最底层的那一个。社交，正在成为AI ToC化最关键的战场，也是最难的题。 硅谷和中国，都看到了这个机会。 腾讯的元宝，2 月 1 日到 17 日活动期间，用户通过 "创作" 栏完成 AI 任务超 10 亿次。目前元宝日活跃 用户（DAU）已突破 5000 万，月活跃用户（MAU）达 1.14 亿。 字节豆包除夕当天AI 互动总数达 19 亿次。而在 2025 年第四季度，QuestMobile 数据显示，豆包月活飙 升至 2.27 亿，日活突破 1 亿，成为中国首个破亿 DAU 的 AI 原生应用。 至此，中国头部AI应用集体迈入"亿级俱乐部"，就连春节前低调的DeepSeek，也在假期期间，悄然完 成一轮爆 ...

Core Insights - Tencent's 10 billion yuan investment in AI through the "Yuanbao" red envelope campaign has not yielded the expected results, with the app quickly dropping from the top of the App Store rankings [1][19] - The campaign initially generated significant user engagement, but the long-term retention of users remains a critical concern [19][24] Group 1: Campaign Performance - The "Yuanbao" app reached over 50 million daily active users and 114 million monthly active users during the campaign, with users participating in over 3.6 billion lottery draws [6] - Despite the initial success, the app fell out of the top ten free apps on the App Store within a month, highlighting a rapid decline in user interest [1][19] Group 2: User Experience and Retention - Users were primarily attracted to the app for the red envelope rewards, leading to concerns about retention once the incentives were removed [12][19] - Historical data indicates that users acquired through red envelope promotions typically have low retention rates, with a 7-day retention rate below 20% and a 30-day retention rate potentially dropping below 5% [19] Group 3: Strategic Challenges - Tencent's internal structure, which allows for independent operation of its subsidiaries, has led to challenges in aligning efforts towards a unified AI strategy [12][20] - The company's attempt to replicate the success of the WeChat red envelope strategy in the AI space has proven difficult, as the dynamics of user engagement have shifted significantly [20][24] Group 4: Competitive Landscape - Competitors like ByteDance's "Doubao" and Alibaba's "Qianwen" have successfully leveraged their ecosystems to achieve substantial user growth, with Doubao reaching approximately 172 million monthly active users by September 2025 [15][16] - The AI market is becoming increasingly competitive, and Tencent's "Yuanbao" is struggling to differentiate itself from other AI applications [19][24]