Core Viewpoint - The Hong Kong stock market experienced a net sell-off of 34.27 billion HKD from northbound trading, with significant movements in individual stocks, indicating investor sentiment and market dynamics. Group 1: Northbound Trading Summary - Northbound trading saw a net sell of 34.27 billion HKD, with the Shanghai Stock Connect contributing a net sell of 47.72 billion HKD and the Shenzhen Stock Connect a net buy of 13.45 billion HKD [1] - The most bought stocks included Tencent (00700), Pop Mart (09992), and Yangtze Optical Fibre and Cable (06869) [1] - The most sold stocks included the Tracker Fund of Hong Kong (02800), Alibaba-W (09988), and Zijin Mining (02899) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) had a buy amount of 20.87 billion HKD and a sell amount of 29.31 billion HKD, resulting in a net outflow of 8.44 billion HKD [2] - Tencent (00700) recorded a net buy of 12.09 billion HKD, supported by the announcement of a cash red envelope event worth up to 1 billion HKD [4] - Pop Mart (09992) saw a net buy of 7.33 billion HKD, with plans for expansion into North American shopping centers [5] - Yangtze Optical Fibre and Cable (06869) had a net buy of 2.97 billion HKD, benefiting from a long-term supply agreement with Meta for fiber optic cables [5] - The Tracker Fund of Hong Kong (02800) faced a net sell of 23.16 billion HKD, influenced by market sentiment regarding the US dollar [7] - Other notable net sells included China Mobile (00941) with 7.48 billion HKD, Zijin Mining (02899) with 8.54 billion HKD, and Alibaba-W (09988) with 9.44 billion HKD [8]

搜狗输入法的"全面AI化"，置于整个科技行业的大背景下，也是传统互联网入口应对AI革命变化的一个 缩影。 少有人会意识到，除了微信、QQ、QQ浏览器以外，腾讯还手握另一款用户量过亿的互联网产品——搜 狗输入法。 针对搜狗输入法未来的发展路径，搜狗输入法打字产品负责人沈祥金强调，目前的AI功能上线只是一 个起点。他表示，大模型在输入法场景下的应用潜力远未被穷尽，后续搜狗输入法将继续挖掘大模型的 技术能力，不仅致力于进一步完善基础词库和优化核心痛点体验，更会瞄准更广泛的细分人群，通过持 续的升级与功能完善，拓展输入法在垂直领域的服务边界。 搜狗输入法的"全面AI化"，置于整个科技行业的大背景下，也是传统互联网入口应对AI革命变化的一个 缩影。 随着大模型的爆发，人机交互方式开始从键盘+鼠标向自然语言交互演进。市场上已经出现了如 WhisperFlow等基于纯语音的新型输入产品。对此，柴宝全表现出务实态度，他认为，虽然语音输入增 速迅猛，但打字在相当长的时间内仍是不可或缺的交互方式。 对于输入法未来的终极形态，柴宝全在会上直言，搜狗输入法不会自我设限，更拒绝被简单定义为"键 盘"。他指出，技术变革与用户接受度的迭代 ...

回想几年前，我们担心的还是大数据杀熟或信息茧房；而到了今天，当 AI 开始替我们要方案、做决策 时，我们最担心的是它的黑盒与失控。 2026 年 1 月 27 日，腾讯研究院主办的 腾 讯 科 技向善创新节 202 6 正式举办。 腾讯集团 副 总裁、 腾讯研究院院长司晓 先生在现场进行了上午场闭幕发言。 以下为司晓先生的发言全文： 各位朋友，大家上午好。 刚才大屏幕上那个只有一分半钟的视频，看得我心里很感慨。那个老人和孩子面对 AI 时的提问，其实 也是我们每个人心底的提问：在这个技术飞速狂奔的时代，我们到底是更从容了，还是更焦虑了？ 今天我们齐聚在这里，是 2026 年。回望过去，腾讯提出"科技向善"已经八年了。 九年前，当我们第一次提出"科技向善"时，更多是一种底线思维：技术要有边界， 要善用科技，避免滥 用，杜绝恶用，科技要努力解决自身发展带来的社会问题。 这是我们的根基，是我们在数字社会立足的 根本。 但这几年，世界变了。随着大模型、生成式 AI 的爆发，技术不再仅仅是像水和电那样的基础设施，它 开始有了"像人"的一面——它能对话、能创作，甚至能替我们做决策。 在这个过程中，我们也一直在修正和进阶我 ...

刘炽平补充说，去年国际市场业务贡献了腾讯游戏业务30%的营收，全年营收超过100亿美元。 Supercell旗下游戏DAU（季度平均日活跃用户）呈现多倍增长趋势，《流放之路2》《鸣潮》 《Warframe》《PUBGM》《CODM》等产品在拓展海外市场方面发挥了重要作用。 【文/观察者网 陈思佳】1月26日下午，腾讯召开2025年度员工大会，腾讯公司董事会主席兼首席执行 官马化腾分享了公司在过去一年的业务总结和战略思考。其中，腾讯游戏业务表现突出，在2025年交出 了一份亮眼的答卷。 据新华网、第一财经等消息，马化腾在演讲给予腾讯游戏业务极高的评价，称其"强得可怕"，互动与娱 乐事业群（IEG）的业务在拓展长青和海外过程中再攀高峰。 IEG前两年曾被批评是"躺在成功的功劳簿上"，但现在已经"扬眉吐气"。马化腾认为，这得益于团队持 续创新持续学习，引入新玩法、不断做出好内容，完成了进化演变。他半开玩笑地表示，有时候看收入 榜甚至想帮帮友商。 马化腾表示，目前"长青"游戏的概念也得到很多业界伙伴认可，大家都在走出不停开发新游戏的老模 式，而致力于在平台游戏里不断创新和拓展。同时，腾讯游戏也在走出去的过程中，赋能海 ...

据腾讯云消息，腾讯云轻量应用服务器Lighthouse上线Clawdbot应用模板，预置了Clawdbot应用和运行 所需的环境，一键即可自动完成安装部署。 （文章来源：第一财经） ...

Core Viewpoint - The article discusses the comprehensive AI upgrade of Tencent's Sogou Input Method, marking a significant shift in the input method industry towards AI integration, driven by the need to enhance user experience and maintain competitive advantage in the AI era [3][11]. Group 1: AI Upgrade Details - Tencent's Sogou Input Method has officially announced its full AI integration with the release of version 20.0, which includes upgrades in AI voice, AI translation, and AI typing models [3]. - The AI typing model has been enhanced to better understand context and user intent, addressing limitations in covering niche words and real-time awareness of new terms [5]. - The AI voice input has seen a 40% improvement in fluency and an overall accuracy rate of 98%, with dialect recognition accuracy increasing by 30% [6]. Group 2: Specialized Services and Features - Sogou Input Method is collaborating with authoritative databases to provide customized AI services for professionals such as doctors and lawyers, enhancing efficiency with features like quick access to legal terms and medical information [5]. - The new "spoken to written" feature allows users to convert casual speech into polished text, aiming to lower the barriers for voice input [6]. - The AI translation function now supports over 30 languages, leveraging Tencent's advanced translation model, which excelled in a recent international competition [7]. Group 3: Strategic Implications - The comprehensive AI upgrade of Sogou Input Method is part of Tencent's broader strategy to establish AI as a key entry point in consumer-facing applications [8]. - The user base for Sogou Input Method's AI features has surpassed 100 million, indicating strong market adoption [9]. - The input method industry is transitioning from functional competition to AI capability competition, with metrics like voice recognition accuracy and translation ability becoming critical competitive factors [11].

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [2][9]. Core Insights - The communication industry index outperformed the Shanghai Composite Index in December 2025, rising by 12.82% compared to +2.06% for the Shanghai Composite Index and +2.28% for the CSI 300 Index [8][14]. - Key material supply for optical modules remains tight, with major players like Longfei and Hengtong winning bids for China Unicom's hollow-core fiber cable procurement [8][9]. - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [8][41]. - The global smartphone shipment is projected to grow by 2% year-on-year in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market [8][29]. - The export value of optical modules from China decreased by 15.6% year-on-year in 2025, while Thailand's communication equipment exports surged by 152.1% [8][9]. Summary by Sections Market Review - The communication industry index rose by 12.82% in December 2025, outperforming major indices [14]. - Sub-sectors such as cables and network equipment saw significant gains, with increases of 22.05% and 19.44% respectively [15][19]. Industry Tracking - The capital expenditure of major cloud providers in North America reached $112.43 billion in Q3 2025, a 76.9% increase year-on-year [25][28]. - AI applications are driving cloud business growth, with major companies like Amazon, Microsoft, Google, and Meta significantly increasing their capital expenditures [25][29]. - The Chinese ICT market is expected to grow to approximately $889.43 billion by 2029, with a CAGR of 7.0% [39][40]. Domestic Telecom Industry - Telecom business revenue in China reached 1.6096 trillion yuan from January to November 2025, a year-on-year increase of 0.9% [48]. - The number of 5G mobile phone users reached 1.193 billion by November 2025, accounting for 65.3% of total mobile phone users [49]. - The number of fixed broadband users with gigabit access reached 239 million, representing 34.3% of total users [52].

Core Insights - Tencent's AI assistant "Yuanbao" has seen a significant rise in rankings across major app stores due to the internal testing of its new AI social feature "Yuanbao Pai" and a 1 billion yuan red envelope activity for the Spring Festival [1][2] Group 1 - The "Yuanbao Pai" feature has gained popularity since its internal testing, allowing users to engage with the AI in various activities such as chatting, mood regulation, task execution, and photo editing [1][2] - "Yuanbao" has achieved the top position in the Huawei App Store's rising chart, second place in the Apple China App Store's free app chart, and second place in the VIVO app store download chart [1][2] - The public launch of "Yuanbao Pai" is expected to occur soon, indicating a potential increase in user engagement and app downloads [1][2]

Core Viewpoint - Tencent is launching a new Spring Festival red envelope activity through its AI application Yuanbao, offering up to 1 billion yuan in cash to users, aiming to replicate the success of the WeChat red envelope phenomenon from 2015 [1][2][5] Group 1: Yuanbao's Red Envelope Strategy - The 1 billion yuan cash red envelope initiative is expected to positively impact user growth and engagement for Yuanbao, although replicating the past success of WeChat's red envelope remains uncertain [5] - The original WeChat red envelope's success was closely tied to the cultural significance of the Spring Festival, which included elements of surprise and gamification, aspects that Yuanbao may lack [5][10] - Yuanbao is introducing a new feature called "Yuanbao Club," which aims to enhance social interaction within the app, reflecting Tencent's strategy to leverage social elements to boost Yuanbao's appeal [7][12] Group 2: Competitive Landscape in AI - The AI application market is becoming increasingly competitive, with other major players like Baidu and ByteDance also launching significant cash red envelope campaigns to attract users [16][18] - Baidu has announced a 500 million yuan red envelope initiative, while ByteDance is investing heavily in its AI offerings, indicating a fierce battle for user acquisition in the AI sector [16][18] - Tencent's Yuanbao is currently lagging behind competitors in terms of user engagement, with a significant gap in monthly active users compared to leading AI applications [18][21] Group 3: Investment and Resource Allocation - Since 2025, Tencent has heavily invested in Yuanbao, with cumulative spending nearing 6 billion yuan by July 2025, and it continues to integrate Yuanbao into its extensive ecosystem of applications [22][25] - Despite substantial investment and resource allocation, Yuanbao has not achieved the rapid growth seen by competitors, raising questions about its product differentiation and market strategy [26][30] - The product's reliance on DeepSeek for its AI capabilities has led to a lack of brand independence, which may hinder user loyalty and retention [28][29]

Market Performance - The market showed mixed performance from January 19 to January 23, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11%[5] - The average daily trading volume was 2.80 trillion yuan, a decrease compared to the previous week[5] Healthcare Sector - At the JPM 2026 conference, over 20 Chinese innovative pharmaceutical companies showcased their products, with significant business development (BD) transactions announced[16] - In 2025, the value of China's innovative drug patent licensing transactions reached approximately $135.7 billion, a 143% increase year-on-year, with 157 total transactions[20] Consumer Sector - The Qianwen APP integrated with Alibaba's ecosystem, achieving over 100 million monthly active users within two months of launch, marking its entry into the "billion-level club"[25] - This integration allows for a seamless process from search to decision-making and payment, establishing a comprehensive AI application ecosystem[26] Hard Technology Sector - The supply of storage and logic chips remains tight, leading to widespread price increases across the industry[32] - The price of enterprise SSDs continues to rise, with a projected increase of 33-38% for NAND Flash products due to supply constraints[36] High-end Manufacturing - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), a 40% increase from the previous period, averaging 800 billion yuan annually[42] - The goal is to achieve a 30% share of renewable energy in total power generation by 2030, indicating significant growth potential for the solar and wind energy sectors[46]