Core Insights - The narrative around the AI industry is undergoing significant scrutiny as massive capital expenditures collide with stagnant revenue growth, raising concerns about a potential "bubble" [1] - There is a growing gap between substantial investments in AI and the actual commercial returns, leading to a shift in focus from technological optimism to financial pragmatism [2] Group 1: Investment and Market Performance - In the U.S. market, NVIDIA's stock has reached new highs, reflecting investor enthusiasm for its AI chip business, while companies like Microsoft, Google, and Meta show structural differences in stock performance [1] - In China, Alibaba's stock has hit multi-year highs, with Tencent and Baidu also showing active performance in AI-related stocks, indicating ongoing market interest in domestic AI applications and infrastructure [1] - Despite high valuations in the global capital markets for the AI industry, concerns about the sustainability of these valuations are becoming a focal point of discussion [1] Group 2: Profitability Challenges in ToB AI - The global enterprise AI market is experiencing an asymmetric cycle of investment and profitability, with major players like Amazon and Google facing challenges as they expand [3] - Amazon's AWS is projected to have a capital expenditure of $125 billion in 2025, primarily for AI data center expansion, but its profit margins are under pressure due to rising operational costs [4][6] - AWS's revenue and operating income showed signs of recovery in Q3 2025, but profitability remains sensitive to capital expenditure and customer purchasing cycles [7] Group 3: Google Cloud's Growth and Challenges - Google Cloud has positioned AI at the core of its growth strategy, achieving significant revenue growth, but concerns about the mismatch between capital expenditure and returns persist [8][10] - Despite high ROI cases reported, the majority of AI projects struggle to achieve measurable returns, with only 25% of enterprise AI projects meeting initial ROI goals [14][15] Group 4: ToC AI Market Dynamics - The consumer AI segment faces challenges in converting user growth into revenue, with only 5% of AI projects yielding measurable benefits [16] - OpenAI's ChatGPT is projected to have annual revenue exceeding $20 billion in 2025, but its operational costs are rising exponentially, leading to significant losses [17] - The user base for ChatGPT has grown rapidly, but the conversion rate to paid subscriptions remains low, highlighting a disconnect between user acquisition and monetization [20][23] Group 5: Commercialization and Long-term Perspectives - The current investment-return imbalance in AI is seen as a phase rather than a failure of technology, with the potential for long-term value creation through efficiency improvements across industries [25][26] - The AI industry's commercial path is expected to follow a "J-curve," indicating that current losses are part of a necessary accumulation phase before significant returns can be realized [26][27] - The ongoing challenges in both ToB and ToC segments are contributing to the narrative of an "AI bubble," but the long-term potential of AI technology remains intact [27][28]

1月13日，港股股指高开后震荡下行，截止收盘，恒生指数涨0.9%报26848.47点，恒生科技指数涨0.11% 报5869.79点，国企指数涨0.71%报9285.41点，红筹指数涨0.78%报4146.17点。 盘面上，大型科技股走势分化，阿里巴巴涨3.63%，腾讯控股涨0.72%，京东集团涨0.43%，小米集团跌 1.96%，网易跌0.18%，美团跌0.1%，快手跌2.24%，哔哩哔哩涨3.11%；创新药板块全天表现强势，药 明康德收涨8.3%；黄金股领涨，中国黄金国际涨超7%，万国黄金集团涨超5%，紫金黄金国际涨超 5%，灵宝黄金涨超3%；大模型概念股智谱跌超12%，MINIMAX跌超8%；半导体板块走弱，上海复旦 跌近5%，华虹半导体跌超2%；商业航天概念回调，金风科技跌超9%；今日三只新股上市，兆易创新涨 超37%，BBSB INTL涨超11%，红星冷链涨0.33%。 企业新闻 腾讯控股(00700.HK)：斥资约6.36亿港元回购102.4万股，回购价614-627港元。 吉利汽车(00175.HK)：斥资1.51亿港元回购900.7万股，回购价16.63-17.15港元。 钧达股份(02865. ...

1月13日，美银证券发表中国互联网报告，预期今年股价表现仍然分歧，人工智能将再次跑赢，娱乐及 旅游等虚拟消费再度跑赢实体电商，人工智能仍为业界最大增长亮点，但疲弱宏观状况对消费开支(电 商)及企业开支(广告)构成压力，仍为拖累行业因素。但中国互联网股估值吸引，为下行提供缓冲，目前 预测市盈率为18倍，低于十年平均的23倍、纳指100的26倍及美股"七巨头"的31倍。 责任编辑：栎树 选股方面，该行仍偏好人工智能及在线游戏多于电商，腾讯仍为行业首选，拥有人工智能应用推动增 长、市场竞争稳定、最佳股东回报及估值吸引的最佳结合。阿里巴巴仍为中国人工智能的最佳投资目标 股份，亦为中国电商股首选。 港股频道更多独家策划、专家专栏，免费查阅>> ...

美银证券发布研报称，预计今年股价表现仍将分化，人工智能板块将再次跑赢大市，娱乐及旅游等虚拟 消费将继续优于实体电商，人工智能仍是业界最大增长亮点。但疲弱的宏观环境对消费支出（电商）及 企业支出（广告）构成压力，仍是拖累行业的因素。不过中国互联网股估值具备吸引力，为下行风险提 供缓冲，目前预测市盈率为18倍，低于十年平均的23倍、纳指100的26倍及"美股七巨头"的31倍。 百度集团-SW（09888）在人工智能领域具备吸引力，价值释放亦步入正轨。数字娱乐方面偏好线上游 戏，推荐哔哩哔哩-W（09626）及腾讯音乐-SW（01698）。细分行业中，看好京东健康（06618）及携 程集团-S（09961）。 选股方面，该行仍更偏好人工智能及线上游戏而非电商，腾讯控股（00700）仍是行业首选，兼具人工 智能应用推动增长、市场竞争格局稳定、股东回报优异以及估值吸引等多重优势。阿里巴巴（09988） 仍是中国人工智能领域的最佳投资标的，亦是中国电商股首选。 ...

凤凰网科技讯 1月13日，"微信通知显示头像"话题昨日冲上热搜，话题显示部分用户微信通知可以显示 头像了。但也有部分用户表示并没有这个功能。 昨日，有媒体报道称微信通知能显示好友头像了，仅限iOS设备。据了解，新版微信新增"显示头像"开 关，除了显示朋友名称、群聊名外，用户还可在通知中看到微信好友头像。需在微信"设置"-"通知"-"通 知显示内容"中开启，支持单独设置是否显示头像和消息内容，方便用户隐私控制。目前该功能处于灰 度测试阶段，并非所有用户可见。 对此，微信员工"客村小蒋"称："还是要纠正下，微信通知显示头像的功能，安卓上是一直有的，我附 个图。昨天也有媒体误解，以为只有iOS上有 。" ...

选股方面，该行仍更偏好人工智能及线上游戏而非电商，腾讯控股(00700)仍是行业首选，兼具人工智 能应用推动增长、市场竞争格局稳定、股东回报优异以及估值吸引等多重优势。阿里巴巴(09988)仍是 中国人工智能领域的最佳投资标的，亦是中国电商股首选。 百度-SW(09888)在人工智能领域具备吸引力，价值释放亦步入正轨。数字娱乐方面偏好线上游戏，推荐 哔哩哔哩-W(09626)及腾讯音乐-SW(01698)。细分行业中，看好京东健康(06618)及携程-S(09961)。 美银证券发布研报称，预计今年股价表现仍将分化，人工智能板块将再次跑赢大市，娱乐及旅游等虚拟 消费将继续优于实体电商，人工智能仍是业界最大增长亮点。但疲弱的宏观环境对消费支出（电商）及 企业支出（广告）构成压力，仍是拖累行业的因素。不过中国互联网股估值具备吸引力，为下行风险提 供缓冲，目前预测市盈率为18倍，低于十年平均的23倍、纳指100的26倍及"美股七巨头"的31倍。 ...

百度-SW(09888)在人工智能领域具备吸引力，价值释放亦步入正轨。数字娱乐方面偏好线上游戏，推荐 哔哩哔哩-W(09626)及腾讯音乐-SW(01698)。细分行业中，看好京东健康(06618)及携程-S(09961)。 智通财经APP获悉，美银证券发布研报称，预计今年股价表现仍将分化，人工智能板块将再次跑赢大 市，娱乐及旅游等虚拟消费将继续优于实体电商，人工智能仍是业界最大增长亮点。但疲弱的宏观环境 对消费支出（电商）及企业支出（广告）构成压力，仍是拖累行业的因素。不过中国互联网股估值具备 吸引力，为下行风险提供缓冲，目前预测市盈率为18倍，低于十年平均的23倍、纳指100的26倍及"美股 七巨头"的31倍。 选股方面，该行仍更偏好人工智能及线上游戏而非电商，腾讯控股(00700)仍是行业首选，兼具人工智 能应用推动增长、市场竞争格局稳定、股东回报优异以及估值吸引等多重优势。阿里巴巴(09988)仍是 中国人工智能领域的最佳投资标的，亦是中国电商股首选。 ...

Core Viewpoint - Bank of America Securities forecasts mixed stock performance for Chinese internet companies this year, with artificial intelligence expected to outperform again, while virtual consumption in entertainment and travel is anticipated to surpass physical e-commerce [1] Group 1: Industry Outlook - Artificial intelligence remains the biggest growth highlight in the industry, despite weak macroeconomic conditions putting pressure on consumer spending (e-commerce) and corporate spending (advertising) [1] - Current valuation for Chinese internet stocks is attractive, with a forecasted price-to-earnings ratio of 18 times, lower than the ten-year average of 23 times, the Nasdaq 100's 26 times, and the "Big Seven" in the US at 31 times [1] Group 2: Stock Selection - The company prefers artificial intelligence and online gaming stocks over e-commerce, with Tencent being the top choice due to its combination of AI-driven growth, stable market competition, optimal shareholder returns, and attractive valuation [1] - Alibaba is identified as the best investment target in Chinese artificial intelligence and remains the preferred stock in the Chinese e-commerce sector [1]

Core Insights - Global mobile game revenue is projected to grow slightly by 1.3% to $82.3 billion in 2025, with the top 30 Chinese mobile game publishers generating $23.3 billion, maintaining a steady revenue level compared to 2024, accounting for 35% of the total revenue of the top 100 mobile game publishers [1] Group 1: Top Publishers and Their Performance - Tencent remains the top global mobile game publisher in 2025, with flagship titles like "Honor of Kings" and "PUBG MOBILE" contributing to its success, achieving over $2 billion in revenue from "Honor of Kings," marking a 5% year-on-year growth [2] - Point2 Interactive experienced explosive growth with a 87% increase in global revenue, securing the second position in the revenue rankings, driven by the success of "Whiteout Survival," which saw a 45% revenue increase to $2.1 billion [2] - Lemon Microfun's revenue surged by 165%, making it the leader in the merging game segment, with its flagship title "Gossip Harbor" achieving a 242% revenue increase [3] Group 2: Growth of Game Segments - The merging game segment has seen explosive growth, with a 95% year-on-year increase in 2025, reaching a market size of over $2.4 billion, becoming a core strategic focus for publishers [3] - Heavy strategy games are driving market growth through innovative "SLG+X" gameplay, with global strategy game revenue increasing by 20% to over $20 billion in 2025, particularly strong growth in the U.S., Japan, and South Korea [4] - Hybrid casual games are also gaining traction, with significant contributions from titles like "Archero 2," which saw a 630% revenue increase, and "Capybara Go!" generating $140 million [5] Group 3: Notable New Entrants and Rankings - The 2025 overseas mobile game revenue rankings saw new entries such as "Kingshot" and "Lands of Jail," with "Merge Cooking" achieving a remarkable 267% revenue increase, entering the top 30 for the first time [7][8] - The top 30 Chinese mobile game publishers also include 34 other companies like Mattel163 and ONEMT, indicating a diverse and competitive market landscape [6]

Group 1 - Tencent Technology (Shenzhen) Co., Ltd. has obtained a patent for a method and device for generating interface request examples, with the authorization announcement number CN116069305B, and the application date being November 2021 [1] - Tencent Technology (Shenzhen) Co., Ltd. was established in 2000 and is located in Shenzhen, primarily engaged in software and information technology services, with a registered capital of 2 million USD [1] - The company has invested in 15 enterprises, participated in 279 bidding projects, and has 5000 trademark records and 5000 patent records, along with 574 administrative licenses [1]