Group 1 - Tencent WeChat's "Public Platform Assistant" mini-program will cease operations starting March 2, 2026 [1] - The mini-program has been used by public account operators to quickly view daily updates, messages, appreciation information, and official notifications [1] - Users can continue managing their public accounts on mobile by downloading the "Public Account Assistant" from the app market or through the WeChat "Public Account" feature [1]

Core Viewpoint - The article discusses the recent emergence of input methods as a strategic entry point for major tech companies, highlighting the competitive landscape and the potential for monetization through AI integration and user data collection [5][9][26]. Group 1: Input Method Market Dynamics - ByteDance's Doubao input method has launched, featuring a simple interface and strong voice recognition capabilities, which sets it apart from competitors [5][6]. - Major tech companies, including WeChat and Baidu, are re-entering the input method market, indicating a renewed interest in this seemingly basic tool that serves as a critical flow entry point for apps [9][11]. - Input methods are described as "bug-level" entities in the app ecosystem, acting as intermediaries that capture user needs before they reach other applications [11][12]. Group 2: Strategic Importance of Input Methods - Historically, input methods have been used to drive traffic and capture user data, with examples from the PC era where Sogou's search candidate feature redirected users to its own search engine [12][15]. - In the AI era, the potential of input methods has expanded, allowing for real-time translations and information retrieval without switching apps, enhancing their value as a traffic conduit [15][20]. - The competitive landscape is intensifying, with companies like Baidu and Sogou integrating AI features into their input methods to enhance user experience and maintain relevance [17][19]. Group 3: Monetization Strategies - Companies are exploring various monetization avenues, including advertising within AI responses, similar to past search engine practices [20][22]. - Input methods can serve as hooks to draw users into proprietary ecosystems, facilitating deeper engagement with the company's services [23]. - User data collected through input methods can be utilized for product optimization and training AI models, representing a hidden value stream for companies [24][25]. Group 4: Future Outlook - The article suggests that the current trend of tech giants revisiting input methods reflects a broader strategy to leverage AI across foundational services, indicating a cyclical nature in tech development [26][28]. - The high ROI associated with input methods makes them an attractive business opportunity for large companies, reinforcing their strategic importance in the digital landscape [26].

Group 1 - The Hong Kong stock market experienced a decline in technology stocks, with the Hang Seng Technology Index falling by 1.5% [1] - Notable declines among major companies include Tencent Music down nearly 5%, Alibaba down over 3%, and BYD, Kuaishou, Xpeng Motors, NIO, Kingdee International, Tongcheng Travel, and Bilibili all down over 2% [1] Group 2 - Tencent Music's stock decreased by 4.72%, with a year-to-date decline of 2.03%, and a total market capitalization of 209.41 billion [2] - Alibaba's stock fell by 3.45%, with a year-to-date increase of 1.96%, and a total market capitalization of 2.78 trillion [2] - BYD's stock dropped by 2.82%, with a year-to-date increase of 1.10%, and a total market capitalization of 878.90 billion [2] - Kuaishou's stock decreased by 2.78%, with a year-to-date increase of 14.78%, and a total market capitalization of 319.98 billion [2] - Xpeng Motors' stock fell by 2.63%, with a year-to-date decline of 2.08%, and a total market capitalization of 148.53 billion [2] - NIO's stock decreased by 2.52%, with a year-to-date decline of 7.47%, and a total market capitalization of 93.39 billion [2] - Kingdee International's stock fell by 2.39%, with a year-to-date increase of 4.29%, and a total market capitalization of 49.20 billion [2] - Tongcheng Travel's stock decreased by 2.35%, with a year-to-date increase of 3.92%, and a total market capitalization of 54.81 billion [2] - Bilibili's stock fell by 2.33%, with a year-to-date increase of 8.55%, and a total market capitalization of 86.64 billion [2] - Tencent Holdings' stock decreased by 1.82%, with a year-to-date increase of 3.67%, and a total market capitalization of 5.66 trillion [2] - NetEase's stock fell by 1.75%, with a year-to-date increase of 4.94%, and a total market capitalization of 712.98 billion [2]

游戏板块年终总结及展望 20260106 摘要 2025 年中国游戏市场规模达 3,300 亿元，同比增长 15%，四季度增速 接近 10%，显著修复。用户规模持续增长，女性玩家占比达 48%，成 为手游主力军之一，预示女性向游戏市场潜力巨大。 女性向游戏市场规模在 2024 年达到 80 亿元，同比增长超过 120%。 《恋与深空》等产品表现出色，模拟经营、休闲竞技等细分赛道也展现 出增长潜力，为市场带来新的增长点。 小程序游戏市场保持强劲增长，2025 年国内市场规模同比增长超 30%。技术升级使得重度游戏登陆小程序平台，吸引非核心玩家，抖音 小游戏 DAU 和 MAU 实现翻倍增长，人均时长提升 20%。 中国自研移动游戏出海保持高景气度，2024 和 2025 年海外收入增速 分别为 11%和 13%。预计 2025 年底全球手游收入将达 810 亿美元， 同比增长约 7.5%，出海成为头部公司重要战略方向。 版号发放数量创新高，推动优质内容供给，提升 ARPU 值。重点新品如 《暗黑破坏神：不朽》、《恋与深空》等带动行业重返增长轨道，新游 周期对市场产生积极影响。 Q&A 2025 年中国游戏市场的 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1] - On the previous trading day, the Hang Seng Index rose by 1.38% to 26,710.45 points, driven by gains in technology stocks and financial sectors [1] Key Industry Insights - The report emphasizes the importance of "technological self-reliance" as a core theme for future developments in the Hong Kong stock market, suggesting active investment in technology sectors such as semiconductors and robotics [3] - The report highlights the potential for growth in sectors supported by domestic consumption policies, particularly in sports apparel and non-essential services [3] - It also points out the attractiveness of state-owned enterprises with low valuations and high dividends, as well as upstream non-ferrous metals benefiting from anticipated interest rate cuts by the Federal Reserve in 2026 [3] Company Performance - Tencent has been identified as a leading player in the global mobile game publishing market, achieving significant revenue growth and maintaining its position as the top publisher [9] - The report notes that Tencent's flagship product, "Honor of Kings," continues to lead the iOS mobile game sales chart in China, with annual revenue exceeding 2 billion USD [9] - The report suggests that companies involved in AI development and applications, particularly those with a gaming focus, should be closely monitored for investment opportunities [9]

中泰证券发布研报称，首次覆盖，给予腾讯控股（00700）"买入"评级，AI技术与算力平权时代，看好 中国互联网龙头定义下一个十年。国产AI引领科技创新，科技平权时代，竞争核心或转向开放生态， 期待腾讯带领中国互联网产业走向共赢。 中泰证券主要观点如下： 概况：中国互联网"执牛耳者" （1）复盘：从历史看，从即时通讯工具到社交巨头，自下而上的变革贯穿始终。腾讯的成功离不开对 互联网和全球化最原始理想的践行，即对开放世界的追求。从股价看，上一轮移动互联网的贝塔红利带 来业绩高增的确定性机会。24年股东回报贡献达4.28%，"EPS增速>净利润增速>毛利润增速>收入增 速"成高质量增长范式。 驱动：AI打开想象空间 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 （2）现状："连接"策略是理解腾讯业务逻辑的核心，当前的业务架构可以看成以通信和社交为基准并 包容一定冗余的多模态大模型。当前，广告业务成为新引擎。 空间：C端基业长青，B端蓄势待发。 在不考虑新流量入口的前提下，MAU预计基本稳定；增值服务形成闭环后护城河深，ARPU伴随经济增 长稳步提升；营销服务的量价空间较大；云服务门槛进一步降低后 ...

以金额进行统计，1月6日回购金额最多的是腾讯控股，回购金额为6.36亿港元；其次是小米集团-W， 回购金额为1.50亿港元；回购金额居前的还有巨子生物、威高股份等。回购数量上看，1月6日回购股数 最多的是小米集团-W，当日回购量为385.00万股；其次是捷利交易宝、威高股份等，回购数量分别为 200.00万股、159.48万股。（数据宝） 证券时报·数据宝统计显示，1月6日有50家香港上市公司进行了股份回购，合计回购1962.08万股，回购 金额8.61亿港元。 腾讯控股回购数量100.30万股，回购金额6.36亿港元，回购最高价为638.000港元，最低价为626.500港 元，年内累计回购金额19.07亿港元；小米集团-W回购数量385.00万股，回购金额1.50亿港元，回购最 高价为38.900港元，最低价为38.860港元，年内累计回购金额2.99亿港元；巨子生物回购数量40.00万 股，回购金额1366.93万港元，回购最高价为34.480港元，最低价为33.840港元，年内累计回购金额 2725.09万港元。 | 06868 | 天福 | 0.60 | 1.61 | 2.700 | 2.650 | ...

Group 1 - Core viewpoint: Zhongtai Securities initiates coverage on Tencent Holdings (00700) with a "Buy" rating, highlighting the company's potential to lead the next decade in the AI technology and computing power era, emphasizing the importance of an open ecosystem for competition [1] - Overview: Tencent is recognized as a leader in the Chinese internet sector, with a historical transformation from instant messaging to a social media giant, driven by a commitment to the ideals of an open world. The company has delivered a shareholder return of 4.28% over 24 years, with a growth pattern showing that EPS growth outpaces net profit, gross profit, and revenue growth [1] - Current strategy: The "connection" strategy is central to understanding Tencent's business logic, with its current business structure based on communication and social networking, while advertising has emerged as a new growth engine [1] Group 2 - Market potential: The C-end business is stable, while the B-end is poised for growth. The MAU is expected to remain stable, and the ARPU is projected to increase steadily with economic growth. There are significant opportunities in marketing services and cloud services as barriers lower [2] - C-end insights: In the context of a saturated domestic mobile internet market, growth in the C-end business will primarily come from enhancing user value (ARPU × LT), with international expansion also contributing to new traffic. The competitive advantage lies in a large traffic entry and strong operational capabilities [2] - B-end insights: Advertising through video accounts is expected to break through user engagement limits, while financial technology and cloud services are set to improve profitability and expand business opportunities [2] Group 3 - Investment strategy: Tencent maintains a stable asset scale with concentrated holdings, good liquidity, and a combination of business synergy and value-added potential [3] Group 4 - AI strategy: Tencent's AI strategy focuses on building an ecosystem through resource integration, with a preference for open interfaces and collaboration with partners. The company is advancing infrastructure through external purchases, self-research, and investments [4] - Current AI applications: The self-developed model "Hunyuan" and open-source initiatives are enabling AI applications across over 30 industries, with a focus on integrating AI into social ecosystems and making it accessible [4] - Future outlook: AI's contributions are expected to be more significant in B-end scenarios, enhancing existing business operations rather than just C-end value-added services. This includes expanding advertising content, improving gaming experiences, and addressing the needs of small and medium enterprises in cloud services [4]

| 联易融科技-W(09959) | 21.00 万 | 48.25 万 | 1.19 亿 | | | --- | --- | --- | --- | --- | | 东阳光药(06887) | 9900.00 | 42.77 万 | 62.38 万 | 0.108% | | KEEP(03650) | 10.00 万 | 35.81 万 | 105.00 万 | 0.204% | | 永升服务(01995) | 20.00 万 | 35.20 万 | 276.20 万 | 0.160% | | 易点云(02416) | 13.90 万 | 32.04 万 | 1147.70 万 | 2.192% | | 信利国际(00732) | 21.40 万 | 23.11 万 | 1.23 亿 | 3.887% | | 宝胜国际(03813) | 44.70 万 | 21.23 万 | 109.70 万 | 0.021% | | 中视金桥(00623) | 10.50 万 | 20.43 万 | 76.90 万 | 1.640% | | 同方友友(01868) | 50.20 万 | 20.00 万 | 146.00 ...

Group 1 - Apple is negotiating long-term DRAM supply agreements with Samsung and SK Hynix, as their current contracts are set to expire, with prices for 12GB LPDDR5X chips rising to $70, a 230% increase from early 2025 [5][6] - The ongoing DRAM shortage is causing significant pressure on major tech companies, including Microsoft and Google, to secure supply agreements, with some executives facing internal pressure to ensure supply [6] - If Apple cannot secure favorable DRAM pricing, it may face profit margin pressures for its upcoming iPhone models [6] Group 2 - Tesla China has launched a limited-time car purchase plan offering 5 years of 0% interest for Model Y L, with a down payment of 99,900 yuan and monthly payments starting at 3,985 yuan [11] - The new purchase plan aims to boost sales amid competitive market conditions, with additional incentives for trade-ins and old car scrappage [11] Group 3 - Great Wall Motors has confirmed the implementation of a standard two-day weekend policy starting in 2026, which is seen as a positive shift in employee work-life balance [13][14] - Employees expressed satisfaction with the change, celebrating the decision as a long-awaited improvement in their working conditions [14] Group 4 - Xiaomi has responded to a controversy involving a KOL by terminating the involved employee and issuing reprimands to senior management, emphasizing the importance of maintaining trust with its customer base [16][17] - The incident highlights the challenges companies face in managing public relations and maintaining brand integrity in the digital age [16] Group 5 - NIO's CEO highlighted the significant pressure from rising memory prices on the automotive industry, urging consumers to purchase vehicles sooner rather than later [21] - The company is currently managing the cost pressures without passing them onto consumers, but the situation remains dynamic [21] Group 6 - LG Display is reportedly planning to lay off over 1,000 employees at its Yantai factory, with compensation based on an "N+1" standard, indicating a significant restructuring in its LCD business [24][25] - This move follows previous signals of operational adjustments at the factory, reflecting broader trends in the display panel industry [25] Group 7 - Xiaomi's market capitalization has surpassed BYD, placing it among the top three global automotive companies, with a reported market value of $131.49 billion [31] - The company achieved significant growth in vehicle deliveries, with a 110% year-over-year increase in December, indicating strong market performance [31][32] Group 8 - The Korean government is implementing a 4.5-day workweek policy, providing monthly subsidies to companies that adopt this model, aimed at improving work-life balance [47][48] - This initiative reflects a broader trend in labor policy aimed at enhancing employee satisfaction and productivity [48]