2026.02. 04 本文字数：450，阅读时长大约1分钟 作者 | 一财 阿驴 09:27 存储芯片板块低开，深康佳A跌停，普冉股份、澜起科技、佰维存储、香农芯创纷纷低开。 09:25 A股开盘丨三大指数集体低开 沪指低开0.08%，深成指低开0.39%，创业板指低开0.80%。科创综指低开0.78%。 微信编辑 | 生产队的驴 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。 专用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 李亚鹏，一夜卖了1.6亿元茶 盘面上，AI算力产业链走低，存储器、CPO方向领跌；半导体、消费电子题材跌幅靠前。黄金、基本金属、油气板块反弹。 09:21 港股开盘丨恒生指数低开0.14% 恒生指数低开0.14%，恒生科技指数跌0.87%。紫金矿业涨逾2%，中国海洋石油涨近2%。科网股多数走低，美团、快手、腾讯控股、携程集团、华虹 半导体跌幅靠前。 | મટા 恒生指数 | ( | 26797.05 c | -37.72 | -0.14% | | --- | --- | --- | ...

梦晨 发自 凹非寺 量子位 | 公众号 QbitAI 姚顺雨，入职腾讯首席AI科学家后，参与的首个成果来了。 这项研究与姚顺雨一贯的研究思路高度契合，去年8月他在OpenAI期间发表的博文《下半场》曾提出一个被反复引用的判断： AI正处在"中场休息"阶段，上半场是训练大于评估，下半场将是评估大于训练。 真正重要的不是继续堆模型规模，而是让模型在真实任务、真实系统中经得起检验。 CL-bench的评测结果相当扎心，当前最强的GPT-5.1 (High)，任务解决率只有23.7%。 CL-bench ，专门用来测试大模型"从上下文中学习"的能力。 换句话说，即便把解题所需的全部信息都喂给模型，它依然在超过四分之三的任务上栽了跟头。 为什么需要上下文学习 研究团队在博客中开门见山地指出了一个被忽视的问题：今天的前沿模型是顶级的"做题家"，能解奥数、能写代码、能通过人类需要苦读数年 才能拿下的专业资格考试。 但这能在考场拿满分的学生，未必能胜任真实世界的工作。 博客中举了三个人类日常生活的例子： 这些场景中，人类并不只依赖多年前学到的死知识，而是在实时地从眼前的上下文中学习。 然而今天的语言模型并非如此。它们主要依赖 ...

年初的长剧市场，围绕一个关键词展开了诸多讨论——"分账"。 先是《老舅》以突破6000万的分账成绩引人瞩目，上线仅一个月便已超越2025年分账榜首《我叫赵甲第第二季》，让人不禁感叹："很难想象，一部能进 入央八黄金档的剧集，竟然是一部分账剧。"随后，爱优腾三大平台也相继更新分账政策，各自推出了新的合作策略。 种种信息让大家看到一个信号，在行业经历长期"寒冬"的背景下，长剧市场似乎正试图通过"分账模式"展开自救。然而，策略虽已提出，具体的落实仍伴 随许多疑问——分账政策真的适合长剧吗？执行细节能否顺利落地？这些问题最终都指向同一个核心：长剧真的能凭借分账成功求生吗？ 分账政策，新，也不新 翻看爱优腾三家的2026新分账政策，会发现它们既"新"也"不新"。 说"不新"，是因为平台大多是在原有框架上进行升级；而"新"则体现在分账范围显著扩大。 腾讯视频过去的分账政策集中于横短、竖短及网络电影，新政策将长、中、短横屏剧集统一纳入同一分账体系；爱奇艺也将分账范围进一步扩大，将电 影、剧集、微剧、漫剧、动漫、少儿、纪录片、知识八大板块统一升级为"收入分账"模式；优酷则是在多品类推行以"会员贡献价值"为核心的新分账机 制。 ...

Core Insights - The 2026 Spring Festival Red Packet War marks a significant shift in the competitive landscape of the Chinese internet industry, with a focus on AI-driven applications and user engagement strategies [1][11][15] Group 1: Marketing Strategies - Tencent's Yuanbao announced a 1 billion yuan red packet initiative, which quickly became a popular topic in social media, showcasing the effectiveness of social sharing in driving user engagement [2][3] - Alibaba's Qianwen responded with a more ambitious 3 billion yuan "Spring Festival Treat Plan," integrating various services from its ecosystem to enhance user experience during the holiday season [3][5] - The competition has evolved from merely offering cash rewards to creating engaging user experiences that leverage AI capabilities, indicating a shift in marketing strategies [4][12] Group 2: Historical Context - The Spring Festival Red Packet War began in 2015 and has since transformed mobile payment habits and user engagement in China, with significant implications for the industry [4][6] - Previous years saw escalating amounts in red packet offerings, with notable increases in user engagement and daily active users (DAU) during these campaigns [9][10] - The 2026 campaign is seen as a pivotal moment for internet giants to redefine their strategies in the context of AI and user interaction [10][15] Group 3: Competitive Landscape - Major players like Tencent, Alibaba, Baidu, and ByteDance are all vying for dominance in the AI space, with each company adopting unique approaches to attract and retain users [12][13] - The competition is not just about monetary incentives but also about creating indispensable AI applications that integrate into daily life, highlighting the importance of user retention [15] - The 2026 Spring Festival serves as a critical juncture for these companies to showcase their capabilities and solidify their positions in the evolving market [11][15]

快科技2月3日消息，2026年以来，全球人工智能产业的爆发式增长带动高算力芯片需求激增，韩国两大 存储芯片巨头三星电子与SK海力士凭借核心组件优势股价持续飙升，合计市值突破1.11万亿美元，首 度超越中国科技巨头阿里巴巴与腾讯的市值总和。 股价表现层面，韩企涨势尤为迅猛。今年以来，三星电子股价累计涨幅达34%，SK海力士涨幅更高达 37%，强劲涨势不仅带动韩国股市大盘同步上扬，更推动两集团市值实现历史性突破。 反观中国科技龙头，尽管近期A股、港股整体呈上涨态势，但阿里巴巴港股年内累计涨幅仅约10%，腾 讯股价则基本维持持平，与韩企形成鲜明对比。 此次市值格局变动的核心驱动力，在于韩企精准卡位AI产业链关键环节。三星与SK海力士作为全球高 频宽记忆体（HBM）的核心供应商，其产品是高算力GPU的必备关键组件，而GPU巨头英伟达的产品 热销，直接让两家韩企成为产业链核心受益者。 HBM作为解决GPU算力瓶颈的核心硬件，其技术壁垒高、市场需求旺，韩企凭借长期技术积累占据垄 断性优势，得以深度绑定全球AI硬件生态。 与韩企聚焦产业链关键组件的路径不同，中国科技巨头阿里与腾讯选择布局AI全产业链。两家企业不 仅在AI大 ...

Investment Rating - The report indicates a positive investment outlook for the technology sector, particularly in AI and cloud computing, with significant capital expenditures from major players like Meta, Microsoft, and Alibaba [6][31]. Core Insights - Major tech companies are increasing capital expenditures to enhance AI capabilities, with Meta's projected spending reaching between $115 billion and $135 billion for the year [5][31]. - AI demand remains strong, with companies like OpenAI and Anthropic accelerating their growth and preparing for IPOs, indicating a robust market for AI applications [4][11]. - The report highlights a shift in pricing strategies among cloud service providers, with Google Cloud and Amazon AWS raising prices for data transmission and machine learning services, marking a departure from the long-standing trend of price reductions [20][21]. Industry Frontiers - OpenAI has raised over $100 billion in funding, with a valuation of $830 billion, and is preparing for an IPO in Q4 2026 [4][11]. - Anthropic has revised its revenue projections, expecting a threefold increase in sales this year, potentially reaching $18 billion, and over $55 billion next year [11][12]. - ByteDance is set to release a new AI model in mid-February, aiming to capture a larger share of the AI market in China [12][27]. Capital Trends - Google Cloud announced a price increase for global data transmission services effective May 2026, with Amazon AWS also raising prices for its machine learning services by approximately 15% [5][20]. - Meta has secured a $6 billion long-term supply agreement with Corning for fiber optic cables, emphasizing the importance of infrastructure in AI development [21]. - Alibaba is considering increasing its investment in AI infrastructure and cloud computing from 380 billion to 480 billion yuan over the next three years [25][26]. Weekly Perspectives - The report notes that AI investments are yielding positive results for companies like Meta, with improved user engagement and advertising performance [31][32]. - The demand for AI infrastructure is expected to surge, driven by the increasing need for advanced computing capabilities [32]. - The report anticipates a significant growth in the number of ASIC chips required for AI applications, projecting a boom in demand from 2026 to 2027 [32]. Industry Chain Data Updates - In December, China's smartphone market saw a significant decline in sales, with Huawei maintaining the largest market share [34]. - The PC market experienced a mixed performance, with desktop sales increasing while laptop sales declined [35].

Group 1: US Manufacturing and Trade Developments - The US ISM Manufacturing PMI for January recorded at 52.6%, significantly above the expected 48.5%, marking a year-on-year increase of 4.7 percentage points, the fastest growth since 2022 [2] - Key sub-indices showed strong performance, with the New Orders Index at 57.1%, up nearly 10 points from the previous value of 47.7%, and the Employment Index reaching a one-year high of 48.1% [2] - The US and India reached a trade agreement reducing tariffs, with the US lowering its "reciprocal tariff" on India from 25% to 18%, while India will also reduce its tariffs on US goods, potentially increasing procurement of over $500 billion in US products [3][4] Group 2: Real Estate and Housing Market Initiatives - Shanghai has initiated a program to acquire second-hand housing for affordable rental projects, with financial support from local banks, aiming to stabilize the second-hand housing market [6] - Other cities like Hangzhou and Haikou are also implementing similar policies to support the real estate market, focusing on acquiring existing properties to convert into affordable housing [6] Group 3: Corporate Developments and Market Reactions - SpaceX announced the acquisition of AI startup xAI, with a projected valuation of $1.25 trillion, aiming to address the growing demand for computational power and energy in advanced AI systems [7] - Zhou Dasheng plans to engage in gold leasing business, allowing transactions up to 80% of its gold inventory, which is a common practice in the jewelry industry to mitigate price volatility [8][9] - The Hang Seng Tech Index briefly entered a technical bear market, dropping over 20% from its peak, influenced by market rumors regarding tax rate increases for internet companies [10][11] Group 4: Market Performance and Sentiment - On February 3, the Shanghai Composite Index and other indices saw gains, recovering from previous declines, with significant trading volume and a broad increase in stock prices across various sectors [14][15] - The market experienced volatility due to unfounded rumors affecting investor sentiment, but quickly rebounded as these rumors were debunked [15]

今日热点导览 国投瑞银回应白银LOF估值调整：未提前公告，意在避免恐慌与挤兑 寒武纪：网传关于公司近期组织小范围交流等信息不实 腾讯等增值税"加税"系谣言 Adobe将关停25年历史动画制作工具Animate 特斯拉在美国将Model Y全轮驱动版车型定价为41990美元 TOP3大新闻 周生生方针对品牌足金挂坠被检测出含铁银钯，再发声明 近日，有消费者将周生生足金挂坠送检后发现，不同点位的金含量不同。该消费者提供的检测结果照片 及视频显示，该挂坠纯度最高点位金含量为99.99%，但其他点位的检测结果却出现了不同的数据：其 中一个点位金含量为96.21%，另一个点位为83.35%，最低的一个点位仅为64.37%。金含量最高点位和 最低点位相差35.62%。此外，检测结果显示，挂坠中含有铁、银、钯等多种其他金属元素。 对此，周生生官方客服接受记者采访时表示，"周生生足金饰品都是符合相关国标的，含金量不低于 990‰。带有足金印记，品质也是有相关保障的。新闻相关的事宜，我们正在跟进沟通中。针对此事， 周生生官方微博2月3日晚间再发说明称，针对顾客反馈的相关情况，周生生高度重视，第一时间复核了 当时出厂批次的破坏性 ...

Group 1 - The core issue revolves around the quality concerns of Chow Sang Sang's gold pendants, which were found to have varying gold content levels, with the highest at 99.99% and the lowest at 64.37%, showing a difference of 35.62% [3][5] - Chow Sang Sang's official response emphasized that all their gold products meet national standards, with a gold content of no less than 990‰, and they are taking the matter seriously by conducting further tests [5][3] - The company has sent the same batch of products for testing to the National Gemstone and Jewelry Testing Center, which confirmed the gold content as 99.99% in multiple tests [5][3] Group 2 - The market is experiencing significant volatility, with various sectors, including precious metals, facing sharp declines due to panic selling and high leverage [17][12] - The domestic automotive market is showing a clear divide, with traditional brands like SAIC and Geely seeing over 20% growth, while new energy vehicle startups are facing collective declines [17] - The gaming industry is under scrutiny for potential tax adjustments, with rumors causing stock price drops among major companies like Tencent, although these rumors have been deemed unreliable [14][12]

Group 1 - The U.S. House of Representatives passed a funding bill to resolve the partial government shutdown, providing funding until September 30, 2026 [2] - AMD reported a fourth-quarter net profit of $2.52 billion, a 42% year-over-year increase, with revenue of $10.27 billion, up 34% [4] - AMD expects first-quarter revenue between $9.5 billion and $10.1 billion, exceeding market expectations of $9.39 billion [5] Group 2 - NVIDIA CEO Jensen Huang denied any changes in the relationship with OpenAI, stating that investment plans are proceeding as planned and that NVIDIA will participate in OpenAI's next funding round [7] - ByteDance acquired two commercial land plots in Haidian District for 2.8 billion yuan, with a total area of approximately 39,522 square meters [15] - The Central Committee of the Communist Party of China released a document focusing on agricultural modernization and technological innovation in agriculture [13][14]