Group 1 - The core viewpoint is that Tencent Cloud is likely the only public cloud vendor that has started to achieve profitability [1] - Tencent Cloud is expected to be officially profitable from the last quarter of 2024 to 2025 [1] - This profitability is attributed to the significant elimination of unhealthy business segments and a focus on platform products [1]

MACD金叉信号形成，这些股涨势不错！ 该行重申对2026年上半年市场的正面看法。股票配置上，该行建议投资者同时布局A股和港股市场，实 现行业均衡曝险，对港股的互联网及高股息股票维持乐观，同时看好A股的科技硬件及设备板块。该行 在港股的首选股分别为腾讯控股、申洲国际、潍柴动力、华润置地和阿里巴巴，A股的首选股分别为美 的集团、北方华创、宁德时代、恒瑞医药和澜起科技，评级均为"买入"。 格隆汇1月16日｜大和发表报告指，由于"春季行情"提前到来，投资者可能提早在农历新年假期或全国 两会前提前获利了结，同时料流动性支持与刺激政策预期可推升A股市场，但涨势将减慢，市况迈 向"慢牛"。 虽然监管层于1月14日调高最低保证金比例以冷却市场情绪，但该行认为A股目前尚未进入 泡沫阶段。过去一个月融资交易占总成交比重从9.9%升至11.2%，仍低于历史上曾引发监管收紧的"警 戒水平"12%。此外，投资者在前三大热门行业的拥挤度也远低于2025年2月或10月的高峰水平。 ...

Core Insights - The animation market experienced significant growth in the past year, with monthly online views skyrocketing from 3 billion to 15 billion, and total views exceeding 75 billion, surpassing traditional animation market size within a year [1] - Despite the rise of short animations, long video platforms have not been significantly impacted, as top IP annual series remain stable, indicating a parallel development path [1][2] - The rapid evolution of short animations towards IP and quality production is expected to disrupt the current market equilibrium [1][7] Group 1: Market Dynamics - The domestic drama market faced a notable impact from short dramas, with the top 20 long dramas in 2025 seeing a 20% reduction in effective views compared to previous years [2] - Animation has become a crucial support for long video users, with 6 out of the top 10 new shows on Tencent Video being anime series, enhancing user acquisition and retention [2] - The overall impact of short animations on long-form anime remains limited, as the latter continues to attract substantial viewership [5][6] Group 2: Content Quality and Audience Engagement - Current short animations primarily serve as "fast food" entertainment, lacking the depth and emotional connection found in long-form anime, which continues to dominate viewer preferences [5][6] - The transition of short animations towards quality and IP-driven content is anticipated, with platforms beginning to leverage classic stories to establish emotional connections with audiences [9][10] - The rise of male and female-targeted short animations is expected to cater to diverse audience needs, potentially shifting viewer demographics [10] Group 3: Platform Strategies - Major platforms like Tencent Video and Bilibili are actively engaging in the short animation space, with Tencent Video launching initiatives to support quality content creation [11][19] - Bilibili's unique UGC community is driving the production of short animations, although it faces challenges in upgrading to higher-quality 3D animations [19][21] - Platforms are exploring collaborations with web novel IPs to enhance the quality and appeal of short animations, indicating a shift towards more structured content creation [10][23]

Group 1 - The core viewpoint is that China's gaming user spending per capita has significant growth potential compared to foreign markets, with expected increases in average revenue per user (ARPU) driven by policy support, increased game supply, and macroeconomic recovery [1] - The gaming policy environment in China has improved, with a projected issuance of 1,771 game licenses in 2025, marking a 25% increase from 2024 and a 65% increase from 2023, indicating a stable and supportive phase for the industry [1] - The overseas market for self-developed games in China is expected to reach $20.455 billion in 2025, reflecting a year-on-year growth of 10.23%, supported by a systematic national strategy for cultural export [1] Group 2 - The domestic mini-program gaming market is projected to generate revenue of 53.535 billion yuan in 2025, representing a substantial year-on-year growth of 34.39% [2] - A new agreement between Apple and Tencent regarding a 15% commission on payments within mini-program games is expected to enhance the payment process, potentially increasing iOS mini-program user numbers and improving profit margins for gaming companies [2] - The WeChat mini-game platform is set to implement a new incentive policy for in-app purchases starting January 1, 2026, which will favor developers by adjusting revenue sharing from 70:30 to 80:20 [2] Group 3 - AI is transforming the entire game development process, reducing character animation production time by 40% and significantly improving marketing efficiency through AI-generated materials and targeted advertising [3] - AI is enhancing operational efficiency by providing intelligent customer service and improving material risk detection, thus streamlining the gaming experience [3] - New AI-driven gameplay experiences are being developed, such as "Endgame Duel" and the AI-native application "EVE," which integrate emotional dialogue and personalized immersive experiences [3]

Core Viewpoint - The report from CICC is optimistic about Tencent's main businesses in gaming, advertising, financial services, and enterprise services, expecting high-quality growth and accelerated investment in AI [1] Group 1: Business Performance - Tencent's gaming revenue is expected to grow this year, supported by various ecosystem products like video accounts and mini-programs [1] - Advertising revenue is anticipated to outperform market expectations, driven by deeper collaboration among ecosystem products [1] - Financial technology and enterprise services revenue is projected to grow by 10% year-on-year in Q4 of last year [1] Group 2: Financial Projections - CICC forecasts a 23% year-on-year increase in adjusted operating profit for Tencent in Q4 of last year [1] - Adjusted net profit is also expected to rise by 23% year-on-year [1] - The revenue forecast for this year has been slightly reduced by 1% to 831.7 billion yuan, while Non-IFRS profit forecasts for 2025 and 2026 have been increased by 1% to 262.9 billion yuan and 294.8 billion yuan, respectively [1] Group 3: Investment Rating - CICC maintains a "beat industry" rating for Tencent with a target price of 700 HKD [1]

Core Insights - The article discusses the challenges of high inference costs and delays in the large model application landscape, highlighting the need for cost reduction and efficiency improvements in the industry [2] - Speculative sampling is introduced as a novel inference acceleration paradigm that offers near-lossless speedup, gaining popularity in the industry [2] - Tencent's upgraded AngelSlim training framework leverages speculative sampling to enhance performance across various modalities, achieving significant inference speed improvements [2] Group 1: AngelSlim and Speculative Sampling - Speculative sampling utilizes a lightweight draft model to generate multiple candidate tokens, which are then verified by a larger model, effectively parallelizing the decoding process and reducing latency [4] - AngelSlim integrates various compression algorithms, including quantization and speculative sampling, to support multi-modal model training, achieving acceleration rates of 1.4 to 1.9 times [4][6] - The framework emphasizes deployment readiness, allowing models trained with AngelSlim to be seamlessly integrated into existing frameworks like vLLM and Sglang [7] Group 2: Key Features of AngelSlim - AngelSlim supports full-modal speculative sampling training, enabling shared core algorithms and engineering capabilities across different modalities [6] - The data processing module provides a stable and reusable data foundation for training across multiple modalities, including data resampling and preprocessing [12][13] - The model module features a unified TargetModel interface, allowing easy integration of new model architectures without modifying core algorithms [18] Group 3: Training Components and Performance - The training module is designed for both online and offline training modes, catering to different model sizes and memory constraints [20] - The training process includes training-time testing, allowing the model to learn from its own predictions during training [21] - AngelSlim's trained models have demonstrated acceleration performance in various tasks, achieving speedups of 1.4 to 1.9 times under specific conditions [25] Group 4: Future Plans - Future developments will focus on enhancing speculative sampling capabilities through tool and algorithm advancements, including offline hidden states generation and deeper integration of multi-modal features [30]

1月16日，港股集体高开，其中恒生指数涨0.64%，报27094.85点，恒生科技指数涨0.94%，报5883.37 点，国企指数涨0.68%，报9330.22点，红筹指数涨0.08%，报4156.98点。 盘面上，大型科技股多数走高，阿里巴巴涨2%，腾讯控股涨0.8%，京东集团跌0.52%，小米集团涨 0.37%，美团涨1.09%，快手涨1.63%，哔哩哔哩涨1.02%；有色金属概念股普涨，万国黄金集团涨4%、 洛阳钼业涨2.68%、江西铜业股份涨2.17%；汽车股高开，比亚迪涨超1%；创新药概念多数上涨，巨子 生物涨超3%；中资券商股普涨，中州证券涨超2%。 企业新闻 中国南方航空股份(01055.HK)：2025年12月，客运运力投入同比上升11.89%，旅客周转量同比上升 11.20%，客座率为84.05%，同比下降0.53个百分点。货运运力同比上升19.28%，同比上升10.86%。 中国中冶(01618.HK)：2025年累计新签合同额人民币11,136.0亿元，同比降低10.8%。其中新签海外合同 额人民币948.8亿元，同比增长1.9%。 众安在线(06060.HK)：2025年度原保险保费收 ...

证券时报·数据宝统计显示，1月15日有42家香港上市公司进行了股份回购，合计回购2844.54万股，回购 金额9.45亿港元。 | 01317 | 枫叶教育 | 290.20 | 111.73 | 0.385 | 0.385 | 220.37 | | --- | --- | --- | --- | --- | --- | --- | | 01066 | 威高股份 | 18.00 | 99.08 | 5.520 | 5.490 | 2859.04 | | 01497 | 燕之屋 | 15.00 | 92.73 | 6.280 | 6.060 | 92.73 | | 02598 | 连连数字 | 13.00 | 90.95 | 7.150 | 6.930 | 698.04 | | 01600 | 天伦燃气 | 28.00 | 82.09 | 2.930 | 2.910 | 932.08 | | 06831 | 绿茶集团 | 10.60 | 74.33 | 7.120 | 6.960 | 848.83 | | 09959 | 联易融科 | 28.80 | 73.71 | 2.570 | 2.530 | 170.07 ...

智通财经APP获悉，根据2026年1月15日披露数据，中国电信（00728）、绿色动力环保（01330）、凯 盛新能（01108）位居港股通持股比例前3位，分别为71.05%、69.67%、67.68%。此外，腾讯控股 （00700）、小米集团－Ｗ（01810）、快手-W（01024）在最近有统计数据的5个交易日内，持股额增 幅最大，分别为+50.60亿元、+33.09亿元、+31.22亿元;盈富基金（02800）、恆生中国企业（02828）、 中国移动（00941）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-68.91亿元、-29.85亿 元、-26.64亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 盈富基金(02800) | -68.91亿元 | -25411.05万股 | | 恆生中国企业(02828) | -29.85亿元 | -3141.76万股 | | 中国移动(00941) | -26.64亿元 | -3305.62万股 | | 美团-W(03 ...

Group 1 - The top short-selling ratios are led by China Resources Beer (100.00%), Lenovo Group (95.24%), and JD Health (94.15%) [1] - The highest short-selling amounts are recorded for Alibaba (3.923 billion), Tencent Holdings (2.552 billion), and Trip.com Group (1.172 billion) [1][2] - Meituan, Kanglong Chemical, and Haitong Securities have the highest deviation values at 55.33%, 50.16%, and 48.65% respectively [1] Group 2 - The top ten short-selling ratios include China Resources Beer (100.00%), Lenovo Group (95.24%), and JD Health (94.15%) with respective amounts of 11,700, 7,019,200, and 150,000 [2] - The top ten short-selling amounts show Alibaba at 39.23 billion, Tencent at 25.52 billion, and Trip.com at 11.72 billion with respective short-selling ratios of 17.78%, 15.59%, and 7.41% [2] - The top ten deviation values highlight Meituan (55.33%), Kanglong Chemical (50.16%), and Haitong Securities (48.65%) with their respective short-selling amounts [2]