1月15日，港股三大指数集体收跌，并且止步4连升行情。恒生科技指数一度大跌至2%，最终收跌1.35%，恒生指数、国企指数分别 下跌0.28%及0.52%，恒指最新报26923点。 | 代码 名称 | 最新价 涨跌额 涨跌幅 ^ | | --- | --- | | 800700 恒生科技指数 | 5828.35 -79.91 -1.35% | | 800100 国企指数 | 9266.86 -48.70 -0.52% | | 900000 同年毕业 2602362 7610 00204 | | 盘面上，AI应用相关概念股集体低迷，AI医疗概念股跌幅较大，其中阿里健康跌近8%；手游股、纸业股、影视股、中资券商股、 煤炭股、餐饮股、军工股纷纷下跌。另一方面，半导体巨头台积电第四季度净利润飙升35%，港股半导体午后闻声上涨，权重股中 芯国际涨近2%，政策红利继续释放，内房股集体冲高，锂电池股继续上涨，中创新航实现6连升。 | | | 电讯服务 | 能源储存装 | 地产发展商 +1.99% | 生物技术 -0.37% | | 药品 -0.63% | | --- | --- | --- | --- | --- | --- ...

腾讯表示，2026年视频号会进一步升级原生短剧能力、用户追剧体验和平台推荐效率。同时会升级激励 政策，针对爆款剧目进行最多135%收益的激励。 新京报贝壳财经讯（记者韦英姿）1月15日，在2026微信公开课PRO上，腾讯宣布，2025年，微信生态 短剧主体增长超31%，收入破千万的公司超90家。其中真人短剧数量近30万，漫剧上架增长3380%。 ...

Group 1: Market Overview - The global large model market is expected to reach $206.5 billion by 2029, with a CAGR of 80.7% from 2024 to 2029, driven by the iteration of large models and increased AI application penetration [1] - The large model application market is projected to be the main growth driver, with an estimated market size of $151.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 84.4% during the same period [1] Group 2: AI General Assistants - The AI general assistant sector is anticipated to see leading companies continue to consolidate the market, with OpenAI, Anthropic, Google, and xAI forming a first tier in overseas markets [2] - In the Chinese market, ByteDance, Tencent, Alibaba, and DeepSeek are expected to form a first tier, while smaller firms like Kimi and Minimax may face disadvantages in infrastructure and traffic acquisition as competition intensifies [2] - As of December 2025, active users for ByteDance's Doubao, DeepSeek, and Tencent's Yuanbao are projected to reach 155 million, 82 million, and 21 million respectively [2] Group 3: AI Entertainment Companions - The AI companionship applications are still in the early development stage, with rapid improvements in large model text and multimodal capabilities driving user penetration and consumption [3] - By 2030, the penetration rate of AI companionship applications among global internet users is expected to exceed 40%, with a projected annual revenue of approximately $70 billion, representing a CAGR of 200% from 2023 to 2030 [3] - Leading AI companionship applications include Character AI, Minimax Talkie AI, and ByteDance's Cat Box, with MAUs expected to reach 3.09 million, 2.35 million, and 470,000 respectively by December 2025 [3] Group 4: AI Visual Generation - The global AI visual generation application market is projected to reach $16.6 billion by 2027, with a CAGR of 66% from 2025 to 2027 [4] - Companies with leading model capabilities, product capabilities, and financial resources, such as Google Veo and Kuaishou's Keling, are expected to perform well in this sector [4] - Kuaishou's Keling AI is set to experience several catalysts, including the launch of new features and a revenue breakthrough of $20 million in December 2025, corresponding to an ARR of $240 million [4] Group 5: Minimax Valuation - Minimax completed its public offering in Hong Kong in January, increasing market attention on the AI application sector [5] - As of January 12, Minimax's valuation corresponds to approximately 222 times its estimated ARR for 2025 [5] - Kuaishou's Keling is conservatively estimated to have a valuation of $2.8 billion to $5.6 billion, representing about 6% to 18% of Kuaishou's market value, with a valuation discount of 70-90% compared to Minimax [5]

Core Insights - Artificial intelligence (AI) is a strategic technology driving a new wave of technological revolution and industrial transformation, significantly altering human production and lifestyle [1] - Shenzhen is positioning itself as a leading AI hub by creating an environment that supports comprehensive AI development, including supply chain efficiency, open application scenarios, and robust industrial ecosystems [1][3] Group 1: AI Ecosystem in Shenzhen - Shenzhen has over 2,600 AI companies, forming a tiered development structure led by major players like Tencent and Huawei, along with more than 10 AI unicorns and 34 listed robotics companies [3] - The city is focused on "chain supplementation" to address pain points in the transition from concept to product in the smart terminal sector, establishing a national AI application pilot base [3] - The "Moli Ying" AI ecosystem community in Nanshan is a leading incubator in China, providing comprehensive services to nearly 200 resident companies with a total valuation exceeding 20 billion [4] Group 2: Support for Startups - Shenzhen's policies are designed to support entrepreneurs with low-cost office spaces and a multi-tiered housing system, allowing talent to settle and thrive in the city [7] - The city has launched various funding initiatives, including a 500 billion yuan venture capital fund and specific grants for AI research and development, to facilitate the growth of startups [9] - Shenzhen's market cultivation system supports companies from inception to public listing, with an average time of 13.35 years for startups to become listed companies, which is faster than the national average [10] Group 3: Talent Development - Shenzhen is cultivating high-end, interdisciplinary talent through institutions like the Hong Kong University (Shenzhen) AI Academy, emphasizing practical training in design thinking and system engineering [8] - The city has attracted 220,000 returnees and 26,500 high-level talents, with a significant number of scholars recognized among the top 2% globally [8] Group 4: Innovation and Commercialization - Startups in Shenzhen are rapidly moving from technical prototypes to commercial markets, with notable success stories emerging from the "Moli Ying" community [5][6] - The city has established a mechanism for seamless integration of technology validation and commercialization, with nearly 300 high-value application scenarios available for enterprises [9]

瑞银发布研报称，腾讯(00700)近期在人工智能部门进行了组织架构重组，并加快了人才引进，展现其 对人工智能的坚定承诺；而对人工智能负责人姚顺雨(曾任职OpenAI)的新任命，也进一步增强了集团吸 引顶尖AI人才的能力。重申腾讯为首选股及关键荐股；评级"买入"，目标价780港元。 该行表示，腾讯参加了其2026年瑞银大中华研讨会(GCC)，管理层看到AI代理蕴含的巨大机会。相较于 人工执行，ToC端AI应用成功的关键在于对用户全面一致的理解，从而提升AI代理代用户执行任务的效 率。腾讯微信凭借其庞大用户群、应用场景丰富及小程序生态系统蓬勃发展，拥有独特优势。 瑞银预计，腾讯去年第四季营收年增13%，调整后营业利润年增14%至680亿元人民币。分业务看，预 计国内游戏收入年增13%，国际游戏预计年增24%。营销服务年增18%。金融科技及企业服务预计保持 稳健，年增11%。调整后营业利润率预计同比提升0.3个百分点至34.8%，毛利率改善将部分缓解对AI投 资增加的影响。 ...

瑞银预计，腾讯去年第四季营收年增13%，调整后营业利润年增14%至680亿元人民币。分业务看，预 计国内游戏收入年增13%，国际游戏预计年增24%。营销服务年增18%。金融科技及企业服务预计保持 稳健，年增11%。调整后营业利润率预计同比提升0.3个百分点至34.8%，毛利率改善将部分缓解对AI投 资增加的影响。 智通财经APP获悉，瑞银发布研报称，腾讯(00700)近期在人工智能部门进行了组织架构重组，并加快了 人才引进，展现其对人工智能的坚定承诺；而对人工智能负责人姚顺雨(曾任职OpenAI)的新任命，也进 一步增强了集团吸引顶尖AI人才的能力。重申腾讯为首选股及关键荐股；评级"买入"，目标价780港 元。 该行表示，腾讯参加了其2026年瑞银大中华研讨会(GCC)，管理层看到AI代理蕴含的巨大机会。相较于 人工执行，ToC端AI应用成功的关键在于对用户全面一致的理解，从而提升AI代理代用户执行任务的效 率。腾讯微信凭借其庞大用户群、应用场景丰富及小程序生态系统蓬勃发展，拥有独特优势。 ...

瑞银发表研报指，腾讯近期在人工智能部门进行了组织架构重组，并加快了人才引进，展现其对人工智 能的坚定承诺；而对人工智能负责人姚顺雨(曾任职OpenAI)的新任命，也进一步增强了集团吸引顶尖AI 人才的能力。 该行表示，腾讯参加了其2026年瑞银大中华研讨会(GCC)，管理层看到AI代理蕴含的巨大机会。相较于 人工执行，ToC端AI应用成功的关键在于对用户全面一致的理解，从而提升AI代理代用户执行任务的效 率。腾讯微信凭借其庞大用户群、应用场景丰富及小程序生态系统蓬勃发展，拥有独特优势。 瑞银预计，腾讯去年第四季营收年增13%，调整后营业利润年增14%至680亿元。该行重申腾讯为首选 股及关键荐股，评级"买入"，目标价780港元。 ...

Group 1 - The gaming sector experienced a decline, with the gaming ETF (159869) dropping nearly 2%, indicating a potential low-point for investors to consider entry [1] - As of January 14, the gaming ETF (159869) reached a scale of 15.948 billion yuan, attracting a total of 1.039 billion yuan in the last 10 trading days, providing a convenient tool for investors to position in A-share gaming leaders [1] - Tencent is set to launch two major new games this month, including the PVE shooting game "Counter-Strike: Future," which has already surpassed 25 million reservations, and the MMORPG "World of the Sky," which began limited testing on January 6 [1] Group 2 - The media and gaming industry is experiencing sustained growth, primarily driven by the transformative impact of AI technology, which is optimizing game production processes and enhancing user experience [2] - The gaming sector is benefiting from multiple catalysts, including AI applications, content innovation, and changes in commercialization models, with the gaming ETF (159869) tracking the performance of the A-share animation and gaming industry [2] - Current favorable policies, product cycles, and AI empowerment are creating a strong momentum for the gaming sector, suggesting a favorable window for investment in this area [2]

近5日，港股消费(159735)获净申购6982.19万元，位居跨境ETF净流入排名第28/208。近10日，港股消费 (159735)获净申购6982.19万元，位居跨境ETF净流入排名第35/208。近20日，港股消费(159735)获净申 购6574.55万元，位居跨境ETF净流入排名第47/208。 来源：新浪基金∞工作室 数据显示，1月14日，港股消费(159735)获净申购482.98万元，位居当日跨境ETF净流入排名27/208。最 新规模8.14亿元，前一日规模8.02亿元，当日资金净流入额占前一日规模的比例为0.60%。 最新定期报告显示，银华基金（159735）重仓股包括阿里巴巴-W、腾讯控股、泡泡玛特、安踏体育、 百胜中国、农夫山泉、万洲国际、海尔智家、小米集团-W、申洲国际，持仓占比如下： 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）09988阿里巴巴-W19.54%101.10万1.63亿 00700腾讯控股16.59%22.91万1.39亿09992泡泡玛特7.99%27.42万6679.05万02020安踏体育4.88%47.76万 4076.97万09987百胜中国4. ...

证券时报·数据宝统计显示，1月14日有39家香港上市公司进行了股份回购，合计回购2027.89万股，回购 金额9.19亿港元。 腾讯控股回购数量100.60万股，回购金额6.36亿港元，回购最高价为638.000港元，最低价为626.000港 元，年内累计回购金额57.22亿港元；小米集团-W回购数量400.00万股，回购金额1.51亿港元，回购最 高价为37.800港元，最低价为37.720港元，年内累计回购金额10.93亿港元；舜宇光学科技回购数量 114.00万股，回购金额7441.17万港元，回购最高价为66.150港元，最低价为64.050港元，年内累计回购 金额3.03亿港元。 以金额进行统计，1月14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1.51亿港元；回购金额居前的还有舜宇光学科技、巨子生物等。回购数量上看，1月14日回 购股数最多的是小米集团-W，当日回购量为400.00万股；其次是首程控股、捷利交易宝等，回购数量 分别为270.00万股、200.00万股。（数据宝） 1月14日港股公司回购一览 （文章来源：证券时报网） | 代码 | 简称 | ...