Core Insights - Sensor Tower's report indicates that "Honor of Kings" regained the top position in global mobile game revenue in January 2026, driven by strategic updates and seasonal content [1][3] Revenue Insights - Global mobile game spending reached $7.1 billion in January 2026, reflecting a month-over-month increase of 1.4% [4] - The U.S. market accounted for 31% of total revenue, followed by China (iOS only) at 16% and Japan at 13% [4] - "Game for Peace" saw a significant revenue increase, climbing 19 positions to re-enter the global top ten, attributed to new content and seasonal updates [3][4] Game Performance Highlights - "Arknights: Endfield" launched on January 22, quickly rising to the third position in revenue growth, leveraging its strong IP and innovative gameplay [4] - "Genshin Impact" returned to the revenue growth leaderboard following a major update and new character releases, enhancing player engagement and spending [4] - "Dragon Ball Z Dokkan Battle" experienced a rebound due to its 11th-anniversary celebration, driving fan engagement and spending [5] Download Insights - "Block Blast!" maintained its position as the top downloaded mobile game in January 2026, supported by engaging events [6][8] - Global mobile game downloads reached 4.2 billion in January, marking a 5.4% increase from the previous month [8] - India led in downloads with 607 million, followed by the U.S. and Brazil [8] Growth Trends - "Heartopia" topped the global download growth chart, appealing to players with its avatar-driven simulation gameplay [9] - "Goose Goose Duck" ranked second in download growth, highlighting the enduring appeal of social party games [9] - The market is increasingly driven by diverse content rather than a single dominant genre, as seen in the rise of various game types [8][9]

智通财经APP获悉，中邮证券发布研报称，大厂正将多模态视为突破纯文本交互天花板、抢占下一 代"超级入口"的战略必选项。多模态是突破瓶颈、创造新刚需的必然选择。通过无缝融合文字、图像、 语音和视频，AI能够更自然地融入从生活到工作的全场景，成为用户解决问题的一站式起点，从而抢 占第一触点的入口心智。 中邮证券主要观点如下： 国内CSP大厂抢占春节级流量，"超级入口之争"有望成为26年AI主旋律 据报道，阿里正考虑将未来三年投入到AI基建与云计算上的3800亿元提升至4800亿元；金融时报报道 称，字节跳动已做出初步规划，2026年资本开支拟达到约1600亿元人民币，高于2025年约1500亿元人民 币的投入。 26年多模态已不再是AI产品的附加功能，而成为大厂争夺"超级入口"的战略升级方向 近日，字节推出的AI视频生成模型Seedance 2.0能根据文本描述或单张图片，在60秒内直接生成带有同 步原生音频、具备电影感的多镜头视频;阿里推出新一代图像生成模型Qwen-Image-2.0，具备更专业的 文字渲染、更细腻的真实质感、更强的语义遵循等特点，同一模型在文生图和图生图基准中获得优越性 能。 投资建议 20 ...

Group 1 - Morgan Stanley maintains a positive outlook on the Chinese stock market, emphasizing the need for more refined stock selection [1] - The preferred sectors during the Lunar New Year period include high-end liquor, quality protein (new dairy products and black-haired cattle), key condiments, gold, and the tourism industry [1] - Historical data indicates that the appreciation of the RMB against the USD will boost returns in the Chinese stock market, with cyclical or growth stocks typically outperforming defensive stocks [1] Group 2 - The top stock picks include Tencent Holdings (00700), Lao Poo Gold (06181), MGM China (02282), TAL Education (TAL.US), Trip.com (09961, TCOM.US), Haitian Flavoring (03288, 603288.SH), Kweichow Moutai (600519.SH), Mengniu Dairy (02319), and Wuliangye (000858.SZ) [1]

Core Viewpoint - Morgan Stanley reaffirms its bullish trading strategy on the Chinese consumer market ahead of the Lunar New Year (February 15 to 23), favoring high-end liquor, premium protein (new dairy products and black-haired cattle), key condiments, gold, and the tourism industry [1] Group 1: Market Strategy - Historical data indicates that the appreciation of the RMB against the USD will boost returns in the Chinese stock market, with cyclical or growth stocks typically outperforming defensive stocks [1] - Morgan Stanley maintains a positive outlook on the Chinese stock market but emphasizes the need for more refined stock selection [1] Group 2: Preferred Stocks - The preferred stocks include Tencent Holdings (00700), Lao Poo Gold (06181), MGM China (02282), TAL Education (TAL.US), Trip.com (09961, TCOM.US), Haitian Flavoring (603288) (03288, 603288.SH), Kweichow Moutai (600519) (600519.SH), Mengniu Dairy (02319), and Wuliangye (000858) (000858.SZ) [1]

生活模拟游戏，开启混战。 2026年刚开头，沐瞳在2025年底曝光的《代号Lovania》开启首测，成为新一年首款与公众见面的生活模拟新游。它凭借内置"白噪音"系统、手绘水彩肌 理感和大世界玩法，带来了不少新鲜感，也焕新了玩家对"治愈"的感受。上线不到1个月，《代号Lovania》的TapTap玩家预约数达到近40万。 《代号Lovania》开头动画颇为精美 同一时期，腾讯《粒粒的小人国》也宣布即将开启首测。不难看出，今年将是生活模拟游戏混战的一年。 2024年底上线的《心动小镇》是率先突围的生活模拟游戏之一。近日，随着最新服装及家具套装上线，《心动小镇》冲上国服游戏畅销榜第7名，日韩第2 名。点点数据显示，截至目前，游戏在iOS、Google双端营收已超过2亿元。 不仅是《心动小镇》，腾讯、网易、米哈游等大厂也纷纷在这两年"亮剑"，引发生活模拟游戏热潮。 《心动小镇》近日在韩国登上游戏畅销榜第2名 热潮背后存在隐忧。部分产品成绩难达预期，呈现出"迅速上线，迅速停服"的趋势。如《米姆米姆哈》，上线几个月，开发商趣糖网络就开始大规模裁 员；2026年1月，趣糖网络向法院提交了破产重组申请。 扎根模拟经营游戏制作 ...

证券研究报告：计算机|点评报告 发布时间：2026-02-11 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 5546.12 | | --- | --- | --- | | 52 | 周最高 | 6151.34 | | 52 | 周最低 | 4080.58 | 行业相对指数表现（相对值） -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% 2025-02 2025-04 2025-07 2025-09 2025-11 2026-02 计算机 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 近期研究报告 《AI for Science，重在 AI+制药赛 道》 - 2026.01.15 大厂积极备战春晚，入口之争引领 AI 行情 ⚫ 国内 CSP 大厂抢占春节级流量，"超级入口之争"有望成 为 26 年 AI 主旋律 2026 ...

来源：新浪基金∞工作室 数据显示，2月10日，华宝港股通恒生中国(香港上市)30ETF(520560)遭净赎回186.91万元，位居当日跨 境ETF净流出排名46/215。最新规模7.63亿元，前一日规模7.62亿元，当日资金净流出额占前一日规模 的比例为0.25%。 流动性方面，截止2月10日，华宝港股通恒生中国(香港上市)30ETF（520560）近20个交易日累计成交金 额3.82亿元，日均成交金额1910.33万元；今年以来，27个交易日，累计成交金额5.9亿元，日均成交金 额2185.8万元。 华宝港股通恒生中国(香港上市)30ETF（520560）现任基金经理为张放、蒋俊阳。张放自2025年9月24日 管理（或拟管理）该基金，任职期内收益-6.16%；蒋俊阳自2025年9月24日管理（或拟管理）该基金， 任职期内收益-6.16%。 最新定期报告显示，华宝基金（520560）重仓股包括腾讯控股、阿里巴巴-W、建设银行、小米集团- W、美团-W、工商银行、中国移动、中国平安、比亚迪股份、中国海洋石油，持仓占比如下： 华宝港股通恒生中国(香港上市)30ETF（520560）成立于2025年9月24日，基 ...

"点得我手都快麻了。"陷在江苏家中的沙发里，大三学生钟襄身边散落着砂糖橘和瓜子壳，拇指在 手机屏幕上快速起落，眼神在几个亮着的屏幕间来回切换。这个寒假，她最主要的"工作"是在元宝、千 问和百度文心一言等人工智能（AI）应用间循环往复——抢红包。 马年春节前夕，互联网营销大战再次上演。和往年不同的是，冲锋在前的既不是传统电商、也非外 卖平台，而是各大科技公司旗下的AI大模型应用。和以往类似的是，这场看似崭新的技术竞赛，用的 却依旧是"发红包"抢客的传统路数。 新坛装旧酒，在AI时代，还能奏效吗？ "这轮AI红包营销是各大互联网巨头在技术变革关键窗口期，以经典'烧钱'模式争夺下一代超级入 口的卡位战。与此前争夺支付、社交的'红包大战'有本质不同。"南开大学金融发展研究院院长田利辉 告诉《金融时报》记者，过去争的是"支付习惯"和"用户时长"，现在争的是"第一反应"与"服务调度 权"。例如，当用户遇到问题时，是习惯性打开微信问"元宝"，还是去淘宝找"千问"。 多重好礼 自1月底起，一场跨越年龄与圈层的全民AI应用"入口争夺战"，以熟悉的配方、升级的战场，引爆 了整个互联网。 1月25日，百度率先官宣马年春节红包活动， ...

Group 1 - The market experienced narrow fluctuations on February 10, with mixed performance across the three major indices: Shanghai Composite Index rose by 0.13%, Shenzhen Component Index increased by 0.02%, while the ChiNext Index fell by 0.37% [1] - The Computer ETF (159998) recorded a trading volume of nearly 150 million yuan, with a turnover rate exceeding 5.2%, and a net subscription of 56.4 million units [1] - The Cloud Computing ETF Tianhong (517390) had a trading volume of over 17 million yuan, with a turnover rate close to 5% [1] Group 2 - The Ministry of Industry and Information Technology, along with four other departments, issued implementation opinions to strengthen the capacity building of the information and communication industry, supporting the development of low-altitude infrastructure [2] - The Computer ETF (159998) tracks the CSI Computer Theme Index, which selects stocks from listed companies involved in information technology services, application software, system software, and computer hardware [2] - The Cloud Computing ETF Tianhong (517390) closely follows the CSI Hong Kong-Shenzhen Cloud Computing Industry Index and includes major stocks from both A-shares and Hong Kong [2] Group 3 - CITIC Securities predicts that the computer industry will enter a deep integration phase of "AI + industry" by 2026, driven by both policy and demand [4] - CITIC Jiantou emphasizes the ongoing AI industrial revolution, suggesting that the demand for computing power driven by AI will continue to grow, viewing short-term adjustments in the computing sector as opportunities [3]

Core Insights - The article discusses the launch of a new feature in the Yuanbao app, where users can receive random cash red envelopes, similar to WeChat's "lucky money" feature, enhancing social interaction during the Chinese New Year [2][11][23]. Group 1: Red Envelope Feature - The Yuanbao app initiated a cash red envelope activity from February 10 to 23, allowing users to interact and potentially trigger cash rewards through various activities [4][11]. - During the event, 8 red envelopes totaling 50 yuan were claimed within 23 seconds, showcasing the high engagement and excitement among users [3][11]. - The randomness of the red envelope distribution has led to speculation among users about the triggering mechanisms, making it a topic of interest and discussion [6][10]. Group 2: Social Interaction and AI Integration - The introduction of AI in the Yuanbao app has transformed it from a simple tool to a social platform, allowing for multi-user interactions and enhancing the social experience [11][24]. - Users have begun to engage with AI in family groups, asking questions about its functionality and even teaching older family members how to use it, indicating a shift in user demographics and engagement [12][26]. - The AI's ability to surprise users with unexpected red envelopes has added a layer of excitement to online social interactions, making it a more engaging experience compared to traditional methods [12][29]. Group 3: Historical Context and Evolution - The article traces the evolution of red envelope features in social apps, highlighting how Tencent's innovations have consistently shaped social interactions and payment ecosystems since the launch of WeChat [18][19]. - The integration of AI with social features and red envelopes represents a new frontier for Tencent, aiming to replicate the success of previous innovations while adapting to current technological trends [23][24]. - The article emphasizes that the red envelope feature has historically served as a catalyst for user engagement and retention, with the current iteration aiming to deepen the relationship between users and AI [29].