15.5 提现中,预计24内小时到账 查看绑定账户 4个红包, 共30元, 23秒被抢光 【环球网科技综合报道】2月10日，腾讯宣布元宝春节红包活动玩法升级，元宝派掉落红包玩法正式上 线，聊天就能领红包。春节期间，用户创建元宝派、在派内聊天、@元宝互动、派内发起一起听一起看 活动，都有机会触发拼手气红包，派内全员都能领，并可快速到账微信钱包。只要气氛到位，元宝会找 准时机主动发红包，为聊天助兴。派内越活跃、聊天越精彩，元宝发红包的概率就越高。 "| " 9:41 元宝的红包 囲 大吉大利，恭喜发财 6 元宝 送你新年元气红包 上元宝, 万元红包等你抢 六 >> 6.8 = >> 米 >> >> 将直接存入微信零钱 上 「元宝」分 10亿现金 > 福袋惊喜由元宝提供丨关闭广告 × 除了在元宝派里能抢红包，在微信里聊天，也有机会掉落红包。2月10日至2月16日期间，在微信对话框 输入特定关键词，就可以触发元宝定制红包雨，有机会抽中现金红包。（勃潺） < 元宝派红包啦(6) 有惊喜诶 i FFF 哇我看看 B 怎么触发他~ 9 9 我也来试试 9 B S S 开元进宝! 0 开元进宝! ● Q ଞ୍ଚି (+ (• ...

Core Viewpoint - Jinglin Asset has made significant adjustments to its stock holdings in the fourth quarter of 2025, increasing its positions in key technology stocks while reducing exposure to others, reflecting a strategic focus on sectors like AI and new energy [1][6][9]. Group 1: Stock Holdings and Changes - As of the end of 2025, Jinglin Asset held stocks in 28 companies in the US market, with a total market value exceeding $4 billion [1]. - The top ten holdings include Google A, Meta, Pinduoduo, NetEase, Manbang Group, Futu Holdings, NVIDIA, Alibaba, Intel, and Atour, with Chinese stocks still dominating the portfolio [1][10]. - The largest holding shifted from Meta to Google A, with Google A valued at approximately $841.97 million, reflecting an increase of 926,084 shares from the previous quarter [2][3][10]. Group 2: Investment Strategy and Focus Areas - Jinglin Asset is focusing on sectors such as AI, new energy, smart driving, and humanoid robots, believing these areas will continue to see rapid growth and investment from both China and the US [1][9]. - The firm emphasizes a balanced global investment strategy, selecting companies with strong valuations and cash flows to mitigate risks while capitalizing on growth opportunities [9]. - The CEO highlighted the importance of major AI application platforms like Google, Apple, ByteDance, Tencent, and OpenAI, predicting that 2026 could be a pivotal year for AI agents [9]. Group 3: Recent Trading Activity - In Q4 2025, Jinglin Asset increased its holdings in Intel by 694,363 shares and in Futu Holdings by 139,473 shares, while also initiating a position in Broadcom [6]. - The firm significantly reduced its holdings in NVIDIA by 1.54 million shares and in Meta by 229,056 shares, alongside partial reductions in other stocks like TSMC and UnitedHealth [6].

Group 1 - The core activity of Tencent's "元宝" involves distributing 10 billion cash red envelopes, which has generated significant online excitement and engagement since its launch on February 1 [11][22] - Users can participate in the main event by updating the 元宝 app and accessing the "抢10亿" section, where they can earn multiple chances to win cash prizes and other rewards through daily tasks [11][17] - The event includes a special "祝福语红包" feature, allowing users to send specific phrases to trigger additional red envelope opportunities, enhancing user interaction and engagement [19][22] Group 2 - The "豆包过年" New Year event by 豆包 offers over 100,000 technology gifts and cash red envelopes during the Spring Festival, showcasing a blend of AI technology and consumer engagement [5][8] - Prizes include advanced tech products like robots, 3D printers, and electric vehicles, all integrated with 豆包's AI capabilities, indicating a strong focus on innovation and user experience [5][9] - The event encourages users to engage with the 豆包 app through interactive features and rewards, further promoting the app's usage during the festive season [7][8]

格隆汇2月10日｜基于首个产业级2Bit端侧量化方案，腾讯混元今天正式推出一款面向消费级硬件场景 的"极小"模型HY-1.8B-2Bit，等效参数量仅有0.3B，内存占用仅600MB，比常用的一些手机应用还小。 通过对此前混元的小尺寸语言模型——HY-1.8B-Instruct进行2比特量化感知训练（QAT）产出，这一模 型对比原始精度模型等效参数量降低了6倍，并且在沿用原模型全思考能力同时，在真实端侧设备上对 比原始精度模型生成速度提升2—3倍，可大幅提升使用体验。此次腾讯混元推出HY-1.8B-2Bit模型，可 以在边缘设备上无压力部署。这也是首个在实现2bit产业级量化的端侧模型实践。 ...

新浪科技讯 2月10日上午消息，腾讯宣布元宝春节红包活动玩法升级，元宝派掉落红包玩法正式上线， 聊天就能领红包。春节期间，用户创建元宝派、在派内聊天、@元宝互动、派内发起一起听一起看活 动，都有机会触发拼手气红包，派内全员都能领，并可快速到账微信钱包。 此外，除了在元宝派里能抢红包，在微信里聊天，也有机会掉落红包。2月10日至2月16日期间，在微信 对话框输入特定关键词，就可以触发元宝定制红包雨，有机会抽中现金红包。 责任编辑：杨赐 新浪科技讯 2月10日上午消息，腾讯宣布元宝春节红包活动玩法升级，元宝派掉落红包玩法正式上线， 聊天就能领红包。春节期间，用户创建元宝派、在派内聊天、@元宝互动、派内发起一起听一起看活 动，都有机会触发拼手气红包，派内全员都能领，并可快速到账微信钱包。 此外，除了在元宝派里能抢红包，在微信里聊天，也有机会掉落红包。2月10日至2月16日期间，在微信 对话框输入特定关键词，就可以触发元宝定制红包雨，有机会抽中现金红包。 < 元宝派红包啦(6) 有惊喜谈 (8) 4-20 哇我看看 怎么触发他~ 9 A 发展集团 B 我也来试试 S S (8) A (2) 开元进宝! 0 开元进宝 ...

Policy Updates - Beijing is accelerating the construction of the Future Digital Space Innovation Experimental Zone, with the unveiling of the "Shougang Park eSports Center" and the launch of a 5,400 square meter gaming eSports incubator [1] - Shanghai's information transmission, software, and information technology services industry is projected to grow over 22% by 2025, reaching a scale of 1.7297 trillion yuan, making it the third largest industry in the city [1] - The Pudong District is integrating eSports into its cultural and tourism activities, with plans for a "National eSports Carnival" as part of its development matrix [1] - During the Shanghai Two Sessions, representatives suggested supporting the "New Three Samples" (online literature, online games, online films) for cultural export [1] - Zhejiang Province emphasizes cultural "New Three Samples" for international influence during its 14th Five-Year Plan [1] Industry Insights - In January 2026, 177 domestic games and 5 imported games received approval from the National Press and Publication Administration, maintaining a high level of game approvals [2] - The first AI virtual idol in China, Yuri, received identity certification, indicating a growing trend in AI integration within the gaming and eSports sectors [2] - Guangzhou's internet gaming service revenue exceeded 56.8 billion yuan in 2025, with a year-on-year growth of 18.8%, highlighting the sector's rapid development [2] - The Guangzhou Game Industry Service Center has been established to support the lifecycle development of gaming companies [2] Events and Initiatives - Douyin Mini Games launched a cash incentive policy for Q1 2026, offering up to 40% cash rewards for game consumption [3] - The INDIE Live Expo, Asia's largest independent game festival, is scheduled for April 25, 2026, providing a platform for independent game developers [4] - The 2026 AGF Asia Game Fair will take place from October 2 to 5 in Guangzhou, featuring over 1,000 IPs and 7,000 cultural products [4] - The Fourth Sci-Fi Planet Competition is open for global project submissions, with a total prize pool of 1.75 million yuan, including 600,000 yuan for the sci-fi game category [4]

Group 1 - Morgan Stanley reaffirms its bullish strategy on the Chinese consumer market ahead of the Lunar New Year, focusing on high-end liquor, premium 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 enhance 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, highlighting preferred stocks such as Tencent, Lao Pu Gold, MGM China, TAL Education, Trip.com, Haitian Flavoring, Kweichow Moutai, Mengniu, and Wuliangye [1]

Summary of Conference Call Notes Industry Overview - **Industry**: Media and Internet - **Market Performance**: - US KWEB index decreased by 5.7% - Hong Kong Hang Seng Tech Index fell by 6.5% - US Nasdaq index dropped by 1.8% during the week of February 2 to February 6, 2026 [5][11] Key Insights - **AI Capital Expenditure**: - A new narrative is emerging in overseas markets regarding AI capital expenditures. Initially, companies with aggressive capital investments were seen as the most likely to benefit from AI advancements. However, as the industry matures, there is growing concern about the cash flow pressures associated with high capital expenditures, even for leading companies like Google and Amazon [6][7]. - Google is experiencing accelerated growth in cloud revenue and improved profit margins, yet its capital expenditure is expected to double in 2026, raising cash flow concerns. Conversely, Amazon faces skepticism regarding its $200 billion capital expenditure and the return on investment for its AWS business [6]. - Tencent's conservative approach to AI investments has led to market fears of missing out on industry opportunities, resulting in a nearly 10% drop in its stock price, contributing to a significant decline in the internet sector [6][7]. - **Investment Strategies**: - The current investment landscape in AI is complex, with both aggressive and conservative strategies being justified through various rationales. Long-term, continuous investment in AI is deemed essential, but companies must align their investment strategies with their unique capabilities and growth trajectories [7]. - Recent promotional activities by Tencent, Alibaba, and Baidu, such as social engagement campaigns, are viewed as lacking substantive value in building core AI capabilities, potentially distancing these companies from genuine growth opportunities in the AI sector [7]. Company-Specific Insights - **Stock Ratings and Price Targets**: - Tencent Holdings: Target price of 700.00, P/E of 15.1 for 2026E and 12.9 for 2027E - Meituan: Target price of 125.00, P/E not meaningful for 2026E, 16.5 for 2027E - Kuaishou: Target price of 89.00, P/E of 12.9 for 2026E and 10.9 for 2027E - NetEase: Target price of 177.00, P/E of 12.8 for 2026E and 12.0 for 2027E - Alibaba: Target price of 204.00, P/E of 27.7 for 2026E and 19.0 for 2027E - JD.com: Target price of 41.00, P/E of 7.6 for 2026E and 7.1 for 2027E - Pinduoduo: Target price of 148.00, P/E of 7.9 for 2026E and 6.2 for 2027E - Trip.com: Target price of 92.50, P/E of 14.5 for 2026E and 12.7 for 2027E [4][10]. Risks - **Market Risks**: - Uncertainties in the macroeconomic environment and international relations - Regulatory policy risks - Intensifying industry competition [9]. Additional Noteworthy Information - **Recent Developments**: - Meituan is planning to acquire Dingdong Maicai to strengthen its competitive position in the front warehouse sector [10]. - Google has exceeded expectations in cloud computing, leading to a significant increase in capital expenditure [10]. - Uber's delivery business remains robust, with multiple partnerships driving advancements in autonomous driving [10]. Conclusion - The media and internet industry is currently facing significant challenges and opportunities, particularly in the realm of AI investments. Companies must navigate complex market dynamics while aligning their strategies with long-term growth potential. The performance of key players like Tencent, Alibaba, and others will be critical in shaping the future landscape of the industry.

Summary of Conference Call Notes Industry and Company Overview - The discussion primarily revolves around the semiconductor industry, specifically focusing on storage solutions and domestic computing power in China. Key companies mentioned include: - Semiconductor companies: 中芯国际 (SMIC), 江丰电子 (Jiangfeng Electronics), 晶特电子 (Jingte Electronics), 拓荆 (Tuojing), 中微 (Zhongwei), 华创 (Huachuang), 芯源微 (Xinyuanwei), 华海 (Huahai), and others. - AI-related companies: 字节跳动 (ByteDance), 腾讯 (Tencent), 阿里巴巴 (Alibaba). Key Points and Arguments 1. **Storage Sector Outlook** - The storage sector is currently experiencing adjustments due to delays in the listing of two-inch wafers, but this is seen as a buying opportunity rather than a setback. The certainty of the listing remains intact despite the delays [1][2]. - The growth potential for the storage chain is not solely dependent on the listing but also on advancements in the advanced process technology, supported by high import numbers of lithography machines [2]. 2. **Capital Expenditure and Market Sentiment** - Companies in the semiconductor sector are showing optimistic capital expenditure and order situations, indicating a sector-wide opportunity. Key players are expected to benefit from this trend [3]. - Specific companies like 江丰法财 (Jiangfeng) and 鼎龙 (Dinglong) are highlighted for their positive developments in photolithography and polishing liquids, respectively [3]. 3. **Domestic Computing Power and AI Development** - The domestic computing power sector is driven by the growth of AI in China, with major CSP companies like 字节跳动 (ByteDance) leading investments. The focus is on how these companies can leverage AI to enhance user-generated content (UGC) [4][5]. - The introduction of AI models is expected to significantly reduce the difficulty of producing high-quality UGC, potentially transforming the content creation landscape [4]. 4. **Investment Opportunities in AI and Media** - The upcoming Chinese New Year is anticipated to boost AI-related applications and media content, with companies like 博纳影业 (Bona Film Group) and those involved in IP-related content being recommended for investment [10][11]. - The sentiment around AI applications remains optimistic, with expectations of continued growth in the industry despite recent market adjustments [9][10]. 5. **Market Adjustments and Future Projections** - The Hong Kong market, particularly the Hang Seng Technology Index, has seen a decline due to liquidity issues and shifts in sentiment regarding AI narratives in the US market [9][12]. - Despite recent downturns, the long-term outlook for the semiconductor and AI sectors remains positive, with expectations of strong capital expenditure growth from major tech firms [12][15]. 6. **Gaming Sector Insights** - The gaming sector has faced significant declines, with a noted 22.8% drop in A-share gaming stocks. However, companies like 完美世界 (Perfect World) are seen as having potential due to strong pre-launch metrics for new titles [19]. Other Important Insights - The discussion emphasizes the importance of advanced packaging in the semiconductor supply chain, highlighting companies that are well-positioned in this area [7]. - The impact of regulatory changes on the consumer internet sector is noted, particularly regarding algorithm governance, but the fundamental impact on the market is considered limited [14]. - The potential for AI applications in various sectors, including social media and content creation, is a recurring theme, with significant implications for user engagement and market dynamics [5][6]. This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the semiconductor and AI industries.

宗建树 长江证券分析师: 各位领导，大家晚上好，我是长江证券的首席分析师宗建树，今天由我给大家汇报一下我 们整个的一个 AI 势不可挡，2026 年模型升级有哪些预期差的一个整体的汇报。然后 AI 是围绕是我们最近开的一个新的系列，因为最近整个 AI 的产业其实近有一波比较大的一 个调整。但是我们觉得最近调整的一个主要核心原因，第一个就是确实现在在整个需求侧 落地，目前还没有看到明显的加速。第二个是海外的宏观的一个波动，也进步放大了整个 AI 的波动。 但是，我们认为从整个 AI 大的产业趋势来看，目前的产业趋势的确定性是在不断的提升， 所以我们坚定看好整个后续。产业趋势，整个后续的一个发展。今天主要汇报的是关于模 型方面的升级，因为从这个 AI 来看，模型是这个 AI 最大的核心的一个驱动力。我们觉得 在整个 2026 年，我觉得是一个模型升级原有的范式的曲线继续向上，然后模型又逐渐开 始跟场景融合的一个年份。所以今年第一个模型的演进，一样会持续的一个向上。第二个 我们觉得整个模型的，跟场景结合之后，它的落地会全面的加速。 所以，这是我们非常去看好整个 2025 年整个 AI 去表现的一个非常重要的原因。我 ...