Market Performance - The Hang Seng Index rose by 467.21 points, an increase of 1.76%, closing at 27,027.16 points [1] - The H-share Index increased by 136.95 points, closing at 9,168.33 points, a rise of 1.52% [1] - The Hang Seng Tech Index gained 71.4 points, closing at 5,417.6 points, up by 1.34% [1] - The total turnover on the main board was 255.14 billion HKD [1] Blue Chip Stocks - Tencent Holdings increased by 2.28%, closing at 560 HKD [1] - Hong Kong Exchanges and Clearing rose by 2.7%, closing at 418.6 HKD [1] - HSBC Holdings saw a rise of 3.34%, closing at 139.3 HKD [1] - China Mobile decreased by 2.12%, closing at 78.5 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 1.7%, closing at 46.62 HKD [1] - Sun Hung Kai Properties increased by 3.46%, closing at 131.5 HKD [1] - Henderson Land Development rose by 2.5%, closing at 32.78 HKD [1] Chinese Financial Stocks - Bank of China increased by 0.86%, closing at 4.7 HKD [1] - China Construction Bank rose by 1.38%, closing at 8.08 HKD [1] - Industrial and Commercial Bank of China increased by 0.46%, closing at 6.52 HKD [1] - Ping An Insurance saw a rise of 4.89%, closing at 73 HKD [1] - China Life Insurance increased by 3.98%, closing at 35.04 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation decreased by 0.37%, closing at 5.33 HKD [1] - China National Petroleum Corporation fell by 1.29%, closing at 9.16 HKD [1] - CNOOC Limited saw a slight decrease of 0.08%, closing at 24 HKD [1]

大摩预测，中国的Token消耗在2025年至2030年间的年复合增长率将达到约330%。同时，GPU计算能力 的供不应求状况预计在未来几年内仍会持续。该行认为，这使得中国的AI基础设施成为其中国TMT覆 盖范围内最具吸引力的投资主题之一。 一些投资者指出，腾讯控股(00700)的AI产品推进势头似乎比某些大型平台同业更谨慎，这引发对潜在 估值压缩的担忧。该行认为市场已经反映这一担忧的很大一部分，该股目前的交易估值为2026年预测市 盈率的15倍，仅比历史低点高约25%，而核心盈利展望仍然稳健。该行认为，腾讯最持久的资产不是任 何单一的AI能力，而是其分发和参与度，这种能力往往会随时间复利增长，并使包括AI在内的新能力 以比同行更低的用户获取成本实现规模化。 摩根大通发布研报称，消费者行为正在转变，用户获取信息和消费内容的方式逐渐改变，聊天机器人正 成为搜寻、推荐和任务执行的新"起点"。该行认为，大型互联网平台现在愿意投入真正的营销资金以加 速采用，这将机器性地提高推理量并推动Token消耗的快速增长。小摩更青睐中国AI基础设施受益，如 阿里巴巴-W(09988)和百度集团-SW(09888)以及线上广告受益者 ...

Group 1 - Industry investment rating: Buy [2] - Previous rating: Buy [2] - Report date: February 9, 2026 [2] Group 2 - The core viewpoint is that the game "异环" is expected to reshape the experience of the two-dimensional open world by enhancing player agency, allowing players to transition from being mere observers to active participants in the narrative [6][34] - The two-dimensional game market is showing signs of recovery, with significant sales growth driven by key product launches, such as "明日方舟：终末地," which achieved over 1.2 billion yuan in revenue within two weeks of launch [6][16][34] - The report emphasizes that the success of "异环" is attributed to its innovative gameplay mechanics, including first-person perspective and multi-branch storylines that significantly enhance player immersion and engagement [19][20][34] Group 3 - The two-dimensional game market has experienced a typical "supply creates demand" characteristic over the past five years, with notable growth in market size during years of key product launches [13][16] - The report highlights that "明日方舟：终末地" has a strong user base, with over 20 million pre-registrations and significant engagement metrics, indicating robust market demand for high-quality two-dimensional products [33][34] - "异环" has introduced a rich interaction experience, evolving from simple dialogue options to deeper relationship-building mechanics, enhancing the emotional and social value of character interactions [27][33]

行业方面，腾讯元宝新年红包活动近日敞开，用户能够经过共享、用新年模版生成同款、与元宝聊新年话题、体会DeepSeek新技能等方法取得抽奖次数。 敞开后，元宝在微信生态中的共享量有显着增长。新年期间各大互联网公司运营力度加大，各家产商开始走向2C流量和商业化争夺，国内Chatbot类产品料 将继续高确认性起量，有望对标2023年新年ChatGPT出圈以及2025年新年DeepSeek出圈。 光控资本指出，AI产业继续发展，建议关注AI使用以及IP商业化等方向增量，大模型能力继续增强，AI使用推进落地，要点推荐AI营销、游戏、影视、 AI+IP等方向。跟着新年等核心流量窗口到来，AI使用迎来重要运营催化，2月1日腾讯敞开元宝红包活动，经过交际场景与激励机制提升用户触达与使用频 次，有望加快AI产品渗透与用户心智树立。节假日高频流量叠加运营侧强影响，将继续验证AI使用的留存、活泼与商业化潜力，相关方向关注度有望阶段 性提升。 AI使用概念9日盘中走势活泼，截至发稿，中文在线、海看股份、捷成股份20%涨停，万兴科技涨超10%，掌阅科技、完美国际、博纳影业等亦涨停。 ...

Group 1 - Morgan Stanley reports a shift in consumer behavior, with chatbots becoming a new starting point for information search, content consumption, and task execution [1] - The firm predicts a compound annual growth rate of approximately 330% for China's token consumption from 2025 to 2030, indicating significant growth potential in AI infrastructure [1] - Major internet platforms are now willing to invest substantial marketing funds to accelerate adoption, which will mechanistically increase reasoning volume and drive rapid growth in token consumption [1] Group 2 - Concerns have been raised about Tencent Holdings' (00700) cautious advancement in AI products compared to peers, leading to potential valuation compression [2] - The current trading valuation of Tencent is 15 times the forecasted earnings for 2026, only about 25% above historical lows, while core earnings outlook remains robust [2] - Tencent's enduring asset is its distribution and engagement capabilities, which can grow over time and allow for scaling new capabilities, including AI, at a lower user acquisition cost [2]

以下文章来源于版面之外 ，作者画画 版面之外 . 版面之外，才是真相。 权力交接。 作者 / 画画 来源 / 版面之外 （ID：Out_take） 2 0 2 5年底到2 0 2 6年初的几个月里，科技圈有个现象挺耐人寻味。 没有盛大的发布会，没有官方通告，但在深圳腾讯大厦、杭州阿里西溪园区、北京字节 跳动办公楼里，指挥大模型战场的人，悄然换上了一副副年轻面孔。 先 看 腾 讯 ， 虽 然 过 去 一 两 年 被 认 为 大 模 型 落 后 ， 但 它 丝 毫 没 闲 着 。 先 是 前 Op e nAI 研 究员姚顺雨被传1亿年薪入职腾讯，经过几次辟谣之后，终于在去年底正式加入腾讯， 头衔是首席 AI 科学家，直接向腾讯总裁刘炽平汇报。 就 在 上 周 ， 清 华 大 学 计 算 机 系 博 士 、 前 新 加 坡 S e a AI La b 高 级 研 究 科 学 家 庞 天 宇 也 入 职腾讯，负责多模态强化学习。在腾讯这种讲究山头和资历的老牌帝国里，这俩人简直 是坐着猎鹰 9 号火箭上位的。 再 看 阿 里 。 林 俊 旸 ， 硕 士 毕 业 后 直 接 加 入 阿 里 AI 研 究 机 构 达 摩 ...

Group 1 - The company provides qualification review services and data labeling services for the WeChat ecosystem [1] - The company maintains cooperation with WeChat Pay in areas such as smart transportation and smart marketing [1] - Currently, there is no business relationship between the company and Tencent Yuanbao [1]

作为一名长期关注互联网行业动态的自媒体人，我时常会接触到一些企业信息，其中"福州腾讯邮箱公司"这个称谓引起了我的注意。经过一番了解和梳理， 我发现这其实是一个容易产生误解的叫法。今天，我就和大家一起，以科普的角度，理清这个概念，并探讨与之相关的一些企业实体和业务模式。 首先，我们需要明确一个核心概念：腾讯公司官方并未在福州设立一家名为"福州腾讯邮箱公司"的独立运营实体。腾讯的核心产品，包括腾讯企业邮箱，其 研发、运营和主体服务均由腾讯总部及其相关团队负责。那么，为什么会有"福州腾讯邮箱公司"这样的说法流传呢？这通常源于以下几种情况： 1.授权合作伙伴：腾讯为了更广泛、更本地化地服务全国各地的企业客户，会授权一些具备技术实力和服务能力的公司成为其合作伙伴。这些合作伙伴负责 在特定区域进行腾讯企业邮箱等产品的市场推广、销售和售后服务。因此，在福州地区，可能存在一家或多家获得了腾讯官方授权的合作伙伴公司。当企业 客户通过这些合作伙伴购买或咨询腾讯企业邮箱时，就可能会将这些本地服务商俗称为"福州的腾讯邮箱公司"。 2.本地化服务团队：一些大型的授权服务商，为了提升服务质量，会在重点城市，例如福州，设立办事处或组建本地 ...

Core Insights - The gaming industry is experiencing a significant surge in activity during the Chinese New Year, with various companies launching promotional events and new game versions to attract players [1][3][14] - Online and offline marketing strategies are being employed simultaneously, with a focus on creating immersive experiences and leveraging celebrity endorsements to enhance brand visibility [3][14][25] Online Activities - Online events are central to the gaming industry's strategy, featuring celebrity collaborations, esports tournaments, and live streaming to engage a broad audience [3][5][11] - Major games like "Peacekeeper Elite" and "League of Legends" are hosting live events with celebrity appearances to draw in viewers and enhance user engagement [3][7][9] - The trend of integrating live streaming with promotional sales is evident, as seen in "DNF Mobile" and "League of Legends Mobile," which combine entertainment with shopping experiences [13][14] Offline Activities - Offline events are designed to create immersive experiences that connect players with the game’s IP, enhancing brand recognition and emotional engagement [14][16][20] - Games like "Peacekeeper Elite" and "Reverse Water Cold" are organizing large-scale offline events in various cities, incorporating local culture and attractions to deepen player connections [16][18][22] - The strategy includes targeting high-traffic consumer locations to integrate game IP into everyday life, creating memorable interactions for players [24] Cultural Integration - The gaming industry is increasingly collaborating with traditional cultural events, such as local Spring Festival galas, to showcase the cultural significance of games [28][30] - Games are being featured in major cultural events, indicating a growing recognition of their role as cultural carriers and their importance in mainstream media [28][31] - The shift from mere entertainment to becoming a bridge between virtual and real-life experiences reflects the evolving landscape of the gaming industry [31]

Core Insights - The article discusses the launch of Alibaba's Qianwen "Spring Festival 30 Billion Free Order" campaign, which allows users to order milk tea for just 0.01 yuan, igniting a new round of "AI takeout wars" [1][27] - The campaign saw overwhelming participation, with over 10 million orders placed within the first 9 hours, leading to significant user engagement and social media buzz [27][29] - However, the campaign also faced technical issues, with users reporting system crashes and delays in order fulfillment, highlighting challenges in user experience [1][29] Group 1 - The Qianwen campaign aims to attract users by offering milk tea at a minimal cost, leveraging AI for ordering [1][27] - Social media reactions included complaints about order errors and delivery issues, indicating operational challenges [1][4] - The campaign's success led to Qianwen topping the App Store's free download chart, surpassing Tencent's previous efforts [27][29] Group 2 - The competitive landscape features significant financial investments from major players, with Qianwen committing 30 billion yuan, including 20 billion in free order cards and 10 billion in cash red envelopes [27][29] - The article notes that the marketing strategies of various AI applications are shifting towards user retention and engagement rather than just acquisition [29][55] - The overall AI application market is experiencing a slowdown in user growth, prompting companies to focus on creating indispensable daily use cases for their products [29][55]