信达证券（601059）指出，汇量科技旗下程序化平台Mintegral相关收入保持稳健增长态势，25Q3 Mintegral实现收入5.08亿美元，同比+26.2%，占集团总收入约95.5%。Mintegral自2023年5月以来推出的 4款基于AI与机器学习的智能出价产品，围绕广告主核心诉求持续优化投放效果。汇量科技通过不断拓 展合作广告主类型，多垂类发展战略取得显著突破，广告预算结构进一步优化，业务布局更加均衡。 消息面上，谷歌正在其AI购物工具中引入新的个性化广告功能，标志着科技巨头在AI变现竞赛中迈出 关键一步。长江证券发布研报称，广告代理商或通过新增GEO服务等方式，从广告代理服务向营销技 术服务转型，或将增加新的商业模式，未来或向订阅制或按效果付费方式转型，广告代理商的盈利能力 有望进一步提升。 汇量科技(01860)午前涨近8%，截至发稿，涨6.04%，报20.18港元，成交额6.8亿港元。 ...

每经AI快讯，汇量科技(01860.HK)午前一度涨近8%，截至发稿涨6.04%，报20.18港元，成交额6.8亿港 元。 ...

信达证券指出，汇量科技旗下程序化平台Mintegral相关收入保持稳健增长态势，25Q3 Mintegral实现收 入5.08亿美元，同比+26.2%，占集团总收入约95.5%。Mintegral自2023年5月以来推出的4款基于AI与机 器学习的智能出价产品，围绕广告主核心诉求持续优化投放效果。汇量科技通过不断拓展合作广告主类 型，多垂类发展战略取得显著突破，广告预算结构进一步优化，业务布局更加均衡。 智通财经APP获悉，汇量科技(01860)午前涨近8%，截至发稿，涨6.04%，报20.18港元，成交额6.8亿港 元。 消息面上，谷歌正在其AI购物工具中引入新的个性化广告功能，标志着科技巨头在AI变现竞赛中迈出 关键一步。长江证券发布研报称，广告代理商或通过新增GEO服务等方式，从广告代理服务向营销技 术服务转型，或将增加新的商业模式，未来或向订阅制或按效果付费方式转型，广告代理商的盈利能力 有望进一步提升。 ...

港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 格隆汇1月12日｜港股市场AI应用股集体飙升，其中，智谱涨19%创上市新高，微盟集团涨超16%，迈 富时涨超13%，MINIMAX-WP涨超11%创上市新高，第四范式涨超10%，医渡科技涨超8%，金蝶国 际、汇量科技涨超7%，美图公司、微创机器人-B涨超6%，浪潮数字企业、金山云、商汤-W、出门问问 涨超5%。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 02513 | 智谱 | 0 | 19.04% | 188.800 | 831.15亿 | | 02013 | 微體集团 | | 16.42% | 2.340 | 92.67 亿 | | 02556 | 迈富时 | | 13.20% | 43.920 | 112.48亿 | | 00100 | MINIMAX-WP | | 11.88% | 386.000 | 1193.73亿 | | 06682 | 第四范式 | | 10.31% | 54.800 | 284.51亿 | | 02158 | ...

智通财经APP获悉，AI应用概念股全线飙升，截至发稿，智谱(02513)涨20.37%，报190.9港元；迈富时 (02556)涨15.57%，报44.84港元；汇量科技(01860)涨8.01%，报18.88港元。 ...

来源：格隆汇APP 业内普遍认为，本轮国产AI大模型企业上市，或标志着行业从技术研发阶段发展至技术和商业化同步 落地、商业模式逐步清晰的阶段，也将为后续大模型企业融资及估值提供依据。从更长周期看，人工智 能仍处在高速扩张通道。根据弗若斯特沙利文报告，2024年中国大语言模型市场规模已达到53亿元，估 计到2030年中国大语言模型市场规模将增至1011亿元，2024年至2030年的复合年增长率为63.5%。 | 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 02556 | 迈富时 | 9.64% | 42.540 | 108.95亿 | 21.47% | | 00100 | MINIMAX-WP | 9.39% | 377.400 | 1167.13亿 | 128.73% | | 06682 | 第四范式 | 8.49% | 53.900 | 279.84亿 | 22.44% | | 02513 | 智谱 | 7.63% | 170.700 | 751.47亿 | 46.90% | | 00268 | ...

Group 1 - The AI concept stocks experienced significant gains, with notable increases in companies such as Zhizhu (up 14.94% to HKD 182.3), MINIMAX (up 9.8% to HKD 378.8), and others [1] - DeepSeek is set to release its next-generation flagship model V4 in the coming weeks, which reportedly surpasses mainstream models like Claude and ChatGPT in code generation capabilities [1] - Elon Musk announced on social media that he will open-source the latest content recommendation algorithm for the X platform within a week, which is interpreted as his entry into the GEO space [1] Group 2 - CITIC Securities highlights the dynamic developments in the AI industry, noting recent financing rounds for overseas companies like xAI and Anthropic, and the introduction of "AI + manufacturing policies" in China [2] - The upcoming launch of DeepSeek-V4 is expected to trigger a new wave of AI application enthusiasm, with a focus on commercial validation in various downstream application scenarios [2] - The improvement in model capabilities, particularly in reasoning and reduced costs for long-window applications, is accelerating the commercialization process in key areas such as search & marketing, coding, multimodal, agents, and AI for science [2]

Core Insights - The report emphasizes that in 2026, the media internet sector will undergo a dual reconstruction driven by the transition from AI as a "technical infrastructure" to "application deep water zone," focusing on entry form migration, distribution rule repricing, and supply-side capacity explosion [1][11] - AI Agents are set to replace traditional apps as the new super entry point, shifting the traffic distribution logic from "time capture" to "efficient execution" [1][12] - AIGC (AI-Generated Content) is expected to lead to a significant increase in content production capacity, with zero marginal cost production becoming a reality, thus redefining the value of quality data and IP [1][11] Group 1: AI Agents and Traffic Distribution - AI Agents signify a generational leap in human-computer interaction, evolving from GUI to IUI, fundamentally changing the traffic distribution logic [1][12] - The traditional "click-jump" model is being replaced by a "dialogue-execute" paradigm, where AI Agents understand user intent and execute tasks across applications [1][12] - The emergence of AI Agents is expected to create a new operational layer that could potentially replace single apps as the primary distribution entry point [1][12][19] Group 2: AIGC and Content Supply - AIGC is anticipated to transition from a phase of "cost reduction and efficiency enhancement" to a "new demand creation" explosion by 2026, significantly increasing content supply [1][41] - The production barriers for video, 3D, and gaming assets are expected to lower drastically, leading to a surge in content supply and a devaluation of mediocre content [1][41] - Content consumption is evolving from passive viewing to active engagement, with new formats like "generative interactive dramas" and "AI companion games" emerging [1][43] Group 3: Investment Recommendations - The investment strategy in the media internet sector is shifting towards high-quality assets in both traffic distribution and content supply, focusing on companies that can effectively capture user intent and provide quality content [1][41] - Companies with operational system bases or super Agent platforms are likely to gain new traffic distribution rights and bargaining power, while mid-tier apps lacking exclusive content may face risks of being "pipelined" [1][19] - Key players in the AI Agent space include Alibaba, Tencent, and ByteDance, which are actively developing their AI capabilities to secure new traffic entry points [1][25][40]

Core Viewpoint - Huya Technology (01860) has seen a significant increase in stock price, rising over 8% and currently trading at 16.63 HKD with a transaction volume of 4.51 billion HKD, indicating strong market interest and confidence in the company's future prospects [1] Group 1: Company Performance - Huya Technology is recognized as a leading player in the domestic programmatic advertising sector, ranking among the top three globally in terms of scale and strength [1] - The company is expected to benefit from the potential of AI-driven programmatic advertising, which is viewed as a blue ocean market with significant growth opportunities [1] - The scale effects of the company are becoming increasingly evident, leading to a notable improvement in profitability [1] Group 2: Analyst Ratings - Dongfang Securities has expressed optimism regarding the growth potential driven by the company's data-algorithm flywheel, maintaining a positive outlook on its performance [1] - Open Source Securities has also issued a report highlighting the quarterly performance release driven by AI, reaffirming a "Buy" rating for the company [1]

Core Viewpoint - Huya Technology (01860) has seen a significant increase in stock price, rising over 8% and currently trading at 16.63 HKD with a transaction volume of 4.51 billion HKD, indicating strong market interest and confidence in the company's future growth potential [1] Group 1: Company Performance - Huya Technology is recognized as a leading player in the domestic programmatic advertising sector, ranking among the top three globally in terms of scale and strength [1] - The company is expected to benefit from the potential of AI-driven programmatic advertising, which is viewed as a blue ocean market with significant growth opportunities [1] Group 2: Analyst Insights - Dongfang Securities has highlighted the company's growth potential driven by its data-algorithm flywheel, suggesting a positive outlook for future performance [1] - Open Source Securities has noted that the company's scale effects are becoming increasingly evident, leading to a significant improvement in profitability [1] - Analysts maintain a "buy" rating, anticipating that AI will drive performance improvements on a quarterly basis [1]