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]

汇量科技(01860)涨超8%，截至发稿，涨7.71%，报16.63港元，成交额4.51亿港元。 消息面上，东方证券研报指出，汇量科技为国内程序化广告龙头公司，从规模和实力排名看已位列全球 前三，该行既看好AI程序化广告作为蓝海赛道的潜力，也看好公司在自身数据-算法飞轮驱动下的增长 潜力。开源证券此前发研报称，公司规模效应逐步显现，盈利能力显著提升。看好AI驱动业绩逐季释 放，维持"买入"评级。 ...

消息面上，东方证券研报指出，汇量科技为国内程序化广告龙头公司，从规模和实力排名看已位列全球 前三，该行既看好AI程序化广告作为蓝海赛道的潜力，也看好公司在自身数据-算法飞轮驱动下的增长 潜力。开源证券此前发研报称，公司规模效应逐步显现，盈利能力显著提升。看好AI驱动业绩逐季释 放，维持"买入"评级。 智通财经APP获悉，汇量科技(01860)涨超8%，截至发稿，涨7.71%，报16.63港元，成交额4.51亿港元。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 匯量科技有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01860 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.01 USD | | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.01 USD | | | 100,000,000 | ...

每经AI快讯，港股SaaS概念涨幅居前，截至发稿，狮腾控股(02562.HK)涨10.8%，报1.95港元；金蝶国 际(00268.HK)涨5.04%，报13.95港元；汇量科技(01860.HK)涨4.71%，报15.99港元；中软国际 (00354.HK)涨3.62%，报5.15港元。 ...

SaaS概念股早盘涨幅居前 ，截至发稿，狮腾控股（02562）上涨8.52%，报1.91港元；金蝶国际 （00268）上涨6.85%，报14.20港元；汇量科技（01860）上涨5.89%，报16.18港元；中软国际 （00354）上涨4.63%，报5.20港元。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 SaaS概念股早盘涨幅居前 ，截至发稿，狮腾控股（02562）上涨8.52%，报1.91港元；金蝶国际 （00268）上涨6.85%，报14.20港元；汇量科技（01860）上涨5.89%，报16.18港元；中软国际 （00354）上涨4.63%，报5.20港元。 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 ...

Group 1 - The SaaS sector is experiencing significant stock price increases, with notable gains from companies such as Lion Group (10.8% increase), Kingdee International (5.04% increase), and Huily Technology (4.71% increase) [1] - Meta announced a multi-billion dollar acquisition of Manus, a company that has achieved an annual recurring revenue (ARR) of over $100 million, marking it as the fastest startup to reach this milestone [1] - Dongwu Securities highlights that Meta's acquisition indicates a revaluation of AI agents, suggesting that market funds are likely to concentrate on companies with real-world applications and sustainable subscription revenues [1] Group 2 - Northeast Securities released a report emphasizing the shift from traditional SaaS to agent-based models, where vertical software giants are restructuring workflows by leveraging AI [1] - This transition is expected to transform AI from a peripheral tool into a core productivity engine, significantly enhancing research and operational efficiency [1] - The report suggests that this shift will allow companies to capture the largest benefits following the foundational investment in computing power [1]

汇量科技 20251231 摘要 慧量科技当前主要依赖游戏应用内广告变现，并积极拓展 IAP 广告变现 产品，IAP 模式因用户价值更高，有望在算法成熟后显著提升收入和利 润率。 非游戏市场潜力巨大，电商广告规模接近游戏广告三倍，且海外长尾流 量增长迅速。慧量科技在非游戏品类 CPE 算法优化后，有望实现显著增 长。 程序化 AI 广告通过 AI 算法智能分发中长尾流量，提高变现效率，其利 润来源于上游报价 ROI 与下游采买成本之差，通过提高 ROI 来增加利润。 海外第三方程序化广告市场长尾流量充足，竞争相对缓和，各公司专注 于算法优化即可获得预算，为慧量科技提供了增长空间。 慧量科技的收入增长与算法发布节奏密切相关，预计 2025 年 IAP 等新 算法爬坡完成后，将再次推动收入增长，公司未来仍具增长潜力。 IAP 算法能更精准地定位深度用户，提高变现效率，通过购买更少但更 精准的流量，为广告主交付合格的 ROI，从而提升流量价值和变现效率。 预计 2026 年慧量科技收入增速约为 30%，2027 年 IAP 起势后增速将 达 40%。通过优化算法提高毛利率，利润率将稳步提升，目标市值约 50 亿美元 ...

智通财经APP讯，汇量科技(01860)公布，于2025年12月23日，公司接获PAGAC III Munich Holding (Cayman) Limited就行使换股权所发出的转换通知，将可转换债券本金额3000万美元及累计未偿还利息 3,917,504美元的债券按照换股价，即每股换股股份5.54港元进行转换。公司将根据该转换向PAGAC III Munich Holding (Cayman) Limited配发及发行 47,460,016股换股股份，该等换股股份在所有方面与公司 其他所有现有已发行股份享有同等地位。 ...

汇量科技(01860)公布，于2025年12月23日，公司接获PAGAC III Munich Holding(Cayman)Limited就行使 换股权所发出的转换通知，将可转换债券本金额3000万美元及累计未偿还利息3,917,504美元的债券按照 换股价，即每股换股股份5.54港元进行转换。公司将根据该转换向PAGAC III Munich Holding(Cayman)Limited配发及发行47,460,016股换股股份，该等换股股份在所有方面与公司其他所有现 有已发行股份享有同等地位。 ...