华泰证券则表示"（港股）情绪指标当前已经脱离恐慌区间，且空头比例明显下行，目前已到右侧收获 期"，同时指出港股"一季度市场反弹的核心因素并未发生根本变化"，包括：金融条件整体偏宽松、外 资和南向共振回流、盈利预期上修、AH比价下港股性价比再度凸显等。 中金公司指出："港股去年10月后偏弱因素有三：一是港股特色结构都不是焦点；二是资金面处于弱势 （美债利率居高不下，南向资金偏弱，港股IPO节奏加快）；三是更多反映基本面走弱。"但上述因素 到2026年，都将迎来转机。中金认为，短期看，"是否会因赛道降温将关注点推向港股、小盘价值甚至 大盘成长"。 在市场对港股反弹尚未形成共识时，部分聪明资金已逢低布局： 近日，不少机构建议关注港股成长板块，在本轮上涨中涨幅相对较少，若有合适的回撤买入机会，是不 错的介入时机。 财通证券看好恒生互联网的胜率，当前利多因素包括"平台经济支持+受益放权给企业，AI方面仍有潜 在催化，叠加两国关系进一步改善+人民币升值被动外资流入"。 1）外资方面，截至上周三，EPFR口径下外资净流入港股28.2亿美元（vs 前一周净流入15.4亿美元）， 其中主动型外资转为净流入1.6亿美元，创202 ...

然而，这场资本盛宴的膨胀速度与随后的市场收缩同样迅猛。社区团购的迅猛发展引发了监管关注。2020年12月，国家市场监管总局联合商务部推出"九 个不得"新规，明确要求互联网平台企业不得通过低价倾销、达成垄断协议、掠夺性定价等危害公平竞争市场。 这一监管重拳成为行业转折点。 自2021年起，泡沫开始破裂，倒闭潮席卷而来：同程生活申请破产，食享会转型零食赛道，橙心优选收缩关城，京喜拼拼与十荟团也大幅缩减业务。在随 后的两年内，行业洗牌以惊人的速度完成：滴滴橙心优选率先全面退出，京东的京喜拼拼逐渐边缘化，阿里淘菜菜与美团优选大幅收缩区域布局，众多创 业公司则被迫停止全国扩张，回归区域经营或黯然离场。 为什么不行了？ 事实上，社区团购自诞生以来，其商业模式就面临盈利困难的根本性质疑。在行业初期，互联网巨头依赖"大量烧钱"和"不计成本地补贴"来抢占市场，通 过"一分钱秒杀"等低于成本价的倾销行为培养用户习惯，但这种"赔本赚吆喝"的模式始终无法解决盈利问题。尤其是生鲜品类作为主营，其高损耗、低毛 利的特点进一步加剧了盈利压力。当资本补贴退潮后，平台难以找到可持续的盈利模式，导致长期亏损，最终被验证为"无法带来预期的增长和利 ...

Group 1: OpenAI and Advertising - OpenAI announced the introduction of advertising in the free version and entry-level subscription tier of ChatGPT, starting with adult users in the U.S. in the coming weeks [2] - The ChatGPT Go subscription service has launched in all regions supporting ChatGPT, offering enhanced features such as using the GPT-5.2 Instant model and increased message and file upload limits [2] - OpenAI emphasizes that advertising will not interfere with the objectivity of responses and aims to diversify revenue streams while enhancing AI accessibility [2] Group 2: Apple Trade-In Program - Apple has updated its trade-in program to include devices from Huawei and Xiaomi, allowing customers to trade in these brands for discounts on new purchases [3] - The maximum trade-in values include up to 5,800 yuan for the iPhone 16 Pro Max and 6,050 yuan for the MacBook Pro [3] - The "Yearly Renewal Plan" allows consumers to upgrade their devices within a specified period at a discount of at least 50% of the original purchase price [3] Group 3: Tesla AI Chip Development - Tesla CEO Elon Musk announced that the design of the AI5 chip is nearing completion, with the AI6 chip in early development stages [4] - Future plans include the development of AI7, AI8, and AI9 chips, with a target design cycle of nine months [4] - Musk highlighted the strength of Tesla's AI team, stating that these chips aim to become the highest-volume AI chips globally [4] Group 4: Meituan's Open Source Model - Meituan's LongCat team released the upgraded open-source model LongCat-Flash-Thinking-2601, achieving state-of-the-art performance in key evaluation benchmarks [5] - The model excels in tool invocation and interaction reasoning, significantly reducing training costs for adapting new tools [5] - It is the first fully open-source model supporting online free experience in the rethinking mode, ensuring comprehensive decision-making in complex tasks [5] Group 5: SpaceX and Falcon 9 Launch - SpaceX successfully launched the Falcon 9 rocket, completing its 600th mission by placing the NROL-105 satellite into orbit [8] Group 6: Commercial Space Ventures in China - Beijing Chuanweizhe's CYZ1 manned spacecraft completed a successful verification test of its landing buffer system, marking a significant milestone in China's commercial space sector [9] - This project is the first full-size test of landing buffer technology for a manned spacecraft in China's commercial space industry [9] Group 7: Investment Activities - Xiangzhong Technology plans to invest 50 million yuan in Zhejiang Hexin Integrated Circuit Co., acquiring a 2.27% stake, focusing on advanced packaging and testing in the integrated circuit sector [10] - Mianbao Optoelectronics is planning to acquire 100% of Xiamen Xizhi Precision Technology and Jiangxi Maida Intelligent Technology, focusing on micro-drilling technology for PCB manufacturing [10] - Yanjing Co. intends to purchase 98.54% of Yongqiang Technology, expanding its business into high-end electronic interconnect materials for integrated circuits [11]

Group 1: Internet Company Revenue and Profit - JD.com leads the revenue chart with 956.8 billion, followed by Alibaba at 731.9 billion and Tencent at 557.4 billion [1] - Alibaba's net profit stands at 76.5 billion, significantly higher than JD.com's 22.3 billion, while Tencent shows a strong profit of 166.6 billion [1] - The profit margin for Tencent is notably high at 30.63%, compared to Alibaba's 10.45% and JD.com's 2.33% [1] Group 2: Market Trends and Insights - The data indicates a competitive landscape among major internet companies, with varying revenue and profit margins suggesting different business strategies and operational efficiencies [1] - The significant profit margins of Tencent may indicate a focus on high-margin services, while JD.com and Alibaba are still scaling their operations [1] Group 3: Financial Performance Overview - The overall financial performance of the top internet companies reflects a diverse range of growth strategies, with some companies prioritizing revenue growth while others focus on profitability [1] - The financial results for the third quarter of 2025 highlight the ongoing evolution of the internet sector in China, with implications for future investment opportunities [1]

智通财经APP获悉，根据2026年1月16日披露数据，中国电信（00728）、绿色动力环保（01330）、凯 盛新能（01108）位居港股通持股比例前3位，分别为71.06%、69.52%、67.54%。此外，腾讯控股 （00700）、快手-W（01024）、阿里巴巴－W（09988）在最近有统计数据的5个交易日内，持股额增 幅最大，分别为+46.95亿元、+27.09亿元、+24.49亿元;中国移动（00941）、中芯国际（00981）、美 团-W（03690）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-24.84亿元、-11.19亿 元、-9.48亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 98.62亿股 | 71.06% | | 绿色动力环保(01330) | 2.81亿股 | 69.52% | | 凯盛新能(01108) | 1.69亿股 | 67.54% | | 天津创业环保股份(01065) | 2.30亿股 | 6 ...

智通财经APP获悉，友邦保险-R(81299)、安踏体育-R(82020)、京东健康-R(86618)上一交易日沽空比率 位于前三位，分别为100.00%、100.00%、100.00%。阿里巴巴-W(09988)、泡泡玛特(09992)、小米集团- W(01810)的沽空金额位居前三，分别为19.51 亿元、14.69 亿元、14.06 亿元。中国平安-R(82318)、腾讯 控股-R(80700)、友邦保险-R(81299)的偏离值位居前三，分别为61.20%、48.74%、34.93%。 | 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | 19.51 亿元 | 14.77% | 0.58% | | 泡泡玛特(09992) | 14.69 亿元 | 24.66% | 0.25% | | 小米集团-W(01810) | 14.06 亿元 | 19.02% | -1.96% | | 腾讯控股(00700) | 9.55 亿元 | 7.50% | -3.65% | | 美团-W(03690) | 5.28 亿元 | ...

| 股份代號: | 03690 | | --- | --- | | 上市法國名稱: | 美國 - W | | 日期 (日 / 月 / 年): | 19/12/2025 - 19/01/2 | | REAL PRODUCTION | 大股東/董事/最高行政人員名 作出披露的 買入 / 要出或涉及的 每般的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | --- | --- | --- | --- | --- | --- | --- | | | 日前的出 | | | (語参閱 上犹* 記 | | 有投票權版(日/月/年) | | | | | | | | GEF | | CS20260115E00512 | JPMorgan Chase & Co. | 1001(L) | 7.466,850(I | HKD 104.3969 | 277,641,328(L) | 5.01(L)12/01/2026 | | | | 1403(S) | 9,197,389(S) | | 107.087.874(S) | 1.93(S) | | | | | | | 141.959.878(P) | ...

丨2026年1月12日—1月18日丨 #电商零售 NO.1 千问App全球首发点外卖、买东西、订机票等AI购物功能 1月15日，千问App宣布全面接入淘宝、支付宝、淘宝闪购、飞猪、高德等阿里生态业务，在全球首次 实现点外卖、买东西、订机票等AI购物功能，并向所有用户开放测试。此次升级将上线超400项AI（人 工智能）办事功能。 点评：底层技术的突破使千问得以快速融合至全业务体系，实现技术势能向业务动能的高效转化，赋予 其构建超级消费入口的持续进化能力与响应效率。 #物流供应链 NO.1 普洛斯新设中国CEO职位创始成员赵明琪出任 1月14日，普洛斯集团宣布任命赵明琪为普洛斯中国CEO（首席执行官）。这是普洛斯新设职位，主要 面向管理中国市场的物流及产业基础设施、算力中心、新能源等相互协同的业务板块，向全球首席执行 官梅志明汇报。 点评：普洛斯的这一任命有助于其在中国市场中更好地整合资源，提升运营效率。通过设立中国CEO职 位，普洛斯能够更精准地应对中国市场的特殊需求和挑战，提升市场竞争力。 NO.2 德邦退市京东物流溢价35%接盘 1月13日，德邦股份（SH.603056）发布公告称，公司拟以股东会决议方式主 ...

Core Viewpoint - The market capitalization of Google (Alphabet) is approximately $4 trillion, while the combined market capitalization of China's top internet companies is only about $1.8 trillion, indicating a significant disparity in valuation and market perception [25][28][30]. Market Capitalization Comparison - As of the end of 2025 or early 2026, the estimated market capitalizations of major companies are as follows: - Google (Alphabet): ~$40,000 million - Tencent: ~$5,917 million - Alibaba: ~$3,333 million - Xiaomi: ~$1,987 million - Pinduoduo: ~$1,486 million - Meituan: ~$975 million - NetEase: ~$852 million - JD: ~$471 million - Trip.com: ~$383 million - Kuaishou: ~$345 million - Tencent Music: ~$302 million - The total market capitalization of the top 10 Chinese internet companies is estimated to be around $17,000–20,000 million, which is more than 2.2 times less than that of Google [28][3][25]. Competitive Landscape - The primary issue in the Chinese internet sector is not a lack of effort but rather a misdirection in competitive strategies, focusing excessively on user acquisition, subsidies, and speed, leading to a dangerous cycle of competition [30][5]. - This competitive model, which relies on free services to gain scale and eliminate competitors, is damaging long-term sustainability in the industry [31][32]. Impact on Entrepreneurship - The current environment is systematically clearing out entrepreneurs, reducing their roles to mere tools for larger platforms, and stifling genuine innovation [34][37]. - The lack of reasonable pricing, stable profits, and long-term investment in research and development is leading to fewer companies being profitable and surviving [35][36]. Employment Challenges - The concentration of the industry into a few dominant platforms is contributing to job losses, with monopolistic structures eliminating positions rather than technological advancements like AI [39][10]. - As industry profits shrink, salaries are also compressed, leading to fewer job opportunities for young people [11][39]. Comparison with Google - Google’s strength lies not in the number of applications but in its focus on foundational capabilities, allowing ecosystem partners to thrive and generating productivity-based revenue rather than merely capturing attention [40][41]. - The competitive landscape in China, characterized by internal strife, hinders the emergence of globally competitive companies [41][42]. Future Outlook - If the current competitive practices continue, the industry may end up with a few platforms and many dependent entities, leading to a degraded ecosystem rather than a mature industry [42][45]. - A healthy internet ecosystem should support entrepreneurship and job creation, rather than relying solely on free services as a competitive tool [44][51].

虽然充满挑战，但这种探索对行业也是好事儿，最终利好消费者。 汽车零售行业的苦，早就不是秘密了。 价格战打了一年又一年，利润薄得像纸。4S店倒闭潮接连不断，经销商们一边扛着主机厂的压库任务，一边还要应对无休止的内卷。 主机厂何尝不是这样？直营模式试了，经销商体系改了，来回试探渠道边界，却始终没能跳出"流量贵、转化难"的怪圈。 互联网大厂们倒是看得明白，万亿级的汽车市场，成了存量竞争下的必争之地。从抖音的兴趣电商卖车，到京东切入卖车养车模式，从拼多多的补贴试 水，到天猫的生态联动，玩家们纷纷入局。 而现在，就连消费者熟知送外卖的美团，也携手喜车科技闯进汽车赛道。 1月15日，美团和喜车科技携手闯入汽车新零售领域，双方将依托各自在汽车产业与本地生活领域的核心优势，围绕"买车用车+本地生活"构建新零售生 态，推动汽车新零售数智化转型，为消费者打造便捷、优惠、可靠的本地化汽车生活服务体验。 这波跨界，真的能为汽车零售撕开新口子吗？ 花式破局，未解之痛 当汽车行业从增量转入存量，所有玩家都在焦虑中探索。 主机厂曾迷信直营，以为能掌控一切。但很快发现，不是所有品牌都能做直营。汽车消费链路太长、频次太低，从获客到售后，单靠自 ...