Core Insights - The competition in AI is intensifying as major companies like Tencent and Baidu launch cash red envelope activities in their AI applications, reflecting a return to aggressive marketing strategies reminiscent of the mobile internet boom [1][2] - The integration of social features in AI applications is seen as essential for survival in the competitive landscape, as companies aim to reshape social interactions in the AI era [2][4] Group 1: Company Strategies - Tencent is set to launch a Spring Festival activity on February 1, allowing users to participate in cash red envelope distribution through its AI app "Yuanbao," which also features a social function called "Yuanbao Pai" [1] - Baidu announced a similar cash red envelope activity for its AI application "Wenxin Assistant," starting on January 26 [1] - The return of cash red envelope strategies is viewed as a necessary survival tactic for Chinese internet companies to maintain user engagement and loyalty in the evolving AI landscape [2] Group 2: Industry Trends - The shift towards AI-driven social interactions is characterized as a complex ecosystem involving connections between humans and intelligent agents, as well as interactions among intelligent agents themselves [2] - The current competitive environment is marked by a consensus in the tech industry that AI is not optional but a critical race for survival, with resources increasingly directed towards AI development [2] - The expectation for AI technology has evolved beyond mere efficiency improvements to encompass a transformative role in reshaping connections between people, information, and services [4] Group 3: User Impact - The competition among tech giants is expected to lead to significant increases in daily active users (DAU) and a resurgence of user engagement reminiscent of the mobile internet's golden age [3] - The integration of AI into social interactions is anticipated to create new employment opportunities, upgrade industries, and reconstruct consumer scenarios, thus playing a key role in economic recovery and confidence boosting [4] - The ultimate beneficiaries of this competitive landscape are expected to be ordinary users, who will gain from enhanced AI capabilities and improved interaction experiences [4][5]

2026年春节，手机大概率会变成一台「AI抽奖机」。 字节跳动的「豆包」占了春晚的C位，腾讯直接拿出10亿想牵制对手，百度的「5亿红包」则在每个搜 索框里，晃来晃去。 腾讯内部，把这事儿叫做「重现2015微信红包时刻」，外面的公关稿更是添油加醋；搞得这好像，咱们 迈入通用人工智能（AGI）时代的一场集体成人礼，需要发红包来庆祝一哈子。 但说实话，真相根本没这么光鲜。因为现在发钱，字里行间都透着一股化不开的「战略焦虑」。 01 为啥这么说？我斗胆说一句：现金可能换不来智力。 不信咱们回头捋捋就知道了。 很多人一看到10亿红包，第一反应，当年微信支付不就是这么起来的吗？觉得只要钱给够，就能改掉用 户的习惯。可这恰恰是最大的误区。 2015年的红包那是实打实的「燃料」，2026年这些AI红包，撑死了不过是一场大规模的「贿赂」。 咱们回头看，2015年微信红包能一战封神，核心是它完成了一个「冷启动」的闭环；你想领那几块钱红 包，就必须绑定银行卡，一旦绑了卡，后面打车、点外卖、逛电商就全通了。 钱不过是个媒介，真正目的是把你拉进「移动支付」这个基础设施里。可现在呢？发完红包之后的闭环 在哪儿？ 用户领了5块钱，然后呢？ ...

贵金属板块继续走强，赤峰黄金涨超6%，山东黄金涨超4%，招金矿业、中国黄金国际涨超3%。 | 名称 | 现价 | 涨跌幅 ▼ | | --- | --- | --- | | 赤峰黄金 | 49.000 | 6.20% | | 山东黄金 | 53.500 | 4.49% | | AURA MINERALS | 72.270c | 4.36% | | 中国黄金国际 | 240.800 | 3.88% | | 中国白银集团 | 0.840 | 3.70% | | 坛金矿业 | 0.640 | 3.23% | | 招金矿业 | 42.000 | 3.04% | | 灵宝黄金 | 26.680 | 2.77% | | 万国黄金集团 | 14.600 | 2.31% | | 珠峰黄金 | 2.280 | 2.24% | | 潼关黄金 | 3.850 | 2.12% | 1月29日，香港恒生指数开盘跌0.72%，恒生科技指数跌0.79%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 恒生指数 | 27627.11c -199.80 | | -0.72% | | 恒生 ...

| | 当视短出 | 香港主板 | | 创业板 | | 但生指数 | > | AHR | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 名称 | 建设代码 | 最新价 | 张跌额 | 涨跌幅 | ADRICE | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% | | | | | 621.000 | +14.000 | 2.31% | | 613.539 | -7.461 | -1.20% | | 1 | 腾讯控股 | 00700 | | | | TCEHY | | | | | 2 | 阿里巴巴-W | 09988 | 173.500 | +3.600 | 2.12% | BABA | 171.309 | -2.191 | -1.26% | | 3 | 汇丰控股 | 00005 | 137.500 | +3.000 | 2.23% | HSBC | 135.752 | -1.748 | -1.27% | | 4 | 建设银行 | 00939 | 8.030 | +0.260 | 3.35% | CICHY ...

新榜讯 1月28日讯，近日，由百度智能云、中关村生命科学园公司、飞镖创新中心携手举办的云智思享会 - 生命科学活动在 北京盛大举行。在此次会议上，百度智能云重磅推出其AI原生生物计算平台——螺旋桨小蛋白设计2.0。这一举措堪称百度 智能云在AI for Science领域，特别是药物发现关键环节的一个具有里程碑意义的跨越，实现了从"预测"到"创造"的重大转 变。 ...

【#至少有九家中国AI芯片公司出货量超万卡#】国产数据中心AI芯片的自主化进程正在加速。目前， 国产AI芯片包括华为昇腾、百度昆仑芯、阿里平头哥、寒武纪等十余个品牌。《财经》多方调研获 悉，至少有九家中国AI芯片公司的出货量或订单量已超过1万卡。其中包括华为昇腾、百度昆仑芯等背 靠科技大厂的企业，还包括寒武纪、沐曦、天数智芯、燧原科技等AI芯片上市和将上市企业，甚至包 括曦望（Sunrise）、清微智能等仍在创业阶段的非上市公司。其中出货规模大的AI芯片公司，累计出 货量已在10万卡级别。出货量相对较小的AI芯片公司，如曦望、清微智能等2025年出货量或订单规模 在1万卡以上。（财经杂志） ...

来源：@究竟视频微博 【#春节成多家AI应用厂商营销档#】#字节腾讯百度等大厂抢夺AI入口#春节成为多家AI应用厂商的"营 销档"。先是字节跳动旗下火山引擎宣布成为2026年春晚独家AI云合作伙伴、豆包将深度嵌入晚会互 动，接着，1月25日，腾讯宣布元宝将在2月1日上线春节活动，用户可以在元宝App上分10亿现金红 包。同日，百度也宣布入局春节现金红包活动。 来源：@究竟视频微博 【#春节成多家AI应用厂商营销档#】#字节腾讯百度等大厂抢夺AI入口#春节成为多家AI应用厂商的"营 销档"。先是字节跳动旗下火山引擎宣布成为2026年春晚独家AI云合作伙伴、豆包将深度嵌入晚会互 动，接着，1月25日，腾讯宣布元宝将在2月1日上线春节活动，用户可以在元宝App上分10亿现金红 包。同日，百度也宣布入局春节现金红包活动。 AI厂商开始集体营销了，这不再是一年前围绕聊天助手的投流大战。接近2026年春节，AI厂商拿出了 更多差异化的AI应用，各展身手，焦点在于抢夺AI入口。 AI厂商开始集体营销了，这不再是一年前围绕聊天助手的投流大战。接近2026年春节，AI厂商拿出了 更多差异化的AI应用，各展身手，焦点在于抢夺AI ...

文 | 时间线Timelines，作者 | 王志，编辑 | 周易 进入到 2026 年，围绕着 AI，李彦宏又向前探出一步。 就在近日，百度成立了一个全新的业务群组——个人超级智能事业群组（PSIG），该群组涵盖了百度体系内最为 To C 的两个业务，也就是百度文库与百 度网盘。这一事业群组由百度集团副总裁王颖担任负责人。 但更重要的是，以副总裁的身份，王颖将跨级直接向李彦宏汇报。 对于百度来说，向李彦宏汇报的业务，往往是体系内优先级最高的之一。事实上，在最近一段时间的一系列业务调整中，李彦宏以董事长兼 CEO 的身 份，已经往前探出一步，将新设立的基础模型研发部和应用模型研发部的汇报对象，设定给自己。 毕竟，在 AI 的大变革中，百度无论是在技术、应用方面，还是在财务层面，都面临着前所未有的危机——尤其是在 AI 的投入和产出比方面，百度正面 临着严重的不平衡状态。 基于此，李彦宏有足够多的动力去推动百度用 AI 去变现。 当文库 + 网盘遇 AI 百度 PSIG 的成立，是一个渐进式的成长故事。 2024 年 2 月，百度移动生态事业群组（MEG）进行了一轮架构调整，其中，百度文库业务部被正式升级为 BU ...

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [2][9]. Core Insights - The communication industry index outperformed the Shanghai Composite Index in December 2025, rising by 12.82% compared to +2.06% for the Shanghai Composite Index and +2.28% for the CSI 300 Index [8][14]. - Key material supply for optical modules remains tight, with major players like Longfei and Hengtong winning bids for China Unicom's hollow-core fiber cable procurement [8][9]. - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [8][41]. - The global smartphone shipment is projected to grow by 2% year-on-year in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market [8][29]. - The export value of optical modules from China decreased by 15.6% year-on-year in 2025, while Thailand's communication equipment exports surged by 152.1% [8][9]. Summary by Sections Market Review - The communication industry index rose by 12.82% in December 2025, outperforming major indices [14]. - Sub-sectors such as cables and network equipment saw significant gains, with increases of 22.05% and 19.44% respectively [15][19]. Industry Tracking - The capital expenditure of major cloud providers in North America reached $112.43 billion in Q3 2025, a 76.9% increase year-on-year [25][28]. - AI applications are driving cloud business growth, with major companies like Amazon, Microsoft, Google, and Meta significantly increasing their capital expenditures [25][29]. - The Chinese ICT market is expected to grow to approximately $889.43 billion by 2029, with a CAGR of 7.0% [39][40]. Domestic Telecom Industry - Telecom business revenue in China reached 1.6096 trillion yuan from January to November 2025, a year-on-year increase of 0.9% [48]. - The number of 5G mobile phone users reached 1.193 billion by November 2025, accounting for 65.3% of total mobile phone users [49]. - The number of fixed broadband users with gigabit access reached 239 million, representing 34.3% of total users [52].

广告收入承压、传统搜索边界被不断侵蚀，百度早已不再满足于"有没有AI应用"，而是在更现实地追问：还有哪些AI能力，能够跑出高ROI的商业回报。 PSIG的成立，正是这一转向的集中呈现：在AI应用进入规模化竞争阶段，百度需要创始人亲自下场，将已验证商业潜力的C端资产独立出来，抬升战略权 重，其背后，是对AI投入回报的重新排序。 最近，百度在To C领域的排兵布阵明显加快了节奏。 相比之下，百度的AI叙事显得极为克制，甚至更像一场"结算"，其对外口径并未强调未来投入规模，而是称自23年文心大模型推出后，在AI领域已累计投 入超1000亿元。 这种"谨慎"，并非是财力不足，恰恰相反，百度的现金及等价物占总资产比例高达45%，在互联网大厂中居于首位，根源还是百度营收支柱的结构性承 压。 流量广告作为百度的生命线，近两年在短视频分流与生成式 AI 的冲击下持续萎缩。 原散落在各部门（如大搜索）的数字人团队统一收拢至电商部门，由百度集团副总裁平晓黎统一负责。 又将AI商业化跑得最好的两大业务百度网盘和百度文库合并，组建了个人超级智能事业群组（PSIG），由百度集团副总裁王颖挂帅，直接向李彦宏汇 报。 C端AI应用正式脱离 ...