Group 1 - The "Spring Festival 3 Billion Free Order" campaign by Qianwen App launched on February 6, allowing users to order milk tea for free using AI-generated phrases, resulting in over 1 million orders within 3 hours [1] - Qianwen adjusted the default sharing method for red envelopes on WeChat to "password red envelopes" in response to platform restrictions [2] - WeChat has previously banned red envelopes during the Spring Festival marketing period, including those from its subsidiary Yuanbao, indicating a crackdown on excessive marketing and misleading sharing practices [4] Group 2 - On February 5, Baidu's Wenxin Assistant faced a similar ban on its red envelope sharing link by WeChat, which cited misleading content as the reason for the block [6] - Following the ban, Baidu also switched to a "password red envelope" format, requiring users to manually copy the password to participate in the activity, a common method to bypass platform restrictions [6]

" AI云时代，生态有了新故事。 " 作者丨周蕾 编辑丨包永刚 在云计算的上一个十年，一套成熟的生态模式支撑了市场的快速扩张：云厂商提供标准化的计算、存储资 源和基础技术栈，遍布各地的合作伙伴，则扮演着销售通道与系统集成商的角色，将产品打包进最终客户 的解决方案中。 我们在与生态伙伴的长期交流中了解到，这种分工确实高效而直接，适配当时的云市场特性，但也逐渐固 化了双方的位置，新的矛盾开始出现 ——伙伴的核心价值往往被简化为"客户关系"与"集成能力"，其收 入高度依赖于项目中的资源差价与厂商返点，本质上赚取的是信息不对称与本地化服务的辛苦钱。 随着云计算的价格战不断升级，这种 "差价"空间被持续压缩，单一的收入来源受到挑战。同时，伙伴也 在担忧：是否任何一家拥有类似客情关系和交付能力的公司，都会轻易取代自己的位置？ 01 云生态的"增长焦虑"与"信任危机" 此前我们也在多篇云生态的分析文章中提到，生态伙伴在这种传统模式下，产生了 "朝不保夕"的增长焦 虑，这背后还有更深层次的不安全感：他们担忧自身倾注心血、基于行业知识打磨出的解决方案，最终可 能被平台方吸收并标准化，从而被"釜底抽薪"；也焦虑于平台频繁调整的渠 ...

来源：第一财经 恒生指数低开1.97%，恒生科技指数跌2.42%。科技股走弱，百度集团跌逾4%，快手、阿里巴巴、哔哩 哔哩、网易跌逾3%。 ...

Core Viewpoint - The company is expected to face continued pressure in advertising revenue and a short-term slowdown in cloud business, with Non-GAAP profit recovery becoming a key marginal variable for Q4 2025 [1] Group 1: Revenue Forecast - The core business revenue of the company is projected to decline by approximately 8.7% year-on-year in Q4 2025, primarily due to weak demand for traditional search advertising and adjustments in traffic structure [1] - The online marketing business is expected to generate around 62.2 billion yuan in advertising revenue for 2025, reflecting a year-on-year decrease of 14.7%, with a focus on stabilizing the business rather than aggressive resource investment [1] - The cloud business is anticipated to reach approximately 27.2 billion yuan in revenue for 2025, with a seasonal slowdown in growth for Q4 2025, influenced by seasonal factors and high base effects, rather than a weakening demand trend [1] Group 2: Profit Outlook - Following the completion of a one-time asset impairment in Q3 2025, the Non-GAAP operating profit is expected to show marginal improvement starting from Q4 2025, as related depreciation and amortization pressures will not be accounted for [2] - Overall profit improvement is more reflective of accounting-level marginal recovery, while the operational fundamentals still require stabilization in revenue [2] Group 3: Business Development - The company continues to advance AI applications and autonomous driving, with commercialization still in the early stages; AI application progress includes tools for document storage, cloud services, and enterprise-level AI tools, with a positive outlook on commercialization prospects [2] - The company has seen accelerated growth in Robotaxi orders and has announced partnerships with Uber and Lyft, marking a significant step in its international expansion with plans for autonomous taxi trials in the UK [2] - The Kunlun chip, as part of the company's self-developed AI chip and computing platform, is gaining market attention and is involved in the overall delivery of Baidu Smart Cloud, targeting various industries [3] Group 4: Profit Forecast and Valuation - The company has slightly revised down its Non-GAAP net profit forecasts for 2025-2027 to 17.9 billion, 19.8 billion, and 22.4 billion yuan, reflecting a decrease of 2.1%, 3.6%, and 2.7% respectively from previous estimates, while maintaining a "buy" rating [3] - The AI-native advertising is expected to enhance the monetization capability of traditional search advertising, with a collaborative ecosystem being built through self-developed large models, computing platforms, and chips [3]

"一代人有一代人的鸡蛋要领"。 2026年春节前夕，又见"BAT"同台，他们为了自家AI助手发出了价值超过45亿元的现金红包与福利。 腾讯元宝投入10亿元现金红包，百度文心助手抛出5亿元，阿里千问更是以"春节请客计划"名义豪掷30 亿元。 2月6日一早，阿里千问正式上线"春节30亿免单"活动，AI一句话下单，不到4个小时送出了200万单奶 茶。 打击诱导分享、过度营销，是微信的老传统了，此前多次对电商、短视频等平台的违规链接进行封禁， 此次针对AI红包的整治，只是延续了一贯的生态治理逻辑，核心是守护用户体验，维护平台生态秩 序。 微信群里热闹了几天的"元宝抢红包口令"，纷纷变成了"千问25元免单卡口令"。 这场争夺下一代互联网"AI超级入口"的热闹，很快遭遇了微信的打击。最近3天内，微信相继封禁了元 宝、百度文心助手、阿里千问的红包分享链接，各家都改成了"红包口令"。 45亿现金，撞上微信"不打扰用户"的铁律，这只是第一个难关。 从分享链接变成"红包口令"，并不会完全切断分享链路，只是麻烦了半步，需要复制、粘贴到APP。 但微信还是选择坚守生态边界，先后封禁了三大厂的红包链接，连自家旗下的腾讯元宝也没"网开一 ...

Market Overview - The Hong Kong stock market opened under pressure, with the Hang Seng Index down 1.97%, the National Enterprises Index down 1.88%, and the Hang Seng Tech Index down 2.42% [1][3] - Major stocks such as Baidu Group, Zijin Mining, AIA, and JD Health experienced declines of 4.33%, 4.14%, 4.02%, and 3.96% respectively [1][3] - Only a few blue-chip stocks, including Mengniu Dairy, Midea Group, and New Oriental, recorded slight gains [1][3] Company Specifics - China Overseas Development reported a 20.4% year-on-year increase in contract property sales amounting to approximately RMB 144.78 billion in January, while the sales area decreased by 12.9% to about 516,600 square meters [1][3] - The company anticipates that approximately RMB 111.46 billion in recognized property sales will convert into contract property sales in the coming months [1][3] - Meituan plans to acquire all issued shares of Dingdong, a leading fresh e-commerce company in mainland China, for an initial cost of USD 717 million, which is subject to adjustments [1][3] - NIO reported a positive earnings forecast, expecting adjusted operating profit (non-GAAP) between RMB 700 million (approximately USD 100 million) and RMB 1.2 billion (approximately USD 172 million) for Q4 2025, marking its first quarter of adjusted operating profit [2][4] - In contrast, NIO recorded an adjusted operating loss of RMB 5.5436 billion in Q4 2024 [2][4]

金吾财讯 | 明星科网股普遍受压，阿里巴巴-W(09988)跌3.38%，京东健康(06618)跌3.38%，哔哩哔哩- W(09626)跌3.38%，快手-W(01024)跌2.88%，贝壳-W(02423)跌2.33%，百度集团-SW(09888)跌2.13%， 网易-S(09999)跌2.08%。 隔晚亚马逊(AMZN)盘后跌近10%，司宣布今年资本支出将达到惊人的2000亿美元，因此影响营业利润 指引低于预期。去年该公司的资本支出约为1300亿美元，而分析师的事前预期仅为1500亿美元。 金吾财讯 | 明星科网股普遍受压，阿里巴巴-W(09988)跌3.38%，京东健康(06618)跌3.38%，哔哩哔哩- W(09626)跌3.38%，快手-W(01024)跌2.88%，贝壳-W(02423)跌2.33%，百度集团-SW(09888)跌2.13%， 网易-S(09999)跌2.08%。 隔晚亚马逊(AMZN)盘后跌近10%，司宣布今年资本支出将达到惊人的2000亿美元，因此影响营业利润 指引低于预期。去年该公司的资本支出约为1300亿美元，而分析师的事前预期仅为1500亿美元。 ...

公告称，微信收到用户针对元宝的反馈和投诉，其相关春节营销活动存在通过"做任务""领红包"等方式 诱导用户高频分享链接到微信群等场景，干扰平台生态秩序、影响用户体验、对用户造成骚扰。经研 判，对元宝的违规链接进行处置，限制其在微信内直接打开。相关处置措施即日生效。 微信还表示，将持续关注各类春节营销活动的运行情况，结合用户反馈，依据平台规则，切实保障用户 体验。 2月5日，百度文心助手红包分享链接也已被微信屏蔽，页面显示网页存在诱导或误导下载/跳转的内 容，需要跳转第三方浏览器访问。 综合自：第一财经、微信派等 责编：李丹 微信再度"封杀"。 2月6日，阿里千问正式上线"春节30亿免单"，发放奶茶免单卡。记者发现，继微信封杀自家腾讯元宝、 百度文心助手后，千问的红包分享链接也被微信屏蔽，页面显示网页存在诱导或误导下载/跳转的内 容，需要跳转第三方浏览器访问。同时，部分用户在千问APP点击分享活动至微信好友时，已自动改为 复制口令形式。 据了解，2月4日，"微信派"发布公告，对以春节为主题集中爆发的过度营销、诱导分享等违规行为进行 打击。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes ...

Core Insights - Baidu Qianfan has supported the creation of over 1.3 million agents, with daily tool usage reaching tens of millions, facilitating innovation in key industries such as smart hardware, manufacturing, transportation, and energy [1] Group 1: Baidu Qianfan Platform - The platform has enabled over 100 high-frequency scenarios, including customer acquisition marketing and error correction [1] - Baidu Qianfan is launching the "Baidu Qianfan Developer Ambassador Program" to collaborate with experienced developers and industry influencers [1] Group 2: Developer Ambassador Program - The program aims to conduct Agent training camps and developer activities nationwide, focusing on hands-on training and full-process practical scenarios [1] - Developer ambassadors will receive benefits such as official certification, exposure, access to nationwide venue resources, training and expert support, as well as platform-level development resources and beta testing opportunities [1]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.11%, the Shenzhen Component Index up by 0.65%, and the ChiNext Index also up by 0.65% as of midday [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.38 trillion yuan, a decrease of 63.3 billion yuan compared to the previous trading day, with over 3,800 stocks rising [2] Sector Performance - Active sectors included lithium batteries, energy metals, humanoid robots, and fintech, while traditional sectors like liquor, retail, and AI application stocks weakened [1] - The Chinese medicine and chemical sectors showed notable gains, with the Chinese medicine sector rising by 2.52% [2][7] - The small metals sector rebounded, with stocks like Xianglu Tungsten and Zhangyuan Tungsten hitting the daily limit [7] Notable Stocks - Mingdiao Co. experienced significant trading activity, achieving a "limit-up" with nearly 700 million yuan in transactions and marking its fifth consecutive trading day of gains [3] - Jiangfeng Electronics saw a slight increase of 0.09% after announcing plans to acquire control of Kaide Quartz [9] Economic Indicators - The industrial development plan for traditional Chinese medicine aims for a collaborative development system by 2030, which may positively impact the sector [7]