"很可爱，眼睛比较漂亮，还能跟我对话，像小宠物一样。"25岁的童童（化名）是"智能憨憨"的首批抢购者之一。"开售前10多分钟，我就蹲守，开售4秒 时成功下单。" 在这背后，一场互联网大厂争夺AI玩具赛道的"战争"正在上演。 溢价75% 第三方平台得物App显示，2025年12月3日，黄色款"智能憨憨"成交价最高上涨至699元，溢价一度高达300元，溢价幅度75%，但仍一货难求。随着华为多 次补货，"智能憨憨"的市场价有所回落，降至500元以下。 "智能憨憨"是华为推出的首款AI陪伴型产品，这款399元的毛绒玩具开售即秒售罄，官方渠道持续缺货。 | | | | הגדה החמ | | --- | --- | --- | --- | | ** 得* | 黄色 官方标配 | ¥459 | 82小时前 | | | 黄色 官方标配 | ¥459 | 82小时前 | | | 黄色 官方标配 | *459 | 82小时前 | | | 黄色 官方标配 | ¥449 | 5天前 | | ++ | 黄色 官方标配 | ¥459 | 10天前 | | 得* | 黄色 官方标配 | ¥469 | 12天前 | | | 黄色 官方标 ...

1月22日，百度发布并上线原生全模态大模型文心5.0正式版。该模型参数达2.4万亿，采用原生全模态统一建模技术，具备全模态理解与生成能力，支持文 本、图像、音频、视频等多种信息的输入与输出。 值得注意的是，去年11月百度刚刚任命的基础模型研发部负责人吴甜，以及应用模型研发部贾磊，均在当日的发布会上公开亮相演讲。这两人直接向百度创 始人李彦宏汇报，代表了百度技术侧的最新架构调整，以及管理层年轻化的趋势。 目前，个人用户可在文心APP、文心一言官网体验，企业与开发者可通过百度千帆平台进行调用。在40余项权威基准的综合评测中，文心 5.0 正式版的语言 与多模态理解能力超越Gemini-2.5-Pro、GPT-5-High等模型，稳居国际第一梯队。图像与视频生成能力与垂直领域专精模型相当，整体处于全球领先水平。 此前，百度文心助手月活已突破2亿。 2.4万亿参数原生全模态大模型，文心5.0正式版上线 据百度集团副总裁、深度学习技术及应用国家工程研究中心副主任吴甜介绍，与业界多数采用"后期融合"的多模态方案不同，文心5.0的技术路线采用统一 的自回归架构进行原生全模态建模，将文本、图像、视频、音频等多源数据在同一模型 ...

Group 1 - The market experienced a rebound on January 22, with all three major indices turning positive, and the ChiNext index showing strong performance. The total trading volume in the Shanghai and Shenzhen markets reached 2.69 trillion yuan, an increase of 91 billion yuan compared to the previous trading day [1] - The CSI Computer Theme Index (930651.CSI) rose nearly 1%, with notable gains from companies such as Deepin Technology, which hit the daily limit, and others like China Great Wall, China Software, and Qi An Xin [1] - The CSI Hong Kong-Shenzhen Cloud Computing Industry Index (931470.CSI) increased by nearly 2%, with Deepin Technology again hitting the daily limit, and companies like Youke De-W and Zhongji Xuchuang showing significant gains [1] Group 2 - The Computer ETF (159998) tracks the CSI Computer Theme Index and includes stocks from sectors such as information technology services, application software, system software, and computer hardware [2] - The Cloud Computing ETF Tianhong (517390) tracks the CSI Hong Kong-Shenzhen Cloud Computing Industry Index, providing access to core cloud computing assets across A-shares and Hong Kong stocks [2] - Dongwu Securities predicts that by 2026, the AI industry will enter a new phase characterized by both demand realization and efficiency competition, shifting focus from broad AI concepts to core targets with real monetization capabilities and long-term competitive advantages [2]

关注国证港股通科技指数，相比恒生科技增配了生物科技龙头（百济神州/信达生物/药明生物），当前 滚动市盈率仅27倍，位于近10年50%分位之下，具备较高均值回升空间。 （文章来源：每日经济新闻） 1）国内侧： DeepSeek有望在二月份春节期间发布，字节，阿里最新模型也在筹备中；另一方面，国内 大厂资本支出持续提升，进一步提升整体模型能力。 2）海外侧：模型催化密集，OpenAI/Google交替领先，新一代基模Gemini4/GPT-6有望在年中推出；同 时， Meta调整路线后的Avocado、 xAI下一代Grok，均有望带来模型能力提升。全球模型迭代，正在不 断推高应用落地的天花板。 近日，恒生科技指数重回20日线上方，短线趋于强势。其成分股互联网龙头百度集团、阿里巴巴；传媒 公司哔哩哔哩、快手；半导体芯片公司中芯国际、华虹半导体；以及智能驾驶理想汽车等，股价频频异 动。 自去年10月以来，港股科技资产表现备受压制，原因为行业结构差异（偏软件应用）、外卖补贴利空、 年底流动性承压等等。进入2026年，上述因素得到改善，在AI产业驱动、海外降息周期、外资流入、 南下资金回流等因素共振下，低估值的港股科技 ...

截至目前，平头哥在算力芯片领域推出AI推理芯片含光800、CPU倚天710以及AI芯片PPU，在存储芯片 领域推出SSD主控芯片镇岳510，在网络芯片领域据称也将推出相关芯片，已布局数据中心全栈芯片。 平头哥还在端侧芯片推出羽阵IoT芯片，已实现数亿出货，布局覆盖云端和终端。 在此之前，除阿里以外，另一互联网巨头百度集团-SW(09888)同样公布了昆仑芯的分拆计划。根据其发 布的公告，于2026年1月1日，昆仑芯已透过其联席保荐人以保密形式向香港联交所提交上市申请表格 (A1表格)，以申请批准昆仑芯股份于香港联交所主板上市及买卖。分拆完成后，昆仑芯仍是百度附属公 司。 智通财经APP获悉，据媒体援引知情人士报道，阿里巴巴(09988)正准备推进旗下AI芯片制造企业"平头 哥"(T-Head)独立上市。阿里计划将其重组为一个部分由员工持股的业务实体，随后再寻求进行首次公 开募股(IPO)，但具体上市时间尚未确定，该行动仍处于准备阶段。 公开资料显示，平头哥半导体有限公司成立于2018年9月，作为阿里巴巴集团的全资半导体芯片业务主 体，其拥有端云一体全栈产品系列(涵盖数据中心芯片、IoT芯片等)，实现芯片端到端 ...

研究报告 Research Report 22 Jan 2026 百度集团-SW Baidu (9888 HK) 4Q 经营现金流持续为正，昆仑芯上市有望持续释放估值 Able to maintain positive OCF in Q4, KLX's listing unlocks valuation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$160.00 目标价 HK$178.00 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$440.00bn / US$62.84bn 日交易额 (3 个月均值) US$229.01mn 发行股票数目 2,226mn 自由流通股 (%) 96% 1 年股价最高最低值 HK$160.00-HK$75.50 注：现价 HK$160.00 为 2026 年 01 月 22 日收盘价 资料来源： ...

Short Selling Ratios - China Resources Beer (80291) and JD Group (89618) have the highest short selling ratios at 100.00% each, followed by Lenovo Group (80992) at 95.62% [1] - The top ten short selling ratios include Li Ning (82331) at 93.21% and Anta Sports (82020) at 88.46% [1] Short Selling Amounts - Alibaba (09988) leads in short selling amount with 1.173 billion, followed by Baidu (09888) at 1.111 billion and Pop Mart (09992) at 1.049 billion [1] - Other notable companies in the top ten include Meituan (03690) at 814 million and China Life (02628) at 806 million [1] Deviation Values - JD Group (89618) has the highest deviation value at 37.56%, followed by China Ping An (82318) at 33.98% and China Huaneng (03788) at 33.27% [1] - Other companies with significant deviation values include SenseTime (80020) at 32.05% and Li Ning (82331) at 31.52% [1]

Monetary Policy and Economic Measures - The central bank governor Pan Gongsheng stated that a moderately loose monetary policy will continue in 2026, with room for further cuts in reserve requirement ratios and interest rates to maintain ample liquidity [3] - The first batch of 936 billion yuan of ultra-long special government bonds has been allocated to support approximately 4,500 projects in various sectors, expected to drive total investment exceeding 460 billion yuan [4] - The People's Bank of China will conduct a 900 billion yuan MLF operation on January 23, net injecting 700 billion yuan into the market, marking the 11th consecutive month of increased operations [4] Consumer and Investment Trends - State-owned banks collectively announced the implementation of personal consumption loan interest subsidy policies, allowing some high-quality clients to enjoy effective interest rates in the "2%" range, lower than current housing loan rates [3] - Public funds have focused their fourth-quarter 2025 positions on core sectors such as electronics and power equipment, with Zhongji Xuchuang becoming the largest holding stock [3] Market Performance - The A-share market saw a slight increase, with the Shanghai Composite Index rising 0.14% to 4122.58 points, and the Shenzhen Component Index increasing by 0.5% [6] - The Hong Kong stock market also experienced minor fluctuations, with the Hang Seng Index rising 0.17% to 26629.96 points, and net inflows from southbound funds amounting to 5.166 billion HKD [6] Corporate Developments - Alibaba Group has decided to support its chip company "Pingtouge" for independent listing, with plans for restructuring to a mixed-ownership enterprise [7] - Xiaomi Group has initiated a stock repurchase plan of up to 2.5 billion HKD [9] - Nanjing Bank reported a net profit growth of 8.08% year-on-year for 2025 [9] Regulatory and Policy Updates - The State Administration for Market Regulation has issued a red card for the first time in the public utility sector, prohibiting a merger between two gas companies [10] - Nine departments jointly issued opinions to promote high-quality development in the pharmaceutical retail industry, encouraging mergers and acquisitions among retail pharmacies [10] Economic Indicators - The unemployment rate for urban labor aged 16-24 was reported at 16.5% in December 2025, while the rate for those aged 25-29 was 6.9% [5] - The National Bureau of Statistics reported a 28.1% year-on-year increase in sales revenue for the smart device manufacturing industry in 2025 [10]

智通财经APP获悉，周四，美股三大指数集体收涨。恒生指数ADR上涨，按比例计算，收报26739.45点，较香港收市涨109.49点或0.41%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价 | 较港股升跌 | 较港股升跌% | ADR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 597.500 | -5.000 | -0.83% | TCEHY | 594.990 | -2.510 | -0.42% | 7 | | 2 | 阿里巴巴-W | 09988 | 164.800 | +1.600 | 0.98% | BABA | 172.684 | +7.884 | 4.78% | 17 | | 3 | 汇丰控股 | 00005 | 129.700 | +1.500 | 1.17% | HSBC | 130.600 | +0.900 | 0.69% | 00 | | 4 | 建设银行 | 00939 | 7.610 ...

吴甜现场介绍了"文心导师"计划的最新进展。文心导师队伍持续壮大，目前已吸纳835位来自科技、金融、文化、教育、医疗、能源等十余个重点行业以及 数理化生文史哲等学科的专家，在知识传授、鉴赏评价、专业校准方面对大模型进行指导，帮助模型在逻辑严谨性、专业深度、创意质量和价值观对齐等方 面不断精进。 在40余项权威基准的综合评测中，文心 5.0 正式版的语言与多模态理解能力超越Gemini-2.5-Pro、GPT-5-High等模型，稳居国际第一梯队。图像与视频生成 能力与垂直领域专精模型相当，整体处于全球领先水平。 有分析认为，文心5.0正式版的上线，意味着原生全模态技术路线逐渐走向成熟与实用，体现了中国模型厂商在多模态大模型底层自主创新能力，有助于进 一提升中国AI在全球AI产业竞争中的技术话语权。 据了解，2025年11月，百度发布文心大模型5.0并上线Preview版本。此后，文心5.0系列模型多次登上LMArena全球大模型竞技场，多次位居文本榜和视觉理 解榜国内第一，跻身国际第一梯队。1月15日，文心5.0以1460分位列LMArena文本榜国内第一、全球第八，超过GPT-5.1-High、Gemini- ...