2026.01.21 本文字数：1892，阅读时长大约3分钟 作者 |第一财经 胡弋杰 在美国总统特朗普再度向欧洲释放关税威胁后，全球市场风险偏好明显降温。周二，华尔街三大股指与 全球主要股市一道遭遇抛售，避险资金涌入黄金，美国国债在多重冲击下波动加剧。 截至收盘，道琼斯工业指数下跌870.74点，跌幅1.76%，报48488.59点；标普500指数下挫143.15点，跌 幅2.06%，报6796.86点；纳斯达克综合指数下跌561.07点，跌幅2.39%，报22954.32点。三大股指均录得 自去年10月10日以来的最差单日表现，标普500指数与纳斯达克综合指数双双跌破50日移动均线。 大型科技股全线下跌，英伟达跌4.32%，苹果跌3.45%，微软跌1.16%，谷歌跌2.42%，亚马逊跌3.40%， Meta跌2.60%，特斯拉跌4.17%，博通跌5.43%，甲骨文跌5.85%，奈飞跌0.84%，英特尔涨3.41%。 热门中概股普跌，纳斯达克中国金龙指数跌1.45%，阿里巴巴跌1.82%，京东跌1.80%，拼多多跌 2.15%，蔚来汽车跌3.18%，小鹏汽车跌3.15%，理想汽车跌2.84%，哔哩哔哩跌6. ...

智通财经APP获悉，周二，美股三大指数集体收跌。恒生指数ADR下跌，按比例计算，收报26246.02点，较香港收市跌241.49点或0.91%。 | 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 | 601.000 | -9.000 | -1.48% | TCEHY | 593.183 | -7.817 | -1.30% | 7 | | 2 | 阿里巴巴-W | 09988 | 159.700 | -0.700 | -0.44% | BABA | 158.308 | -1.392 | -0.87% | 16 | | 3 | 汇丰控股 | 00005 | 128.400 | +1.400 | 1.10% | HSBC | 128.682 | +0.282 | 0.22% | 00 | | 4 | 建设银行 | 00939 | 7.76 ...

(3)人工智能应用的赋能与颠覆方面，高盛指AI不仅开始降低生产与人力成本，提高效率和增加收入的 空间日益扩大。尤其在游戏与广告赛道，AI正带来收入提升与效率改善。随着多模态大模型的持续升 级，更多应用场景与企业采用机会将不断涌现; 该行预计到2028年AI影片生成工具的总可服务市场 (TAM)有望实现10倍扩张。 高盛选出的核心买入股份，包括腾讯、网易、快手-W(01024)、哔哩哔哩(BILI.US)、腾讯音乐。该行认 为腾讯的核心业务(游戏+广告)将继续保持每年低至中十位数的增长，主要受惠于常青游戏的持续力、 关键产品管线，以及广告生态系统在变现与人工智能上的助力。该行继续认为，腾讯是人工智能应用的 重要代理，也是投资者的核心持股。该行维持腾讯"买入"评级，下调目标价由770港元降至752港元。 该行指，(1)字节跳动竞争已成为部分增长赛道的投资者核心担忧，但该行强调不同赛道差异显著：短 剧/小游戏平台正在快速崛起，而音乐串流则是重要争论点。该行认为腾讯音乐(TME.US)在ARPU与非 订阅收入增长方面具差异化定位。 (2)海外市场扩张加速：中国游戏发行商及内容平台(以腾讯控股(00700)、网易-S( ...

该行更偏好具备新增长潜力的公司(如人工智能应用渗透与海外扩张加速)，以及在竞争加剧背景下仍具 备复合增长/盈利扩张空间的公司，尤其是在字节跳动带来竞争担忧的情况下。高盛选出的核心买入股 份，包括腾讯、网易、快手、哔哩哔哩、腾讯音乐。该行维持腾讯"买入"评级，目标价由770港元降至 752港元。 高盛发表报告表示，中国游戏与娱乐板块在2025年股价经历了广泛上涨，大中型股涨幅达50至80%(相 较恒生中国企业指数的26%)，并在2026年初延续强劲表现，部分股票涨幅高达30%(相较相关指数约3- 5%)。该行认为此次上涨一半由估值扩张、一半由每股盈利增长所驱动。展望2026年，该行将板块的关 键主题与争论点进行框架化，认为未来风险回报依然具吸引力，但更偏向于阿尔法(alpha)驱动。 ...

Group 1 - U.S.-based Universal Music Group has entered into a partnership with Chinese music streaming service NetEase Cloud Music [1]

Core Insights - The article emphasizes the significance of AI in investment decisions, particularly in the context of Chinese internet companies and their overseas revenue potential [2][3]. Group 1: Overseas Revenue of Chinese Internet Companies - Chinese internet companies have an average overseas revenue exceeding 10%, with Pinduoduo leading at 35% [3]. - Companies like Tencent and Alibaba have low to high teens percentages of overseas revenue, indicating a growing trend towards international markets [3]. Group 2: Cloud Computing Sector - Alibaba Cloud and Tencent Cloud are rapidly expanding their international presence, with Alibaba planning new business regions in Brazil, France, and the Netherlands, and Tencent deploying services in 22 regions globally [4]. - Morgan Stanley projects that Alibaba Cloud's revenue growth will exceed 40% by FY2027, while Tencent's enterprise service revenue is expected to grow by 25% by FY2026 [5]. Group 3: Autonomous Driving Services - Baidu's autonomous driving service, "Luobo Kuaipao," is a leader in the sector, achieving over 250,000 weekly orders in fully autonomous mode as of Q3 2025, and has expanded to 22 cities including Dubai and Switzerland [7]. - Despite its leadership, Morgan Stanley anticipates that Baidu's revenue from this service will remain low and require continued investment [9]. Group 4: AI Models and Applications - Alibaba's Tongyi Qianwen model has gained significant traction globally, becoming the most downloaded AI model with over 700 million downloads by January 2026 [11]. - Kuaishou's Keling is expected to generate substantial revenue from overseas markets, with projections indicating an 80% year-on-year growth to reach $270 million by 2026, driven by B2B customer expansion [14].

2025年国内游戏行业和用户规模都出现了平稳增长。在市场环境逐渐走向稳定的同时，游戏行业似乎又兴起了一阵创业潮。 明星游戏人创业 去年有一批从业者带着大厂爆款的光环创业，这批创业公司在新品面世之前就赚足眼球。当中还有不少初创公司都悄悄拿到了融资，这也反映出即使是在 当下的投资环境里，优质的CP方依旧相当抢手。 广州风澜游戏在去年1月成立，目前公司已经有近100人，在研一款硬核星际题材的SLG《代号：Space》。截至去年12月，游戏开发了不到一年时间，不 过《代号：Space》已经计划在3月份开启首次测试。据描述，玩家在游戏中可以为舰船配装武器、搭配舰长、与涉外文明作战。 风澜游戏创始人覃宇清曾是字节跳动朝夕光年Gaia工作室成员，此前也曾参与网易《率土之滨》、莉莉丝《万国觉醒》等SLG项目。另外前字节跳动广州 工作室旗下UGC项目《JungoJam》的制作人戴俊毅也在去年加入了风澜游戏。 风澜游戏和《三国：谋定天下》研发商华娱网络也有比较密切的关系。 据覃宇清在公众号中表述，其在2022年曾将所有存款借给了B站接手前、还未测试过的《三国：谋定天下》。去年4月份，风澜游戏也获得了华娱网络的 投资，后者持股10 ...

Core Insights - Morgan Stanley's report on Chinese tech stocks presents an optimistic outlook for AI development by 2026, driven by both supply and demand factors [1] - The overseas expansion of internet companies is highlighted as a crucial strategy to address macroeconomic, competitive, regulatory, and geopolitical risks [1] Company Preferences - The report lists preferred stocks with an "overweight" rating, including Tencent, Alibaba, Pinduoduo, Tencent Music, NetEase, BOSS Zhipin, Manbang, Meituan, Trip.com, Tongcheng Travel, TAL Education, and Beike [1]

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 ...

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]