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. ...

Core Insights - The competition for AI "super entry" is intensifying among major tech companies like Alibaba, ByteDance, and Tencent, focusing on user engagement and service integration [1][2][3] - The effectiveness of AI applications in consumer markets remains uncertain, as companies strive to shift user habits and achieve widespread adoption [1][2] Group 1: Company Strategies - Alibaba's Qianwen App aims to create an "AI service closed loop" by integrating various services such as food delivery, flight bookings, and hotel reservations, addressing the challenge of converting technical advantages into user engagement [2] - ByteDance's Doubao has surpassed 100 million daily active users, leveraging its content and traffic distribution strengths to seamlessly integrate ordering and local services [2] - Tencent has incorporated "Yuanbao" into its WeChat ecosystem, enhancing its AI entry point by utilizing its vast user base [2] Group 2: Market Dynamics - The competition for AI "super entry" is not exclusive to tech giants; pure AI model companies like Zhiyu have also entered the market, offering services like ordering and ticket booking through third-party ecosystems [2] - The strength of AI entry points and the fluidity of service integration depend on the overall strength of a company's supply chain and ecosystem [3] - Industry experts predict that 2026 will mark the beginning of the "general AI entry year," as AI transitions from a technology validation phase to a commercial application phase [3]

本报讯（记者 白波）作为"双奥之城青春之约——2025台湾青年京津冀冰雪季活动"系列活动之一， 2026年台湾青年北京AI技术研修营1月10日至23日在京举办，吸引台湾地区30多位青年师生参与。 研修营活动围绕人工智能技术应用与营销专业课程开展，邀请字节跳动、阿里等知名企业讲师授课。学 员前往科大讯飞、利亚德、中关村科学城（海淀区）规划展览馆及海淀城市大脑等地参访。研修营还结 合首都文化特色，安排学员参访故宫、长城、圆明园、什刹海、鼓楼大街等地标，并参与冰雪活动。 铭传大学的卓同学表示，没想到此行能获得如此丰富的体验，不仅第一次"上冰"，还近距离探访了历史 文化遗迹。行走在长城上时，他真切体会到了祖国大地的广阔与长城的雄伟。 据介绍，台湾青年北京AI技术研修营以促进两岸青年交流为宗旨，通过专业课程、企业参访与文化体 验相结合的方式，帮助台湾青年深入了解大陆科技创新与城市建设成果。未来，本市将继续结合首都科 技、产业与文化资源，打造更多青年交流项目，为两岸交流合作与青年人才培养奠定良好基础。 来自东海大学的徐同学表示，利亚德的LED技术与巨型屏幕展示如同未来世界，完全颠覆了自己对科技 的想象；中关村科学城（海淀 ...

Core Viewpoint - Chinese stocks have transitioned from being considered uninvestable to potentially worth exploring due to discounted valuations in several internet stocks, particularly those making significant advancements in AI [1] Group 1 - The current market conditions present an opportunity for investors to consider Chinese internet stocks [1] - Many of these stocks are experiencing substantial developments in artificial intelligence, which could drive future growth [1]

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7] Core Viewpoints - The report expresses optimism regarding AI applications and domestic computing power investment opportunities, highlighting the acceleration of AI applications and the potential for industry upgrades in the long term [6][40] - The introduction of the Universal Commerce Protocol (UCP) by Google is seen as a significant development that could reshape the e-commerce landscape, facilitating seamless transactions and enhancing user experience [21][24][28] - The report emphasizes the importance of data element value release in 2026, marking it as a pivotal year for the digital economy and data market reforms [30][35][38] Summary by Sections Market Performance - Last week, the computer sector experienced a high and then a pullback, with an overall increase of 4.14%, ranking first among major industries in the Yangtze River region, and accounting for 11.21% of total market turnover [2][4][15] Key Recommendations - The report recommends focusing on: 1. Domestic large model manufacturers 2. Major domestic cloud service providers 3. Vertical scenario agent manufacturers 4. The domestic computing power supply chain, particularly AI chip companies like Haiguang Information and Cambrian [6][40] AI and E-commerce Developments - The UCP aims to create a standardized communication framework for AI agents, merchants, and platforms, potentially transforming the e-commerce industry by reducing decision-making time and enhancing transaction efficiency [21][24][28] - The report notes that AI-assisted shopping is expected to become mainstream, with significant growth projected in the AI e-commerce market from 23.93 billion yuan in 2020 to 50.44 billion yuan by 2024, with a compound annual growth rate of 20.50% [29] Data Element Value Release - The report highlights that 2026 is designated as the "Year of Data Element Value Release," with a focus on market-oriented reforms and the establishment of data standards to facilitate the flow and utilization of data [30][35][38] - The establishment of a data property rights registration system is anticipated to enhance data circulation and unlock value within the data economy [37][38]

"春节假期，致敬和关怀每一位城市骑士。我们希望用实实在在的投入和细致入微的服务，让城市骑士 收入更高一点、负担更轻一点、年味更浓一点。"淘宝闪购副总裁、城市骑士委员会主席孙丽雅表示， 2025年8月18日，阿里巴巴集团和蚂蚁集团旗下20多个业务品牌，共同宣布推出"城市骑士.橙意计划"， 全面升级城市骑士保障激励；如今，春节期间的关怀和保障措施继续升级。未来，淘宝闪购将联合阿里 生态伙伴，持续加码落地更多切实举措、福利，关怀保障城市骑士的工作与生活。 上证报中国证券网讯(记者杨翔菲温婷)1月20日，记者从淘宝闪购获悉，为在春节期间切实关爱一线城 市骑士，淘宝闪购推出"城市骑士八大春节关怀举措"。 今年，淘宝闪购投入近20亿元加大城市骑士激励，联合支付宝进一步落地进小区"碰一碰"功能，联合飞 猪对骑士返乡返岗进行火车票补贴。同时，推出涵盖段位守护、新春礼包、免费智能柜存餐、年夜饭、 4500万元补贴骑士装备换新等活动，进一步拓展服务维度，打造更系统、更温暖的新春保障，让城市骑 士在春节期间"劳有所得"，更能"心有所安"。 据悉，今年春节期间，各级工会、商务、民政等部门也将联合淘宝闪购，在全国多地开展站点慰问、物 ...

根据OpenAI官方博客的说法，广告对象是免费用户和Go订阅用户——Go是新推出的订阅套餐，每月8美元，而Plus、Pro、Business和 Enterprise用户不会看到广告。 还有一位副总裁，2024年5月加入的Shivakumar，他的上份工作是在谷歌的搜索广告部门做老大。 你细品这些人的履历。 显然，这些人的加入可不是来搞AGI研究的，他们唯一的目标就是——搞钱。 而广告是来钱最快最直接的方式。 我在去年4月份就专门写过一篇文章讲《为什么广告是AI大模型公司最现实的商业模式？》。 现在正在被一一验证，赶着热乎劲，结合我之前的观点，说一下我的5点思考—— 思考一：广告在公司发Code Red一个月后推出，说明OpenAI产品和商业化正在打架。 去年12月初，由于Gemini 3 Pro的冲击，Sam Altman内部发了个红色警报（Code Red），说要全公司集中精力改进ChatGPT，其他项目包 括广告都先放一放。 最终的结果是，广告只推迟了一个多月就上线了，这只能说明变现的压力太大，大到一定要尽快吃上广告这碗饭。 去年8月，OpenAI挖来了Fidji Simo担任应用业务CEO，她之前是Me ...

作者｜昆仑万维创始人、昆仑天工董事长兼 CEO、知名投资人 周亚辉 首先要声明，我在过去十二个月没有跟字节、阿里、美团、腾讯做过交流，不存在摆弄消息之嫌，以下我的分析都是基于我多年经营企业形成的 战略洞察和推理能力。我首先要回答我在一年前给大家和自己提出来的一个问题，谁是十年后的中国首富，通过这一年的观察和思考，我可以明 确地回答自己，张一鸣同学将从现在到未来十年后甚至二十年后都是中国和亚洲的首富。 为什么这么认为，因为一鸣同学内心重新燃起了很强的欲望（或者说动力），这叠加他强大的学习能力、执行力和字节的资金、资源和用户，这 一轮的增长将非常巨大。前段时间的豆包手机已经轰动了业界，不光光是手机领域、机器人领域，自媒体车fans已经有报道，字节将与赛力斯合 作，进入汽车制造领域，这明显是剑指无人驾驶运营商位置；不仅仅是入地，字节还会上天，有自媒体小道消息，字节内部已经开始在研究搭建 太空算力。 随着TikTok问题的解决，字节的国际化扩展也会加快，尤其是豆包将加快出海速度。单从这些信息，是不足以很强的Conviction认定张一鸣同学是 十年后的首富的。最关键的一点是，未来中国AI时代的Super App（Ap ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the computer industry [4] Core Insights - The computer industry index rose by 3.82% this week, ranking first among 31 industries, with a year-to-date increase of 12.64% [13][18] - The overall dynamic price-to-earnings ratio (PE-TTM) for the computer sector is 96.40, which is at a historical median level [20] - Major companies in the sector are accelerating product iterations and capital expenditures, with AI applications transitioning from capability validation to high-frequency usage [7][26] - AI is making significant inroads in healthcare and marketing, with companies like Alibaba, ByteDance, and Tencent leading the charge in integrating AI into their ecosystems [7][30][34] Summary by Sections Market Review - The computer industry index increased by 3.82% this week, outperforming other sectors [13] - A total of 249 companies in the computer sector saw their stock prices rise, while 105 experienced declines [18] Industry Dynamics - Major tech companies are rapidly iterating their products, with Alibaba's Qianwen App integrating over 400 AI functionalities into its ecosystem [26] - AI applications are being embedded in healthcare services and marketing strategies, with a focus on compliance and data integration [37][40] - The report highlights specific companies to watch in AI healthcare, including Jingtai Holdings and Yuyuan Network, and in AI marketing, such as Focus Technology and Guangyun Technology [7][56] Configuration Recommendations - The report suggests focusing on companies within the AI healthcare sector and those involved in AI marketing, as well as major players in the industry chain like Alibaba and Tencent [56]

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