2 月 4 日晚，百度文心助手的红包分享链接也遭微信屏蔽，用户点击链接时，页面提示 "网页存在诱导或误导 下载/跳转的内容"，需复制链接到第三方浏览器访问。 后来百度文心红包分享机制改为口令红包 今年春节大模型红包大战好热闹，腾讯元宝 10 亿，阿里千问 30 亿，百度文心 5 亿。 2 月 3 日， 媒体曝出千问小程序被微信提示分享有风险 。 2 月 4 日上午，腾讯元宝红包因高频诱导分享被微信限制， 微信派发公告对其处罚（详见昨日推文） ，后来 元宝改成了口令红包。 搞笑的是，据三言科技报道，当元宝红包分享链接遭屏蔽时，百度文心官号还曾在相关新闻留言区说："对文 心比对元宝还好呢"。 不过打脸很快就来了。 果然封了自家元宝分享链接后，就可以大胆地"一视同仁"了 （参考：三言科技、微信派） ...

里昂发表研报指，中国互联网行业在2025年表现强劲，随着DeepSeek引领国内AI趋势，预计2026年涨 势将延续，尤其在代理AI和生成式视频应用的竞争将加剧。中国与美国将在全球范围内的AI模型、应 用、云服务及自动驾驶(Robotaxi)领域展开正面竞争。 尽管面临地缘政治挑战，中国游戏和电商在海外市场持续快速增长，但该行对国内电商板块的前景持谨 慎态度。在投资策略上，里昂偏好AI、游戏及健康相关板块，并认为中国有望在全球引领AI应用落 地。里昂列出2026年六大首选股，包括腾讯、小米、阿里巴巴、网易、快手及京东健康，并特别指出看 好阿里巴巴的云业务、腾讯的AI应用，以及小米的消费级AI设备。 ...

Core Insights - The AI industry in China is experiencing intensified competition, with major players like Baidu, Alibaba, and DeepSeek rapidly launching new technologies and products to capture the innovation high ground [1][4] - Baidu's Wenxin Model 5.0, featuring a native multimodal architecture, leads technological innovation and has achieved top rankings in both domestic and international benchmarks [1][3] - Alibaba's Qwen3-Max-Thinking model enhances reasoning efficiency and integrates deeply with its ecosystem, leveraging its traffic advantages across various platforms [2][3] - DeepSeek focuses on open-source advantages and innovative model capabilities, recently launching the DeepSeek-OCR-2 model, which improves image processing through dynamic rearrangement [2][3] Company Developments - Baidu has launched the Wenxin Model 5.0, which supports multiple data types and has achieved significant performance metrics, ranking first in domestic text and visual understanding categories [1][3] - Alibaba's Qwen3-Max-Thinking model utilizes a new testing expansion mechanism for more efficient reasoning, and it integrates with its platforms like Taobao and Alipay to enhance application scenarios [2][3] - DeepSeek's DeepSeek-OCR-2 model employs the DeepEncoder V2 method for smarter image processing, showcasing unique technical innovations [2][3] Industry Trends - The evolution of foundational large models is crucial for determining the upper limits of AI application capabilities, with a clear trend towards a three-way competitive landscape in the Chinese AI sector [1][4] - The AI industry in China is transitioning from a "catch-up" phase to a "leading" phase, driven by technological advancements and the realization of AI's value in driving industrial transformation [4]

胡润研究院发布2月5日发布《2025胡润中国500强》，台积电价值增长3.5万亿元，以10.5万亿元再度蝉 联中国价值最高的民营企业。腾讯价值增长1.9万亿元，以5.3万亿元稳居第二。字节跳动价值增长1.8万 亿元，以3.4万亿元保持第三。小米新进前十，价值增长3570亿元，以1万亿元位列第八。 | | | | 《2025胡润中国500强》 前十名 | | | | | --- | --- | --- | --- | --- | --- | --- | | 排名 | 公司 | 价值(亿元人民币) | | 那 | 主要行业 | | | | 台积电 | * 1 = 105,000 | | 50% | 半导体 | | | 2- | 腾讯控股 | 53.300 | | 56%5009 | 娱乐 | 深圳 | | 3- | 字节跳动 | 34,000 | | 109% | 娱乐 | 北京 | | 4- | 阿里巴巴 | 27,000 | | 75% | 电子商务 | 杭州 | | 025- | 宁德时代 | 18,600 | 48 -13 00 (3) | 59% | 原田康市 | 宁德 | | 6-2 | 拼多多 | ...

2月5日，国际奥委会正式发布基于阿里千问打造的首个奥运官方大模型。该模型将在米兰冬奥会上投入 使用，首批服务各个国家和地区的奥委会工作人员，提供多语言的官方AI助手，并计划随后向全球公 众开放。 （文章来源：第一财经） ...

来源：5D调查 胡润研究院发布2月5日发布《2025胡润中国500强》，台积电价值增长3.5万亿元，以10.5万亿元再度蝉 联中国价值最高的民营企业。腾讯价值增长1.9万亿元，以5.3万亿元稳居第二。字节跳动价值增长1.8万 亿元，以3.4万亿元保持第三。小米新进前十，价值增长3570亿元，以1万亿元位列第八。 | | | | 《2025胡润中国500强》 前十名 | | | | | --- | --- | --- | --- | --- | --- | --- | | 排名 | 公司 | 价值(亿元人民币) | | 涨幅 | 三是得行业 | SHI | | | 合肥皂 | alle Par 200 - 100, 000 | | 50% | | | | 2- | 腾讯控股 | 53,300 | | 56%500 | 娱乐 | 深圳 | | 3- | 字节跳动 | 34,000 | | 109% | 娱乐 | 北京 | | 4- | 阿里巴巴 | 27,000 | | 75% | 电子商务 | 杭州 | | | 宁德时代 | 18,600 | 1981-1991 | 59% | 一理申池 | 宁德 | | | ...

胡润研究院发布2月5日发布《2025胡润中国500强》，台积电价值增长3.5万亿元，以10.5万亿元再度蝉 联中国价值最高的民营企业。腾讯价值增长1.9万亿元，以5.3万亿元稳居第二。字节跳动价值增长1.8万 亿元，以3.4万亿元保持第三。小米新进前十，价值增长3570亿元，以1万亿元位列第八。美团退出前 十，位列第17位。 从价值上涨的绝对数额来看，过去一年中增长最多的是台积电，其价值增长了3.5万亿元，主要原因是 人工智能需求的强劲拉动、先进的制程技术以及稳固的市场地位。其次是腾讯，价值增长了1.9万亿 元，主要是由于其在游戏、广告、金融科技三大主业的出色表现，推动了公司整体业绩的提升。位列第 三的是字节跳动，价值增长了1.8万亿元，得益于AI业务的进展推动公司估值持续走高。 阿里巴巴价值增长1.2万亿元，主要因为阿里巴巴在人工智能和云计算领域的战略投入取得了高速增 长，以及传统电商基本盘企稳回升。 宁德时代价值增长6900亿元，主要得益于新能源汽车市场需求的持续增长。2025年5月，宁德时代在港 交所二次上市，募资超325亿元人民币，成为2025年港股最大IPO。 有着"中国的英伟达"之称的寒武纪，价值 ...

Core Insights - The 2025 Hurun China 500 list shows significant growth in company valuations, with TSMC leading as the highest valued private enterprise in China at 10.5 trillion RMB, followed by Tencent and ByteDance [1][9]. Company Performance - TSMC's value increased by 3.5 trillion RMB, driven by strong demand for artificial intelligence, advanced process technology, and a solid market position [3][11]. - Tencent's valuation rose by 1.9 trillion RMB, attributed to strong performance in gaming, advertising, and fintech [3][11]. - ByteDance's value grew by 1.8 trillion RMB, benefiting from advancements in AI [3][11]. - Alibaba's value increased by 1.2 trillion RMB, due to strategic investments in AI and cloud computing, alongside a recovery in traditional e-commerce [4][12]. - CATL's valuation rose by 690 billion RMB, supported by sustained demand in the electric vehicle market [4][12]. - Xiaomi entered the top ten with a valuation increase of 357 billion RMB, driven by growth in its automotive business and premium smartphone sales [4][12]. - Other notable companies include Cambricon, which saw a valuation increase of 370 billion RMB, and NetEase, which grew by 238 billion RMB due to strong gaming performance [4][12]. Industry Trends - The total value of the Hurun China 500 companies increased by 21 trillion RMB (38%) to reach 77 trillion RMB [2][10]. - The semiconductor industry experienced the most significant growth, surpassing the life sciences sector to become the second-largest industry in the list, while industrial products remained the largest [2][10]. - The real estate sector faced the largest decline, followed by retail [2][10]. - The average age of the top 500 companies is 29 years, indicating a relatively young corporate landscape [11]. Geographic Insights - Beijing, Shanghai, and Shenzhen are the top three cities with the most companies on the list, housing 59, 57, and 49 companies respectively [2][10]. - Suzhou emerged as the preferred manufacturing base with 68 companies, while Shanghai was the leading research and development hub with 101 companies [2][10]. New Entrants and Market Dynamics - A total of 95 companies (19%) made it to the list for the first time, with seven companies valued over 100 billion RMB [2][10]. - The threshold for entry into the 2025 Hurun China 500 increased by 7.5 billion RMB to 34 billion RMB, reflecting a 28% rise [2][10].

5 February 2026 | 7:58AM HKT Equity Research NAVIGATING CHINA INTERNET Addressing investor questions/focus areas around AI investment strategies, regulations and policies Since the publication of our 2026 China Internet Outlook, where we highlighted our expectations for 2026 to be a pivotal year of higher AI investments and the defending of core positionings by China Internet mega caps, investor focuses and questions have centered around: (+/-) the intensified contest of consumer AI super apps amongst mega- ...

如何看待目前的计算机与 AI 应用？20260204 摘要 AI 应用与硬件股价分化源于业绩差异及市场担忧，如 AbbVie 虽业绩亮 眼仍市值下跌，Palantir 海外 B 端收入增长乏力，导致市场预期分化， 影响股票交易策略。 国内外 AI 应用公司面临主业受压制挑战，如 Salesforce 营收增速放缓， AI 收入占比低。公司经营状况改善是估值和 EPS 修复的关键驱动因素， 需密切关注相关数据。 计算机行业业绩预告显示头部企业如科大讯飞、深信服等表现良好，基 本面改善有助于布局 AI，中控技术股权激励计划展示信心，为投资者提 供参考。 字节跳动、阿里巴巴和腾讯加大 AI 投入，竞争加剧。字节跳动借春晚扩 大优势，阿里巴巴整合生态，腾讯引进人才，关注其 AI 产品推广及市场 策略。 投资者应关注 AI 编程、个人智能助理、多模态等超级产业趋势，以及大 型科技公司链条上的合作机会，如卓翼信息、智谱科技等核心企业。 Q&A 2026 年被称为 AI 应用和智能代理（Agent）元年的原因是什么？ 国内外的 AI 应用公司目前面临着类似的问题，即主业受到内需不足或传统业务 增速放缓的压制。例如，Sale ...