这场争战为何于当下打响？ 从技术角度看，大模型的能力已足以支撑复杂任务的处理，AI正在从能聊天的"机器人"进化为能办事 的"智能体"。 互联网巨头们又一次打响"红包大战"。这一次，主战场从移动支付转向了人工智能。 2月1日，"上元宝，分10亿"活动上线，这是腾讯继2015年春晚投入5亿元红包后再度在春节"撒钱"。"元 宝派"多人多智能体群聊功能也于前不久开始内测，由于打通了微信、腾讯视频、QQ音乐等腾讯核心社 交产品，"元宝派"可协助用户发起聊天、健身、阅读等各种花式玩法。 2月2日，阿里"千问"宣布投入30亿元启动"春节请客计划"。此前千问APP宣布接入淘宝、支付宝、飞 猪、高德等阿里生态场景，用户可在千问APP内直接点外卖、订机票、订酒店。 百度和字节跳动同样没有缺席。百度将文心助手深度嵌入百度APP，并投入5亿元现金红包；字节跳动 则凭借火山引擎成为总台春晚独家AI云合作伙伴，用户可通过豆包参与抢红包。 数十亿元重金投入的背后，是一场关于下一代"超级流量入口"的争夺战，关系着未来十年的竞争格局。 华尔街最知名的颠覆性创新投资者之一、被誉为"女版巴菲特"的方舟投资创始人"木头姐"（Cathie Wood） ...

Core Insights - The AI red envelope competition during the Spring Festival has sparked widespread public participation, with companies like Baidu, Tencent, and Alibaba investing billions in cash to attract users and talent [1][2] Group 1: Company Strategies - Baidu initiated a 500 million yuan red envelope plan, allowing users to share in cash rewards while using its AI assistant, Wenxin, which attracted over 50 million participants within a week [1][2] - Tencent doubled its red envelope pool to 1 billion yuan and aims to recreate the success of WeChat red envelopes by directly returning saved marketing budgets to users [2] - Alibaba's Qianwen announced a 3 billion yuan "Spring Festival Treat" plan, offering not only cash but also services like movie tickets and meal bookings, integrating various Alibaba ecosystem services [2] Group 2: User Engagement and Market Potential - The user base for generative AI in China has reached 515 million, with a penetration rate of 36.5%, indicating a significant untapped market [2] - Major AI applications like Baidu's Wenxin, ByteDance's Doubao, Alibaba's Tongyi Qianwen, and Tencent's Yuanbao have all surpassed 100 million monthly active users, highlighting the competitive landscape [2] - Experts suggest that while cash incentives can attract initial users, long-term engagement requires multiple interactions to develop habitual usage, warning against the risk of creating "zombie users" [2][3] Group 3: User Experience and Retention Challenges - Baidu's approach of embedding Wenxin within its existing app, which has 700 million monthly active users, reduces barriers for user engagement [3] - The effectiveness of AI red envelopes depends on the perceived utility of the application; if users find the AI unhelpful, they may disengage after claiming rewards [3] - Retaining users post-promotion will depend on the quality and uniqueness of AI functionalities, as companies face the challenge of maintaining user loyalty beyond initial cash incentives [3]

每经记者｜赵雯琪 每经编辑｜陈柯名 记者|赵雯琪 AI的使用习惯，最终还是要靠大厂背后繁荣的生态、坚实的技术底座来实现，用户看的还是模型的智能程度、回答的准确率、功能的实用性以及能否融 入每天的生活和工作流等等。 几乎同步，腾讯迅速加码，将红包池翻倍至10亿元，并于2月1日起通过其AI应用"元宝"开启抽奖活动。腾讯创始人马化腾在内部年会上罕见发声，直言希 望"重现当年微信红包引爆社交的盛况"。他强调，元宝将把节省下来的营销预算直接回馈用户，让用户在互动中重拾"抢红包"的乐趣。 阿里千问则宣布的30亿"春节请客计划"，折射出"下后手棋"的优势。从2月6日起，用户在千问APP里不仅能领现金，还能直接买电影票、订年夜饭、买年 货，甚至联动飞猪、盒马、大麦等阿里生态业务进行"全链路免单"。 据中国互联网络信息中心数据显示，我国生成式AI用户规模已达5.15亿，普及率为36.5%，意味着仍有近六成潜在市场尚未开发。目前，百度文心、字节 豆包、阿里通义千问和腾讯元宝的月活跃用户均已突破亿级。谁能率先撬动这片空白地带，或将决定谁能在AI浪潮中实现"鲤鱼跃龙门"。 红包只是引流的第一步。专家指出，仅靠一次性现金激励难以培养长 ...

Group 1 - Baidu has announced a new share repurchase plan authorized by its board, allowing for the repurchase of up to $5 billion of its shares, effective until December 31, 2028 [1] - The company aims to enhance shareholder value through proactive measures, leveraging its substantial cash reserves and sound financial management [1] - Analysts believe the repurchase plan not only optimizes Baidu's capital structure but also signals confidence in the long-term value of its AI business, helping to stabilize stock prices and boost investor confidence [1] Group 2 - Baidu's board has approved a dividend policy for its common stock, with the first dividend expected to be announced in 2026, contingent on the company's financial performance and market conditions [2] - Future dividends will be supported by sustainable funding sources, primarily from operating profits and potentially supplemented by proceeds from the sale of non-core assets [2] - The initiation of dividends indicates that Baidu's core business has achieved stable and predictable cash flow, particularly with the early success of AI cloud and large model commercialization [2] Group 3 - The combination of share repurchase and dividend policy reflects Baidu's strategic shift from a "high growth narrative" to a "high-quality return" strategy, showcasing its responsibility as a mature tech company [3] - This approach emphasizes Baidu's capability to deliver long-term value to shareholders while maintaining a focus on sustainable growth [3]

格隆汇2月5日｜纳斯达克金龙中国指数盘初涨幅扩大至1.21%。 热门中概股蔚来涨7.4%，名创优品涨 5.4%，百胜中国涨3.4%，理想涨2.8%，中通快递、再鼎医药、B站、百度、金山云涨超2%，阿里巴巴 涨0.7%，小马智行跌1.2%，新东方跌2.8%。 ETF中，KWEB涨1.14%，CQQQ涨0.7%，ASHR跌0.1%， ASHS跌1.3%。 ...

美国1月挑战者企业裁员人数升至10.8万，创2009年以来同期最高；上周初请失业金人数亦超预期上 升。美股开盘，三大指数集体下跌，纳指跌1.31%，标普500指数跌0.9%，道指跌0.6%。 Alphabet跌超7%，今年资本支出指引接近翻倍至1750亿-1850亿美元，远超预期。 高通跌9.3%，第二财季营收及调整后每股收益指引逊于预期，手机芯片业务受制于供应链瓶颈。 Arm跌3.2%，第三财季营收同比增长26%至12.4亿美元，本季营收指引不及最乐观预期。 百度涨2.5%，预计2026年首次派发股息，计划回购至多50亿美元的股票。 (格隆汇) ...

港股回购潮继续。 继今年1月下旬小米集团宣布25亿港元回购计划后，百度集团也在2月5日公告，计划耗资50亿美元回购公司股票。这一举措 被视为百度在资本市场低迷背景下提振投资者信心、强化股东回报的关键战略。 Wind统计数据显示，截至目前，2026年以来港股市场回购金额接近170亿港元，尽管较去年同期明显下降，但回购公司数量 仍保持在高位水平。其中，行业龙头公司的回购节奏和力度不减，腾讯控股今年以来累计回购金额已超60亿港元。 近年来，港股市场回购浪潮中，互联网企业始终扮演着"中流砥柱"的角色。2026年开年以来，互联网企业仍在积极回购股 份。1月2日，腾讯控股开启了2026年首次回购，以6.36亿港元的总金额回购102.9万股。此后，腾讯控股持续出手，截至目 前，腾讯控股今年以来共进行了10次回购，以每股600.5港元至638港元的价格合计回购1020.5万股，累计回购金额达63.58亿 港元，位居首位。 小米集团回购金额也不低。2月4日，小米集团回购了430万股公司股份，回购金额达1.46亿港元。截至目前，小米集团今年 已累计进行18次回购，合计回购8205.10万股，总回购金额接近30亿港元。 | 起始日 ...

2026年的春节红包大战，注定将载入互联网史册。 过去12年，春节这个中国最古老的传统节日，被互联网巨头们异化成一场惊心动魄的商业战争——从2015 年微信支付通过红包"偷袭珍珠港"，到2020年抖音快手的"短视频之争"，再到2026年几大科技巨头的"AI超 级入口争夺战"，红包大战不仅是流量的狂欢，更是一场关乎未来十年互联网格局的战略决战。 "BATZ"四家巨头狂撒近50亿，试图通过春节这个地球上最大规模的流量洪峰，让自家AI真正成为 "国民级 AI应用"。这背后，不仅是资金的投入和流量的博弈，更是AI技术、生态协同、组织能力与战略耐力的全方 位比拼 。 "红包大战"，最不重要的就是钱！ 几大巨头春节撒出去的红包累计金额达48亿元，但各家红包玩法差距较大，折射出不同的战略焦虑，也侧 面证明了钱对这几个科技巨头来说是最不重要的，玩法有没有创新才是关键。 | 公司 | 活动入口 | 活动时间 | 红包总额 | 单个红包最高金额 | 核心玩法 | | --- | --- | --- | --- | --- | --- | | 腾讯 | 元宝APP | 2月1日-2月17日 | 10亿元 | 10000元 | 登录 ...

Market Overview - Major U.S. stock index futures are down, with Dow futures falling by 0.27%, S&P 500 futures down by 0.10%, and Nasdaq futures decreasing by 0.05% [1] Storage Sector - The storage sector is rebounding in pre-market trading, with Micron Technology up over 2% after a previous drop of over 9%, SanDisk rising nearly 3% after a nearly 16% decline, and Seagate Technology increasing by 1% following a nearly 6% drop [1] Semiconductor and Chip Equipment Stocks - Semiconductor and chip equipment stocks are experiencing gains in pre-market trading, with Broadcom rising nearly 6%, and AMD and NVIDIA both increasing by over 2%. Alphabet, Google's parent company, indicated that its capital expenditures could double by 2026 [1] AI Application Software Stocks - AI application software stocks are collectively rebounding in pre-market trading, with Applovin up over 3%, Unity rising nearly 1%, Roblox increasing by over 1%, and SAP SE gaining nearly 2% [1] Chinese Concept Stocks - Chinese concept stocks are generally rising in pre-market trading, with Baidu up 4.6%, Alibaba increasing by 2.7%, Pinduoduo rising by 0.7%, and NetEase up by 0.9%. NIO's pre-market gains have expanded to 10%, with expectations of adjusted operating profit between 700 million to 1.2 billion yuan for Q4 2025, marking the company's first quarter of adjusted operating profit [1] Software Industry - The U.S. software industry has seen a market value decline of $1 trillion since 2026, with hedge funds profiting $24 billion from short-selling activities [2] Qualcomm Performance - Qualcomm's stock has dropped over 11% following its earnings report, which, despite exceeding expectations for Q1 2026, indicated a revenue forecast for Q2 between $10.2 billion and $11 billion, and adjusted EPS between $2.45 and $2.65, which fell short of expectations [2] AMD Guidance - Citigroup reported that AMD's Q1 guidance exceeded market expectations but did not meet buyer expectations, leading to a "neutral" rating [2] Alphabet and Apple Collaboration - Alphabet's CEO Sundar Pichai announced plans to collaborate with Apple to develop the next generation of Apple's foundational models based on Gemini technology, positioning Alphabet as Apple's preferred cloud service provider [3]

3、美团：拟7.17亿美元收购叮咚 美团2月5日公告，公司拟以7.17亿美元收购中国大陆领先的生鲜电商企业叮咚的全部已发行股份。根据 协议，转让方可从目标集团提取不超过2.8亿美元的资金，但需确保目标集团净现金不低于1.5亿美元。 此次收购将使目标公司成为美团的间接全资附属公司，其财务业绩将并入美团的财务报表。 4、天汽模：筹划购买东实股份股权 股票停牌 天汽模2月5日公告，公司正在筹划通过发行股份及支付现金的方式购买东实汽车科技集团股份有限公司 股权并募集配套资金，预计构成重大资产重组。公司股票自2026年2月6日起停牌，预计在不超过10个交 易日内披露交易方案。若公司未能在上述期限内召开董事会审议并披露交易方案，公司股票将于2026年 3月2日开市起复牌并终止筹划相关事项。 5、两连板协鑫集成：公司暂未获得"太空光伏"领域的相关订单 今日聚焦 1、百度集团：董事会已批准一项新的50亿美元股份回购计划 百度集团2月5日公告，董事会已批准一项新的50亿美元股份回购计划及一项股息政策，旨在进一步提升 股东回报。 2、太极实业：子公司十一科技预中标华虹FAB9B项目投标报价37.78亿元 太极实业2月5日公告，子 ...