Investment Focus - The report emphasizes a balanced allocation between technology and value sectors, focusing on market structure rather than short-term index fluctuations [1][11] - Recent market movements show a stronger rebound in value sectors compared to high-tech, with increased expectations for policies supporting the real estate sector [1][12] - Rising commodity prices and stabilization in certain product prices are aiding valuation recovery in undervalued sectors like real estate and baijiu [1][12] Market Outlook - The report anticipates stabilization and upward movement in Chinese equities (A-shares and Hong Kong stocks) leading into the Lunar New Year, driven by domestic fundamentals and liquidity conditions [2][13] - A series of political and economic catalysts, including local and national meetings and the rollout of the 15th Five-Year Plan, are expected to enhance market sentiment [2][13] Investment Strategy - The report suggests positioning for the Lunar New Year "red packet" rally by focusing on industries benefiting from holiday effects and macroeconomic catalysts [2][14] - Key areas of focus include AI applications, high-quality tech manufacturing, and future industries such as defense and domestic chip production [2][14] Sector Analysis - Non-bank financials, particularly brokers and insurers, are expected to recover from previous outflows due to their strong fundamentals [3][19] - The holiday consumption chain, including sectors like gaming, food and beverage, and travel, is highlighted as a potential growth area [3][19] - Hong Kong dividend assets with earnings leverage, such as real estate and chemicals, are also noted for their potential upside following policy support [3][19] Liquidity Data - A-share ETF flows show a divergence, with broad-based ETFs experiencing significant outflows while sector-specific ETFs saw inflows, particularly in metals and chemicals [4][16] - In Hong Kong, short-selling activity has returned to historical averages, with notable inflows into energy and property sectors [5][17]

腾讯此次活动有很强的推广普及AI应用的目的，用户每天登录元宝App可领取现金红包，还可通过完成 AI对话等任务解锁抽奖机会，并有几率抽中限量100张的价值1万元现金小马卡。1月26日，腾讯董事会 主席兼首席执行官马化腾在内部员工大会上表示，希望此举能够重现11年前的微信红包时刻。 百度也很快加入红包大战，抛出5亿元红包福利，并将红包玩法与旗下AI产品文心助手深度绑定。百度 表示活动从1月26日持续至3月12日，用户可通过体验近200款AI特效的"奇幻人生"剧情领红包，四轮集 卡活动中，前1000名集齐"马上发财"等稀有卡者可获万元大奖。 阿里巴巴和字节跳动选择了其他营销玩法。比如阿里巴巴旗下千问App拿下B站跨年晚会独家冠名权， 将AIGC的创作能力植入了当天晚会多个互动环节。字节跳动旗下火山引擎，则成为2026年央视春晚独 家AI云合作伙伴。 距离2026年春节假期还有两周左右，科技大厂之间已经"硝烟"渐起。2月1日，腾讯旗下元宝App春节10 亿元红包活动开启。截至记者发稿时，在苹果商店免费App排行榜上，元宝已超过字节跳动旗下豆包升 至第一名。 如果说往年的红包大战是"撒钱换流量"的营销游戏，那么202 ...

距离2026年春节假期还有两周左右，科技大厂之间已经"硝烟"渐起。2月1日，腾讯旗下元宝App春节10 亿元红包活动开启。截至记者发稿时，在苹果商店免费App排行榜上，元宝已超过字节跳动旗下豆包升 至第一名。 四大巨头的打法虽各有侧重，但战略目标高度一致——借助覆盖全年龄、全场景的关键时间节点，推动 AI技术从抽象概念下沉为大众触手可及的日常应用。有分析师表示，2026年春节红包大战的特别之处 在于，AI首次从幕后走向台前，成为驱动用户参与的核心引擎。 争夺下一代超级入口 从支付平台到短视频平台，过去十年，几乎每一轮互联网流量重构，都会伴随春节红包大战。只不过这 一轮红包大战，不是一次简单的短期拉新，在移动互联网流量见顶的当下，科技大厂希望借助AI找到 新的流量入口，开辟新的增长曲线。 如果说往年的红包大战是"撒钱换流量"的营销游戏，那么2026年春节的这场红包大战，已然演变为一场 以AI为核心引擎、争夺下一代流量超级入口的战略卡位战。腾讯、百度、阿里巴巴、字节跳动四大科 技巨头携亿元级资源入局，推动AI迈入生态比拼全新阶段。 ● 本报记者 杨洁 红包大战吸睛 1月25日，腾讯率先打响第一枪，官宣旗下元宝Ap ...

Group 1 - Tencent, Alibaba, and Baidu are engaged in a "red envelope war," indicating a competitive landscape in the AI application sector, particularly in digital marketing [1] - The year 2026 marks the launch of a marketing initiative for Guangdong's traditional dishes in Shanghai, highlighting the current attractiveness of the consumer sector [1] - A new generation of intelligent marketing solutions, AI Drive 2.0, has been developed by a company, showcasing advancements in AI technology [1]

Core Insights - The report emphasizes the strong potential of the AI industry and high-growth segments such as gaming, recommending continued investment in these areas [2][13][16]. Group 1: Internet Sector - E-commerce: Alibaba is catalyzing AI-related developments, introducing the "Tongyun Ge" concept, which integrates large models, cloud computing, and chips as a key support for its technology strategy [2][16]. - Social Entertainment Media: Bilibili and Tencent are expected to see strong advertising momentum, with Tencent's gaming fundamentals improving and Bilibili preparing to release new games [2][17]. - Internet Healthcare: JD Health and Alibaba Health are leveraging their platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, leading to sustained revenue and profit growth [2][17]. - Short Video: Kuaishou is maintaining a stable core business, with AI technology enhancing user engagement and commercial conversion [2][18]. - Trendy Toys + IP: Pop Mart announced the establishment of its European headquarters in London, aiming to expand its market presence [2][19]. - Long Video: Multiple platforms are releasing quality series, suggesting investment opportunities in iQIYI and Mango TV [2][20]. - Music Streaming: Tencent Music and NetEase Cloud Music show stable performance, although concerns about competition have led to valuation adjustments [2][20]. Group 2: Media Sector - Gaming: The report maintains a positive outlook on the gaming sector, with expectations of continued industry prosperity into 2026. Key recommendations include Tencent, NetEase, and companies with strong product pipelines like Century Huatong and Giant Network [2][21]. - Advertising: Adjustments in the advertising landscape are not expected to impact the operational trends of Focus Media, with increased investment from internet advertisers anticipated [2][22]. - Publishing: Some publishing companies are facing challenges due to educational reforms, but firms with strong fundamentals and high dividend yields are recommended [2][22]. - Film and Television: Attention is drawn to companies with robust project pipelines, such as Huace Film & TV and Mango TV, as well as cinema chains like Wanda Film and Hengdian Film [2][22]. - IP Derivatives: Companies involved in IP derivatives are highlighted for potential investment, including Huayi Brothers and Shanghai Film Group [2][22]. Group 3: AI Developments - The report notes the rapid advancement of AI applications, particularly with the emergence of Clawdbot, which has gained significant attention in the industry [2][23]. - Recommendations include major cloud players like Google and Amazon, as well as domestic giants like Alibaba and Tencent, focusing on their self-developed models and ecosystems [2][23]. - Specific applications in AI across various sectors are suggested for investment, including AI in gaming, marketing, and healthcare [2][23].

Investment Rating - The report suggests a positive outlook for the AI-driven sectors, particularly in servers and IDC, driven by domestic and international AI developments [4]. Core Insights - Major companies like Industrial Fulian, Meta, and Microsoft are showing strong growth in their earnings, driven by AI investments and demand for high-performance computing [1][53]. - The report highlights a significant increase in capital expenditures by tech giants, indicating a robust investment trend in AI infrastructure [1][61]. - The demand for optical modules and servers is expected to rise due to the ongoing expansion of AI capabilities and infrastructure [2][35]. Summary by Sections Industry Overview - The telecommunications sector is experiencing steady growth, with a reported revenue of 16,096 billion yuan, reflecting a 0.9% year-on-year increase [3][14]. - The optical module exports have seen a decline, with a 24% drop in November, attributed to domestic companies establishing overseas factories [3][35]. Company Performance - Industrial Fulian anticipates a net profit of 351-357 billion yuan for 2025, marking a 51%-54% increase year-on-year, driven by strong growth in cloud services and AI servers [1][53]. - Meta's revenue for Q4 reached $59.893 billion, a 24% increase year-on-year, supported by recovering advertising business and AI investments [1][53]. - NewEase is expected to achieve a net profit of 94-99 billion yuan in 2025, reflecting a growth of 231.24%-248.86% due to increasing demand for high-speed products [1][55]. Market Trends - The server index decreased by 5.70% this week but has increased by 1.20% for the month, indicating volatility in the market [2][6]. - The optical module index rose by 10.07% this week, reflecting strong demand for high-speed optical devices [2][6]. - The IDC index increased by 3.50% this week, with a notable 11.04% rise for the month, driven by advancements in AI models [2][9]. Future Projections - Companies are expected to continue investing heavily in AI infrastructure, with Alibaba planning to increase its investment in AI and cloud computing from 380 billion yuan to 480 billion yuan over the next three years [1][12]. - The report anticipates that the demand for AI-related services and products will continue to grow, leading to further investment opportunities in the sector [4][35].

文 |《BUG》栏目 徐苑蕾 Kimi再揭百度搜索的"旧伤疤"。 昨晚，月之暗面 Kimi官方账号公开喊话百度，直指百度搜索"Kimi官网"时，前4条标 注"Kimi"的结果均为非官方网站，严重误导用户。 舆论发酵后，百度悄悄优化搜索结果，将 Kimi官方网页置顶并标注"官方"标识。目前Kimi 喊话的相关微博已不可见。 《 BUG》栏目发现，在社交媒体上，有多名网友反映，在百度搜索"Kimi"时未注意结果原 为广告，其后跳转到名为"熊猫办公"的服务商并付款，在支付199元后才发现非Kimi官 方，且对方不予退款。 互联网行业人士表示，月之暗面与百度的文心长期处于竞合关系。两者均为同一城市的 AI 巨头，双方在多个场合会有接触，不存在"不认识只能网络喊话"的情况。月之暗面之所以 选择公开维权，想从舆论上形成压力，倒逼百度快速调整。"私下沟通可能会被冷处理，公 开喊话就立竿见影，同时也可以提醒用户警惕风险，维护品牌信任基础"。 类似事件并非孤例。百度搜索因竞价排名、审核不严导致的误导问题由来已久，搜索乱象一 定程度上也影响了百度业绩， 2025年第三季度，其在线营销收入同比下滑18%，连续六个 季度下滑，百度A ...

文 | 《BUG》栏目 徐苑蕾 Kimi再揭百度搜索的"旧伤疤"。 昨晚，月之暗面Kimi官方账号公开喊话百度，直指百度搜索"Kimi官网"时，前4条标注"Kimi"的结果均 为非官方网站，严重误导用户。 舆论发酵后，百度悄悄优化搜索结果，将Kimi官方网页置顶并标注"官方"标识。目前Kimi喊话的相关微 博已不可见。 《BUG》栏目发现，在社交媒体上，有多名网友反映，在百度搜索"Kimi"时未注意结果原为广告，其 后跳转到名为"熊猫办公"的服务商并付款，在支付199元后才发现非Kimi官方，且对方不予退款。 互联网行业人士表示，月之暗面与百度的文心长期处于竞合关系。两者均为同一城市的AI巨头，双方 在多个场合会有接触，不存在"不认识只能网络喊话"的情况。月之暗面之所以选择公开维权，想从舆论 上形成压力，倒逼百度快速调整。"私下沟通可能会被冷处理，公开喊话就立竿见影，同时也可以提醒 用户警惕风险，维护品牌信任基础"。 类似事件并非孤例。百度搜索因竞价排名、审核不严导致的误导问题由来已久，搜索乱象一定程度上也 影响了百度业绩，2025年第三季度，其在线营销收入同比下滑18%，连续六个季度下滑，百度App月活 增 ...

Core Viewpoint - The article discusses the competitive landscape of AI applications during the Chinese New Year, highlighting major companies' strategies to attract users through cash giveaways and promotional activities, reminiscent of past successful marketing tactics in the mobile payment and short video sectors [6][7][12]. Group 1: AI Application Strategies - Major companies like Tencent, ByteDance, and Baidu are launching cash giveaway campaigns during the Spring Festival, with Tencent planning to distribute 1 billion yuan in red envelopes, aiming to replicate the success of WeChat's past marketing strategies [6][7]. - The competition is not merely a marketing tactic but a strategic positioning based on historical experiences, as the Spring Festival has proven to be a critical period for user acquisition in the Chinese internet landscape [7][10]. - The article notes that the past successes of WeChat and Alipay during the Spring Festival have set a precedent for how companies can leverage this period to achieve exponential user growth [10][12]. Group 2: User Growth and Market Dynamics - The article emphasizes that user growth for AI applications is not just about numbers but is crucial for model evolution and future ecosystem positioning, with major players facing pressure to expand their user bases [13][14]. - Data from QuestMobile indicates that by September 2025, monthly active users for major AI applications like ByteDance's Doubao and Tencent's Yuanbao are projected to be 172 million and 33 million, respectively, suggesting significant room for growth in the AI user market [13]. - The need for user growth is tied to the acquisition of training data, which is essential for improving AI models, creating a positive feedback loop that enhances content accuracy and attracts more users [14]. Group 3: Commercialization Paths for AI - The article outlines three main commercialization paths for AI models: selling APIs, subscription services, and advertising monetization, with current subscription rates for AI tools being relatively low [16]. - The challenge for AI companies is to increase user bases and improve service quality to enhance conversion rates for paid services, with the Spring Festival presenting a prime opportunity for user acquisition [16]. - Advertising is highlighted as a potential revenue stream, but companies must first engage users effectively to increase their daily usage time, which currently averages only 10 minutes [16]. Group 4: Competitive Landscape and Small Firms - Smaller AI firms face challenges in competing with larger companies' aggressive marketing strategies during the Spring Festival, leading them to focus on enhancing their models and finding niche applications [21][22]. - The article suggests that while large firms dominate the cash giveaway landscape, the influx of new users attracted by these promotions could benefit the entire AI industry by fostering user habits and expanding the market [22][23]. - The potential for smaller firms to innovate and carve out specific niches is emphasized, as they may not compete directly with larger firms but can develop unique applications that meet specific user needs [21][22].

截至发稿，双方对该事件暂无官方回应。不过新浪科技发现，今日午间，月之暗面Kimi已经删除前述 两条喊话百度的相关微博。 据其配图内容，在百度搜索"Kimi官网"，最先展示的几条检索链接均为百度推荐的广告内容，并非kimi 官方网站。 新浪科技讯 2月1日下午消息，1月31日晚，月之暗面Kimi微博发文称："有人能帮忙at一下百度的同学 吗？刚才试了试，前 4 个写着Kimi的网站都不是Kimi。"并在评论区表示，"网站标题中写'Kimi官网'太 容易误导用户了。" 舆论发酵后，目前百度方面已优化搜索结果，搜索"Kimi官网"关键词后百度搜索最先展示内容已经变为 Kimi官方网站。其后，月之暗面Kimi官方微博也发文表示"已恢复。" 据其配图内容，在百度搜索"Kimi官网"，最先展示的几条检索链接均为百度推荐的广告内容，并非kimi 官方网站。 新浪科技讯 2月1日下午消息，1月31日晚，月之暗面Kimi微博发文称："有人能帮忙at一下百度的同学 吗？刚才试了试，前 4 个写着Kimi的网站都不是Kimi。"并在评论区表示，"网站标题中写'Kimi官网'太 容易误导用户了。" 责任编辑：江钰涵 舆论发酵后，目前 ...