A I 快 报 【千问 6 天 AI 订单量破 1.2 亿单】 千问发布 "春节 30 亿大免单"第一波活动数据。据统计，过去 6 天，用户说了 41 亿次"千 问帮我"， AI 完成下单超 1.2 亿笔。数据还提及，春节返乡潮也带动县域 AI 消费升温，近半 数 AI 订单来自县城， 156 万 60 岁以上用户第一次体验点外卖。全国用户通过 AI 下单了 1000 多吨鸡蛋，还买了 2300 多件健身器材和 1500 多本图书。 【美团加入 AI 大战，春节前上线吃喝玩乐" AI 管家"】 2 月 12 日，美团宣布升级"问小团" AI 管家。即日起至整个春节假期，用户只需在美团 App 使用该工具，提出本地吃喝玩乐相关问题，"问小团"便能快速进行深度思考，搜集美团上准确 及时的商户与服务信息，并进行二次校验，结合真实用户评价，提供匹配需求且可交易的选 择。同时，用户进入"问小团"春节专区，还可一键领取多种春节消费券，获取智能推荐的最优 惠下单方案，覆盖外卖、闪购、餐饮堂食等场景。 【智谱最新旗舰模型 GLM-5 上线】 在内部 Claude Code 评估集合中， GLM-5 在前端、后端、长程任务等编 ...

一份拓展中的 AI 地图。 文丨程曼祺 本篇文章是《晚点聊》年终特别节目《年末 AI 复盘》的精简文字版，总结了 25 年和即将过去的蛇 年，《晚点》在 AI 领域的观察、见闻和这一年多里发生的 AI 大事件。 全文分为 7 个主题： 1. 模型 2. 应用 每个部分会按照若干关键词展开，并穿插指引《晚点聊》的相关往期节目或《晚点》的相关文章。 历史正在加速发生，洪流中容易五色迷目。但人是意义的动物，我们总试图理解和抓住什么。希望这期 年底的大型 "连点成线"，可以帮关注 AI 进展的朋友得到一份正在拓展中的地图。 3. 巨头的 AI 之战：字节、阿里、腾讯 4. 创业公司们 5. 具身智能 6. AI 硬件 7. AI 中的人 1.模型 关键词：Agentic Model、协同设计、下一个学习范式 本轮 AI 热潮仍处在早期，技术变化是最重要的驱动力，也是推演产品形态和商业格局的重要基点。所 以我们的回顾从模型技术开始。 Agentic Model Agentic Model 就是能支持 Agent 能力的模型。在 25 年 3 月的第 106 期（与真格合伙人戴雨森聊 Agent）以及此后的第 110 期 ...

Core Insights - The report identifies liquid cooling as a strategic investment opportunity, potentially replicating the success of optical modules and PCBs, with strong growth prospects driven by AI computing needs and stringent energy efficiency standards [2][3] - Liquid cooling is characterized by three main features: strong growth, complete narrative, and favorable odds, indicating a favorable market environment for investment [2] - The industry is transitioning from speculative hype to a high-growth phase with confirmed orders, as evidenced by significant order increases from key suppliers like Vidi Technology [3] Industry Trends - The liquid cooling industry is entering a high-growth phase with a 252% year-over-year increase in organic orders reported by Vidi Technology, highlighting strong market demand [3] - Major tech companies like NVIDIA and Google are adopting liquid cooling as a mandatory standard for their next-generation platforms, indicating a shift from optional to essential technology in AI computing [3] - The industry is witnessing a wave of mergers and acquisitions, with companies like Liying Intelligent Manufacturing acquiring liquid cooling suppliers to secure positions in the AI server supply chain [3] Liquid Cooling Industry Chain - The liquid cooling industry chain consists of three main segments: upstream components, midstream system integration and manufacturing, and downstream applications [4] - Upstream includes key technologies and components such as cooling fluids and CDU, which have high technical barriers and value [4] - Midstream integrates upstream components to provide complete liquid cooling server solutions, with technical integration capabilities as a core barrier [4] - Downstream focuses on high-performance data center operators and industry users driving the large-scale adoption of liquid cooling [4]

U.S. stock futures are showing modest gains this Thursday, February 12th, 2026, as investors digest a flurry of corporate earnings and look ahead to crucial economic data releases. This premarket uptick follows a mixed session on Wall Street yesterday, where a stronger-than-expected January jobs report initially boosted sentiment before tempering expectations for near-term Federal Reserve interest rate cuts.Premarket Trading and Index MovementsAs of early Thursday, futures tied to the Dow Jones Industrial A ...

Investment Rating - The report maintains a "Recommended" rating for Pengding Holdings (002938) with a target PE of 30x for 2025E and 24x for 2026E, while other companies like Shenghong Technology (300476) and Shengyi Technology (600183) do not have a specific rating [3]. Core Insights - North American cloud vendors are experiencing a significant increase in capital expenditures, driven by AI demand, with total capital expenditures projected to rise from approximately $160 billion to about $450 billion from 2023 to 2025, indicating a strong alignment between capital expenditure growth and AI computing demand [9][25]. - The NPO (Near-Photonics Optics) and CPO (Co-Packaged Optics) technologies are gaining traction in the industry, providing substantial growth opportunities for domestic optical communication companies [31][46]. - The report emphasizes the importance of scalable optical modules in future cloud infrastructure, with NPO currently favored by domestic cloud vendors due to its advantages in interconnect density and cost [34][36]. Summary by Sections North American Cloud Vendors' Financial Performance - Microsoft reported Q4 FY26 revenue of $81.273 billion, a year-over-year increase of 16.72%, with a net profit of $38.458 billion, up 59.52% [12]. - Google achieved Q4 FY25 revenue of $113.828 billion, a 17.99% increase year-over-year, with a net profit of $34.455 billion, up 29.84% [16]. - Amazon's Q4 FY25 revenue reached $213.386 billion, a 13.62% increase year-over-year, with a net profit of $2.1192 billion, up 5.93% [20]. - Meta's Q4 FY25 revenue was $59.893 billion, a 23.78% increase year-over-year, with a net profit of $22.768 billion, up 9.26% [21]. Capital Expenditure Outlook for 2026 - Google is expected to have a capital expenditure of $175-185 billion in 2026, representing a year-over-year increase of 97% [25]. - Meta's capital expenditure is projected to be in the range of $115-135 billion for 2026, indicating a 77% increase year-over-year [27]. - Amazon's capital expenditure for 2026 is estimated at around $200 billion, a 50% increase from previous estimates [20]. NPO and CPO Technology Developments - NPO technology is gaining popularity among cloud vendors due to its high interconnect density and cost-effectiveness, making it suitable for distributed scale-up networks [34][36]. - CPO technology, which integrates optical engines and switching chips, is being actively promoted by NVIDIA and is expected to replace traditional pluggable optical modules in the future [37][42]. - The report highlights the significant development space for domestic optical communication companies driven by the advancements in NPO and CPO technologies [31][46].

In this articleGOOGLORCLAMZNMSFTAlphabet's rare 100-year sterling bond is the latest sign of late-cycle exuberance in credit markets, strategists say, as tech hyperscalers ramp up borrowing to historic levels to fund vast data center and AI infrastructure buildouts.The century bond — the Google-owner's debut issuance in sterling — is part of a broader multi-tranche, multi-currency borrowing drive totaling some $20 billion. The offering spans maturities across dollars, euros and sterling, and includes a debu ...

Core Viewpoint - Alphabet's issuance of a 100-year sterling bond signifies a trend of increased borrowing among tech companies to finance extensive data center and AI infrastructure projects, reflecting late-cycle exuberance in credit markets [1][4][6]. Group 1: Bond Issuance Details - The 100-year bond is part of a larger borrowing initiative totaling approximately $20 billion, which includes multi-currency offerings across dollars, euros, and Swiss francs [2][3]. - The bond attracted nearly 10 times the demand for its £1 billion ($1.37 billion) offering, with a coupon set at 120 basis points above 10-year gilts [3]. - This issuance places Alphabet among a select group of entities that have issued sterling-denominated century bonds, typically associated with governments rather than corporations [3]. Group 2: Market Context and Implications - The deal reflects unprecedented levels of debt being raised in both public and private markets to support AI expansion, with Alphabet's capital expenditure expected to reach $185 billion this year [4][6]. - The issuance is seen as a strategic move to diversify funding sources and tap into the demand from UK insurance and pension funds, avoiding over-saturation in the USD market [8][11]. - The bond issuance is perceived as a signal of market exuberance, with concerns about long-term data center demand and rapid technological changes potentially impacting the sector [6][7]. Group 3: Investor Sentiment and Future Outlook - Investors view the bond as a long-term bet on Alphabet's ability to innovate and sustain operations over the next century, despite the rarity of such long-term corporate debt [9][10]. - The issuance is expected to provide diversification benefits for pension funds, contrasting with other issuers like EDF and the Mexican government [10]. - There are cautions regarding the untested nature of 100-year bonds, especially in a volatile political and economic environment, as tech companies are currently trading at all-time highs [11][12].

Core Viewpoint - The article highlights the expertise of Michael Del Monte as a buy-side equity analyst with a focus on technology, energy, industrials, and materials sectors, emphasizing his extensive background in professional services across various industries [1]. Group 1 - Michael Del Monte has over a decade of experience in professional services, which includes sectors such as Oil & Gas (O&G), Oilfield Services (OFS), Midstream, Industrials, Information Technology, Engineering, Procurement, and Construction (EPC) Services, and consumer discretionary [1].

Investment Rating - The report maintains a "Positive" investment rating for the communication equipment sector [10]. Core Insights - The communication sector experienced a decline of 6.91% in the fifth week of 2026, ranking 31st among major industries in the Yangtze River region. Year-to-date, the sector is down 1.86%, ranking 29th [2][5]. - Major cloud players, Google Cloud and AWS, reported significant growth in capital expenditures (Capex) for 2026, with Google Cloud's profit margin reaching a historic high of 30% and AWS revenue growth at 23.6%, the highest in nearly three years. This indicates strong investment in AI computing infrastructure [2][8]. - Lumentum and Coherent, leading companies in optical communication, reported impressive earnings growth, driven by strong demand for InP optical chips, which are currently in short supply, leading to long-term agreements (LTA) to secure supply [2][8]. Summary by Sections Market Performance - In the fifth week of 2026, the communication sector fell by 6.91%, with a year-to-date decline of 1.86%. The top three gainers among companies with a market cap over 8 billion yuan were Tongding Interconnection (+18.6%), Changfei Fiber (+17.2%), and Jiangsu Communication (+11.3%). The largest decliners were Zhongji Xuchuang (-16.8%), Lian Te Technology (-14.7%), and Shijia Photon (-14.4%) [2][5]. Cloud Computing Insights - Google reported Q4 2025 revenue of $113.83 billion, a year-on-year increase of 18.0%, with cloud revenue at $17.66 billion, up 47.8%. The operating profit margin for the cloud business reached 30.1%, a 12.6 percentage point increase year-on-year. For 2026, Google has guided Capex between $175 billion and $185 billion, nearly doubling from the previous year [6]. - Amazon's Q4 2025 revenue was $211.49 billion, a 12.6% year-on-year increase, with AWS revenue at $35.58 billion, growing 23.6%, the highest growth rate in 13 quarters. Amazon's Capex for 2026 is projected to be around $200 billion, a 52% increase year-on-year, primarily directed towards AWS [6]. Optical Communication Developments - Lumentum reported FY26Q2 revenue of $670 million, a 65.5% year-on-year increase, with a net profit of $80 million, marking a return to profitability. The company is experiencing a supply-demand gap of 25%-30% for InP chips and has initiated long-term agreements to secure supply [7]. - Coherent's FY26Q2 revenue was $1.69 billion, up 17.5% year-on-year, with a net profit of $150 million, a 41.9% increase. The company is ramping up production capacity for its unique 6-inch InP wafer line, expecting to double capacity by FY26Q4 [7]. Investment Recommendations - The report recommends several companies across different segments: - Telecom operators: China Mobile, China Telecom, China Unicom - Optical modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid cooling: Yingweike - Air-core fiber: Fenghuo Communication, Hengtong Optic-Electric - Domestic computing: Runze Technology, Guanghuan New Network - AI applications: Boshi Jie, Heertai - Satellite applications: Huace Navigation, Haige Communication [8].

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - Domestic large models have been intensively released around the Spring Festival, initiating an AI arms race. Notable releases include DeepSeek's new model with a context processing capability of 1 million tokens, GLM-5 which ranks first globally in programming and agent testing, and ByteDance's Seedance 2.0 aimed at revolutionizing video creation [1][2] - The usability of agents is increasing, with large models transitioning from chat to collaboration. Claude Opus 4.5 can autonomously program for 5 hours, and AI coding agents are expected to double their task handling time every 4 months starting from 2024-2025, compared to a 7-month doubling period from 2019-2024 [2] - The demand for inference is expected to rise due to large-scale applications, with significant increases in token consumption for agent execution compared to dialogue scenarios. The cost of generating a 5-second 720P video is approximately 4 RMB, with Seedance costing about 2.3 RMB, indicating a substantial cost advantage over manual production [3] Summary by Sections Model Updates - MiniMax's M2.5 model is set to launch soon, currently in internal testing for the MiniMax Agent product. Other updates include GLM-5 from Zhizhu, which has achieved state-of-the-art capabilities in coding and agent functions, and DeepSeek's new model with a context window increased to 1 million tokens [7] Related Companies - Key companies mentioned include MiniMax, Zhizhu, Yunsai Zhilian, UCloud, Capital Online, Qingyun Technology, Wangsu Technology, and Nanxing Co. [4]