华泰证券则表示"（港股）情绪指标当前已经脱离恐慌区间，且空头比例明显下行，目前已到右侧收获 期"，同时指出港股"一季度市场反弹的核心因素并未发生根本变化"，包括：金融条件整体偏宽松、外 资和南向共振回流、盈利预期上修、AH比价下港股性价比再度凸显等。 中金公司指出："港股去年10月后偏弱因素有三：一是港股特色结构都不是焦点；二是资金面处于弱势 （美债利率居高不下，南向资金偏弱，港股IPO节奏加快）；三是更多反映基本面走弱。"但上述因素 到2026年，都将迎来转机。中金认为，短期看，"是否会因赛道降温将关注点推向港股、小盘价值甚至 大盘成长"。 在市场对港股反弹尚未形成共识时，部分聪明资金已逢低布局： 近日，不少机构建议关注港股成长板块，在本轮上涨中涨幅相对较少，若有合适的回撤买入机会，是不 错的介入时机。 财通证券看好恒生互联网的胜率，当前利多因素包括"平台经济支持+受益放权给企业，AI方面仍有潜 在催化，叠加两国关系进一步改善+人民币升值被动外资流入"。 1）外资方面，截至上周三，EPFR口径下外资净流入港股28.2亿美元（vs 前一周净流入15.4亿美元）， 其中主动型外资转为净流入1.6亿美元，创202 ...

19 January 2026 | 1:17AM HKT Equity Research CHINA GAMES & ENTERTAINMENT 2026 Outlook: Framing key themes/debates around competition, overseas expansion and AI applications The China Games & Entertainment sector has seen a broad-based rally over the course of 2025 with large/mid caps rallying 50-80% (vs. HSCEI's 26%), as well with a strong start into 2026 with some stocks up as much as 30% (vs. c.3-5% for corresponding indexes). We believe the rallies have been roughly 50%/50% driven by from multiple expans ...

| | | 2025年互联网公司前三季度营收利润 | | | | --- | --- | --- | --- | --- | | 排名 | 公司名称 | 营收(亿) | 旧母净利润 (亿) | 劃淘率 | | 1 | 京东 | 9568 | 223.44 | 2.33 | | 2 | 阿里 | 7319.03 | 764.88 | 10.45 | | 3 | 腾讯 | 5573.95 | 1666 | 30.63 | | 4 | 小米 | 3403.7 | 351 | 10.31 | | 5 | 拼客客 | 3079 | 748.2 | 24.3 | | 6 | 联想 | 2791 | 60.08 | 2.34 | | 7 | 美团 | 2739 | -82.11 | -3.00 | | 8 | 滴滴 | 2254.66 | 13.71 | 0.61 | | 9 | 快手 | 1032.08 | 133.88 | 12.97 | | 10 | 目度 | 963.39 | 38.07 | 3.95 | | 11 | 网易 | 850.79 | 275.18 | 33.41 | | 12 | 唯品会 | 734. ...

近日，南都·湾财社记者从徕芬内部获悉，徕芬科技早前已完成公关负责人人事调整，新任负责人来自 网易严选，具备成熟的品牌公关及用户关系管理经验。 一边是爆品断货、经典品类长期霸榜电商平台，一边是品控争议不断。截至2025年11月，黑猫投诉平台 累计收录徕芬相关投诉超1400条，核心聚焦电机故障、异常噪音、高温烫伤、使用中爆炸等质量与安全 问题，部分用户反映产品"短期体验尚可，长期使用稳定性不足"。 针对品控争议，徕芬已有所行动。2025年11月5 日，徕芬科技首家线下旗舰店在深圳福田 COCOPark正 式开业。据徕芬方面披露了 "2026年覆盖20城、开设 300家门店" 的线下扩张计划，并于去年年底向媒 体开放正式投产后的"超级工厂"。 此次变动正值徕芬2026年大力拓新的"新品元年"开局时刻，而此前徕芬曾深陷多重舆情争议、品牌口碑 承压。从海外负责人换帅到公关负责人履新，徕芬的人事变动也备受外界关注。企业掌门人叶洪新自去 年下半年减少对外公开发言频率，外界猜测品牌或启动公关体系重构。 多重舆情缠身 品牌公关屡陷被动 作为凭借"高性价比吹风机"迅速崛起的国货品牌，徕芬近年来在公关应对与核心业务层面接连遭遇负面 ...

Core Viewpoint - The market capitalization of Google (Alphabet) is approximately $4 trillion, while the combined market capitalization of China's top internet companies is only about $1.8 trillion, indicating a significant disparity in valuation and market perception [25][28][30]. Market Capitalization Comparison - As of the end of 2025 or early 2026, the estimated market capitalizations of major companies are as follows: - Google (Alphabet): ~$40,000 million - Tencent: ~$5,917 million - Alibaba: ~$3,333 million - Xiaomi: ~$1,987 million - Pinduoduo: ~$1,486 million - Meituan: ~$975 million - NetEase: ~$852 million - JD: ~$471 million - Trip.com: ~$383 million - Kuaishou: ~$345 million - Tencent Music: ~$302 million - The total market capitalization of the top 10 Chinese internet companies is estimated to be around $17,000–20,000 million, which is more than 2.2 times less than that of Google [28][3][25]. Competitive Landscape - The primary issue in the Chinese internet sector is not a lack of effort but rather a misdirection in competitive strategies, focusing excessively on user acquisition, subsidies, and speed, leading to a dangerous cycle of competition [30][5]. - This competitive model, which relies on free services to gain scale and eliminate competitors, is damaging long-term sustainability in the industry [31][32]. Impact on Entrepreneurship - The current environment is systematically clearing out entrepreneurs, reducing their roles to mere tools for larger platforms, and stifling genuine innovation [34][37]. - The lack of reasonable pricing, stable profits, and long-term investment in research and development is leading to fewer companies being profitable and surviving [35][36]. Employment Challenges - The concentration of the industry into a few dominant platforms is contributing to job losses, with monopolistic structures eliminating positions rather than technological advancements like AI [39][10]. - As industry profits shrink, salaries are also compressed, leading to fewer job opportunities for young people [11][39]. Comparison with Google - Google’s strength lies not in the number of applications but in its focus on foundational capabilities, allowing ecosystem partners to thrive and generating productivity-based revenue rather than merely capturing attention [40][41]. - The competitive landscape in China, characterized by internal strife, hinders the emergence of globally competitive companies [41][42]. Future Outlook - If the current competitive practices continue, the industry may end up with a few platforms and many dependent entities, leading to a degraded ecosystem rather than a mature industry [42][45]. - A healthy internet ecosystem should support entrepreneurship and job creation, rather than relying solely on free services as a competitive tool [44][51].

Core Insights - The report maintains a bullish outlook on the internet sector, particularly e-commerce, social entertainment media, internet healthcare, short videos, and IP-related markets, driven by advancements in AI applications and product innovations [3][17][22]. E-commerce - The report continues to recommend Alibaba in the e-commerce sector, highlighting the recent AI application developments that are expected to catalyze growth. The MAU of the Qianwen app has surpassed 100 million, indicating strong user engagement [3][17]. - JD.com is projected to experience marginal improvements after a weak growth quarter in Q4 2025, maintaining a buy rating [3][17]. Social Entertainment Media - Bilibili and Tencent are noted for their strong advertising momentum, with Tencent's gaming fundamentals improving. The report anticipates the release of new games from both companies, enhancing their product offerings [3][17][22]. - Tencent's game "Delta Action" is expected to become a significant title alongside "Honor of Kings" and "Peacekeeper Elite" [3][17]. Internet Healthcare - JD Health and Alibaba Health are leveraging their leading platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [3][17]. Short Videos - Kuaishou is recognized for its stable core business and technological leadership in AI, with ongoing efforts to optimize user engagement and monetization through advanced recommendation systems [3][17][22]. IP and Trendy Toys - Pop Mart is expanding its overseas supply chain, with recent shipments from partners in Indonesia, Cambodia, and Mexico, indicating a robust international strategy [3][17]. Long Videos - The report notes a recovery in the number of TV series registrations, with multiple platforms releasing high-quality content, suggesting investment opportunities in companies like iQIYI and Mango TV [3][17]. Music Streaming - Tencent Music and NetEase Cloud Music have shown stable performance, although concerns about competition have led to a valuation adjustment. The report emphasizes the importance of quality content in driving subscription growth [3][17][22]. Gaming Sector - The gaming industry is expected to maintain its growth trajectory into 2026, with a focus on leading companies like Tencent and NetEase, as well as emerging players with strong product pipelines [3][22]. Advertising - The report indicates stable advertising spending from Q1 flash purchase advertisers, with AI applications like Canva and Afu being utilized in advertising strategies, suggesting continued growth in the advertising sector [3][22]. AI Developments - The report highlights the current phase of intensive AI development in China, recommending attention to companies involved in AI model iterations and applications across various sectors [3][22].

Get alerts: Tencent Music Entertainment Group, NetEase, Warner Music Group, Dolby Laboratories, Madison Square Garden Entertainment, Singing Machine, and Zeta Network Group are the seven Music stocks to watch today, according to MarketBeat’s stock screener tool. Music stocks are shares of publicly traded companies whose core businesses involve creating, distributing, monetizing, or supporting recorded and live music—examples include record labels and publishers, streaming services, music-rights managers, ...

However, in real game conditions, the path to the layup could be heavily defended. In that case, the open player standing outside the arc may have the easier shot, even though the distance is greater. That’s basically the Markov property. It’s a second-order analysis that derives probabilities from context rather than model presumption.To be clear, this lack of calculation doesn’t make the Wall Street standard pricing mechanism wrong — but it does make the outputted projections potentially suboptimal. That’ ...

今日热点导览 TOP 3 大新闻 贾国龙罗永浩被微博禁言，罗永浩朋友圈最新发声 1月15日21时50分许，新黄河记者从罗永浩方面有关人士确认，@罗永浩的十字路口 以及@西贝贾国龙 两个账号均被禁言。微博CEO王高飞"来去之间"发 布微博：以后想论战，应该还是需要通过媒体采访的方式来进行~~"网络名人账号行为负面清单……（八）组织约架论战。因个人争端和利益冲突等原 因，策划或组织网上论战骂战、线下约架，攻击竞争对手，挑起网络戾气，占用公共资源。" 1月16日晚间，贾国龙曾在"西贝人心声"账号发布题为《西贝遭罗永浩污蔑回应（一）》的微博。"我是贾国龙。现在还没到十点。我在这里，做出全面回 应。这是第一篇。因为今天，罗永浩公开回应的最后一句，再一次恶意煽动公共情绪。"贾国龙表示："我首先明确表达，自去年9月10日至今，我本人和 公司所有员工，没有针对罗永浩报过一次警，这些年西贝依法纳税合法经营，从来没搞过任何蝇营狗苟之事。"他还表示，其妻子张丽平报的唯一一次 警，是全家被人肉，连不到五岁的小孙女信息都被挖出来，妻子到香山派出所报警。去年罗永浩制造的网暴期间，全国西贝门店服务员被骂被打被逼下跪 数十次。目前该内容已不 ...

中经记者 许心怡 吴可仲 上海报道 一些大DAU（日活跃用户数）游戏正在UGC（用户生成内容）模式上发力——向玩家开放游戏内的美 术资产、音乐、玩法等，并提供易上手的编辑器，供玩家挥洒创意。 游戏厂商此举可以将一部分研发工作分摊给广大玩家，由他们创造出海量玩法，从而解决游戏内容研发 遇到的增长瓶颈问题。不仅如此，由玩家参与创意，还能激活社交传播，进一步完善商业模式。 在海外，不乏Roblox、《我的世界》等发展成熟的UGC平台。而此类平台未能在中国获得同样的人 气。不过，DataEye研究院负责人刘尊向《中国经营报》记者表示，UGC平台的模式在大DAU游戏中有 可能实现。在他看来，大DAU游戏自带庞大用户基数，并且国内游戏厂商已逐步完善扶持体系，解决 了此前创作者面临的工具和收益问题。 拓展玩家创作边界 2025年10月，《原神》在游戏内推出UGC模式"千星奇域"——玩家可以使用编辑器"千星沙箱"，调用 《原神》中海量的玩法功能与资产，在《原神》内创建自己的小游戏，供其他玩家游玩。 截至2026年1月3日，"千星奇域"模式吸引了超过3万名创作者，累计创作的地图关卡总游玩人次超过1.5 亿。这些UGC内容中，既 ...