摩根大通将2026年定义为消费级AI"激活年"。由于应用层护城河尚未稳固，报告建议投资者避开单一应用赢家的博弈，转而锁定Token消耗激增、营销 大战买量红利及AI压缩内容生产周期的"二阶受益者"，并提到阿里、腾讯、百度、网易、快手等。 1月30日，摩根大通中国证券研究团队发布中国互联网行业研究报告《2026年展望：交易AI二阶受益者》。报告围绕中国消费级AI、企业AI、智能体商 业及游戏等多个方向展开， 核心判断并不在于"谁会赢"，而在于"哪些环节先受益、且更容易被市场交易"。 不急于判断"应用赢家"，市场尚未准备好定价 摩根大通在报告中明确指出： " 目前就中国聊天机器人市场中的'AI应用赢家与输家'进行交易还为时过早 ，因为行情仍在酝酿之中，短期的份额变动反映的是分发和产品迭代节奏，而不是坚 实的护城河。" 在其看来，早期的用户指标和市占变化，并不足以支撑对结构性结果的判断。报告强调： "在我们看来，一种可行的投资方法是在现阶段避免非黑即白地押注应用层面的赢家，但是 瞄准行业推进 AI 互动过程中的受益者，后者的上行空间更多取决于采 用广度，而非单一应用的市场份额。 " 2026年或成"激活年"，聊天机 ...

Group 1: Market Reaction - The prices of gold and silver experienced significant declines, with gold dropping over 12% to a low of $4682 per ounce, marking the largest single-day drop in 40 years, and closing down 9.25% at $4880 per ounce [2] - Silver saw an unprecedented drop of over 36%, reaching a low of $74.28 per ounce, and closing down 26.42% at $85.259 per ounce [2] - The U.S. stock market indices collectively fell, with the Dow Jones down 0.36%, S&P 500 down 0.43%, and Nasdaq down 0.94%, reflecting increased market concerns [3] Group 2: Influencing Factors - The sell-off in gold and silver was triggered by a rebound in the U.S. dollar, following reports of President Trump's nomination of Kevin Warsh as the new Federal Reserve Chairman, which was later confirmed [2][4] - Standard Chartered's global head of commodity research noted that the market was already due for a correction, and the announcement of the Fed Chair nominee, along with broader macroeconomic factors, acted as catalysts for profit-taking [2] - The U.S. dollar index saw a significant increase, marking its largest single-day rise since July of the previous year, which negatively impacted investor confidence in gold and silver [2] Group 3: Sector Performance - The gold sector faced substantial losses, with major companies like Newmont down 11.52%, Barrick Gold down 12.09%, and AngloGold down 13.28% [3] - The technology sector also experienced declines, with major tech stocks like Meta and TSMC dropping nearly 3%, while Amazon fell by 1% [3] - Chinese concept stocks saw a downturn, with the Nasdaq Golden Dragon China Index closing down 2.36%, and individual stocks like Bilibili and Li Auto dropping over 3% [3]

NetEase, Inc. (NASDAQ:NTES) is one of the Top 15 Chinese Companies on US Exchanges. On January 20, NetEase, Inc.’s (NASDAQ:NTES) music arm, NetEase Cloud Music, and Universal Music Group (UMG) announced a strategic partnership for UMG’s world-leading music catalog of recordings and artists. NetEase Becomes a Distributor for Universal Music Group in China, Set to Support Local Talent Photo by Caught In Joy on Unsplash The partnership is a multi-year licensing agreement under which UMG’s music will be av ...

机构：中金公司 研究员：张雪晴/白洋/余歆瑶 预测4Q25 收入同增7% 我们预计公司4Q25 收入同增7%至285 亿元（vs.彭博一致预期288 亿元），Non-GAAP净利润同降15% 至82.5 亿元（vs.彭博一致预期92.3 亿元），主要考虑其可能的投资损失及汇兑损失影响。 关注要点 旗舰产品流水稳健释放，新品出海表现亮眼。 我们预期公司在线游戏服务收入4Q25 同增7%。其中： 1）《梦幻西游》PC得益于畅玩服递延流水在季度内持续确认，我们预计同比实现显著增长。2）《梦 幻西游》手游延续良好态势；《蛋仔派对》通过持续的节日及运营活动，用户活跃度与流水预计进一步 回暖。3）《燕云十六声》国服流水保持稳健；海外版于11 月中下旬上线后表现强劲，首月玩家规模突 破1500 万并登顶多地区榜单，我们认为有望逐步贡献流水增量。《漫威争锋》Steam畅销榜排名自25年 11 月起逐步攀升，进一步验证公司全球化能力。 2026 年产品管线充裕，重点作品奠定增长基础。 1）《遗忘之海》（海洋冒险RPG）将于2026 年2 月开 启新一轮测试，公司表示计划于2026 年上线。2）《星绘友晴天》（生活模拟派对游戏） ...

DataEye《2025年度手游APP买量数据报告》今日正式发布。 本报告聚焦手游APP赛道，报告从素材投放量、投放游戏数、投放趋势以及买量题材等多个维度观察国 内手游APP行业买量投流数据，为国内游戏从业者提供有价值的数据参考。 一.手游APP买量大盘 （一）手游APP投放素材量情况 手游APP素材量突破5162万，行业新投放格局形成。国内手游APP投放素材量连续三年增长，但增速快 速下滑。 从核心动因来看，人口红利耗尽导致买量边际效应递减、广告合规监管抬高投放门槛、厂商预算从"分 流对量"转向"集中提质"，再加上短剧、小游戏抢占手游APP投放资源，而 AI、漫剧等素材盛行导致审 查趋严（合规性压力加大），多重因素共同压低了素材量增速。 手游行业的买量竞争已从"数量战"转向"质量战"。目前市场愈发重视效能、合规以及创新，新的投放格 局已经形成。 （二）手游APP在投游戏数情况 在投游戏数同比增长17%，版号大增驱动优质供给。国内手游APP在投游戏数呈现2025年回升走势，全 年在投游戏数超过2.3万款，同比2024年增长超过17%，同时在投游戏数也超过2023年。 国内手游行业从低质供给过剩、中小厂商出清的 ...

Group 1 - The core viewpoint of the article emphasizes that the China Railway Group has declared the 12306 platform as the only official ticket sales channel, stating that it has not partnered with any third-party platforms and will enhance its system to combat ticket scalping [2][3] - The China Railway Group's passenger department director, Zhu Wenzhong, highlighted the negative impact of third-party platforms on the stability of the 12306 system and announced plans to optimize the risk control system for effective identification [3] - The railway authority is focusing on four key areas for ticket sales organization: addressing the needs of students, workers, and the elderly; introducing a limited-time free refund policy for erroneous purchases; continuously improving ticket sales strategies; and ensuring the stable operation of the 12306 system [5] Group 2 - The article mentions that the 2026 Spring Festival travel period is expected to see a record 9.5 billion person-times of cross-regional movement, with self-driving travel being the main mode of transport, accounting for about 80% [6] - The article also notes that the total passenger volume for railways and civil aviation is projected to reach 540 million and 95 million respectively during the Spring Festival travel period, with both figures expected to exceed historical peaks [6]

（文章来源：每日经济新闻） 每经AI快讯，1月30日，热门中概股涨跌不一，纳斯达克中国金龙指数收涨0.35%，富途跌超2%，哔哩 哔哩、网易跌超1%，蔚来涨超3%，好未来涨超18%。 ...

Group 1 - Lee & Man Paper Manufacturing (02314) rose nearly 6% after Nine Dragons Paper announced a profit forecast of approximately 2.15 billion to 2.25 billion yuan for the six months ending December 31, 2025, representing a year-on-year increase of 216.0% to 230.7% [1] - New Oriental Education (09901) increased nearly 4% following the release of its financial results for the second quarter of fiscal year 2026, showing a 14.7% year-on-year increase in net revenue and a 244.4% rise in operating profit [1] - Jolywood (06680) surged nearly 7% as rare earth prices continued to rise, with neodymium and praseodymium oxide prices increasing by over 120,000 yuan per ton [1] Group 2 - Chinese property management stocks saw a significant rise, with Sunac Services (01516) up 5.67% and Greentown Services (02869) up 5.81%, as a report predicted an average revenue growth of 6% for property management companies by 2025 [2] - Valiant Pharmaceuticals (09887) gained nearly 4% after receiving FDA fast track designation for its dual-specific antibody LBL-034 for treating relapsed/refractory multiple myeloma [2] - The commercial aerospace sector showed signs of recovery, with Junda Co. (02865) rising 12.1% as the China Aerospace Science and Technology Corporation emphasized the importance of the next decade for developing a strong aerospace industry [2] Group 3 - Aigo Group (00328) experienced a dramatic drop, falling over 88% at one point, with a total market value dropping below 35 million HKD [3] - China Overseas Development (00688) rose over 4.2% as Citigroup's report indicated that the Chinese real estate sector would face significant impairment and margin decline challenges in fiscal year 2025 [3] - Yuegangwan Holdings (01396) increased by 8% after announcing a share placement to raise 108 million yuan, with about 70% allocated for AI computing power cloud service projects [3] Group 4 - Junda Co. (02865) saw a rise of 11.99% as the China Aerospace Science and Technology Corporation held a meeting emphasizing the need to overcome challenges in commercial rocket launches and reusable technology [4] Group 5 - In the US market, New Oriental (EDU.US) rose 5.32% after reporting a net revenue of 1.191 billion USD for the second quarter of fiscal year 2026, a 14.7% year-on-year increase [5][6] - Semiconductor equipment and materials sector saw gains, with Texas Instruments (TXN.US) up 9.94% as it projected first-quarter revenue between 4.32 billion and 4.68 billion USD, slightly above analyst expectations [5] - Storage sector stocks surged, with Seagate Technology (STX.US) up 19.14% as it projected third-quarter revenue of 2.9 billion USD, significantly higher than analyst estimates [5]

中金发表研报，预计网易2025年第四季度业绩将平稳过渡，收入预计按年增长7%至285亿元，略低于市 场预期的288亿元；由于可能出现的投资损失及汇兑损失影响，预计非通用会计准则净利润按年下降 15%至82.5亿元，低于市场预期的92.3亿元。该行维持对网易"跑赢行业"评级，港股目标价为275港元。 报告指出，网易旗舰游戏《梦幻西游》系列持续贡献稳定，其中PC版因畅玩服递延流水在季度内持续 确认，预计实现显著按年增长。手游版则延续良好态势，而《蛋仔派对》通过持续节日活动营运，用户 活跃度与流水预计进一步回暖。新作方面，《燕云十六声》国服流水保持稳定，其海外版自去年11月中 下旬上线后表现强劲，首月玩家规模突破1,500万并登顶多个地区榜单，有望逐步贡献。此外，网易 2026年产品储备丰富，将为未来增长奠定基础。 ...

明星科技股分化，英伟达涨1.59%，谷歌涨0.38%，微软涨0.22%，特斯拉跌0.10%，Meta，亚马逊和苹果跌 逾0.6%，苹果跌0.7%，甲骨文跌1.20%。 纳斯达克中国金龙指数涨0.32%，阿里巴巴涨1.70%，网易涨1.46%，百度涨0.02%，京东跌0.92%，拼多多 跌3.84%。 2026.01. 29 本文字数：1315，阅读时长大约2分钟 作者 | 第一财经 樊志菁 周三美股涨跌互现，投资者消化最新美联储利率决议，并等待多家科技巨头盘后公布业绩。截至收盘，道指 涨12.19点，涨幅为0.02%，报49015.60点，纳指涨0.17%，报23857.45点；标普500指数微跌0.01%，报 6978.03点，盘中历史首次突破7000点大关。 半导体设备巨头阿斯麦高开低走跌2.1%，公司2025年第四季度净销售额达97亿欧元，创纪录新高，超出市 场预期。受人工智能芯片制造产能投资扩大推动，公司2025年第四季度的订单额达132亿欧元，是分析师平 均预期的2倍。阿斯麦还上调了业绩展望，预计2026年全年销售额将在340亿欧元至390亿欧元之间，而分析 师的预期为350亿欧元。 北京时间周四凌 ...