1月18日，顾客在南山区的INNO100全球创新旗舰店体验外骨骼穿戴设备。 新华社发 1月27日，南山区八届人大六次会议开幕，记者从会上获悉，2025年南山区成功迈入万亿城区，成为我 国首个GDP过万亿元的地市辖区。南山区区长李小宁作政府工作报告时表示，南山经济体量相比"十三 五"期末的6527亿元，5年跨上了4个千亿级台阶，年均增长率5.8%以上。 南山速度 "破万亿"的背后，是蓬勃发展的企业集群。目前，南山区上市公司已超200家，数量比肩一些省份。 南山区科技创新局局长张景平说，南山持续优化创新环境，服务区域60多万家经营主体，推动构建"大 企业顶天立地、中小企业铺天盖地、创新企业开天辟地"的"热带雨林"生态。 经过多年发展，南山科技园集聚腾讯、大疆等大型科技企业总部，拥有6家软件百强、7家互联网百强企 业。数据显示，2025年南山区软件和互联网产业营收超9000亿元，持续巩固产业集聚发展优势。南山区 工业和信息化局局长向天野表示，目前南山已拥有20余家机器人整机企业、超200家上下游企业、超千 家人工智能规上企业。 郭万达表示，南山的经济发展实践表明，以科技创新突破资源的瓶颈和限制，凸显新质生产力的强劲 ...

本文源自：市场资讯 作者：智投君 港股通成交数据披露（沪深合计） 证券简称成交金额净买入额收盘价涨跌幅腾讯控股 0070043.07亿港元10.15亿港元599.50港元7.60%小米集团－Ｗ 0181030.90亿港元8.22亿港元35.22港元-28.10%泡泡玛特 0999214.19亿港元6.13亿港元217.60港元-9.10%钧达股份 0286528.21亿港元1.47亿港元36.44港元-65.60%中国海洋石油 0088333.93亿港元1.07亿港元23.34港元40.10%长飞光纤光缆 0686913.71亿港元-0.06亿港元62.80港元178.20%中芯国际 0098132.43亿港元-0.78亿港元75.55港元-32.70%老铺黄金 061819.28亿港元-0.79亿港元849.50港元78.00%中国人寿 026287.07亿港元-1.07亿港元32.18港元20.30%阿里巴巴－Ｗ 0998856.22亿港元-2.35亿港元165.20港元-19.60%盈富基金 0280010.42亿港元-10.36亿港元26.98港元0.70%紫金矿业 0289933.65亿港元-10. ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling HKD 8.26 billion on January 26, with notable net selling in major stocks like China Mobile and Zijin Mining, while Tencent and Xiaomi saw net buying. Group 1: Northbound Capital Flow - Northbound capital had a net selling of HKD 8.26 billion, with HKD 1.87 billion from Shanghai Stock Connect and HKD 6.38 billion from Shenzhen Stock Connect [1] - The stocks with the highest net buying included Tencent (00700), Xiaomi Group-W (01810), and Pop Mart (09992) [1] - The stocks with the highest net selling included China Mobile (00941), Zijin Mining (02899), and the Yingfu Fund (02800) [1] Group 2: Individual Stock Performance - Alibaba-W had a buy amount of HKD 18.08 billion and a sell amount of HKD 19.36 billion, resulting in a net outflow of HKD 1.28 billion [2] - Tencent Holdings had a buy amount of HKD 15.18 billion and a sell amount of HKD 10.46 billion, resulting in a net inflow of HKD 4.72 billion [2] - Xiaomi Group-W had a buy amount of HKD 12.76 billion and a sell amount of HKD 7.49 billion, resulting in a net inflow of HKD 5.27 billion [2] Group 3: Market Reactions and News - Tencent received a net buying of HKD 10.15 billion, with Chairman Ma Huateng announcing 2025 as the "AI Year" and launching a cash activity worth HKD 1 billion for its AI application [4] - Pop Mart received a net buying of HKD 6.13 billion, with Citigroup expecting growth driven by IP diversification and product innovation [5] - Zijin Mining faced a net selling of HKD 10.76 billion, with reports of significant sell orders in the A-share market [7]

据悉，2015年春晚，腾讯曾通过微信摇一摇发放5亿元现金红包，除夕当晚参与用户达2000万，红包收 发总量超10亿个，峰值互动次数达每分钟8.1亿次，成功将数亿用户绑定至其生态之下，显著增强了微 信支付的影响力。10年后，腾讯再次罕见派发巨额现金红包，借助春节这一超级社交场景，助力腾讯 AI应用推广。 腾讯内部人士还透露，元宝即将上线全新玩法，已开启内测邀约，官方公布的产品界面图中已新增一个 名为"派"的底tab入口。 智通财经APP获悉，1月25日，腾讯(00700)官方账号发文称，为回馈广大用户，元宝将在2月1日开启新 春活动，分10亿现金红包，单个红包金额最高可达万元。腾讯方面相关人士透露，上述红包金额可以从 元宝直接提现到微信。腾讯董事会主席马化腾在今日召开的腾讯年会上回应称，希望重现当年微信红包 的盛况。他还提及，元宝要做社交类产品元宝派，并表示这本来是绝密的项目。 ...

腾讯控股 增持 我们认为进入 2026 年后腾讯投资主题是的"基本面加选择权"：核 心引擎（微信生态、广告和游戏）仍具韧性，且我们预计人工智 能叙事对股价方向的影响将大于盈利上调。腾讯历来对新平台转 型采取的是一种审慎的、集成为先的方法，我们认为其生成式 AI 的推出在可见模型展示和独立应用程序势头方面与一些同业相比 处于较早阶段，因为管理层在规模扩展之前似乎优先考虑了可靠 性、合规性和生态系统契合度。我们认为，这种定位导致该股股 价中"人工智能比重"偏低。如果腾讯在 2026 年展示出明确的执行 力和产品市场契合度，则有望创造上行选择空间。对于即将发布 的 2025 年 4 季度业绩，我们预计整体财务轨迹将基本保持在正常 轨道，主要争论焦点是宏观环境疲软是否会影响广告等周期性行 业。投资者的注意力应集中在关于人工智能的信号，因为它们能 够改变市场情绪和公司基本面：2026 年资本支出强度和节奏、 GPU/AI 芯片采购和供应可见性（包括国内供应和替代供应构成的 任何变化）、基础模型（尤其是多模态和推理）的质量和迭代节 奏的具体进展，以及最重要的是通过微信（搜索/信息流/小程序工 作流程）进行分销引领型变现的 ...

Core Insights - The Schwab Emerging Markets Equity ETF (SCHE) offers lower costs and higher yields compared to the iShares MSCI Emerging Markets ETF (EEM), which has a longer history and greater tech exposure [1][4][10] Cost and Size Comparison - SCHE has an expense ratio of 0.07%, significantly lower than EEM's 0.72%, which could lead to compounded savings over time [3][4] - As of January 22, 2026, SCHE's one-year return is 28.4%, while EEM's is 37.9% [3] - SCHE has a dividend yield of 2.9%, higher than EEM's 2.2% [3][9] - SCHE has assets under management (AUM) of $12.0 billion, compared to EEM's $25.1 billion [3] Performance and Risk Comparison - Over the past five years, SCHE's maximum drawdown is -35.70%, while EEM's is -39.82% [5] - The growth of $1,000 invested over five years is $1,036 for SCHE and $1,044 for EEM [5] Holdings and Diversification - EEM tracks large- and mid-cap companies with a 30% tilt towards technology, while SCHE has a 22% tech exposure and holds over 2,100 stocks, making it more diversified by company count [6][7] - EEM's top holdings include Taiwan Semiconductor Manufacturing, Tencent Holdings, and Samsung Electronics, which make up 21.5% of its assets [6] - SCHE's top holdings also feature Taiwan Semiconductor, Tencent, and Alibaba Group, comprising nearly 22% of its assets [7] Investment Implications - Both SCHE and EEM provide passive investment opportunities in emerging markets, holding over 1,000 stocks each [8] - The significant difference in expense ratios suggests that SCHE may be a more cost-effective option for investors seeking exposure to emerging markets [10]

Tencent Holdings ( TCEHY ) ( TCTZF ) still offers an opportunity to get a part of one of China’s most powerful tech giants at a good price, standing to benefit fromI've been researching companies in-depth for over a decade, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many emerging market stocks, which I believe could help me provide useful content for readers. After writing my own blog for about 3 years, I decided to switch to a value investing-focused YouTube ch ...

Core Insights - Tencent Holdings presents an investment opportunity as one of China's leading tech giants, with favorable pricing for potential investors [1] Group 1: Company Overview - Tencent Holdings is recognized as a powerful player in the technology sector in China [1] Group 2: Investment Perspective - The company is positioned to benefit from various market dynamics, making it an attractive option for value investors [1]

该行认为，腾讯在微信生态系统、广告和游戏业务的核心引擎仍具韧性，且预期人工智能对股价走势的 影响将超越盈利上升的预期。相较同业，腾讯的生成式AI布局在模型展示与独立应用动力方面仍处于 更早期阶段，因管理层会优先考虑可靠性、合规性与生态系统契合度，而非规模扩张。这个定位使其股 价未被过度"AI溢价"，如果公司今年能展现明确执行力与产品市场契合度，将创造上行价值。 对于腾讯即将公布2025年第四季财报，该行预期整体财务走势将大致保持在正轨，主要争议点在于宏观 经济疲弱会否影响广告等周期性业务，建设投资者应关注能同时影响市场情绪和基本面的AI信号。 摩根大通发布研报称，预计腾讯控股(00700)第四财季总收入同比增12%至1,937亿元人民币，与市场预 期一致; 经调整净利润料为656亿元人民币，经调整净利润率升2个百分点至34%; 经调整每股盈测7.13元 人民币。另外，该行下调公司2026年经调整每股盈测1%，维持目标价750港元，评级"增持"。 ...

对于腾讯即将公布2025年第四季财报，该行预期整体财务走势将大致保持在正轨，主要争议点在于宏观 经济疲弱会否影响广告等周期性业务，建设投资者应关注能同时影响市场情绪和基本面的AI信号。 智通财经APP获悉，摩根大通发布研报称，预计腾讯控股(00700)第四财季总收入同比增12%至1,937亿 元人民币，与市场预期一致; 经调整净利润料为656亿元人民币，经调整净利润率升2个百分点至34%; 经 调整每股盈测7.13元人民币。另外，该行下调公司2026年经调整每股盈测1%，维持目标价750港元，评 级"增持"。 该行认为，腾讯在微信生态系统、广告和游戏业务的核心引擎仍具韧性，且预期人工智能对股价走势的 影响将超越盈利上升的预期。相较同业，腾讯的生成式AI布局在模型展示与独立应用动力方面仍处于 更早期阶段，因管理层会优先考虑可靠性、合规性与生态系统契合度，而非规模扩张。这个定位使其股 价未被过度"AI溢价"，如果公司今年能展现明确执行力与产品市场契合度，将创造上行价值。 ...