互联网平台热搜价值研究报告 2026年3月 部门：研究洞察二部 ©2026 iResearch Inc. 目 录 CONTENTS 01 网络媒体热搜榜单发展史 02 用户获取热点内容的需求分析 03 重点热搜产品和热搜数据分析 04 典型热搜案例分析 05 热搜构成条件及社会影响力 06 热搜发展趋势 2 艾瑞咨询根据公开资料自主整理和研究绘制 ©2026.3 iResearch Inc. www.iresearch.com.cn 3 研究范围和执行方法 本次研究聚焦多种热点榜单生产平台，采用桌面研究、网络调查和大数据挖掘复合的研究方法 此次研究重点聚焦五类提供热搜或热点榜单服务的平台，包括综合社交媒体、综合资讯媒体、搜索引擎、短视频和知识问答社区。采用多种研究方法，包括公开渠道 的案头信息收集、面向用户的网络问卷调研和典型平台的热搜/热点榜单大数据挖掘与分析。 本次项目的平台研究范围 本次项目的研究方法 | 社交平台 | 综合资讯平台 | 搜索引擎 | 桌面案头研究 | 网络问卷调研 | 大数据挖掘分析 | | --- | --- | --- | --- | --- | --- | | 聚类各种信息内容的 ...

抖音、快手、腾讯、小红书、哔哩哔哩、微博等6家重点平台积极履行主体责任，近一个月以 来，深入清理虚假摆拍等违规短视频3.7万余条，处置违规账号3400余个，补充标注短视频60 余万条，并累计发布治理公告18期，曝光一大批典型案例。在此基础上，各重点平台先行先 试，对短视频内容标注功能进行优化，将内容标注入口提至短视频发布一级页面，方便用户进 行标注。 下一步，中央网信办将明确具体工作要求和工作进度安排，在全国范围内统一部署推进规范短 视频内容标注工作，并同步开展巡查取证，严惩未按要求进行标注的账号和主体责任落实不力 的网站平台，公开进行曝光。 据央视新闻报道，当前，网站平台关于短视频内容标注的标准和尺度不一，一些含有虚构演 绎、摆拍营销、AI生成等内容的短视频未进行规范标注，严重误导公众认知，扰乱社会秩序， 污染网络生态。 对此，中央网信办拟指导网站平台全面规范短视频内容标注—— 对短视频内容标注使用的标签进行规范，明确必须设置的标签种类。 将内容标注设为短视频发布的必经环节，引导用户对发布的短视频内容进行标注。 对存量短视频内容进行分批回溯和补充标注，推动实现应标尽标。 来源丨央视新闻 编辑｜黎雨桐 见习编 ...

Group 1: Social Media Stocks Overview - JOYY, Trump Media & Technology Group, Strive, and Weibo are highlighted as key social media stocks to monitor, based on their recent trading volumes [2] - Social media stocks are primarily valued on user growth, engagement metrics, advertising revenue, and data monetization, often exhibiting higher volatility due to user behavior changes and regulatory scrutiny [2] Group 2: JOYY Inc. Operations - JOYY Inc. operates various video-based social media platforms through its segments, BIGO and All Other, including Bigo Live, Likee, imo, Hago, and Shopline [3][4] - Bigo Live is a live streaming platform that allows users to host and watch live sessions, while Likee focuses on short-form video creation and sharing [3][4] - Hago integrates casual gaming with social features, and imo provides instant messaging services including audio and video communication [3][4] Group 3: Trump Media & Technology Group - Trump Media & Technology Group operates social media platforms including TRUTH Social, TMTG+, and TMTG News, and was founded on March 28, 2024 [4] Group 4: Strive and Weibo Operations - Strive (Asset Entities Inc.) offers social media marketing and content delivery services across platforms like Discord and TikTok, focusing on community server management [5] - Weibo Corporation operates as a social media platform in China, providing advertising and marketing services, along with value-added services to enhance user interaction and content discovery [6]

Core Viewpoint - Weibo Corporation (WB) is experiencing significant selling pressure, with a 12.3% decline over the past four weeks, but is now positioned for a potential trend reversal due to being in oversold territory and positive earnings expectations from analysts [1]. Group 1: Technical Indicators - The Relative Strength Index (RSI) is a momentum oscillator that indicates whether a stock is oversold, with readings below 30 typically signaling this condition [2]. - WB's current RSI reading is 26.07, suggesting that the heavy selling pressure may be exhausting itself and a trend reversal could occur soon [5]. - RSI helps identify potential entry opportunities for investors when a stock is undervalued due to unwarranted selling [3]. Group 2: Fundamental Indicators - There is a strong consensus among sell-side analysts that WB will report better earnings than previously predicted, with a 2.1% increase in the consensus EPS estimate over the last 30 days [7]. - An upward trend in earnings estimate revisions is generally associated with price appreciation in the near term [7]. - WB holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, indicating a strong potential for a turnaround [8].

证券研究报告 微博 (WB US) 2026 赛事广告大年，公司追加 AI 投入 2026 年 3 月 20 日│美国 互联网 当前视频业务竞争格局较为激烈，微博追加投入引发市场顾虑。管理层表示， 26 年 AI 与视频相关投入或占公司总投入的 50%以上。①投入聚焦于引入视 频博主，拓展原创视频、新知科普类内容及短剧供给，②强化 AI 对视频的 理解能力，以提升推荐效率。从用户参与度看，2H25 日均视频时长、人均 视频时长环比均实现双位数增长，视频创作者数量及视频数亦提升超 40%。 4Q 广告收入超预期，AI 竞争或拉动 1Q26 需求 我们认为，1Q26 微博广告有望受益于 AI 应用投放。管理层预计 26 年电商 及汽车行业将延续增长，而手机与游戏行业仍面临压力。4Q 广告收入同比 增长 4.7%至 4.04 亿美元（高于预期 6.7%），VAS 收入同比下降 2.1%至 0.69 亿美元；4Q 微博日活和月活用户分别为 2.5 亿（yoy-3.1%）与 5.7 亿 （yoy-3.9%）。分行业看，电商仍为核心增长驱动（受益于双十一），本 地生活投放维持高位，快消和汽车行业表现稳健；手机行业投放有所 ...

证券研究报告 微博 (WB US) 2026 赛事广告大年，公司追加 AI 投入 当前视频业务竞争格局较为激烈，微博追加投入引发市场顾虑。管理层表示， 26 年 AI 与视频相关投入或占公司总投入的 50%以上。①投入聚焦于引入视 频博主，拓展原创视频、新知科普类内容及短剧供给，②强化 AI 对视频的 理解能力，以提升推荐效率。从用户参与度看，2H25 日均视频时长、人均 视频时长环比均实现双位数增长，视频创作者数量及视频数亦提升超 40%。 4Q 广告收入超预期，AI 竞争或拉动 1Q26 需求 我们认为，1Q26 微博广告有望受益于 AI 应用投放。管理层预计 26 年电商 及汽车行业将延续增长，而手机与游戏行业仍面临压力。4Q 广告收入同比 增长 4.7%至 4.04 亿美元（高于预期 6.7%），VAS 收入同比下降 2.1%至 0.69 亿美元；4Q 微博日活和月活用户分别为 2.5 亿（yoy-3.1%）与 5.7 亿 （yoy-3.9%）。分行业看，电商仍为核心增长驱动（受益于双十一），本 地生活投放维持高位，快消和汽车行业表现稳健；手机行业投放有所回落， 主因国补退坡，同时内存涨价带来成本压力 ...

在投资的世界里， 利润代表过去，现金流代表现在，唯有叙事代表未来。 当一家年赚 4.49 亿美元、现金流稳定的平台公司，市盈率却跌到 5 倍左右时，问题往往不在 财报，而在叙事——资本市场从来不是给利润定价，而是给"未来"定价。 微博最新的财务数据呈现出了一个极具讽刺意味的悖论： 它拥有令人羡慕的盈利能力和健康的 资产负债表，却在资本市场上被当作一家即将停止增长的公用事业公司来对待。 在投资者的模型里，成长型公司享受的是未来现金流的折现，估值往往高达几十倍市盈率；而 存量资产享受的是当前分红和清算价值，估值通常维持在个位数。微博目前所处的，正是后 者。 【如需和我们交流可扫码添加进社群】 这种巨大的估值落差，不仅是个股层面的困境，更是整个中概互联网板块在特定历史周期下面 临的共同考题。当市场不再相信增长故事，即便真金白银的利润摆在面前，投资者依然会选择 用脚投票。 5倍市盈率的背后： 不是低估，而是"无增长定价" 从财报表面看，微博的表现并不差，甚至可以说相当稳健。 全年净利润 4.49 亿美元，同比增 长接近 50%，广告收入保持基本盘稳定，公司甚至还启动了分红计划。 这在当前的互联网行业环境中，已经算是极 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a current price of $8.64 and a target value of $13.35 [6]. Core Insights - The company is expected to see accelerated growth in advertising revenue, with plans to reinvest incremental income into its ecosystem and AI initiatives [3][10]. - The forecast for 2026 anticipates revenue of $1.846 billion, reflecting a 5% year-over-year growth, while adjusted net profit is projected to be $409 million, showing a decline of 7.1% [5][10]. - The report highlights that advertising revenue is stabilizing, driven by e-commerce and local service ads, with a notable increase in collaboration with Alibaba [10]. Financial Projections - Revenue projections for the upcoming years are as follows: - 2024: $1.755 billion - 2025: $1.757 billion - 2026: $1.846 billion - 2027: $1.925 billion - 2028: $2.008 billion - The EBITDA for these years is projected to be: - 2024: $544 million - 2025: $758 million - 2026: $592 million - 2027: $662 million - 2028: $696 million [5]. - The adjusted net profit is expected to be: - 2024: $479 million - 2025: $440 million - 2026: $409 million - 2027: $459 million - 2028: $482 million [5]. Valuation Metrics - The report estimates a price-to-earnings ratio (P/E) of 4.4 for 2024, increasing to 5.2 by 2026, with an expected return on equity (ROE) of 8.6% in 2024, declining to 6.8% in 2026 [5]. - The EV/EBITDA ratio is projected to decrease from 3.9 in 2024 to 3.0 in 2028, indicating a potential improvement in valuation over time [5].

For the full year 2025, management said total revenues were $1.76 billion, “relatively flat” year-over-year, including advertising revenue of $1.5 billion and VAS revenue of $255.6 million. Non-GAAP operating margin was 30%. Cao said full-year net income attributable to Weibo was $439.8 million, with diluted EPS of $1.65, and operating margin of 30% versus 33% in 2024.CFO Fei Cao reported GAAP operating income of $104 million for the quarter and net income attributable to Weibo of $66.4 million, with dilute ...

Core Viewpoint - Weibo Corporation reported fourth-quarter results that missed earnings expectations despite exceeding revenue forecasts, leading to a significant drop in share price [1] Financial Performance - Adjusted earnings per share for the fourth quarter were $0.25, below the analyst consensus estimate of $0.33 [1] - Revenue for the fourth quarter was $473.3 million, surpassing the estimate of $444.84 million and reflecting a 4% year-over-year increase [1] - Advertising and marketing revenue increased by 5% to $403.8 million, driven by strong demand from e-commerce and local services sectors [2] - Value-added services revenue declined by 2% to $69.5 million [2] - Total costs and expenses rose by 13% year over year to $381.7 million, primarily due to higher advertising production and marketing costs [2] - Adjusted operating income decreased to $100.4 million from $136.2 million in the prior year, with adjusted operating margin contracting to 21% from 30% [2] Annual Performance - For the full fiscal year 2025, Weibo reported revenue of $1.76 billion, flat compared to the prior year [3] - Adjusted earnings per share for the full year declined to $1.65 from $1.82 in 2024 [3] - The company's board approved an annual dividend of $0.61 per American Depositary Share, totaling approximately $150 million, payable around May 22, 2026 [3] - Weibo reported 567 million monthly active users in December 2025, with average daily active users reaching 252 million [3]