Core Viewpoint - The article highlights the positive outlook for Chinese assets, with foreign investment increasingly favoring the Chinese stock market, projecting significant growth in the coming years [4][5]. Group 1: Market Performance - As of January 12, U.S. stock indices opened lower, with the Dow Jones down 0.46%, S&P 500 down 0.21%, and Nasdaq down 0.19% [1][2]. - In contrast, Chinese concept stocks saw a significant rise, with the Nasdaq Golden Dragon China Index increasing over 3.2% [2]. Group 2: Foreign Investment Sentiment - Goldman Sachs released a report on January 5, recommending an overweight position in Chinese stocks for 2026, citing a significant valuation discount compared to global peers [4]. - Multiple foreign institutions expressed optimism for Chinese assets by the end of 2025, predicting annual growth of 15% to 20% for the Chinese stock market in 2026 and 2027 [4]. Group 3: Structural Investment Opportunities - Fidelity International noted that the Chinese market presents strong attractiveness in 2026, driven by ongoing policy support creating structural investment opportunities [5]. - The "anti-involution" policy is expected to help companies return to substantial profit growth, with local firms making rapid advancements in technology and innovation [5]. Group 4: Notable Stock Performances - Specific Chinese concept stocks experienced significant gains, including Zhihu up over 21%, Kingsoft Cloud up over 18%, Agora up nearly 10%, Alibaba up over 8%, and others showing increases of 3% to 8% [5][6].

Core Viewpoint - Zhihu (ZH.US) experienced a significant increase of over 25%, reaching $4.45, driven by the shift in AI industry focus from computational power to application and commercialization [1] Group 1: Company Insights - Zhihu is leveraging a combination of high-quality content, expert networks, and AI capabilities to create stronger synergies in the AI era, enhancing its data and investment value [1] - The platform's high user engagement and trust in professional discussions are attracting valuable users and brand budgets, positioning Zhihu uniquely in the Q&A community [1] Group 2: Industry Trends - The integration of generative AI in Q&A expansion, personalized recommendations, and advertising creative generation is expected to improve both content supply and commercial conversion efficiency on the platform [1] - The deep fusion of AI applications is anticipated to unlock new monetization flexibility for Zhihu, benefiting from the advantages of large models and ample cash reserves [1]

Market Overview - The three major U.S. stock indices opened lower on January 12, with the Dow Jones down 0.81%, the Nasdaq down 0.23%, and the S&P 500 down 0.32% [1][2]. Index Performance - Dow Jones: 49,105.15, down 398.92 points (-0.81%) [2] - Nasdaq: 23,617.91, down 53.44 points (-0.23%) [2] - S&P 500: 6,944.28, down 22.00 points (-0.32%) [2] - China Golden Dragon Index: 7,892.47, up 196.85 points (+2.56%) [2] - Nasdaq 100 Futures: 25,730.25, down 208.00 points (-0.80%) [2] - S&P 500 Futures: 6,965.50, down 39.50 points (-0.56%) [2] Sector Performance - Technology stocks experienced a broad decline, with Intel falling over 3% and Nvidia down nearly 1% [2]. - Banking stocks collectively dropped, with American Express down over 4% and JPMorgan Chase down more than 2% [2]. Chinese Stocks - Chinese stocks surged against the trend, with the China Golden Dragon Index rising over 2% [2]. - Notable performers included Kingsoft Cloud, which rose over 16%, Zhihu up over 15%, Alibaba up nearly 5%, Xpeng up over 4%, and Baidu up over 3% [2].

来源：滚动播报 当地时间1月12日，美股中概股持续走强，知乎涨超25%，金山云涨超15%，虎牙、阿里巴巴涨超6%。 ...

海通国际在研报中指出，知乎凭借高黏性、高信任度的"专业讨论"场域，持续吸纳高价值用户与品牌预 算，并看好知乎在问答社区的独特卡位，叠加大模型红利与充足现金。"生成式AI在问答扩展、个性化 推荐及广告创意生成等场景的深度融合，有机会撬动平台内容供给与商业转化双端效率，带来新的变现 弹性。" 与此同时，以专业内容见长的平台有望在AI创新生态中受益，其中知乎被行业誉为AI创新产业 （300832）重要的"内容信源供应商"。品牌方认可知乎在建立专业认知与口碑方面的独特价值，常将其 作为内容营销与口碑建设的关键阵地。 据量子位智库报告显示，知乎专业内容被AI智能助手引用率达到29.9%，在内容社区中居首。在消费类 问题中，知乎内容被AI智能助手引用率高达62.5%，尤其在母婴、大健康等决策依赖专业知识的领域， 知乎内容占比分别达到28%和26%。 1月12日，AI概念股继续走强。知乎(02390)港股盘中一度涨超10%，收盘报9.97港元每股，上涨6.97%， 盘中成交明显放大。 投资层面上，中国银河（601881）证券指出，人工智能"泡沫"其担忧根本并非来自生产端，而是来自需 求端，当下生成式人工智能在AI应用层的提 ...

与此同时，以专业内容见长的平台有望在AI创新生态中受益，其中知乎被行业誉为AI创新产业重要 的"内容信源供应商"。品牌方认可知乎在建立专业认知与口碑方面的独特价值，常将其作为内容营销与 口碑建设的关键阵地。 据量子位智库报告显示，知乎专业内容被AI智能助手引用率达到29.9%，在内容社区中居首。在消费类 问题中，知乎内容被AI智能助手引用率高达62.5%，尤其在母婴、大健康等决策依赖专业知识的领域， 知乎内容占比分别达到28%和26%。 投资层面上，中国银河证券指出，人工智能"泡沫"其担忧根本并非来自生产端，而是来自需求端，当下 生成式人工智能在AI应用层的提升空间仍有待释放。 智通财经APP获悉，1月12日，AI概念股继续走强。知乎(02390)港股盘中一度涨超10%，收盘报9.97港 元每股，上涨6.97%，盘中成交明显放大。 随着AI搜索、AI智能助手应用的渗透，AI产业链的关注点正由早期的算力投入，逐步转向应用与商业 化落地。凭借"高质量内容 × 专家网络 × AI能力"产生更强的协同效应，知乎在AI时代和场景下的数据 价值和投资价值持续显现。 海通国际在研报中指出，知乎凭借高黏性、高信任度的"专业讨 ...

作为以专业讨论为定位的问答社区，知乎即将于2026年1月26日迎来15周岁生日。近日，知乎携手用户 启动15周年系列庆祝活动，包括重启社区首个问题"如何正确使用知乎"，发起15周年经验和故事征集， 共同回顾在知乎的创作历程，细数15年来，每个人对知乎不同的"打开方式"。 在知乎，大家相信"有问题，就会有答案"，但不必是唯一的正确答案。影评人张小北是知乎前一千名注 册用户，在知乎，他创作了4516条内容，先后获得了8个电影细分门类的优秀答主标签和"十年新知答 主"荣誉，创作领域也五花八门、涉猎丰富。在他看来，知乎没有所谓唯一正确的使用方式，"如果说知 乎有什么正确的用法，那就是我们仍然坚信互联网的分享精神，仍然相信人和人之间的分享是有意义 的。" 上海中医药大学附属龙华医院骨科医生孙悦礼在知乎创作了3792条医学科普内容，出版了9部科普图 书，他把陪伴自己11年的知乎"当成一个被问题反复打磨、被质疑持续修正、最终沉淀为长期价值的地 方，而不是即时反馈的自媒体流量平台"。相比确定性的标准答案，他更关注"看似普通、却始终没有被 好好回答的问题"，比如"怎么跑步不上膝盖"，他的回答帮助成千上万人纠正认知，健康运动。 ...

Core Insights - Zhihu, a professional Q&A community, is celebrating its 15th anniversary on January 26, 2026, marking its official launch in 2011 [1] Group 1 - Zhihu has initiated a series of celebratory activities for its 15th anniversary, including the revival of its first question, "How to use Zhihu correctly?" [1] - The community is also collecting experiences and stories from users to commemorate the milestone [1]

知乎-W(02390)发布公告，于2026年1月9日斥资11.66万美元回购9.9万股。 ...

智通财经APP讯，知乎-W(02390)发布公告，于2026年1月9日斥资11.66万美元回购9.9万股。 ...