互联网行业周报：智谱、MiniMax上市在即，关注AI应用生态布局进展-20260106

Investment Rating - The report maintains a positive investment rating for leading internet companies in the AI sector, such as Tencent Holdings, Kuaishou, Bilibili, and Meitu [1][8]. Core Insights - The report highlights the accelerated iteration of various AI applications and edge-side developments, emphasizing the strong performance of companies with leading positions in the AI field [1]. - It notes significant upcoming IPOs, including Zhihua Technology and MiniMax, which are expected to enhance the AI application ecosystem [8]. - The report provides a detailed overview of the market performance, indicating a mixed performance across different indices, with the Hang Seng Internet Technology Index rising by 4.96% [14][20]. Industry Overview - The industry comprises 160 listed companies with a total market capitalization of approximately 1,944.9 billion [4]. - The report indicates a total circulating market value of about 1,790.1 billion [4]. - The absolute performance over the last month shows a decline of 2.0%, while the 6-month and 12-month performances are up by 11.3% and 16.4%, respectively [6]. Company Performance - Tencent Holdings saw a weekly increase of 3.32%, while Bilibili-W and Kuaishou-W increased by 4.28% and 2.55%, respectively [20]. - The report emphasizes Tencent's strong revenue growth in various segments, including gaming, social networking, and marketing services, with a notable increase in adjusted net profit [22][23]. - Kuaishou's user engagement metrics improved, with DAU and MAU reaching 4.16 billion and 7.3 billion, respectively, indicating a 2.1% and 2.4% year-on-year growth [23]. - Bilibili's advertising revenue grew by 23% year-on-year, driven by improved ad supply and effectiveness [24].