Core Viewpoint - The domestic AI large model sector is experiencing a vigorous development characterized by simultaneous "technological breakthroughs and commercial implementation," shifting from mere parameter competition to a fierce contest for actual value creation [1]. Group 1: General Large Models - Alibaba released its flagship reasoning model Qwen3-Max-Thinking in January 2026, achieving multiple global records with over one trillion parameters and a new "test-time expansion" mechanism that significantly enhances reasoning efficiency and performance, scoring 58.3 in the "Human Last Test" (HLE), surpassing GPT-5.2-Thinking and Gemini 3 Pro [3]. - Baidu launched its native multimodal model Wenxin 5.0 in December 2025, featuring over 2.4 trillion parameters and topping the LMArena text leaderboard with a score of 1451, marking it as the best in China [3]. - ByteDance's Doubao model version 1.8, released in December 2025, optimized for multimodal agent scenarios, has shown impressive growth with a daily token usage exceeding 50 trillion [3]. Group 2: Vertical Models - Baidu's Wenxin 5.0 has been applied in the education sector, collaborating with publishers to create "AI picture books" for special needs children [5]. - iFLYTEK continues to leverage its voice interaction advantages with its Xinghuo model, achieving significant commercial success in medical and government sectors through voice transcription and meeting minutes generation [5]. - Tencent's Mixuan model has made breakthroughs in 3D generation, with the open-source Mixuan World model 1.1 enabling rapid 3D world creation for industries like gaming and design [5]. - Baichuan Intelligent announced the full opening of the M3 Plus API, with its Baichuan-M3 model ranking first globally in the HealthBench medical evaluation with a score of 65.1, surpassing GPT-5.2 [5]. Group 3: Hardware Developments - The year is marked as the "Battle of Hundreds of Chips," with companies like Birun Technology delivering over 12,000 GPU chips and holding unfulfilled orders worth 822 million yuan as of December 2025 [8]. - Baidu's Kunlun chip is preparing for an IPO on the Hong Kong Stock Exchange, having released multiple AI processing units and achieving significant shipment volumes [8]. - Alibaba's Pingtouge plans to pursue a separate listing, alongside other companies like Moer Thread and Muxi Integrated Circuit, which are also preparing for IPOs [9]. - Current policies are supportive of the AI hardware sector, with overall positive trends in the market, exemplified by the strong performance of the Sci-Tech Semiconductor ETF (588170) [10][11].

Group 1 - The core viewpoint of the article highlights the positive impact of the Chinese New Year on tech stocks, particularly those related to AI applications, with companies like Tencent and Alibaba expected to benefit significantly from promotional activities [1] - Citigroup predicts that Alibaba's Tongyi Qianwen will also participate in the cash red envelope promotions, which historically attract significant consumer attention to internet companies' applications during the Spring Festival [1] - Based on recent stock performance, Citigroup's current preference ranking for AI concept stocks is Tencent > Alibaba > Baidu [1] Group 2 - Investment tools such as the Hong Kong Stock Connect Technology ETF (159101.SZ) and the Hang Seng Internet ETF (513330.SH) provide A-share investors with convenient access to the Hong Kong market, supporting T+0 trading for flexibility [2] - The Hong Kong Stock Connect Technology ETF has a high overlap with the Hang Seng Technology Index, featuring a combined weight of 31% for Alibaba and Tencent, while also including biotech and reducing exposure to automotive and retail sectors [1] - The Hang Seng Internet ETF has the highest market share for holdings in Tencent, Alibaba, and Baidu among similar products, with a combined holding ratio of approximately 36% [1]

Core Insights - The competition in the field of embodied intelligence is intensifying, with a shift from financing and technology showcase to practical implementation and profitability [1][19] - The investment landscape is characterized by a stark contrast, with significant capital inflow into leading companies while smaller firms face funding shortages [2][6] Investment Trends - As of December 21, 2025, over 600 investors have participated in more than 304 financing events in the embodied intelligence sector, with total funding reaching 37.9 billion yuan, marking a 2.95 times increase from 2024 and a 7.24 times increase from 2023 [3] - Major companies like Baidu, Lenovo, and Ant Group have collectively made 62 investments, with Baidu leading with 13 investments [4] Company Strategies - JD has rapidly invested in six robotics companies within three months, focusing on a "scene + full chain" approach, with an estimated total investment of nearly 4 billion yuan [5] - The top ten companies in the sector received 40.95% of the total funding, indicating a trend towards capital concentration among leading firms [6] Market Dynamics - The funding environment is becoming increasingly polarized, with mid-tier companies struggling to secure financing, leading to a potential shift in industry dynamics [6][7] - Notable companies like Yunji Technology and Dalu Robotics are facing severe financial crises, highlighting the risks for firms that fail to secure ongoing investment [7][8] Technological Challenges - The transition from technology showcase to practical application is critical, with investors now prioritizing companies that can demonstrate stable operations and profitability [9][10] - The industry faces significant challenges in achieving large-scale deployment of embodied intelligence solutions, particularly in adapting to complex real-world environments [12][13] Standardization Efforts - The establishment of the Embodied Intelligence Standardization Technical Committee aims to address the lack of unified standards, which has been a barrier to collaboration and cost reduction in the industry [17] - Collaborative efforts among companies to standardize components and data formats are expected to lower costs and improve efficiency in the sector [17][18] Future Outlook - The industry is expected to continue evolving, with a focus on long-term investment and iterative development, as companies strive to overcome technological and cost barriers [19] - The competition is set to intensify globally, with companies like Tesla aiming for ambitious production targets, indicating a critical period for the embodied intelligence sector [19]

Group 1: Company Analysis - Suotong Development (603612.SH) - The company is expected to achieve a net profit attributable to shareholders of 7.30-8.50 billion yuan in 2025, representing a year-on-year growth of 167.98%-212.03% [4] - The main reasons for the high growth include increased prices for prebaked anodes due to strong market demand and rising raw aluminum prices [5] - The company has seen significant growth in production and sales due to new capacity releases from joint ventures with quality downstream customers [5] - The company is the only listed company in the prebaked anode industry and has seen a substantial increase in overseas orders, enhancing its product recognition [5] - The implementation of digitalization initiatives has led to cost reductions and improved profitability [5] - The adjusted net profit forecasts for 2025-2027 are 8.22, 11.25, and 14.14 billion yuan, with corresponding EPS of 1.65, 2.26, and 2.84 yuan, maintaining a "Buy" rating [4][5] Group 2: Company Analysis - Gobiga (920438.BJ) - The company is expected to achieve a net profit of 0.28 billion yuan in 2025, a decrease of 59.6% year-on-year due to multiple factors affecting profitability [7] - The decline in profit is attributed to a lower sales proportion of high-margin specialty glass products and a decrease in overall gross margin by 17.67% [7] - The company is expanding its semiconductor materials and has secured orders worth 1.265 billion yuan for semiconductor glass substrates, indicating a solid growth trajectory [8] - The company plans to invest up to 1 billion yuan in a new specialty electronic fiber project, further expanding its capacity in high-growth sectors [8] - The adjusted revenue forecasts for 2025-2027 are 5.16, 9.20, and 13.26 billion yuan, with net profits of 0.28, 1.19, and 1.90 billion yuan, maintaining an "Accumulate" rating [7][8] Group 3: Industry Insights - The report indicates a potential commodity supercycle driven by geopolitical tensions and fiscal monetization in developed countries [11] - The domestic GDP is expected to improve marginally, with a strong outlook for the beginning of 2026, although consumption and investment remain under pressure [11] - The report suggests that RMB assets can serve as a hedge against sovereign credit crises in developed countries, maintaining a bullish outlook on A-shares and government bonds [11]

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry [5] Core Insights - The media industry has shown a positive performance with a 0.96% increase, outperforming both the CSI 300 (-0.62%) and the ChiNext Index (-0.34%) during the week of January 12-16 [12][13] - Key companies that performed well include Liansheng Technology, BlueFocus Communication Group, and Tiandi Online, while companies like Liou Holdings and Visual China faced declines [12][13] - The report highlights the acceleration of AI applications and commercialization in the industry, particularly in AI marketing and content services [4][42] Summary by Sections Industry Performance - The media industry increased by 0.96%, ranking 21st among all sectors in terms of performance [12][14] - Notable gainers included Liansheng Technology (34%), BlueFocus (26%), and Tiandi Online (24%) [13] Key Developments - Alibaba's Tongyi announced the open-source Qwen3-TTS series, enhancing voice generation capabilities [2][16] - ByteDance launched a new AI Agent platform, significantly improving workplace efficiency [2][17] - OpenAI is considering a revenue-sharing model based on AI-assisted research outcomes, moving away from traditional usage-based fees [2][18] - Tencent's AI application "Yuanbao" will distribute 1 billion yuan in cash during the Spring Festival, aiming to replicate the success of WeChat red envelopes [2][37] Box Office and Entertainment Data - The box office for the week of January 19-25 reached 261 million yuan, with "Return to Silent Hill" leading at 57 million yuan [19][21] - Popular TV shows included "Little Town Big Events" and "Pride and Prejudice" [24][25] - The gaming sector saw significant revenue from titles like "Whiteout Survival" and "Gossip Harbor" [28][31] Investment Recommendations - The report suggests focusing on AI marketing and content services, with specific attention to companies like Zhejiang Wenlian and Huimai Technology [4][42] - The gaming sector is expected to benefit from a strong product cycle, with companies like Giant Network and 37 Interactive Entertainment highlighted as potential investments [4][42] - In publishing, the report recommends monitoring companies like People's Daily Online and Xinhua News for potential growth [4][42]

业内人士表示，随着AI、云计算等战略性投入的不断加大，以及海外融资环境的积极变化，境内科技 企业正通过发行美元债、境外人民币债等多种工具，优化资本结构，支持长期创新发展。不少头部互联 网科技企业在国际债券市场上的表现也引人注目，不仅发债规模持续扩大，涉及品种也日趋多元，展现 出我国科技企业强劲的融资能力和信心。 海外发债成科技企业融资"新常态" 新华财经北京1月28日电（王菁）在全球人工智能竞赛日益激烈的背景下，境内头部互联网科技企业的 融资策略正发生一场静默而深刻的转向。 年初以来，快手科技在获惠誉首次"A-"主体信用评级后，迅速发行15亿美元优先票据和35亿人民币点心 债，完成其离岸债券市场的首次亮相，招标结果占优。由此，境内科技创新领域主体海外发债融资优势 与前景再度获得市场关注。 过去一年来，境内科技企业海外发债频率显著提升，发债结构也呈现明显的多元化特征。除传统的普通 公司债外，可转换债券、可交换债券以及境外人民币债券的发行日益活跃。 "在过去的12至15个月里，头部科技互联网企业发行更积极，融资安排也更加丰富。"惠誉评级亚太区企 业评级董事何景行对新华财经指出，"这一方面得益于美国降息周期带来的利 ...

Market Strategy - The market is experiencing a volume contraction while showing signs of recovery, with the semiconductor chip industry chain strengthening [5][8] - The overall A-share market index increased by 0.14%, with the Shanghai Composite Index rising by 0.18% and the Sci-Tech 50 Index leading with a 1.51% increase [8][9] - The semiconductor chip industry is supported by increased capital expenditure from TSMC, rising AI demand, and a strengthened domestic substitution logic due to trade uncertainties [10] Economic Insights - In 2025, the total profit of industrial enterprises above designated size in China is projected to reach CNY 73,982 billion, reflecting a year-on-year growth of 0.6% [18][19] - The People's Bank of China conducted a reverse repurchase operation of CNY 4,020 billion at an interest rate of 1.40% [20][21] - By the end of 2025, the entrusted investment scale of the basic pension insurance fund is expected to exceed CNY 2.98 trillion [23][24] Industry Dynamics - The EU has introduced policies to promote the recycling of regenerated plastics, requiring member states to ensure that 30% of materials in specific beverage bottles are made from recycled plastics by 2030 [27][28] - In 2025, China's shipment of cathode materials is expected to reach 4.987 million tons, with a total output value of CNY 274.39 billion, marking a year-on-year growth of 30.9% [29][30] - A coalition of multiple countries has signed the Hamburg Declaration to deliver 100GW of offshore wind power through large-scale joint projects [31][32] Company Tracking - China Merchants Securities (600999.SH) anticipates a 2025 net profit growth of 18.43%, with total revenue expected to reach CNY 24.9 billion [37][38] - Zhongsheng Pharmaceutical (002317.SZ) forecasts a net profit of CNY 260-310 million in 2025, representing a year-on-year increase of 186.91% to 203.62% [40][41] - Leksin Medical (300562.SZ) expects a net profit growth of 32.00% to 38.52% in 2025, with projected profits between CNY 81 million and 85 million [42][43] - Dongfang Securities (600958.SH) projects a 67.8% increase in net profit for 2025, with total revenue expected to reach CNY 15.34 billion [44][45] - Weijie Chuangxin (688153.SH) anticipates a net profit of CNY 45 million in 2025, marking a turnaround from losses [46][48] - Xiamen Tungsten (688778.SH) expects a net profit of approximately CNY 755 million in 2025, reflecting a growth of 41.83% [49][50]

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry [5]. Core Insights - The media industry has shown a positive performance, with a 0.96% increase, outperforming both the CSI 300 (-0.62%) and the ChiNext Index (-0.34%) during the week of January 12-16 [12]. - Key companies that performed well include Liansheng Technology, BlueFocus Communication Group, and Tiandi Online, while companies like Leo Group and Visual China faced declines [12]. - The report highlights significant developments in AI applications, particularly in marketing and content services, indicating a strong potential for investment opportunities in these areas [4]. Summary by Sections Industry Performance - The media sector's performance ranked 21st among all sectors, with notable weekly gains [12][14]. - The top gainers included Liansheng Technology (34%), BlueFocus (26%), and Tiandi Online (24%) [13]. Key Developments - Alibaba's Tongyi announced the open-sourcing of the Qwen3-TTS series, enhancing voice generation capabilities [2]. - ByteDance launched a new AI Agent platform, significantly improving workplace efficiency [2]. - Tencent's AI application "Yuanbao" will distribute 1 billion yuan in cash during the Spring Festival, aiming to replicate the success of WeChat red envelopes [2][37]. Box Office and Entertainment Data - The box office for the week of January 19-25 reached 261 million yuan, with "Return to Silent Hill" leading at 57 million yuan [19]. - Popular TV shows included "Little City Big Events" and "Pride and Prejudice" [24][25]. Investment Recommendations - The report suggests focusing on AI marketing and content services, with specific attention to companies like Zhejiang Wenlian and Huimai Technology [4]. - The gaming sector is expected to benefit from a strong product cycle, with companies like Giant Network and 37 Interactive Entertainment highlighted as potential investments [4]. - The publishing industry is also noted for potential growth, particularly with the GEO corpus catalyzing opportunities [4].

□ 大河财立方 记者 陈薇 1月26日，腾讯旗下AI助手"元宝"正式开启"元宝派"功能内测。不同于豆包、千问及手机厂商AI产品多 聚焦工作、消费等单一场景，"元宝派"锚定多人真实社交场景，成为腾讯发力AI社交赛道的重要布局。 作为腾讯混元大模型赋能的重点产品，元宝派深度打通微信、QQ两大社交生态，用户可自由创建或加 入主题化"派"社群，通过@元宝即可触发AI聊天总结、表情包生成等场景化服务。据悉，后续公测阶段 还将上线接入腾讯会议音视频能力的"一起看""一起听"功能，实现好友同步观影、听歌的沉浸式社交体 验。 AI切入社交场景，意味着其从被动响应指令的效率工具，升级为主动参与群体互动的"社交伙伴"，完成 了从"工具依赖"到"关系依赖"的关键转变，也为AI技术开辟了高频次、高黏性的全新应用场景。值得注 意的是，在元宝派内测前四天，即1月22日，百度文心App已披露正在内测多人、多Agent群聊功能，该 功能支持在同一群聊中调用多个AI角色，AI可根据讨论氛围主动应答，这也意味着头部企业对AI社交 赛道的布局已形成竞速态势。 相较于同行，腾讯虽非AI社交赛道的先发者，但其沉淀二十余年的社交生态优势，让元宝派构筑了 ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 【公司评论】 特斯拉 2025Q4 业绩前瞻 【行业评论】 互联网行业周报 【宏观经济评论】 第一上海——First Call 一月策略（二） 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400-882-1055 服务邮箱：Service@firstshanghai.com 网址：www.mystockhk.com 第一上海证券有限公司 www.mystockhk.com 总第 4952 期 2026 年 1 月 27 日 星期二 研究观点 第一上海 新力量 New Force 【公司评论】 | 李京霖 | | --- | 852-25321957 jinglin.li@firstshanghai.com.hk 唐伊莲 alice.tang@firstshanghai.com.hk | 行业 | 汽车 | | --- | --- | | 股价 | 449.06 美元 | | 市值 | 1.49 万亿美元 | | 总股本 | 33.26 亿股 | | 52 周高/低 | 499 ...