和过去的内容风口类似，热度急速攀升"AI漫剧"呈现出了冰火两重天。 一方面，"财富自由""月入千万""一天做一部""日流水暴增900%"的成功叙事铺天盖地，据深网报道，从短剧转型而来的"酱油文化"透露公司的 漫剧业务单月收入已增长至 5000 万元，全年营收达 10 亿元、净利润约 2~3 亿元，公司规模迅速扩张至千人。 平台们的跑步入场，更是进一步推高了市场对AI漫剧行业的期待。 字节跳动在去年10月就推出了"红果漫剧APP"，并宣布为精品漫剧提供每分钟最高3万元、单部超百万元的保底；番茄小说则开放超 6 万部 IP 改编权，并 配套改编补贴。 而腾讯虽迟但到，就在昨天上线了独立漫剧APP"火龙漫剧"，采用竖屏免费模式，单集时长多集中在1—3分钟，目前已上线超过1700部漫剧作品。此前腾 讯生态中，漫剧主要存活在微信里，根据今年1月微信公开课PRO上的微信短剧生态数据，漫剧上架增长3380%，是增长最快的细分赛道。 除此之外，快手、百度、爱奇艺、阅文、中文在线等公司也均在AI漫剧领域有所下注。据新京报，截至2025年年底，AI漫剧日均付费GMV突破1000万， 2025年行业规模达到248亿元。 但另一方面 ...

Core Insights - The article discusses the increasing competition in the comic drama (漫剧) sector, with major companies like Tencent, Baidu, and ByteDance launching independent apps to capture market share [2][4][5]. Group 1: Company Developments - Tencent launched its independent comic drama app, "Fire Dragon Comic Drama," on February 4, offering free content with episodes lasting 1-3 minutes [3][4]. - Tencent's CEO, Ma Huateng, indicated that the company is responding to the impact of short dramas by exploring ad-driven products, which may include both short and long dramas [3][4]. - Tencent has also engaged in content procurement, spending 23.2 million yuan on animated micro-dramas from Chinese Online [4]. Group 2: Industry Trends - The comic drama sector is characterized by rapid growth, with significant investments and policy upgrades from various video platforms since January [6][7]. - The market for animated micro-dramas is projected to reach 18.98 billion yuan by 2025, reflecting a 276.3% increase from the previous year, with total views expected to exceed 70 billion [6][7]. - Analysts suggest that the rise of comic dramas is a response to the growing demand for content that appeals to the "two-dimensional" fanbase, which has not been fully addressed by traditional short dramas [6][7]. Group 3: Technological Advancements - The expansion of the AI comic drama industry is driven by advancements in AI technology, which enhances the efficiency of content production processes [7]. - New AI models from companies like Kuaishou and ByteDance are expected to revolutionize the production of comic dramas, indicating a structural transformation in the industry [7].

文 ｜ 阑夕 前几天看了一篇报道，说中国云厂商打价格战，最后直接打出了1-2折的慈善价，导致连云计算这么一个印钞机产业都变成了利润黑洞，大家都盈利困 难。 如果我们做什么生意，最后都是以打掉赚钱的空间为代价，来占据绝对的市场份额，这一定是不健康且不可持续的。 尤其是「反内卷」三番五次的登上政策公文，说明自上而下都意识到了「留得青山在」的长期价值，榨干最后一块铜板从来不是正确的商道。 只是，在预期和结果之间，最深的一条鸿沟，永远是怎么做。 这也不是简单的平台让利，如果只是「阳光普照」，那就意味着无论商家质量好坏都能享有同样的福利，这未尝不是另一种不公平。 真正促使整个电商行业都在跟进这场全局扶助政策的原因，还是在于抖音电商找到了从治标到治本的最优路径： 内卷的本质，是没有退出的有效机制，上游拥挤导致供给过剩，最后就只剩下定价的残酷厮杀，而让扶持政策的受益方尽可能的和优质商家重叠，才是 「把好钢用在刀刃上」的理想结果。 于是，在2026年的第一个月，抖音电商选择加码「九大商家扶持政策」，做了外科手术式的精细化升级。 所以在看到今年初抖音电商的扶商政策不但有了合订本，还启动了第二季，这个由平台出手兜底的系统化解法， ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 快手科技（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 | B | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01024 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 81024 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 8,667,725,263 | USD | | 0.0000053 USD | | | 45,938.94 | | 增加 / 減少 (-) | | | | | | ...

Group 1 - Everbright Securities maintains a "Buy" rating for Baidu Group-SW, citing short-term pressure on advertising but stabilization trends, with AI cloud growth logic remaining intact [1] - China Hongqiao's target price raised to HKD 45 by CMB International, driven by a persistent global aluminum supply-demand gap until 2026-27, leading to a 27% and 12% upward revision in profit forecasts [1] - CMB International initiates a "Buy" rating for Innovation Industry with a target price of HKD 32, highlighting significant cost advantages from renewable energy and a clear growth path through overseas aluminum projects [1] Group 2 - Huatai Securities lowers the target price for Ausnutria to HKD 2.11 while maintaining an "Add" rating, noting ongoing pressure from declining newborn population impacting domestic infant formula sales, but strong overseas performance [2] - Dongfang Securities maintains a "Buy" rating for Geely Automobile with a target price of HKD 23.37, reporting a 121% year-on-year increase in January export sales and a 99.7% growth in the Zeekr brand [3] - Dongfang Securities also maintains a "Buy" rating for Kuaishou-W with a target price of HKD 104.36, highlighting a 112% month-on-month increase in AI overseas revenue and ongoing technological advancements [3] Group 3 - CITIC Construction maintains a "Buy" rating for Laopu Gold, noting a pre-Spring Festival buying spree and strong brand expansion, with Q1 gross margin expected to approach 40% [4] - Kaiyuan Securities initiates a "Buy" rating for Leshu Comfort, emphasizing its leading market share in Africa for baby diapers and sanitary napkins, supported by localized production and distribution channels [5] - GF Securities maintains a "Buy" rating for Meituan-W, indicating a stabilization in food delivery competition and a solid market position, with profitability expected to improve by 2026 [6] - Guoyuan International Securities maintains a "Buy" rating for Q Technology with a target price of HKD 12.89, noting a 27.2% year-on-year increase in camera module prices and a growing revenue share from non-mobile sectors [7]

来源：上海证券报·中国证券网 | મદફ્રિત | | 名称 | | | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | --- | | HSH | | 恒生指数 | | | 26627.95 c | -219.37 | -0.82% | | HSTECH | | 恒生科技 | | | 5295.89 c | -70.55 | -1.31% | | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | | | | 1 | 9626 | 脚用体图-W | 233.600 | -10.000 | -4.11% | | | | 2 | 1698 | 腾讯音乐-SW | 62.200 | -2.300 | -3.57% | | | | 3 | 0268 | 全蝶国际 | 10.710 | -0.350 | -3.16% | | | | 4 | 1347 | 华虹非导体 | 99.300 | -3.100 | -3.03% | | | | 5 | 9988 | 阿里巴巴-W | 155.500 | -4.000 | -2.51% | ...

Group 1 - The core viewpoint of the news is that the Hong Kong stock market, particularly the Hang Seng Technology ETF, is experiencing significant capital inflow despite market adjustments, indicating strong investor interest in technology stocks [1] - As of February 4, the Hang Seng Technology Index saw a net inflow of 28.84 billion yuan, leading the stock ETF market, with the ETF tracking this index having an annual share increase of 244.97 million shares [1] - The Hang Seng Technology ETF (Southern, 520570) received a net inflow of 78.75 million yuan yesterday and a total of 519 million yuan over the past 20 days, reflecting robust trading activity [1] Group 2 - The Hang Seng Technology Index covers key sectors of the Chinese technology industry, including internet platforms, AI and computing, semiconductors, new energy vehicles, smart hardware, and biomedicine, featuring major companies like Tencent, Alibaba, and JD [1] - The current price-to-earnings ratio (PE-TTM) of the Hang Seng Technology Index is 22.38 times, which is at the 25.69% historical percentile since the index's inception, indicating a relatively low historical valuation [1] - According to Galaxy Securities, the technology sector in the Hong Kong stock market remains a long-term investment focus, with expectations of upward movement due to multiple favorable factors such as price increases in the supply chain, domestic substitution, and accelerated AI applications [2]

Core Viewpoint - The report from Citi indicates that the Chinese internet industry is expected to perform strongly by 2025, driven by AI trends led by DeepSeek, with growth anticipated to continue into 2026, particularly in the competitive landscape of AI and generative video applications [1] Industry Summary - The competition between China and the United States in AI models, applications, cloud services, and autonomous driving (Robotaxi) is expected to intensify [1] - Despite geopolitical challenges, the Chinese gaming and e-commerce sectors are experiencing rapid growth in overseas markets, although there is a cautious outlook for the domestic e-commerce sector [1] Investment Strategy - Citi favors sectors such as AI, gaming, and health, predicting a year-on-year revenue growth of 12% and an adjusted EBIT growth of 29% for the industry [1] - The report suggests that China is likely to lead in the global application of AI [1] Valuation Insights - The report highlights that the current forecasted adjusted P/E ratio for the sector in 2026 is 16.1 times (13.7 times for 2027), which represents a discount of approximately 40% compared to U.S. peers, indicating attractive valuation [1] Preferred Stocks - Citi lists six preferred stocks for 2026, including Tencent Holdings (00700), Xiaomi Group-W (01810), Alibaba-W (09988), NetEase-S (09899), Kuaishou-W (01024), and JD Health (09618) [1] - The report specifically notes optimism regarding Alibaba's cloud business, Tencent's AI applications, and Xiaomi's consumer-grade AI devices [1]

过年的快乐，也藏在红包福利的惊喜中。2月4日到23日期间，快手推出系列红包活动，覆盖摇一摇领红 包、卫视春晚联动下红包雨、集卡瓜分2亿、好友互扫招财码、小马PK赢金币等多种玩法，用户参与即 有机会瓜分现金及金币等奖励，打造沉浸式新春福利体验。 2026春节期间，快手将在全国多地，打造线上线下一体、覆盖庙会年俗、团圆年饭、新潮次元、明星晚 会、好剧好戏、知识体育等多元内容矩阵，为全国老铁奉上最具烟火气、人情味儿的春节体验。 东北的年，是冰天雪地里的热乎气，是大集上的吆喝声，是戏台上的锣鼓腔。 2月10日北方小年这一天，快手重磅推出"沉浸东北年12小时+超长直播"，早上8点半延续到晚上22点， 陪伴式直播让用户们感受地道年味，分会场覆盖沈阳、葫芦岛等地，把东北人、东北事串联起来，展现 真实、温暖、有生命力的迎新年活动。 其中，小年一大早，"有滋有味过大年——解锁沈阳硬核年味"活动将在沈阳市于洪区造化大集热闹开 启，逛大集、囤冻货、办杀猪菜、贴窗花等东北特色年俗一一呈现。"小年唱响中街"合唱快闪活动也将 在沈阳中街荟华楼前温情启幕，用歌声唱响新春祝福。 就在快手！东北年味儿沉浸式拉满 当辽河平原的冰雪裹着烟火气蒸腾 ...

东方证券发布研报称，预测快手-W(01024)25-27年经调整归母净利润为204/225/259亿元。维持此前给予 公司26年18xPE估值，对应合理价值为4,048亿CNY，折合4,542亿HKD（港币兑人民币汇率0.891），目 标价104.36港元/股，维持"买入"评级。 东方证券主要观点如下： 目前数据意义在于整体稳在更高水位后，从1月初主要在低ARPU地区流量扩圈（如东南亚、中亚等） →高付费能力地区收入震荡爬升，预期后者对可灵ARR提升作用更大。此外新一代可灵3.0版本内测 中，统一架构下工作流衔接性更好，且区别于竞品的迭代在于原生文本输出，预计进一步推进技术前沿 水平。产品层面更侧重于专业创作各环节提效，若年前能全量使用，有望延续1月产品热度，带动需求 释放。 1月产品出圈后，目前DAU保持较高水位 可灵3.0版本正处于内测中，部分评测提示或有的迭代包括：（1）可灵3.0是基于统一多模态底座训练， 支持文/图生视频、参考生视频、视频编辑一体化，生成视频时长可在3~15秒灵活控制，并且音频输出 更原生融合，真实感更好；（2）智能分镜，具备多镜头的storyboard工作流，镜头控制更精细；（3） ...