记者丨吴立洋 编辑丨高梦阳 骆一帆 近日，腾讯天美旗下蒙特利尔工作室被曝已于近期停止运营，多名前员工在社交媒体平台确认了这一消 息。21世纪经济报道记者就此询问了腾讯天美工作室群，截至发稿未获得回复。 据悉，天美蒙特利尔工作室成立于2021年，由曾担任刺客信条系列创意总监的阿什拉夫·伊斯梅尔领衔 组建，是天美在美国洛杉矶工作室和西雅图工作室外的第三处北美研发基地。 图源：图虫 编辑丨张嘉钰 21君荐读 在蒙特利尔工作室成立之初，腾讯内部对其定位是专注于开发具备3A品质、开放世界架构及跨平台能 力的大型游戏产品，但在成立后的五年中该工作室始终未有成品项目公布。在运营过程中，其工作中心 逐渐转向承接天美IP的国际化项目延伸，包括参与《宝可梦大集结》《使命召唤手游》等产品的开发和 本地化工作。 值得注意的是，近年来腾讯与网易两家中国游戏巨头正持续调整海外研发布局。 以网易为例，其于2025年下旬先后关闭了美国Fantastic Pixel Castle、T-Minus Zero Entertainment、 Jackalytic Games，加拿大Bad Brain Game Studios等多个海外游戏工作室；腾 ...

中国 证券研究 2026 年 2 月 15 日 中国互联网与人工智能行业 英国路演反馈：监管可见度成焦点，AI 造成差异化持仓 最近我们见到了一些英国投资者，其中纯多头投资者偏多。主要不同 意见集中在中国互联网平台的政策可见度和依旧疲软的宏观背景上。 不过，大多数投资者仍将人工智能视为多年度结构性机遇，其回报水 平与短期宏观波动的联系看上去也小于传统周期性行业。持仓方面， 我们看到重新入手阿里巴巴的情况增多，百度也成为 AI 概念载体， 但受青睐程度低一些，对腾讯的看法则较为对立，在某些情况下持仓 受到压缩 - 主要反映出对短期产品节奏和竞争定位的质疑，而非单一 的宏观或政策催化剂。 重点摘要 监管："是要回到2021-2022年了吗？" 投资者反复提到的问题 中国证券研究主管及亚洲 TMT 研究联 席主管 证券分析师: 姚橙 AC (86 21) 6106 6505 alex.yao@jpmorgan.com 登记编号: S1730523020001 证券分析师: 张致竑, CFA (86-21) 6106 6362 andre.ch.chang@jpmorgan.com 登记编号: S1730520080 ...

Summary of Conference Call Notes Industry Overview - The conference focused on the ITC (Information Technology and Communications) sector and the PCB (Printed Circuit Board) industry, analyzing macro and micro factors affecting these industries [1][4]. Key Points on ITC Sector - Recent collaborations between major tech companies like Meta and NVIDIA were highlighted, indicating a strong push towards local deployment and AI infrastructure [1]. - Capital expenditure forecasts for major companies show significant growth: - Meta's capital expenditure is expected to grow by over 70% year-on-year [1]. - Google's forecast indicates over 90% growth, while Amazon anticipates over 50% growth [2]. - The demand for cloud services and related infrastructure investments remains robust, with expectations of continued acceleration in capital expenditures for power generation and electrical equipment [2]. Data Center Developments - The expansion of data centers has raised concerns among local communities regarding increased utility costs and disturbances caused by cooling systems [3]. - Companies like Meta are taking steps to manage electricity costs associated with data centers, indicating a shift towards self-sustaining energy solutions [3]. - Investment scales in data centers are expected to grow, with initial projects expanding from smaller capacities to larger ones, reflecting a significant increase in infrastructure and electricity demand [4]. Domestic Market Insights - Chinese companies such as ByteDance, Alibaba, Tencent, and Baidu are actively promoting AI applications, particularly around the Lunar New Year, which has contributed to increased engagement in AI technologies [5]. - The domestic market is seeing a rise in IDC (Internet Data Center) tenders and related procurement activities, indicating a clear growth trajectory in application and computational infrastructure [5]. Micro-Level Company Insights - Companies in the power generation equipment sector, such as Caterpillar, GEV, Mitsubishi, and Siemens, reported strong financial results, particularly in order volumes, which are exceeding expectations [6]. - The demand for AI-related infrastructure is experiencing explosive growth, with companies like FIX (a mechanical, electrical, and plumbing service provider) reporting significant order volumes driven by data center and semiconductor needs [7]. Investment Opportunities - The investment landscape in the overseas power generation and infrastructure sectors remains strong, with a focus on gas turbines and natural gas power generation as key areas of growth [9][10]. - Domestic manufacturers are increasingly looking to expand internationally, with companies like Weichai Power and others actively pursuing overseas certifications and shipments [8][12]. PCB Equipment Sector Insights - The PCB equipment sector is currently in a catalytic phase, with expectations for a new round of production expansion starting around March [15][16]. - The demand for PCB equipment is confirmed, with leading manufacturers operating at full capacity and engaging in mergers and acquisitions to enhance production capabilities [17][18]. - Price increases in the PCB sector are noted, particularly in the drilling and electronic fabric segments, driven by sustained demand and supply constraints [18][19]. Future Outlook - The upcoming NVIDIA GTC conference is anticipated to provide insights into next-generation products, which could influence market dynamics and investment strategies in the PCB equipment sector [23][24]. - The overall outlook for the PCB equipment sector remains positive, with strong performance expected in 2027 and beyond, contingent on technological advancements and market demand [24]. Conclusion - The conference highlighted significant growth opportunities in both the ITC and PCB sectors, driven by technological advancements, increased capital expenditures, and a robust demand for infrastructure. The focus on international expansion and strategic partnerships among leading companies is expected to shape the future landscape of these industries.

Summary of Conference Call on Power Equipment Industry and AI Data Centers Industry Overview - The conference call focused on the AI Data Center (AIDC) industry and the power equipment sector, highlighting significant trends and investment opportunities for 2026 [1][2]. Key Points and Arguments - **Capital Expenditure Trends**: - Capital expenditures (CAPEX) for data centers are driven by overseas CSPs and domestic internet giants, with significant increases expected in 2026. Major companies like Amazon, Google, Meta, and Microsoft project CAPEX of $200 billion, $180 billion, $125 billion, and $150 billion respectively, reflecting growth rates of 53%, 97%, 73%, and 30% [1][3]. - Alibaba's three-year plan of $380 billion may be revised upwards to $460 billion, indicating a potential increase in domestic CAPEX [3]. - **Market Dynamics**: - The AIDC sector experienced two major market waves in 2025, driven by unexpected CAPEX announcements from leading companies and subsequent financial reports [2]. - The U.S. data center project planning capacity is expected to reach 245 GW by October 2025, a significant increase from 50 GW in 2024, highlighting a growing demand for power [3]. - **Technological Innovations**: - The adoption of 800V Direct Current (VDC) is anticipated to become mainstream, improving efficiency and reducing losses associated with traditional lower voltage systems [5]. - Sidecar Technology is emerging as a trend, enhancing power density and efficiency by optimizing space within data center cabinets [5]. - **Liquid Cooling and SST Technologies**: - The liquid cooling industry is expected to see significant growth in 2026, with major products like NVIDIA's Ruby series and Google's TPU V7 series fully utilizing liquid cooling solutions [7]. - Solid State Transformers (SST) are identified as a future solution for power supply in data centers, offering improved efficiency and the ability to integrate renewable energy sources [6]. - **Energy Storage Demand**: - The increasing power density of chips necessitates energy storage solutions to stabilize power fluctuations in data centers. By 2030, the U.S. is projected to add approximately 50 GW of AI data center capacity, requiring around 32.5 GW of energy storage [8]. Additional Important Insights - **Order and Performance Metrics**: - Companies like Weidi reported a year-on-year order growth exceeding 250% and profit growth over 200%, with revenue expectations for 2026 between 13.25 billion to 13.75 billion yuan, indicating a robust performance in the AIDC sector [1][3]. - **Regional Power Supply Issues**: - The aging supply side and long construction cycles for power equipment in the U.S. are leading to regional electricity shortages, which could impact the growth of data centers as they become major electricity consumers [3]. Companies to Watch - **Power Supply Segment**: Magpower, EATON - **UPS and HVDC Segment**: Kehua Data, Zhongheng Electric, Kstar, He Wang Electric - **SST Segment**: Sifang Co., China XD Electric, TBEA, New Special Energy, Electric Co. - **Liquid Cooling Segment**: Invec, Shenling Environment, Tongfei Co., Gaolan Co. - **Supporting Equipment Segment**: Jinpan Technology, Igor, Electric Co. [9][10].

存储供需错配仍将延续，产业链公司持续受益 ——存储巨 头与台股 2025 年 2026 年 1 月经营总结 20260223 摘要 存储产品价格自 2025 年以来显著上涨，DRAM 价格涨幅达三倍。尽管 涨势趋稳，但市场寡头垄断格局预示未来价格将维持高位，难以回落至 历史低点，对模组厂成本控制构成挑战。 存储巨头扩产面临物理性能瓶颈，HBM 后端验证周期长达一年半，洁净 室空间不足亦构成制约。从建厂到量产需两到三年，限制了短期内高端 产品供给的爆发性增长。 预计 2026 年 DRAM 和 NAND 供需缺口将达峰值，分别为负 4.9%和负 4.2%，主要受 AI 需求和 CSP 厂商资本支出驱动。2027 年底，中国厂 商扩产有望缓解供需紧张，2028 年供给状况或将改善。 台企受益于 AI 需求和存储市场结构调整，业绩显著增长。南亚科收入连 续五个月增长，同比增幅达 608%；华邦电营收创新高并计划扩产 NAND Flash；威刚 1 月营收同比增长 200%。 2025 年存储行业整体营收同比增长 8.09%，达 145.76 亿新台币。三 大巨头削减产能，供应链呈现多点开花局面。QLC 在服务器中应 ...

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses advancements in the AI industry, focusing on major companies such as Google, OpenTropic, Alibaba, and XAI, along with their product releases and market performance. Key Company Insights Google - **Gemini 3.1 Pro**: Achieved a historic high score of 77 in AICAGI ratings, doubling the capabilities of the previous GPT-3 model. It includes innovations like generating complex maps, simulating city operations, and enhanced programming capabilities, allowing literary works to be converted into code. The model's hallucination rate decreased from 88% to 50% [1][2][3]. - **Pricing Strategy**: The pricing for Gemini 3.1 Pro remains unchanged, reflecting Google's strategy of increasing value without raising prices, potentially accelerating future iterations [3]. OpenTropic - **Sunnet 4.6**: Launched as a cost-effective general-purpose model with performance comparable to high-end models. It supports management of million-token contexts and has shown significant improvements in code generation and tool usage capabilities. The model's score improved from 15 to 60 over two years [4]. - **Revenue Growth**: Expected to quadruple revenue in 2026 compared to 2025, indicating strong market demand [4]. Alibaba - **Qianwen 3.5 Plus**: Open-sourced with 397 billion total parameters and 17 billion active parameters. Its API pricing is approximately 1/18 of Gemini 3 Pro, with a reasoning speed 19 times faster. Since 2023, Alibaba has released over 400 models, achieving over 1 billion downloads [9]. - **Market Performance**: During the Spring Festival, Alibaba's promotional activities led to significant user engagement, with 1.3 billion shopping transactions completed [9]. XAI - **Grok 4.20**: Introduced a parallel agent mechanism that enhances accuracy and logic through discussions among models. It was the only profitable model in a simulated stock trading competition, achieving an average return rate of 10% and a maximum of 47% [6]. Zhiyun Technology - **Market Valuation**: The company's market value surpassed 300 billion RMB, with revenue expectations reaching 200 times the price-to-sales ratio. Following the release of GLM 5, domestic and international versions saw price increases of 30% and 100%, respectively [10][11]. Other Notable Developments - **Doubao**: Achieved significant user engagement during the Spring Festival, with 1.7 billion interactions and 500 million generated avatars. It has become a national-level application with strong marketing capabilities [7][8]. - **Market Competition**: Companies are actively engaging in advertising and promotional activities to capture a wider customer base, reflecting the competitive nature of the current market [13]. Conclusion - The AI industry is witnessing rapid advancements and competitive dynamics, with major players releasing innovative models and achieving significant user engagement. The focus on cost-effective solutions and enhanced capabilities is driving growth and market interest.

Summary of Conference Call Records Industry Overview - The conference call discusses the media industry, particularly focusing on the impact of AI applications on the sector and the performance of various companies during the 2026 Spring Festival period [1][2][3]. Key Points and Arguments AI Applications in Media - ByteDance's AI application scenarios are frequent, with daily active users reaching 155 million and the Doubao model generating 67.633 billion tokens per minute [1] - Alibaba's Qianwen AI saw 200 million uses of its "one-sentence order" feature during the Spring Festival, indicating widespread AI adoption [1][2] - Tencent's Yuanbao saw a significant drop in ranking, highlighting the competitive landscape where ByteDance and Alibaba lead in AI entry points [1][2] Commercialization of AI in Media - The development of AI technology is pushing the media industry into a new phase of commercialization, with a focus on efficiency and output [3] - Advertising and digital marketing are expected to play crucial roles, with the GU strategy already demonstrating market performance [3] - The CDS 2.0 driven AIGC technology is transitioning video generation from a technical demonstration to a commercially viable stage, impacting various verticals like film, gaming, and animation [3] Spring Festival Film Market Performance - The 2026 Spring Festival film market showed a clear performance divide, with "Fast and Furious 3" leading with a box office prediction of 54.3 billion, capturing over 50% of the total box office [4] - Companies benefiting from this include unlisted Pingdu Film and listed Bona Film, Wanda Film, and others [4][5] - Despite a slight decline from the previous year's high base, the overall film market is expected to show a low-open, high-rise trend throughout 2026 [4][5] Impact of AI Films on the Industry - The official release of AI films in 2026 is anticipated to boost the AI film sector, despite challenges such as copyright issues faced by ByteDance's C station [6] - The resistance from the U.S. towards China's C-Dance 2.0 reflects a conflict between new technological revolutions and established interests, suggesting a need for balance between innovation and copyright protection [6][8] Role of AI in Content Creation - AI is increasingly integrated into various stages of film content creation, including scriptwriting and visual effects [7] - Companies that do not embrace AI technology risk being left behind, similar to past transitions in the film industry [7] Strategies for Traditional Film Companies - Traditional film companies should leverage their strengths in digital content, copyright, and IP by incorporating AI to enhance competitiveness [9] Future Outlook for ByteDance and the Film Market - ByteDance's industry chain shows strong potential for growth, driven by innovation despite facing short-term challenges [10] - The overall film market in 2026 is expected to perform well, with companies like Bona Film and Wanda Film poised for success [11] New Developments in the Gaming Sector - The gaming sector is highlighted with new product launches and developments from companies like Shunwang Technology and Perfect World [12] Investment Opportunities in Digital Marketing - The digital marketing sector presents investment opportunities in companies such as BlueFocus, Shunwang Technology, and others, with a focus on AI applications enhancing their business lines [13]

Core Viewpoint - The Guangdong province emphasizes "high-quality development" for the fourth consecutive year, focusing on the collaborative development of manufacturing and service industries as a new strategic direction for 2024 [1][2]. Group 1: Collaborative Development - The term "collaboration" is highlighted, indicating a shift from separate strategies for manufacturing and services to a unified approach that enhances competitive advantages through mutual support [2][3]. - Manufacturing is encouraged to embrace service elements, requiring upgrades through industrial internet, software algorithms, and system integration, thus extending beyond production to include R&D, design, and marketing [2][3]. Group 2: Service Industry Enhancement - The service sector is urged to enhance its quality and efficiency, leveraging technology to boost the core competitiveness of manufacturing, while financial services are seen as vital for injecting vitality into the real economy [3][4]. - The integration of services into manufacturing is viewed as a "dual-driven" approach, essential for rapid industrial development, with a focus on sales, operations, and maintenance alongside manufacturing [4]. Group 3: Innovation and Policy Support - The conference featured seven business leaders, particularly from Shenzhen, emphasizing the role of technological innovation in driving high-quality development across the province [4][6]. - A white paper on the collaborative development of manufacturing and services was introduced, outlining supportive policies aimed at ensuring these strategies are effectively implemented [6][7]. Group 4: Future Outlook - As Guangdong embarks on a journey to ascend the global value chain, the dual advancement of manufacturing and services is positioned as a powerful engine for economic growth [7][8].

Group 1 - The core viewpoint of the article highlights that Guangdong's digital trade is projected to reach $104.28 billion by 2025, with a year-on-year growth of 9.2%, accounting for 27.3% of the national total [1] - During the "14th Five-Year Plan" period, Guangdong's digital trade is expected to grow from $81.23 billion to $104.28 billion, with an average annual growth rate of 9.5% [1] - Guangdong is actively promoting exports in sectors such as animation, gaming, and online dramas, fostering leading companies and high-quality IPs, with Dongguan recognized as "China's Toy City" [1] Group 2 - The province is expanding its digital service trade and developing high-end service outsourcing, with the execution amount for service outsourcing projected to reach $44.9 billion by 2025, reflecting a year-on-year increase of 13.5% [2] - Guangdong is establishing several provincial-level digital service export bases, enhancing innovation capabilities in digital technology trade, particularly in cloud computing and communication technology services [2] - High-value-added services such as artificial intelligence development and internet marketing are expected to see significant growth, with respective year-on-year increases of 192.6%, 150.0%, 41.3%, and 26.4% [2]

广东新春第一 会，传来激活县 镇村资源要 素"一池春水"的 潮音_南方+_南 方plus 在梅州市蕉岭县 长潭镇白马村， 一所停用多年的 乡村小学重新亮 起灯光。学校被 改造成"米香中 心"研学基地， 联动长潭水库和 石窟河碧道，形 成米香湾农文旅 示范带。曾经低 效闲置的校舍， 如今成为发展的 新节点，"蕉岭 洱海"成为游客 打卡的网红点。 这个鲜活的案 例，在广东新春 第一会上被分 享，传递了激 活"一池春水"的 讯号。从"沉睡 资产"到"发展引 擎"，小山村的 这场变化背后， 是资源要素向县 镇村加速下沉的 探索。 2月24日下午， 在全省高质量发 展大会"百千万 工程"县域产业 融合与高质量发 展分会场，"推 动资源要素下沉 县镇村"专题研 讨举行，多方代 表围绕相关主题 作交流发言。从 空间保障到金融 支撑，从人才注 入到技术赋能， 多元要素正加快 向县镇村汇聚， 持续增强县域发 展的支撑能力。 "百千万工程"县域产业融合与高质量发展分会场举行"推动资源要素下沉县镇村"专题研讨。谭家富 摄 土地 ▶▷ 从"散乱粗 放"到"空间重 构" "推动资源要素 向县镇村下沉， 首先要推动土地 要素下沉。"广 ...