作为全年唯一的"国民级"流量窗口，AI厂商在马年春节掀起的未 来流量入口卡位战愈发激烈。 字节跳动旗下AI助手豆包拿下央视春晚合作；腾讯让旗下AI助手 元宝凭借简单的红包裂变，在微信群和朋友圈中传播，以最低成本拉 新获客；阿里另辟蹊径，让AI助手千问深度绑定其丰富的消费场景， 用实实在在的"免单"福利，在买年货的过程中培养用户的支付习惯。 人们在元宝里抢现金，在千问中点奶茶、囤年货，在豆包里玩抽 奖……一轮轮升级的"红包大战"，也将各大AI应用轮番推上应用商店 下载榜首。 从除夕夜巅峰对决的"红包雨"，到霸榜应用商店的AI助手，这个 春节，AI究竟如何走进千家万户？真金白银砸下去之后，它们又能留 住多少用户？《证券日报》记者在春节前后全程参与体验，并持续跟 踪采访线下用户，旨在记录下这场名为"红包"、实为"卡位"的流量暗 战。 决战除夕： AI应用霸榜应用商店 记者根据各AI厂商公开数据统计，多家互联网巨头在2026年春 节档合计投入或超过80亿元。这场春节攻势背后，是各家对AI未来 形态与入口地位的战略押注。 从预算分配来看，各家押注的决心清晰可见：千问App以30亿元 刷新其春节活动投入纪录，并持续拓展免 ...

Group 1: AI Applications - The competition for super entry points in the AI era is intensifying, with domestic large models accelerating iteration [1] - Major companies like ByteDance, Alibaba, Tencent, and Baidu are deeply integrating AI technology into program production and real-time interaction during the 2026 Spring Festival Gala [1] - The focus of domestic AI large model technology competition is shifting from general capabilities to native agent capabilities, emphasizing task planning, tool invocation, and long-term execution [1] Group 2: Gaming Industry - During the Spring Festival period from February 1 to 21, 2026, player preferences leaned towards high DAU games, particularly in the MOBA and FPS segments [2] - Tencent Games dominated the market with titles like "Honor of Kings" and "Peacekeeper Elite" consistently ranking in the top two [2] - The mid-tier ranking is highly competitive, with games like "Endless Winter" and "Naruto" fluctuating in their positions due to limited-time events and version updates [2] Group 3: Film Industry - The 2026 Spring Festival box office reached over 4.8 billion yuan, a decrease of approximately 50% compared to the same period in 2025 [3] - "Fast and Furious 3" became the box office champion with over 2.4 billion yuan, accounting for 50.9% of the total box office [3] - There is a noticeable trend of audience migration to lower-tier cities, with these cities contributing about 60% of the total box office [3]

Group 1 - The core viewpoint is that the Spring Festival marks a turning point for the widespread adoption of AI among consumers, with applications evolving from Chat to Agent [1][2] - The competition among internet giants for AI traffic entry is intensifying, and the integration of multiple business lines along with AI empowerment may drive performance and valuation [1][2] - Recommended companies include Alibaba-W and Baidu Group-SW, which are expected to benefit from the continuous improvement of open-source model capabilities and the rapid growth of domestic AI chips [2][5] Group 2 - OpenAI's revenue is projected to exceed its previous target, with a potential valuation of $850 billion following a $100 billion funding round [3] - Google's Gemini3.1Pro has significantly improved its performance in abstract reasoning tests, surpassing competitors like GPT-5.2 and Claude Opus4.6 [3] - Domestic AI companies like Zhiyu and MiniMax have seen substantial stock price increases, reflecting market recognition of their new large models [4] Group 3 - The investment recommendation emphasizes the commercialization of AI and the expansion of application scenarios, with a focus on companies benefiting from IT spending in state-owned enterprises [5] - In the automotive and autonomous driving sectors, the approval of domestic L3-level pilot licenses is expected to accelerate the commercialization of advanced driving technologies [5]

Core Viewpoint - The acquisition of 100% equity in Hong Kong Jun Technology Limited by Eden Software Holdings Limited for HKD 3 million is primarily strategic, aimed at leveraging Hong Jun's extensive customer network and channels to rapidly introduce Eden's AI solutions and cloud services into the enterprise market in Hong Kong [1] Group 1: Acquisition Details - Eden Software's wholly-owned subsidiary, Professional Eternity Limited, has acquired Hong Jun Technology Limited for HKD 3 million [1] - The acquisition is not merely a financial transaction but a strategic move to position Eden in the market [1] Group 2: Hong Jun Technology's Strengths - Hong Jun Technology is a well-established IT service provider with over 35 years of experience, serving enterprise clients across software subscriptions, cloud services, IT solutions, and training [2] - The company has a strong customer base, including major clients in real estate, finance, logistics, hospitality, healthcare, and government sectors, which have stable IT budgets and high switching costs [2][3] - Hong Jun is recognized as Microsoft's first LAR/LSP partner in Hong Kong, holding nine Microsoft gold/silver competency certifications [2] Group 3: Market Dynamics and Challenges - Hong Jun has faced losses due to the transition challenges in cloud and AI services, with traditional profit margins being compressed while demand for intelligent upgrades rises [3] - This situation creates an opportunity for Eden to acquire valuable channel assets at a low price, allowing for the integration of its AI capabilities into Hong Jun's existing framework [3] Group 4: Synergistic Effects of the Acquisition - The acquisition is expected to create synergistic effects, combining Hong Jun's customer network and service capabilities with Eden's AI and cloud service strengths [4] - The collaboration aims to enhance business models rather than just scale, addressing the challenge of integrating AI products into enterprise workflows [4] Group 5: Strategic Positioning and Future Outlook - Eden Software plans to shift its service model from selling tools to offering comprehensive solutions that include products, services, and training [5] - The acquisition allows Eden to leverage its experience and established products in the relatively conservative Hong Kong market, potentially reshaping local market dynamics [6] - The long-term vision includes replicating the "Mainland technology + Hong Kong channel" model across the Asia-Pacific region, positioning Eden as a benchmark for "AI + cloud" solutions [6] Group 6: Industry Context - The global software market is projected to grow from approximately USD 737 billion in 2024 to over USD 2 trillion by 2030, with increasing demand for AI and hybrid cloud solutions [7] - The acquisition is seen as a strategic investment for future growth rather than immediate profits, positioning Eden for the next phase of market expansion [7]

新华社消息，微信平台发布的数据显示，春节假期统计时段（2月15日至20日）内，支付消费持续走 高，微信支付旅行、生活娱乐交易笔数同比涨幅均超20%。 国内游方面，南充、开封等地景区交易笔数同比增长超五成，苏州、黄山、西安、莆田等地景区交易笔 数同比增长超三成；海南相关免税类小程序交易金额同比增长81%。 跨境出游方面，马来西亚、马尔代夫线下交易消费金额同比分别增长131%和186%。入境支付方面，海 外入境游客通过在微信绑定国际银行卡的形式进行线下交易的笔数持续增长；微信支付现已支持12个国 家和地区的29个境外钱包实现"外包内用"，支付笔数同比增长超28%。 原标题：春节旅行、生活娱乐交易热 假期前六天微信支付相关交易笔数同比涨超20% 编辑：王乙竹 责编：杨四海 ...

Domestic Highlights - Xi Jinping's article in the latest issue of "Qiushi" emphasizes the importance of domestic demand and building a strong domestic market, with a focus on promoting consumption and expanding investment [1] - ByteDance's chip R&D team is set to begin large-scale recruitment, with multiple cloud chips already in mass production [1] - AI high-speed optical module orders are fully booked until Q4, with production bases in Wuhan and Thailand operating continuously during the Spring Festival [1] - Honor plans to launch its first humanoid robot during the 2026 Mobile World Congress, aiming to enter the consumer market as the first smartphone company to do so [1] - The Ministry of Industry and Information Technology has issued guidelines for the wine and tea industries, aiming to cultivate multiple billion-dollar production areas and industry clusters by 2028 [1][1] - The central government aims to modernize agriculture as a major industry, focusing on integrating agriculture with tourism and other sectors [1] Financial and Market Developments - The People's Bank of China reported a 9% year-on-year increase in M2 money supply as of the end of January, exceeding market expectations [1] - Meituan expects a preliminary net loss of RMB 233 billion to 243 billion for 2025, primarily due to a shift from profit to loss in its core local business segment [2] - The Hang Seng Index rose by 2.53% on February 23, with technology stocks, including semiconductor and internet sectors, performing well [2] - The China Securities Regulatory Commission is investigating Tianfeng Securities for information disclosure violations related to shareholding changes [2] International Highlights - Global capital markets saw most indices rise during the Spring Festival, with significant increases in international gold and silver prices [2] - SK Hynix indicated that the storage chip market is entering a "seller's market" due to a surge in AI demand and supply constraints [2] - Nvidia and Meta Platforms announced a strategic partnership to deploy millions of Nvidia chips across various infrastructures [2] - The European Parliament has decided to suspend the approval process for the EU-US trade agreement, delaying a scheduled vote [2]

来源｜中信建投证券 文｜夏凡捷 春节期间全球股市整体强势，无重大风险事件，当前市场情绪仍然高涨，节后A股有望开启新一轮上行。行业配置上继续坚持"科技+资源品"双主线。其 中科技主线以AI、人形机器人、新能源和创新药为核心，资源品主线以贵金属、石油石化、基础化工为核心。重点关注板块包括：半导体、AI（光通 信、液冷、电子布、高端铜箔等）、机械、有色、石油石化、基础化工、电力设备（储能、特高压、光伏、固态电池等）、创新药等。 春节假期全球市场动态 春节假期期间全球主要股指多数上涨，新兴市场与发达市场表现分化，韩国综合指数涨幅居首，欧洲三大股指同步走高，美股温和上涨，而日本、中国香 港等亚太市场表现较弱。主要商品价格多数上涨，伊朗局势推动国际油价持续走强，也同样推动了贵金属和美元指数的上行。工业金属中铜价保持高位震 荡，锌、铅价格相对平稳。 美国最高法院裁决叫停"对等关税"，特朗普随即宣布加征15%"全球进口关税"。特朗普关税的后续影响主要来自未来数月巨大的不确定性，这可能继续导 致美元指数维持阶段性强势，同时推升贵金属价格。不确定性主要包括：关税退款、替代关税如何设计、第二轮会影响哪些行业。 另外，美伊谈判一波三 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The gaming sector has shown resilience in the current macroeconomic environment, with strong performance from both listed and non-listed companies during the Spring Festival period, confirming the ongoing logic of a significant product year in 2026 [7] - Notable games such as "Goose Goose Duck" have dominated the App Store charts, while companies like Century Huatong and Perfect World have seen impressive pre-registration numbers and revenue growth for their upcoming titles [2][3][5] - The overall industry sentiment is improving, with non-listed companies also achieving remarkable results, as seen with "Blue Archive" and "Arknights" celebrating significant anniversaries and experiencing substantial revenue increases [4] Summary by Sections Company Performance - Tencent's games have shown comprehensive growth, with "Goose Goose Duck" topping charts and "Dark Zone Breakthrough" reaching over 230 million registered users [7] - Century Huatong's "Yihuan" has surpassed 25 million pre-registrations, outperforming titles like "Genshin Impact" in pre-launch interest [3] - Giant Network's "Supernatural Action Group" has achieved a daily active user (DAU) count exceeding 10 million, benefiting from the holiday season [3] Revenue Growth - Tencent's "Honor of Kings" saw a 105% month-on-month revenue increase to $220 million, while "Peacekeeper Elite" surpassed $110 million in revenue during January [7] - Non-listed games like "Blue Archive" and "Arknights" reported global revenue increases of 220% and 122%, respectively, in January [4] Investment Recommendations - The report recommends focusing on Perfect World due to the strong pre-registration numbers for "Yihuan" and suggests monitoring companies like Tencent, Huya, Century Huatong, Giant Network, and Kingsoft for their product lines [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that the 2026 Spring Festival marks a critical turning point for the widespread adoption of AI applications among consumers in China, transitioning from technical parameter competition to user experience and commercial closure [15][13] - The competition landscape in the C-end AI sector is characterized by a leading player, ByteDance, and two strong competitors, Alibaba and Tencent, with smaller firms facing increasing pressure [15][13] - AI applications are evolving from simple question-answering tools to executable task agents, emphasizing the importance of scenario adaptation capabilities [15][13] - The report recommends focusing on leading companies with robust AI deployment and ecosystem barriers, such as Alibaba, Baidu, and Pinduoduo, while also highlighting the rapid growth of domestic AI chips [4][7] Summary by Sections Internet Sector - The report emphasizes the synergy between AI commercialization and anti-involution policies, with ByteDance leading the C-end AI race through its content ecosystem and Alibaba enhancing its consumer engagement via the Qwen3.5 model [10][16] - The Spring Festival serves as a peak traffic period, significantly boosting user engagement and retention for AI applications [15][13] Smart Driving - Tesla's Cybercab, the first mass-produced autonomous vehicle, is set to launch in April 2026, aiming for a production capacity of 2 million units annually, with a target price below $30,000 [21][22] AI Developments - OpenAI's valuation is projected to reach $850 billion, with revenue forecasts exceeding previous targets, while Google’s Gemini 3.1 Pro shows significant improvements in abstract reasoning capabilities, outperforming competitors [24][26] - Domestic AI models, such as those from Zhiyuan and MiniMax, are gaining recognition, with significant stock price increases reflecting market confidence [33][6] Investment Recommendations - The report suggests focusing on AI commercialization and application expansion in the internet sector, recommending stocks like Alibaba, Pinduoduo, and Baidu [43] - In the computer sector, it highlights opportunities arising from increased IT spending by state-owned enterprises, recommending companies like Kingdee International and Baidu [43] - The automotive sector is poised for growth with the approval of L3 autonomous driving trials, with recommended stocks including XPeng Motors and Tesla [43]

Group 1 - The U.S. Supreme Court ruled that the government's imposition of tariffs under the International Emergency Economic Powers Act is illegal, prompting China to evaluate the implications and call for the removal of unilateral tariffs [1][12][30] - The A-share market is expected to perform positively post-Spring Festival, with a focus on technology growth and cyclical resource sectors, including AI assets and commercial aerospace [2][19] - ST Jinglan announced a significant stock price increase of 86.90% over a short period, indicating potential risks for investors if the price continues to rise abnormally [3][21] Group 2 - The Chinese film market set a record for the Spring Festival with total box office revenue exceeding 56 billion yuan, indicating strong consumer demand and a shift towards quality content [5][23] - Many companies continued operations during the Spring Festival, showcasing the resilience and vitality of the Chinese economy [6][24] - The first batch of new stocks for the year includes a high-end audio company and a core supplier for global electric vehicle battery safety components, with expectations for increased market activity [8][25] Group 3 - Frontier Biotech signed a global rights agreement with GlaxoSmithKline for two siRNA products, marking a significant international collaboration in the small nucleic acid drug sector [9][26] - The A-share market is transitioning from expectation-driven trading to a focus on fundamental verification, influenced by tightening monetary policies in major economies [10][27] - International gold and silver prices have seen significant increases, with gold surpassing $5160 per ounce and silver exceeding $87 per ounce, driven by rising demand and geopolitical uncertainties [11][28][29] Group 4 - Consumer behavior during the Spring Festival indicates a trend towards rational spending, with families opting for convenience in food purchases rather than traditional cooking [13][31] - Five chief economists provided insights on strengthening the capital market's stability and growth, emphasizing the need for multi-faceted efforts [14][32] - The 2026 Spring Festival Gala showcased technological advancements, highlighting the integration of robotics and AI in entertainment [15][33] Group 5 - The commercial aerospace sector is experiencing heightened investment interest, with increasing single financing amounts and several companies moving towards IPOs [17][35] - AI applications are facing a critical test following significant promotional efforts during the Spring Festival, with major companies leveraging their platforms for user acquisition [16][34]