Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating a positive outlook compared to the broader market [3]. Core Insights - The report emphasizes the shift from traditional Software as a Service (SaaS) models to a results-oriented service model known as Results as a Service (RaaS), which ties service fees directly to measurable business outcomes [7][13]. - The adoption of RaaS is being accelerated by advancements in artificial intelligence (AI) and large model technologies, which enhance the ability of businesses to deliver measurable results [22][26]. - Companies that integrate deep industry knowledge and data into their AI solutions are expected to deliver higher returns on investment (ROI) and are recommended for investment consideration [51]. Summary by Sections 1. RaaS Model Accelerating Adoption - RaaS represents a fundamental shift in business logic, moving from paying for software usage to paying for tangible results [13][14]. - The report highlights successful international examples of RaaS implementation in sectors like fraud prevention and identity verification, showcasing its viability [26][29]. - Domestic companies are increasingly exploring RaaS, with AI driving the transition from providing tools to delivering results across various industries [7][38]. 2. Configuration Recommendations - Companies with strong data and industry expertise in AI applications, such as advertising and transaction facilitation, are likely to achieve higher ROI and are recommended for investment [51]. - Enterprise IT service providers whose products are deeply integrated with business systems are also positioned to transition to a results-based payment model, enhancing customer retention and willingness to pay [51].

"我知道有一半广告费浪费了,但不知道是哪一半。"这句诞生于19世纪的营销名言,道出了广告行业的永 恒困境——创意评判的主观性。 2026年,当AI视频生成工具让广告制作从"月产几条"变为"日产百条"时,这个困境不仅没有缓解,反而被指 数级放大。品牌市场部面对的不再是"哪一半广告费浪费了",而是"哪49个版本会浪费预算"。 广告行业的"主观判断"困局 在传统广告时代,创意评审是一个高度主观的过程。创意总监凭借多年经验和直觉判断"这个创意有感 觉",市场总监基于品牌调性认为"这个方向不对",销售总监从转化角度坚持"产品露出要更明显"。 这种主观判断模式在创意稀缺时代尚可运转。当品牌一个季度只制作3-5支广告时,通过内部评审和小范 围测试,最终选出一个"相对靠谱"的版本。即使判断失误,损失也相对可控。 准确性维度——受访者在实验室环境下的反应,与真实场景下的注意力分配和情绪波动存在显著差异,导 致测试结果与实际投放效果之间存在不可忽视的偏差。 但AI视频生成工具的出现,彻底打破了这一平衡。Seedance2.0、Sora2、可灵3.0等工具让创意生产效率提 升了数十倍。很多人表示，用Seedance2.0一天能生成 ...

当Seedance 2.0、Sora、可灵AI让品牌一天生成100条广告素材时，"选择困难症"成为致命伤。创意团队面对海量AI生成内容， 凭经验拍板难免存在预算打水漂的风险。最关键的是，2026年AI生成内容占比预计突破60%，但行业缺乏统一的AIGC内容质 量评估标准。正是基于这种背景，明略科技推出的AdEff——AI驱动的全球化广告测试和优化平台，在AIGC内容筛选场景中， 核心解决的是从"批量生成"到"精准筛选"、从"主观判断"到"科学预测"的关键跃迁。 关键要点：AdEff破解AIGC质量困局的核心能力 批量筛选能力：支持一次性上传50个AIGC生成视频，自动排序输出"广告效果指数"榜单 AI生成内容评估标准：基于10万+人次神经科学数据，建立客观的AIGC内容质量评分体系，避免主观判断偏差 15分钟快速验证：AIGC工具生成100条素材需要1小时，AdEff筛选Top 10仅需15分钟，实现"生成-筛选"同步化 高转化元素提取：自动识别高表现AIGC内容的共性特征（如动态开场、叙事结构、色彩方案），沉淀为品牌创意SOP 成本优势：单支AIGC内容测试599美元，相比传统人工评审（3-5天、2万元）降 ...

| 名称 | 现价 | 涨跌幅 · | 涨跌 | | --- | --- | --- | --- | | 智谱 | 662.000 | 18.21% | 102.000 | | MINIMAX-WP | 900.500 | 7.14% | 60.000 | | 明略科技-W | 261.800 | 1.55% | 4.000 | ｜钉钉 来源：第一财经 2月24日，港股大模型股再度走强，截至发稿，智谱大涨超18%，报662港元/股；MINIMAX-WP涨超 7%，报900.5港元/股。 ...

明略科技早盘涨超5%，截至发稿，股价上涨5.17%，现报256.40港元，成交额3333.160万港元。 2月13日，恒生指数公司宣布截至 2025 年 12 月 31 日之恒生指数系列季度检讨结果，所有变动将于2026 年3月6日收市后实施并于2026年3 月9日起生效。其中，明略科技正式被纳入恒生综合指数成份股。明 略科技表示，作为"全球Agentic AI第一股"，公司以可信数据与可信智能为双轮驱动，在企业级应用场 景中不断拓展业务边界，推动技术与商业价值的深度融合。此次被纳入恒生指数系列，不仅是对公司过 往发展的阶段性认可，也为未来长期成长奠定了更坚实的资本基础。 ...

Core Insights - The article emphasizes the importance of understanding what will remain unchanged in the next decade, alongside the rapid evolution of AI technologies [1][2]. Group 1: AI Evolution and Business Impact - The pace of AI development is described as surpassing human cognitive limits, with significant advancements observed throughout the year, including DeepSeek and OpenClaw [1]. - Entrepreneurs are advised to focus on securing their lower limits while betting on higher potential outcomes in the AI era [24]. Group 2: Key Discussions from the Podcast - The podcast "善友探索流" features deep conversations with various explorers, aiming to identify the unchanging foundations of business amidst rapid changes [3]. - A notable discussion highlights the distinction between being a "tool" versus delivering "results" in AI applications, stressing that clients prioritize outcomes over the technology used [11][24]. - The concept of products having "life" in the AI era is introduced, suggesting a shift from mechanical approaches to a more holistic view of creation [11][25]. Group 3: Future Business Perspectives - The article encourages a higher-level perspective on business, suggesting that true breakthroughs often come from elevating one's vision and finding a lifelong purpose [12]. - The notion of extreme idealism as a significant business barrier is presented, indicating that a strong vision can provide a competitive edge [15][25].

Core Viewpoint - The article highlights the rapid growth and strategic moves of Zhiyu Technology, which has recently seen its stock price surge over 138.68% in just five trading days, marking it as a significant player in the AI sector and the first "large model" stock in Hong Kong [1]. Group 1: IPO Developments - Zhiyu Technology has updated its A-share IPO guidance report, adding Guotai Junan Securities as a new advisor alongside CICC, indicating an upgrade in its IPO advisory team [3][4]. - The company had initially aimed for an A-share listing earlier but shifted its strategy to list on the Hong Kong Stock Exchange first, which it achieved in January 2026 [6]. - The inclusion of Guotai Junan Securities is expected to accelerate Zhiyu's A-share IPO process, leveraging the firm's strong track record in the tech sector [6][7]. Group 2: Competitive Landscape - The competition among leading securities firms for IPO services in the AI sector is intensifying, with firms like CICC and CITIC Securities holding significant positions in both Hong Kong and A-share markets [10]. - Guotai Junan Securities has been involved in 19 IPO projects on the Sci-Tech Innovation Board over the past three years, making it the top firm in terms of project count, compared to CICC's 12 projects [6][7]. - The article notes that the collaboration between CICC and Guotai Junan Securities is not new, as they have previously worked together on significant IPOs in the "hard tech" sector [8][9]. Group 3: Market Trends and Challenges - The current market environment is favorable for AI companies seeking IPOs, but the complexity of their technologies and business models means that they face rigorous scrutiny during the application process [11]. - The article emphasizes that while the policy environment has opened doors for unprofitable "hard tech" companies, the requirements for high-quality submissions remain stringent [11].

Core Viewpoint - The stock price of Zhiyuan Technology, known as the "first stock of large models" in Hong Kong, surged over 138.68% within five trading days, indicating strong market interest and momentum for AI-related companies [2][3] Group 1: IPO Developments - Zhiyuan Technology has updated its A-share IPO guidance report, adding Guotai Junan Securities as a new advisor alongside CICC, enhancing its advisory team [3][5] - The company previously withdrew its IPO guidance submitted in April 2025 and is now aiming for a listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board [5][6] - The rapid re-initiation of A-share IPO guidance reflects Zhiyuan's commitment to establishing a dual capital platform ("A+H") [7] Group 2: Competitive Landscape - The competition among leading securities firms for IPO services in the AI sector is intensifying, with a focus on both speed and quality of submissions [3][12] - Guotai Junan Securities has a strong track record, having participated in 19 IPO projects on the Sci-Tech Innovation Board over the past three years, making it the top firm in terms of project count [8] - In contrast, CICC has been involved in 12 projects during the same period, highlighting the competitive dynamics between these top-tier firms [9] Group 3: Market Trends - The current environment allows unprofitable "hard tech" companies, including AI firms, to pursue IPOs, but the complexity of their technologies and business models leads to more rigorous scrutiny during the application process [14] - The collaboration between CICC and Guotai Junan Securities in past projects, such as the successful IPO of SMIC, showcases their established partnership in the hard tech sector [11][10]

2月12日，香港恒生指数跌0.86%，恒生科技指数跌1.65%。 | 名称 | 现价 | | --- | --- | | 恒生指数 | 27032.54 -233.84 -0.86% | | 恒生科技 | 5408.98 -91.01 -1.65% | | 恒生生物科技 | 15816.64 -236.24 -1.47% | | 恒生中国企业指数 | 9175.18 - 93.00 -1.00% | | 恒生综合指数 | 4144.40 -31.51 -0.75% | 科网股大幅下跌，网易、联想集团、美团跌逾4%，携程集团跌近4%，百度集体跌近3%，哔哩哔哩、 腾讯控股跌超2%，京东集团、小米集团跌超1%，阿里巴巴跌近1%；商汤逆势上涨逾6%。 | 名称 | 涨跌幅 ▼ | 现价 | | --- | --- | --- | | 天数智芯 | 21.45% 234.400c | | | 兆易创新 | 20.95% 358.000c | | | 天域半导体 | 10.54% | 54.650c | | 壁仞科技 | 9.70% | 36.860 c | | 澜起科技 | 5.56% | 182.300c | | ...

Core Viewpoint - The Hong Kong stock market saw a collective rise in AI application stocks, indicating strong investor interest and confidence in the sector [1]. Group 1: Stock Performance - Zhihui Technology (智谱) surged over 11% [1] - Yuewen Group (阅文集团) increased by 8% [1] - Xiaoma Zhixing (小马智行), Fubo Group (阜博集团), Xindong Company (心动公司), and WeRide (文远知行) all rose over 6% [1] - Kingsoft Cloud (金山云), Chuangmeng Tiandi (创梦天地), and Minglue Technology (明略科技) experienced gains of over 5% [1] - MINIMAX-WP saw an increase of over 4% [1] - JD Health (京东健康), Chuangxin Qizhi (创新奇智), and Fanshi Intelligent (范式智能) rose over 3% [1] - Ping An Good Doctor (平安好医生) and Zhongyou Game (中手游) increased by nearly 3% [1]