这家行业龙头的赴港，不仅是自身缓解业绩压力、寻求新增长的战略抉择，更牵动着整个红人营销行业 的资本化走向，其背后的机遇与挑战，影响着投资者的价值认知。 客观来看，两地上市有望推动天下秀估值重塑与流动性升级。从市场反应看，在递交港股申请后，公司 A股实现三连板，并于多日获得沪股通资金净买入，充分反映了资本市场对其的转型预期。然而，赴 港"利好"所带来的涨幅却只是暂时的，在热度退去之后，天下秀的股价转眼又被"打回原形"。 营收连降，增长困局"难解"? 智通财经APP了解到，天下秀成立于2009年，是国内首家成熟营运的红人营销解决方案平台企业，2019 年底通过借壳"ST慧球"上市，成为A股首家新媒体上市公司。此次冲击港股，是其上市6年后首次尝试 跨市场资本布局。 招股书显示，天下秀的核心定位是通过搭建广告主客户与红人(内容创业者)、MCN及主要第三方UGC 平台之间的桥梁，实现跨多个数字渠道的高效协作、营销内容传播及商业变现。该公司通过自主研发的 WEIQ平台为广告主提供全流程红人营销服务，涵盖红人筛选匹配、营销策略制定、内容策划创作、活 动执行及成效追踪评估等环节，业务覆盖抖音、微博、小红书等主流社媒平台。 稳 ...

跨过"智能体元年"，2026年，AI智能体（AI Agent）向场景深耕、比拼商业化的势头更加强劲。 1月15日下午，美的集团旗下美云智数对外发布了美擎AIGC3.1平台及智能体工厂解决方案。美的集团 副总裁兼CDO（首席数据官）张小懿在发布会上表示，2025年，美的集团进一步提升AI战略的重要 性，进行了全面AI化建设。"我们现在建设的就是Agent（智能体）的能力。" 美云智数总裁金江在接受《每日经济新闻》记者采访时提到一个数据：过去3年，美的通过鼓励全员参 与AI，打造了1.3万多个智能体，其中158个智能体贡献了95%的价值产出，而真正实现商业化的比例只 有千分之二左右。 据金江透露，2024年美的集团通过AI实现降本1.8亿元；预计2025年降本6亿元；2026年，美的集团目标 是通过AI实现内部降本9亿元以上。 据悉，美的集团预计2025年通过AI降本6亿元，2026年规划通过AI实现降本9亿元以上。 智能体商业化步伐加快 近日，360集团创始人周鸿祎也发表其对2026年人工智能发展的20个预测，其中一个关于智能体的预测 是：2026年将被定义为"百亿智能体之年"，AI竞争焦点将从"比拼参数"转向 ...

中国民航网 通讯员段炳森 报道：近日，中国广告协会会长、国际广告协会副主席张国华受邀赴首都机 场集团传媒公司（以下简称"传媒公司"）开展宣讲授课，围绕户外广告行业发展格局与机场广告的核心 价值，系统解析行业转型方向与实践路径，为机场广告高质量发展提供专业指导。传媒公司党委书记刘 廷川主持，总经理胡光、中国广告协会民航工作委员会秘书长任娟参加培训。 培训中，张国华表示，在多元传媒生态下，机场广告凭借其独特的场景与高净值客流优势，已成为品牌 营销的重要部分。其"场景稀缺性+精准受众+品牌赋能"三重特质，既展示城市形象，也助力品牌构建 高端认知，价值持续凸显。 面对行业向标准化、科技化、价值化转型的趋势，张国华表示，机场广告需依托标准建设提升专业认 可，并通过AI、AR等新技术打通从体验到转化的全链路，焕发传统媒体活力。尽管当前户外广告处于 低潮，但已显现反弹迹象。机场广告应积极拥抱AIGC、互动与裸眼3D等新技术，推进定价机制改革与 服务优化，同时打造融媒体矩阵、塑造城市特色媒体、加快数据化与程序化投放，并加强自我宣传，以 进一步回归价值、吸引品牌方。 此次培训内容紧扣行业发展脉搏，既凸显了机场广告的独特价值与不 ...

Core Insights - The article highlights the contrasting development states of AIGC companies in China and the US, with Chinese firms like Zhixiang Future showing significant commercial growth while US counterparts struggle with high costs and low user retention [1][2]. Company Overview - Zhixiang Future has achieved over 100 million RMB in revenue for 2025 and recently peaked in downloads for its C-end product vivago.ai, gaining nearly 10 million new users in January alone [1][2]. - The company has released major models such as HiDream-I1 and HiDream-E1, which have gained recognition in the AI evaluation rankings [1][4]. - The founder, Mei Tao, has a strong background in multimedia analysis and computer vision, having published over 300 papers and received multiple awards [2][3]. Business Model and Financing - Zhixiang Future is currently in the process of B-round financing, with both rounds of financing amounting to several hundred million RMB [2][11]. - The company has transitioned its business model from MaaS to SaaS and now to RaaS, focusing on delivering results and sharing revenue with clients [13][14]. - The company has a comprehensive content library, covering 70% of domestic film data and generating over 100 million AIGC derivative materials [10]. Market Potential - The global generative AI market is expected to grow at a compound annual growth rate of 63.8%, reaching $284.2 billion by 2028, with Zhixiang Future positioned to benefit from this growth [13]. - AI-generated videos are becoming a mainstream choice in marketing and content creation, with the global market for AI video generation projected to reach $6.2 billion in 2024 and $25.6 billion by 2032 [15]. Technological Innovation - Zhixiang Future has developed the Sparse DiT architecture, balancing generation quality and operational speed, and has made significant advancements in video generation capabilities [7][8]. - The company is also working on a new generation of multi-modal generative architecture that enhances reasoning capabilities and supports multi-task scaling [14].

Investment Rating - The report maintains a "Buy" rating for Tencent with a target price of 792 HKD [6][5][28] Core Insights - Tencent's revenue for Q4 2025 is expected to grow by 13% year-on-year, with adjusted net profit projected to increase by 16% to 643 billion RMB [1] - Key growth drivers include the launch of multiple new games, improved advertising efficiency through AI, and enhanced support for AI mini-programs on WeChat [1][3][4] - The gaming segment is anticipated to see a 16% increase in revenue, while advertising revenue is expected to rise by 20% [2][4] Summary by Relevant Sections Gaming Business - Tencent's gaming revenue for Q4 is projected to grow by 16%, with the new game "Counter-Strike: Future" expected to generate 35-70 billion RMB in its first year [2][12] - The game fills a gap in Tencent's PVE shooting game offerings and has already achieved over 10 million players shortly after launch [2][12][16] Financial Technology - Financial technology revenue is expected to grow by 9%, driven by a slowdown in social retail growth [3] - AI mini-programs are anticipated to enhance e-commerce and local services, with significant growth expected in 2026 [3][19] Advertising Revenue - Advertising revenue is projected to increase by 20%, driven by budget increases from long-tail advertisers and efficiency improvements from AI [4] - WeChat's advertising capabilities are evolving, with new features aimed at enhancing social commerce [4][19] Profit Forecast and Valuation - Revenue forecasts for Tencent have been slightly adjusted downwards for 2025-2027, with adjusted net profit estimates also revised [5][24] - The target price of 792 HKD corresponds to a PE ratio of 21.6 for 2026, reflecting a slight decrease from previous estimates [5][28][30]

Group 1 - The gaming sector experienced a brief surge followed by a decline, with the gaming ETF (159869) dropping nearly 1%, indicating a potential opportunity for low-position investments [1] - As of January 19, the gaming ETF (159869) reached a scale of 14.315 billion, providing investors with a convenient tool to invest in leading A-share gaming companies [1] - Giant Network's new feature in "Supernatural Action Group" integrates AI large model challenges into core gameplay, marking the first deep integration of AI in a high DAU game in China [1] Group 2 - The AI-driven NPCs in "Supernatural Action Group" enhance user interaction, with over 25 million AI participation counts in just one week, demonstrating high user engagement and stickiness [1] - The gaming sector is currently benefiting from multiple catalysts, including policy support, product cycles, and AI empowerment, suggesting a favorable window for investment in the gaming track [2] - The gaming ETF tracks the China Securities Animation and Gaming Index, with the highest AI application content in the market, accurately reflecting the overall performance of the A-share animation and gaming industry [2]

1月20日消息，蚂蚁集团打造的全模态AI助手"灵光"鸿蒙版已登陆AppGallery。灵光App鸿蒙版集对话、AIGC内容创作、闪应用等于一体，为3200万鸿蒙用 户带来前沿的多模态AI体验。 目前，灵光App已在iOS、华为、华为鸿蒙、小米、oppo、vivo、荣耀、应用宝、百度、三星、魅族、联想12个应用市场上架，满足多端用户智能生活需 求。 實實實實實 | 新功能 版本 1.0.39.5000 (1500) 稳定性和用户体验优化~ 预览 ·灵光 次 (灵光App已登陆鸿蒙应用市场) 据了解，此次上线的灵光App鸿蒙版延续了高质量可视化信息编排、低门槛手搓应用等产品特色。例如，鸿蒙用户可以通过灵光对话的生成式插图功能，将 抽象知识可视化，无论是深奥的"量子纠缠"理论，还是复杂的经济学原理，灵光都能将其转化为直观的图像或动画，让抽象概念变得具体、可感。当用户需 要一个小工具解决特定问题，只需描述需求，灵光闪应用可最快30秒生成可交互的生活小应用，并可随心修改参数，让技术真正服务于个性化场景。 此外，灵光App鸿蒙版还同步上线了我的闪应用、账户管理、系统设置等多个模块的功能，在满足用户创作需求的同时，兼顾用户 ...

伽马数据联合创始人兼首席分析师王旭认为，中国游戏企业在AIGC、引擎开发、云游戏、跨平台等技 术上已具备全球竞争力，能够支撑高品质、高效率的全球同步研发与运营。从策划、美术、程序到运 营，中国游戏企业已形成标准化的出海管线，能够快速响应全球市场需求。 近年来，以网络文学、网络影视剧、网络游戏为代表的中国文化"新三样"迅速崛起，受到海外市场的欢 迎。其中，游戏出海更是成为推动中国服务贸易增长的新引擎。2025年上半年，中国自主研发游戏在海 外市场的实际销售收入为95.01亿美元，同比增长11.07%。在全球经济增速放缓的背景下，以游戏产业 为代表的中国数字贸易正为全球经济注入新活力。 硬核技术铸"龙骨" 首款国产3A游戏《黑神话：悟空》展现出的顶尖图形技术实力与美术表现力令人惊叹；《燕云十六 声》通过纳米级细节渲染技术，将古代建筑的斗拱、雕花等元素精准呈现，游戏实机演示视频在海外平 台播放量超5000万次；《女神异闻录：夜幕魅影》(P5X)公测期间，在35个国家和地区iOS游戏免费榜居 首位……国产游戏靠什么"圈粉"海外玩家？ 中国音像与数字出版协会游戏工委副秘书长郑南表示，中国自主研发的游戏在海外市场的收入持 ...

岁末年初，随着两家大模型赴港登陆资本市场，两市AI应用板块都再度迎来情绪性回暖，A股"易中 天"概念股一度联动走强，中文在线（300364.SZ）也曾在短期内获得超20%的阶段性涨幅。 然而，1月中旬披露的2025年年度业绩预告，却迅速将市场拉回基本面现实。中文在线预计全年归母净 亏损较上年同期进一步扩大。随后，中文在线进入调整阶段。 原以为市场不在乎，但AI+出海的宏大叙事还是没能撑住情绪带来的下跌。这次调整，会在何时停止， 又带来什么变化？ 对于亏损的扩大，公司将核心原因明确指向海外短剧业务的规模化投入。作为"国际优先"战略下的新核 心平台，FlareFlow自2025年4月上线后，快速覆盖177个国家和地区，支持11种语言，上线5个月即登顶 美区娱乐应用免费榜。 但这些用户与榜单成绩，是建立在极高的获客与投流成本之上的。2025年前三季度，中文在线销售费用 高达6.6亿元，同比近乎翻倍，是研发费用的12倍以上；仅第三季度，销售费用就达到3.94亿元，占当季 营收比重接近87%。 这种费用结构意味着，FlareFlow当前仍处在用资本换时间、用规模换未来效率的阶段，商业模型尚未 穿越盈亏平衡点。为此，这份 ...

Group 1 - Hesai Technology's co-founders have established a new robotics company, Sharpa, aimed at developing general-purpose robots and core components, with over 100 employees [1] - Porsche's global sales for 2025 are projected to be 279,400 units, a 10% decrease year-on-year, with a significant decline of 26.28% in the Chinese market [4] - UTree Technology is expected to ship over 5,500 humanoid robots in 2025, with mass production exceeding 6,000 units [9] - OpenAI's annual revenue for 2025 is projected to exceed $20 billion, a significant increase from $6 billion in 2024, driven by an expansion in computing power [13] - The UK government has announced a substantial subsidy plan for electric trucks, with a total budget of £318 million, aiming to boost the adoption of electric vehicles [19] Group 2 - The HuRun Research Institute's report on China's AI companies ranks Cambricon first with a valuation of 630 billion yuan, reflecting a 165% increase from the previous year [10] - Anker Innovations and Feishu have launched the AI hardware product "Anker AI Recording Bean," which features advanced recording capabilities and is priced at 899 yuan [21] - Alibaba Health has introduced the AI product "Hydrogen Ion," designed for medical professionals, which aims to minimize hallucination rates in AI responses [23] - Xiaopeng Motors has successfully developed the first robot based on automotive standards, marking a significant milestone in their robotics initiative [24] - Apple's iPhone shipments surged by 28% during the holiday season, regaining market leadership in China despite overall market declines [30]