Core Viewpoint - The domestic Chatbot market is rapidly evolving, with Doubao achieving over 100 million DAU and leveraging the opportunity of sponsoring the 2026 CCTV Spring Festival Gala to expand further. Other competitors like Yuanbao and Qianwen are also innovating to gain market share. The competitive landscape for domestic Chatbots appears to be solidifying, with Doubao's unique positioning of "starting with EQ, compatible with IQ" providing a significant advantage over competitors [3][4][12]. User Data and Market Position - Doubao's DAU surpassed 100 million in December 2025, with a DAU/MAU ratio exceeding 30%, significantly higher than competitors at around 15%. The new user 30-day retention rate for Doubao is also notably superior, indicating that its EQ-focused approach meets core user needs effectively [4][30]. - Doubao's user engagement metrics show a lower percentage of shallow users (0-3 seconds) compared to Yuanbao and Qianwen, while the proportion of deep users (over 10 minutes) is higher, suggesting a deeper connection with users [30]. Competitive Landscape - The competition among major internet companies like ByteDance, Alibaba, and Tencent is intensifying, particularly around the Spring Festival period. Each company is adopting differentiated strategies based on their core strengths, focusing on user entry points and practical applications rather than just model capabilities [7][11]. - The first phase of competition saw significant organizational changes, with Alibaba forming the "Qianwen C-end Business Group" and Tencent appointing a former OpenAI researcher as chief AI scientist. Doubao's DAU milestone and its partnership with the Spring Festival Gala were also highlighted [8][9]. Product Differentiation - Doubao's unique positioning emphasizes emotional intelligence (EQ) alongside rational intelligence (IQ), contrasting with competitors that focus primarily on IQ. This differentiation is evident in Doubao's product design, which prioritizes human-like interaction and emotional engagement [14][16]. - Doubao is the only mainstream Chatbot with a personified character, enhancing user relatability and emotional connection. Its voice interaction capabilities are also more advanced, supporting multiple dialects and customizable voice tones [16][22]. Challenges for Competitors - Competitors have not significantly imitated Doubao's unique EQ-focused positioning, which may stem from strategic recognition issues or reliance on their existing strengths. The pursuit of high emotional intelligence is a complex, systemic challenge that cannot be easily replicated [36][37]. - Doubao's high emotional intelligence is a result of comprehensive optimizations across models, products, and data engineering, creating a competitive barrier that requires systemic efforts to overcome [37][38]. Future Outlook - Doubao's approach to user engagement and product development is informed by real user feedback, allowing it to adapt and innovate effectively. This strategy positions Doubao favorably in the evolving AI landscape, where user needs dictate product direction rather than solely technological advancements [28][29]. - The overseas version, Dola, is also showing potential, having surpassed 10 million DAU by the end of 2025, indicating that the EQ-focused strategy may resonate in international markets as well [43][44].

官宣印奇出任董事长仅一周，阶跃星辰再次抛出重磅"炸药"。 2月2日，有着"AI（人工智能）六小虎"之称的国产大模型创业公司阶跃星辰正式发布开源Agent（智能体）基 座模型Step 3.5 Flash。该模型以350TPS（每秒生成词元数）推理速度、1960亿参数稀疏MoE（混合专家模型） 架构及256K上下文处理能力，成为国内面向Agent场景的又一重磅开源模型。 此次发布距离该公司宣布完成50亿元B+轮融资、印奇挂帅（负责整体战略节奏与技术方向的制定）仅一周，更 恰逢国内大模型行业新一轮密集上新。就在此前几天，阿里千问与月之暗面相继推出最新旗舰模型，智能体能 力成为集体核心卖点。 围绕AI如何真正"落地办事"、走向规模化应用的"巷战"已然打响。阶跃星辰这次更新，究竟解决了AI落地的哪 些真问题？在这场明星大模型扎堆的技术竞赛中，阶跃星辰又将靠什么破局？ 演示跨平台"比价"叩问生态开放业内呼唤"API联盟" 据阶跃星辰官方介绍，Step 3.5 Flash模型在单请求代码类任务中推理速度最高可达350TPS，同时在Agent场景和 数学任务上，这款开源模型的表现已能媲美主流闭源大模型。阶跃星辰披露的基准测试 ...

张昊晨 国信证券互联网分析师: 各位领导大家晚上好，我是国信互联网分析师张昊辰。今天我们邀请到专家跟我们分享一 下这个阿里云最近的一个情况。我们今天可能主要交流三个方面的问题吧，就是一个是关 于最近整个云厂涨价的一个情况，然后我们可能交流一下阿里的这个 Agent 这块的一个布 局。然后就是可能关于这个最近的一些人的供需情况，然后包括今年的趋势一个展望吧。 对，那张阳你好，听得到吧？ 阿里云专家: 可以。 好的。那要不麻烦您先跟我们大概，就是介绍一下最近，就是这个涨价的情况下，阿里云 它的一个相应的这个涨价计划是怎么样的？ 阿里云专家: 就先说一下大概的主要原因吧。我觉得核心原因还是在于说这次几乎所有相关部件的硬件 厂商。都出现了价格比较大幅度的提升。当然，可能基于这个原因，以及说目前看起来其 实客户的需求，你说因为只能带来可能新的需求，都是在不断上升的过程中吧。所以基于 这些，综合因素考虑，所以云可能会对一些核心的部件进行调整吧。比如说可能对弹性服 务器里面的训练类的，然后内存类的机型、云主机，可能先进行一部分调整，然后后续会 根据情况再看看对，类似于说存储是不是也要进行相应的调整？ 然后大概的比例的话，可 ...

Group 1 - The core viewpoint is that while AI agents were initially thought to reduce the capability gap between individuals, they are actually amplifying disparities significantly, potentially by factors of ten or a hundred [1] - Current consumer demand and available time are lagging behind productivity growth, leading to a situation where productivity increases may result in internal competition and deflation for a period [1] Group 2 - In 2025, three groundbreaking AI products were identified: Claude Code, Doubao Phone, and Manus, indicating significant advancements in the AI sector [3] - In January 2026, three more remarkable AI products emerged: OpenClaw, MoltBook, and Chrome Gemini, showcasing the rapid evolution of AI technology [3]

编辑｜杜伟、泽南 天工 Skywork 桌面版旗帜鲜明地将 Windows 平台作为首发阵地，为全球用户提供开箱即用的「Cowork 平替」。 终于，Windows 原生「Cowork」问世了！ 过去两周，AI 圈被火遍硅谷的 ClawdBot（现已改名为 OpenClaw）持续刷屏。 人们一边震撼于这个智能体助理带来的自动化效率提升，另一边也在吐槽其对 Windows 系统的适配。比如，根据一些用户的反馈，如果严格按照官网提供的命令 行在 Windows 上安装 ClawdBot，将导致 Skills 功能彻底失效。 这并不是 ClawdBot 一个智能体助手的选择性倾向，上个月发布的 Claude Cowork 以及 OpenAI 昨天亮相的智能体式 Codex 应用同样优先适配 macOS 系统。这种生 态上的失衡在今天迎来了转机。 国产大模型玩家昆仑天工正式发布了全新的 Agent 产品 —— 天工 Skywork 桌面版，旗帜鲜明地将 Windows 平台作为首发阵地 ，为全球用户带来了开箱即用的 「Cowork 平替」。 Skywork 原生支持 Windows 系统，无需繁琐的迁移或适配，即可对 ...

以下文章来源于Monolith砺思资本 ，作者MONOLITH 可以说，目前的 Agent 更多还是惊艳的 Demo，不是可以规模化的产品。 Monolith 砺思资本办了一场「After the Model」技术沙龙，聊了聊：Agent 离规模化落地还有哪些难题？ 在活动中，一个被反复提及的观点是： Agent 需要是一个可持续工作的系统，而非单次任务的跑通。 这意味着，光有「模型智力」是远远不够的。想跨过工程这条鸿沟，必须还要「死磕」这几个硬指标： 稳定性、高吞吐量、成本控制、精确的状态管 理。 以下是活动的一些核心 Insight，供从业者参考。 Monolith砺思资本 . Monolith砺思资本是一家投资管理机构，覆盖一二级市场。遵循研究驱动的投资理念，投资技术与创新驱动的科技、软件、生命科学和消费领域。 对于个人极客来说，OpenClaw 是有趣的。但对于企业和商业环境来说，问题立刻暴露：昂贵（烧 Token）、不可控（安全边界模糊）、存在隐私问题， 且难以协作。 OpenClaw （原名 Clawdbot ）爆火。 ⬆️关注 Founder Park，最及时最干货的创业分享 Founder P ...

Market Performance - First Call portfolio achieved a cumulative return of 17% from October 2025 to present, outperforming QQQ (4.48%) and SPY (4.87%) significantly[5] - In January 2026, the First Call portfolio recorded a monthly return of 10.58%[5] Currency and Commodity Trends - The Brazilian Real appreciated by 5.79% against the US Dollar in January, while the Australian Dollar also showed strength[8] - Emerging markets outperformed the US market in January, with South Korea (EWY) leading at 25.9%, followed by Peru (EPU) at 19.7%, Colombia (COL) at 17.73%, and Brazil (EWZ) at 16.59%[10] Investment Strategy Adjustments - The portfolio adjusted positions by liquidating high-volatility stocks and increasing holdings in more stable assets, such as raising the position in CCJ to 10%[8] - Cash reserves were increased to allow for potential buying opportunities in the market[8] Economic Outlook - The US Dollar is expected to stabilize or appreciate in the short term, with potential upward movement due to technical support from short covering in February[20] - The Federal Reserve's recent stance indicates a stable economic expansion, which may limit the appreciation of the Euro and Yen against the Dollar[20] Technology and AI Developments - AI applications like Clawdbot and cowork are gaining traction, enhancing operational efficiency despite concerns over permissions and costs[21] - The integration of Gemini mode in Google Chrome is expected to enhance the ecosystem's capabilities, making it more user-friendly and powerful[21]

Group 1 - The Hong Kong stock market's technology sector is experiencing a downturn, with the Hang Seng Technology ETF (520980) declining by 0.45% for the fourth consecutive day, despite a significant increase in trading volume to nearly 600 million HKD [1] - The Hang Seng Technology ETF (513260) saw a drop of 0.43%, reaching a year-to-date low, but managed to attract over 51 million HKD in inflows over the past two days, with its latest financing balance exceeding 140 million HKD and total fund size surpassing 7.2 billion HKD [3] - There are rumors regarding potential increases in VAT rates for the gaming and financial sectors, which have been deemed unsubstantiated by experts, indicating that the current VAT rates for these industries are stable and will not change significantly [5] Group 2 - Major technology stocks in Hong Kong mostly closed lower, with Kuaishou down over 4%, Tencent and SMIC down over 2%, while Huahong Semiconductor rose over 4% [6] - The Hang Seng Technology Index includes major companies like JD.com, Baidu, and NetEase, providing a comprehensive representation of top-tier technology assets in China [14] - Analysts suggest that the recent nomination of the Federal Reserve Chair may lead to increased volatility in the Hong Kong stock market, particularly affecting sectors that previously performed well [8][9]

Group 1 - The core viewpoint of the news highlights the strong performance of AI applications and the software sector, with the software ETF Huatai (159590) rising over 2% and attracting funds for the fourth consecutive day [1] - The software ETF's index includes popular constituent stocks, most of which showed positive performance, with Shunwang Technology rising over 13% and other stocks like Deepin Technology and Zhongke Xingtai increasing over 3% [5] - Recent advancements in AI model development were announced by Jiyue Xingchen, including the launch of the new generation model Step4 and the open-sourcing of the latest base model Step3.5Flash, which features a total parameter count of 196 billion [3] Group 2 - Citic Securities noted a surge in demand for overseas inference and training computing power, with Amazon Cloud and Google Cloud both raising prices due to increased demand for AI applications [4] - The price increase by AWS and Google Cloud is attributed to the explosive growth in computing power demand driven by AI applications, particularly those related to agents [4] - Changjiang Securities predicts that 2026 will be a pivotal year for the commercialization of agents, with significant advancements in their capabilities and a potential explosion in commercial potential [6]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the global AI innovation progress, particularly the emergence of agents like Clawdbot and Cowork, which are leading the trend of scalable deployment in the AI sector [1][4] Core Insights and Arguments - Clawdbot, an open-source personal AI assistant, can operate independently 24/7 and demonstrates strong task completion capabilities. It surpasses traditional AI applications by actively seeking out tasks and automating daily activities [1] - The development of agents is expected to create new opportunities in the global cloud computing industry, with major companies like OpenAI and Google anticipated to continue launching related applications [2] - Google Cloud is set to increase prices for its services starting May 1, 2026, with CDN rates rising significantly across North America, Europe, and Asia [2] - Domestic companies are expected to enter a peak period of technological and product innovation announcements starting in February, with several firms already iterating on their model technologies and agent products [2] Notable Developments in AI Models 1. **DeepSeek**: Recent iterations of its model have shown that complex reasoning can emerge through reinforcement learning, and static knowledge can be effectively replaced with table lookups [2] 2. **Kimi**: Released the KimiK2.5 model, which can automatically deconstruct interactive logic and reduce programming barriers, capable of managing up to 100 agents simultaneously [3] 3. **Minimax**: Upgraded to MiniMaxM2.1, enhancing multilingual programming capabilities and integrating with Clawdbot, defining a new AI-native workspace [3] 4. **Qianwen**: Alibaba's Qianwen app underwent a major update, launching over 400 new capabilities focused on lifestyle and administrative tasks [3] 5. **Zhiyu**: Partnered with Didi to explore travel agent scenarios and released a new image generation model in collaboration with Huawei [3] Investment Recommendations - Strong emphasis on monitoring global AI innovation developments in February, which may signal a new wave of market opportunities [4] - Suggested to focus on companies with significant model advancements, notable application contributions, and increasing overseas contributions [5] Key Stocks to Watch - Quarterly picks include Haiguang Information, Inspur Information, and JD Health - Monthly picks include Shenxinfu, Taxfriend, and Kingsoft Office - Weekly picks include Wanxing Technology, Jingtai Holdings, and Guangyun Technology [6][7]