2015年Q3以来，腾讯在AI方面有很多令人匪夷所思的行为： 1）当全球主流科技企业都在不遗余力提高资本开支时（买芯片，建算力中心），腾讯的资本开支增速却低于预期； 2）春节AI入口之争刚刚开打，微信就"封杀"了元宝的红包分享链接，理由为"诱导分享违规"，一时令舆论十分错愕。 关于上述现象，市场中也多有分析，不过大多集中在"技术"，"生态"等常规角度，本文我们将从组织管理角度来切入，探讨AI转型周期内企 业究竟需要怎样的组织管理模式。 本文核心观点： 其一，在AI竞争阶段，"联邦式"管理劣势越发明显，"秦制"正在成为主流； 其二，当前腾讯的管理模式是滞后于业务的； 国内互联网厂商亦是如此，阿里开始调整修正原先拆分的"1+6+n"模式，重新回到集约化管理状态，集团CEO亲自负责阿里云，各条产品线无 论是对B端还是C端均调用通义大模型，也就是说，云+通义大模型开始成为阿里集团的"技术中台"，短期内其优点也是非常明显的： 1）降低了各业务线盲目赛马造成了"重复建轮子"的资源浪费，且对通义大模型的调用也可以有效提高模型的质量； 2）相较于业务线偏向于短期业绩（KPI考核制约），集团层面有能力也有动力为长期愿景买单，为 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23] Core Insights - The company's revenue increased by 3% year-on-year in Q4 2025, reaching 27.5 billion yuan, while the non-GAAP net profit decreased by 11% to 7.07 billion yuan due to investment losses of 1.7 billion yuan [1][10] - The deferred revenue grew by 34% year-on-year, indicating a healthy cash flow status and reflecting changes in the game structure [2][15] - The company continues to expand its global presence, with successful launches of games like "逆水寒" and "燕云十六声," which have attracted over 80 million players globally [2][18] - AI tools are expected to lower production costs in gaming, but the integration of AI with complex game systems requires deep design and operational experience, creating a barrier for new entrants [3][18] - The company anticipates a rise in subscription revenue for its music service, with a projected increase in user growth and average revenue per user (ARPPU) in 2026 [4][20] Financial Summary - For 2025, the company forecasts adjusted net profits of 40.6 billion yuan, 44.7 billion yuan in 2026, and 48 billion yuan in 2027, with slight downward adjustments of 5% and 4% for the first two years [5][23] - The projected revenue for 2025 is 112.63 billion yuan, with a growth rate of 7% [5][28] - The company expects a gross margin of 64% for 2025, with an EBIT margin of 32% [28]

Core Insights - The A-share market experienced significant fluctuations and growth during the Year of the Snake, with major indices showing substantial increases in value [2][3]. Market Performance - The Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and Sci-Tech Innovation Board Index recorded cumulative increases of 25.58%, 38.84%, 58.73%, and 64.20% respectively [3][4]. - The total market capitalization of A-shares reached a record high of 124.45 trillion yuan, an increase of 32.87 trillion yuan since the beginning of the Year of the Snake [3][5]. Trading Volume - The total trading volume for A-shares exceeded 482 trillion yuan, with an average daily trading volume of 1.89 trillion yuan, both figures marking historical highs [5][6]. Sector Performance - The non-ferrous metals and technology sectors led the market, with respective increases of 112.63% and 90.83% [12][13]. - A total of 776 stocks saw their prices rise by over 100%, with 198 stocks increasing by more than 200% [14][15]. Notable Stocks - The top-performing stocks included Shangwei New Materials, which surged by 1836.53%, and Tianpu Co., which rose by 942.69% [15][16]. - The number of stocks with a market capitalization exceeding 100 billion yuan increased from 128 to 185 during the Year of the Snake, indicating a significant expansion of the large-cap segment [17]. Financing and Investment Trends - The margin financing balance reached a record high of 26,293.37 billion yuan, with an increase of 8,640 billion yuan since the beginning of the year [9][10]. - The electronic, power equipment, non-ferrous metals, and communication sectors attracted net buying amounts exceeding 700 billion yuan [9].

Core Viewpoint - Pinterest's shares dropped over 20% in premarket trading due to a quarterly revenue forecast impacted by large U.S. retailers reducing ad spending amid tariff-related uncertainties [1] Group 1: Company Performance - Pinterest cut under 15% of its workforce, which CFO Julia Donnelly indicated could disrupt near-term performance as the company restructures its go-to-market teams [2] - The stock is expected to open at its lowest level since April 2020, reflecting ongoing challenges in the advertising market [3] Group 2: Competitive Landscape - Meta reported strong momentum in e-commerce advertising, while TikTok has managed to maintain its presence in the U.S. despite legal challenges [3] - Google is enhancing its commerce capabilities with updates to its Gemini chatbot and AI search, increasing competition for digital ad budgets [4] - Analysts predict the emergence of AI-powered Pinterest alternatives from major players like Meta, OpenAI, and Amazon [4] Group 3: Market Valuation - Pinterest's stock trades at 9.49 times the estimated earnings for the next 12 months, compared to 9.42 for Snap, 29.99 for Reddit, and 21.41 for Meta [5] - If premarket losses persist, Pinterest could lose over $2 billion from its market value of $12.52 billion [4]

恒生指数成份股将有变动！ 恒生指数公司负责编制及管理恒生指数系列，当中包括恒生指数、恒生中国企业指数、恒生科技指数，以及沪 深港通、大湾区、可持续发展与各类型行业指数等。 2月13日晚间，恒生指数公司宣布指数季度检讨结果，多个重要指数成份股出现调整。其中，恒生指数成份股 数目将由88只增加至90只，新加入宁德时代、洛阳钼业和老铺黄金，剔除中升控股。上述变动将于3月9日起生 效。 值得注意的是，截至2025年12月底，被动式追踪恒生指数系列的产品资产管理总值约为1177亿美元。这对于 新"入列"的成份股来说，确实是一份利好，因为在指数生效后，这些个股将迎来被动资金的加仓。 近期，港股市场持续调整，特别是腾讯控股、美团、阿里巴巴等权重股出现大幅回调，恒生科技指数亦处弱 势，然而机构及投资者对港股后市仍抱有较大期待，资金毫不退缩，频频加仓相关ETF产品。那么，接下来港 股将会如何运行呢？ 恒指季检结果公布 恒生指数公司2月13日宣布截至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 （星期五）收市后实施并于3月9日（星期一）起生效。 其中，恒生指数成份股数目将由88只增加至90只， ...

Core Viewpoint - Stanley Black & Decker, Inc. is recognized as one of the 13 cheapest Dividend Aristocrats to invest in, highlighting its potential value in the current market environment [1] Group 1: Analyst Recommendations - Goldman Sachs analyst Joe Ritchie raised the price target for Stanley Black & Decker to $84 from $78 while maintaining a Neutral rating, citing a strong Q4 performance driven by improved margins in the Tools & Outdoor segment [2] - The company is actively managing its operations by focusing on controllable factors such as pricing, tariff mitigation, cost actions, and working-capital discipline to safeguard margins and cash flow [2] Group 2: Financial Performance - In Q4, net sales in the Tools & Outdoor segment, which includes power tools and lawn and garden equipment, decreased by 2% to approximately $3.16 billion, while total net sales for the quarter slightly declined to $3.68 billion from $3.72 billion [5] - Adjusted earnings per share for the quarter fell to $1.41 from $1.49 a year earlier, and the company anticipates adjusted EPS for 2026 to be between $4.90 and $5.70, with the midpoint below analysts' expectations of $5.66 [5] Group 3: Market Challenges - The company projected 2026 profits below Wall Street estimates, attributing this to tariff-driven price increases that have begun to negatively impact demand for its power tools [3] - Management indicated that efforts to counteract tariffs, including price increases, have resulted in weaker sales in North America and other developed markets within the Tools & Outdoor segment [4] - Over the past year, the company implemented various cost-saving measures, achieving approximately $120 million in savings in Q4 alone [4]

Core Insights - Archer-Daniels-Midland Company (ADM) is recognized as one of the 13 cheapest Dividend Aristocrats to invest in [1] - BMO Capital raised its price target for ADM to $63 from $57 following the company's fourth-quarter results, maintaining a Market Perform rating [2] - The adjusted EPS for ADM was reported at $0.87 for Q4 and $3.43 for the full year, with total segment operating profit of $821 million for the quarter and $3.2 billion for the year [3] Financial Performance - The company emphasized working capital discipline, which contributed to a cash flow benefit of $1.5 billion due to lower inventory levels [4] - ADM achieved record crush volumes in South America and steady performance in the ethanol segment, alongside improved execution in the Nutrition segment [4] - Portfolio simplification was a priority, with over 20 projects completed that generated approximately $200 million in cost savings [5] Operational Highlights - ADM operates as a global agricultural supply chain manager and processor, connecting crops and raw materials to food, feed, and fuel markets [6] - The company reported the lowest injury rate in its history, indicating improvements in safety metrics [5]

Group 1: Key Highlights - Zhangyue Technology (掌阅科技) expects AI short drama business revenue to not exceed 1% of its main business revenue in 2025 [1][2] - Actual controller of Jialinjie (嘉麟杰), Li Zhaoting, has been subjected to compulsory measures [1][2] - Jindan Technology (金丹科技) increases investment in a project for an annual production of 75,000 tons of polylactic acid biodegradable materials [1][2] Group 2: Contract Awards - Qinglong Pipe Industry (青龙管业) wins the bid for the first section of the heat supply pipeline project from Pengyang County Wangwa Power Plant to the county [1][2] - Gaode Infrared (高德红外) signs a contract for a complete equipment system [1][2] - ST Xintong (ST信通) signs a server procurement contract worth approximately 400 million yuan [1][2] Group 3: Financial Performance - Hanzhong Precision Machinery (汉钟精机) reports a net profit of 470 million yuan for 2025, a decrease of 45.54% year-on-year [1][2] - Fudan Microelectronics (复旦微电) anticipates a net profit of approximately 232 million yuan for 2025, down about 59.42% year-on-year [1][2] - Ruilian New Materials (瑞联新材) expects a net profit of 311 million yuan for 2025, an increase of 23.48% year-on-year [1][2] Group 4: Equity Transactions - Gongjin Co. (共进股份) plans to transfer 21.8340% equity of Chip Material Technology to Xinchang Technology [1][2] - Shengquan Group (圣泉集团) intends to acquire 13.50% equity of Shangbo Pharmaceutical for 4.29 million USD [1][2] - Changjiang Communication (长江通信) plans to exit 4.66% equity of Hangzhou Chenxiao through a targeted capital reduction [1][2] Group 5: Share Buybacks - Hualing Steel (华菱钢铁) has repurchased 0.8109% of its shares [1][2] - SanNuo Bio (三诺生物) has completed a share buyback plan, repurchasing 2.81% of its shares [1][2] Group 6: Shareholding Changes - Chunqiu Electronics (春秋电子) plans to reduce holdings by no more than 2% [1][2] - Guanghuan New Network (光环新网) intends to reduce holdings by no more than 3% [1][2] - ST Yigou (ST易购) plans to reduce holdings by no more than 2.5% [1][2] - Changjiang Communication (长江通信) plans to sell no more than 1 million shares of Changfei Optical Fiber [1][2] Group 7: Other News - Yingjixin (英集芯) is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [1][2] - Tianfeng Securities (天风证券) has received a notice of investigation from the China Securities Regulatory Commission [1][2] - Chuangshi Technology (创识科技) reports that its controlling shareholder has received a criminal judgment [1][2]

Loomis Sayles, an investment management company, released its “Global Growth Fund” investor letter for the fourth quarter of 2025.  A copy of the letter can be downloaded here. The Fund prioritizes investments in high-quality companies that possess a lasting competitive advantage and long-term growth drivers, capable of generating attractive cash flow and sustained value for investors. The Fund returned -3.05% in Q4 2025 compared to 3.29% for the MSCI ACWI Index Net. As a patient investor, the firm maintain ...

智通财经APP获悉，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， 其中小马智行 (02026)获纳入恒生综合指数。变动将于2026年3月6日(星期五)收市后实施并于2026年3月 9日(星期一)起生效，届时沪深交易所会相应调整港股通可投资标的范围。据中金研报，小马智行有可 能被调入港股通，因其满足了包括市值、流动性和上市时间等在内的一系列标准。 2月6日，"全球Robotaxi第一股"小马智行(02026)与国产全功能GPU领军企业摩尔线程(688795.SH)正式宣 布达成战略合作。双方将聚焦L4级自动驾驶技术落地与规模化应用，围绕小马智行的技术核心——世 界模型及虚拟司机系统的训练与优化展开深度协同，以安全可靠的AI算力，赋能自动驾驶技术迭代和 商业落地。 ...