Core Viewpoint - The software sector is experiencing a significant downturn, referred to as a "SaaSapocalypse," driven by a rapid sell-off in the market [1] Group 1: Market Conditions - The panic in the software sector intensified this week, particularly following the introduction of AI startup "Anthropic" [1]

千亿私募景林近日披露最新美股持仓明细。数据显示，去年四季度，景林大幅减持英伟达，并加仓谷歌、拼多多、英特尔等公司。 截至去年四季度末，景林的美股持仓总市值为40.4亿美元，较三季度末下降3.37%。前十大重仓股分别为：谷歌、Meta、拼多多、网易、满帮、富途、英伟达、阿里 巴巴、英特尔和亚朵。 减持方面，景林减持力度最大的个股是英伟达，去年四季度合计卖出154.09万股，减持幅度高达64.78%，英伟达在景林投资组合中的占比降至3.86%。景林卖出 Meta公司22.91万股，持股数下降18.68%，持仓市值占比下降4.01%。同时，景林也对涅比乌斯集团、标普生物科技ETF-SPDR、贝壳等做出减持。 去年底，景林资产管理合伙人、基金经理高云程在《2025年终给投资者的一封信》中指出，在AI、新能源、智能驾驶、人形机器人等新经济发展的前沿领域，中美 都在积极投资，相关公司在这个大浪潮中快速成长。在警惕泡沫或者过度投资的同时，我们也清晰地看到AI对各行各业的渗透和改造才刚刚开始。 高云程认为，对作为重要AI应用入口或者平台的公司都应该重视。能称为世界级入口或者平台型的公司大约也只有几家，例如谷歌、Meta、苹果 ...

新春伊始 宝安资本市场喜讯连连！ 2月6日，宝安企业—— 深圳市大族数控科技股份有限公司 正式在香港联交所主板鸣锣上市 成功跻身"A+H"双资本平台行列 为宝安区高质量发展的开局画卷 再添浓墨重彩的一笔 根据招股说明书，大族数控本次上市募集资金将主要用于提升研发及营运能力，扩大海外产品销售及营销能力、完善全球分销渠道与销售网络以提高品牌 全球知名度，提升PCB专用设备产能等。 随着成功构建"A+H"双资本平台，大族数控将以更强大的资源禀赋和全球化布局，深度嵌入AI服务器、智能驾驶等高端制造价值链核心环节，为全球算力 基础设施建设提供关键装备支撑，向全球PCB装备核心服务商进一步跃升。 AI赋能高端PCB行业 聚势黄金赛道引领产业变革 AI大模型的爆发式增长 正在重构全球电子产业生态 面对行业发展的新机遇 大族数控制定了清晰的战略规划 01 AI产业领域 在AI产业领域，大族数控紧抓AI服务器高多层板HDI、800G/1.6T高速光模块及AI智能手机SLP等高价值细分PCB产品的加工设备需求，完善钻孔产品体 系，提供具有更高技术能力的新型机械钻孔设备、激光钻孔设备、数字成像设备及检测设备。这类新产品预计可满足下 ...

Core Viewpoint - The article emphasizes the need for technology optimization and product experience enhancement in the AI sector, moving away from reliance on low-cost promotional tactics like "egg delivery" to attract users [1][2][4]. Group 1: Marketing Strategies - The "egg delivery" marketing strategy, which has been effective in attracting users, is now being applied in the AI application battle among Chinese tech companies [1][2]. - Recent promotional activities, such as Alibaba's "milk tea free card," led to overwhelming user demand, causing service outages and highlighting the risks of relying on promotional tactics without solid technical infrastructure [1][3]. Group 2: User Experience and Trust - Many users experienced long wait times and received subpar service, such as "milk tea blind boxes," which undermined their initial trust in AI shopping experiences [2][3]. - The inability to maintain service stability during promotional events has resulted in a loss of user trust in AI technology and shopping experiences from the outset [3]. Group 3: Strategic Reflection - The article calls for tech companies to reassess their strategies, emphasizing that the focus should be on building a robust product capability rather than merely attracting users through promotions [4]. - The competition driven by short-term promotional tactics is fragile, as users quickly move on once the incentives are exhausted, indicating a need for a more sustainable approach to user retention [3][4].

来源：深科技 福布斯2026年1月中国富豪榜新鲜出炉！ 字节跳动创始人张一鸣以693亿美元身家，首次超越钟睒睒登顶新首富✨ 这份榜单堪称大型"洗牌现场"，满屏都是互联网和硬科技的狂欢，传统赛道彻底被颠覆，咱们熟悉的大 佬们，有人登顶封神、有人逆袭翻盘、有人遗憾离场，每一处名次变动，都藏着当下最实在的财富密 码！ 1． 张一鸣（字节跳动）：693亿美元； 张一鸣成为中国首富背后！抖音、TikTok之外，字节跳动早偷偷押注AI了，豆包和海外版Dola（豆包英 伟版）已经成为张一鸣AI时代的底牌！2026年砸1600亿搞AI，850亿买芯片、750亿建计算中心，天价 抢人才，这波硬砸钱，才是他身家暴涨的关键，纯属长期布局的必然结果~ 2． 钟睒睒（农夫山泉/万泰生物）：680亿美元； 3． 马化腾（腾讯）：627亿美元； 4． 曾毓群（宁德时代）：562亿美元； 5． 丁磊（网易）：449亿美元； 6． 黄峥（拼多多）：424亿美元； 7． 李嘉诚（长江实业）：424亿美元； 8． 郑淑良家族（中国宏桥/山东魏桥创业）：327亿美元； 9． 何享健家族（美的）：327亿美元； 10． 雷军（小米）：304亿美元； ...

Core Insights - Tencent has recruited Yao Shunyu, a former OpenAI researcher, to lead its AI initiatives, indicating a long-term strategic vision for AI development [2] - A recent study by Tencent's Mixed Yuan team and Fudan University highlights the critical importance of context in AI performance, revealing that even the most advanced AI models score poorly in real-time context learning [3][10] Group 1: AI Model Performance - The study found that the highest-performing model, GPT-5.1, achieved only a 23.7% accuracy rate in context learning, while other models like Claude Opus 4.5 scored around 21.1% [8][9] - The research indicates that AI struggles to adapt to new contexts, often defaulting to pre-trained knowledge, which can lead to inaccuracies in responses [10][11] Group 2: Context Learning Challenges - AI models face significant challenges when processing complex and lengthy contexts, resulting in a sharp decline in performance during logical reasoning tasks [11] - The inability to effectively manage context can lead to "hallucinations," where AI generates incorrect information based on its pre-existing knowledge rather than the new context provided [10] Group 3: Implications for Tencent - Tencent's focus on context learning aligns with its core business in social and content-driven applications, where understanding nuanced conversations is crucial [12][14] - The demand for effective context handling is particularly relevant in Tencent's gaming and enterprise services, where real-time responses based on specific scenarios are essential for user satisfaction [16]

Core Conclusions - The probability of A-shares rising before and after the Spring Festival exceeds 70%, with a trend of reduced trading volume before the holiday and increased volume afterward [1][11] - Historical data shows that leveraged funds typically flow out before the holiday and flow back in afterward, while ETF funds show a pattern of inflow before and a slowdown in inflow after, contributing to the observed changes in trading volume and style differentiation in A-shares [2][16] - Current macroeconomic policies are positive, and overseas risks are manageable, suggesting that holding stocks during the holiday may be a better strategy, with a balanced allocation focusing on technology, particularly AI applications, and attention to cyclical sectors and real estate [2][19] Trading Volume and Style Differentiation - A-shares typically experience reduced trading volume before the Spring Festival, averaging a 4.0% decrease, while trading volume increases by an average of 22.3% after the holiday [11][13] - The probability of the Shanghai Composite Index rising in the week before the Spring Festival is 81%, with an average increase of 1.8%, while the probability for the week after is 76%, with an average increase of 1.3% [15] - Growth and value styles perform similarly before and after the holiday, but large-cap stocks outperform small-cap stocks before the holiday, while small-cap stocks significantly outperform large-cap stocks afterward, with a 87.5% probability of small-cap stocks rising in the week after [12][15] Fund Flow Analysis - Leveraged funds show a significant outflow before the Spring Festival, with an average net buy of -66.9 billion yuan, while they exhibit a net inflow of 14.2 billion yuan after the holiday [16][18] - ETF funds experience net inflows averaging 214.3 billion yuan before the holiday, but the net inflow decreases to 171.9 billion yuan after, with a lower probability of net inflows [16][18] - Foreign capital flows show little change before and after the holiday, maintaining a net inflow probability of 60-70% [16][17] Sector Allocation Strategy - The technology sector remains a key focus, driven by the AI wave, with expectations for the market to shift from hardware to application development [20] - There are opportunities in traditional value sectors, such as undervalued real estate and liquor stocks, as the spring market rally progresses [20][21] - The cyclical sector is also worth monitoring due to emerging demand from AI and new energy industries, alongside improving supply-demand dynamics in resource sectors [20]

市场耐心的临界点 华尔街用真金白银投票表达的态度很明确：可以容忍亏损，但不能接受没有清晰路径的烧钱。元宝红包10亿补贴换来80%的使用时长增长，这种赔本赚吆喝 的模式像极了十年前的网约车大战。但区别在于，当年补贴能培养用户习惯，今天AI产品的同质化却让补贴成了无底洞。 二级市场的恐慌性抛售更像是个导火索。当恒生科技指数跌破5900点关键支撑位，程序化交易的止损指令形成死亡螺旋。但穿透技术面看本质，反映的是资 本对"投入-回报"周期拉长的集体焦虑。一位重仓科技股的老牌投资人感叹："我们见过互联网泡沫，但没见过这么贵的泡沫。" 细究财报数据会发现，腾讯2023年研发投入同比增长18%达789亿元，阿里云智能集团经调整EBITA利润率仅2%，都指向同一个事实：巨头们正把移动互联 网时代积累的利润，不计成本地砸向AI这个"黑洞"。当韩国存储芯片巨头因AI算力需求市值暴涨至1.14万亿美元时，中国互联网公司的"全栈生态"故事突然 失了效。 战略协同的致命短板 春节红包封链风波像面照妖镜，照出了巨头们的战略失调。腾讯一面高喊"去中心化"，一面用元宝强推社交裂变；阿里既要做基础设施，又要下场做应用， 结果云业务与达摩院的技 ...

Investment Rating - The investment rating for Alphabet Inc. (GOOGL.O) is "Outperform" [7] Core Insights - The company reported strong revenue growth in Q4 2025, with total revenue reaching $113.8 billion, a year-over-year increase of 18% [2] - Google Cloud revenue grew significantly, reaching $17.7 billion, up 48% year-over-year, with a backlog of $240 billion, reflecting a 158% increase [3][11] - The capital expenditure (CAPEX) for Q4 2025 was $27.9 billion, a 113% increase year-over-year, with expectations for 2026 CAPEX to reach $175-185 billion, representing a 91%-102% increase [4][12] Summary by Sections Financial Overview - In Q4 2025, the company achieved a GAAP gross margin of 60%, with operating profit of $31.3 billion, a 16% increase year-over-year, and a net profit of $34.5 billion, up 30% [2][13] - Service revenue was $95.9 billion, with search ad revenue at $63.1 billion, a 17% increase year-over-year, and YouTube ad revenue at $11.4 billion, up 9% [10][14] Cloud Performance - Google Cloud's operating profit margin (OPM) improved to 30.1%, with nearly 75% of customers utilizing vertically optimized AI solutions [3][11] - The number of new customers at year-end doubled compared to the first quarter, and the number of transactions exceeding $1 billion in 2025 surpassed the total of the previous three years [3][11] Capital Expenditure - The company plans to significantly increase its capital expenditures, with a forecast of $175-185 billion for 2026, nearly doubling from the previous year [4][12] - Approximately 60% of the Q4 2025 CAPEX was allocated to servers, while 40% was directed towards data centers and networking equipment [4][12] Revenue and Profit Forecast - Revenue forecasts for 2026 and 2027 have been raised to $471.8 billion and $543.3 billion, respectively, with net profit estimates adjusted to $145.4 billion and $165.4 billion [4][6]

以"音乐+社交"破局在线音乐赛道，战略与盈利双维度实现跨越。作为国内聚焦社交化体验的音乐平 台，网易云音乐始终以"社区驱动音乐消费"为差异化核心，区别于传统工具型平台。股权层面由网易主 导，持股59.4%保障战略方向稳定；管理层团队涵盖互联网运营、版权合作、商业智能等多元专业背 景，能力互补支撑业务落地。财务端实现关键突破，2023年首次扭亏为盈，毛利率从2018年的-114.74% 持续修复至2024年的33.73%，盈利模式彻底告别"规模投入换增长"，转向"内容价值驱动高效变现"，盈 利质量与可持续性显著增强。 智通财经APP获悉，东北证券发布研究报告指出，网易云音乐（09899）用户付费潜力待释放，2023年 在线音乐付费率21.4%，对比海外Spotify 39%的付费率仍有较大提升空间，叠加会员权益升级（新增AI 功能、打通外部平台权益），有望推动ARPU进一步改善。预计2025-2027年公司营收为 79.35/86.92/95.85亿元，归母净利润为26.84/22.15/25.41亿元，EPS为12.32/10.17/11.66元，对应2026年PE 为16倍。 行业规模扩容叠加格局分化，差异 ...