人们常说"眼见为实"，但如果今天再问一个问题：照片还能算现实的记录吗？答案或许已经不像过 去那么简单。 越来越多的手机摄影功能，并不是单纯记录影像。在算法和人工智能（AI）的参与下，能对画面 进行重建、补全甚至重新生成。曾参与iPhone人像模式开发的兹夫·阿塔指出，如今手机相机"远不只是 记录传感器捕捉到的光线"，系统会根据算法推测更理想的画面，并重新构建图像。对很多用户而言， 相册里的照片实际上已经是一种计算生成的结果。 被算法"矫正"的记忆与审美 AI影像的影响，可能不仅停留在技术层面。 美国麻省理工学院媒体实验室的一项研究发现，当人们观看由AI生成或明显处理过的影像时，更 容易形成并不存在的记忆。研究人员让约200名参与者观看不同版本的视频，其中部分内容由AI生成。 结果显示，一些参与者会记住实际上并未出现的细节。研究人员认为，影像一直是人类记忆的重要线 索。当图像被算法自动优化甚至部分生成时，人们保存下来的可能并非当时真实发生的一刻，而是技术 加工后的版本。 从简单的照片增强到幻觉般的面部特征，现代手机在很大程度上决定了记忆的呈现方式。我们或许 会喜欢最终效果，但它们可能改变我们看待世界的方式。 手 ...

新浪科技讯 2月20日晚间消息，美图公司公告显示，2月20日，美图公司回购205.7万股股票，回购价格 为每股6.04港元至6.1港元，本次回购金额达1250.847万港元。 这是美图本月第二次回购股票。2月16日，美图斥资2001.51万港元回购321.7万股，每股平均回购价为 6.222港元。 公开信息显示，这也是美图公司自2020年以来首次启动规模性回购。截至目前，两次共回购527.4万 股，回购金额共计超3252万港元。分析师认为，此举显示了公司对业务前景和长期发展的坚定信心。 责任编辑：尉旖涵 新浪科技讯 2月20日晚间消息，美图公司公告显示，2月20日，美图公司回购205.7万股股票，回购价格 为每股6.04港元至6.1港元，本次回购金额达1250.847万港元。 这是美图本月第二次回购股票。2月16日，美图斥资2001.51万港元回购321.7万股，每股平均回购价为 6.222港元。 公开信息显示，这也是美图公司自2020年以来首次启动规模性回购。截至目前，两次共回购527.4万 股，回购金额共计超3252万港元。分析师认为，此举显示了公司对业务前景和长期发展的坚定信心。 美图公司将于3月27日 ...

Core Viewpoint - Meitu Company (1357.HK) has initiated a significant stock buyback program, reflecting confidence in its business outlook and long-term development [1] Group 1: Stock Buyback Details - On February 20, 2026, Meitu repurchased 2.057 million shares at a price range of HKD 6.04 to HKD 6.10, totaling HKD 12.50847 million [1] - This was the second stock buyback in February, with a prior repurchase on February 16 costing HKD 20.0151 million for 3.217 million shares at an average price of HKD 6.222 [1] - Since 2020, this marks Meitu's first large-scale buyback, with a total of 5.274 million shares repurchased for over HKD 32.52 million [1] Group 2: Financial Performance Expectations - Meitu is set to release its full-year results for 2025 on March 27, with an expected adjusted net profit growth of approximately 60% to 66% year-on-year [1] Group 3: Product and Market Development - Goldman Sachs notes that Meitu's products are evolving from beauty tools to AI image and video generation and editing applications, expanding from consumer entertainment to productivity sectors [1] - The firm sees high revenue potential in the AI imaging field and recognizes Meitu's competitive advantage in meeting user needs in specific scenarios [1]

Group 1 - The Hong Kong innovative drug concept stocks have declined, with companies such as 3SBio, Kelun-Botai Biopharmaceuticals falling over 3%, and CSPC Pharmaceutical Group, China Biologic Products, and Hansoh Pharmaceutical dropping over 2% [1] - The Hong Kong innovative drug-related ETFs have also seen a decline of over 2% [1] Group 2 - Current analysis indicates that the healthcare sector presents multiple investment opportunities, with the CXO industry experiencing sustained improvement due to a recovery in overseas orders and domestic capacity reduction, while still having room for valuation recovery [2] - The medical device sector is benefiting from domestic equipment upgrade policies and overseas market expansion, with continuous catalysts in cutting-edge areas such as brain-computer interfaces and AI imaging [2] - Internet healthcare is seeing improved operational efficiency in the context of deepening medical insurance payment reforms, leading to a clearer profit growth trajectory [2]

Core Viewpoint - The Hong Kong stock market showed strong performance in the healthcare sector, particularly in innovative drugs and medical companies, with significant gains observed in various stocks [1] Group 1: Market Performance - The Hong Kong stock market experienced fluctuations but ultimately strengthened, with notable performances in the innovative drug and medical sectors [1] - Stocks such as CSPC Pharmaceutical Group and Innovent Biologics rose over 6%, while others like Zai Lab and WuXi Biologics increased by more than 5% [1] - The Hong Kong Stock Connect Medical ETF (159506) saw a rise of over 3% during trading [1] Group 2: Industry Insights - At the J.P. Morgan Healthcare Conference held in January, global pharmaceutical companies disclosed advanced research pipelines and significant business development transactions, creating clear order expectations for the CXO industry [1] - The penetration of AI in healthcare is accelerating, with applications expanding from smart consultations to chronic disease management, leading to a reevaluation of the value of internet healthcare platforms like Alibaba Health and JD Health [1] - Analysts suggest that the current healthcare sector presents multiple investment opportunities, with the CXO industry benefiting from a recovery in overseas orders and domestic capacity clearance [1] - The medical device sector is supported by domestic equipment upgrade policies and overseas market expansion, with cutting-edge areas like brain-computer interfaces and AI imaging continuously catalyzing growth [1] - Internet healthcare is optimizing operational efficiency against the backdrop of deepening medical insurance payment reforms, leading to a clearer profitability growth trajectory [1] Group 3: ETF Information - The Hong Kong Stock Connect Medical ETF (159506) closely tracks the Hang Seng Hong Kong Stock Connect Innovative Drug and Healthcare Index (HSSCHI) [2] - The index composition emphasizes companies with high R&D expenditure and innovative drug business, ensuring that companies with the lowest average R&D to revenue ratio over the past two years are excluded [2] - This innovative focus aids investors in accurately capturing investment opportunities within the Hong Kong pharmaceutical sector [2]

| 4-685 | ਕੇ ਕਿ 名称 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 159567 | 跨 港股创新药ETF T+0 | 0.029 | 3.72% | | 159570 | 跨 港股通创新药ETF T+0 | 0.061 | 3.77% | | 520700 | 跨 港股通创新药ETF万家 T+0 | 0.059 | 3.72% | | 159286 | 時 港股通创新药ETF鹏华 T+0 | 0.031 | 3.72% | | 513780 | 跨 港股创新药50ETF T+0 | 0.060 | 3.65% | | 159297 | 跨 港股通创新药ETF南方 T+0 | 0.030 | 3.68% | | 159217 | 陪 港股通创新药ETF工银 T+0 | 0.048 | 3.66% | | 520970 | 0 1 1 6 4 | 0.032 | 3.61% | | 513120 | 跨 港股创新药ETF T+0 | 0.046 | 3.60% | | 520500 | 跨 恒生创新药ETF T+0 | 0.057 | 3.56% | 有分析指 ...

Core Viewpoint - Goldman Sachs initiates coverage of Meitu with a "Buy" rating and a 12-month target price of HKD 16, which is higher than the average target prices set by major banks like Morgan Stanley, UBS, and Bank of America [1] Group 1: Company Analysis - Goldman Sachs expresses confidence in the high revenue potential of the AI imaging sector and Meitu's competitive advantage in meeting user needs in specific scenarios, predicting that Meitu's future two-year forecasts will exceed market consensus [1] - The report highlights that despite discussions about general models consuming applications, users still require different software applications for various needs, such as precise image editing and editing history tracking, which is where Meitu's strength lies [1] - Meitu's recent product launches, such as Wink and Kaipai, are contributing to revenue growth, demonstrating the company's focus on AI applications and vertical scenarios, allowing it to capitalize on the benefits of the AI era [1] Group 2: Market Outlook - Goldman Sachs anticipates that the global AI image and video market will grow at a compound annual growth rate (CAGR) of 44% from 2025 to 2030, reaching USD 39 billion [2] - Meitu is expected to benefit from the promotion of productivity tools, expansion into overseas markets, increased payment rates, and continuous new product launches, with a projected revenue CAGR of 29% from 2025 to 2030 [2] - The productivity tools segment is accelerating, with expectations that by 2030, productivity revenue will contribute 44% to Meitu's total revenue, alongside accelerated growth in overseas monthly active users due to expansion in regions like Europe and Southeast Asia [2] - Overall, Meitu's products are evolving from beauty tools to AI image and video generation and editing applications, expanding the market from consumer entertainment to productivity tools, which is expected to drive growth in monthly active users, payment rates, and ARPU [2]

从整个市场规模来看，高盛认为，AI为影像领域带来新机遇，预计2025至2030年全球AI图像和视频市 场规模将以44%的复合年增长率增长至390亿美元。其中，美图得益于生产力工具的推广、海外市场的 拓展、付费率的上升以及持续推出的新产品，预计2025年至2030年收入复合年增长率将达到29%。 高盛在报告中对美图不同业务和市场对收入的贡献也作出了预测。该行指出，美图的生产力工具业务正 加速发展，预计到2030年，生产力收入贡献将达到44%；与此同时，得益于在欧洲、东南亚等地区的扩 张，美图的海外月活将加速增长；因其产品组合向生产力工具的升级及海外市场拓展，海外市场变现加 速，付费率预计到2030年达11.3% 2月8日，高盛发布报告首次覆盖美图公司（以下简称"美图"），给予"买入"评级，12个月目标价16港 元。公开信息显示，这一目标价高于大摩、瑞银、美银等大行给出的目标均价。高盛称，看好AI影像 领域的高收入和美图在特定场景下满足用户需求的竞争优势，对其未来两年的预测比市场一致预期更 高。 针对近期市场关于大模型吞噬应用的讨论，高盛在报告中指出，尽管通用模型和工具能够降低AI的入 门门槛并减少用户的工作量， ...

2 月 4 日，数码闲聊站在微博爆料，称某厂的手机磁吸镜头已经启动量产计划，最快今年有机会看到相关产品落地。结合讨论推测，「某厂」很可能就是曾 在 MWC 2025 上拿出磁吸光学模块方案的小米，而这套方案可能会适配后续的 MIX 系列机型。 图片来源：雷科技 当然了，考虑到产品刚刚启动量产计划，有关手机能否在今年看到还是未知数。不过可以肯定的是，那个已经被 AI 影像取代、曾经百家争鸣的移动影像黄 金时代，马上就要回来了。 新一代磁吸镜头，与外挂镜头、无屏相机区别在哪？ 这种设计在相机逻辑上是自洽的，但在手机影像时代却显得格格不入：手机影像真正的竞争力，早已不只来自光学硬件，而是来自传感器、算力和算法构成 的整体系统。当手机端的 ISP、HDR、多帧合成和 AI 算法不断进化时，无屏相机却把成像权彻底交给了外置模块，反而割裂了手机影像系统最重要的优 势。 尽管在大众消费者不怎么留意，但其实在手机影像的发展史中，「外挂」并不是一个新概念。 早期的外接镜头，本质上只是给手机镜头增加前组光学结构，对成像链路并没有实质性改变；后来出现的无屏相机方案，则干脆把完整的相机系统独立出 来，通过无线方式与手机连接。 从结果 ...

据悉，这一科学、系统、可操作的团体标准的建立，将推动产业进入"有标可依、有序发展"的新阶段， 为行业提供清晰的技术与应用边界，为企业研发与应用提供可操作的规范依据，通过提升标准的可执行 性与可验证性构建多方协同治理格局。依托这一标准，产业链上下游能够在降低合规成本、减少技术风 险的前提下实现创新。同时，该团体标准将有效增强中国在AI影像与数字文化融合领域的国际话语权 与规则影响力。 本报北京1月21日电(记者王洲)全国首个AI影像团体标准——《人工智能影像生成与应用技术要求》团 体标准21日在北京发布。该标准由北京影视动画协会牵头制定，北京电影学院中国动画研究院、北京大 学计算艺术实验室、清华大学未来实验室等多家研究机构以及国内外多位行业专家学者参与起草，立足 具有中国特色的AI影像技术标准，围绕AI影像生成与应用的关键环节，对技术安全、数据合规、内容 伦理、质量评估与示例方法等提出系统化规范。 ...