迅雷前CEO陈磊，最近在网上又火了起来，这哥们在出任迅雷总裁期间，曾利用空壳公司套现转账，数额高达2个亿，被迅雷董事会发现罢免起诉 后，竟靠着自己美籍身份，滞留境外拒不配合调，并且跑路时还不忘带上自己的情妇董鳕，甚至还曾在公司广纳后宫，炸裂程度简直震碎三观！ 向"三无公司"转账2个花 迅雷起诉前CEO陈磊 掏空公司 利用美籍身份 拒在上海登 滞留境的 陈磊任职CEO期间 在200万元聘请网 专家 程区块链技术顾问 FRI 两人是女高管在黑龙江 鹤岗老家的亲戚 真实职业是农民机场 u 国际网导文总裁导 IIA TS 后房办公室 买家,套机网亿 需看懂前CEO陈磊的魔幻脑年 4 // 不仅在公司广纳后官 夜搬家 有 0) ●公众号·有鼎与农业 这瓜还没完,陈磊还和已婚的迅雷前高级副总裁董鳕发 生婚外关系并育有一子。陈磊直接把董鳍从腾讯调过来 担任迅雷高管,月薪55万元,报销权限高达500万 元,俩人出差住的是一万一间的豪华酒店,当然是花的 公司的钱。陈磊还把董鳕的老乡闺蜜全都安插在公司关 键岗位,董鳕老家的60岁农民,被陈磊调到迅雷给 200万当技术顾问。 相关报道显示,这俩人关系在迅雷内部早就公开了,但 二人从 ...

Core Insights - The article discusses Tencent's position in the AI landscape, highlighting its slower pace compared to competitors like ByteDance and Alibaba, which have made significant strides in AI applications and user engagement [1][2][4]. Group 1: Tencent's AI Strategy - Tencent's AI application "Tencent Yuanbao" has approximately 200,000 to 300,000 daily active users as of early March 2025, significantly lower than ByteDance's "Doubao," which is nearing 30 million [2]. - Historically, Tencent's AI focus has been on application-level optimization rather than foundational large models, which some view as a strategic misstep [5]. - Tencent's internal discussions reveal a cautious approach to investing heavily in large models, with a belief that current AI products have not yet disrupted its core social and content business [4][5]. Group 2: Competitive Landscape - Investment analysts note that leading U.S. companies are investing about ten times more in AI than their Chinese counterparts, making the AI opportunities for Chinese firms appear limited [4]. - The competition in AI is evolving from a focus on model parameters to a more complex battle involving capital efficiency, infrastructure, and user engagement [13]. Group 3: Talent Acquisition and Investment - Tencent has recently intensified its talent acquisition efforts, hiring top researchers from ByteDance and offering competitive salaries to attract graduates [11]. - From Q3 2024 to Q2 2025, Tencent's capital expenditure reached 102.3 billion yuan, a 178% increase year-on-year, indicating a strong commitment to AI investment [11]. Group 4: Application and User Engagement - Tencent has released over 30 new models under its "Hunyuan" model, applied across more than 900 internal business scenarios, demonstrating ongoing application development [12]. - Successful application of AI tools is linked to user scale and market foundation, with Tencent focusing on creating a "social × service × AI" ecosystem to enhance user engagement [9][12]. Group 5: Future Outlook - The article suggests that Tencent's unique ecosystem, which integrates communication, social, content, payment, and business, positions it well for future AI developments [14]. - The competition among companies like Tencent, ByteDance, and Alibaba is framed as a race to find sustainable business models in AI, with Tencent's strategy emphasizing the evolution of its existing ecosystem [9][14].

Summary of the Conference Call on China's Internet and AI Industry Outlook for 2026 Industry Overview - The focus is on the **China Internet** industry, particularly the **AI sector** and its growth prospects in 2026, influenced by both supply and demand factors [1][2]. Key Insights AI Growth Prospects - **Supply Improvements**: Anticipated import of Nvidia H200 chips for training and expansion of domestic chip production capacity for inferencing are expected to enhance AI capabilities [2][4]. - **Demand Surge**: A breakthrough in agentic capabilities is projected to drive a significant increase in consumer (2C) adoption. Positive signals from the latest China CIO Surveys indicate a first-time uptick in enterprise (2B) spending since the second half of 2021 [2][4]. Overseas Expansion - As the domestic market faces deflationary pressures and rising competition, overseas expansion is becoming crucial. Various segments such as gaming (Tencent, NetEase), cross-border e-commerce (PDD, Alibaba), and cloud services (Alibaba, Tencent) are highlighted as key areas for growth [3][4]. - It is estimated that overseas markets contributed over **10%** of revenue for Chinese internet companies in 2025, with expectations for further growth in the next 2-3 years [3][4]. Risks and Challenges - The macroeconomic climate, competition, regulatory changes, and geopolitical tensions are identified as significant risks. A decline in consumption since Q4 2025 is impacting industry revenue growth across e-commerce, local services, and advertising [4]. - Competition in food delivery and quick commerce remains intense, particularly following the State Council's anti-involution investigation. ByteDance's continued disruption across various sectors is also noted [4]. Investment Recommendations Overweight (OW) Recommendations - **Tencent**: Identified as a top pick due to resilient core businesses and strong 2C AI applications [5]. - **Alibaba (BABA)**: Considered the best AI enabler with cloud services as a key growth catalyst [5]. - **PDD**: Valued for its attractive pricing and potential breakeven of Temu in 2026 [5]. - **TME**: Noted for its resilient business model and potential upside from the proposed Ximalaya acquisition [5]. Underweight (UW) / Equal Weight (EW) Recommendations - **JD (UW)**: Facing operational de-leverage and high investments in new businesses [5]. - **BILI (EW)**: Low visibility in gaming and high valuations are concerns [5]. - **Kuaishou (EW)**: Core business performance is lukewarm, with current valuations reflecting this [5]. - **BIDU (EW)**: While Kunlunxin is a near-term catalyst, core business challenges persist [5]. Additional Insights - The report emphasizes the importance of prudent capital expenditure in AI applications to mitigate bubble risks, suggesting a focus on applications that yield better returns on invested capital (ROIC) [2][4]. - The overall industry view remains attractive, with a strong emphasis on the potential for growth in AI and overseas markets despite existing challenges [7]. This summary encapsulates the key points from the conference call, providing a comprehensive overview of the current state and future outlook of the China Internet and AI industry.

19 January 2026 | 1:21AM HKT Equity Research NAVIGATING CHINA INTERNET Pivotal year for AI investments & Defending core positioning; Stock picking around EPS delivery, Narrative changes & Shareholder returns We see 2026 as a strategic pivot year for China internet mega-caps with stepping up of AI To-C investments (capex + opex), competition around creating AI super entry-points, along with more concerted efforts in defending their respective core #1 positioning. We believe the pivoting will be prompted by i ...

来源：真是港股圈 近期A股成交额创下新高，商业航天、AI应用等题材一度掀起涨停潮，但在监管引导下市场情绪降温， 市场进入震荡整固阶段。 不过，此轮调整本质是良性调整，且从更宏观视角看，居民储蓄正持续从存款、债券等低收益资产向权 益市场迁移，形成一场结构性的"流动性再配置"。同时，央行已明确表态"降准降息仍有空间"，预示流 动性环境将持续宽松。 在此背景下，前期过热的A股题材炒作退潮后，资金有望向估值更具吸引力、基本面更扎实的港股市场 转移。 尤其值得关注的是，本轮增量资金中，大量通过ETF形式集体入场，这在市场中形成了一种显著的资金 流向与价格发现相互促进的正向循环机制。 这意味着，ETF不再仅是单纯的投资产品，而是成为了高效的资产配置中枢。因此，在场外资金持续追 求稀缺资产的过程中，或会产生更多由ETF带动的行情，这也会令港股ETF的重要性日益凸显。 其中，港股互联网ETF（513770，场外联接：017126）是个值得关注的选择。其成分股不仅精准锁定科 技龙头，更涵盖了深度赋能的生态体系业务。 例如，该ETF不仅纳入了阿里等平台型巨头，同时也包含了阿里健康等垂类应用领军者，这为投资者提 供了把握本轮AI与 ...

KraneShares CSI China Internet ETF (KWEB US) – Investment PropositionKraneShares CSI China Internet ETF (KWEB) delivers targeted exposure to China’s internet and platform-based businesses across e-commerce, online entertainment, search, fintech, and cloud services, capturing network-effects and asset-light business models. The rules-driven portfolio emphasizes liquid names listed across multiple venues and typically reflects a growth orientation with significant sensitivity to domestic consumption, advertis ...

千问APP是阿里直接杀入C端市场的关键一步，这意味着阿里的AI布局首次从B端与基础设施延伸到"终 端入口"层级。2025年11月17日，阿里巴巴正式发布"千问"项目，进军AI to C市场，全面对标 ChatGPT。据悉，千问APP默认搭载Qwen3大模型，用户可切换至阿里最强模型Qwen3-Max。 凭借通义千问大模型的性能背书与阿里生态的协同引流，千问APP实现了用户规模的快速增长。千问 APP发布7天后，下载量超过1000万，刷新了ChatGPT、DeepSeek的纪录，成为增长最快的AI应用。 作为to C的AI应用，阿里的千问APP"对标"字节系的豆包。目前，字节跳动旗下的豆包日活已过亿。 QuestMobile统计数据显示，2025年9月豆包月活达到1.72亿，超过DeepSeek，成为中国AI应用的头部； 此外，豆包还是首个日活过亿的AI原生应用。 字节跳动基于其在内容与流量分发上的优势，推动"豆包"大模型与抖音电商及本地生活业务进行深度融 合。目前来看，豆包正在逐步从单纯的"对话"功能拓展至"引导购物"功能。豆包于2025年10月完成重要 功能升级，正式接入抖音商城。当用户提出消费相关问题时， ...

Core Viewpoint - Alphabet's investment in SpaceX, valued at approximately $900 million for a 7% stake, could yield significant returns as SpaceX plans to go public, potentially valuing the company at $1.5 trillion, which would increase Alphabet's stake value to around $105 billion [3][4][7]. Investment Strategy - Public companies like Alphabet can invest in other businesses, similar to Berkshire Hathaway, which has successfully built a conglomerate through strategic investments [1]. - Alphabet's investment in SpaceX is a notable example, with the potential for substantial financial returns as SpaceX prepares for an IPO [2]. SpaceX Valuation and IPO - SpaceX is considering an IPO in 2026, targeting a valuation of $1.5 trillion, significantly higher than its recent private funding round valuation of $800 billion [4][6]. - The IPO could be unprecedented in size and may influence market dynamics, especially if SpaceX is profitable and included in the S&P 500 [6]. Potential Use of Proceeds - If Alphabet sells its shares post-IPO, the proceeds could be utilized to enhance its investments in artificial intelligence infrastructure, which may offer higher returns compared to maintaining the SpaceX stake [7][9]. Broader Implications for Alphabet - Regardless of its decision on the SpaceX shares, Alphabet is expected to benefit from the public debut of SpaceX, reinforcing its position in various sectors including generative AI, cloud computing, and autonomous vehicles [10].

Core Viewpoint - The article discusses the evolution of online disputes in China, highlighting how they have escalated from anonymous forum arguments to public confrontations and legal battles, reflecting the growing intensity and complexity of internet culture and conflicts in the digital age [1][2][3][4][5]. Group 1: Historical Context of Online Disputes - The evolution of internet argumentation has progressed from early anonymous exchanges to real-name confrontations and live debates, indicating a shift in how disputes are handled online [3][4]. - Legal frameworks are increasingly relied upon to resolve disputes when consensus cannot be reached, marking a transition from informal to formal resolution mechanisms [5]. Group 2: Notable Disputes - The "Fang-Han War" in 2012, sparked by a blog post questioning the authenticity of writer Han Han, became a significant cultural event, showcasing the power of social media in shaping public opinion [6][7][8]. - The conflict escalated with Han Han offering a reward for evidence of ghostwriting, leading to a split in public opinion and further involvement from prominent figures like Fang Zhouzi, who intensified the scrutiny on Han Han's works [10][16][20]. - The "3Q War" between Tencent and Qihoo 360 highlighted the commercial aspects of online disputes, with both companies engaging in public and legal battles over user privacy and market dominance [21][22][31][32]. Group 3: Personal Confrontations in the Tech Industry - The 2014 live debate between Wang Ziru and Luo Yonghao over the evaluation of the Smartisan phone exemplified how personal and professional conflicts can draw massive public attention, with 2.5 million viewers tuning in [40][47]. - The debate showcased contrasting styles, with Luo presenting a prepared defense while Wang focused on clarifying his evaluation, leading to a heated public discourse [51][52][54]. Group 4: Escalation to Physical Confrontations - The incident between Wu Faitian and journalist Zhou Yan illustrates how online disputes can spill over into physical confrontations, culminating in a chaotic public altercation involving eggs and accusations of organized violence [56][68][75]. - This event reflects a concerning trend where online disagreements transition into real-world conflicts, raising questions about the societal implications of such behavior [78][81]. Group 5: Future of Online Disputes - As the internet matures, there is a movement towards more regulated and structured forms of discourse, with calls for disputes to be handled through media channels rather than public confrontations [81]. - The evolution of online conflict resolution indicates a shift towards a healthier internet ecosystem, where emotional outbursts are replaced by institutional frameworks for discussion and debate [81].

Sea Limited (NYSE:SE) is included in our list of the best stocks to buy right now. WedBush Bullish on Sea Limited (SE) Amid Shopee Growth As of January 12, 2026, over 90% of analysts are bullish on Sea Limited (NYSE:SE), setting a consensus price target of $197.00. The consensus price target translates into a 51.70% upside. On January 2, 2025, Sea Limited (NYSE:SE) was revisited by Maybank, which upgraded the stock from ‘Hold’ to ‘Buy’, while reiterating a $156 price target. Following a more than 36% st ...