智通财经APP获悉，中邮证券发布研报称，大厂正将多模态视为突破纯文本交互天花板、抢占下一 代"超级入口"的战略必选项。多模态是突破瓶颈、创造新刚需的必然选择。通过无缝融合文字、图像、 语音和视频，AI能够更自然地融入从生活到工作的全场景，成为用户解决问题的一站式起点，从而抢 占第一触点的入口心智。 中邮证券主要观点如下： 国内CSP大厂抢占春节级流量，"超级入口之争"有望成为26年AI主旋律 据报道，阿里正考虑将未来三年投入到AI基建与云计算上的3800亿元提升至4800亿元；金融时报报道 称，字节跳动已做出初步规划，2026年资本开支拟达到约1600亿元人民币，高于2025年约1500亿元人民 币的投入。 26年多模态已不再是AI产品的附加功能，而成为大厂争夺"超级入口"的战略升级方向 近日，字节推出的AI视频生成模型Seedance 2.0能根据文本描述或单张图片，在60秒内直接生成带有同 步原生音频、具备电影感的多镜头视频;阿里推出新一代图像生成模型Qwen-Image-2.0，具备更专业的 文字渲染、更细腻的真实质感、更强的语义遵循等特点，同一模型在文生图和图生图基准中获得优越性 能。 投资建议 20 ...

Group 1 - U.S. retail sales unexpectedly stagnated in December, indicating weak consumer spending at the end of the year, leading to increased bets on interest rate cuts for this year [4] - The U.S. economy is showing signs of slowing down, which has weakened the dollar against major currencies and provided more room for the Federal Reserve to consider rate cuts [2][4] - The upcoming U.S. non-farm payroll report is anticipated to provide further insights into the labor market and potential economic direction [4] Group 2 - The S&P 500 and Nasdaq indices fell, while the Dow Jones Industrial Average rose slightly, marking a new closing high for the third consecutive trading day [2] - U.S. Treasury yields declined, with the 2-year, 5-year, and 10-year yields reported at 3.4520%, 3.7012%, and 4.1427% respectively, reflecting a downward trend [3] - Gold prices dropped over 1% as the market consolidated ahead of the U.S. employment and inflation data releases [2] Group 3 - Alphabet (GOOGL.US) raised nearly $32 billion in debt within 24 hours, with a 100-year pound bond receiving nearly ten times the oversubscription [5] - Barclays (BCS.US) reported better-than-expected earnings for 2025 and plans to return at least £15 billion to shareholders by the end of 2028, with an expanded bonus pool benefiting all employees [6] - Wealth management firms, including Charles Schwab, experienced significant declines due to concerns over a new AI tool developed by Altruist for tax strategy formulation [6] Group 4 - China's January CPI is expected to slow to a 0.4% year-on-year increase, while PPI is projected to narrow its decline to 1.5%, driven by rising material prices [7] - The People's Bank of China committed to maintaining a "moderately loose" monetary policy and will regularly conduct government bond trading operations [8] - Chinese President Xi Jinping emphasized the need for enhanced collaboration in the Beijing-Tianjin-Hebei region, focusing on deep integration of technological and industrial innovation [9]

Core Insights - Alibaba's Qianwen app has launched a significant AI shopping initiative, achieving over 10 million orders within 9 hours of its "Spring Festival 30 Billion Free Order" promotion [1][7] - The app has consistently ranked first in the Apple App Store's free app category, surpassing competitors [1][7] - A partnership has been established with over 40 global travel brands, including major airlines and hotel chains, to provide exclusive subsidies and value-added benefits to users of Qianwen and Fliggy [2][8] Group 1: AI Shopping Experience - The Qianwen app will utilize AI capabilities to offer a seamless travel service experience, allowing users to consult, plan, and book travel in one step without switching platforms [4][9] - Users can receive discounts and benefits, with single orders eligible for discounts up to 300 yuan [4][9] - The AI system can accurately identify user intentions through natural language processing, matching them with relevant travel services from a vast array of dynamic product information [3][8] Group 2: Industry Impact - The integration of AI in the travel industry is expected to transform the supply and demand dynamics, particularly in sectors with complex decision-making processes like travel [3][6] - Experts suggest that airlines should leverage platforms like Qianwen and Fliggy to implement advantageous policies and enhance product development, thus capturing the early AI traffic opportunities [5][13] - The rapid advancement of AI technology is anticipated to significantly impact the entire tourism ecosystem, potentially marking a pivotal shift in the supply side of the hospitality industry [6][14]

证券研究报告：计算机|点评报告 发布时间：2026-02-11 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 5546.12 | | --- | --- | --- | | 52 | 周最高 | 6151.34 | | 52 | 周最低 | 4080.58 | 行业相对指数表现（相对值） -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% 2025-02 2025-04 2025-07 2025-09 2025-11 2026-02 计算机 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 近期研究报告 《AI for Science，重在 AI+制药赛 道》 - 2026.01.15 大厂积极备战春晚，入口之争引领 AI 行情 ⚫ 国内 CSP 大厂抢占春节级流量，"超级入口之争"有望成 为 26 年 AI 主旋律 2026 ...

国泰海通发布研报称，阿里巴巴-W(09988)AI战略的核心不再是单一模型规模或跑分，而是把"通义千 问"与阿里数字经济体高频场景(电商、本地生活、支付、出行、办公等)系统性打通，形成"能办事、办 成事"的闭环体验，并把AI从流程"外挂"升级为用户接入服务的首要界面(AI即入口)。阿里巴巴AI顶层 战略由比模型转向拼体系，依托千问入口化与云钉百炼平台协同，并加大云与AI基础设施资本开支， 打造闭环能力以争夺下一代平台主导权。 AI2C负责用户规模与超级应用，AI2B面向企业商业化 千问App"入口化宣言"落地，以"办事能力+生态级连接"建立差异化。2026年1月进一步重大升级，全面 接入淘宝、支付宝、淘宝闪购、飞猪、高德等生态业务，标志着阿里将C端"入口之战"从构想推向实 战。钉钉被定位为"企业级AI智能体平台"，承载把模型能力嵌入企业工作流与业务系统;供给侧"云钉一 体"与百炼共同指向Agent规模化，商业模式从卖功能订阅走向"卖效果、卖产出"。 明确将资金大规模投向云与AI基础设施 风险提示：AI技术发展不及预期，AI商业落地不及预期，市场竞争加剧的风险。 国泰海通主要观点如下： 阿里的顶层战略正在发生变 ...

分享好友红包提现，口令互动奶茶免单，登录网页直接浮现……连日来，一场AI大战擂鼓鸣锣，成为 又一个现象级互联网景观。 （一） 多家大厂纷纷入局，争的是什么？按照业内说法，是在抢滩AI时代的"第一入口"。 近年来，AI不仅在硬核制造领域落地，且日渐成为真正的数字日用品，覆盖全年龄段、全场景需求。 截至2025年12月，我国生成式人工智能用户规模已逾6亿，普及率已超40%。 客观地说，很多既有用户尚不"忠诚"，随时可能"移情别恋"。同时，还有大量潜在用户有待开发，去哪 儿尝鲜或许能决定后续使用习惯。这个意义上，培养存量的忠诚度，提升增量的关注度，成为大厂的主 要关切。 春节假期日益临近，人们的消费、出行、社交等需求正在集中释放，这不仅是一次AI功能的压力测 试，更是全方位接入生活、打响名气的好时机。于是，大厂们铆足了劲裂变拉新，以期刷出自家产品的 存在感。 当其他国家大模型还在堆参数、拼性能时，中国团队却在"精打细算"中一步步突破底层技术的桎梏。在 政策的顶层设计与强大基础设施建设的支撑下，一大批人默默坚持，不跟风、不浮躁，更以开放姿态构 建起对抗闭源高墙的生态阵地，让AI技术从实验室走向了千家万户。耐心与格局， ...

百度以5亿红包最早入局春节AI战，并拿下《2026北京广播电视台春节联欢晚会》首席AI合作伙伴身 份。 对比行业玩家春节主阵地多为独立APP，百度此次"O计划"仍围绕百度APP展开，可见其仍是百度重点 的AI入口。 2026年春节，包括百度、腾讯、阿里、字节等互联网大厂开启了红包大战，争夺未来AI入口。 日前，网传百度内部启动代号"O计划"项目，内部人士透露与百度APP有关。 据此前消息，百度APP旗下文心助手月活用户数已突破2亿，与豆包、千问形成国内三大亿级AI入口。 21世纪经济报道记者孔海丽 北京报道 ...

Group 1 - The Hong Kong stock market opened slightly higher on February 11, with major tech stocks like Xiaomi and Bilibili rising over 3% [1] - The Hong Kong Internet ETF (513770) experienced a low opening but later rose by 0.77%, attracting significant capital inflow of 241 million yuan over five consecutive days [1][2] - Southbound capital saw a substantial net inflow of 56.07 billion HKD during the week of February 2-6, marking the highest weekly net inflow in nearly three months, indicating strong confidence from domestic investors in the Hong Kong tech sector [2][5] Group 2 - The valuation of the Hong Kong tech sector is currently attractive, with the China Securities Hong Kong Internet Index's PE (TTM) at 24.11 times, significantly lower than its historical average of 35.08 times and below comparable global tech indices like the Nasdaq 100 [2][5] - The AI industry is transitioning from "technology research" to "commercialization," with the Hong Kong Internet sector poised to benefit from this global AI wave [4][13] - The top ten holdings in the Hong Kong Internet ETF include major players like Alibaba, Tencent, and Xiaomi, which collectively account for nearly 77% of the fund, highlighting the dominance of these tech giants [4][14] Group 3 - According to Everbright Securities, the Hong Kong tech sector has entered a strategic configuration zone characterized by high win rates and high returns, supported by oversold valuations, counter-cyclical capital inflows, and improving fundamentals [5][11] - The Hong Kong market is seen as an ideal long-term investment tool, with the Hong Kong Large Cap 30 ETF (520560) combining high-growth tech stocks with stable dividend-paying companies [15]

新浪科技讯 2月11日上午消息，2月10日，抖音生活服务上线官方团购App"抖省省"。目前，该App已在 苹果、安卓等多个应用商店上线。从App界面看到，"抖省省"覆盖甜点饮品、快餐小吃、超市购物、休 闲娱乐等品类。 对此，抖音生活服务相关负责人回应称，"抖省省"是平台推出的独立团购App，意在帮助用户更高效地 发现附近优质好价团购商品与到店服务，轻松省心好生活。 新浪科技讯 2月11日上午消息，2月10日，抖音生活服务上线官方团购App"抖省省"。目前，该App已在 苹果、安卓等多个应用商店上线。从App界面看到，"抖省省"覆盖甜点饮品、快餐小吃、超市购物、休 闲娱乐等品类。 抖音生活服务负责人称，未来，平台会进一步融入AI技术，让"抖省省"不仅是一个省时省心的团购 App，更成为陪伴用户探索吃喝玩乐线下场景、提升生活品质的贴心助手。平台将与更多优质商家携 手，为用户创造省心、有趣、超值的本地生活新体验。 对此，抖音生活服务相关负责人回应称，"抖省省"是平台推出的独立团购App，意在帮助用户更高效地 发现附近优质好价团购商品与到店服务，轻松省心好生活。 抖音生活服务负责人称，未来，平台会进一步融入AI技术， ...

来源：市场资讯 （来源：华夏基金财富家） 蛋股通科技ETF基金 159101 R4(中高 高弹性 覆盖"坎硬件+新消费+创新药+造车新势力"热门 6 跟踪中证港股通互联网指数 港股通互联网ETF基金 520910 R4 高弹性 高度集中于通信服务和信息技术等核心互联网 港股科技短期内承压 近期港股科技板块的调整,主要源于市场对"互联网 增值税上调"传言的误读。叠加临近年底,投资者倾 向于兑现浮盈"落袋为安"、风险偏好走低,因此港股 科技短期内承压,或存在"错杀"。 - 相关指数近一个月涨跌幅 - 恒生科技 -6.45% 恒生互联网 港股通科技 港股通互联网 资料来源:Wind,统计区间2026.1.5 春节交易机制创造套利机 2026年春节假期, A股与港股存在显著的交易时间差, 春节期间,腾讯、百度、阿里等AI巨头开展春节红包活 动有望催化港股相关板块上涨,节前布局港股通ETF 的投资者,便有望实现短期套利收益。 春节假期安排 港股:2月17-19日休市3天 A股:休市时间更长 港股比A股多开市两天半 2月24日上午7点各港股ETF 若假期港股上涨 更新IOPV 可能开盘高开 投资者可节前布局港股ETF 节 ...