南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间7年61天，现任基金资产总规模1227.6亿元，任职期间最佳基金回报 208.53%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 1月5日，天娱数科涨5.02%，截至发稿，报6.69元/股，成交5.63亿元，换手率5.31%，总市值110.69亿 元。 资料显示，天娱数字科技(大连)集团股份有限公司位于北京市朝阳区康中街E9区创新工场9号楼，成立 日期2003年8月29日，上市日期2010年2月9日，公司主营业务涉及网络游戏的开发和运营,包括网页网络 游戏、移动网络游戏;互联网和移动互联网广告;移动应用分发平台的开发和运营业务以及技术咨询服 务。主营业务收入构成为：数据流量业务97.93%，数字竞技平台2.01%，其他0.06%。 从天娱数科十大流通股东角度 数据显示，南方基金旗下1只基金位居天娱数科十大流通股东。南方中证100 ...

Core Viewpoint - The era of application distribution is coming to an end, as evidenced by the announcement of the complete shutdown of 91 Assistant's services by September 27, 2025, due to business adjustments and product iterations [2][6]. Company Development - 91 Assistant was developed in response to the launch of the first iPhone in 2007, initially as "iPhone PC Suite," which gained significant popularity and user base [3]. - The official launch of 91 Assistant 1.0 occurred in February 2008, becoming essential for iOS users needing to "jailbreak" their devices to download third-party applications [3][4]. - By 2009, 91 Assistant expanded its services to the Android platform, capturing approximately 90% of the domestic mobile assistant market [4]. Market Dynamics - In 2012, 91 Assistant experienced explosive growth, reaching over 100 million users and accumulating more than 10 billion application downloads [4]. - The acquisition of 91 Assistant by Baidu for $1.9 billion in 2013 marked a significant moment in the mobile internet landscape, as it was the largest merger in Chinese internet history at that time [4][5]. - Following the acquisition, 91 Assistant was rebranded as Baidu 91, and its user coverage reached hundreds of millions, with a market share exceeding 50% in 2014 [5]. Decline and Closure - The market share of 91 Assistant began to decline due to the improved functionality of the Apple App Store, reduced demand for jailbreaking, and the rise of proprietary app stores from manufacturers like Huawei and Xiaomi [5][6]. - Despite attempts at transformation and integration into Baidu's ecosystem, 91 Assistant struggled to adapt, leading to the closure of its distribution channels by 2020 [6]. - The shutdown of 91 Assistant signifies the end of an era in the mobile application distribution industry, reflecting the natural evolution of the market [6].

Core Viewpoint - The era of application distribution is coming to an end, as evidenced by the announcement of 91 Assistant's complete service shutdown scheduled for September 27, 2025, due to business adjustments and product iteration needs [1] Group 1: Company History and Development - 91 Assistant was developed in response to the inconvenience of managing iPhones, with its initial version launched in February 2008, quickly becoming essential for iOS users needing to "jailbreak" their devices [2] - By 2009, 91 Assistant expanded to the Android platform and captured approximately 90% of the domestic mobile assistant market [2] - In 2012, 91 Assistant reached over 100 million users across iOS and Android platforms, with cumulative application downloads exceeding 10 billion [2] Group 2: Acquisition and Market Position - In 2013, Baidu acquired 91 Assistant and its parent company, 91 Wireless, for $1.9 billion, marking one of the largest mergers in Chinese internet history [3][5] - The acquisition was driven by the need to secure a foothold in the booming mobile application distribution sector, as Baidu sought to compete with other tech giants like Tencent and Alibaba [5] Group 3: Market Decline and Closure - Following the acquisition, 91 Assistant was rebranded as Baidu 91 and integrated with other Baidu products, achieving a user coverage of hundreds of millions and a market share exceeding 50% by 2014 [6] - However, the market share began to decline due to the improved functionality of the Apple App Store, reduced demand for jailbreaking, and the rise of proprietary app stores from manufacturers like Huawei and Xiaomi [6] - Despite attempts at transformation, 91 Assistant struggled to integrate effectively into Baidu's ecosystem, leading to the closure of its services and the eventual shutdown of its distribution channels by 2020 [6]

Core Viewpoint - The announcement of the shutdown of 91 Assistant by Baidu marks the end of a significant chapter in the mobile internet era, reflecting deep changes in the mobile application distribution industry and the conclusion of early mobile internet dividends [2][3]. Company Summary - Baidu's acquisition of 91 Wireless for $1.9 billion in 2013 was a strategic move to secure a platform in the mobile internet space, which was considered a "ticket" to the mobile internet [3][4]. - 91 Assistant was once the largest iOS "jailbreak" platform in China, amassing over 100 million users and achieving over 10 billion downloads, but struggled to integrate effectively into Baidu's ecosystem [3][4]. - The shutdown of 91 Assistant signifies not only the end of a product's lifecycle but also highlights Baidu's ongoing challenges in making successful investments in the mobile internet sector [4][5]. Industry Summary - The mobile application distribution industry has undergone significant transformation, with traditional app stores losing their value as major smartphone manufacturers establish their own app stores and super apps reshape traffic distribution [4]. - The competitive landscape has shifted from focusing on traffic entry points and user engagement during the mobile internet era to prioritizing data, algorithms, and computational power in the AI-driven age [5]. - The experience from the costly acquisition of 91 Wireless serves as a lesson for the industry on the importance of integrating technology, products, and ecosystems effectively [5].

Core Viewpoint - The shutdown of 91 Assistant marks the end of an era for Baidu's investment in mobile internet, reflecting significant changes in the mobile application distribution industry and the conclusion of early mobile internet benefits [4][5]. Group 1: Company Overview - Baidu acquired 91 Wireless for $1.9 billion in 2013, which was considered a landmark investment in the mobile internet space, surpassing the previous record set by Yahoo's $1 billion acquisition of Alibaba in 2005 [5]. - 91 Wireless was once the largest iOS "jailbreak" platform in China, amassing over 100 million users and achieving total downloads exceeding 10 billion [4][5]. - The application will cease all services on September 27, 2025, with users advised to back up their data, as it will be permanently lost post-shutdown [3]. Group 2: Industry Changes - The closure of 91 Assistant signifies a broader transformation in the mobile application distribution sector, as traditional app stores face diminishing value due to the rise of super apps and proprietary app stores from major smartphone manufacturers [5][6]. - The competitive landscape has shifted from focusing on traffic entry points and user engagement during the mobile internet era to prioritizing data, algorithms, and computational power in the AI-driven age [6]. - Baidu's struggle to integrate 91 Assistant into its ecosystem highlights the challenges faced by companies in adapting to evolving market dynamics and the need for deeper integration of technology, products, and ecosystems [6].

Group 1: Financial Performance - The company reported a revenue of 988 million yuan for the first half of 2025, representing a year-on-year growth of 29.64% [1] - The net profit attributable to shareholders reached 23.62 million yuan, a significant increase of 453.67% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 21.23 million yuan, up 131.08% year-on-year [1] - Basic earnings per share stood at 0.01 yuan [1] Group 2: Business Strategy and Development - The company focuses on digitalization, intelligence, and globalization, integrating "data elements x" with "AI+" to develop multiple enterprise-level large models [2] - The company has established three major business platforms: AI marketing SaaS, mobile application distribution PaaS, and spatial intelligence MaaS, enhancing its capabilities in data analysis, model deployment, and scenario application [2] - As of the reporting period, the mobile application distribution PaaS platform had a total registered user base of 349 million, showcasing significant scale advantages [2] Group 3: Global Expansion and Market Presence - The company is actively pursuing global expansion while localizing its operations, leveraging the latest global technologies and local market advantages [3] - The gaming platform has successfully entered international markets, with 74 cooperative games and 9 self-developed games launched across 21 countries and regions [3] - The overseas mobile application distribution platform 3u tools has accumulated 53.98 million registered users, with an average of 2.44 million monthly active users during the reporting period [3] Group 4: Future Outlook and Innovation - The company aims to enhance its technical strength and market competitiveness through continuous R&D of core technologies [4] - It plans to expand business application scenarios and seek multi-channel business collaborations to promote diversified technology and application deployment [4] - The company will strengthen market research and customer demand analysis to optimize products and services, thereby improving market acceptance [4]

Core Viewpoint - Epic Games is requesting the court to compel Apple to allow the game "Fortnite" to be listed on the US App Store [1] Group 1 - Epic Games is seeking legal intervention to enable the return of "Fortnite" to the US App Store, which has been a significant point of contention between the two companies [1]