| 财务摘要(百万人民币) | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 29225 | 27291 | 27975 | 28906 | 29393 | | (+/-)% | -8.3% | -6.6% | 2.5% | 3.3% | 1.7% | | 经调整经营利润 | 2362 | 639 | 957 | 1394 | 1564 | | 经调整净利润 | 1512 | 281 | 595 | 892 | 982 | | (+/-)% | -46.7% | -81.4% | 112.2% | 49.8% | 10.2% | | 经调整净利率 | 5.2% | 1.0% | 2.1% | 3.1% | 3.3% | | PE | 9.2 | 39.7 | 18.7 | 12.5 | 11.3 | | 资料来源：Wind，国泰海通证券研究 | | | | | | 风险提示：新政落地不及预期，行业竞争加剧，内容表现未及预期。 交易数据 | 52 周内股价区间(美元) | 1.50-2.8 ...

2月17日，哔哩哔哩（以下简称"B站"）发布马年春晚直播相关数据。B站作为马年总台春晚的独家弹幕 视频平台，2月16日春晚直播期间，B站弹幕总数达1.33亿，平均每秒发送7700条。发送数量排名前五的 弹幕分别是："啊？""新年快乐""我要验牌""妈妈我上电视了""我是真人"。其中，"啊？"主要集中在蔡 明、王天放表演的节目《奶奶的最爱》。这是B站与总台春晚的二次合作，上B站发弹幕看春晚，已经 成为年轻人在除夕夜的重要仪式。（智通财经记者 范佳来） ...

近年来，春晚越来越受到年轻人的欢迎，数据显示，24年春晚15-44岁的年轻用户占比达到51.59%。25 年春晚B站直播观看人数超过1亿，其中30岁以下年轻人占比为83%。在年轻人成为春晚观看主力军的同 时，春晚也在不断探索年轻化的内容。24年，在《看动画片的我们长大了》里，年轻人在春晚上合唱最 喜欢的动画主题歌；25年，与B站共创的《春意红包》全网播放量超过10亿，成为了海外播放量第二的 蛇年春晚节目。 智通财经APP获悉，周三，哔哩哔哩(BILI.US)盘前涨逾3%，报32.10美元。消息面上，2月10日，中央 广播电视总台《2026年春节联欢晚会》与春晚独家弹幕视频平台B站共同宣布：今年的春晚首次引入UP 主参与。春晚导演组在晚会策划过程中广泛征求意见，B站UP主积极参与讨论。此外，UP主还参与了 春晚纪录片的创作和拍摄，春晚后将在B站独家播出。 ...

近年来，春晚越来越受到年轻人的欢迎，数据显示，24年春晚15-44岁的年轻用户占比达到51.59%。25 年春晚B站直播观看人数超过1亿，其中30岁以下年轻人占比为83%。在年轻人成为春晚观看主力军的同 时，春晚也在不断探索年轻化的内容。24年，在《看动画片的我们长大了》里，年轻人在春晚上合唱最 喜欢的动画主题歌；25年，与B站共创的《春意红包》全网播放量超过10亿，成为了海外播放量第二的 蛇年春晚节目。 周三，哔哩哔哩(BILI.US)盘前涨逾3%，报32.10美元。消息面上，2月10日，中央广播电视总台《2026 年春节联欢晚会》与春晚独家弹幕视频平台B站共同宣布：今年的春晚首次引入UP主参与。春晚导演组 在晚会策划过程中广泛征求意见，B站UP主积极参与讨论。此外，UP主还参与了春晚纪录片的创作和 拍摄，春晚后将在B站独家播出。 ...

Group 1 - The core idea of the articles revolves around the collaboration between Longkou San, a century-old throat care brand, and Tencent Video to create a customized viewing experience during the Spring Festival, promoting the concept of "eating Longkou San for a healthy New Year" [1][3][4] - The partnership aims to address the increased throat discomfort during the festive season due to various factors such as spicy food, late-night activities, and dry indoor environments, by integrating throat care into the family gathering and viewing experience [3][4] - Longkou San emphasizes its commitment to natural herbal ingredients and offers a range of throat care products, including herbal lozenges and throat powder, suitable for various family scenarios during the Spring Festival [4] Group 2 - The collaboration with Tencent Video allows Longkou San to leverage a strong content ecosystem and a vast user base, enhancing brand visibility through creative advertising that connects the product with the viewing and gathering experience [3][4] - The initiative aims to make throat care a habitual part of the Spring Festival celebrations, transforming the idea of "healthy New Year" from a slogan into a lifestyle choice integrated into daily activities [3][4] - Longkou San's innovative marketing strategies during the Spring Festival reflect its understanding of consumer health needs, successfully embedding the message of "eating Longkou San for a healthy New Year" into the audience's mindset [4]

台供图 中国青年报客户端讯（中青报·中青网记者 沈杰群）日前，B站宣布首次举办的"2026 bilibili大年初一联 欢会"（以下简称"B站联欢会"）将于2月17日亮相。 海报。平 B站联欢会邀请了新老喜剧人、国民艺人及新生代演员共同参与，旨在打造一场面向全年龄段观众的合 家欢晚会。在本次联欢会上，相声、小品、杂技等传统的说学逗唱形式都会以B站创意整活的新面貌回 归，素描喜剧（sketch）、说唱、宅舞等年轻人喜闻乐见的形式也将同台亮相。 本次联欢会将于2月17日（大年初一）19:30在B站线上直播，与观众一同笑迎新春。 来源：中国青年报客户端 ...

对亚马逊内部员工来说，这周二本该是一个普通的工作日——但一封被"提前发送"的内部邮件，却意外 揭开了这家科技巨头新一轮裁员的真实进度。 本周二，亚马逊向部分 Amazon Web Services（AWS）云计算员工发送了一封内部邮件，内容涉及组织 调整、受影响员工以及后续安排。然而，这封邮件很快被证实是一次严重的内部沟通失误——裁员尚未 正式对外公布，部分员工却已被"提前告知"。 裁员尚未官宣，AWS 员工却被"提前通知" 根据路透社此前披露的信息，亚马逊计划从本周开始裁撤数千名企业级员工，涉及多个核心业务部门。 但截至邮件发出前，亚马逊既未对外发布裁员公告，也尚未正式通知受影响员工。 然而，周二的这封内部邮件却明显"抢跑"。 据悉，邮件由 AWS 应用 AI 解决方案高级副总裁 Colleen Aubrey 署名，内容中写道：美国、加拿大以 及哥斯达黎加的受影响员工已经被告知其岗位被裁撤——不过，这一说法随后被证实并不属实，裁员流 程显然尚未走完正式通知环节。 裁员范围或覆盖 AWS、零售、Prime Video 和 HR 多位知情人士向路透社透露，本轮裁员预计将波及多个重要业务线，包括： 不过，本周具体 ...

当地时间周二，美股三大指数涨跌不一，道指跌0.83%，纳指涨0.91%，标普500指数涨0.41%。科技股 普涨，英特尔涨超3%，亚马逊涨超2%。医疗保险股普跌，标普1500管理型医疗指数下跌18%，创下自 1997年以来的最大跌幅；联合健康跌超19%，CVS跌超14%。热门中概股涨跌互现，纳斯达克中国金龙 指数收涨0.48%，爱奇艺、哔哩哔哩涨超3%，小鹏汽车、理想汽车跌超1%。 0:00 ...

Group 1 - MakeMyTrip Ltd (MMYT.O) maintains an outperform rating with a target price of $85, despite slightly lower than expected revenue in Q3 FY26 due to currency, regulatory, and GST adjustments, while hotel and transportation segments show resilience [1] - iQIYI (IQ.O) holds a buy rating with a stable membership revenue and a revenue of 6.763 billion yuan in Q4 25, reflecting a year-on-year increase of 2.3%, supported by rich content reserves and favorable policies [2] - Netflix (NFLX.O) has a buy rating with a target price of $103, reporting revenue and profit growth in Q4, driven by subscription price increases and advertising growth, with a projected free cash flow of $11 billion by 2026 [4] Group 2 - Horton Homes (DHI.N) maintains a buy rating with a target price of $178, despite a decline in revenue and profit in FY26 Q1, as the company stabilizes sales through incentives and a strong capital structure [5] - Full Truck Alliance (YMM.N) has a buy rating with a target price of $16.1, showing a 31% year-on-year increase in commission revenue from freight transaction services, with a clear shareholder return plan of $400 million by 2026 [6] - Netflix (NFLX.O) also has a buy rating with a target price of $110.82, with Q4 results exceeding expectations and a forecast of advertising revenue doubling in 2026, supported by AI-enhanced content production [7]

Group 1 - Alibaba's CEO, Wu Yongming, highlighted several successful initiatives in his New Year letter, including the breakthrough of Taobao Flash Sales and the acceleration of a comprehensive consumer service system [2] - The launch of the AutoGo App in Abu Dhabi marks the first public-facing fully autonomous driving service by LoBoKuaiPao, indicating a significant step in the commercialization and internationalization of Chinese autonomous driving technology [3] - JD.com is set to enhance its self-pickup food delivery service, with promotional prices as low as 0.01 yuan, aiming to attract more consumers to its platform [4] Group 2 - Bilibili announced that by 2025, the total viewing time of content from its top 100 creators is expected to exceed 83 billion minutes, with an average of over 250 million minutes viewed per video [5] - Zhuhai Wanda Commercial Management has appointed Xu Fen as the new CEO, replacing Huang Dewei, who will no longer serve in that role, indicating a significant leadership change within the company [6]