资本层面，黑石集团于2021年收购了Liftoff的多数股权。去年，通用大西洋通过一笔交易购入其少数股 权，公司估值随之推高至43亿美元。上市后，黑石仍将保持对这家总部位于加州红木城的公司的控股投 票权。 公司历史可追溯至2011年成立的供应方平台Vungle，该平台专注于帮助应用开发商管理及销售广告库 存。次年成立的Liftoff则聚焦需求方平台业务，助力广告主在移动端开展营销活动。2021年，黑石完成 对两家公司的整合，并于次年任命原Vungle首席执行官杰里米.邦迪执掌合并后的新集团。 本次IPO由高盛集团、杰富瑞金融集团及摩根士丹利担任主承销商。公司计划在纳斯达克全球精选市场 挂牌，股票代码拟定为"LFTO"。 移动广告投放与管理平台Liftoff Mobile(LFTO.US)美东时间周二正式向美国证券交易委员会提交首次公 开募股文件，拟筹集至多4亿美元资金。 据其披露的财务数据显示，截至今年9月30日的九个月内，公司营收达4.916亿美元，净亏损2560万美 元;去年同期营收为3.771亿美元，净亏损740万美元。亏损幅度随业务扩张有所扩大。 招股书透露，Liftoff的核心广告收入主要依托其自主 ...

今日A股AI应用板块迎来集体爆发，多只概念股盘中异动拉升，其中易点天下以20.00%的涨幅强势封 板，成为市场焦点。 这波行情的背后，是Geo概念的快速升温，而易点天下的涨停并非偶然——早在2025年8月，公司就已 披露AIO解决方案，其核心逻辑与如今的Geo高度契合。 这一模式与传统SEO形成鲜明差异：传统SEO以"引导跳转"为核心，通过关键词堆砌、网页结构优化等 方式提升在搜索引擎结果页的排名，本质是"被动等待用户点击"；而Geo以"直接输出答案"为核心，适 配了用户从"关键词检索"到"AI直接问答"的信息获取习惯转变，将营销场景从"搜索结果页"前置到"AI 答案本身"。 Geo的爆火并非短期题材炒作，而是AI技术重构流量生态的必然结果。随着大模型技术的成熟，用户获 取信息的路径正在发生根本性变化——越来越多的人不再依赖传统搜索引擎，转而通过AI产品直接提 问获取答案，这意味着流量入口正从"搜索引擎"向"AI大模型"迁移。 流量入口的变迁直接倒逼营销模式变革：品牌若想在新生态中获得曝光，必须适应从"被搜索"到"被推 荐"的转变，而Geo正是承接这一变革的核心技术。 据秒针数据测算，2025年全球Geo市场 ...

Core Insights - Rakuten Advertising has launched Innovation Labs, a product collaboration hub aimed at enhancing AI applications for advertisers and publishers, ultimately improving ad spend efficiency [1][2] - The initiative aligns with Rakuten Group's 'Triple 20' commitment, which aims for a 20% increase in efficiency across various operations, including client services [2] - Innovation Labs will facilitate ongoing experiments and updates based on client feedback, creating a dynamic research and development environment [3] For Advertisers - AI Recommendations will analyze multidimensional advertiser attributes to identify new types of publishers, focusing on profiles and products to maximize growth [5] - The platform aims to enhance campaign success by connecting advertisers with publishers that have demonstrated effectiveness in similar campaigns [5] For Publishers - AI-driven Product Recommendations will streamline research processes and improve monetization by identifying emerging trends from both partnered and non-partnered advertisers [5] - The system will curate trends for targeted audiences, utilizing brand and category filters to narrow down options [5] Industry Impact - Innovation Labs is designed to foster collaboration and experimentation among advertisers and publishers, promoting greater efficiency and accelerating growth within the affiliate marketing sector [4]

以下文章来源于华尔街见闻 ，作者研报之外 华尔街见闻 . 华尔街见闻App是中国领先的金融信息和商业资讯提供商，为用户甄选国内和全球重要资讯，7*24小时全年不间断。 盘面上， 值得买、卓易信息 等多股涨停； 易点天下、中文在线、天龙集团 组成新的"易中天"组合，上午均录得 20CM 涨停。 | 易点天下 63.23 20.00% | 0% | | --- | --- | | 创 301171 | | | 中文在线 34.98 20.00% 1.92% | | | 创 300364 | | | 天龙集团 13.02 20.00% | 0% | | 创 300063 | | 与此同时， 蓝色光标 放量涨停，成交额高达 193.2亿元 ，位居A股当日成交额榜首。 今日，A股AI应用板块迎来久违的集体爆发。 在表层热度之下，行业正在经历更深刻的断层式变革——随着用户决策从"点开链接"转向"阅读 AI 生成答案"，品牌可见性的逻辑被彻底重写。 一种全新的竞争方式正在浮出水面： GEO（Generative Engine Optimization），正在成为 AI 搜索时代的流量入口和营销生存法则。 当用户不再"点开链 ...

1月12日，A股AI应用板块集体爆发，GEO概念表现尤为亮眼。截至收盘，易点天下、蓝色光标、中文 在线、天龙集团、值得买等个股实现20cm涨停，浙文互联、利欧股份等多只相关概念股同步封板，传 媒类ETF也获大额资金抢筹。 GEO（Generative Engine Optimization），意为"生成式引擎优化"，作为适配生成式AI的新型营销策 略，其核心目标是通过内容结构化优化、多模态语义适配等方式，让品牌信息在AI生成回答中被优先 提及，实现从"被搜索"到"被推荐"的跨越，区别于传统SEO需用户点击跳转的触达模式，可达成"零点 击曝光"的营销效果。 此次GEO概念的爆发，是多重行业催化与产业趋势共振的结果。行业层面，生成式AI用户规模持续扩 张，数据显示全球超30%的信息获取通过生成式AI完成，用户行为从"关键词检索"向"直接问答案"转 变，推动广告主需求从"排名优先"转向"答案优先"，催生GEO的刚性需求。 海外层面，马斯克在1月10日宣布将在一周内开源X平台内容推荐算法，并强调本次开源将覆盖"所有用 于决定向用户推荐自然内容和广告内容的代码"。这一举措大幅降低了生成式引擎优化的行业门槛，让 企业可精 ...

Core Viewpoint - The "Magnificent Seven" companies, including Amazon and Alphabet, are positioned for significant growth driven by advancements in artificial intelligence (AI), which is projected to create trillions in economic value in the coming years [1]. Group 1: Amazon - Amazon has generated substantial wealth for investors over the past 20 years, benefiting from diverse revenue streams such as advertising, merchant services, and subscriptions, while leading the $390 billion cloud computing market [3][4]. - In Q3, Amazon's total revenue increased by 13% year over year, reaching $180 billion, although free cash flow has declined due to increased capital expenditures aimed at supporting growth [4][6]. - The company spent nearly $120 billion on capital expenditures over the trailing 12 months, a 72% year-over-year increase, raising concerns about margin pressure, but historical trends suggest higher profitability following such investment cycles [6][7]. - Amazon's stock has delivered a 700% return over the last decade, with free cash flow expected to grow from $7 billion in 2015 to $20 billion in 2025, and analysts project it will exceed $142 billion by 2029, indicating a 63% annualized growth rate [8]. Group 2: Alphabet - Alphabet is experiencing growth from the rising demand for AI cloud services and advertising, with revenue expected to increase by 14% in 2026, reaching $455 billion [9]. - The company has been investing in AI since 2015, enhancing the effectiveness of ad spending across its platforms, which has resulted in more personalized ads for its 2 billion users [10]. - Google Search revenue surged by 16% year over year in Q3, with the recent launch of AI Max expected to further enhance ad relevance by matching advertisers with a broader range of search queries [11]. - Alphabet's stock has returned 783% over the last decade, with free cash flow projected to grow from $16 billion in 2015 to $65 billion in 2025, and analysts expect it to reach $157 billion by 2029, potentially doubling the share price within five years [14].

Core Insights - The market has been challenging for certain companies in 2026, particularly those affected by the AI arms race that began in 2023, leading to potential value investment opportunities as some stocks are undervalued [1] Group 1: The Trade Desk - The Trade Desk has disrupted itself by launching its AI-powered ad-buying platform, Kokai, which received mixed reviews, resulting in customer attrition and reduced usage [3] - The entry of Amazon into the advertising market has further impacted The Trade Desk, as Amazon possesses superior consumer data [4] - The Trade Desk's stock has declined over 70% from its all-time high, currently trading at 18.5 times forward earnings, which is below the S&P 500 average of 22.1 times [6][9] - Despite challenges, The Trade Desk's revenue grew 18% year over year in Q3, with Wall Street projecting 16% growth for 2026, indicating potential for recovery [9] Group 2: Adobe - Adobe is perceived to be at risk of disruption from generative AI, yet it has integrated these tools into its platform, maintaining its relevance in creative design [10][13] - The company continues to grow despite market skepticism, trading at a low valuation of 14.4 times forward earnings, making it an attractive value investment [14] Group 3: PayPal - PayPal is currently the cheapest stock among the three, trading at just 10 times forward earnings, while managing to maintain mid- to high-single-digit growth [15] - The company is actively repurchasing its stock at depressed prices, which is expected to enhance its diluted earnings per share (EPS) significantly [16] - PayPal's strategy positions it well for future appreciation, making it a compelling buy for investors [17]

垂类AI应用专题： AI重塑流量入口，重构广告营销模式 行业研究 · 行业专题 计算机 · 人工智能 2026年01月11日 证券研究报告 | 投资评级：优于大市（维持评级） | 证券分析师：熊莉 | 证券分析师：张衡 | 证券分析师：陈瑶蓉 | 联系人：侯睿 | | --- | --- | --- | --- | | 021-61761067 | 021-60875160 | 021-61761058 | hourui3@guosen.com.cn | | xiongli1@guosen.com.cn | zhangheng2@guosen.com.cn | chenyaorong@guosen.com.cn | | | S0980519030002 | S0980517060002 | S0980523100001 | | 请务必阅读正文之后的免责声明及其项下所有内容 摘要 请务必阅读正文之后的免责声明及其项下所有内容 Ø 由AI聊天机器人和AI搜索引擎共同构成的AI搜索，已成为AI应用发展的核心引擎，用户模式从"搜链接"转向"向AI 要答案"。AI搜索正在重塑信息入口，购物推荐成为核心使用场景，推动品牌 ...

新华财经北京1月9日电 A股三大指数1月9日早盘冲高回落，沪指盘中突破4100点关口，续创2015年7月 底以来新高。 盘面上，商业航天概念持续爆发，信科移动、巨力索具等10余股涨停；AI应用概念走强，引力传媒5天 4板，粤传媒、易点天下、博瑞传播、国新健康等多股涨停；可控核聚变概念延续强势，弘讯科技3连 板，安泰科技等涨停。下跌方面，脑机接口概念下挫，美好医疗跌超10%。量能持续放大，沪深两市半 日成交额2.06万亿，较上个交易日放量2963亿。 中金公司：现阶段海外Chatbot变现以订阅为主，国内以免费为主。长期看，随着单位推理成本降 低，"免费+交易导向效果广告"有望成为ToC Agent领域门槛更低、壁垒更高、天花板更高的商业模式， 互联网广告龙头在数据和基础设施等维度有优势。 中信建投：白酒产业"五底阶段"（政策底、库存底、动销底、批价底、产销底）与资本市场"三低一 高"（预期低、估值低、公募持仓低、高分红）共振，结合近期市场策略相继落地，站在春节旺季来临 之际，认为本轮白酒调整期拐点将至，资本市场预期先行，白酒板块迎来周期底部配置机会。 消息面上 2025年12月份CPI同比涨幅继续扩大 PPI ...

GEO 行业：快速增长的 AI 广告蓝海细分市场 20260108 摘要 GO（生成式优化）通过联网搜索抓取网页内容并整合答案，企业需优化 信源内容以提高被 AI 抓取和推荐的概率，类似于流量入口从传统搜索引 擎向 AI 平台的迁移。 GO 市场自 2024 年起步，2023 年 ChatGPT 推出后受关注，目前仍处 于快速发展阶段，众多公司如微软小冰、蓝色光标等纷纷入局，市场竞 争激烈。 GO 改变了流量入口，企业需确保品牌和产品能被 AI 理解和推荐，以获 取更精准的客户。用户通过 AI 获取信息往往带有明确的消费意图。 实施 GO 需了解用户问题并创建高质量内容，优化官网、品牌信息等， 并发布到各平台。效果评估指标包括品牌提及率、平均排名和线索质量 变化。 GO 的归因难度大于 SEO，难以直接绑定 CPA 或 CPS 费用。主要指标 包括被引用、被推荐、平均排名和品牌声量，归因多为后置。 目前 GU 领域赚钱的公司主要为大品牌提供咨询和代运营服务，按月或 季度收费，毛利率可达 70%-80%，成本主要在人力，AI 自动化有望提 升毛利率。 新一代 GU 是在 SEO 基础上的升级，强调优质内容和信息 ...