[Table_Page] 跟踪分析|传媒 证券研究报告 [Table_Summary] [Table_Title] 传媒行业•AI 周度跟踪之四十九 火山引擎成为总台春晚独家 AI 云合作伙伴，"京东 AI 购"上线 [Table_Gr ade] 行业评级 买入 前次评级 买入 报告日期 2026-01-04 核心观点： 国内主要 AI 产品数据：根据 SimilarWeb，上周（2025/12/22- 2025/12/28）国内主要 AI 大模型产品网页端访问量分别为：Kimi 799.07 万次，环比下降 7.83%；文心一言 102.64 万次，环比上升 4.15%；豆包 2409.88 万次，环比上升 0.10%；智谱清言 66.42 万次， 环比上升 16.83%；讯飞星火 9.99 万次，环比上升 10.24%；DeepSeek 6632.63 万次，环比下降 5.06%；腾讯元宝 502.20 万次，环比上升 7.39%；天工 AI7.11 万次，环比上升 8.28%。 海外主要 AI 产品数据：根据 SimilarWeb，上周（2025/12/22- 2025/12/28）海外主要 AI 大模 ...

生成式AI 一、Groq被收购，失去梦想的员工人均拿到英伟达500万美元 1. 英伟达以200亿美元通过「资产收购+人才招募」的非典型方式收购Groq，支付了近3倍溢价，约90%员工将加入 英伟达； 2. 按员工期权池计算，Groq员工人均可获得400-600万美元，已归属股份以现金兑付，未归属股份折算为英伟达股 票； 3. 这种「反向人才收购」模式正成为硅谷AI生态新常态，此前Inflection AI、Character.AI等公司均以类似方式被收 购。 https://mp.weixin.qq.com/s/W9X9s9ARk6wXSkPn2ylyMg 二、阶跃星辰Step-DeepResearch深度研究，成本不到1/10 1. 阶跃星辰推出Step-DeepResearch，用32B参数模型实现媲美OpenAI o3-mini和Gemini 2.0 Flash的深度研究 能力，单次调用成本不到0.5元； 2. 采用三阶段训练管线（中间训练、监督微调、强化学习），围绕规划分解、深度搜索、反思验证、报告撰写四大原 子能力构建数据； 3. 在ResearchRubrics基准测试中得分61.42，超越Ope ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [41][43]. Core Insights - The report highlights the positive impact of Hainan's customs closure and the winter sports season on service consumption, predicting a robust demand for hospitality and travel services in 2026. Notably, Hainan's first week of duty-free shopping post-closure saw sales of 1.1 billion RMB, with year-on-year growth of 54.9% [4]. - The report anticipates a significant increase in domestic ski and ice tourism ticket bookings, with a projected year-on-year growth of approximately 70% from November 2025 to February 2026 [4]. - Key investment targets include hotels with balanced supply and demand, human resources services, the duty-free sector, and internet platforms that integrate online and offline operations [4]. Industry Basic Data - The consumer services industry comprises 55 listed companies with a total market capitalization of 498.8 billion RMB and a circulating market capitalization of 457.1 billion RMB [1]. Market Performance - The consumer services sector experienced a decline of 1.05% in the week from December 22 to December 26, 2025, while the overall A-share market rose by 2.77% [7][10]. - The report notes that the hospitality sector, including hotels, saw varied performance, with some companies like Green Tea Group and Dingdong Maicai showing significant gains [16][19]. Important Announcements - Key announcements from companies in the consumer services sector include share buybacks and financial updates, such as Guilin Tourism's court ruling to recover illegal profits of 52.15 million RMB [31][30]. Upcoming Shareholder Meetings - Several companies in the consumer services sector have scheduled shareholder meetings in the upcoming month, including Nanjing Commercial Travel and Changbai Mountain [34].

整理 | 傅宇琪、褚杏娟 Karpathy 一条推文让科技圈陷入焦虑；快手遇 P0 级安全事故，市值单日蒸发近百亿人民币；京东发布 2025 年终奖超 92% 员工 全薪及以上；字节跳动通报 120 名员工因触犯公司红线被辞退；消息称英伟达重组云团队；微软 CEO 纳德拉被曝亲自抓 AI 产 品；传豆包日活已破 1 亿，系字节"亿级 App"产品中花费最低；宇树 CEO 回应马斯克点赞；MiniMax 港股 IPO 获中国证监会备 案；网信办：用户连续使用拟人化互动服务超过 2 个小时应当弹窗提醒用户；春晚 AI 冠名落定：火山引擎将登台、豆包也会参 与…… 行业热点 Karpathy 一条推文让科技圈陷入焦虑 OpenAI 联合创始人、前特斯拉 AI 总监 Andrej Karpathy 的一条推文引发科技圈震动，他直言 "作为程序员从未感到如此落 后"，称职业正经历剧烈重构。 我从未像现在这样，作为一名程序员感到如此落后。这个职业正在被强烈重构：程序员亲手写下的代码片段，在整个系统 中的占比正变得越来越稀疏、越来越零散。我隐约感觉，如果能把过去一年里已经出现的这些能力真正串联起来，我完全 可以变得 强大 ...

Group 1: Market Trends - The three major U.S. stock index futures showed mixed results, with Nasdaq futures up 0.1%, S&P 500 futures up 0.02%, and Dow futures down 0.19% [1] - Geopolitical tensions and interest rate cut expectations have driven gold and silver prices to new highs, with gold surpassing $4,530 and silver breaking $75 [2][3] Group 2: Company Developments - Nvidia is reportedly planning to deliver its H200 AI chips to China before the Spring Festival next year, with performance increasing sixfold and prices rising by 30% [4] - Nvidia has reached a non-exclusive licensing agreement for inference technology with AI chip startup Groq [5] - Apple and other foreign smartphone brands saw a significant year-on-year sales increase of 128.4% in China for November [6] - Tesla's FSD v14 has successfully passed the "physical Turing test," receiving praise from Nvidia's robotics business director [7] - Elon Musk plans to revise Tesla's mission statement from "sustainable prosperity" to "extraordinary prosperity" [8] - Qianwen App has achieved over 40 million monthly active users and over 19 million weekly active users within 30 days of public testing [9] - JD.com is testing an independent app called "JD AI Shopping," which allows AI to assist with shopping and food delivery [10] Group 3: Industry News - Toyota has finalized plans to exceed a global production of 10 million units, including Lexus, by 2026 [11] - BP has agreed to sell 65% of its lubricants business to Stonepeak [12] - Biohaven's experimental depression drug BHV-7000 did not meet the primary goals of its mid-stage trial [13]

该APP中的"爱购频道"推出了"线上逛街"模式，用户可在"个性化智能购物街区"中边问边逛，快速获取 商品参数、评价等核心信息。此外，APP还搭载了聚焦专属折扣的"每日一惠"、支持虚拟试穿的"AI穿 搭"等功能。该产品也整合了外卖等本地生活服务，用户输入指令可直接完成从下单到支付的流程。 凤凰网科技讯12月26日，据《读佳》消息，京东正在测试一款名为"京东AI购"的独立APP，该产品定位 为"会思考、能购物、关心你"的生活服务助手，目前处于内测阶段。 "京东AI购"APP内置京东自研的言犀大模型。其首页模式与传统"你问我答"不同，可主动向用户推送购 物攻略、优惠消息及生活服务灵感。用户无需输入精确关键词，在输入框内表达"我想要"等简单意图， 即可召唤私人买手智能体，获取消费决策参考与商品匹配。 ...