日前，2025年《财富》中国500强排行榜揭晓，腾讯居第32位，较去年上升6位；并以超过 269亿美元的净利润排在利润榜第6位。 7月23日，腾讯控股市值再度站上5万亿港元高位，创下自2021年7月以来的新高。截至收 盘，该股涨4.94%，报552港元。 其2024年财报显示，公司全年研发投入达706.9亿元，七年累计投入达3403亿元；资本开支 连续四个季度实现同比三位数增长，年度资本开支更突破767亿元，同比增长221%，创历史 新高。 腾讯2025年一季报显示，公司营收达1800.2亿元，同比增长13%；毛利1004.9亿元，同比 增长20%；非国际财务报告准则经营盈利693.2亿元，同比增长18%。 市场分析认为，推动其市值攀升的核心动力是一季度以来AI技术与核心业务的深度融合所释放 的增长动能。 事实上，早在去年下半年，腾讯就大力投入深度思考模型路线的攻关。2025年以来，腾讯混 元大模型相继推出自研的腾讯混元深度思考模型T1和快思考基座模型TurboS。 同时，面对DeepSeek的横空出世，在技术内卷的全球大模型角逐中，腾讯深度推理模型"混 元T1"自年初上线元宝App后，便持续快速迭代，市场份 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies. Core Insights - Arm's entry into the cloud ASIC market raises concerns as it competes with established IC design firms like Broadcom and Marvell, which have also expanded into ASIC services. Arm has yet to secure significant orders from major cloud service providers (CSPs) [8] - Yangtze Memory Technologies Corp (YMTC) aims for a fully domestic production line and targets a 15% global market share by 2026, leveraging local suppliers and overcoming previous production bottlenecks [9] - The demand for NVIDIA's GB200 servers and ASIC servers is strong, indicating robust growth in the cloud service provider sector, despite concerns over AWS layoffs affecting future growth [10] Summary by Sections Arm's ASIC Market Entry - Industry insiders suggest that Arm's move into the ASIC business is not entirely competitive against its customers, as established firms are also entering this space. Arm has not yet secured significant cloud ASIC orders, and market leaders still dominate [8] YMTC's Domestic Production Strategy - YMTC is collaborating with Chinese suppliers to implement a fully domestic production line, aiming to match international standards in 3D NAND technology. The company has received substantial funding to support its semiconductor manufacturing advancements [9] CSP Demand and Server Shipments - The strong demand for GB200 servers and ASIC servers is expected to yield positive results for U.S. CSPs. Despite tariff-related challenges, customer orders remain robust, suggesting continued growth in the AI-driven cloud market [10]

对于关注中国科技巨头的投资者而言，近期英伟达计划恢复对华供应H20芯片的消息无疑是市场焦点。然而，摩根大通的最新分析为这股热情浇上了一盆 冷水：这虽是增量利好，但远非"游戏规则的改变者"。 据追风交易台消息，7月16日摩根大通发表研报指出，在这场AI竞赛的初期，阿里的"卖铲"模式似乎能更快地为股东创造财务回报，而对腾讯来说可能短 期利空。此前7月15日，高盛发表的研报则预计阿里和腾讯的资本开支将在2025年第二季度触底，并在下半年开始环比复苏。 摩根大通认为，投资者不应过分高估H20恢复供应对云厂商收入的直接提振作用，而应更深入地审视各家公司的AI战略、资本开支计划以及其对利润率的 实际影响： 战略分化：阿里的"卖铲人" VS 腾讯的"应用开发者" 尽管阿里和腾讯都涉足对外销售算力和对内开发AI应用，但两者的战略重心存在本质区别，这直接导致了H20恢复供应对其财务影响的差异。 摩根大通认为，H20的恢复供应对阿里而言是积极的，有助于其更好地服务外部开发者，而在AI发展的早期阶段，阿里的AI投资回报率应高于腾讯： "卖铲人"阿里巴巴： 数据显示，腾讯的元宝APP月活跃用户从2024年12月的290万，飙升至20 ...

Core Insights - The article discusses the evolving landscape of mobile internet usage, highlighting a shift towards "stock competition and incremental innovation" as the industry matures [9][10]. User Behavior and Trends - As of January 2025, the average number of apps used per user is 28.7, with a total usage time of 171.4 hours and 2487.9 interactions per month, indicating a slight increase in app usage but a rare decline in interaction frequency [12][14]. - The growth in active users is shifting from traditional sectors like e-commerce and finance to emerging fields such as AIGC (Artificial Intelligence Generated Content), smart home technology, and vehicle services, with AIGC seeing a remarkable 244.7% year-on-year growth [15][14]. Industry Competition Dynamics - By February 2025, nearly half of the mobile internet sectors are dominated by the top three players, capturing over 80% of the traffic, reflecting a highly concentrated competitive environment [18][20]. - The competition is intensifying, particularly in the AI sector, where new and existing players are rapidly vying for user attention, exemplified by the significant user growth of platforms like DeepSeek [3][18]. Strategic Implications for Platforms - Platforms are increasingly adopting refined operational strategies to retain users and prevent traffic loss, particularly in competitive sectors like e-commerce, where platforms like Taobao, Pinduoduo, and JD.com are in constant user battle [22][23]. - The article emphasizes the importance of tracking user migration patterns and behaviors to optimize user retention strategies and enhance market competitiveness [20][29]. Emerging Opportunities - The rise of short-form content and AI-driven applications is creating new engagement opportunities, with platforms like Douyin and JD.com seeing significant user overlap and growth in their respective app ecosystems [33][41]. - The integration of AI models into various sectors, including automotive, is driving innovation and user engagement, with notable increases in active vehicle numbers among leading manufacturers [51][47].

各位童鞋搭嘎猴啊，上周 "多终端流量报告"看的怎么样？有童鞋在后台留言："上周六郊游 下大雪冻成狗，这周六郊游30°狂飙晒成狗，还能不能让人好好玩耍了……"淡定淡 定，往好的方面想，大雪弥补了冬天的遗憾、30°提前了夏天的热情，多好，毕竟，不知不 觉间，2025年马上要过去三分之一了O(∩_∩)O 言归正传，今天就给大家分享一下APP流量洞察报告。Qu e s tMobi l e数据显示，截止到 2025年1月，全网用户月人均APP使用数量、使用时长、使用次数分别为28.7个、171.4小 时、2487.9次，其中，数量、时长同比均微增，但是次数同比出现了罕见的下降，这背后意 味着存量争夺更加激烈，尤其是在人工智能出现突破的情况下，"用户需求一站式满足度"正 在抢夺更多用户时间，降低了打开次数！ 这些变化，带来"APP服务效率"的微妙分化：电商、金融、办公等场景的流量增长，逐步转 向了AIGC、智能家居、用车服务等领域。2025年1月，月活跃用户增长榜单中，AIGC、智 能家居、用车服务等领域同比分别增长了244.7%、16.7%、20.8%；相比之下，两年前的 2023年1月，月活跃用户增长较快的领域分别为 ...

重要的消息有哪些 全国政协十四届三次会议今日开幕 全国政协十四届三次会议新闻发布会3月3日下午举行。刘结一介绍，全国政协十四届三次会议将于3月4 日下午3时在人民大会堂开幕，3月10日上午闭幕，会期6天。大会的主要议程是：听取和审议全国政协常 委会工作报告和提案工作情况报告；列席十四届全国人大三次会议，听取并讨论政府工作报告以及其他有 关报告等。除了昨天的新闻发布会外，大会还将举办3场"委员通道"采访活动。刘结一表示，大力推动新 质生产力发展是全国政协议政建言重要着力点。中国将实施更大范围、更宽领域、更深层次的对外开放， 中国开放的大门只会越开越大。 今日新股申购 今日可申购弘景光电，弘景光电发行总数约1589万股，网上发行约405万股，发行市盈率23.3倍，申购 代码301479，申购价格41.90元，单一账户申购上限0.4万股。 中国正制定措施应对美国威胁加税？外交部回应 外交部发言人林剑3月3日主持例行记者会。有记者提问，报道称，中方正在制定针对美方关税的反制措施， 包括对美国农产品的一些强制措施。林剑表示，中方坚决反对美方再次以芬太尼问题为借口威胁对中国的输美 产品加征关税，将采取一切必要措施，坚定维 ...