Key Insights - The report highlights the competitive landscape in the AI sector during the Spring Festival, with major players like ByteDance, Alibaba, and Tencent achieving significant user engagement and interaction through their AI applications [1][8] - The report discusses the advancements in autonomous driving, including legislative support in the US and significant developments from companies like Tesla and Waymo, indicating a growing market for self-driving technology [2][9] - The US Supreme Court's ruling against the "reciprocal tariffs" imposed by the Trump administration is expected to impact trade dynamics significantly, affecting various sectors [3][10] Recent Key Events - ByteDance's AI model generated over 50 million new year avatars and achieved 19 billion interactions during the Spring Festival, showcasing its strong user engagement [1][8] - Alibaba's "Qianwen" app facilitated nearly 200 million orders during the holiday, with a notable user base of older adults successfully utilizing the service [1][8] - Tencent's user engagement metrics reached new highs, with over 50 million daily active users during the Spring Festival, reflecting the effectiveness of its promotional activities [1][8] Market Situation - The Hang Seng Index fell from 27,387 points at the end of January to 26,381 points by February 26, marking a decline of 3.7% [11] - The Hang Seng Technology Index experienced a more significant drop of 10.6% during the same period [11] - Net inflows from southbound trading reached 75.6 billion HKD in February, indicating a positive trend in capital movement [12] Current Investment Recommendations - Focus on growth-oriented real estate and energy companies such as Beike-W, China Qinfa, and Power Development, which are expected to perform well in the current market [21] - Consider companies benefiting from the adjustment of the Hong Kong Stock Connect, like Leshushi, which is positioned for growth in the African hygiene products market [21] - Internet companies like Alibaba and Tencent are recommended due to their advancements in AI and strong market positions [21] Company-Specific Insights - Beike-W (2423.HK) is positioned as a leader in the real estate brokerage sector, with expected net profits of 37.1 billion CNY in 2025, reflecting a growth trajectory despite market challenges [22][24] - China Qinfa (0866.HK) is transitioning away from coal operations in Shanxi and focusing on its growing Indonesian coal business, with projected profits of 6.1 billion CNY by 2026 [25][26] - Leshushi (2698.HK) is a leading player in the African hygiene products market, with a projected net profit growth of 18.5% in 2025, driven by increasing market penetration [35][36] - Alibaba (9988.HK) is enhancing its AI capabilities with the launch of the Qwen3.5 model, which is expected to drive significant revenue growth across its platforms [39][40] - Tencent (0700.HK) is experiencing strong growth in its gaming and advertising segments, with a projected revenue increase to 7,530 billion CNY by 2025 [44][46]

广州市文化广电旅游局联合中国电信推出"AI游广州"小助手，依托DeepSeek大模型技术，为来穗游客提供智能化、个性化文旅服务。其中，"AI避高峰"功 能成为今年春节假期的一大亮点，游客可实时查看广州市5A和4A景区热力图，并获取未来一小时的客流预测，有助于科学规划行程，错峰出行，提升游 览舒适度。 （记者 陈晓晟）马年春节，9天超长假期激发全民出游热情，全国文旅市场持续火爆。多家在线旅游平台的数据显示，今年春节假期旅游订单量与人均消 费双双增长，假期出游高峰全国知名景区"一票难求"，周边游、长线游、家庭亲子游等旅游消费亮点纷呈。今年春节文旅行业"科技感"引人入胜，AI规 划、AI订票、AI点餐、AI导览……AI正快速融入文旅消费场景，"科技+文旅"打造十足"科技范"。 从人脑到AI智能体，旅游规划进阶 2026年春节，旅游规划方式发生改变。面对复杂行程规划需求，人工智能正快速融入旅行消费场景。1月19日，飞猪发布的《2026年春节假期出游风向 标》显示，近一周，其平台AI助手处理的春节相关咨询量环比增长超十倍，在航班选择、酒店筛选、行程优化等方面为旅客提供高效决策支持。 AI行程规划的核心优势在于它能实时处 ...

执业证书编号：S0740515080001 Email：kangyw@zts.com.cn AI 应用重塑流量生态，推动营销需求趋势向上 ——2026 AI 应用系列深度报告（一） | 基本状况 | | | --- | --- | | 上市公司数 | 130 | | 行业总市值(亿元) | 19,217.14 | | 行业流通市值(亿元) | 17,788.46 | 动，传媒攻守兼备》2025-12-16 透视 AI 算力需求》2025-11-27 传媒 证券研究报告/行业深度报告 2026 年 02 月 26 日 | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：康雅雯 | | | | （港元/元） | 2023A | 2024A | 2025E ...

Group 1 - The core viewpoint of the articles highlights Weibo's significant role as a marketing platform for AI models during the 2026 Spring Festival, with over 371 trending topics related to AI models and a total reading volume of 12.7 billion [1] - The interaction volume on Weibo reached nearly 26.9 million, with specific AI models like Qianwen, Doubao, and Yuanbao attracting users through red envelope activities, enhancing platform traffic and user engagement [1] - Doubao's collaboration with the Spring Festival Gala resulted in a total interaction of 1.9 billion on New Year's Eve, while the Qianwen app achieved the top position on the Apple free download chart [1] Group 2 - Recent stock performance of Weibo shows notable volatility, with a 4.13% increase on February 23, reaching 80.60 HKD, followed by a decline to 79.25 HKD by February 27, reflecting a cumulative fluctuation of 2.39% [2] - In the same period, Weibo's US stock price decreased by 1.67%, closing at 10.02 USD on February 27, with trading volumes of approximately 4.488 billion HKD in Hong Kong and about 35.4 million USD in the US [2] - The stock price movements are influenced by overall market sentiment, with the Hang Seng Index rising by 0.95% and the Nasdaq Index falling by 0.87% during the same timeframe [2]

中经记者 李立 上海报道 马年春节最大的不同之一，无疑是AI从"新玩具"真实变身生活"小助理"。 春节期间，大厂撒下80亿元AI红包。 互联网大厂狂撒红包大战春节档，AI的可用性正在变得具体：AI帮你点外卖、买电影票、规划行程， 搜优惠券；上亿人用AI写拜年祝福、制作图片、视频。 字节跳动率先抢下春晚合作席位，豆包深度参与央视春晚互动，发出数亿元红包和礼品；腾讯元宝准备 了10亿元现金红包激励与全新的AI社交功能 "元宝派" 迎战；阿里巴巴则抢在春晚开场前，耗资30亿元 推出AI助手"千问"请客计划。 阿里、腾讯、字节、百度、京东等投入超80亿元发动春节AI"红包大战"。各方日前公布战报：阿里宣 布，春节期间用户在千问上"一句话下单"近2亿次，全国平均每10人就有1人在千问下单；字节跳动称， 除夕当天，豆包AI互动总次数达到19亿次；腾讯宣布，元宝日活跃用户（DAU）超5000万，月活跃用 户（MAU）已达1.14亿。 热闹的抢红包过后，用户热情退潮也很快。上海的周女士发现大年初一过后，群里分享红包链接突然变 少了。"这种红包社交主要集中在关系比较近的朋友和家人，热闹了一轮也就结束了，没有跨界到工作 社交。" ...

Core Insights - The article discusses the impact of significant cash subsidies by major internet companies on user engagement and retention for AI applications during the Chinese New Year period. Group 1: User Engagement and Subsidies - Major internet companies invested over 100 billion RMB in cash subsidies during the Spring Festival to attract users to their AI applications [10][21]. - At the peak of the subsidies, ByteDance's Doubao had 140 million daily active users (DAU), Alibaba's Qianwen had 73 million, and Tencent's Yuanbao had 40 million [21]. - However, after the subsidies ceased, user engagement dropped sharply, with Yuanbao returning to pre-subsidy levels and Qianwen experiencing a smaller decline due to ongoing but reduced subsidies [10][21]. Group 2: User Retention Challenges - Despite the initial surge in user numbers, the retention of these users is contingent on the product's ability to meet user needs, as evidenced by the lower average usage time of AI applications compared to established platforms like WeChat and Douyin [22][23]. - The average usage time for Doubao, Yuanbao, and Qianwen during the Spring Festival was only around 10 minutes, significantly lower than the 2 hours for WeChat and Douyin [22][23]. Group 3: Competitive Landscape - The competition among AI companies intensified during the Spring Festival, with firms releasing new models and increasing application updates to capture market share [5][22]. - Companies are aware that the spike in daily active users is temporary and are focused on maintaining a competitive edge rather than expecting a permanent transformation from a single promotional event [23].

没上市的Kimi刷屏了。 Anthropic在2月24日发文称遭到来自中国的"蒸馏攻击"，点了三家公司的名，Kimi赫然在列；OpenRouter春节期间token调用量周榜，Kimi 2.5排第二； 而 在各路大谈特谈 O pen C law风口的帖子下面， Kimi C law更以"性价比"优势被大批网友追帖提及； 此前，Kimi还在不到2个月时间内完成了12亿美元的融 资，估值超百亿美元。 这个融资规模相当于刚刚完成港股IPO的Minimax和智谱的融资金额之和。 但人家两个上市40多天涨了5倍，杨植麟和他背后的资本能不着急？ "不以上市为目的"前面应该有个"短期"的限定。 杨植麟 在2025 年 末内部信，虽然又谈到到"不着急上市"，但是， 三大战略 又 无一不含着对上市的部署。 要"追平世界前沿模型"，是因为现在K2.5没有比Minimax M2.5和GLM-5有明显优势。所以， 一切都指望K3了，要求具备"其他模型没有定义过的能力",帮 助"营收规模实现数量级增长"。 2026 Kimi-K2.5技术报告 Kimi C law 不上市可以闷声大发财，要上市则不得不造势。 不得不承认，Minimax ...

据统计，南下资金已连续6日净买入小米，共计35.6896亿港元。 南下资金今日净买入港股149.97亿港元。 其中：净买入盈富基金83.85亿、恒生中国企业24.82亿、南方恒生科技20.39亿、腾讯控股12.32亿、小米集团-W 3.43亿、阿里巴巴-W 3.38亿；净卖出长飞光 纤光缆5.05亿、快手-W 3.81亿、华虹半导体2.72亿、中芯国际2.28亿、钧达股份1.03亿。 阿里巴巴-W：旗下个人AI助手"千问"正式进军AI硬件领域，今年将面向全球市场推出多款不同形态的AI硬件产品。千问将在西班牙巴塞罗那举行的2026年 世界移动通信大会(MWC)上发布首款同名AI眼镜，并于3月2日开启线上线下全渠道预约。据阿里内部人士透露，除AI眼镜之外，千问还会在年内陆续发布 AI指环、AI耳机等产品，并面向全球市场发售。 快手-W：快手2026春节活动收官，平台数据显示，受"摇发财树"等红包玩法及年味主题活动带动，DAU规模再创历史新高，连续两年春节破峰。 小米集团-W：于2月26日回购283.2万股B股股份，耗资约9999.7万港元。 中芯国际：中邮证券研报指出，中芯国际产业链切换迭代效应持续，25Q4淡季 ...

春节档的硝烟尚未散尽，阿里巴巴旗下的个人AI助手"千问"便迅速打出了下一张牌。 2月27日，据内部人士透露，千问将在即将召开的2026年世界移动通信大会（MWC）上发布首款同名AI眼 镜，并计划于年内面向全球市场陆续推出AI指环、AI耳机等多形态产品 。 这一动作距离其在春节期间凭借"一句话下单"2亿次、日活跃用户飙升至7300万的战绩仅隔数日。 从数字世界的爆火，到物理世界的硬件卡位，阿里正在将千问打造为一个"软硬一体、跨多种终端"的AI助 手。这不仅是产品线的扩充，更宣告了阿里对AI理解的一次关键战略跃升——从APP的争夺转向入口的争 夺，从数字世界深入物理世界。 01 AI之战升级，从APP孤岛走向多入口渗透 AI竞赛的上半场，是参数的堆叠和APP的圈地运动。过去两年，几乎所有大厂都在做同一件事，即把大模型 塞进手机，让那个驻留在屏幕里的图标成为用户唯一的交互窗口。 但是手机只是第一步。人工智能的价值，不应该被困在6.7英寸的屏幕里。 放眼全球，2026年开年，AI硬件赛道骤然升温。Meta的Ray-Ban系列已经在智能眼镜市场吃掉七成以上份 额，年产能还要往2000万副冲；谷歌携手XREAL以Andr ...

Core Insights - The AI competition during the recent Spring Festival has significantly transformed social interactions, with major companies investing heavily to capture market share and educate users about AI [1][2][3] - The total investment from major players like Tencent, Alibaba, ByteDance, and Baidu exceeded 5 billion yuan, surpassing previous years' spending on similar promotional activities [1][2] Group 1: User Engagement and Market Dynamics - The engagement on social media platforms surged, with over 371 trending topics related to AI models on Weibo, accumulating 12.7 billion views and nearly 26.9 million interactions during the festival [1] - The rapid adoption of AI applications was evident, with significant increases in app downloads and user activity, such as the "Yuanbao" app reaching a peak of 1.2 billion in WeChat index within hours of its launch [3][5] - The competition among major players led to a dramatic increase in daily active users (DAU), with "Doubao" achieving 145 million, "Qianwen" at 73.5 million, and "Yuanbao" at 40.5 million during the festival [11] Group 2: Competitive Strategies and Outcomes - Companies aimed to replicate the success of past mobile payment wars by heavily subsidizing user acquisition, but the challenge remains whether these users will continue to engage post-subsidy [2][21] - "Qianwen" emerged as a dark horse, experiencing a 940% increase in user participation after launching its "Spring Festival Treat Plan," which significantly boosted its DAU [15][16] - "Doubao" maintained its lead due to effective marketing strategies, leveraging its parent company ByteDance's ecosystem for user acquisition and retention [15][16] Group 3: Industry Trends and Future Outlook - The AI industry is witnessing a clear bifurcation, with large companies focusing on user engagement and ecosystem integration, while smaller firms concentrate on technological advancements and B2B services [22][23] - The competition is expected to shift from casual interactions to solving real user needs, as companies like "Qianwen" and "Antifor" integrate AI into practical applications like e-commerce and health services [23][25] - The high operational costs associated with AI applications pose a challenge for sustainability, as the industry grapples with the balance between user growth and profitability [25]