来源：市场资讯 来源：晨明的策略深度思考 本文作者：刘晨明/余可骋 报告摘要 日积跬步：（1）本轮港股资产上涨具备基本面支撑，由于较A股更少的传统经济板块，自2024年下半 年开始，在内外需共同企稳、宏观政策发力托底的背景下，港股盈利已经出现结构性修复迹象，只是阶 段性被外卖补贴战打破。（2）中美战略性关键科技领域中，绝大部分核心公司在港股有上市。高端制 造业、科技的成长正从"单点突破"迈向"多点爆破"。映射至资本市场，港股正从传统的顺经济周期，逐 步转向AI应用、新能源、半导体等代表硬科技的主赛道。恒指新经济相关的权重从17%提升至接近 50%。（3）随着外卖补贴战退坡以及AI驱动的广告及云服务成为新的增长点，恒指2026年业绩增速有 望回升至10.8%，港股上涨可能从流动性驱动转向盈利和流动性共同驱动。 水涨船高：一是港股汇聚的优质企业如停泊其中的巨轮，估值相对较低，坚实的船体（全球竞争力）与 满载的货物（成长潜力）在低水位下尤为突出，二是目前压制港股的主要是流动性/情绪因素（日本息 交易平仓、美联储鹰派降息表述、互联网高新技术税传言、基石投资者解禁、IPO抽水、公募新规 等），市场情绪可能已经调整到位， ...

Investment Rating - The report recommends investment in Alibaba, Meituan, Pinduoduo, and JD.com, indicating a positive outlook for these companies in the e-commerce sector [4]. Core Insights - Online consumption continues to grow steadily, with a total retail sales of 45.6 trillion yuan in the first 11 months of 2025, reflecting a year-on-year increase of 4.0%. The online retail sales reached 14.5 trillion yuan, up 9.1% year-on-year, with physical goods online retail sales growing by 5.7% to 11.8 trillion yuan, resulting in a penetration rate increase of 0.42 percentage points to 25.9% [1][12]. - The impact of the "old-for-new" policy from the previous year is starting to show, leading to a high base effect that is affecting growth rates. The express delivery business volume reached 180.74 billion pieces, a year-on-year increase of 14.9%, but this growth is slowing compared to the previous half of the year [1][12]. - The competition in the instant retail sector has peaked, with platforms shifting their strategies towards differentiation to improve user experience (UE). The report notes that the industry is entering a new phase of competition, focusing on quality and efficiency rather than just price competition [3][47]. Summary by Sections 1. Online Consumption and Retail Performance - Online consumption remains robust, with significant growth in penetration rates. The high base effect from last year's policies is now impacting growth rates, leading to a slowdown in the growth of express delivery and online retail sales [1][12]. - Major platforms are adjusting their strategies in response to the high base effect, with JD.com experiencing a notable decrease in GMV growth rates in Q3 [1][17]. 2. AI Investment and Development - The AI sector is witnessing intensified competition, with major internet companies launching numerous updates and iterations of AI models. The focus is shifting from broad capabilities to specialized strengths, enhancing user experience and application in consumer-facing products [3][34]. - Alibaba's cloud business is accelerating, with AI-related product revenues achieving triple-digit year-on-year growth for nine consecutive quarters, indicating a successful transition from technology investment to value realization [3][34]. 3. Instant Retail Sector Dynamics - The instant retail sector has seen a peak in competition, with platforms initially investing heavily to capture market share. However, as the market stabilizes, strategies are shifting towards differentiation and quality improvement [3][47]. - The report highlights that platforms like Meituan and Taobao are focusing on enhancing user experience and profitability, moving away from aggressive subsidy strategies [3][47]. 4. Performance of Major E-commerce Platforms - Alibaba's core business revenue growth remains strong, while Meituan's local business is under pressure. JD.com and Pinduoduo are expected to see profit recovery in the upcoming quarters, driven by strategic investments and operational efficiencies [3][4]. - The report notes that the profitability of platforms is becoming increasingly differentiated, with expectations for Alibaba and Meituan to see profit recovery soon [4].

当国内三大外卖平台正面"硬刚"的时候，泰国的年轻人一到饭点，也拿起手机熟练地比对着Grab和 Lineman上的配送费，不消半小时，身穿绿色或粉色衣服的外卖员就送餐到门。游客无论在曼谷还是郊 区，Grab或Bolt上都总能约上网约车，乃至摩的和突突车。网上支付还是现金交易，都能任君选择。 "东南亚从网络基础设施，到互联网平台、移动支付、云端架构，都是紧跟中国步伐的。大家在使用习 惯上都很接近，尤其是疫情之后这几年，C端用户都习惯了无现金化、高度依赖手机，大家玩的游戏、 对内容的偏好，和国内也是高度趋同的。"腾讯云国际副总裁兼东南亚地区总经理陈锐告诉21世纪经济 报道记者。 十几年间，陈锐先是投身东南亚通信网络的建设，后又自己搭团队开发当地的移动支付平台，再到带领 腾讯云出海东南亚，他是资深的"东南亚通"，也一直见证着这片土地的数字化进程。 几年前，国产云厂商的出海都是跟随式的——中企走出去，相应也需要数据存储、云计算这些互联 网"水电"基础设施。在这一阶段，腾讯云、阿里云、华为云也就跟着生态伙伴踏上出海征程。至于海外 的本土客户，则基本是亚马逊、微软、谷歌这些传统美国大厂的天下。 不过，这几年东南亚掀起的数字 ...

天籁声学科技破解嘈杂环境交互，让"爱湫"听音知意 12月31日，四川具身人形机器人科技有限公司首款情感交互人形机器人"爱湫"发布。 腾讯云依托腾讯天籁实验室的声学科技、腾讯实时音视频（TRTC）、 自动语音识别（ASR）及混元大模型等全栈AI能力，助力四川具身科技突破了机器人交互中的"失声、失聪、失语"瓶颈，为人形机器人迈向"情感温度"博弈 提供了坚实的技术底座。 腾讯云西南区域解决方案总经理赵巍在分享中强调："这种'视听动'协同的高带宽交流，让机器的聆听从单向数据接收变为双向情感奔赴，真正实现了从'听 音'到'知意'的质变。" 此外，结合ASR技术对中文、英语、日语等130种国际语言及23种方言的精准识别，以及TTS技术支持的53种接近真人音色的语音合成，"爱湫"能够无缝适 应多语言场景，用软萌声线完成地道的四川话邀约，彻底抹平了人机交互的"恐怖谷"效应。 腾讯云TRTC AI实时对话技术底座，让爱湫更懂你 在开放场景中，环境噪声常使机器人语音识别准确率骤降，导致交互失效。腾讯天籁实验室为"爱湫"定制了智能语音系统，融合AI降噪、远场拾音、声纹识 别及声音记忆算法，可智能消除超300种噪声干扰，实现全空间均 ...

日本[Table_Title] 日积跬步，水涨船高 ——26 年港股策略展望 [Table_Page] 投资策略|年度报告 2025 年 12 月 30 日 证券研究报告 [Table_Summary] 报告摘要： | [分析师： Table_Author]刘晨明 | | | --- | --- | | | SAC 执证号：S0260524020001 | | SFC CE No. BVH021 | | | 010-59136616 | | | | liuchenming@gf.com.cn | | 分析师： | 余可骋 | | | SAC 执证号：S0260524030007 | | SFC CE No. BRU880 | | | 0755-82565905 | | | | yukecheng@gf.com.cn | 972918116公共联系人2025-12-30 18:24:55 1 / 42 识别风险，发现价值 请务必阅读末页的免责声明 ⚫ 日积跬步：（1）本轮港股资产上涨具备基本面支撑，由于较 A 股更少 的传统经济板块，自 2024 年下半年开始，在内外需共同企稳、宏观政 策发力托底的背景下，港股 ...

Core Insights - The AI landscape in 2025 is characterized by intense competition and significant advertising presence, particularly in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, where cloud service providers dominate advertising spaces [1][2] - The focus has shifted from merely showcasing AI capabilities to demonstrating practical applications that solve real business problems, indicating a transition from a storytelling phase to a results-driven phase [3][4] Group 1: Market Dynamics - Baidu Intelligent Cloud has secured 95 bidding projects with a revenue of 710 million yuan, significantly outperforming competitors like Volcano Engine and Huawei Cloud, which earned 475 million yuan and 446 million yuan respectively [2][3] - The disparity in revenue highlights Baidu's strategic focus on practical applications of AI rather than just theoretical models, positioning it as a leader in the market [3][4] Group 2: Business Transformation - Companies are misinterpreting AI transformation as merely implementing chatbots, while true transformation requires integrating AI into core business processes to enhance productivity [7][8] - Successful examples include China Railway and Taikang Insurance, where AI has drastically reduced operational time and improved training efficiency, showcasing the tangible benefits of AI integration [10][13] Group 3: Infrastructure and Cost Efficiency - Baidu's AI infrastructure is designed to optimize performance and reduce costs, with a focus on minimizing data transmission losses and maximizing training efficiency [16][18] - The dual-layer infrastructure, comprising AI Infra and Agent Infra, allows for seamless integration and deployment of AI solutions, making it easier for businesses to adopt and benefit from AI technologies [19][22] Group 4: Industry Adoption - A significant portion of China's central enterprises and major banks are utilizing Baidu Intelligent Cloud, indicating a strong trust in its capabilities to handle critical operations [24][25] - The emphasis on reliability and stability in AI applications is crucial for industries such as finance and energy, where operational continuity is paramount [25][26] Group 5: Long-term Vision - Baidu's strategic investments in AI infrastructure since 2011 reflect a long-term vision that prioritizes foundational capabilities over short-term gains, positioning it well for future challenges [30][31] - The focus on building a robust AI ecosystem that integrates deeply with industrial applications is seen as essential for sustainable growth and competitiveness in the evolving AI landscape [31][32]

Core Insights - The Chinese cloud computing industry is undergoing a significant transformation, with AI IaaS market expected to grow by 122.4% year-on-year by mid-2025, indicating a shift towards computing power as a critical resource [2] - Traditional public cloud IaaS growth has stagnated, with a historic decline of 14.1% in non-AI business, highlighting the shift from resource-based services to intelligence-driven solutions [3] Group 1: Market Dynamics - The competitive landscape has shifted dramatically, with a new focus on who will dominate as the "operating system" of the AI era, featuring key players like Baidu, Alibaba, and ByteDance [5] - ByteDance's Volcano Engine has rapidly gained market share, reaching 49.2% in the large model public cloud calling market by mid-2025, disrupting traditional cloud business models [8] - Baidu's strategy focuses on self-developed Kunlun chips to create a differentiated advantage, allowing it to maintain a strong position in the market despite price competition [13][16] Group 2: Technological Evolution - The evolution of cloud computing has transitioned from server leasing in the PC internet era to a digital foundation in the mobile internet era, and now to an intelligent engine in the AI era, emphasizing the integration of computing power, models, data, and industry knowledge [6] - The emergence of AI has necessitated a shift from resource leasing to providing comprehensive capabilities, with cloud vendors needing to transform from "selling resources" to "selling capabilities" to remain competitive [6] Group 3: Strategic Approaches - Alibaba's strategy involves offering free models while charging for cloud services, aiming to create an ecosystem that binds developers to its cloud infrastructure [20][21] - Baidu's focus on enterprise clients and its self-developed technology allows it to avoid the pitfalls of price wars, instead leveraging its technological capabilities to secure a strong market position [16][22] - Tencent is integrating AI capabilities into its existing ecosystem, enhancing monetization efficiency across its platforms [22] Group 4: Future Outlook - The term "cloud computing" is becoming less prominent as the focus shifts to the output of intelligence and the integration of AI into everyday applications [23][24] - The consensus among Chinese cloud vendors is that the ultimate goal is not just data storage but the output of intelligence, marking the beginning of a new era in cloud computing [26]

不看集装箱的数量，而是AI调用的次数——2025年，中国跨境电商的增长故事有了新的主角。 以"出海匠"为例，其通过将全球业务迁移至腾讯云，实现了整体IT成本降低60%的标杆效应。而这笔 被"省下"的资金，成为了其联动腾讯云加码AI产品落地的关键资本，最终形成了"上云降本→投入AI落 地→业务增长"的健康飞轮。 从简单"上云"到深度"云上创新"的路径，正成为出海大厂的共识。数据显示，目前已有超过90%的头部 中国互联网出海企业，选择腾讯云作为合作伙伴。 当天，腾讯云还联合出海匠发起了"云启出海计划"，将面向超15万跨境电商企业，提供百万级的腾讯云 代金券与出海匠AI工具14天免费使用时长，通过"云计算补贴+成熟AI工具"的双重扶持，切实降低跨境 电商企业拥抱AI的门槛。 腾讯云方面表示，未来也将与出海匠持续深化合作，围绕跨境私域AI客服、产业带垂直大模型等领域 展开深度探索，助力更多中国品牌高效、稳健地走向全球。 （文章来源：证券时报网） 12月28日，头部出海服务平台"出海匠"披露，其部分AI功能（如视频文案提取、撰写）上线仅半年，周 调用量涨幅便高达1000%。在这个服务了15万家出海企业的平台上，超过八成 ...

不看集装箱的数量，而是AI调用的次数——2025年，中国跨境电商的增长故事有了新的主角。 以"出海匠"为例，其通过将全球业务迁移至腾讯云，实现了整体IT成本降低60%的标杆效应。而这笔 被"省下"的资金，成为了其联动腾讯云加码AI产品落地的关键资本，最终形成了"上云降本→投入AI落 地→业务增长"的健康飞轮。 从简单"上云"到深度"云上创新"的路径，正成为出海大厂的共识。数据显示，目前已有超过90%的头部 中国互联网出海企业，选择腾讯云作为合作伙伴。 当天，腾讯云还联合出海匠发起了"云启出海计划"，将面向超15万跨境电商企业，提供百万级的腾讯云 代金券与出海匠AI工具14天免费使用时长，通过"云计算补贴+成熟AI工具"的双重扶持，切实降低跨境 电商企业拥抱AI的门槛。 腾讯云方面表示，未来也将与出海匠持续深化合作，围绕跨境私域AI客服、产业带垂直大模型等领域 展开深度探索，助力更多中国品牌高效、稳健地走向全球。 12月28日，头部出海服务平台"出海匠"披露，其部分AI功能(如视频文案提取、撰写)上线仅半年，周调 用量涨幅便高达1000%。在这个服务了15万家出海企业的平台上，超过八成的业务流转已全面AI化，正 ...

截至11月，"百万英才汇南粤"已举办5000多场招聘活动，线上线下吸引1000多所高校毕业生参与，超 110万英才选择广东，全国1222万高校毕业生中，每12人就有1人选择扎根广东。改革开放初期的"孔雀 东南飞"盛况，获得全新诠释。 12月27日至28日，深圳会展中心（福田），"百万英才汇南粤"迎来年末重磅招聘活动。本次招聘会 以"粤聚英才粤见未来"为主题，汇聚1825家重点用人单位，集中释放6.5万余个优质岗位，吸引来自境 内外1700多所高校超12万名学生报名参加。 "广东已成为北大学子除北京之外的就业首选省份，深圳已成为北大学子除北京之外的就业首选城市。" 12月27日，在2025年"百万英才汇南粤"秋季大型综合招聘会开幕现场，北京大学党委常委、常务副校长 张锦的分享，成为"百万英才汇南粤"全年成效的一个侧影。 更具创新性的是，招聘会首设"链主企业专区"，比亚迪、格力、腾讯、小鹏、南方电网等8家链主企业 携超80家供应链上下游企业组团招聘；以2026年APEC峰会落地深圳为契机，招聘会还设"APEC人才对 接服务专区"，聚焦APEC成员经济体在深外资企业及出海企业招聘需求。 "许多在网上了解不到的企业信 ...