万咖壹联（01762）盘中涨超15%，截至发稿，股价上涨13.41%，现报0.93港元，成交额2751.72万港 元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 客户端 万咖壹联（01762）盘中涨超15%，截至发稿，股价上涨13.41%，现报0.93港元，成交额2751.72万港 元。 开源证券认为，GEO将成为AI营销领域快速增长方向，推动AI营销市场规模继续高增长，并重构产业 链格局，带来营销公司价值重估，建议积极布局。 据悉，万咖壹联是自研AI广告平台的移动互联网游戏分发龙头。公司凭借多年在移动生态领域的深耕 细作，已构建起难以复制的独特优势，成为GEO时代的先行者与潜在受益者。优势一，公司深度绑定 头部手机厂商，抢占GEO核心流量入口；优势二，海量场景与数据积累，夯实GEO内容优化基础；优 势三，AI技术前瞻布局，构建GEO核心能力壁垒；优势四，商业变现模式升级，打开GEO成长空间。 开源证券认为，GEO将成为AI营销领域快速增长方向，推动AI营销市场规模继续高增长，并重构产业 链格局，带来营销公司价值重估，建议积极布局。 据悉，万咖壹联是自研AI广告平台的移动互联网游戏分发 ...

Core Viewpoint - The key to uncovering AI investment opportunities in the Hong Kong stock market lies in connecting different markets while maintaining a global industrial chain perspective. The unique value of the Hong Kong market is its combination of global giants and hidden champions serving the global market [1]. Group 1: Main Investment Lines - The first line focuses on Hong Kong internet giants restructuring through AI, which are compared to US tech giants. These companies possess vast data, mature ecosystems, and strong cash flows, and their AI commercialization progress is often underestimated but is rapidly materializing [1]. - The second line highlights hidden champions benefiting from global AI demand. Hong Kong hosts companies that align with global trends and are often overlooked by investors, such as a global GaN chip supplier and a leading AI advertising platform [2]. - The third line emphasizes the acceleration of China's AI ecosystem, with Hong Kong gathering leading companies in humanoid robots and autonomous driving. These companies' technological routes are highly aligned with domestic market demands, and a global perspective remains crucial [2].

Core Insights - Alibaba Group reported a 10% year-on-year revenue growth and a 76% increase in net profit for the first fiscal quarter of 2026, exceeding market expectations [2] - The company's strong performance is attributed to its strategic investments in "AI + Cloud" and consumer sectors, which have yielded significant results [2][3] - Alibaba's CEO highlighted the integration of consumer platforms leading to record monthly active users and daily order volumes, alongside accelerated revenue growth in its cloud business driven by AI demand [2][3] Financial Performance - The overall revenue for Alibaba increased by 10% year-on-year, while net profit surged by 76% [2] - Capital expenditures (Capex) for "AI + Cloud" reached 38.6 billion yuan, marking a 220% increase year-on-year [3] - Alibaba Cloud's revenue grew by 26% year-on-year, achieving its highest growth rate in three years, with AI-related product revenue experiencing triple-digit growth for eight consecutive quarters [3] Strategic Initiatives - Alibaba has committed to investing 380 billion yuan over three years to build cloud and AI hardware infrastructure, with an additional 50 billion yuan allocated for consumer sector investments [2] - The company has developed a comprehensive technology stack for AI, supporting various industries and driving long-term growth [2] - Recent strategic integrations among its subsidiaries, including Taobao, Ele.me, and Fliggy, have resulted in record highs for monthly active consumers and daily order volumes [4] Market Position and Future Outlook - Experts suggest that Alibaba's rapid growth in AI-related revenue reflects its leading position in technology commercialization, with potential for improved gross margins in its cloud business [4][5] - The company is focused on enhancing its AI model innovations and has launched several new AI applications across its platforms, improving consumer experience and operational efficiency for merchants [4] - Alibaba aims to leverage its strong position in China's e-commerce market to capitalize on the integration of near-field consumption and e-commerce, positioning itself for long-term growth [5]

Core Viewpoint - AppLovin faces significant scrutiny from short-sellers, with allegations of violating app store policies by installing applications on users' devices without consent, which has led to a substantial drop in its stock price [2][3][4]. Group 1: Allegations Against AppLovin - Multiple short-seller reports accuse AppLovin of exaggerating the effectiveness of its AI advertising platform, claiming revenue growth is driven by coercive app installations rather than genuine AI advantages [4][6]. - Culper's report highlights that AppLovin allegedly uses a "backdoor" method to install applications on users' devices without their consent, which is a key driver of its revenue [6][7]. - The report also raises concerns about AppLovin's e-commerce operations, suggesting they manipulate advertising attribution by requiring advertisers to spend a minimum of $600,000 on Meta to access their platform [8][9]. Group 2: Market Reaction and Stock Performance - Following the release of the short-seller reports, AppLovin's stock experienced a dramatic decline, falling over 23% in a single day, marking its largest drop since 2022 [3][4]. - In the past five trading days, the company's stock has cumulatively dropped more than 36% [3]. - Despite the negative reports, Wall Street analysts maintain a generally optimistic outlook, with 21 buy ratings and an average target price of $542.59, indicating a potential upside of over 40% from recent closing prices [4]. Group 3: Regulatory Risks - The allegations suggest that AppLovin's practices may violate Google Play's policies, which could lead to regulatory scrutiny and potential fines from the Federal Trade Commission (FTC) [10][11]. - Fuzzy Panda's report indicates that if major tech companies like Apple, Google, and Meta take action against these alleged practices, AppLovin's business model could be significantly threatened [12].