（来源：民生加银资讯） 近年来，AI应用正逐步经历从"辅助工具"到"协同伙伴"的关键跃迁，深度重塑产业形态与生活场景。在 技术迭代与政策红利的双重驱动下，这一领域或藏着值得深挖的投资机遇噢~一起来看看吧~ AI应用：或成为驱动社会生产生活向前的"车轮" # 首先，从AI产业链的视角出发，了解下AI应用。AI产业链呈现清晰的三层架构，基础层、中间层与应 用层形成协同联动的价值网络。基础层以算力基础设施、基座模型能力和底层工程能力为核心，通过高 额资本投入构建技术护城河；中间层承担工程化基础设施的角色，将基础层的复杂技术标准化、规模 化，缩短技术从实验室到产业端的转化周期，降低应用层开发门槛；而应用层则是技术落地与商业变现 的核心载体。 简单来说，AI应用就像连接AI技术底座与千行百业现实场景的"连接器"，它一边将抽象的算法与数据能 力转化为适配具体场景的可用工具；一边深入产业与生活的核心痛点，让技术红利真正落地为可感知、 可量化的商业效益与生活体验。如果说基础层是AI产业的"发动机"，中间层是"传动轴"，那么应用层就 像是直接驱动社会生产生活向前的"车轮"，对技术能力的落地精度，以及价值变现的节奏与规模都有着 ...

Group 1: Market Overview - The Hang Seng Index opened high but closed down 384 points, or 1.44%, at 26,381 points, with significant selling pressure observed throughout the day [3][4] - The market saw a total turnover of 25.93 billion HKD, with net outflow from northbound trading amounting to 736.6 million HKD [3] Group 2: Company Performance - NIO's subsidiary GeniTech secured over 2.257 billion RMB in investment from Chinese investors, maintaining a 62.7% controlling stake post-transaction [12] - New World Department Store China reported a 3.93 times increase in interim profit to 15.327 million HKD, despite a 12.44% decrease in revenue to 536 million HKD [13] - Chow Tai Fook Jewelry Group announced a 15.26% increase in interim profit to 1.334 billion HKD, with revenue rising 5.9% to 12.827 billion HKD [14] - Baidu reported a 65.68% decrease in net profit to 1.782 billion RMB for the fourth quarter, with total revenue declining 4.06% to 32.74 billion RMB [15] Group 3: Industry Developments - Hong Kong Exchanges and Clearing is exploring the development of a multi-asset tokenization platform, contingent on technological capabilities and market demand [7] - The People's Bank of China issued a notice to enhance the management of RMB cross-border interbank financing, aiming to improve transparency and stability in offshore RMB liquidity [10] - The Hong Kong government plans to inject 10 billion HKD into the Hong Kong-Shenzhen Innovation and Technology Park and the New Territories Science Park to bolster public-private partnerships [9]

根据财报，自2025年四季度起，百度核心重新定义为百度一般性业务。百度一般性业务包括百度核心 AI新业务、传统业务及其他。传统业务主要由涵盖搜索、信息流及其他产品线提供的传统广告服务组 成。2025年，百度核心AI新业务400亿元，较2024年增长48.1%，其中智能云基础设施营收198亿元，较 上年增长33.8%；AI应用营收102亿元，较上年增长4.1%；AI原生营销服务营收98亿元，较上年增长 308.3%。 北京商报讯（记者 魏蔚）3月26日，百度发布的2025年四季度及全年财报显示，2025年百度总营收1291 亿元，较2024年减少3%，主要是由于传统业务的减少，部分被百度核心AI新业务增长所抵销，非公认 会计准则下百度的净利润为39亿元。 具体到2025年四季度，百度核心AI新业务营收占比43%，其中智能云基础设施营收58亿元，AI高性能计 算设施收入的订阅收入同比增长143%；AI应用营收27亿元，百度成立个人超级智能事业群组(PSIG) ， 将百度文库与百度网盘整合，以加速推动AI应用创新，2025年四季度，百度的无人车服务萝卜快跑提 供的全无人自动驾驶营运订单达到340万单，季度内单周订单 ...

Core Insights - Baidu reported total revenue of 129.1 billion yuan for the year 2025, with AI business revenue reaching 40 billion yuan [1] - In Q4, Baidu's total revenue was 32.7 billion yuan, with AI business revenue accounting for 43% of the company's general business revenue [1] - AI cloud revenue grew by 34% year-on-year in 2025, while AI applications revenue surpassed 10 billion yuan for the year [1] - AI native marketing service revenue saw a significant increase of 301% year-on-year [1] - As of December, the monthly active users of Wenxin Assistant reached 202 million, with a fourfold increase in monthly active users since the launch of the Spring Festival red envelope activity [1]

Core Insights - Baidu reported total revenue of 129.1 billion yuan for 2025, with AI business revenue reaching 40 billion yuan [1][3] - In Q4 2025, Baidu's total revenue was 32.7 billion yuan, representing a year-on-year growth of 5%, with AI business revenue accounting for 43% of Baidu's general business revenue, exceeding market expectations [1][3] AI Business Performance - AI cloud revenue grew by 34% year-on-year in 2025, while AI application revenue surpassed 10 billion yuan for the year [1][3] - Revenue from AI native marketing services saw a significant increase of 301% year-on-year [1][3] User Engagement Metrics - As of December, the monthly active users of Wenxin Assistant reached 202 million, with a fourfold increase in active users since the launch of the Spring Festival red envelope activity [1][3] Mobility Service Growth - In Q4, the global service instances of Luobo Kuaipao reached 3.4 million, showing a year-on-year growth of over 200% [1][3] - The peak weekly service instances exceeded 300,000 during the quarter, and by February 2026, Luobo Kuaipao had provided over 20 million global service instances, covering 26 cities worldwide [1][3]

25日，A股三大指数高开后震荡上行。Wind数据显示，截至收盘，上证指数涨0.72%，深证成指涨 1.29%，创业板指涨1.41%。 | L | | | w A股 | | Q | | --- | --- | --- | --- | --- | --- | | A股 | 港股 | 美股 | 全球 商品 | 外汇 法 三 | | | 已为您生成昨日市场智评 | | | | 查看 | | | 内地股票 ☑ ⊙ | | | | | | | 行情 | | | 资金净流入 | 涨跌分布 | | | 上证指数 | | | 深证成指 | 科创综指 | | | 4147.23 | | | 14475.87 | 1819.72 | | | +29.82 +0.72% | | | +184.30 +1.29% | +21.52 +1.20% | | | 万得全A | | | 创业板指 | 北证50 | | | 6899.99 | | | 3354.82 | 1547.20 | | | +71.47 +1.05% | | | +46.55 +1.41% | +11.77 +0.77% | | | 沪深300 | | | 中证500 ...

尽管重组事项终止，但开普云在公告中明确表示，公司将坚定推进"AI基础设施+智能体+智慧应用"的 核心战略。在AI基础设施层面，公司将持续围绕AI算力所需的关键技术方向进行布局，着力解决数据 性能对AI算力效率的制约问题，以提升AI应用的整体效率。 公司强调，未来仍将通过内生式发展与外延式并购并举的路径，不断增强在算力运营、数据存储等领域 的能力，持续构建"算、存、运"一体化的AI基础设施综合实力，并深化AI技术在行业客户核心场景中的 应用落地。目前，开普云已推出多款深度服务实际场景的AI应用，为公司的长期发展规划奠定了技术 储备和业务基础，也为后续持续获取订单、扩大AI业务规模提供了有力保障。 12月24日，开普云发布公告，宣布终止筹划以现金加发行股份的方式收购南宁泰克半导体有限公司（以 下简称"南宁泰克"）100%股权的重大资产重组事项。 根据此前的规划，开普云拟通过支付现金的方式购买深圳市金泰克半导体有限公司持有的南宁泰克70% 股权，并以发行股份的方式购买其剩余30%股权，同时募集配套资金。自该计划启动以来，公司严格按 照相关法律法规要求，组织交易各方及中介机构积极推进各项工作，并对标的资产开展了必要的 ...

开普云（688228）刚宣布终止重大资产重组，又紧急抛出5000万至1亿元回购计划"护盘"。 公司2月24日晚间公告，因交易核心条款未达成一致，决定终止收购南宁泰克100%股权，同时拟以不超过315元/股的价格回购股份，用于维护公司价值及 股东权益，以应对近期股价连续下跌。 对于终止原因，公司表示，自筹划重组以来，积极组织各方推进各项工作，但受市场环境变化影响，交易双方未能就交易核心条款达成一致意见。基于审 慎性考虑，为切实维护公司及全体股东利益，公司决定终止本次重大资产重组。 公司承诺，自本公告披露之日起至少一个月内不再筹划重大资产重组。终止重组事项不会对公司正常业务开展和生产经营活动造成不利影响，亦不存在损 害公司及中小股东利益的情形。 同步推出回购计划 终止重组交易核心条款未达成一致 回溯公告，开普云于2025年8月首次披露重大资产重组预案，拟通过支付现金及发行股份的方式购买深圳市金泰克半导体有限公司持有的南宁泰克半导体 有限公司（简称"南宁泰克"）100%股权，并募集配套资金。 同时，开普云主要股东拟通过协议转让方式将合计20.73%的股份转让给交易对方控股股东控制的合伙企业。交易预计构成重大资产重组 ...

Core Viewpoint - The A-share market is expected to focus on technology as the main theme for 2026, with attention also on consumer and dividend sectors as investment opportunities [1] Group 1: Investment Strategies and Themes - E Fund emphasizes the increasing value of dividend assets in a low-interest-rate environment, with dividend yields around 5% and a potential influx of funds into these assets in 2026 [1] - 华夏基金 suggests that concerns over tightening overseas liquidity may be overestimated, and long-term investors could find attractive entry points in sectors like AI, media, and lithium batteries [2] - 富国基金 predicts a "central oscillation upward" trend for the A-share market in 2026, driven by recovery opportunities in consumption and real estate [3] - 汇添富 identifies A-shares as the most promising asset for 2026, highlighting the clear trend in the AI industry and the potential for valuation increases [8] - 博时基金 recommends focusing on emerging industries, resource upgrades, and domestic demand recovery as key investment directions for 2026 [10] Group 2: Sector-Specific Insights - 国泰基金 notes a policy shift towards domestic demand, which is expected to enhance China's economic outlook and asset returns, suggesting a good time for mid-term adjustments in sectors like AI and power equipment [5] - 鹏华基金 highlights the wine sector's potential for valuation recovery in 2026, while also emphasizing the attractiveness of the tourism sector in Hong Kong stocks [6][7] - 景顺长城 focuses on the long-term structural benefits for the equity market, particularly in technology sectors like AI, semiconductors, and consumer electronics [9] - 银河基金 discusses the commercial viability of space solar power and the need for domestic companies to overcome challenges in reusable rocket technology [11] - 东方红 suggests that cyclical sectors have high potential but require supply-side adjustments, while advocating for a bottom-up approach to identify undervalued stocks [12]

[Table_Reportdate] 2026年02月24日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn 联系人： 邓尧天 ➢ 1.1月通胀降温或是"烟雾弹"——海外观察：美国2026年1月CPI数据 ➢ 2.多因素推动社融与M2保持较快增长——银行业"量价质"跟踪（二十三） ➢ 3.关注节后商品补库存行情，持续看好科技应用方向不变——资产配置周报（2026/02/16- 2026/02/20） ➢ 4.剔除政府关停影响后，美国经济依然保持相对稳健——海外观察：美国2025年四季度 GDP数据点评 ➢ 5.春节假期期间重要事件一览 ➢ 1.美国2025年第四季度实际GDP年化初值环比升1.4%，预期升3.0% ➢ 2.美国最高法院2月20日判决特朗普关税政策违法 ➢ 3.特朗普下令实施临时性10%全球关税 ➢ 4.高市早苗连任日本新任首相 ➢ 5.美联储1月会议纪要显示降息 ...