2月末，春节的喧嚣逐渐散去，抖音、微信、小红书、美团等平台陆续发布的春节消费报告。这些数据 记录的不只是订单与交易，更揭示了我们如何在互联网的辅助下，悄悄重构了这一古老传统。 最醒目的变化往往藏在具体的动作里。有人把绞尽脑汁的拜年祝福语、琐碎的春晚节目单，以及精确的 高速免费时间交给了AI搜索框，也有人把寻找本地吃喝玩乐的决策权交给了AI管家。 这种变化直接反映在支付数据上。微信披露，假期内旅行、生活娱乐的交易笔数同比涨幅均超过20%， 年味更多地落进了热闹的商圈、远方的景区和流光溢彩的夜色里。 美团的数据也印证了这种"流动性"，平台用户人均打卡2.2个城市，到访多个城市的文旅消费人数同比 增长了50%，而小红书上"反向过年"的相关搜索量更是暴涨了45倍。人们不再扎堆大城市或守在老家火 炉旁，而是向着更具性价比、更清静的小城进发，春节正在从一次固定的"回归"演变成一场流动的"探 索"。 在广阔的县城和小镇，消费逻辑也在被互联网商业服务彻底重构。抖音生活服务数据显示，春节团圆饭 套餐订单量同比增长216%，三线及以下城市的团购销售额增长了66%。即便是最看重传统的下沉市 场，也开始接受一种更细碎、更随时补齐的节 ...

具体投资方向上，张勋表示，AI基础设施领域关注算力、存储、AIDC等；AI应用领域刚刚起步，可关 注AI端侧、具身智能、AI编程、AI搜索等进展。 中证报中证网讯(记者王宇露)2月10日，鹏扬基金总经理助理、权益研究总监张勋在中国证券报"中证点 金汇"直播间表示，科技投资分为"0-1阶段"、"1-10阶段"、"10-N阶段"，当前，AI投资还处于较早期阶 段。国内外发展节奏也很不一样，国外目前处于上半场，即基础设施建设的"1-10阶段"，而国内刚刚完 成"0-1阶段"，AI投资的下半场还未开始，值得期待。 ...

三方数据显示，以文心大模型为技术基座的应用文心助手月活用户数已突破2亿。百度AI搜索连续三个 季度登上国内AI搜索行业月活榜首。Robotaxi已获得迪拜全无人测试的许可。 为抢占AI流量入口，百度还加入了互联网厂商的春节红包大战，宣布于1月26日至3月12日，用户使用 文心助手参与活动就有机会领取红包,最高可获得1万元奖励，总额约5亿元。 此外，百度的传统广告业务依旧疲软。2025年第三季度该业务收入125.8亿元，同比下降26.8%，已连续 六个季度出现下滑，不过多家机构预计，在第四季度广告业务下滑趋势将收窄。 回顾历史来看，百度上市以来多通过回购方式回馈股东，但过往执行率并不高。在2020年推出的最高达 45亿美元回购计划，但到2022年底只回购了32亿美元，执行率约71%。次年百度也曾推出一项50亿美元 回购计划，计划截止日为2025年底，截至2025年中，百度累计回购约23亿美元。 值得一提的是，在百度推出此次组合回馈计划前不久，其股价刚刚经历一波震荡，连续五个交易日下滑 累计跌超12%。截至发稿，报136.50港元/股，较其上市最高点256.6港元已跌去四成。 从基本盘看，2025年前三季度百度业 ...

新经销 第 1页 共 5页 一、研究背景评估 二、范围与边界确认 三、核心摘要提炼 四、关键数据抓取与呈现 五、风险与机遇诊断 三 2026中国营销趋势-宏 盟媒体xTBWA 报告解读 2026 中国营销趋势-宏盟媒体 xTBWA 第 2页 共 5页 、研究背景评估 | 项目 | 说明 | | --- | --- | | 研究机构 | 宏盟媒体（Omnicom Media）与 TBWA 上海腾迈广告有限公司联合发布。 | | 样本数量 | 报告中未明确具体样本数量,但研究方法包括:消费者文化、价值观、消费行为、媒介习惯的动 | | | 态追踪; 宏观经济与营销行业走势分析; 多领域营销专家协同分析。 | | 研究时间范围 | 报告聚焦 2026 年趋势，但大量数据和分析基于 2024-2025 年的市场动态、消费者调研及社媒 | | | 声量（统计至 2025 年底）。 | | 权威性评估 | 宏盟媒体是宏盟集团（全球三大广告传播集团之一）旗下的媒介代理公司，拥有卓越技术中心， 擅长消费者洞察与媒介趋势预测：TBWA 是全球顶尖的创意代理网络，深耕文化洞察与品牌颠 | | | 覆。双方结合了媒介数据与创意文化 ...

□ 胡立彪 加湿器买哪个品牌好，哪家餐馆的锅包肉好吃，出门旅游住哪家酒店……伴随AI搜索工具的日趋成 熟，许多人在做决定前已从过去的"搜索一下"，逐渐转变为"问问AI"。不过，当广告以"生成式引擎优 化"之名悄然植入"客观"回答，当研究揭示AI给出的答案中，约1/3缺乏可靠依据，一个根本性问题浮出 水面：人们依赖的AI搜索，其可信度的基石究竟何在？ AI搜索的最大吸引力在于其承诺的效率。面对稍复杂的决策问题，传统搜索要求用户在大量网页与广 告中自行甄别，耗时费力。而AI则能在很短的时间内提供结构化答案，这完美契合了快节奏社会的需 求。国外一家研究机构的数据显示，73%的受访者认为AI反馈有帮助，其核心价值正是将用户从信息筛 选的苦役中解放出来。 然而，这种效率优势正面临"数据污染"的侵蚀。有媒体调查发现，一些广告代理机构通过大量投放预设 结论的"软文"，刻意"污染"AI大模型的训练语料，使其在回答时将商业推广内容作为"客观事实"呈现。 有机构甚至通过伪造"权威研究报告"、虚构"专家"身份进行"定向科普"，使AI平台难以分辨，将其作为 权威信源引用。当AI自信地推荐某款咖啡机或某家医院时，用户很难察觉这并非基于 ...

Summary of Key Points from Conference Call Industry or Company Involved - The discussion primarily revolves around the investment landscape in China, focusing on monetary policy, market trends, and the impact of AI technology across various sectors. Core Insights and Arguments - **Investment Window**: The first half of the year is identified as an investment window, with a focus on growth sectors, overseas opportunities, and cyclical turning points. Short-term recommendations include optical communication, lithium batteries, and humanoid robots, while emphasizing the need to monitor profit expectations and valuation digestion [2][3] - **Monetary Policy**: The central bank's structural interest rate cuts aim to stabilize the economy and ensure a strong market opening. The total policy for 2026 is expected to be stable, which is crucial for maintaining market confidence [4][6] - **Market Dynamics**: Current market conditions show a divergence between the stock market and the real economy, with capital flowing into the stock market rather than the real economy. This trend is expected to continue, leading to a prolonged disconnection between stock performance and economic fundamentals [10] - **AI Penetration**: AI technology is rapidly penetrating various sectors, particularly in legal and financial services. The growth in AI search capabilities is expected to drive significant traffic increases, although there are concerns regarding public sentiment and misinformation related to AI [12][13][14] - **US-China AI Landscape**: There are notable differences in the AI industry landscape between the US and China, particularly in infrastructure, model development, and talent availability. The US has a lead in data center infrastructure, while China has advantages in power generation and a growing talent pool [21][22] Other Important but Potentially Overlooked Content - **Economic Indicators**: High-frequency data indicates that the first quarter's performance is likely to be lower than the previous year, with challenges in achieving a strong market opening. The overall economic policy for the year is expected to mirror last year's intensity, with potential for additional policies in the second half [9][10] - **Investment Strategy**: The investment strategy should focus on sectors benefiting from credit expansion, while avoiding areas with credit contraction, such as traditional real estate and consumer sectors, until clear improvements are observed [29][31] - **Market Performance**: The A-share market has shown strong performance compared to the Hong Kong market, which has lagged since October 2025. This disparity is attributed to structural differences and varying credit cycles [25][28] - **Future Investment Opportunities**: Key investment opportunities in the AI sector include hardware and chip-related companies, with a focus on high-profit expectations amid government support. The application layer presents diverse opportunities across different markets [26][30] This summary encapsulates the essential insights and arguments presented during the conference call, highlighting the current investment landscape, monetary policy implications, and the evolving role of AI in various industries.

Core Insights - The A-share AI application sector experienced a collective surge, particularly in the GEO (Generative Engine Optimization) concept, with multiple stocks hitting the daily limit up, indicating strong market interest and investment potential [1][2] Industry Trends - The GEO concept represents a new marketing strategy tailored for generative AI, aiming to optimize content structure and multi-modal semantic adaptation, allowing brand information to be prioritized in AI-generated responses, thus shifting from traditional SEO to a model that achieves "zero-click exposure" [1] - The user base for generative AI is expanding, with over 30% of global information retrieval now conducted through generative AI, leading to a shift in advertiser demand from "ranking priority" to "answer priority," creating a rigid demand for GEO [1][2] Market Potential - The commercialization of the GEO sector is accelerating, with projections estimating the Chinese GEO market to reach 2.9 billion RMB by 2025 and 24 billion RMB by 2030, while the global market is expected to grow to 11.2 billion USD and over 100 billion USD respectively [2] - The recent announcement by Elon Musk to open-source the X platform's content recommendation algorithm is seen as a significant catalyst for the GEO sector, lowering industry entry barriers and enabling companies to adapt their optimization strategies more precisely [2] Investment Outlook - Multiple research institutions view the GEO sector as a core sub-line in AI applications, highlighting its dual attributes of clear short-term catalysts and high long-term growth certainty, making it a key investment focus [3] - Companies that are early adopters of GEO business and possess relevant technological capabilities, as well as authoritative content platforms with high AI relevance, are expected to benefit from this trend [3]

Core Viewpoint - The A-share AI application sector has seen a collective surge, with stocks like Yidian Tianxia and Zhongwen Online hitting the daily limit, indicating strong market interest in AI-related investments [3][4]. Group 1: Market Performance - Notable stocks include: - Yidian Tianxia (Code: 301171) at 63.23, up 20% with a transaction volume of 3.786 billion - Zhongwen Online (Code: 300364) at 34.98, up 20% with a transaction volume of 4.461 billion - Tianlong Group (Code: 300063) at 13.02, up 20% with a transaction volume of 2.820 billion [4]. Group 2: Industry Insights - The GEO (Generative Engine Optimization) concept is gaining traction, with expectations for significant growth in AI applications driven by digital marketing and e-commerce [5]. - According to Gartner, by 2028, brand traffic from search engines is expected to decrease by 50%, as consumers increasingly adopt AI-driven generative search [5]. Group 3: Investment Trends - The investment logic in the AI industry is shifting from a "computing power race" to focusing on "application value," with concerns about an AI "bubble" stemming more from demand than supply [6]. - The development of large models is expected to accelerate the commercialization and elimination of simple applications, positioning them as key tools for industries with deep expertise [7].

Group 1 - The core viewpoint of the articles highlights a surge in AI marketing, particularly in the GEO (Generative Engine Optimization) sector, with multiple companies experiencing significant stock price increases [1][2] - Companies such as Chuanwang Media and Yidian Tianxia saw their stocks hit the 20% limit up, while others like Liou Co., Shengguang Group, and Visual China also reached the 10% limit up [1] - The recent AI application marketing in the GEO direction has catalyzed a wave of investment interest, with MINIMAX's stock soaring over 70% and 140% after its listing in Hong Kong [1] Group 2 - GEO is defined as an optimization strategy for generative AI platforms, aiming to prioritize brand mentions and product recommendations in AI-generated responses [2] - The shift in advertising demand from "ranking priority" (SEO) to "answer priority" (GEO) is expected to drive innovation in marketing and media business models [2] - The Media ETF Huaxia (516190.SH) has seen significant inflows, with over 15 million net inflow on January 9 and further large-scale capital inflows on January 12, indicating strong market interest in AI-related applications [2]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1]. Core Insights - AI applications are entering a global acceleration phase, with both domestic and overseas markets continuing to expand on a high base. As of September 2025, overseas AI application monthly active users (MAU) have surpassed 1.2 billion, a year-on-year increase of 76.7%, while China's AI application MAU reached 490 million, growing by 172.3% [12]. - AI search, composed of AI chatbots and AI search engines, has become the core engine of AI application development, shifting user behavior from "searching links" to "asking AI for answers." This transformation is reshaping information access and making shopping recommendations a core use case, fundamentally changing brand communication models [12][18]. - The Generative Engine Optimization (GEO) is revolutionizing traditional marketing models, enabling better advertising effectiveness by allowing brands to be directly referenced in AI-generated answers rather than just appearing in search results [13][17]. Summary by Sections AI Marketing: GEO Reshaping Advertising Models - GEO enables a complete transformation of advertising strategies, allowing brands to be directly referenced in AI-generated responses, enhancing exposure and engagement [13][17]. - The shift from traditional SEO to GEO is evident, with brands needing to optimize for AI-generated content rather than traditional search engine visibility [21][30]. AI Short/Anime Series: Multi-Modal Capabilities Driving Market Explosion - AI-driven short series, utilizing AIGC technology, significantly lower production costs and improve efficiency, making it a high-growth area in the content market [33][42]. - The number of AI animation micro-short series launched has been increasing, with 2,902 episodes released from January to August 2025, primarily targeting a younger audience [45]. Market Growth and Company Benefits - The GEO market is expected to grow rapidly, with projections indicating a global market size of $24 billion by 2026 and $100 billion by 2030. In China, the GEO market is anticipated to reach 11.1 billion yuan by 2026 and 36.5 billion yuan by 2028 [30]. - Companies benefiting from this trend include technology providers and content platforms such as 引力传媒, 光云科技, and 哔哩哔哩, which are positioned to capitalize on the shift towards GEO [30].