Market Overview - The Hang Seng Index increased by 2.01%, the Hang Seng Tech Index rose by 4.31%, and the Hang Seng China Enterprises Index gained 2.85% during the week from December 29, 2025, to January 2, 2026[4]. - Net selling through the Hong Kong Stock Connect amounted to 3.4 billion CNY, while southbound funds recorded a net purchase of 1,301.5 billion CNY in 2025, equivalent to 174.92% of the total net purchases for 2024[4]. AI Sector Developments - Meta acquired AI startup Manus for over 2 billion USD, which will continue to operate independently[4]. - Baidu's subsidiary Kunlun Chip submitted a confidential listing application to the Hong Kong Stock Exchange on January 2, 2026[6]. - MiniMax launched the MiniMax M2.1 model and went through the listing hearing with the Hong Kong Stock Exchange[4]. Investment Recommendations - For Tencent Holdings, a PE ratio of 18X is projected for 2026, with expectations of accelerated growth in domestic gaming and healthy overseas growth[4]. - Kuaishou is expected to have a PE ratio of 11X for 2026, with stable growth and potential investment opportunities following any short-term volatility[4]. - Alibaba is projected to have a FY27 PE of 16X, with new AI models and hardware developments to watch[4]. Consumer Sector Insights - Suplay submitted its prospectus for listing on the Hong Kong Stock Exchange, aiming to capitalize on its leading position in the collectible card market[6]. - Pop Mart's valuation is at 14X PE for 2026, with potential sales boosts from the holiday season and strong IP performance expected[4]. Risks - Geopolitical risks may impact overseas revenues and competitiveness, potentially affecting stock prices[22]. - Regulatory risks in the internet sector could influence industry and individual stock performance[22].

2025年最后一周，科技圈的日历几乎已经被智能体填满。 12月30日，科技巨头Meta以数十亿美元收购AI智能体Manus的母公司蝴蝶效应，引发了市场对于智能体 的关注。 阿木称，"天禧AI正嵌入联想AI PC、AI手机、AI平板以及AIoT等多类终端，给用户带来全新的超级智 能体的AI体验。 天禧AI建设进程之所以引发市场关注，在于此前曾有消息称联想计划与豆包联合打造AI手机，但并未 获得官方的确认。 信风注意到，联想中国区天禧AI生态事业部总经理陈学桂却在此次大会上，将天禧与豆包进行对比， 凸显天禧的安全性。 陈学桂指出，12月份豆包手机的发布引发了行业对于调用能力讨论，其泛化的跨APP操作能力确实令人 印象深刻。但是现行版本部分设计也引起了行业的广泛讨论。 但在天禧的架构设计中，其可信计算平台从底层设计实现了算力数据的全安全。第一，天禧基于硬件级 的加密安全格局，实现算法与数据的物理隔离，杜绝非法访问；第二，天禧采用了同态加密技术，让数 据可用但不可见，计算过程不会泄露原始数据；第三，天禧通过透明的安全计算制度，每一步的操作均 可验证。 国内各大厂也在近期密集推出了自己的智能体。 钉钉发布了自称是全球首 ...

2025 企业级 AI 的边界、责任与商业模式变革。 基于2025年企业级AI产品的发布特征，按产品形态可清晰划分为四大核心类型，覆盖从基础能力底座到垂直场景落地的全链路，形成完整的AI应用生 态： 1. AI Agent 平台 很多人仍然在用 CRM、OA、ERP 的方式理解企业软件，但在 2025 年，这套分类法正在失效。 真正发生变化的，并不是 AI 更聪明了，而是软件开始直接"参与工作"。 2025 年，企业级 AI 产品市场迎来爆发式增长，SaaS 企业与 AI 原生企业共同改写行业格局。 今年的产品发布呈现鲜明的实干导向，大家都聚焦在能解决什么具体业务问题、能否嵌入企业核心流程。这一年，企业对 AI 的需求已从尝鲜试用升级为 规模化落地。AI 成为深入财务结算、销售获客、供应链协同、客服响应等核心环节的数字劳动力。无论是传统 SaaS 厂商重构产品架构，还是 AI 原生企 业补齐企业级能力，所有动作的核心都指向让 AI 真正承担具体工作、创造可量化价值。 从产品形态到商业模式，从协作逻辑到责任划分，企业级 AI 正经历全方位的结构性变革。本文基于企业软件行业全年主流产品发布实践，梳理了2025年 ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report highlights the acceleration of AI applications and the commercialization of large models, particularly through the IPOs of companies like Zhipu and MiniMax, which are expected to enhance their business investments and technological advancements [11][21] - The gaming sector is experiencing a significant increase in the issuance of game licenses, with 1,771 licenses granted in 2025, marking a more than 20% increase from 2024, indicating ongoing policy support for the gaming industry [11][44] Summary by Sections Section 1: Zhipu and MiniMax IPOs - Zhipu and MiniMax are set to go public in Hong Kong, which is anticipated to boost their business investments and accelerate the development and application of large model technologies [11] - Zhipu focuses on B-end markets with strong capabilities in model reasoning and programming, while MiniMax targets C-end markets with a diverse product line [11][21] Section 2: Industry Data Overview - The report notes that "NBA Champion Dynasty" topped the iOS free game chart in mainland China, while "Yanyun Sixteen Sounds" led the iOS sales chart [44] - The film "Avatar 3" achieved the highest box office in the week [44] Section 3: Industry News Summary - MiniMax's daily active users surpassed 100 million, and Douyin's mini-games saw significant user and revenue growth [11] - The issuance of 147 game licenses in December 2025 reflects a robust pipeline for new game releases [11][44] Section 4: Announcement Summary - Oriental Pearl is participating in the establishment of an AI fund, and Electric Sound Co. is adjusting its fundraising projects [11] Section 5: Sector Performance Overview - The media sector performed at the lower end of the market in the 52nd week of 2025, while the internet sector showed better performance [11]

Core Viewpoint - Alibaba is continuously enhancing its multimodal model capabilities, launching advanced video and image generation models, and aiming to establish a new AI operating system through its DingTalk platform [1][2]. Group 1: Multimodal Model Developments - Alibaba released the new video generation model "Wanshang 2.6" on December 16, achieving a domestic record of 15 seconds for single video length, with added features for role-playing and scene control [1]. - The new image generation model "Qwen-Image-Layered" allows images to be decomposed into multiple layers, enabling high-fidelity editing capabilities such as scaling, moving, and recoloring [1][2]. - The company has developed a comprehensive range of visual creation capabilities, including text-to-image, image editing, text-to-video, and general video editing, which are expected to be widely applied in AI comic, advertising design, and short video creation [2]. Group 2: DingTalk AI Ecosystem - DingTalk held an AI product launch and ecosystem conference on December 23, introducing over 20 AI products, including the Agent OS and DingTalk Real device [2]. - The Agent device "DingTalk Real" facilitates secure access to internal systems and real-time data acquisition, supporting AI agents in making decisions based on real-time data [2]. - The Agent OS is designed to standardize the construction, deployment, and interaction of AI agents, while the "Wukong" feature allows for complex operational processes to be triggered and executed through dialogue [2]. Group 3: Financial Projections - The company is projected to achieve revenues of 1.03 trillion, 1.12 trillion, and 1.24 trillion yuan for FY2026-FY2028, with adjusted net profits of 116 billion, 148 billion, and 179 billion yuan respectively [3]. - The company maintains a "buy" rating due to the continuous enhancement of its AI multimodal capabilities and sustained high revenue growth in its B2B cloud business [3].

Core Viewpoint - DingTalk has officially launched Agent OS, claiming it to be the world's first AI-driven work intelligence operating system, marking a strategic shift from a mobile internet collaboration tool to an AI infrastructure [1][3] Group 1: Product Features and Innovations - The core of Agent OS is designed to run and collaborate multiple AI agents, addressing three major pain points in enterprise AI implementation: data security, model execution reliability, and commercial delivery [3] - DingTalk ONE serves as a new interactive entry point for human-AI collaboration, integrating information from various sources and proactively pushing important tasks to users [4] - DingTalk Real is an enterprise-grade AI hardware designed to ensure data security and controllability through physical isolation and emergency mechanisms [4] - AI Search Engine enables enterprises to securely access data across various formats, while "Wukong" acts as a general task processing agent capable of understanding complex instructions and executing tasks [4] - DEAP is a platform that supports enterprises in developing, deploying, and managing custom AI agents, providing comprehensive support from data labeling to billing [4] Group 2: Business Model Transformation - DingTalk is shifting from a traditional SaaS model based on user accounts to a "pay-per-result" model, aiming to directly address enterprise pain points and quantify value [5] - Demonstrated agents like the "Order Agent" can significantly reduce order processing time from 1.4 hours to under 1 minute, showcasing the potential for efficiency gains [5][8] - The "AI Travel" feature can complete itinerary planning and price comparisons in one minute, helping companies reduce travel costs by an average of 15% [8] - DingTalk emphasizes that the commercial delivery accuracy of agents must reach over 90%, linking its value directly to enterprise outcomes [8] Group 3: Strategic Shift and Market Positioning - DingTalk's new strategy reflects a shift from providing tools to co-creating industry solutions with enterprises, focusing on specific sectors like manufacturing, retail, and healthcare [8] - The company has announced an open AI ecosystem, collaborating with major model providers while facing challenges in balancing its ecosystem with external partnerships [8][9] - The transformation occurs amid intense competition from domestic players like ByteDance's Feishu and Tencent's WeChat Work, as well as international giants like Microsoft and Google [9] Group 4: Future Outlook - The new version, named "Mulan," symbolizes a fresh start, with the CEO acknowledging that many AI products are still in their early stages [10] - The success of DingTalk's ambitious vision will depend on its ability to convert this blueprint into widely accepted solutions and establish a sustainable business model [10]

日前，钉钉在杭州举办AI钉钉1.1新品发布暨生态大会，正式推出其宣称的"全球首个为AI打造的工作智 能操作系统"——Agent OS。此举被普遍解读为钉钉从移动互联网时代的协同办公应用，向AI时代底层 基础设施的战略性跃迁。 钉钉ONE：作为人与AI协作的新一代交互入口，旨在整合散落在聊天、文档、日历、待办、会议等各 处的信息，主动向用户推送"当下最重要的事"，改变传统以应用图标为中心的交互逻辑。 DingTalk Real：一款企业级AI专属硬件，被设计为"AI的身体"。其关键价值在于解决企业最关心的数据 安全与可控性问题，通过物理隔离、权限控制和紧急"拔电"机制，为企业规模化部署AI Agent提供安全 环境。 AI搜问："能搜、能问、能干活"的企业级AI搜索引擎。"能搜"帮助企业在AI听记、AI表格、知识库等数 据中安全实现"一搜即得"；"能问"集成主流大模型，用户合规选择模型问答，并可对多模型进行归纳。 "悟空"：一个通用任务处理Agent，被定位为"Agent的大总管"。它能够理解复杂指令，自主规划步骤， 并调用其他工具或垂直Agent完成任务，实现从"对话"到"交付"的跨越。 DEAP：一个帮助企 ...

钉钉CTO朱鸿对《中国经营报》记者表示，当前，人工智能在企业的应用已经从辅助工具走向了执行 者，从单点的效率提升走向全链路重构。这一变革的方向与贯彻落实国家推动人工智能赋能新型工业化 的战略部署，以及上海市加快推动AI+制造发展的目标高度契合。 据了解，钉钉将用最新的AI产品，精准服务金山企业典型的（应用）场景，无论是生产排产的优化、 质量体系的管控、设备资产的智能运维，还是供应链的高效协同、客户服务的体验升级，以及经营决策 的数据驱动。 得益于金山区数智化转型政策与钉钉的数智化能力，国产GPU领军企业沐曦股份和砺星工业已经先行与 钉钉牵手合作。 基于安全协作需求，2021年起，沐曦股份将专属钉钉作为公司核心数字底座，全面启动组织协同与信息 安全体系建设。通过私有化部署、统一身份认证、数据隔离与权限分级管理，沐曦股份有力"加固"了企 业信息安全战略。近日，沐曦股份在科创板挂牌上市，成为中国高性能通用GPU领域又一家迈向资本市 场的企业。 砺星工业科技则是一家围绕高端制造装配领域，进行智能装配产品研发生产与销售的公司。产品应用于 电池、汽车、电驱动新能源、传统零部件、3C电子、轨道交通、航空航天、工程机械、医疗 ...

"我们将助力企业将沉淀的数据资产变成灵活调用的战略资产，将固化的流程升级为可以自主执行的智 能体系，最终将组织机构的核心能力锻造为可持续、可复用的数智化新质生产力。"朱鸿表示。 金山区相关负责人介绍了金山区数智化转型政策。通过"政策+产品"双重赋能，将为企业降本增效、提 速转型注入新动力。国产GPU企业沐曦股份和砺星工业科技两家企业作为钉钉客户代表，分别介绍了各 自的数智化转型经验。 近日刚刚在科创板挂牌上市的沐曦股份，从2021年起将专属钉钉作为公司核心数字底座，启动组织协同 与信息安全体系建设。通过私有化部署、统一身份认证、数据隔离与权限分级管理，有效巩固了企业信 息安全战略。 砺星工业科技是一家围绕高端制造装配领域，进行智能装配产品研发生产与销售的科技公司，企业产品 广泛应用于电池、汽车、电驱动新能源等行业。砺星工业科技从2023年开始使用钉钉，解决协同办公需 求，随后逐步应用了钉钉安全能力和人工智能能力等产品，其数智化转型经验也为更多企业提供借鉴。 新华财经上海12月26日电 2025年钉峰会上海站26日在上海市金山区举行，多项合作成果在大会上集中 发布：金山首个数字公共服务中心——金山区·湾区高新区 ...

继AI钉钉1.0"蕨"全新发布后，钉钉AI战略全面加速落地。12月26日，钉钉携刚刚发布的AI钉钉1.1落地 上海市金山区。 基于安全协作需求，2021年起，沐曦股份将专属钉钉作为公司核心数字底座，全面启动组织协同与信息 安全体系建设。通过私有化部署、统一身份认证、数据隔离与权限分级管理，沐曦股份有力"加固"了企 业信息安全战略。近日，沐曦股份在科创板挂牌上市，成为中国高性能通用GPU领域又一家迈向资本市 场的企业。 砺星工业科技则是一家围绕高端制造装配领域，进行智能装配产品研发生产与销售的公司。产品应用于 电池、汽车、电驱动新能源、传统零部件、3C电子、轨道交通、航空航天、工程机械、医疗等行业。 2023年起，砺星工业开始使用钉钉，解决协同办公需求，后逐步应用钉钉来提升公司的安全能力和AI 能力。 （文章来源：中国经营报） 钉钉CTO朱鸿对《中国经营报》记者表示，当前，人工智能在企业的应用已经从辅助工具走向了执行 者，从单点的效率提升走向全链路重构。这一变革的方向与贯彻落实国家推动人工智能赋能新型工业化 的战略部署，以及上海市加快推动AI+制造发展的目标高度契合。 据了解，钉钉将用最新的AI产品，精准服务金 ...