滚车轮的人
02-27
连逻辑都讲不圆，你告诉我AI时代怎么影响电商和游戏了？你是能拿AI重做三角洲还是凭空生产服务器啊？
深度丨中国互联网叙事逻辑改写，智谱、MiniMax 杀入3000亿俱乐部，快手携程被甩身后
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href=\"https://laohu8.com/S/NTES\">网易</a>和<a href=\"https://laohu8.com/S/BIDU\">百度</a>。中国前10大互联网公司的次序，正在重构。而如果你在今年 1 月这两家公司上市时就入场，现在的收益已经翻了<strong>四倍</strong>。</p><p>这种繁荣背后，是资金的暴力轮动。就像 Global X Management 的策略师所言：资金正在从<a href=\"https://laohu8.com/S/BABA\">阿里</a>、<a href=\"https://laohu8.com/S/00700\">腾讯</a>这种业务多元的巨头中撤出，反手填进了这些基础模型龙头的口袋。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260220190510895v206iwhtsk8n30z\"/><p>但版图之上还悬停着巨舰<strong>字节跳动</strong>。按最近 5000 亿美元估值换算，其体量高达<strong>3.9 万亿港元</strong>，依然是中国 AI 的“无冕之王”。它的存在提醒所有玩家：拥有最强研发能力和流量分发能力的巨头，依然是 AI 牌桌上最大的变量。</p><p>一级市场同样狂热。月之暗面（Kimi）完成新一轮融资，估值跨过<strong>100 亿美元（约 780 亿港元）</strong>。领投方依然见得<a href=\"https://laohu8.com/S/09988\">阿里</a>与腾讯身影。“前线死磕，后方送钱”的局面，折射出巨头们的底层焦虑。</p><p>巨头春节战报不差。阿里千问处理 1.3 亿笔订单，腾讯元宝日活破 5000 万。但在投资者眼里，这更像“昂贵的防御”。市场逻辑已变，大家不再只看存量流量，而在审视：曾经贡献巨额利润的电商、广告与游戏业务，是否正成为冲向 AI 时代的“负资产”？</p><p>焦虑还来自监管与竞争。主管部门上周约谈头部平台，要求整治“内卷式”竞争，宣告烧钱抢市场的旧剧本失效。同时，DeepSeek 的每一次更新预告，都在迫使玩家提前透支未来预期。</p><p>港股震荡本质上是关于未来底座的共识裂变。当 3000 亿市值的智谱、MiniMax 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n深度丨中国互联网叙事逻辑改写，智谱、MiniMax 杀入3000亿俱乐部，快手携程被甩身后\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-20 18:58 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260220190522a70d2714&s=b><strong>Z Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>现在的二级市场，投资者们的口味变了。不要全能大厂，只要纯 AI 标的。作为港股市场的 AI 双子星，智谱和MiniMax的表现简直可以用狂飙来形容。智谱盘中一度大涨 25%，MiniMax 也不甘示弱涨了 16%。这两家 1 月刚上市的公司，复市后市值分别站稳3232 亿港元和3042 亿港元。而智谱的股价也反超了MiniMax。3000 亿港元是个分水岭。这意味着成立仅数年的 AI 新势力，体量...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260220190522a70d2714&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81024":"快手-WR","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) 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