3 月 16 日晚间，阿里突然进行 AI 战略大调整，正式成立 Token Hub 事业群，CEO 亲自挂帅，神秘的 悟空事 业部 首度曝光，释放出强烈的 B 端进攻信号。 此次调整核心是 把所有 AI 力量拧成一股绳 ，不再分散作战。新事业群统一管理通义实验室、MaaS、千问、 悟空、AI 创新五大业务，覆盖模型、平台、C 端、B 端与前沿探索全场景。 其中 悟空事业部被定为钉钉核心业务，专门做企业级 AI 原生平台，把 AI 能力真正装进工作流 ，补齐阿里在 B 端 AI 的关键一环。 （参考：新浪科技、一财，本文经由 AI 优化） 阿里明确，Token 是 AI 时代的 "通用燃料"，成立 Token Hub 就是要牢牢掌握 AI 生产力的核心枢纽。过去阿里 AI 多线并行，协同效率不足，如今通过组织升级， 把技术、产品、商业化全部打通，直奔规模化盈利 。 ...

3月16日，阿里巴巴正式成立Alibaba Token Hub（ATH）事业群，建立以"创造Token、输送Token、应用 Token"为核心目标的新组织，由阿里巴巴CEO吴泳铭直接负责。 这是阿里巴巴面向AI Agent时代一次重要组织调整，以Token Hub为核心主线，强化AI业务战略协同，全面推 进阿里AI战略落地。 Alibaba Token Hub包括通义实验室、MaaS业务线、千问事业部、悟空事业部及AI创新事业部，覆盖从基础模 型研发、模型服务平台，到个人与企业端AI应用的完整布局。 其中，悟空事业部首次出现在公众视野，定位为"B端AI原生工作平台，将模型能力深度融入企业工作流"。意 味着，除C端AI应用千问APP之外，阿里巴巴还将重点发力B端AI应用市场。 以下为内部公告全文—— 各位阿里人： 当下正处于AGI 爆发前夜。大量数字化工作将由数以百亿计的AI Agent来支撑，而这些AI Agent将由模型 产生的Token支撑运行，成为人类与数字世界交互的主要载体。 l 千问事业部：打造最好的个人AI助手。 l 悟空事业部：打造B端AI原生工作平台，将模型能力深度融入企业工作流。 面向这一 ...

Group 1: Fixed Income/Banking - The report highlights a strong start for foreign trade in 2026, with total imports and exports reaching 7.73 trillion yuan, a year-on-year increase of 18.3%, marking a historical high for the same period [2][9] - The report anticipates that the 10-year government bond yield will fluctuate between 1.6% and 1.9% in 2026, with potential lows of 1.75% in Q1 and 1.70% in Q2 [2][12] Group 2: Agriculture, Forestry, Animal Husbandry, and Fishery - The report indicates that the pig price has fallen below cash costs, with the latest price at 10.07 yuan/kg, leading to negative cash flow in the industry [2][13] - The macroeconomic sentiment is expected to support rising agricultural product prices, driven by increasing costs and demand for substitutes, particularly due to geopolitical tensions affecting oil prices [2][20] Group 3: North Exchange - The Nvidia GTC2026 conference is expected to drive the demand for liquid cooling systems, with AI clusters pushing power consumption to 120kW-150kW, making liquid cooling a necessity for sustainable AI data centers [2][22] - The report identifies 11 companies in the North Exchange liquid cooling server supply chain, indicating a growing market projected to reach 294 billion yuan by 2025 [2][23] Group 4: Public Utilities and Environmental Protection - The "14th Five-Year Plan" emphasizes stricter carbon emission controls and the rapid development of carbon markets, with a focus on zero-carbon parks and green fuels [2][30] - The report suggests that the domestic natural gas supply will be increasingly important, with stable production growth and geopolitical factors supporting gas prices [2][33] Group 5: Pharmaceuticals - The report notes that the PD1 plus sector is expected to see numerous catalysts, with a focus on companies like Kangfang Biologics and Shanghai Yizhong, which are well-positioned for growth [2][5] Group 6: Media - Apple's reduction of App Store commission rates from 30% to 25% is expected to benefit gaming and related companies, with major internet firms like Tencent and Alibaba set to release earnings reports [2][6] Group 7: Automotive - The report discusses the acceleration of Robotaxi commercialization in the U.S. due to new legislation, which is expected to resolve key regulatory issues and promote industry growth [2][7]

Group 1 - Alibaba Group has announced the formation of a new AI-focused business group called Alibaba Token Hub (ATH), led by CEO Eddie Wu [1][2] - The new group will include existing units such as Tongyi Laboratory, MaaS Business Line, Qwen Business Unit, Wukong Business Unit, and AI Innovation Business Unit [2] - The mission of the Alibaba Token Hub is to "create, deliver, and apply tokens," with a focus on developing AI-native work platforms for enterprises [2]

Core Insights - Alibaba has established the Alibaba Token Hub (ATH) business unit, which will be directly overseen by CEO Wu Yongming, to advance its AI strategy [1] - The previously mysterious "Wukong Business Unit" has been revealed, focusing on creating a B-end AI native work platform, indicating Alibaba's intent to integrate large model capabilities into enterprise workflows and target the B-end AI application market [1]

Group 1 - Alibaba officially established the Alibaba Token Hub (ATH) business group on March 16, with a core goal of "creating Tokens, delivering Tokens, and applying Tokens" [1] - The Alibaba Token Hub includes several divisions: Tongyi Laboratory, MaaS business line, Qianwen Division, Wukong Division, and AI Innovation Division [2]

Core Viewpoint - Alibaba is restructuring its business to embrace the new AI era, establishing the Alibaba Token Hub (ATH) to enhance productivity through AI and integrate various departments around the concept of "Token" as a fundamental resource for AI applications [4][10]. Group 1: Business Structure and Goals - The ATH will operate parallel to Alibaba Cloud and the e-commerce business groups, marking a significant organizational adjustment since the last major restructuring [4][5]. - ATH consists of five main divisions: Tongyi Laboratory, MaaS, Qianwen, Wukong, and an AI Innovation division, forming a 4+N system to support AI development and application [6][9]. - The core objective of ATH is to create, deliver, and apply Tokens, enhancing strategic collaboration across departments to boost productivity through AI [10][11]. Group 2: Token Significance and Market Demand - The recent surge in demand for Tokens, driven by AI applications, indicates a rapid shift in AI's role in productivity, with Alibaba's cloud services seeing record sales of Tokens during the Spring Festival [7][10]. - The concept of Tokens is central to the functioning of AI models, with each model product breaking down user inputs into "minimum semantic processing units," which are essential for AI understanding and generation [7][14]. Group 3: Leadership Insights and Future Directions - Alibaba's CEO, Wu Yongming, highlighted that AI capabilities have crossed a critical threshold, with AI agents expected to become the primary users of cloud computing products, shifting from human engineers to AI-driven solutions [8][13]. - The company anticipates a significant increase in Token demand as AI agents become more prevalent, positioning this as a critical opportunity for growth [10][13]. - The restructuring aims to unify previously fragmented AI business segments into a cohesive industrial production system, enhancing collaboration and efficiency [11][12].

3月16日，南下资金今日净卖出港股12.5亿港元。其中：净买入腾讯控股22.87亿、阿里巴巴-W 7.06亿、比亚迪股份5.86亿、 吉利汽车4.42亿、华虹半导体（核心股）3.87亿、中国海洋石油3.47亿、长飞光纤光缆1.65亿；净卖出盈富基金35.74亿、小 米集团-W 8.44亿、中芯国际3.3亿。据统计，南下资金连续4日净买入中海油，共计33.8424亿港元。 | 名称 | 涨跌幅 | 净买入额(亿) | 成交領 | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | | 盈高基金 | 1.6% | -35.74 | 37.05 Z | 腾讯控股 | 2.0% | 18.66 | 34.75 L | | 中国海洋石油 | -1.1% | 7.31 | 34.93 Z | 中国海洋石油 | -1.1% | -3.84 | 22.93 Z | | 腾讯控股 | 2.0% | 4.21 | 29.36 Z | 小米集团-W | 5.6% | 0.14 | 16.99亿 | | 小米集团-W | 5.6% ...

据统计，南下资金连续4日净买入中海油，共计33.8424亿港元。 格隆汇3月16日｜南下资金今日净卖出港股12.5亿港元。其中： 净买入腾讯控股22.87亿、阿里巴巴-W 7.06亿、比亚迪股份5.86亿、吉利汽车4.42亿、华虹半导体3.87 亿、中国海洋石油3.47亿、长飞光纤光缆1.65亿； 净卖出盈富基金35.74亿、小米集团-W 8.44亿、中芯国际3.3亿。 ...

证券研究报告：计算机|点评报告 发布时间：2026-03-16 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 5311.29 | | 52 | 周最高 | 6151.34 | | 52 | 周最低 | 4080.58 | 行业相对指数表现（相对值） -23% -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2025-03 2025-05 2025-08 2025-10 2025-12 2026-03 计算机 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 近期研究报告 《OpenAI 发布 GPT 5.4 再登王者之 位，Agent 能力再上台阶》 - 2026.03.09 OpenClaw 掀起全民"龙虾热"，关注 AI Infra 投 资机遇 安全监管风险、技术与商业化 ...