Market Overview - The Hang Seng Index (HSI) closed at 27,158.76, down by 228.35 points or 0.83% [1] - The index reached a high of 27,426.11 and a low of 27,082.20 during the trading session, with a trading volume of 46.7689 million [1] Major Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with notable movements including: - Tencent Holdings closed at HKD 606.00, down by HKD 16.00 or 2.57% [3] - Alibaba Group (ADR) fell to HKD 169.20, down by HKD 4.10 or 2.37% [3] - HSBC Holdings reported a slight decrease to HKD 136.60, down by HKD 1.00 or 0.73% [3] - Other significant declines included: - China Mobile down by 9.29% to HKD 36.12 [3] - BYD Company down by 3.98% to HKD 97.75 [3] - Meituan down by 1.42% to HKD 97.20 [3] Stock Price Movements - The following stocks showed notable price changes: - AIA Group down by 0.66% to HKD 90.35 [3] - Xiaomi Corporation down by 3.06% to HKD 35.50 [3] - JD.com down by 1.92% to HKD 112.40 [3] - Some stocks remained stable or showed minor gains, such as: - New World Development up by 0.88% to HKD 125.70 [3] - Bank of China up by 0.19% to HKD 41.24 [3]

Core Viewpoint - The competitive landscape in the food delivery and retail sectors is shifting towards a focus on service quality and sustainable practices, driven by regulatory interventions and changing consumer expectations [1][2][3]. Group 1: Regulatory Changes and Market Dynamics - The State Council's Antitrust Committee announced investigations into the food delivery platform market and other sectors to assess competition [1]. - The Ministry of Finance and the State Taxation Administration will eliminate VAT export rebates for solar products starting April 1, 2026 [1]. - The market is witnessing a transition from aggressive price competition to a focus on service quality and user experience, as exemplified by the decline of "zero-yuan milk tea" promotions [2][3]. Group 2: Industry Evolution and Strategic Shifts - Major platforms are moving from a "burning money" strategy to a dual strategy of consolidating core businesses while exploring new retail avenues [4][5]. - The competition is evolving from food delivery to instant retail, with companies like Alibaba aiming to dominate the instant retail market by investing heavily [3][4]. - The focus is shifting towards optimizing user experience and ensuring sustainable business practices, moving away from mere scale expansion [2][3]. Group 3: Consumer Behavior and Market Trends - Consumers are increasingly rejecting "involution" products that prioritize low prices over quality, indicating a demand for better service and product standards [6][7]. - The market is expected to segment into efficiency-driven and experience-driven categories, reflecting diverse consumer needs [8][12]. - The rise of local brands and unique experiences is fostering a more vibrant consumer ecosystem, as seen in the popularity of cultural and experiential offerings [12][13]. Group 4: Food Safety and Transparency - Regulatory efforts are shifting towards proactive measures in food safety, aiming for a comprehensive oversight system to prevent risks [9][10]. - Initiatives are being implemented to enhance transparency in food sourcing and processing, which is crucial for rebuilding consumer trust [10][11]. - The food safety environment is anticipated to improve through ongoing regulatory adjustments and market responses to consumer concerns [11].

Core Viewpoint - Southbound funds have reduced their holdings in Alibaba-W (09988.HK) by 5.5264 million shares on January 30, indicating a trend of net selling over recent trading days [1] Group 1: Southbound Fund Activity - In the last five trading days, southbound funds have reduced their holdings on four occasions, with a total net reduction of 9.5555 million shares [1] - Over the past 20 trading days, there have been 13 days of net increases in holdings, totaling 14.057 million shares [1] - Currently, southbound funds hold 2.222 billion shares of Alibaba-W, representing 11.62% of the company's total issued ordinary shares [1] Group 2: Company Overview - Alibaba Group Holding Limited provides technological infrastructure and marketing platforms, operating through seven business segments [1] - The China Commerce segment includes retail businesses such as Taobao, Tmall, and Hema, as well as wholesale operations [1] - The International Commerce segment encompasses international retail and wholesale businesses, including Lazada and AliExpress [1] - The Local Consumer Services segment covers location-based services like Ele.me, Amap, and Fliggy [1] - The Cainiao segment offers domestic and international logistics services and supply chain management solutions [1] - The Cloud segment provides public and hybrid cloud services to domestic and international enterprises, including Alibaba Cloud and DingTalk [1] - The Digital Media and Entertainment segment includes Youku, Quark, Alibaba Pictures, and other content and distribution platforms, as well as online gaming [1] - The Innovation and Other segment consists of DAMO Academy, Tmall Genie, and other businesses [1]

Group 1 - The article highlights the emergence of a "golden triangle" in AI development, indicating a significant shift in the global AI landscape, particularly with China's advancements in technology [1] - Historically, the technological leadership of Europe and the US was attributed to their superior products, solid technological foundations, and forward-looking philosophies. However, China's Alibaba is now following this path in the AI technology competition [2] - Alibaba's self-developed AI chip "Zhenwu 810E" has been launched and is already in use by over 400 large enterprises, including State Grid and Xpeng Motors, showcasing the company's deep investment in AI technology [2][3] Group 2 - The article asserts that Alibaba has entered the "self-research deep water zone" in AI competition, having invested 380 billion in building a true "AI supercomputer" over 17 years [3] - AI development requires computing power, large models, and chips. Alibaba has established itself as a leading cloud computing company and has developed large models that rival international standards, such as the Qwen3-Max model [4] - With the introduction of its chip capabilities, Alibaba has created a comprehensive technological ecosystem in AI, positioning itself alongside Google as one of the few companies with top-tier capabilities across large models, cloud, and chips [4]

Core Insights - Alibaba's "Tongyun Ge" represents a full-stack architecture combining AI models, cloud services, and self-developed chips, marking a significant strategic shift in its AI ambitions [1][12][15] - The introduction of the "Zhenwu 810E" chip signifies a critical step in Alibaba's AI ecosystem, aiming to provide integrated solutions for AI training and inference [2][5][12] Group 1: Strategic Development - The "Tongyun Ge" strategy has been in development for 17 years, starting with the establishment of Alibaba Cloud in 2009, followed by the creation of the chip company Pingtouge in 2018, and the initiation of large model research in 2019 [2][15] - The mission of "Tongyun Ge" is to enable every individual and enterprise to participate in the AI era, reflecting a broad vision for democratizing AI access [2][12] Group 2: Technological Advancements - The "Zhenwu 810E" chip features a self-developed parallel computing architecture and inter-chip communication technology, with a memory capacity of 96G HBM2e and an inter-chip bandwidth of 700 GB/s, suitable for AI training and inference [5][8] - The chip has reportedly surpassed the performance of Nvidia's A800 and is comparable to the H20, indicating a strong competitive position in the domestic GPU market [8][9] Group 3: Market Position and Challenges - Alibaba's self-developed chips aim to reduce dependency on international giants like Nvidia, while also enhancing performance and efficiency in AI applications [9][12] - Despite the advancements, Alibaba faces challenges in hardware capabilities, including a generational gap in chip manufacturing processes and the need for extensive software ecosystem compatibility [10][11] Group 4: Industry Context - The AI competition is evolving into a comprehensive ecosystem battle, with major players like Google and Amazon also pursuing integrated solutions, highlighting the importance of cohesive hardware and software development [14][15] - The Chinese market is witnessing a strategic shift towards self-sufficiency in computing power, driven by policy support and the demand for domestic AI chip development [11][12]

Core Viewpoint - The article highlights the advancements and market position of Alibaba's chip business, particularly the "Zhenwu" PPU chip, which has surpassed competitors in China's GPU market and is gaining traction in various applications, including AI and autonomous driving [2][4]. Group 1: Product Performance and Features - Alibaba's "Zhenwu" PPU chip has achieved a shipment volume of several hundred thousand units, surpassing competitors like Cambricon and establishing itself as a leader among domestic GPU manufacturers [2]. - The "Zhenwu" PPU chip features a self-developed parallel computing architecture and inter-chip communication technology, with a memory capacity of 96G HBM2e and an inter-chip bandwidth of 700 GB/s, making it suitable for AI training, inference, and autonomous driving applications [4]. - The chip has been deployed in large-scale for training and inference of the Qianwen large model, optimized with Alibaba Cloud's complete AI software stack, serving over 400 clients including State Grid of China, Chinese Academy of Sciences, XPeng Motors, and Sina Weibo [4]. Group 2: Market Reception and Competitive Edge - Industry insiders report that the overall performance of the "Zhenwu" PPU exceeds that of NVIDIA's A800 and is comparable to NVIDIA's H20, indicating a strong competitive position [4]. - The "Zhenwu" PPU is noted for its excellent stability and cost-effectiveness, receiving positive feedback in the industry, with a market showing signs of supply exceeding demand [4]. - The company, PingTouGe, was established in September 2018 as Alibaba's wholly-owned semiconductor chip business to advance its integrated cloud chip strategy [4].

Core Viewpoint - The article emphasizes that the launch of the "Zhenwu 810E" chip is just the beginning, and the core lies in the collaborative transformation of the "Tongyun Ge" ecosystem, which integrates chips, cloud platforms, and AI models to create a synergistic effect that exceeds the sum of its parts [5][16]. Group 1: Chip Development and Performance - The "Zhenwu 810E" chip is designed to meet the specific needs of AI cloud applications, featuring a high bandwidth memory of 96GB HBM2e and a peak interconnect bandwidth of 700GB/s, which supports large-scale AI model training and inference [6][7]. - The chip's architecture allows for efficient multi-card interconnection, with PCIe 5.0×16 interfaces providing double the bandwidth of PCIe 4.0, thus reducing data transfer bottlenecks [7]. - The "Zhenwu 810E" has a low power consumption of 400W, enabling denser cabinet deployments and improving energy efficiency, which lowers operational costs for data centers [7][8]. Group 2: Strategic Positioning and Ecosystem - Alibaba's strategy involves a dual closed-loop system that integrates storage and computing, with the "Zhenwu 810E" chip forming part of a comprehensive self-developed AI ecosystem that includes the "Zhenyue 510 SSD" and "Yitian 710 CPU" [11][12]. - The collaboration between the chip, cloud services, and AI models allows Alibaba to create a tightly coupled architecture that enhances performance and reduces inefficiencies associated with cross-architecture adaptations [14]. - The "Tongyun Ge" ecosystem positions Alibaba to compete effectively against global tech giants, as it has developed a full-stack AI capability that integrates hardware and software solutions [16][24]. Group 3: Market Applications and Competitive Edge - The "Zhenwu 810E" chip is particularly suited for industries such as automotive and finance, where there is a high demand for AI training performance and low latency [21][22]. - Alibaba's solutions have been successfully implemented across various sectors, serving over 400 industry-leading clients, which demonstrates the practical application and scalability of its AI technology [23]. - The article notes that Alibaba's AI capabilities have reached a level that allows it to be compared with leading global players like NVIDIA, Oracle, and OpenAI, thus reshaping its valuation logic in the market [16][24].

值得注意的是，上述四国均为全球电商成熟度高、竞争激烈的市场。速卖通能在这些地区同步实现两位数以上的用户增长，是速卖通自2024年起全面转 向"品牌化+本地化"布局的结果。 过去几年，跨境电商一度陷入"低价内卷"困局，但2025年的市场反馈表明，单纯依靠价格战难以维持可持续增长。相反，那些能在目标市场提供稳定物流、 清晰售后规则、品牌力强的平台，更能收获消费者的长期青睐。 速卖通在品牌赛道的大力投入，甚至已经开始悄然蚕食亚马逊的中高端商家护城河。 2025年，速卖通推出"超级品牌出海计划"，帮品牌用亚马逊一半成本实现更高成交。目前该计划已经吸引包括小米、荣耀、倍思等50多家超级头部品牌签 约。 1月28日消息，互联网数据分析机构Similarweb发布2026年度Digital 100报告。 阿里旗下跨境电商平台速卖通AliExpress在美国、英国、德国、澳洲等多个发达国家市场均跻身综合平台增速前10。差异化的品牌策略和坚定的本地化投 入，成为其在高竞争、高门槛市场持续增长的关键优势。 在美国，速卖通2025全年网站访问量同比增长18.7%，成为美国增速最快的十大平台之一，被评为"2025年美国大赢家"。美国 ...

在主流扩散模型还在迭代中反复"磨叽"、让用户盯着进度条发呆时，阿里智能引擎团队直接把进度条"拉爆"了—— 5秒钟，到手4张2K级高清大图。 针对Qwen最新开源模型，将SOTA压缩水平从80-100步前向计算，骤降至2步（Step），速度提升整整40倍。 允中 发自 凹非寺 量子位 | 公众号 QbitAI AI生成一张图片，你愿意等多久？ 这意味着，此前像Qwen-Image这样需要近一分钟才能吐出来的一张图片，现在真的成了"眨眼之间"。 目前，团队已将相应的Checkpoint发布至HuggingFace和ModelScope平台，欢迎开发者下载体验： 同时，该模型已经集成到呜哩AI平台上（https://www.wuli.art）支持调用。 上述这种近乎"物理外挂"般的蒸馏方案，究竟是怎么做到的？一起来看。 HuggingFace：https://huggingface.co/Wuli-art/Qwen-Image-2512-Turbo-LoRA-2-Steps ModelScope：https://www.modelscope.cn/models/Wuli-Art/Qwen-Image-2512-Tu ...

Core Insights - The 2026 Spring Festival sees a shift in the "red envelope" competition, with AI becoming the central player as major internet companies like ByteDance, Tencent, Alibaba, and Baidu enter the fray [1][4] - The competition is not just about mobile payment traffic but about establishing dominance in the AI ecosystem, with companies leveraging the Spring Festival as a strategic battleground for user engagement [1][4] Group 1: Company Strategies - ByteDance has secured a key partnership with CCTV for the Spring Festival Gala, positioning its AI assistant, Doubao, to engage users through various interactive features, aiming for high-frequency user touchpoints [1][4] - Tencent is reviving its red envelope initiative with a cash incentive of 1 billion yuan, introducing a new AI social feature called "Yuanbao Pai" to extend its social advantages into the AI domain [2][4] - Alibaba's Qianwen app is central to its AI ecosystem, integrating with core services like Taobao and Alipay to create a seamless AI service experience across various sectors [2][4] Group 2: AI Integration and User Engagement - Baidu's strategy involves embedding its AI assistant, Wenxin, within its widely used app, allowing users to access AI features without additional downloads, thus converting traditional search users into AI users [3][4] - The initial launch of Baidu's "Spring Festival Red Envelope" saw over 1 million participants on its first day, with a maximum single envelope amount reaching 6,666 yuan [3][4] Group 3: Competitive Landscape and Future Outlook - The overarching goal of these companies is to capture the next generation of AI interaction, using red envelope subsidies as a means to attract users into their respective AI ecosystems [4][5] - Companies are investing heavily in AI infrastructure, with ByteDance allocating half of its 2026 capital expenditure to AI processors, while Tencent and Alibaba are enhancing their AI capabilities through strategic hires and technology integration [4][5] - The competition is evolving beyond individual AI assistants to a comprehensive ecosystem approach, focusing on user needs across various scenarios, indicating that the future AI entry point may not be a standalone app but a deeply integrated smart layer in digital life [5]