阿里自研AI芯片"真武"亮相，阿里平头哥官网29日上线高端AI芯片"真武810E"产品信息，该芯片实现软 硬件全自研，已在阿里云实现多个万卡集群部署，服务了国家电网、中科院、小鹏汽车、新浪微博等 400多家客户。这是通义实验室、阿里云和平头哥组成的阿里巴巴AI黄金三角"通云哥"首次浮出水面。 ...

Core Viewpoint - Alibaba is positioning its AI ecosystem, referred to as "Tongyun Ge," as a leading AI supercomputer, integrating self-developed chips, cloud services, and open-source models to achieve high efficiency in training and deploying large models [1][2]. Group 1: Product Launch and Features - The "Zhenwu 810E" high-end AI chip was launched on January 29, marking the official introduction of Alibaba's self-developed PPU [1]. - The "Zhenwu" PPU features a 96G HBM2e memory and an inter-chip bandwidth of 700 GB/s, designed for AI training, inference, and autonomous driving applications [2]. - The performance of the "Zhenwu" PPU surpasses that of NVIDIA's A800 and mainstream domestic GPUs, and is comparable to NVIDIA's H20, with an upgraded version reportedly outperforming the A100 [2]. Group 2: Market Position and Achievements - The "Zhenwu" PPU has been deployed in multiple clusters on Alibaba Cloud, serving over 400 clients, including State Grid, Chinese Academy of Sciences, Xiaopeng Motors, and Sina Weibo [1]. - The "Qwen3-Max-Thinking" flagship inference model from Tongyi Lab has set multiple global records, rivaling the performance of GPT-5.2 and Gemini 3 Pro [4]. - The number of derivative models from the Qianwen open-source model has exceeded 200,000, with download counts surpassing 1 billion, maintaining its position as the largest in the world [4].

Core Viewpoint - Alibaba's Pingtouge has launched a high-end AI chip named "Zhenwu 810E," which features fully self-developed hardware and software, marking a significant development in its AI capabilities [1] Group 1: Product Launch - The "Zhenwu 810E" chip has been officially launched on Alibaba Pingtouge's website [1] - This chip has garnered attention due to its complete self-research and development, indicating a strategic move by Alibaba in the AI sector [1] Group 2: Performance Comparison - The overall performance of the "Zhenwu" chip surpasses that of NVIDIA's A800 and mainstream domestic GPUs, and is comparable to NVIDIA's H20 [1] Group 3: Strategic Collaboration - The launch of the "Zhenwu 810E" highlights the collaboration between Tongyi Laboratory, Alibaba Cloud, and Pingtouge, forming what is referred to as Alibaba's AI "Golden Triangle" [1]

阿里自研AI芯片"真武"亮相，阿里平头哥官网29日上线高端AI芯片"真武810E"产品信息，该芯片实 现软硬件全自研，已在阿里云实现多个万卡集群部署，服务了国家电网、中科院、小鹏汽车、新浪微 博等400多家客户。这是通义实验室、阿里云和平头哥组成的阿里巴巴AI黄金三角"通云哥"首次浮出 水面。 ...

（文章来源：第一财经） 阿里平头哥官网29日上线高端AI芯片"真武810E"产品信息，该芯片实现软硬件全自研，已在阿里云实 现多个万卡集群部署，服务了国家电网、中科院、小鹏汽车、新浪微博等400多家客户。这是通义实验 室、阿里云和平头哥组成的阿里巴巴AI黄金三角"通云哥"首次浮出水面。 ...

格隆汇1月29日｜据一财，一款名为 Clawdbot 的 AI 助手近期从海外火到国内，成为2026年开年最受瞩 目的AI爆款。它不仅吸引大量开发者尝试，更引来腾讯云、阿里云等国内云厂商火速接入，提供一键 部署服务。 1月28日下午，腾讯云与阿里云相继宣布上线 Clawdbot 云端极简部署及全套云服务，强调 用户可一键完成安装。此前，云厂商优刻得也已上线该服务。"用户量持续增长，客服这几天收到很多 用户的咨询。"优刻得架构技术中心总监刘华表示。 通俗来说，Clawdbot 如同一个线上版"贾维斯"，能 接管个人终端几乎所有任务。作为一个免费开源项目，它迅速吸引了大量开发者与从业者参与测试并分 享体验。 然而爆红之后，Clawdbot 也面临诸多争议：先是名称被 Anthropic 指控侵权而被迫改名，此外 用户隐私与数据安全也成为该产品最大的潜在风险。 ...

Market Overview - US stock indices showed mixed performance on Wednesday, with the Hang Seng Index ADR rising but closing lower compared to Hong Kong's market close, at 27,511.69 points, down 315.22 points or 1.13% [1] Major Blue-Chip Stocks - HSBC Holdings closed at HKD 135.752, down 1.27% from the Hong Kong market close [2] - Tencent Holdings closed at HKD 613.539, down 1.20% from the Hong Kong market close [2] Stock Performance Summary - Tencent Holdings: Latest price HKD 621.000, up 2.31%, ADR price HKD 613.539, down 1.20% [3] - Alibaba Group: Latest price HKD 173.500, up 2.12%, ADR price HKD 171.309, down 1.26% [3] - HSBC Holdings: Latest price HKD 137.500, up 2.23%, ADR price HKD 135.752, down 1.27% [3] - Xiaomi Group: Latest price HKD 36.320, up 2.14%, ADR price HKD 35.857, down 1.27% [3] - AIA Group: Latest price HKD 88.850, up 2.78%, ADR price HKD 87.888, down 1.08% [3] - Meituan: Latest price HKD 56.86, up 1.86%, ADR price HKD 97.328, down 1.04% [3] - BYD Company: Latest price HKD 102.800, up 4.58%, ADR price HKD 101.502, down 1.26% [3]

Core Viewpoint - The self-sufficiency process of domestic AI chips in China is accelerating, with at least nine companies exceeding 10,000 units in shipment or orders [1] Group 1: Company Performance - Domestic AI chip brands include Huawei Ascend, Baidu Kunlun, Alibaba Pingtouge, and Cambricon, among others [1] - Companies with significant shipment volumes have reached a cumulative shipment level of 100,000 units [1] - Smaller AI chip companies, such as Sunrise and Qingwei Intelligent, are projected to exceed 10,000 units in shipment or orders by 2025 [1] Group 2: Market Landscape - The market features a mix of established tech giants and emerging startups in the AI chip sector [1] - Companies like Cambricon, Muxi, Tianshu Zhixin, and Suiruan Technology are either publicly listed or preparing for an IPO [1]

Investment Rating - The report maintains a "Strong Buy" rating for Alibaba Group (09988.HK) [1][4][6] Core Views - The report highlights the competitive advantage and profit improvement potential of Alibaba Cloud, especially in light of recent price increases by major overseas cloud service providers like AWS and Google Cloud due to a supply-demand imbalance driven by surging AI demand [1][3] - Alibaba Cloud, as the leading player in the AI cloud market, is expected to benefit from the industry's pricing trends and maintain strong growth and profitability [3][4] Financial Projections - For FY2026-2028, the projected non-GAAP net profits are estimated at 92.4 billion, 134.4 billion, and 180.9 billion respectively, reflecting a significant recovery and growth trajectory [4] - The report anticipates a target price of HKD 194 per share based on a 10x PE for the Chinese e-commerce group and a 10x PS for the cloud intelligence group [4][6] Financial Data Summary - The main revenue for FY2024 is projected at 941.2 billion, with a growth rate of 8%, and expected to reach 1,320.9 billion by FY2028 [5][11] - Adjusted EBITA for FY2026 is expected to decline to 101.3 billion, followed by a strong recovery in FY2027 and FY2028 [5][11] - The report indicates a net profit margin of 8.5% for FY2024, improving to 10.8% by FY2028 [12]

Core Insights - ByteDance's valuation is currently estimated at $480 billion, surpassing Alibaba and posing significant competition to both Alibaba and Tencent in various sectors [1][2]. - The traditional "BAT" (Baidu, Alibaba, Tencent) framework has been disrupted, with ByteDance emerging as the new center of gravity in the tech landscape [4]. Group 1: Historical Context and Competition - The competition has evolved from a focus on user attention (2016-2019) to a battle for consumer spending (2020-2023), and is expected to shift towards AI-driven competition (2024-2026) [6][45]. - ByteDance's rise began with its innovative recommendation engine, which allowed it to capture user engagement more effectively than traditional platforms [12][26]. - By 2019, ByteDance's digital advertising revenue surpassed Baidu's, marking the end of the old BAT era [17]. Group 2: Market Dynamics - The transition to "transaction wars" saw ByteDance establish a significant presence in e-commerce, with its GMV skyrocketing from approximately 500 billion yuan in 2020 to 2.6 trillion yuan by 2023 [32]. - During this period, Alibaba faced severe challenges, including regulatory issues and competition from both ByteDance and Pinduoduo, leading to a significant decline in its market position [34][33]. - Tencent's response to the competition included the launch of WeChat Video Accounts, which integrated various services within its ecosystem, allowing for a more seamless user experience [38][41]. Group 3: Future Outlook - The upcoming "intelligent wars" will focus on AI capabilities, with companies vying for control over user intent through advanced AI agents [45][46]. - ByteDance is rapidly advancing in AI, launching its AI assistant "Doubao," which has gained over 100 million daily active users, showcasing its potential in the AI space [54]. - Alibaba is also pivoting towards AI, with its open-source model gaining traction among developers, while Tencent is restructuring to enhance its AI capabilities [66][60]. Group 4: Key Metrics - As of now, Tencent leads in monthly active users with 1.4 billion on WeChat, while ByteDance boasts two products (Douyin and TikTok) with over 1 billion monthly active users each [71]. - In e-commerce, Alibaba remains the leader with a GMV of approximately 8 trillion yuan, but ByteDance's e-commerce segment has reached around 3 trillion yuan, significantly impacting Alibaba's market share [71].