Company Overview - Moonshot AI, an Alibaba-backed AI startup, is currently valued at $4.8 billion in a new funding round, up from $4.3 billion previously [1][2] - The company is known for its Kimi chatbot, which gained significant popularity in China prior to the release of DeepSeek [1] Funding Details - The latest funding round is expected to close soon due to high demand, with a valuation at least $500 million higher than the previous round in December [2] - The previous funding round, announced on December 31, included participation from IDG, Alibaba, and Tencent [4] Market Context - Interest in Chinese AI companies has surged, particularly as U.S. AI chatbots like OpenAI's ChatGPT are not available in mainland China due to government restrictions [3] - Competitors Zhipu and MiniMax have seen significant market valuations, with Zhipu valued at $13 billion and MiniMax at $15.2 billion as of the latest data [4] Future Prospects - There is potential for Moonshot AI to be valued even higher in future funding rounds due to increasing interest in Chinese AI IPO candidates [3]

高盛认为，2026年将是中国互联网巨头的战略转折年——企业将加大AI面向消费者的投资，围绕 "AI超 级入口" 展开竞争，同时更集中精力捍卫各自的核心第一地位。 据追风交易台，高盛的Ronald Keung分析师团队在最新研报中指出，这一年将是中国互联网巨头AI投资 加码与核心市场地位防御的"双主线之年"——字节跳动在AI、电商、本地服务等领域的突破性冲击，正 倒逼阿里、腾讯等巨头启动全方位战略pivot（转向），一边加码AI To-C投资与资本开支，一边全力捍 卫核心市场地位，而"盈利增长+全球化新叙事+股东回报"将取代普涨逻辑，成为2026年行业的核心盈 利主线。 在巨头中，拼多多成为高盛2026年核心推荐标的。其10倍2026EP/E显著低于行业中位数18倍，叠加 Temu的盈利拐点、AI应用潜力与国内下沉市场稳固的"性价比"用户心智，估值重估空间显著；而阿里 （AI全栈布局）与腾讯（AI应用核心受益）则仍是长期（1-3年）配置的核心标的。 行业转折：字节跳动倒逼行业巨头战略pivot 2026年的行业转折，本质是字节跳动的"全面破局"引发的连锁反应。作为2025年盈利达500亿美元的中 国互联网盈利龙 ...

Alibaba Group stock tumbled on Monday, taking some of the shine off a recent rally for the Chinese online retailer. ...

2026一开年，阿里就在"超级入口"牌桌上甩出一张王牌：将千问App全面接入淘宝、支付宝、淘宝闪购、飞猪、高德 等阿里生态业务，彻底拉开与豆包、元宝等产品的差距。升级后的千问App正在变成一个超级Agent（智能体），可以 一句话统一调度阿里系多款应用。 将目光从阿里近期的最新举动移开会发现，过去一年，"超级入口"牌桌上坐满了玩家。2025年被称为"AI硬件元年"， 这一年，科技赛道迎来了终端硬件的大爆发，AI眼镜、AI耳机、AI玩偶等一众新品密集亮相，期待能取代手机成为下 一个终端刚需。 互联网大厂们闻风而动，也争先恐后地下场押注。去年字节豆包和中兴通讯联合推出工程样机nubia M153，迅速让舆 论炸开了圈；阿里旗下夸克AI眼镜去年双十一开售......在硬件以外，大厂也不忘"软硬兼施"，阿里升级了千问，腾讯 重押了元宝，字节让豆包像幽灵一样浮现在各大字节系硬件背后；大模型六小虎成为这个牌桌上的新贵，它们不仅要 和大厂一块儿加入这场超级入口的争夺游戏，甚至还要掀翻牌桌重新划条新赛道。 2026年，哪款AI硬件能突围成为终端刚需？哪个互联网大厂能押重硬件或造出下一个时代的"超级入口"？ 趋势1 硬件厂商混 ...

Investment Rating - The report suggests a cautious outlook on the e-commerce sector, indicating a slowdown in growth due to macroeconomic factors and high base effects from previous years [5]. Core Insights - In December, the online retail sales of physical goods grew by 0.8% year-on-year, with a total of 1.3 trillion yuan, marking a significant slowdown compared to previous months [2][5]. - Alibaba's Qianwen app has integrated various services within its ecosystem, potentially enhancing user engagement and transaction efficiency, with expectations that AI will handle 60-70% of digital tasks in the next two years [3][5]. - The overall e-commerce market is projected to grow by 5.2% year-on-year in 2025, with specific categories like food seeing a growth of 14.5% [2][5]. Summary by Sections E-commerce Market Performance - December's online retail sales reached 1.3 trillion yuan, with a year-on-year growth of 0.8%, a decline from 4.9% in October and 1.5% in November [2]. - For the entire year of 2025, online retail sales are expected to total 13.1 trillion yuan, reflecting a 5.2% increase compared to previous years [2]. Alibaba's Ecosystem Development - Alibaba's Qianwen app has connected with various services, launching over 400 AI functionalities, which allows users to complete transactions seamlessly [3]. - The monthly active users (MAU) of the Qianwen app surpassed 100 million, indicating rapid user growth [3]. Competitor Updates - Pinduoduo is testing a new "Billion Supermarket" initiative and has launched shared warehouse services to improve delivery efficiency [4]. - JD.com reported that its Plus members saved nearly 30 billion yuan in 2025, while Douyin e-commerce helped merchants save over 32 billion yuan in operational costs [4]. Investment Recommendations - The report emphasizes the importance of companies with strong AI capabilities and platform ecosystems, suggesting that the profit uplift from AI tools will outweigh revenue impacts in the current macroeconomic environment [5].

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][6]. Core Insights - The AI medical sector is experiencing rapid development, with significant commercial opportunities emerging. Major players like NVIDIA and Eli Lilly are investing heavily in AI drug development, while domestic companies like Ant Group are promoting AI health management products [5][13][14]. - Alibaba's Qianwen app has transitioned into the "AI service era," integrating over 400 AI service functions and achieving over 100 million monthly active users, showcasing the potential for AI applications in enhancing user experience and operational efficiency [15][17]. - The report emphasizes the importance of building a self-sufficient and efficient computing infrastructure in response to increasing global competition and the exponential growth of AI application demands [16]. Summary by Sections AI Empowerment in Healthcare - The AI healthcare sector is at a commercial inflection point, with significant investments from both domestic and international companies. Key areas of growth include AI drug development, medical imaging analysis, and personal health management, which are expected to see increased investment value as clinical validation and regulatory frameworks improve [5][14]. Development of AI Ecosystem - Domestic tech giants are rapidly advancing their AI ecosystems, leveraging their large user bases and data resources. This integration is expected to enhance service delivery and operational efficiency across various sectors [15][16]. Market Performance - The computer sector index rose by 3.82% from January 12 to January 16, 2026, indicating positive market sentiment [8]. Key Companies and Investment Recommendations - The report highlights several companies for investment consideration, including: - AI Computing: Cambrian (688256.SH), Haiguang Information (688041.SH), Inspur Information (000977.SZ), and Zhongke Shuguang (603019.SH) [6][17]. - Vertical AI Applications: Kingsoft Office (688111.SH), Dingjie Zhizhi (300378.SZ), Hand Information (300170.SZ), and others [6][17].

计算机 | 证券研究报告 — 行业周报 2026 年 1 月 19 日 AI 商业化加速落地，核心科 技自主可控需求再燃 计算机行业"一周解码" 蚂蚁国际与谷歌围绕 UCP 展开合作，推动 AI 从对话交互走向可闭环的交易基础设施；快手旗 下可灵 AI 2025 年 12 月月收入突破 2000 万美元、ARR 达 2.4 亿美元，显示视频生成赛道商业 化提速与行业竞争同步加剧；阿里将千问 App 与淘宝、支付宝等核心业务系统级打通，让 AI 直 接"代办"真实交易场景，宣告大厂 AI 竞争正从对话能力之争升级为"超级入口"和应用闭环之 争；美国商务部长卢特尼克威胁韩国等存储芯片企业，如不在美增建产能将可能面临最高 100% 关税。 支撑评级的要点 评级面临的主要风险 ◼ 技术创新不及预期；政策推行不到位；下游需求景气度不稳定的风险。 相关研究报告 《中美正面太空竞速，智能制造迎重磅政 策加码》20260111 《Meta 收购 Manus，AI 应用开启落地新 阶段》20250104 《特斯拉引领智驾突围，全球科技巨头共 谋 AI 芯未来》20251225 《智能驾驶箭在弦上》20251222 中银国际证券 ...

Group 1 - Alibaba's CEO, Wu Yongming, highlighted the company's enhanced development momentum in 2023, emphasizing the successful integration of AI into its business operations and the solid performance in the consumer sector [2] - The letter from Wu focused on specific achievements such as the success of Taobao Flash Sale, the development of a comprehensive consumer service system, and the rapid adoption of the Qianwen App, showcasing Alibaba's practical results in the AI era [2] - Alibaba's AI and cloud computing business has shown significant growth, with AI-related product revenue maintaining triple-digit year-on-year growth for seven consecutive quarters [2] Group 2 - The global AI industry is transforming various sectors, becoming a core force in reshaping industrial structures and human lifestyles, with applications in healthcare, smart manufacturing, and intelligent transportation [3] - China's AI industry is rapidly developing, with the core industry scale growing by 13.9% year-on-year in 2023, approaching 600 billion yuan [3] - Chinese AI developers, including Alibaba, have made significant advancements, with their AI models performing comparably to those from the US in major benchmarks [5]

文 | 窄播，作者 | 李威 千问全面接入淘宝、支付宝、淘宝闪购、飞猪、高德等阿里生态业务，阿里的AI入口有了完整雏形。 上线之初，千问就被确认是阿里打造的一个「AI生活入口」。在本周四（1月15日）的发布会上，千问 展示了点外卖、订酒店、查社保、买东西、整理发票、讲题等众多能力。虽然这些能力还有待进一步完 善，但已经让这个「AI生活入口」变得有名有实起来。 同时，这些用户可体验到的丰富办事能力，也成为当下千问与其他AI助手的最大差异。分开来看，我 们已经从不少AI助手中体验过了其中的一项或几项能力，却并没有另一个AI助手可以像千问一样能快 速整合这么多能力。这是阿里生态优势的进一步展现，也是整个阿里AI化变革的一部分成果。 不过，千问注入办事能力很难像元宝接入DeepSeek一样，在普通用户那里形成瞬时的流量引爆效应。 因为从PC互联网向移动互联网的迁移历程已经表明，搜索、聊天、娱乐等纯线上体验会比打车、外卖 等O2O体验以更低成本、更快速度完成用户习惯的转变。 千问面对的现状是，对AI助手能力的开发进度，要远快于AI能力体验面的大众化普及。当下，绝大部 分用户还在提升利用AI助手获取答案的频率，只有少数用 ...

摩根士丹利发表中资科网股今年展望报告，在去年"DeepSeek时刻"之后，认为AI的发展道路在2026年更 加光明，主要由供给与需求两端共同推动。此外，互联网企业的海外扩张亦成为应对宏观、竞争、监管 及地缘风险的重要因素。该行列出对行业偏好的次序名单，给予"增持"评级的股份包括腾讯、阿里巴 巴、拼多多、腾讯音乐、网易、BOSS直聘、满帮、美团、携程、同程旅行、好未来和贝壳。 ...