11月26日下午，香港新界大埔屋邨宏福苑多栋住宅楼发生火灾，造成重大人员伤亡。香港特区政府和社会各界全力展开灭火和人员搜救、 伤员救治、善后安抚等工作。 11月27日，香港消防处公布数据显示，香港新界大埔火灾已造成55人遇难。 火灾事故发生后，社会各界紧急驰援，李嘉诚基金会、霍英东基金会等纷纷捐款支援受灾居民。 据李嘉诚基金会官网显示， 李嘉诚基金会即时拨出3000万港元，设立紧急援助基金，支援注册慈善机构。同时将拨出额外5000万港元的后 续支援计划，助力社区重建复元。 李嘉诚基金会 李嘉誠基金會 首页 - 创始人 - 使命 倡议 防诈骗提醒 · 与我们合作 新闻稿 李嘉诚基金会宣布设立一笔即时3000万港 元紧急救援基金,以支持大埔旺福邨社区 的火灾受灾居民。 2025年11月27日 新闻: (香港,2025年11月27日) - 李基金会对许多人面临的深重损失和逆境 深感悲痛,今日宣布启动一项30百万港元的应急基金,以支持注册的慈 善机构,特别是那些服务于大埔地区的慈善机构,为受大埔旺福苑火灾 影响的个人和家庭提供紧急救济以及长期援助。这场灾难性的大埔旺福 苑火灾给我们的社区造成了巨大破坏。 任何已注册的 ...

Core Insights - Alibaba is undergoing a significant transformation, with 2025 being a pivotal year for the company as it shifts focus towards AI and cloud computing, moving beyond its traditional e-commerce roots [2][5][8] Group 1: Business Transformation - Alibaba's initial core business was e-commerce, primarily through Taobao and Tmall, but it has expanded into food delivery with the acquisition of Ele.me and invested heavily in cloud computing [2][4] - The company has established itself as a global leader in cloud computing, with its cloud network covering 29 regions and serving over 5 million customers, including 190 Fortune 500 companies [4][5] - The recent financial report indicates that Alibaba's total revenue for the first nine months reached approximately 247.8 billion yuan, a 5% year-on-year increase, while operating profit fell by 85% due to heavy investments in delivery and AI [5][6] Group 2: AI Investment Strategy - Alibaba has committed to a three-year AI infrastructure investment plan with a total expected investment of 380 billion yuan, indicating a strong pivot towards AI [5][8] - The company has already invested around 120 billion yuan in AI over the past year, with plans for further investments of at least 200-300 billion yuan in the next two to three years [8][9] - AI-related products have shown significant growth, with quarterly revenue from Alibaba Cloud reaching 39.8 billion yuan, a 34% increase, and AI products achieving triple-digit growth for nine consecutive quarters [6][8] Group 3: Competitive Positioning - Alibaba's e-commerce segment reported a revenue of 102.9 billion yuan, growing by 9%, while its instant retail business saw a 60% increase in revenue to 22.9 billion yuan [6][8] - The company is positioning itself to compete aggressively in the AI space, aiming to become a global leader, which reflects a strategic shift that could redefine its business model [9] - Alibaba's advancements in AI not only enhance its competitive edge but also signify a shift in the global tech landscape, positioning Chinese companies as key players in AI development [9]

11月27日，路透社报道，阿里巴巴发布了旗下首款AI眼镜——夸克AI眼镜，这标志着阿里巴巴正式进 入由Meta主导的AI可穿戴设备市场。 这款接入"千问"的夸克AI眼镜起售价为1899元。与Meta等公司生产的其他头戴设备不同，夸克AI眼镜 看起来就像一副普通的眼镜。 11月初，阿里巴巴刚刚对千问AI助手进行了重大升级并发布了千问APP，更加积极的布局消费级AI市 场。在AI浪潮下，全球各大科技公司展开了更加激烈地竞争。 目前，海外各大科技公司在AI可穿戴设备领域竞争激烈。Meta在VR头显市场占据绝对优势，市场份额 高达80%左右；苹果公司推出了Apple Vision Pro头显；三星也在今年10月发布了深度集成谷歌Gemini的 Galaxy XR头显。 阿里巴巴表示，夸克AI眼镜与淘宝、支付、高德等阿里生态产品进行了深度整合，用户可以进行随身 翻译和商品比价等操作。 ...

行 软件板块表现亮眼———计 算机行业 2025 年三季报业绩 2025.11.10 模型发布的图像生成模型 Nano Banana Pro 在图像生成领域取得了显著进 展。国产大模型在技术迭代中持续突破，核心能力稳步提升，已成功跻身全 球大模型第一梯队。同时国产大模型与国产加速计算芯片的适配性不断优化， 形成算法与硬件的协同优势，为千行百业的规模化落地奠定坚实基础。国产 AI 应用方面，相较于此前大模型 toC 应用主要以 ChatBot 形式为主，阿里推 出的千问 APP 的战略目标是打造未来的 AI 生活入口，在办公、地图、健康、 购物等多个生活场景下，实现跨系统和端到端的 AI Agent 功能。AI 算力方面， 英伟达 2026 财年第三季度营收实现高速同比增长，且公司对下一季度营收持 续同比大幅增长保持乐观预期。全球主流云计算厂商资本开支保持高速增长 态势，支撑 AI 算力行业维持高景气度。考虑到当前大模型厂商正加速 C 端 AI 应用的形态革新与场景渗透，我们持续看好 AI 应用板块在技术落地提速与 场景需求释放的双重驱动下的增长潜力，建议关注应用端具备 AI 技术落地实 力与场景适配优势的头部 ...

编辑 陈莉 校对 卢茜 新京报贝壳财经讯（记者程子姣）11月28日，阿里旗下跨境电商平台速卖通AliExpress宣布，海外双11 大促期间，超300个品牌在速卖通实现了对其他平台销量的双倍反超，达成百万美元销售额的品牌数量 同比增80%。 ...

11月27日，彭博社报道，阿里巴巴正式进入消费级AI硬件领域，发布首款搭载千问的智能眼镜—夸克 AI眼镜S1与G1系列。报道称，夸克AI眼镜的国际版预计将于明年上线，其目标是为中国市场提供类似 Meta Ray-Ban智能眼镜的AI硬件服务。 彭博社指出，夸克AI眼镜的发布是阿里巴巴向"AI优先"业务转型的又一延伸。上周，阿里巴巴推出千问 APP，迅速吸引了超过1000万用户。阿里巴巴首席执行官吴泳铭表示，该应用获得了"异常出色的用户 留存率"。此前，千问套件已经集成到夸克AI浏览器中，夸克AI眼镜的推出进一步拓宽了其AI技术的应 用范围。 据悉，夸克AI眼镜S1最低到手价为3799元，阿里巴巴还将提供一款更经济的夸克AI眼镜G1，最低到手 价1899元起，后者取消了微OLED显示屏。目前，夸克AI眼镜S1已在天猫、京东、抖音以及全国82个城 市超过600家门店开售。国际版本预计将于明年推出，部分产品将通过速卖通等平台销售。 阿里巴巴在夸克AI眼镜中整合了其生态系统内的多项优势服务，包括淘宝、飞猪以及支付宝。此外， 还与网易云音乐和QQ音乐等平台进行合作。 根据市场追踪机构IDC的数据，过去一年，主打人工智能 ...

Core Insights - Alibaba has officially entered the AI wearable device market with the launch of its first AI glasses, Quark AI Glasses, marking a significant move in a sector dominated by Meta [1] - The starting price for the Quark AI Glasses is 1,899 yuan, and they resemble ordinary glasses, differentiating them from other head-mounted devices [1] - The Quark AI Glasses are deeply integrated with Alibaba's ecosystem products such as Taobao, Alipay, and Gaode, allowing users to perform tasks like real-time translation and product comparison [1] - In early November, Alibaba upgraded its Qianwen AI assistant and launched the Qianwen app, indicating a more aggressive strategy in the consumer AI market [1] - The competition in the AI wearable device sector is intensifying, with major tech companies like Meta, Apple, and Samsung actively participating [1] Company Developments - The Quark AI Glasses are part of Alibaba's strategy to enhance its presence in the consumer AI market [1] - The integration of the glasses with Alibaba's existing services aims to provide users with enhanced functionalities [1] - The launch follows a significant upgrade to Alibaba's AI assistant, showcasing the company's commitment to advancing its AI capabilities [1] Industry Context - The AI wearable device market is currently dominated by Meta, which holds approximately 80% market share in the VR headset segment [1] - Other competitors include Apple with its Apple Vision Pro headset and Samsung, which recently released the Galaxy XR headset integrated with Google's Gemini [1] - The competitive landscape is characterized by rapid advancements and innovations from various global tech companies [1]

2025 年 11 月 27 日 公司研究 评级：买入(维持) 研究所： | 证券分析师： | 陈梦竹 | S0350521090003 | | --- | --- | --- | | | | chenmz@ghzq.com.cn | | 证券分析师： | 张娟娟 | S0350523110004 | | | zhangjj02@ghzq.com.cn | | ——阿里巴巴-W（9988.HK）FY2026Q2 财报点 评 最近一年走势 | 相对恒生指数表现 | | 2025/11/26 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 阿里巴巴-W | -8.0% | 27.6% | 88.8% | | 恒生指数 | -0.9% | 1.6% | 35.3% | | 市场数据 | | | 2025/11/26 | | 当前价格（港元） | | | 154.80 | | 52 周价格区间（港元） | 77.35-186.20 | | --- | --- | | 总市值（百万港元） | 2,954,921.06 | | 流通市值（百万港元） | 2,9 ...

Core Insights - Alibaba's CEO, Wu Yongming, emphasizes the necessity for an AI-native consumer-facing super entry point, leading to the launch of the "Qianwen" app [1][2] - The app achieved over 10 million downloads within a week of public testing, surpassing the growth rates of competitors like ChatGPT and DeepSeek, marking it as the fastest-growing AI application to date [3][5] - Despite facing short-term challenges such as profit pressure and technology integration, Alibaba's strategic focus on AI indicates a commitment to not miss out on the AI ecosystem reshaping [3][18] Market Dynamics - The AI market is becoming increasingly competitive, with major players like ByteDance, Tencent, and Baidu already establishing a strong presence in the consumer AI sector [6][8] - According to QuestMobile, the current market is dominated by three major players: ByteDance's Doubao with 172 million monthly active users, DeepSeek with 145 million, and Tencent's Yuanbao with 32.86 million [6] Strategic Positioning - Wu Yongming's AGI three-stage theory underpins Alibaba's push into the consumer AI market, identifying the current phase as "assisting humans" [7][8] - The focus is shifting from entertainment-based AI to productivity-oriented AI, which is seen as the true growth area for consumer applications [8] Future Vision - The "Qianwen" app aims to integrate various life scenarios such as maps, food delivery, ticket booking, and shopping, positioning itself as a future AI life entry point [11][18] - The competition for consumer entry points is viewed as a battle for future traffic distribution rights, with successful AI applications expected to directly understand user needs and deliver services [11][12] Infrastructure and Ecosystem - Alibaba's comprehensive AI strategy includes significant investments in AI and cloud infrastructure, with a reported capital expenditure of 120 billion yuan over the past four quarters [3][15][19] - The company has open-sourced over 300 AI models, achieving over 600 million downloads, which positions it as a leading player in the global open-source AI landscape [14][15] Financial Implications - Alibaba's aggressive investment in AI has led to a significant decline in profits, with a reported 85% year-on-year drop in operating profit for Q2 of fiscal year 2026 [18][19] - The CFO noted that while core business revenues are strong, the focus remains on long-term growth through AI investments, despite short-term profitability fluctuations [19]

本报讯 （记者袁传玺）11月27日，首个搭载千问助手的智能硬件夸克AI眼镜正式发布。阿里巴巴集团 副总裁吴嘉表示，夸克AI眼镜让千问更充分地连接物理世界，千问将继续向更多智能终端延展。 目前，夸克AI眼镜搭载的千问助手已经融合支付宝、高德地图、淘宝、飞猪、阿里商旅等阿里生态核 心场景，初步具备了在物理世界辅助用户、帮用户办事的能力。 （文章来源：证券日报） ...