证券研究报告 千问APP全面介入阿里生态场景， AI大模型的应用场景进一步深化 计算机行业 强于大市（维持） 平安证券研究所计算机团队 分析师： 闫磊 S1060517070006（证券投资咨询）YANLEI511@pingan.com.cn 2026年1月18日 请务必阅读正文后免责条款 行业要闻及简评：千问APP全面介入阿里生态场景，AI大模型的应用场景进一步深化。2026年1月15日，阿里巴巴在杭州举办千问App产品 发布会。千问App宣布全面接入淘宝、支付宝、淘宝闪购、飞猪、高德等阿里生态业务，在全球首次实现点外卖、买东西、订机票等AI购 物功能，并向所有用户开放测试。我们认为，千问APP全面介入阿里生态场景，凭借千问强大的模型能力与阿里丰富生态的结合，实现了 大模型从"聊天对话"到帮助用户"办事"的能力升级，体现了大模型能力的提升以及应用场景的进一步深化。千问APP的示范效应有望 推动国内互联网巨头加快大模型APP在自身丰富生态的推广，我国大模型的应用进程有望进一步加快。同时，大模型应用进程的加快，将 带来对推理端算力的巨大需求，从而进一步推动我国国产算力产业链的发展。 重点公司公告：道通科技发布关 ...

计算机 2026 年 01 月 18 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2025-01 2025-05 2025-09 计算机 沪深300 相关研究报告 《周观点：把握商业航天黄金机遇期 —行业周报》-2026.1.18 《行业催化密集，关注 AI 应用投资机 遇—行业点评报告》-2026.1.11 《周观点：持续看好商业航天板块— 行业周报》-2026.1.11 阿里全面发力 Agent，争夺 AI 超级入口 ——行业点评报告 刘逍遥（分析师） liuxiaoyao@kysec.cn 证书编号：S0790520090001 千问 App 全面接入阿里生态，打造超级 Agent 1 月 15 日，阿里旗下的千问在杭州召开了产品发布会。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，可以实现点外卖、买东西、订 机票等 AI 购物功能，选好商品后，用户可通过千问内置的"支付宝 AI 付"功 能一键付款。此外在生活服务上，千问已经接入支付宝政务能力，上线了签证、 户口、公积金等 50 项民生服务。通过对阿里生态的深度整合 ...

2026 年 01 月 18 日 计算机 千问 APP 升级，Agent 时代来临 阿里升级千问 APP，正式从"聊天对话"迈入"AI 办事时代" 1 月 15 日，阿里举行千问 APP 产品发布会，千问 App 上线 400 多项 办事功能，正式从"聊天对话"迈入"AI 办事时代"。基于 Qwen 最 强模型与阿里最丰富生态，千问 App 接入淘宝、支付宝、淘宝闪购、 飞猪、高德等阿里生态业务，在全球首次实现点外卖、买东西、订机 票、订酒店等 AI 购物功能，向所有用户开放测试。 具体的功能包括：千问 App 接入淘宝闪购和支付宝 AI 付，推出"AI 点外卖"。整个支付环节在千问对话界面内完成，无需跳转至其他应 用；千问 App 接入淘宝，测试"AI 购物"功能；千问 App 接入高德 扫街榜，推出"AI 打电话订餐厅"功能；千问 App 深度接入支付宝 政务服务，上线签证、户口、公积金等 50 项民生服务，并直达办理 入口；千问 App 接入飞猪，一句话智能规划旅行计划，帮用户订机票、 订酒店、订门票，推荐更适合、更满足需求的订单，一键即可预定； 千问 App 上线 "任务助理"功能，在 App 和 W ...

千问接入阿里生态，AI 应用提速——商贸零售周报 260118 报告摘要： [Table_Summary] 周专题：千问接入阿里生态。1 月 15 日，千问 App 宣布全面接入淘宝、 支付宝、淘宝闪购、飞猪、高德等阿里生态业务，在全球首次实现点外 卖、买东西、订机票等 AI 购物功能，并向所有用户开放测试。AI 从能 对话变为能办事，能够实现多复杂功能处理与一键下单等。我们认为， 当前 AI 应用行业正处于发展快车道，千问接入阿里生态将为阿里系 AI 应用带来全新的应用场景与流量入口，相关公司或受益。 [Table_Title] 证券研究报告 / 行业动态报告 政策出台+AI 硬件发展，AI 应用迎来产品化拐点。政策端，AI 应用政 策密集出台，涵盖平台电商、服务消费、线下零售。当前，我国面向 AI 应用政策出台不断，包括设立投资基金、鼓励 AI 与供应链、服务消费、 制造业结合等，我们认为 AI 应用政策红利将持续释放；供给端：AI 基 础设施逐渐成熟，应用条件已经成熟。硬件端，算力虽仍紧缺但成本不 断下降；模型端，各类模型不断迭代，开源产品层出不穷，推理模型、 "工具调用/代理"与终端化成为 2025- ...

Core Viewpoint - The market capitalization of Google (Alphabet) is approximately $4 trillion, while the combined market capitalization of China's top internet companies is only about $1.8 trillion, indicating a significant disparity in valuation and market perception [25][28][30]. Market Capitalization Comparison - As of the end of 2025 or early 2026, the estimated market capitalizations of major companies are as follows: - Google (Alphabet): ~$40,000 million - Tencent: ~$5,917 million - Alibaba: ~$3,333 million - Xiaomi: ~$1,987 million - Pinduoduo: ~$1,486 million - Meituan: ~$975 million - NetEase: ~$852 million - JD: ~$471 million - Trip.com: ~$383 million - Kuaishou: ~$345 million - Tencent Music: ~$302 million - The total market capitalization of the top 10 Chinese internet companies is estimated to be around $17,000–20,000 million, which is more than 2.2 times less than that of Google [28][3][25]. Competitive Landscape - The primary issue in the Chinese internet sector is not a lack of effort but rather a misdirection in competitive strategies, focusing excessively on user acquisition, subsidies, and speed, leading to a dangerous cycle of competition [30][5]. - This competitive model, which relies on free services to gain scale and eliminate competitors, is damaging long-term sustainability in the industry [31][32]. Impact on Entrepreneurship - The current environment is systematically clearing out entrepreneurs, reducing their roles to mere tools for larger platforms, and stifling genuine innovation [34][37]. - The lack of reasonable pricing, stable profits, and long-term investment in research and development is leading to fewer companies being profitable and surviving [35][36]. Employment Challenges - The concentration of the industry into a few dominant platforms is contributing to job losses, with monopolistic structures eliminating positions rather than technological advancements like AI [39][10]. - As industry profits shrink, salaries are also compressed, leading to fewer job opportunities for young people [11][39]. Comparison with Google - Google’s strength lies not in the number of applications but in its focus on foundational capabilities, allowing ecosystem partners to thrive and generating productivity-based revenue rather than merely capturing attention [40][41]. - The competitive landscape in China, characterized by internal strife, hinders the emergence of globally competitive companies [41][42]. Future Outlook - If the current competitive practices continue, the industry may end up with a few platforms and many dependent entities, leading to a degraded ecosystem rather than a mature industry [42][45]. - A healthy internet ecosystem should support entrepreneurship and job creation, rather than relying solely on free services as a competitive tool [44][51].

策 略 研 究 主题轮动加快，聚焦国产半导体与电力 [Table_Authors] 方奕(分析师) 主题风向标 1 月第 2 期 本报告导读： 热点主题交易热度达历史高位，半导体先进封装与设备主题走强，关注具备强需求 支撑且产业催化密集的低位科技方向。看好：国产算力/新型电网/机器人/内需消费。 投资要点： 请务必阅读正文之后的免责条款部分 策略研究 /[Table_Date] 2026.01.18 | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 苏徽(分析师) | | | 021-38676434 | | | suhui@gtht.com | | 登记编号 | S0880516080006 | [Table_Report] 相关报告 AI 应用：以新生产工具重构新经济场景 2026.01.11 新兴产业空间广阔，看多中国产业龙头 2026.01.06 1 月金股策略：决胜"开门红" 2026.01.05 从历次科技牛规律，定位当下 AI 产业链投资阶 段 2026.01.05 AI 应 ...

Core Insights - The report maintains a bullish outlook on the internet sector, particularly e-commerce, social entertainment media, internet healthcare, short videos, and IP-related markets, driven by advancements in AI applications and product innovations [3][17][22]. E-commerce - The report continues to recommend Alibaba in the e-commerce sector, highlighting the recent AI application developments that are expected to catalyze growth. The MAU of the Qianwen app has surpassed 100 million, indicating strong user engagement [3][17]. - JD.com is projected to experience marginal improvements after a weak growth quarter in Q4 2025, maintaining a buy rating [3][17]. Social Entertainment Media - Bilibili and Tencent are noted for their strong advertising momentum, with Tencent's gaming fundamentals improving. The report anticipates the release of new games from both companies, enhancing their product offerings [3][17][22]. - Tencent's game "Delta Action" is expected to become a significant title alongside "Honor of Kings" and "Peacekeeper Elite" [3][17]. Internet Healthcare - JD Health and Alibaba Health are leveraging their leading platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [3][17]. Short Videos - Kuaishou is recognized for its stable core business and technological leadership in AI, with ongoing efforts to optimize user engagement and monetization through advanced recommendation systems [3][17][22]. IP and Trendy Toys - Pop Mart is expanding its overseas supply chain, with recent shipments from partners in Indonesia, Cambodia, and Mexico, indicating a robust international strategy [3][17]. Long Videos - The report notes a recovery in the number of TV series registrations, with multiple platforms releasing high-quality content, suggesting investment opportunities in companies like iQIYI and Mango TV [3][17]. Music Streaming - Tencent Music and NetEase Cloud Music have shown stable performance, although concerns about competition have led to a valuation adjustment. The report emphasizes the importance of quality content in driving subscription growth [3][17][22]. Gaming Sector - The gaming industry is expected to maintain its growth trajectory into 2026, with a focus on leading companies like Tencent and NetEase, as well as emerging players with strong product pipelines [3][22]. Advertising - The report indicates stable advertising spending from Q1 flash purchase advertisers, with AI applications like Canva and Afu being utilized in advertising strategies, suggesting continued growth in the advertising sector [3][22]. AI Developments - The report highlights the current phase of intensive AI development in China, recommending attention to companies involved in AI model iterations and applications across various sectors [3][22].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The coffee industry remains highly prosperous, with brands actively opening new stores despite the onset of the off-peak season, which may lead to short-term data fluctuations [4] - The tea beverage sector is experiencing slight pressure, with platforms focusing on immediate retail market share and a gradual reduction in subsidies, although the data still shows resilience [4] - The e-commerce sector continues to face challenges due to the domestic consumption environment, with Alibaba integrating its ecosystem with the Qianwen app for AI shopping, while Pinduoduo is testing a new "Billion Supermarket" feature [4][12] - The music streaming platform is highlighted as a quality internet asset driven by domestic demand, suggesting continued interest in music subscription platforms due to their profitability potential [4] - The automotive service market is projected to see a year-over-year decline of 6% by December 2025, with a quarter-over-quarter increase of 9% [4] - The AI and cloud sector is expected to grow, with Qianwen app integrating AI capabilities and significant investments in AI applications anticipated from both domestic and international tech giants [4] Summary by Sections 1.1 Consumer & Internet - The non-essential consumer sector index increased by 5.67%, outperforming the Hang Seng Index by 3.33 percentage points, with notable stock performances from Haidilao (+10.65%) and Luckin Coffee (+2.51%) [9][10] - The e-commerce index rose by 3.73%, with Alibaba's stock increasing by 13.45% and Pinduoduo declining by 11.44% [11][15] 1.2 Platform & Technology 1.2.1 Streaming Platforms - The Nasdaq Internet index fell by 3.59%, while the Hang Seng Media Index rose by 5.99%, with Netflix and Tencent Music experiencing declines [16][38] 1.2.2 Virtual Assets & Trading Platforms - The global cryptocurrency market cap reached $332.23 billion, with Bitcoin and Ethereum prices increasing by 5.5% and 6.9% respectively [22][24] 1.2.3 Automotive Services - The automotive aftermarket is projected to decline by 6% year-over-year by December 2025, with a quarter-over-quarter increase of 9% [34] 1.2.4 O2O - The internet technology index rose by 3.73%, with significant stock movements in companies like Didi and JD Health [35][40] 1.2.5 AI & Cloud - The Nasdaq Internet index fell by 3.59%, with Alibaba and TSMC showing positive stock performance [38][44] 1.3 Media - The media index increased by 2.04%, with the advertising sector performing well while the film and television sector faced declines [45][46]

新浪科技讯 1月18日下午消息，今日，阿里巴巴CEO吴泳铭发布新年家书。 吴泳铭表示，"过去这一年，阿里巴巴的发展势能明显增强：AI浪潮奔涌，我们抓住时代机遇，跑出了 自己的节奏；在大消费领域，我们也交出了扎实的成绩单。" 吴泳铭称，今年几场"大仗"我们都打得漂亮——淘宝闪购破局逆袭，"吃住行游购"大消费服务体系加速 成型；高德"扫街榜"让商家专心经营、消费者放心消费，促进线下服务业更健康可持续发展；千问App 公测一周下载量破千万，阿里AI正在从千行百业走向人人可用．．．．．． 新的一年，挑战依然存在，但未来更加清晰，期待与所有阿里人同心同行，来风破浪。新的一年，家人 亲朋的支持仍将是我们最坚实的后盾。我们一起，迎接更值得期待的新一年。 吴泳铭 阿里巴巴集团首席执行官 他还谈到，这些成果，不只是阿里单一业务的突破，更是阿里生态协同释放出的化学反应。AI带来的 不是替代，而是升级和更多可能性。 全文如下： 各位阿里亲友和伙伴，新年好！ 在这辞旧迎新的时刻，提笔写这封信，心中满是温暖与感激。过去这一年，阿里巴巴的发展势能明显增 强：AI浪潮奔涌，我们抓住时代机遇，跑出了自己的节奏；在大消费领域，我们也交出了扎实 ...

Core Insights - Alibaba has demonstrated significant growth momentum, leveraging the AI wave and achieving solid results in the consumer sector [3][4] - The company emphasizes that its recent successes are not merely isolated business breakthroughs but rather the result of synergistic effects within its ecosystem [5] Group 1: Business Achievements - Alibaba's Taobao flash sales have successfully turned around, contributing to the formation of a comprehensive consumer service system [4] - The Gaode "Street Ranking" initiative has enhanced the focus of merchants on operations while ensuring consumer confidence, promoting healthier and more sustainable development in the offline service industry [4] - The Qianwen App reached over 10 million downloads within a week of its public testing, showcasing the accessibility of Alibaba's AI across various sectors [4][5] Group 2: Company Philosophy and Future Outlook - The company is committed to ensuring that technology is human-centered, with algorithms designed to address social issues and improve the world [5] - Alibaba's identity is symbolized by a renewed employee badge system, reflecting the company's long-term commitment and the importance of trust among its employees [5] - The company acknowledges the ongoing challenges but expresses a clearer vision for the future, emphasizing the importance of support from family and friends as a solid foundation for the upcoming year [5]