#但斌称国内仅阿里字节能对标谷歌# 【但斌：AI热潮刚刚开始，国内对标谷歌的公司可能只有两家】# 但斌称英伟达市值或超10万亿美元# "今天的AI热潮不是泡沫，而是刚刚开始。"近日，在一场公开活动 上，东方港湾董事长但斌发表主题演讲时表示，英伟达的市值很可能超过10万亿美元。不仅如此，谷歌 很可能与英伟达并驾齐驱，共同达到这一量级。"我认为，谷歌的TPU，包括它的Gemini，还有它的数 据，国内能对标的公司我觉得可能有两家，一个是阿里巴巴，一个是字节，甚至腾讯都可能有点落后 了。所以说，你可以看到这个季度很多国内市场的投资人，都把阿里巴巴加到了持仓里面。"但斌说。 （智通财经，泽塔） ho 零节瞬间 4 下载 日. 1.91 ITTITTENTL T 6 @每日经济新闻 ...

Core Insights - Alibaba's transformation secret lies in focusing on user needs and cultivating core businesses independently without relying on acquisitions [3][8] - China's AI strategy prioritizes penetration rate over model performance, aiming for a 90% penetration rate of AI agents and devices by 2030 [3] - China has three major advantages in AI: 40% lower electricity costs, 60% lower data center construction costs, and the world's largest STEM talent pool [3][4][5][6] Group 1: China's AI Advantages - Electricity costs in China are 40% lower than in the U.S. due to significant investments in power transmission infrastructure over the past 15 years [4] - The cost of building a data center in China is 60% lower than in the U.S., excluding chip costs [5] - Nearly half of the global AI talent has a Chinese educational background, providing a unique advantage in the AI field [6] Group 2: Open Source vs. Closed Source - Open-source models are expected to outperform closed-source models due to cost-effectiveness, data sovereignty, and privacy concerns [7] - Alibaba's revenue model is based on cloud services rather than AI model fees, leveraging open-source models as a traffic entry point [7] Group 3: Alibaba's Evolution - Alibaba's evolution from a B2B e-commerce platform to an AI cloud computing company is driven by customer demand [8] - The company emphasizes organic growth over acquisitions, fostering a culture that aligns with its core values [8] Group 4: Skills for the Future - Young individuals should focus on three core skills: knowledge acquisition, analytical thinking, and the ability to ask the right questions [9] - Learning programming is still important, not for operating machines, but for developing critical thinking processes [9] Group 5: Career Directions - Recommended fields for future professionals include data science, psychology and biology, and materials science, reflecting the growing importance of data management and innovation in semiconductors [10] Group 6: AI Market Perspectives - There may be a financial bubble in AI, but the underlying technology is real and will not disappear, similar to the internet post-2000 bubble [13] Group 7: Cultural Exchange through Sports - Investment in sports, such as the Brooklyn Nets, is seen as a means of cultural exchange, promoting interaction between Chinese students and American high school students [14]

Group 1 - The core point of the article highlights the significant financial losses reported by the three major players in the food delivery industry, namely Meituan, Alibaba, and JD.com, due to intense competition and high marketing expenditures [2][3][4] - Meituan reported a record net loss of 16 billion yuan in Q3, marking its largest loss since its IPO, compared to a profit of 12.8 billion yuan in the same period last year [2] - Alibaba's net profit for the same quarter fell by 52% to 20.99 billion yuan, while JD.com saw a 55% decline in net profit to 5.3 billion yuan [2][3] Group 2 - The marketing expenses for Meituan surged by 90.9% to 34.3 billion yuan in Q3, primarily due to increased spending on promotions and user incentives in response to fierce competition [3] - JD.com's marketing expenses rose by 110.5% to 21.1 billion yuan, with a significant portion allocated to its new food delivery business [3] - Alibaba's sales and marketing expenses reached 66.5 billion yuan, up from 32.5 billion yuan year-on-year, indicating substantial investment in its e-commerce operations [3] Group 3 - The total expenditure on food delivery by the three companies in Q2 and Q3 is estimated to exceed 74.4 billion yuan, with Q3 alone accounting for 44.4 billion yuan, reflecting a 48% increase in spending [4] - Despite the high expenditures, the competitive landscape remains challenging, with companies like Alibaba indicating a potential reduction in spending in the upcoming quarters [4][5] - Meituan's CEO expressed that while losses may have peaked, the company will continue to invest to maintain its market leadership without engaging in price wars [2][4] Group 4 - The intense competition has led to a situation where merchants experience increased order volumes but decreased actual revenue, indicating a "growth without profit" scenario [7] - The average daily order volume for merchants increased by 7%, but their actual revenue declined by approximately 4%, highlighting the adverse effects of the subsidy wars [7] - The ongoing subsidy competition has raised concerns about market saturation and the sustainability of such aggressive pricing strategies in the long term [9]

点击按钮▲立即预约 " 在摩根大通最新的报告中，按订单量统计，美团日单 7100 万，占市场份额的 50% ，阿里巴巴次之，份额为 42% ，京东占 8% ； 高盛则认为，长期来看，外卖和即时电 商业务 市场份额将在美团、阿里巴巴、京东之间形成 5:4:1 的格局。 " 文 /巴九灵（微信公众号：吴晓波频道） 最近，随着阿里、京东、美团三季度财报的悉数披露，今年这场轰轰烈烈的外卖大战，账本浮出水面。 图源：京东2025年第三季度财报 美团三季度财报中，与外卖大战高度相关的核心本地商业业务亏损141亿元人民币，去年同期为盈利145亿元。 财 报中写道：" 为应对外卖行业非理性竞争，核心本地商业持续加大针对餐饮行业的直接补贴力度。受此影响，核心本地商业经营利润转负，亏 损141亿元。" 整体来看，而今年三季度美团整体亏损为160亿元，绝大部分为外卖大战所拖累 。 | | | 不能查仪 | | | | --- | --- | --- | --- | --- | | | 截至2025年9月30日止三個月 | | | | | | 核心 | | 未分配 | | | | 本地商業 | 新業務 | 項目2 | 總計 | | ...

Core Insights - Retail investors have shown significant interest in five stocks this week, driven by earnings reports, retail hype, AI developments, and corporate news [1] Walmart Inc. (NYSE:WMT) - Walmart's Black Friday event commenced online on November 25, with early access for Walmart+ members starting on November 24, featuring substantial discounts on various products [6] - The stock is trading around $109 to $111 per share, reflecting a year-to-date increase of 21.22% and a 17.95% rise over the year [7] Alibaba Group Holding Ltd. (NYSE:BABA) - Alibaba reported second-quarter results on November 25, with a revenue increase of 5% to $34.81 billion, driven by a 34% growth in cloud services [7] - Following news of the Pentagon considering adding Alibaba to a list of Chinese military-linked firms, some retail investors began to sell off BABA shares [7] Alphabet Inc. (NASDAQ:GOOG) - GOOG shares surged due to AI-driven growth, with the company approaching a historic $4 trillion valuation [11] - The stock is trading around $157 to $160 per share, with an 85.52% increase year-to-date and an 80.38% rise over the year [11] Meta Platforms Inc. (NASDAQ:META) - META shares rebounded amid optimism surrounding AI trading and analyst upgrades, despite facing allegations regarding internal research on social media's impact on youth [15] - The stock is trading around $633 to $635 per share, with a year-to-date increase of 5.74% and a 10.32% rise over the year [16] Nvidia Corp. (NASDAQ:NVDA) - NVDA shares initially dipped due to reports of Meta's potential multi-billion-dollar deal with Google for data centers, but the CEO asserted that NVIDIA remains ahead in technology [16] - The stock is trading around $320 to $322 per share, reflecting a year-to-date increase of 68.01% and an 87.86% rise over the year [16] Market Overview - Retail focus has combined meme-driven narratives with earnings outlooks and corporate news, contributing to positive market action in the S&P 500, Dow Jones, and Nasdaq [19]

| | | lıtl ByteDance | Tencent | | --- | --- | --- | --- | | | Alibaba | ByteDance | Tencent | | Infrastructure layer | - | VolcanoEngine | | | | Alibaba Cloud | | | | Large model public cloud market share (IDC) | 27.0% | 49.2% | NA | | Al cloud services market share (Omdia) | 35.8% | 14.8% | 7.0% | | FY26E Cloud Revenue (Rmb mn) | 156,388 | NA | 54,746 | | FY26E Cloud Revenue growth % | 33% | NA | 30% | | Capex over next 3 years (Rmb bn, GSe) | 460 | 612 | 346 | | Model layer | | DOUBAO | | | | Open-source ...

在这场格局重塑中，阿里巴巴凭借"云基座+通义千问"的组合，被大摩确立为"中国最佳AI赋能者"。大摩分析称，阿里在B端的吸引力正快速逼近并有望在三年内 超越目前的市场热门DeepSeek。 01 云大厂反超"模型小龙" 大摩发现，企业客户在生成式AI的部署上，正迅速从独立的模型开发商转向拥有全栈能力的超大规模云厂商。在大摩看来，阿里云是"中国最佳AI赋能者"，预计阿里云收入将在 2026财年下半年进一步加速成长。 硬·AI 作者 | 高智谋 编辑 | 硬 AI 中国企业级AI市场正在经历一场从"模型尝鲜"到"云端实战"的结构性变局，而阿里，或将成为这场变局的"最大赢家"。 11月27日，摩根士丹利发布了最新的2025年下半年CIO（首席信息官）调查报告。大摩发现，随着IT预算在2026年持续扩张，企业客户在生成式AI的部署上，正 迅速从独立的模型开发商转向拥有全栈能力的超大规模云厂商。 本次调查最核心的边际变化，在于B端客户选择逻辑的变化。 随着AI应用从实验进入规模化部署， 47%的CIO现在倾向于选择超大规模云厂商（Hyperscalers）来支持大模型落地 ， 较2025年上半年提升了10个百分点。 相 ...

今年夏天轰轰烈烈的外卖补贴大战，对平台利润造成了显著冲击。日前，京东、阿里巴巴和美团相继发布最新财报。 受外卖竞争白热化拖累，三家 公司外卖及相关业务的经营利润均出现了不同程度的下滑。 尽管美团强调价格战不可持续，但行业分析人士对财联社记者表示， 平台间的竞争 远未结束，以即时零售为主战场，外卖平台将走向精细化运营的持久战。 利润承压 但战事未歇 综合各平台财报来看，今年第三季度，美团核心本地商业分部经营利润录得亏损141亿元，而去年同期为盈利146亿元，经营利润率从去年 同期的21%下滑至-20.9%。阿里巴巴电商集团经调整EBITA为104.97亿元，较去年同期减少338.3亿元。阿里巴巴并在电话会上透露，若 剔除闪购业务的亏损，电商集团EBITA将同比增长中单位数。此外，京东包括外卖在内的新业务经营利润为-157.36亿元，较去年同期亏损 额增加151.21亿元。 粗略计算，三大平台在外卖及相关业务上的经营利润，同比去年减少了超770亿元。 对于核心本地商业分部由盈转亏，美团财报中直言，主要由于毛利率下降，以及为在激烈的竞争中提升用户粘性并巩固市场地位，而不断调 整业务策略，导致交易用户激励和推广以及广 ...

2025 年 11 月 29 日 行业研究●证券研究报告 AI &半导体：阿里巴巴 AI 产品收入持续高增长 投资要点 电子 行业周报 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 升幅% 1M 3M 12M 相对收益 -5.14 -1.62 24.86 绝对收益 -8.66 -0.21 41.75 分析师 熊军 SAC 执业证书编号：S0910525050001 xiongjun@huajinsc.cn 相关报告 电子：AI &半导体：NAND 市场供不应求趋势 有望持续-华金证券-电子-周报 2025.11.16 电子：AI &半导体：数据中心有望成为 NAND 最大市场-华金证券-电子-周报 2025.11.9 电子：AI &半导体：海外 CSP 厂商持续上调资 本开支-华金证券-电子-周报 2025.11.1 | 1、行业动态 3 | | | --- | --- | | 2、行情回顾 3 | | | 2.1 周涨跌幅排名 | 3 | | 全球行情一览 2.2 | 4 | | 3、行业高频数据跟踪 | 6 | | 面板价格 3.1 | 6 | | 3.2 存储器价格 7 | ...

过去一个夏天的外卖大战落到了财报里。第三季度，京东、阿里、美团财报的"痛感"都与外卖业务的投 入有关。 几位公司的一把手也做出了最新表态。美团 CEO 王兴强调"坚决反对外卖价格战"，重申这没有为行业 创造价值。阿里电商事业群CEO蒋凡则着重介绍起即时零售单位经济效益（UE）的改善情况，短期亏 损会减少，阿里也表示下季度对闪购业务的整体投入会"显著收缩"。京东则在三季度便悄然减少了外卖 业务的环比投入。 外卖大战要熄火吗？走到这个阶段，即时零售似乎迎来了清扫战场的时间，三家平台需要重新思考如今 的战局以及未来兵力的投入、盈利的边界，度过一个冷静的冬天。但与此同时，王兴与蒋凡又不约而同 地留下了"根据竞争态势调整投资和策略方向"的伏笔。 外卖大战正在进入一个更为复杂的新阶段——不想打，但也停不下了。 但外卖大战的"退潮"是一点点发生的。在王鑫的视角中，掀起这场战局的京东是三家之中最早后撤的， 他告诉记者，京东在9-10月份就逐步推出了该地区他所在品类的补贴，之前每单补贴能达到满15减10 元，现在只剩下补贴3-5元一单。该品牌的外卖单量中，京东在外卖大战最开始的占比能达到30%左 右，现在已经不到2%了。 淘宝 ...