Group 1 - U.S. Chinese stocks showed mixed performance in pre-market trading on January 16, with NIO rising by 1% [1] - Alibaba experienced a decline of 0.5% in pre-market trading [1] - Xpeng Motors and Trip.com also saw decreases, with Xpeng down by 0.8% and Trip.com down by 2% [1]

报告导读： 阿里巴巴于 1 月 15 日举办千问 App 产品发布会，此次发布会标志着国内 AI 大模型应用从"内容生成"向"服务触达"的关键跨越，人机交互迎来新拐点。 投资建议： 阿里巴巴于 1 月 15 日举办千问 App 产品发布会，此次发布会标志着国内 AI 大模型应用从"内容生成"向"服务触达"的关键跨越，人机交互迎来 新拐点，我们认为去年领涨主线有望继续受益。 本次发布会引发一场从"对话机器"进化为全能 Agent （智能体）。产品范式革命。 本次发布会最大的亮点在于千问 App 的核心定位升级，即从单一的"聊天 工具"转型为能够执行复杂任务的"办事助手"。不同于过往大模型仅停留在信息检索或文本生成，千问 App 展示了"从问答到行动"的能力闭环。用户可以通 过自然语言指令直接完成现实世界的服务调用，例如"帮我点 40 杯奶茶"或"预订机票"。这标志着 AI Agent （智能体）技术在 C 端应用层面的实质性突 破，重新定义了 AI Assistant 的产品形态。 阿里生态的"原子级"深度打通构建护城河。 千问 App 宣布全面接入淘宝、支付宝、淘宝闪购、飞猪、高德地图等阿里核心业务板块。接入 ...

自AI的"iphone时刻"不过三年，我发现咱们的AI Chatbot，已经有了内卷的苗头。 我是在打开小孩学校的教育信息化网站时，捕捉到了这一点。侧边栏罗列的AI软件入口，大概有十来个。坦白说，我不清楚它们之间究竟有多大区别， 反正都能回答"曹操是哪个朝代的人"，都会解二元一次方程。 这不就是内卷吗？当下，几乎所有AI软件对C端的价值都集中在问答，让Bot和人类chat。但也只是chat。同质化竞争已经在所难免，我似乎看到了机器人 之间也要卷起来了。 至少在1月15日之前，行业里并没有成功另辟蹊径的案例。 但在那天，当外卖骑手提着奶茶鱼贯而入，走进千问App发布会现场时，我觉得这杯"新年的奶茶"，是阿里跳出Chatbot，在AI办事场景又一次领跑的标 志。 因为这是千问帮你点的第一杯奶茶。 不过数分钟前，演讲台上，阿里千问C端事业群总裁吴嘉拿起手机，轻描淡写地说了一句："帮我点40杯霸王茶姬的伯牙绝弦。"几秒钟后，订单确认，支 付完成。 及至线下交付完成，整个"推荐-下单-支付-履约"的闭环就完成了，从此AI不再只是告诉你"这事该怎么干，你去干一干"的"嘴炮"，而是成为真能帮你办事 的助理，token 也不 ...

一副挽联，三十载情谊，阿里巴巴创始人马云夫妇献给相伴15年老助理陈伟的花圈上，写着"活得洒脱，享有趣的灵魂"。 出品｜网经社 作者｜可乐 审稿｜云马 一、马云前助理陈伟去世 1月14日，"某阿里系电商大V"在微信公众号上透露，马云前助理陈伟去世。文章提到，他与陈伟在马云墨宝拍卖会上相识，并在太极禅院共度了一段美好 的时光。 1992年，杭州英语俱乐部夜校，一位名叫陈伟的年轻人与当时还是英语教师的马云相遇了。谁也没想到，这场看似普通的相识，会开启一段跨越三十多年的 情谊。 （网经社注：图片采集自网络） 马云夫妇献的花圈挽联上写着："爱得真诚，获一世的情谊；活得洒脱，享有趣的灵魂"。阿里巴巴集团、阿里巴巴CEO吴泳铭、导演张纪中等也献了花圈。 （网经社注：图片采集自网络） 二、十五年助理生涯 （网经社注：图片采集自网络） 那时的马云，还没有创立阿里巴巴，只是一名普通的英语教师。三年后的1995年，当马云开始创业、英语俱乐部解散时，两人之间的联系却没有中断。 2005年8月，陈伟曾担任张纪中的助理兼剧组制片，参与《碧血剑》《鹿鼎记》《大唐游侠传》等电视剧的制作。 2008年4月，陈伟正式加入阿里巴巴集团，成为马云的 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [2] Core Insights - AI is reshaping user entry forms and the distribution of internet traffic, leading to a revolution in the underlying distribution of industry chain value [4] - The transition from "productivity" to "monetization" in AI applications is expected to accelerate, with 2026 being a critical turning point [5] - The rise of Generative Engine Optimization (GEO) signifies a shift from traditional SEO to a model that prioritizes data structure and authority, impacting how content is valued and distributed [4][5] Summary by Sections AI Reshaping Entry Forms - AI is transforming user interaction from keyword-based searches to natural language queries, significantly shortening the information retrieval process [4][14] - The traditional search engine era is ending, giving way to a new era characterized by AI-driven search capabilities [4][14] Commercial Monetization Acceleration - By 2026, the GEO market is projected to reach $24 billion globally, with the domestic market expected to hit 11.1 billion yuan, indicating exponential growth [5][52] - Chinese consumers exhibit a high trust level in AI applications at 80%, compared to 35% in the U.S. and 40% in Europe, particularly in personalized shopping recommendations [5][41][42] Content Industry Upgrade - AI-generated content (AIGC) is not only reducing costs but also creating new supply, with AI-driven video production becoming increasingly viable [6][58] - The emergence of AI anime short dramas is expected to open new market opportunities, particularly among younger male audiences [6][70] Investment Recommendations - The report suggests focusing on the GEO direction, particularly in marketing services and high-quality content, while also considering potential rebounds in content sectors like film and gaming [7][52] - Companies that can optimize AI data and content will likely benefit from the shift towards GEO, with a new emphasis on brand authority and content quality [55][56]

Core Viewpoint - Alibaba is transforming its ecosystem by integrating AI capabilities into its services through the Qianwen app, aiming to create a more efficient and collaborative platform that enhances user experience and retains data within its ecosystem [2][3][8]. Group 1: AI Integration and Functionality - The Qianwen app has been fully integrated with Alibaba's core services, allowing users to perform various tasks such as ordering food and booking tickets without switching between different apps [2][3]. - The goal is to evolve from a "shelf e-commerce" model to a "command e-commerce" model, which would enhance user engagement and keep all transactions within Alibaba's ecosystem [3][4]. - The transition to AI-driven services requires significant improvements in Alibaba's AI models, particularly in decision-making and real-time service response capabilities [5][6]. Group 2: Competitive Landscape and Market Position - The Qianwen C-end business group faces intense competition, with the potential for only a few players to dominate the market [6]. - The traditional model of gaining market share through heavy spending on traffic is no longer effective; companies must focus on enhancing their AI capabilities and resource allocation [6][8]. - Alibaba's strategy involves a "second entrepreneurship" phase, aiming to establish Qianwen as a ubiquitous AI assistant for users in China [7][8]. Group 3: User Experience and Demand - The focus is on addressing high-frequency user needs, such as office tasks and food delivery, to ensure user retention and satisfaction [15][17]. - The company aims to balance efficiency with depth of thought in AI interactions, emphasizing the importance of AI understanding user needs rather than just providing simplistic solutions [10][11]. - Qianwen is positioned as a unified intelligent entry point within Alibaba's ecosystem, with plans to expand its capabilities beyond just internal services [12][14]. Group 4: Future Outlook and Development - Alibaba plans to open Qianwen for external collaborations after the Spring Festival, indicating a willingness to integrate with other ecosystems while maintaining a focus on its own [14]. - The company anticipates that as AI becomes more integrated into daily life, it will create new service increments rather than just reallocating existing services [13][20]. - The long-term vision includes enhancing the AI model's intelligence and user interaction capabilities, aiming for a more personalized and human-like experience [33].

Core Insights - Qianwen App has integrated with Taobao Flash Purchase and Alipay AI Payment, allowing users to place food orders through natural language commands, streamlining the ordering process [1] - The collaboration addresses the challenge of enabling AI agents to execute transactions securely, moving beyond mere information retrieval to complete service and payment capabilities [1] Group 1: Integration and Functionality - Users can simply state their requests, such as "help me order a cup of milk tea," and the app will recommend suitable merchants and generate orders, facilitating a seamless payment process [1] - The integration of Alipay's AI Payment capability allows for a complete service cycle from product discovery to transaction execution, enhancing the user experience [1] Group 2: Security and User Assurance - Alipay AI Payment reduces operational steps by over 60% compared to traditional methods, minimizing interruptions during the ordering process [2] - A three-tier security system is in place, requiring users to manually bind their accounts, verify identity through facial recognition, fingerprints, or passwords, and supported by a 24/7 risk control system to ensure transaction safety [2] - Alipay offers a commitment of "you dare to pay, I dare to compensate," providing users with peace of mind regarding their transactions [2]

新春佳节将至，阖家团圆的温情时刻，也成为各类诈骗"大戏"集中上演的高发期。面对不断升级的AI换 脸、仿冒客服、虚假红包等新型陷阱，今年抖音另辟蹊径，将严肃的反诈宣传包装成一场人人可参与 的"反诈春节档"。 老戏骨、名主播化身"反诈导师"，视频演绎深入人心 为了将这些复杂的骗局拆解得清晰易懂，抖音邀请了各界创作者参与。其中，公众熟知的明星和主播利 用他们的影响力，将防骗知识演绎得深入人心。陈佩斯父子通过一个春节最常见的"拆红包"故事，演绎 了一段如何被领红包的二维码一层层套入，最后转账被骗的故事，提醒大家警惕"天上掉馅饼"；朱时茂 父女的故事，则讲出了很多年轻人共同的"难题"——父母热衷买假冒保健品。就在女儿刚提醒完朱时茂 不要再去领鸡蛋听讲座时，自己也被一个骗局盯上了：诈骗分子仿冒抖音客服打来电话，称其购买的产 品无法发货，可按照电话里的指引添加客服其他平台好友操作退款。朱时茂赶紧叫停：这是典型的仿冒 客服诈骗！官方客服绝不会私下添加好友，操作退款一定是在购买的平台内操作。 以《情深深雨濛濛》中陆振华一角深入人心的老戏骨寇振海，则将他剧中的"结婚"瞬移到2026年。年轻 帅气的军官要跟你谈恋爱、以后结婚要定制 ...

Core Viewpoint - The Qianwen App has integrated with various Alibaba ecosystem services, enabling it to perform complex real-life tasks, marking a shift from conversational AI to functional AI, thus leading the industry into the "task completion era" [1][2]. Group 1: AI Functionality and Integration - The Qianwen App now supports over 400 AI service functions, allowing users to complete tasks such as ordering food, shopping, and booking flights seamlessly within the app [1]. - Users can issue simple commands to the Qianwen App, which can then utilize Alibaba's services to execute tasks without needing to navigate through multiple applications [2]. - The app can provide personalized shopping recommendations based on user needs and Alibaba's extensive product database, effectively closing the loop from decision-making to transaction [3]. Group 2: Market Position and Strategy - The integration of Qianwen with various Alibaba services raises questions about the necessity of standalone apps like Ele.me, suggesting a potential shift in how users interact with these services [4]. - The company emphasizes that the Qianwen App is primarily focused on traffic generation and continuous technological evolution, which is crucial for navigating the complex online marketing landscape [4]. - The app's ability to access government services through Alipay, such as visa applications and public fund inquiries, simplifies user interactions with various bureaucratic processes [4]. Group 3: Technological Advancements - The Qianwen App showcases strong cross-application collaboration capabilities, allowing it to book flights, hotels, and even make restaurant reservations through integrated services [5]. - Significant improvements in the underlying technology of the Qianwen App, including enhanced coding capabilities and multimodal understanding, enable it to handle complex tasks and interactions more effectively [5][6]. - The app's "task assistant" feature, which supports various core scenarios, is currently in testing and will be made available to users for free after the testing phase [6].

Core Insights - Zhongtai Securities has signed a strategic cooperation agreement with Alibaba Cloud to explore new paradigms in financial technology and set a benchmark for collaboration between the securities industry and the internet ecosystem [1][3]. Group 1: Strategic Partnership - Zhongtai Securities becomes the first domestic securities company to fully embrace AI stack technology, achieving comprehensive integration with cutting-edge AI capabilities [3]. - The partnership aims to reshape customer service experiences and create the "Qianwen Qiantai" investment advisory brand, providing smarter and more personalized solutions for investors [3]. Group 2: AI Integration and Development - The collaboration will focus on multiple key areas, including AI platform construction, corporate financing, capital market operations, and services for the real economy, particularly in wealth management [3]. - Alibaba Cloud's Vice President emphasized that AI should solve problems and create value across various industries, aiming to accelerate the intelligent upgrade of the securities industry through this partnership [4]. Group 3: Professional Insights - At the signing event, Alibaba Cloud's Chief Architect for New Finance provided a professional interpretation of the AI capability construction plan for Zhongtai Securities based on Alibaba Cloud's full-stack AI solutions [5].