作者 | 周智宇 编辑 | 张晓玲 虽然2025年的大模型让产业链"兴奋了一整年"，但到了2026年开年，一级市场的投资人开始冷静下来。他们发现，数以亿计的算力燃烧之后，换来的往往只 是用户的一句"帮我写首藏头诗"或者是"生成一张图片"。 一场关于AI商业化落地最真实的变革，来到了临界点。 这种交互，无法支撑起万亿级的估值。 1月15日，阿里旗下AI助手千问不再满足于做一个"陪聊"的机器人。在宣布C端用户月活破亿后，阿里祭出了一张酝酿已久的底牌：让AI学会"办事"。 阿里巴巴集团副总裁吴嘉在当天活动上宣布，千问开启AI办事时代。 在最新的版本中，千问不再是一个单纯的对话框，它直接打通了饿了么、飞猪和淘宝的底层经脉。用户一句话，AI就能直接穿透App的壁垒，完成下单外 卖、预订机票、购买商品的闭环。 接近阿里人士表示，这些都只是新功能的一部分，今天的发布会上还有更多的功能会推出。 阿里的这个动作表明，大模型不能只停留在炫技的层面，必须要有商业闭环的能力。 过去，AI Agent（智能体）在科技巨头的版图中，常被看作是一个遥远的技术概念，甚至被市场认为是用来在二级市场讲故事的"PPT词汇"。但阿里此番的 动作，显 ...

21世纪经济报道记者孔海丽 杭州报道 1月15日上午9时许，21世纪经济报道记者留意到最新版千问APP已支持AI点外卖、订机票、定酒店等落 地功能。 21世纪经济报道记者实测发现，用户需要下载最新版千问APP，在应用左下角选择"我的" "应用授权管 理"，打开"淘宝、淘宝闪购、飞猪、支付宝、支付宝AI付"等授权，即可在千问调用相应权限，以自然 语言要求千问完成点外卖、订机票、定酒店等任务。 09:24 本 : !!! 5GA 78 十同 以外 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / , 一口探川, 版目X 查看详情) 单价约 ¥ 12.8 ¥26.8 35分钟 6.0km 下一个 选它 你也可以告诉我你的偏好,比如快餐便当、汉堡 披萨或奶茶小吃? 帮我定今天下午从杭州到北京的机 票 * 正在使用飞猪旅行服务 8 深度思考 围 作业 © 拍题答疑 E Al生视频 发消息或按住说话 ... · )) 内容由 AI 生成 09:25 % : !!! 5GA TZ 千间 ~ 帮我定今天下午从杭州到北 ...

Core Insights - Alibaba has launched significant upgrades to its Qwen AI app, enabling users to order food and book travel within the app, marking a strategic shift towards consumer-facing AI [1][2] Group 1: Upgrade Features - The new features allow users to complete tasks entirely within the AI chat interface, eliminating the need to switch between applications [1] - The upgrade integrates core Alibaba services such as Taobao, Alipay, Fliggy, and Amap into a unified AI interface, facilitating seamless transactions [4] - A new "Task Assistant" feature in beta can make real phone calls, process up to 100 documents simultaneously, and plan multi-stop travel itineraries [5] Group 2: Market Position and Strategy - This upgrade follows a previous major enhancement to the Qwen app, indicating Alibaba's strategic pivot into consumer-facing AI, an area where it has previously lagged behind competitors like ByteDance and Tencent [2] - The Qwen app has surpassed 100 million monthly active users within two months of its public beta launch, reflecting strong consumer interest [5] - The expansion of the Qwen app is part of a broader competition in China's AI sector, where companies are striving to translate advanced language models into practical applications [6]

Core Insights - The latest version of the Qianwen APP now supports practical AI functionalities such as ordering food, booking flights, and reserving hotels [1][3] - Users can access these features by downloading the latest Qianwen APP and granting necessary permissions for platforms like Taobao and Alipay [3] - The AI assistant is currently in a gray testing phase, with full functionalities expected to be announced during Alibaba's upcoming "You Ask, We Answer" conference [18] Group 1: AI Functionalities - The Qianwen APP allows users to place food orders and book travel arrangements through natural language requests [1][3] - Users can specify preferences for food types, such as fast food or snacks, enhancing the personalization of the service [6] - The AI provides flight options from Hangzhou to Beijing, highlighting various schedules and price points, with a focus on high-value selections [9][11] Group 2: Market Implications - The integration of AI capabilities into the Qianwen APP signifies a significant step in merging AI technology with consumer services, potentially transforming it into a comprehensive AI assistant for daily tasks [18] - The upcoming Alibaba conference is anticipated to provide further updates on the AI functionalities, which could impact the competitive landscape in the AI and consumer service sectors [18]

Core Insights - Alibaba's Qianwen App is set to revolutionize the way users interact with services, allowing for seamless transactions through natural language commands, marking the beginning of a new "service era" [4][6] - The competition among tech giants like Google, OpenAI, and Amazon for AI-driven e-commerce is intensifying, as they aim to establish the next generation of internet "super entry points" [6][27] Group 1: AI and E-commerce Integration - The integration of AI with e-commerce is transitioning from "discriminative recommendations" to "generative recommendations," fundamentally changing how consumers find and purchase products [8] - The Qianwen App exemplifies a significant shift where user intent can directly translate into transactions, potentially diminishing the relevance of traditional e-commerce platforms [16] - Morgan Stanley predicts that by 2030, AI-driven commerce could reach $385 billion, accounting for 20% of total U.S. e-commerce, indicating a major shift in consumer spending habits [16] Group 2: Alibaba's Ecosystem and Competitive Advantage - Qianwen App leverages Alibaba's extensive ecosystem, integrating various high-frequency life scenarios, positioning itself as a central control hub for Alibaba's commercial empire [17][18] - The Qwen model behind the app has surpassed 600 million downloads and outperforms some metrics of GPT-5, benefiting from Alibaba's vast data resources accumulated over years [19] - Unlike competitors, Alibaba combines top-tier AI models with a robust infrastructure for e-commerce and logistics, creating a unique competitive moat [21] Group 3: Monetization Strategies - The shift in AI's narrative from mere conversation to actionable outcomes presents clear monetization pathways, particularly through direct integration with e-commerce [22] - Utilizing AI for direct transactions can significantly enhance conversion rates, as evidenced by a 60% increase in purchase conversion rates when using Amazon's AI assistant [23] - The entire industry is experiencing a surge in activity, with Alibaba's Qianwen App achieving over 100 million monthly active users, reminiscent of a gold rush in the tech space [25] Group 4: Competitive Landscape - Major tech companies are engaged in a fierce competition for the "AI super entry point," with each attempting to secure their position in the evolving market [27] - Amazon is focusing on a closed ecosystem with its Rufus shopping assistant, while OpenAI and Google are also making strides to capture market share through innovative features [28][29] - ByteDance's Doubao is attempting to penetrate the market but faces challenges in integrating with Alibaba's ecosystem [30][31] Group 5: Future Implications - The upcoming launch of the Qianwen App is seen as a pivotal moment that could redefine the landscape of e-commerce and consumer interaction [32] - The urgency for market players is to identify and position themselves within this "service revolution," as missing out on AI-driven e-commerce could mean losing significant future opportunities [34] - The onset of the "service era" driven by AI is anticipated to bring transformative changes to consumer behavior and industry dynamics [35]

Core Viewpoint - Alibaba will hold a launch event for its Qianwen App on January 15 at 10:00, showcasing how AI can "open the era of handling affairs" [1] Group 1: App Features - The Qianwen App allows users to directly order takeout and book flights [1] - For takeout orders, the app automatically applies coupons, and it handles situations where the order does not meet the minimum delivery requirement smoothly [1] - When booking flights, the app provides detailed comparison recommendations based on user needs and redirects to Taobao for final booking [1] - The app also offers recommendations for high-speed train tickets and hotels, integrating data from Fliggy and Gaode's street ranking, with a redirection to Taobao for bookings [1]

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 香港恒生指数开盘跌0.1%，恒生科技指数跌0.55%。携程集团大跌近15%。昨日消息，市场监管总局依 法对携程集团有限公司立案调查。阿里巴巴开盘微跌0.06%。阿里巴巴10:00将召开千问APP发布会，见 证AI如何"开启办事时代"。 ...

Company and Industry Highlights - Easy Point World announced a stock trading suspension starting January 15, 2026, due to significant price fluctuations, with a stock price increase exceeding 100% over the past nine trading days [8] - Sunflower received a notice from the China Securities Regulatory Commission regarding an investigation into information disclosure violations, but stated that normal operations would not be significantly affected [8] - Five Minerals Development plans a major asset swap and cash purchase of assets from Five Minerals Holdings, with the transaction expected to constitute a significant asset restructuring [8] - Unigroup Guowei intends to acquire 100% equity of Ruineng Semiconductor through a share issuance and cash payment, while also raising supporting funds from specific investors [9] - International Medicine announced that its controlling shareholder pledged 75 million shares for financing, representing 12.17% of the shares held by the shareholder and 3.35% of the total share capital [9] - WuXi AppTec proposed a conditional cash acquisition offer for Dongyao Pharmaceutical at a price of HKD 4.00 per share, representing a premium of approximately 114.67% over the average closing price [10] - Ctrip Group is under investigation by the State Administration for Market Regulation for suspected monopolistic behavior, and the company has stated it will cooperate with the investigation [10] - Alibaba is set to hold a product launch event for its Qianwen APP on January 15, 2026, showcasing new AI capabilities [11]

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 据报道，1月14日，阿里巴巴视频号预告，1月15日10:00将召开千问App发布会，见证AI如何"开启办事 时代"。此前，阿里核心管理层表示，将千问项目视为"AI时代的未来之战"。阿里计划将地图、外卖、 购物、健康等各类生活场景接入千问，赋予其强大的"办事"能力。2025年12月18日，阿里千问App接入 第一个阿里生态场景——高德，开始具备物理世界理解与行动能力。通过系统级对接，千问App不再只 是生成一段文字建议，而是能够调用高德地图、扫街榜等底层服务，即时生成包含推荐餐厅、购物、地 理位置及出行的可视化决策工具。 阿里淘宝闪购依托阿里云与通义大模型，已将AI能力全面产品化、工具化，用户通过手机接入阿里千 问App，可通过淘宝闪购调用地图、依托门店、闪购仓、品与AI超算能力，淘宝闪购让"对的商 品"在"对的时间"出现在"对的地点"，通过智能AI技术匹配数百万骑士、数百万门店、数以万计的商 品，让履约更快更准。 ...

Summary of Key Points from Conference Call Records Industry Overview - **Technology and AI Sector**: The records highlight significant developments in the technology sector, particularly around AI and semiconductor industries, with a focus on companies like Nvidia and TSMC. The demand for AI-related technologies is driving capital expenditures and revenue growth expectations. Company-Specific Insights AppLovin (APP) - **Rating and Price Target**: ISI initiated coverage with an "Outperform" rating and a price target of $835, indicating a potential upside of approximately 25% [7][8] - **Growth Projections**: Expected sustained revenue and EBITDA CAGRs of over 30% from 2025 to 2028, with mobile gaming spend projected to grow at a ~23% CAGR through 2028 [7][8] Flex (FLEX) - **Upgrade and Price Target**: Raymond James upgraded Flex to "Outperform" with a price target of $75, citing strong growth in cloud and AI datacenter infrastructure [10] - **Revenue Expectations**: Anticipated FY26 datacenter revenue of $6.5 billion, representing a 35% year-over-year increase [10] TSMC (TSM) - **Capital Expenditure**: Morgan Stanley raised TSMC's capex forecast to $54 billion for 2027, noting it is still below market speculation of $60 billion but likely to increase due to strong AI demand [11] Infosys (INFY) - **Revenue Outlook**: Infosys raised its full-year revenue growth forecast to 3%-3.5% in constant currency, up from a previous estimate of 2%-3% [20] Nvidia (NVDA) - **Customs Restrictions**: Reports indicate that Chinese customs have prohibited Nvidia's H200 AI chips from entering China, impacting the company's market access [13][14] Okta (OKTA) - **Rating Upgrade**: Stephens upgraded Okta to "Overweight" with a price target increase to $120, citing improved growth outlook for 2026 [16] DoorDash (DASH) - **Operational Momentum**: BNP Paribas initiated coverage with an "Outperform" rating and a price target of $280, highlighting strong operational momentum and rising order frequency [17][18] Microsoft (MSFT) - **CIO Survey Insights**: Morgan Stanley reiterated an "Overweight" rating with a price target of $650, based on a CIO survey indicating modest acceleration in software spending growth to +3.8% in 2026 [36][38] Amazon (AMZN) - **Supplier Negotiations**: Amazon is reportedly pressuring suppliers for price cuts ahead of a Supreme Court ruling on tariffs, seeking discounts of up to 30% [39][40] Additional Insights - **Market Sentiment**: The overall market sentiment appears cautious, with investors showing little appetite for application software currently, despite some positive indicators from CIO surveys regarding software spending [4][36] - **AI and Semiconductor Demand**: The records emphasize the ongoing strength in AI semiconductor demand, which is expected to drive significant capital expenditures and revenue growth across the sector [2][11] Conclusion The conference call records provide a comprehensive overview of the current state of the technology sector, highlighting key companies and their growth prospects, as well as challenges posed by geopolitical factors and market dynamics. The emphasis on AI and cloud infrastructure indicates a strong growth trajectory for companies positioned in these areas.