Core Insights - 1688 is transitioning from a trading platform to an AI-driven digital supply chain platform by 2026, aiming to enhance decision-making for businesses through an independent AI agent [1] - The year 2025 is identified as the year when small and medium enterprises (SMEs) fully embrace AI, with AI significantly improving product gross margins in a competitive B2B environment [1] - 1688's strategy "All in AI" involves launching and iterating various AI products tailored for both buyers and sellers, including an AI version of the 1688 app and specialized AI tools for cross-border entrepreneurs [1] Group 1 - As of December 30, 2025, over 290,000 out of more than 1 million merchants on the 1688 platform are using AI daily [1] - Merchants using the AI version of 1688's integrity service saw a 73% increase in transaction volume and a 31% increase in repurchase rates compared to those not using AI [1] Group 2 - In a recent speech, the CEO of 1688 highlighted the potential of a "digital twin market," where business ideas can be tested in a virtual environment using AI before implementation in the real world [5] - The AI version of 1688's integrity service offers four core capabilities: AI product selection, AI smart marketing, AI customer management, and AI business analysis [5] - 1688 aims to create a comprehensive AI agent that understands customer businesses and data, providing decision-making support and optimized workflows for SMEs in industrial clusters [5]

Core Insights - 1688 is advancing its AI strategy to make AI capabilities a core engine for business growth among source manufacturers [1][2] - As of December 30, 2025, over 1 million merchants are expected to be on the 1688 platform, with daily AI tool usage surpassing 290,000 [1] - The launch of the "Integrity Pass AI Version" in October 2025 has transformed the platform from a "transaction matching platform" to an "AI-driven digital supply chain platform" [1] Group 1 - The "Integrity Pass AI Version" helps merchants reduce costs, improve efficiency, and achieve growth, with users saving an average of 100,000 yuan annually [1] - Since the launch of the new version, the number of buyers using the "Integrity Pass AI Version" has increased by 20%, transaction volume has risen by 73%, and repurchase rates have improved by 31% [1] - AI is being utilized to analyze user needs and market trends, helping businesses identify pain points and guide new product development [2] Group 2 - 1688 plans to evolve its AI capabilities into an intelligent platform, allowing businesses to build their own AI systems [2] - The company aims to productize AI capabilities, transforming data insights and operational abilities into configurable "AI employees" for businesses [2] - The arrival of AI is expected to reshape traditional e-commerce models and advertising strategies, moving away from information overload to autonomous decision-making [2] Group 3 - 1688 will continue to conduct in-depth research on real business scenarios to tailor AI solutions for enterprises [3] - The focus will be on deep integration of AI capabilities into business processes, driving digital transformation and overall efficiency improvements [3]

Investment Rating - The report maintains a positive outlook on the AI industry, particularly highlighting the acquisition of Manus by Meta as a significant trend [2]. Core Insights - The coffee and tea beverage sector remains vibrant, with brands actively opening new stores despite seasonal fluctuations [4]. - E-commerce is facing pressure due to the domestic consumption environment, but the continuation of national subsidies in 2026 is expected to benefit the sector [4]. - The music streaming platform is identified as a high-quality internet asset driven by domestic demand, suggesting continued investment interest [4]. - The automotive service sector is seeing new franchise policies from major players like JD and Tuhu, indicating growth potential in the aftermarket [4]. - The Robotaxi segment is gaining traction with Tesla's recruitment for its autonomous ride-hailing project, presenting investment opportunities [4]. - The AI and cloud sectors are expected to thrive, with a focus on companies with strong operational cash flow, such as Google, Microsoft, Tencent, and Alibaba [4]. - The media sector anticipates a strong year in 2026 with several major game releases, particularly during the upcoming holiday season [4]. Summary by Sections 1.1 Consumer & Internet - The Hang Seng non-essential consumer index increased by 2.15%, outperforming the Hang Seng index [9]. - Notable stock performances include Tims (+15.07%) and Luckin Coffee (+3.30%), while some brands like Tea Baidao saw declines [9][10]. 1.2 Platform & Technology 1.2.1 Streaming Platforms - The Hang Seng media index rose by 6.14%, significantly outperforming other indices [20]. - Key stock performances include iQIYI (+6.28%) and Tencent Music (+1.36%) [20]. 1.2.2 Virtual Assets & Internet Brokers - The global cryptocurrency market cap reached $309.02 billion, with Bitcoin and Ethereum prices increasing by 3.0% and 6.7% respectively [27]. - Notable stock performances include Tiger Brokers (+15.10%) and Futu Holdings (+8.03%) [29]. 1.2.3 Automotive Services - The Hang Seng composite index saw a slight increase of 0.44%, with mixed performances among automotive service stocks [32]. - Companies like Meidong Auto (+7.76%) performed well, while others like AutoZone saw declines [32]. 1.2.4 O2O - The Hang Seng internet technology index decreased by 0.46%, with mixed stock performances [36]. - Notable performances include Beike (+2.04%) and Didi Global (+0.91%) [36]. 1.2.5 AI & Cloud - The Nasdaq internet index fell by 1.52%, with significant stock movements among major tech companies [42]. - Baidu saw a notable increase of 20.43%, while companies like Tesla experienced declines [42]. 1.3 Media - The media index increased by 2.1255%, with advertising and marketing sectors performing well [45]. - Key stock performances include NetEase (+7.32%) and Tencent (+3.32%) [45].

Group 1 - Xiaomi's international business unit has signed a strategic cooperation agreement with Alibaba's AliExpress [1][6] - Xiaomi entered the Spanish market in 2017, launching the MIX 2 and Xiaomi A1 smartphones, and has built a diverse cooperation ecosystem with partners like Ingram Micro and AliExpress for product marketing and distribution [3][8] - AliExpress has established an official store to sell Xiaomi products, in addition to other retailers like Amazon and Carrefour providing sales channels [3][8] Group 2 - The collaboration between AliExpress and Xiaomi extends to the automotive sector, with plans to launch a car sales business by June 2025, focusing on Chinese brands and a significant proportion of new energy vehicles [4][9] - Popular models such as Xiaomi SU7, BYD Yuan, Geely Xingyuan, Li Auto L7, and Xpeng G9 are expected to be featured, with many benefiting from AliExpress's substantial subsidy policy for overseas expansion [4][9]

Market Overview - U.S. stock market showed mixed performance with the Dow Jones and S&P 500 indices rising while the Nasdaq fell slightly by 0.03% [1] - The Nasdaq China Golden Dragon Index experienced a strong start, increasing by 4.38% and accumulating a weekly rise of 2.23% [3] Company Performance - Tesla reported a 16% year-over-year decline in fourth-quarter delivery volumes, falling short of analyst expectations, marking its seventh consecutive day of stock price decline [3] - Notable tech stocks exhibited varied performance; Micron Technology surged over 10%, ASML rose nearly 9%, and AMD increased by over 4% [4] - Chinese concept stocks saw significant gains, with Baidu rising by 15%, Bilibili and NetEase increasing by over 7%, Alibaba up by 6%, and JD.com nearly 3% [6] Stock Movements - The Hang Seng Index rose over 2.7% and the Hang Seng Tech Index increased by 4% following the New Year holiday [7] - Specific stock performances included: - Baidu Group: $150.30, up 15.03% - Youdao: $11.23, up 11.41% - Xiaoma Zhixing: $16.07, up 10.83% [7] Commodity Market - COMEX gold futures rose by 0.02% to $4341.90 per ounce, while silver futures increased by 2.35% to $72.27 per ounce, despite both commodities experiencing weekly declines of 4.63% and 6.39% respectively [7] Interest Rate Outlook - Market attention remains focused on potential interest rate cuts by the Federal Reserve in 2026, with expectations of four rate reductions to bring rates down to neutral levels [8]

Core Viewpoint - Alibaba is strategically focusing on AI and high-growth sectors by preparing for IPOs of four companies, which are expected to yield significant returns on investment [1][2]. Group 1: IPO Developments - Four companies backed by Alibaba are set to go public: Changxin Technology, Hanbo Semiconductor, MiniMax, and Zhipu Huazhang, covering key areas such as storage chips, computing chips, and large models [1]. - Changxin Technology's market capitalization is projected to exceed 300 billion yuan, with Alibaba holding nearly 5% of the shares [1]. - MiniMax's estimated market value at IPO is around 50 billion Hong Kong dollars, with Alibaba owning 13.66% prior to the IPO [1]. Group 2: Investment Strategy - Alibaba's recent divestments include reducing stakes in Huayi Brothers and Meikailong to below 5%, alongside a 3% stake reduction in Aojie Technology, indicating a shift towards AI and high-growth businesses [2]. - The company is optimizing its asset allocation by liquidating lower-value investments and reallocating funds to AI, which is seen as a core future focus [2][4]. Group 3: Financial Health and Cash Flow - The adjusted EBITDA and capital expenditure difference indicates a declining cash flow health, with figures of 171.71 billion, 70.59 billion, and -142.45 billion yuan over three quarters in 2025 [3]. - Alibaba has announced a substantial capital expenditure plan of 380 billion yuan, which may lead to a prolonged state of cash flow tightness [3]. Group 4: Shareholding Adjustments - Alibaba has reduced holdings in nearly half of its 31 listed companies, particularly in retail and healthcare sectors, aligning with its strategy to focus on online retail and AI [4]. - The estimated value of Alibaba's remaining listed company shares exceeds 60 billion yuan, with a continued trend of divestment expected as the company concentrates on core business areas [4]. Group 5: Valuation Efficiency - The shift in asset allocation from static equity investments to dynamic AI investments is expected to enhance Alibaba's overall market valuation [6][7]. - The transition from a price-to-book (PB) valuation model to price-to-earnings (PE) or price-to-sales (PS) models is anticipated as funds are redirected towards AI initiatives [6]. - The performance of U.S. tech giants in AI capital expenditure serves as a benchmark for Alibaba, which has seen significant stock price increases following announcements of substantial AI investments [6][7].

Core Insights - In 2026, 1688 will launch a fully independent AI intelligent agent aimed at assisting businesses in leveraging AI for their operations, which will be available to merchants outside the 1688 platform [1] - As of December 30, 2025, over 290,000 out of more than 1 million merchants on the 1688 platform are using 1688 AI daily [1] - The introduction of the "Integrity Pass AI Version" in October last year led to a 73% increase in platform GMV and a 31% rise in repurchase rates [1] Company Developments - The focus of AI product usage is currently more concentrated among top merchants, while small and medium-sized enterprises show significant variation in AI acceptance due to factors like perception and geography [1] - 1688 plans to enhance the decision-making accuracy of the "Integrity Pass AI Version" and improve AI's understanding of industry depth, along with optimizing the product's interactive interface [1] - Multiple AI products and intelligent agents, including the 1688 Integrity Pass AI Version, 1688 AI App, and cross-border AI intelligent agent "Ao Xia," will continue to be launched throughout 2025 [1]

Core Insights - The New Year consumption market has seen a significant boost during the New Year's Day holiday, driven by a focus on instant gratification and self-rewarding consumption patterns [1][3] - The sales data from Taobao Flash Sale indicates that several popular New Year products have achieved record-breaking sales, with over 75 million cherries sold and more than 10 million strawberries sold [1][3] Group 1: Consumption Trends - The consumption of New Year goods has shifted from a focus on material accumulation to an emphasis on emotional satisfaction and social investment, reflecting a change in consumer behavior [3] - The sales patterns during the holiday show distinct time-based consumption characteristics, with seafood and hot pot ingredients being popular in the morning, gifts and snacks in the afternoon and evening, and beer and fruits during late-night hours [3] Group 2: Sales Data and Impact - The sales of cherries alone could cover 33 standard football fields, equivalent to the yield of over 15,000 cherry trees, while the weight of sold strawberries is comparable to that of over 60 adult elephants [1] - The total volume of sold cola, if transported by truck, would require 303 trucks, stacked to a height equivalent to 108 Mount Everests, indicating the scale of consumption during this period [1] Group 3: Future Outlook - The Taobao Flash Sale New Year Festival is set to continue throughout the Spring Festival, with enhanced logistics and supply chain capabilities to ensure continuous availability of goods [4] - Consumers can access significant discounts and a wide range of products, including fresh produce and beverages, from New Year's Day to the Spring Festival, promoting personalized shopping experiences [4]

值得一提的是，这一轮骑手争夺并非偶然，而是2025年外卖行业竞争升级的必然结果。此前，平台竞争多集中于价格补贴与商户资源争夺，如今已逐步延伸 到履约环节的核心人力保障。有北京美团骑手透露，近期身边至少有六七位同行被淘宝闪购的福利吸引跳槽。 不过也有资深骑手表示，成熟骑手更看重单量稳定性与平台服务保障，不会因短期高额奖励轻易流动。事实上，早在2025年7月，淘宝闪购就曾在三里屯推 出高额周补补贴政策，吸引大量美团骑手跳槽，9月补贴收缩后，骑手又大规模回流美团。 临近年底，外卖行业的竞争战火再度升级，这场始于流量与价格的博弈，如今已聚焦到对优质骑手资源的白热化争夺。美团、淘宝闪购等头部平台相继抛出 高额"转会"奖励，在北京等核心区域掀起抢人热潮。 据每日经济新闻报道，北京多个外卖站点的骑手们接连收到来自不同平台的高薪邀约。美团针对11月在饿了么、京东等平台月单量超720单的骑手，推出了 2888元的入职奖励，条件是加入美团乐跑并完成6周服务。 淘宝闪购的政策则面向2025年12月15日至21日在京东、美团、顺丰等平台跑单超过140单、加入淘宝闪购优选并连续跑4周的骑手奖励3000元，同时设置1000 元邀请奖励激 ...

Core Insights - The AI industry is experiencing rapid evolution in 2025, driven by technological breakthroughs, application deployment, and capital influx, shifting the competitive focus from parameter scale to the ability of companies like Alibaba, Ant Group, ByteDance, Tencent, and Baidu to implement AI in real-life scenarios [1][2][3] - The emergence of significant applications and humanoid robots marks a pivotal year for AI, transitioning from experimental phases to widespread industrial applications [2][3] - The competition has evolved from a focus on computational power to value creation capabilities, particularly in high-demand sectors like finance and healthcare [4] Industry Trends - AI applications are expanding across various sectors, with notable advancements in language models, video generation, and humanoid robots, indicating a shift towards comprehensive scene penetration [2][3] - Companies are increasingly collaborating to enhance their AI capabilities, with open-source and ecosystem building becoming essential strategies for leading firms [1][4][9] Capital Market Dynamics - The AI sector is witnessing a surge in IPOs, with approximately 215 new companies listed by the end of 2025, and those with AI business increasing from 21 to 51, a growth of 143% [6][7] - Major companies are investing heavily in AI infrastructure, with Alibaba planning to invest 380 billion yuan and ByteDance considering 160 billion yuan for AI development [7][8] Challenges and Opportunities - Despite the influx of capital, the AI industry faces challenges in achieving reliable, compliant, and profitable applications, with issues related to computational power, ecosystem maturity, and model capabilities [8][9] - Companies are exploring differentiated ecological strategies to overcome these challenges, focusing on integrating AI into existing services and creating a seamless user experience [9][10] Future Outlook - The evolution of AI is expected to deepen in 2026, with a focus on ecosystem collaboration and the integration of generative capabilities across various sectors [10][11] - The AI industry is anticipated to transition towards a model where large models become the next generation of operating systems, with open ecosystems driving industry collaboration [10]