当模型不再稀缺，真正稀缺的，是能把模型变成现金流的能力。 2月9日，摩根大通证券（中国）发布研究报告《中国人工智能行业：全球布局与模型创新驱动新一代领军者》，首次覆盖中国独立大模型厂商智谱与 MiniMax。 报告开宗明义：中国人工智能行业正从"百模大战"阶段，迈向以商业化落地能力、模型创新实力及全球化布局为决定成败之关键的阶段。中国AI市场 正在迅速整合， "具备实力且资金充足的模型开发商数量已从超200家缩减至不足10家。" 摩根大通犀利指出， 国内AI行业最大的利润池恐将流向掌握分发的平台巨头 ；而独立厂商的突围，则取决于谁能通过"结构性中立"找到生存缝隙 ——智谱向内深耕高合规的本地化部署，MiniMax向外拓展高溢价的全球市场。 这一判断的背景并不复杂。报告指出，随着模型训练成本、算力获取门槛和商业化难度持续上升，资本与算力的硬约束开始主导行业结构。换句话 说， 行业已经不再奖励"能不能做模型"，而是奖励"能不能长期活下来"。 在摩根大通看来，这一阶段的核心变化在于：模型能力逐步趋同；资金消耗呈指数级上升；客户开始更关注"交付能力、稳定性与可持续性"。 这意味着， 大模型竞争的主线，正在从技术竞赛， ...

Alibaba Group Holding Limited (NYSE:BABA) is one of the best e-commerce stocks to buy now. On February 5, Alibaba Group Holding Limited (NYSE:BABA) received a rating update from Aletheia Capital, which reaffirmed a Buy rating on the stock. In a separate development, Reuters reported on February 2 that Alibaba Group Holding Limited (NYSE:BABA) announced plans to spend 3 billion yuan during the Lunar New Year holiday as a means to attract users to its Qwen AI app. Alibaba (BABA) Soars 8% on US Chip Exports ...

Core Insights - The article discusses the recent "red envelope war" among major tech companies in China, highlighting their strategies to attract users and establish AI as a key component in their ecosystems [3][10][12] Group 1: User Growth and Engagement - Tencent's Yuanshao saw a daily active user (DAU) of 23.99 million on the first day of its cash red envelope campaign, a 2.1 times increase from the previous day [1] - Baidu's Qianwen achieved a DAU of 58.48 million on the first day of its "30 billion free order" campaign, marking a 7.3 times increase from the prior day [2] - The rapid user growth indicates a significant impact of these promotional activities on user engagement [7] Group 2: Strategic Approaches - Tencent aims to leverage its WeChat ecosystem to quickly expand its user base and capture the AI application entry point [4][5] - Alibaba's Qianwen focuses on essential consumer scenarios, with its "one-sentence order" feature becoming a phenomenon, indicating high user interaction with AI [5] - Baidu adopts an "embedded AI" strategy, integrating its AI capabilities into the red envelope activities to enhance user experience [6] Group 3: Competitive Landscape - The competition is not merely about cash giveaways but reflects deeper strategic moves by each company to solidify their positions in the AI landscape [3][10] - The red envelope war is seen as a pivotal moment in the transition from technical validation of AI to large-scale user acquisition [10][11] - Companies are not limiting themselves to single AI assistants but are building comprehensive ecosystems to meet user needs [13] Group 4: Future Implications - The red envelope campaigns are viewed as tools to cultivate a mindset among users to seek AI assistance in various situations [14][15] - The outcomes of these campaigns could significantly influence the AI landscape over the next decade [15]

21世纪经济报道记者孔海丽 北京报道 豆包红包姗姗来迟，路透是10万份"科技好礼"。 各有看家本领 各家的打法，都是对自身生态基因的极致放大。 腾讯元宝试图复刻2014年微信红包通过社交裂变逆袭支付宝的成功路径。 腾讯的逻辑则是，利用微信生态的社交关系链实现快速破圈，抢占AI应用入口。 阿里千问的"请客计划"直接切入最刚需的生活消费场景，活动上线后，"一句话点奶茶"成为现象级活 动。 其实，过去10天，腾讯元宝、百度文心助手、阿里千问的红包，已经撒出了效果，撒出了互联网史上最 疯狂的用户增长。 QuestMobile数据显示，元宝启动新春现金红包活动首日， DAU为2399万，较前一日增长2.1倍，后几日 仍保持在高位。 千问"春节30亿免单"活动首日，DAU为5848万，较前一日增长7.3倍。 2月10日，豆包官宣2026年春晚将送出10万份"科技好礼"，除了机器人、机器狗，还有奥迪、奔驰电车 的使用权，这些科技实物全都接入了豆包大模型。 这场红包大战，根本不是简单的"撒钱"。 腾讯大方送现金，意在拉新；百度搞AI互动，想建立用户黏性；阿里打通AI购物链，豆包送AI实物， 最终全都指向"下一代AI入口"。 ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 千问免单活动导致宕机，关注算力基础设施投资 机遇 报告要点 [Table_Summary] 2 月 6 日，千问 App 正式启动"春节 30 亿免单"活动。随着首轮"请喝奶茶"福利上线，全 国多地奶茶店出现订单激增、排队"爆单"的现象。2 月 8 日，千问 App 再次出现宕机，免 单活动出现无法下单的情况。此次千问宕机事件的背后，凸显了阿里等 AI 大厂算力资源紧缺的 现状。随着春节期间各方对 AI 应用流量入口的争夺，算力缺口或将进一步扩大。为满足用户使 用体验，以阿里为代表的 AI 大厂有望加大算力的采购力度。建议关注：1）国产算力芯片厂商， 重点关注行业龙头：寒武纪、海光信息；2）算力租赁相关标的；3）IDC。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title ...

Group 1 - Alibaba has launched an artificial intelligence model named RynnBrain, aimed at enhancing robotics capabilities, as the tech industry increasingly focuses on this fast-growing sector [2][3] - The RynnBrain model allows robots to understand and identify objects in their environment, showcasing complex AI functionalities [2] - Alibaba's entry into the robotics market aligns with the broader trend of tech giants, including Nvidia and Google, developing their own AI models for robotics [3][4] Group 2 - The robotics sector is viewed as a multitrillion-dollar growth opportunity, with significant investments and advancements being made by various companies [3] - China is leading in the development of humanoid robots, with plans to increase production in the coming year, positioning itself ahead of the U.S. in this area [5] - Alibaba is adopting an open-source strategy for RynnBrain, allowing global developers to utilize the model for free, which is crucial for expanding its reach [5]

Group 1 - Alibaba's Qianwen launched a 30 billion yuan free drink campaign on February 6, inviting the public to enjoy milk tea, showcasing its AI lifestyle integration [1] - Tencent's Yuanbao initiated a 10 billion yuan cash red envelope campaign at the end of January, leveraging the Spring Festival for user growth in AI tools [1][5] - Both Alibaba and Tencent's founders, Jack Ma and Pony Ma, respectively, participated in their companies' Spring Festival activities, highlighting the importance of AI strategies for both giants [3][5] Group 2 - The competition between Alibaba and Tencent during the Spring Festival represents a shift from traditional "Internet+" to "AI+" marketing strategies [5] - The Qianwen app achieved over 10 million downloads in its first week of public testing, positioning itself as an "AI lifestyle entry" that supports various services [7] - The rivalry over milk tea and red envelopes signifies a broader battle for user engagement and experience in the AI sector [7] Group 3 - Hangzhou aims to become the leading city in artificial intelligence, while Shenzhen focuses on building an internationally competitive industrial cluster, creating a dual-engine for the AI industry [10] - The two cities have different government support strategies: Hangzhou emphasizes computing power and talent subsidies, while Shenzhen concentrates on AI applications in industrial scenarios [11] - Talent acquisition is a critical factor, with Hangzhou offering up to 500,000 yuan in subsidies for local researchers, and Shenzhen launching initiatives to attract talent from Hong Kong and Macau [10][11]

2月10日，千问官方微博发布紧急通知：由于春节返乡的朋友越来越多， 各地县城乡村的集卡 速度越来越快，30亿免单卡快领完啦！ 免单卡最后供应三天 ，没领到的朋友们抓紧哦！大家 可以先集卡，后面18天再慢慢下单。 出品丨21财经客户端 21世纪经济报道 编辑丨毕凤至 见习编辑林芊蔚 SFC 21君荐读 莆田老板代工数据线起家，年入超60亿冲刺港股IPO 豆包宣布上春晚，送奔驰奥迪、宇树机器人 周大福拟涨价，一口价产品或涨15%至30% 据了解，千问APP此次免单活动第一波时间为2月6日至2月12日，用户更新千问APP后，能获 得一张25元无门槛免单卡，除了免单喝奶茶，也能通过淘宝闪购买年货、点外卖。此外，每邀 请一名新朋友下载千问APP，双方可各得一张25元免单卡，每人最多可得21张。当日累计成功 邀请3位新朋友，则可获得机会，抽取价值万元的千问AI生活卡。活动页面显示，春节30亿大 免单的第二波将从2月13日开始，用户可领取现金红包，最高可得2888元。 QuestMobile研究数据显示，千问"春节30亿免单"活动过首日DAU实现7.3倍增长，2月6日其 DAU达5848万，与豆包相差2275万。2月1日元 ...

春节的AI之战，硝烟已经开始弥漫开来。 火山引擎，早早官宣成为央视总台春晚独家AI云合作伙伴；腾讯元宝，承载着"重现当年微信红包盛况"的希望，App开年狂撒10亿现金红包，成功登上苹 果商店中国免费App排行榜榜首；阿里千问更是豪掷30亿元红包，推出"春节请客计划"；就连百度文心，也推出5亿元红包活动。 这场春节AI大战，可谓互联网大厂重仓AI的缩影。 此前，马化腾将2025年形容为"AI大年"，认为在腾讯多个业务线中，目前唯一还值得大力投入的是AI。阿里巴巴也曾宣布未来三年投入超3800亿元，用来 建设云和AI硬件基础设施。除了两大巨头，过去一年，京东、小红书、快手、美团等也在持续投入和提供多样的AI能力。 钱的流向不会说谎。大厂重仓AI，正在改变电商及运营模式。过去一年，平台有哪些投入？AI能力有哪些进展与应用？亿邦动力整理了不同平台面向商 家、消费者推出的AI工具，提炼出集中发力的五大领域，以期为商家提供快速融入AI浪潮的方向参考。 平台抢跑，用AI帮商家降本增效 面向商家，平台更注重从AI工具切入，优先让AI发挥降本增效的作用。 阿里巴巴是较早拥抱AI的平台。2025年，阿里妈妈营销平台在618和双1 ...

数字化转型浪潮下，企业邮箱已从单一通信工具演变为承载数据安全、流程协同与品牌形象的数字化基础设施。面对2026年日益复杂的网络威胁与降本增效 需求，企业如何选择既安全又高效的邮箱服务商？本文以阿里云企业邮箱为例，拆解其技术架构与用户价值。 一、安全架构：金融级防护体系的底层逻辑 传统邮箱的明文传输模式存在中间人攻击风险，阿里邮箱采用SSL/TLS加密协议，实现邮件从发送到接收的全链路加密。合兴集团反馈显示，其财务部门通 过加密通道传输合同文件后，未再发生邮件内容泄露事件。 3. 合规性认证的行业标杆 阿里邮箱通过ISO27001信息安全管理体系认证、等保三级认证等权威标准，符合金融、政务等高敏感行业的合规要求。其审计日志功能可完整记录邮件收 发、登录、删除等操作，满足《网络安全法》对数据留存的要求。 阿里企业邮箱联系电话：400-8959-335 二、协同效率：钉钉生态融合的降本增效 1. 单点登录与账号统一的价值释放 中国铁塔等企业通过阿里邮箱的SSO功能，将邮箱账号与OA、ERP等系统打通，员工无需记忆多套密码。据统计，该功能可减少30%的密码重置工单，提升 IT支持效率。 账号统一管理支持多域绑定，聚光 ...