免单卡有效使用期延长了。 2月7日，阿里千问在其官方微博发文称，将春节免单卡有效使用期限从2月23日延长至28日。同时，全 国盒马门店已接入千问App。免单卡可以在盒马买鱼、买菜、买鸡蛋、买蛋糕、买年货。 综合自：千问、人民财讯 责编：李丹 校对：杨舒欣 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 2月6日，阿里千问App（应用程序）"春节30亿大免单"正式上线，发动奶茶攻势，邀请全国人民用AI一 句话免费点奶茶。 活动开启后，千问App在全国多个地区出现小范围系统故障，部分用户打开活动页面，发现"千问请 客"页面无法点击，页面信息显示"系统开小差了，稍后再试吧"。除活动页面外，问答功能仍可正常使 用。 阿里巴巴回应表示："我们正在紧急加资源，全力保障顺畅"。 千问官方披露，活动上线不到3小时，奶茶订单量便突破100万单，1小时后刷新至200万单，5小时突破 500万单，截至当日上线9小时，订单量已飙升至1000万单。多家茶饮门店一度再现爆单盛况。 2月6日傍晚，千问发文："今天累垮了，球球大家明天再来。" 转载与合作可联系证券 ...

市场耐心的临界点 华尔街用真金白银投票表达的态度很明确：可以容忍亏损，但不能接受没有清晰路径的烧钱。元宝红包10亿补贴换来80%的使用时长增长，这种赔本赚吆喝 的模式像极了十年前的网约车大战。但区别在于，当年补贴能培养用户习惯，今天AI产品的同质化却让补贴成了无底洞。 二级市场的恐慌性抛售更像是个导火索。当恒生科技指数跌破5900点关键支撑位，程序化交易的止损指令形成死亡螺旋。但穿透技术面看本质，反映的是资 本对"投入-回报"周期拉长的集体焦虑。一位重仓科技股的老牌投资人感叹："我们见过互联网泡沫，但没见过这么贵的泡沫。" 细究财报数据会发现，腾讯2023年研发投入同比增长18%达789亿元，阿里云智能集团经调整EBITA利润率仅2%，都指向同一个事实：巨头们正把移动互联 网时代积累的利润，不计成本地砸向AI这个"黑洞"。当韩国存储芯片巨头因AI算力需求市值暴涨至1.14万亿美元时，中国互联网公司的"全栈生态"故事突然 失了效。 战略协同的致命短板 春节红包封链风波像面照妖镜，照出了巨头们的战略失调。腾讯一面高喊"去中心化"，一面用元宝强推社交裂变；阿里既要做基础设施，又要下场做应用， 结果云业务与达摩院的技 ...

Group 1 - WeChat implemented a ban on sharing links for red packets from Qianwen and Tencent Yuanbao starting February 4, citing reasons such as "inducing sharing, high-frequency spamming, and numerous user complaints" [3] - Following the initial ban, Qianwen and Yuanbao attempted to circumvent the restrictions by switching to password-based red packets, but on February 6, the ability to copy these passwords was also restricted [2][3] - WeChat's official response emphasized a commitment to user experience and stated that all platforms would be treated equally in the enforcement of these restrictions [5] Group 2 - As a workaround, users were advised to use SMS or other apps like QQ to send the password, which could then be copied into the Qianwen or Yuanbao apps, or to take screenshots of the password for recognition [6] - Another method suggested was generating an activity code through the Qianwen or Yuanbao app and using WeChat to scan the QR code for access [6]

Core Viewpoint - The article discusses the intensifying competition in the AI sector, particularly focusing on Alibaba's AI initiative "Qianwen" and its unique approach to integrating AI into everyday decision-making and service delivery [2][3][6]. Group 1: AI Competition Landscape - The AI battle has heated up ahead of the Spring Festival, with Alibaba's "Qianwen" launching a promotional event offering significant discounts to engage users [2][3]. - Major players like ByteDance, Tencent, and Baidu are competing for user attention, continuing the trend from the mobile internet era by enhancing content quality and user interaction [7][8]. - Unlike its competitors, Qianwen aims to shift the focus from user engagement time to whether users are willing to delegate real-life decisions to AI [8][9]. Group 2: Qianwen's Unique Strategy - Qianwen's approach involves using "free orders" instead of traditional cash red envelopes, embedding itself into real consumer decision-making processes [8][9]. - The promotional event is not just a marketing tactic but a test of AI's service delivery capabilities, requiring users to articulate their needs and for the system to execute orders effectively [9][10]. - The success of this initiative hinges on the AI's ability to integrate with complex business systems, demonstrating a deep understanding of user intent and operational rules [10][12]. Group 3: Technical and Operational Challenges - The integration of AI into real-world applications requires robust backend systems capable of handling high concurrency and complex transactions [12][14]. - The event's success is measured by the AI's ability to process millions of orders, indicating its readiness to operate in real-world scenarios [14][18]. - The article emphasizes that the true challenge lies in the seamless collaboration between AI models and existing business infrastructures, which is a significant barrier for many companies [21]. Group 4: Comparative Analysis of AI Approaches - The article contrasts the U.S. and Chinese approaches to AI, noting that U.S. firms focus on enhancing productivity in office settings, while Chinese firms prioritize integrating AI into daily life [22][24]. - The Chinese market benefits from a large user base and a mature mobile payment system, providing a fertile ground for AI applications [24][26]. - Qianwen's strategy reflects a pragmatic approach, focusing on high-frequency scenarios to validate AI capabilities and drive technology evolution [26][27].

日前，阿里千问App"春节30亿大免单"活动因出现服务器卡顿、分享链接被微信屏蔽等情况，持续引发关注。2月 7日，南都N视频记者获悉，千问App官方再度发文称，"千问免单卡可以一直用到2月28号，还有21天可以用。这 两天是奶茶下单高峰期，大家可以先集满21张卡，慢慢错峰下单，我们保证大家的免单卡一定能用掉。" 2月7日，千问App界面显示内容。 南都此前报道，2月6日，阿里千问App"春节30亿大免单"正式上线。部分用户称千问App多次发生卡顿，无法正常 完成下单付款及分享等操作。还有用户反馈，千问红包二维码分享链接已被微信封禁。界面显示，"网页包含诱导 分享、关注等诱导行为内容，请长按网址复制后使用浏览器访问"。随后，"阿里千问红包链接被微信屏蔽"相关话 题也冲上热搜。 同日，有知情人士告诉南都记者，"目前活动火爆，奶茶店也都是爆单的状态。建议大家可以分散下单。正常的操 作方法还是要使用千问App，分享链接目前确实会被微信屏蔽。" 6日下午，千问App发文称，"今天大家体验AI购物的热情远远超过我们的想象，导致免单活动出现流量拥堵，影 响体验。我们正在持续扩容，全力保障活动体验。免单卡使用期限一直到2月2 ...

一天之内，千问发动的AI奶茶攻势跌宕起伏：上午10时许，就有大量用户反馈千问APP活动页面加载失 败、下单跳转异常，"千问崩了"上了热搜。 微信平台也随即以"存在诱导分享行为"为由，对千问采取限制措施，用户无法直接点击链接参与活动， 只能通过复制口令的方式跳转。 同时，千问APP火速超越豆包和元宝，登顶苹果APP Store免费榜第一，排序形成"千元豆"格局。千问 APP春节项目负责人郑嗣寿表示："大家体验AI购物的热情远远超过我们的想象，我们正在持续扩容， 全力保障活动体验。" "千问，帮我点杯奶茶。"2月6日，这句话在千问APP上被重复了3000多万次。 这可能将是互联网大战历史上被重复最多的"金句"。2月6日，阿里千问APP"春节30亿免单"火爆上线。 截至当日下午4时许，官方公布数据，9个小时，用户在千问APP上的AI订单突破1000万单，用户已经对 千问APP说了3000多万次"帮我买"。 千问从上线开始，阿里就毫不讳言目标是让AI完成从"陪聊天"到"会办事"的实质进化。 "与AI战场的其他巨头相比，阿里争夺AI入口的独特优势也在于可以快速落地生活场景，发动AI购物攻 势。"一位阿里长期观察人士认为 ...

Core Insights - Jinglin Asset significantly reduced its holdings in NVIDIA while increasing its position in Alphabet Inc. to become the largest holding in the fourth quarter of 2025 [1][6]. Group 1: Portfolio Overview - Jinglin Asset's total market value for the fourth quarter was $4.04 billion, down from $4.44 billion in the previous quarter, reflecting a decrease of approximately 3.37% [2]. - The fund made one new purchase, added to five existing positions, sold out of three stocks, and reduced holdings in ten stocks, with the top ten holdings accounting for 82.85% of the total market value [2][5]. Group 2: Major Holdings - Alphabet Inc. (GOOGL) is the largest holding with approximately 2.69 million shares valued at about $841.97 million, representing 20.82% of the portfolio, an increase of about 929,680 shares or 52.81% from the previous quarter [2][5]. - Meta Platforms Inc. (META) is the second-largest holding with approximately 996,908 shares valued at about $658.05 million, accounting for 16.27% of the portfolio, a decrease of about 229,056 shares or 18.69% [2][5]. - Pinduoduo (PDD) ranks third with approximately 3.97 million shares valued at about $449.96 million, representing 11.12% of the portfolio, an increase of about 611,306 shares or 18.21% [3][5]. Group 3: Changes in Holdings - Jinglin Asset reduced its holdings in NVIDIA by approximately 1.54 million shares, cutting over 60% of its position, due to market concerns regarding AI industry financing [6][7]. - The fund also reduced its stake in Meta by approximately 229,056 shares, leading to its drop from the top position to second largest [6]. - In contrast, Jinglin increased its holdings in Alphabet by approximately 929,680 shares and in Pinduoduo by approximately 611,306 shares, indicating a strategic shift in technology stock allocation [6][7]. Group 4: Other Notable Adjustments - The fund also reduced its positions in other semiconductor-related stocks such as TSMC and Spotify, while increasing its stake in Intel by approximately 694,363 shares [7][9]. - Notably, Jinglin continued to reduce its holdings in KE Holdings, having sold 1.88 million shares in the fourth quarter, following a significant reduction in the previous quarter [9].

Core Viewpoint - Jinglin Asset significantly reduced its holdings in NVIDIA while increasing its position in Alphabet, making it the largest holding in the fourth quarter of 2025 [1][5]. Group 1: Portfolio Overview - Jinglin Asset's total portfolio value for the fourth quarter was $4.04 billion, down from $4.44 billion in the previous quarter, reflecting a decrease of approximately 3.37% [2][1]. - The fund made one new purchase, added to five existing positions, sold out of three stocks, and reduced holdings in ten stocks, with the top ten holdings accounting for 82.85% of the total portfolio [2][1]. Group 2: Major Holdings - Alphabet Inc. (GOOGL) is the largest holding with approximately 2.69 million shares valued at about $841.97 million, representing 20.82% of the portfolio, an increase of about 929,700 shares from the previous quarter [2][4]. - Meta Platforms Inc. (META) is the second-largest holding with approximately 996,908 shares valued at about $658.05 million, accounting for 16.27% of the portfolio, a decrease of about 229,000 shares [3][4]. - Pinduoduo (PDD) ranks third with approximately 3.97 million shares valued at about $449.96 million, representing 11.12% of the portfolio, an increase of about 611,300 shares [3][4]. Group 3: Changes in Holdings - Jinglin Asset reduced its holdings in NVIDIA by approximately 1.54 million shares, cutting over 60% of its position, due to market concerns regarding AI industry financing [5][1]. - The fund also decreased its position in Meta by about 229,000 shares, leading to its drop from the top position to second [5][1]. - In contrast, Jinglin increased its holdings in Alphabet by approximately 929,700 shares and also added to its positions in Intel and Futu Holdings [5][6].

以下文章来源于版面之外 ，作者画画 版面之外 . 版面之外，才是真相。 就在昨天，阿里千问的春节活动正式开打，与此同时进行的是，腾讯元宝的红包弹窗就没停过。 两个动作，两种风格，在同一时间窗口发生。腾讯选择了红包，阿里选择了奶茶。 问题是，同样是AI搞流量补贴，同样是借着春节的热度抢占用户，为什么腾讯一门心思发红包，阿 里却偏偏选择请大家喝奶茶？ 一、AI请客的两种玩法 腾讯的做法很熟悉：发红包。腾讯元宝的红包玩法，核心始终围绕社交展开，走的是低成本、高热闹 度的路线。从最初的微信红包，再到腾讯元宝的红包雨，本质都是用小额现金，绑定微信的社交生 态。 腾讯太清楚，春节期间，热闹就是最大的需求，而红包是最能带动热闹的载体。红包从来不是目的， 而是留住用户的粘合剂，它倒逼用户打开元宝、参与元宝派群聊。 本文来自微信公众号： 版面之外 ，作者：画画，头图来自：AI生成 30亿，1分钱喝一杯奶茶。没有多少人可以抵挡住这种白送的福利。 仔细观察会发现，腾讯元宝的红包设计全是小心思，点开就能领，领完提醒转发再领，这种通过利诱 引导的社交裂变，实则是让用户在一次次点击中，加深对腾讯系社交属性的路径依赖。 但这种热闹的短板也 ...

Group 1: Core Insights - The article presents a weekly roundup of the top 50 keywords in the AI sector, highlighting significant developments and trends in the industry [2] - Key players mentioned include Tencent, Anthropic, Google, and NVIDIA, indicating a competitive landscape in AI advancements [3][4] Group 2: Categories and Summaries - **Computing Power**: Tencent's HPC-Ops open-source initiative is noted as a significant development in enhancing computational capabilities [3] - **Models**: Various AI models are highlighted, including Sonnet 5 from Anthropic and Qwen3-Coder-Next from Alibaba, showcasing ongoing innovation in model development [3][4] - **Applications**: Google is actively developing AI applications such as Chrome AI and Genie 3, while Tencent is involved in the public testing of its Yuanbao platform [3][4] - **Technology**: NVIDIA's Earth-2 open model is mentioned, indicating advancements in AI technology and its applications [4] - **Events**: Significant events include SpaceX's acquisition of xAI and record revenue reported by Google, reflecting the financial impact of AI developments [4] - **Opinions**: Various viewpoints are shared, including discussions on the authenticity of AI outputs and the competitive landscape in AI innovation, particularly in China [4]