智通财经APP获悉，阿里巴巴(09988)首席财务官徐宏表示，过去阿里巴巴从香港第二上市转为双重主要 上市，令集团股份纳入互联互通的港股通，而在过去15至16个月，阿里北水持股量增长很快，目前阿里 所有股东持股比例中，超过11%的股东来自内地，为集团股份提供流动性支持。另外，他称，内企欲海 外扩张时，可好好利用香港资本市场募资。 徐宏周二(1月27日)在香港出席亚洲金融论坛"全球产业峰会"一场专题讨论上表示，香港是阿里筹集资 金和与投资者沟通的重要枢纽，以去年5月阿里发50亿美元可转换债券(CB)为例，通过金融工具结构， 将当时的CB转换价提高至当时阿里股价的两倍，其做法可减低发CB对现有股东的摊薄影响。 ...

Group 1 - Alibaba officially launched the Qwen3-Max-Thinking flagship reasoning model [1] - Kimi announced the release and open-sourcing of the Kimi K2.5 model [1] - MiniMax M2.1 × Clawdbot aims to create an open-source AI assistant to build a super-intelligent workflow [1] Group 2 - Microsoft introduced the next-generation AI chip, Maia 200 [1] - NVIDIA released the AI "Earth-2" system, designed to enhance weather forecasting accuracy [1]

Market Overview - Major indices showed mixed performance with the STAR 50 up by 1.51%, ChiNext Index up by 0.71%, Shanghai Composite Index up by 0.18%, Shenzhen Component Index up by 0.09%, and North Exchange 50 down by 0.05% [1] - TMT sector led the gains with SW discrete devices up by 5.70%, SW analog chip design up by 3.60%, and SW integrated circuit packaging and testing up by 3.59% [1] - TMT sector faced declines with SW security equipment down by 1.11%, SW other computer equipment down by 1.07%, and SW education publishing down by 1.03% [1] Domestic News - Lanke Technology announced the launch of high-performance active electrical cable solutions based on PCIe 6.x/CXL 3.x standards, aimed at supporting data centers transitioning from single-rack to multi-rack architectures [2] - The Chinese semiconductor market is projected to grow by 31.26% by Q4 2026, reaching a market size of $546.5 billion [2] - Guokewai announced price adjustments for its solid-state storage chips and SSD controllers, with increases ranging from 20% to 80%, particularly for enterprise-grade SSDs and high-end DDR products [2] - Hefei Guoxian's 8.6-generation AMOLED production line project is 65% complete, with cleanroom delivery expected in Q2 this year [2] Overseas News - Micron has begun construction on an advanced wafer manufacturing facility in Singapore, planning to invest approximately $24 billion over 10 years, with production expected to start in the second half of 2028 [2] - Counterpoint Research forecasts that global shipments of AI server-specific ASICs will triple by 2027 compared to 2024, driven by strong demand for Google's TPU infrastructure and AWS Trainium clusters [2] - Microsoft launched the new AI accelerator, Microsoft Azure Maia 200, with a peak FP4 computing power of 10 petaflops, three times that of Amazon's Trainium3 [2] - The U.S. Patent and Trademark Office rejected Yangtze Memory Technologies Co.'s request to invalidate two core patents of Micron related to 3D NAND flash memory manufacturing processes [2] AI Insights - DeepSeek released OCR 2, utilizing an innovative DeepEncoder V2 method to dynamically adjust visual token distribution based on image content [3] - Vidu launched the world's first video generation model supporting "everything can be referenced," allowing users to replicate effects and edit videos with ease [3] - Kimi released the open-source K2.5 model, achieving state-of-the-art performance in various benchmarks and supporting multi-modal inputs [3] - Alibaba introduced the Qwen3-Max-Thinking model, with over 1 trillion parameters and significant improvements across multiple dimensions, comparable to leading models like GPT-5.2-Thinking [3] Industry Tracking - Guoxing Aerospace disclosed plans for the world's first space computing network serving silicon-based intelligences, aiming to establish a comprehensive computing infrastructure by 2035 [4] - The "Stone Worker Zhuoling" ultrasonic Lamb wave scanning imaging logging instrument has been successfully applied in major oil fields, enhancing wellbore integrity diagnostics [4] - China's machine tool exports surged by 18% year-on-year, capturing a 21.6% global market share, surpassing Germany for the first time [4] - Zhejiang Renxing completed a 450 million yuan Pre-A round financing for its humanoid robots, which are already deployed in leading companies across various sectors [4] Earnings Updates - Gallen Electronics expects 2025 revenue of approximately 487 million yuan, a year-on-year increase of 16.21%, with a projected net profit of 36 million yuan [5] - Lante Optical anticipates a net profit of 375 to 400 million yuan for 2025, representing a year-on-year growth of 70.04% to 81.38% [5] - Nanya New Materials forecasts a net profit of 220 to 260 million yuan for 2025, a significant increase of 337.20% to 416.69% year-on-year [5] - Shijia Photon expects 2025 revenue to reach 2.129 billion yuan, a year-on-year growth of approximately 98.13%, with a projected net profit of 342 million yuan [5]

Group 1 - Three-dimensional Communication, Kaichun Co., Ltd., and Jiuqi Software reached the daily limit increase in stock prices, indicating strong market interest [1] - Worth Buying, BlueFocus Communication Group, Aofei Data, Hengyi Petrochemical, and Lude Medical also experienced stock price increases, suggesting a broader positive trend in the market [1]

Group 1 - U.S. stock index futures show mixed performance, with Nasdaq futures up 0.63% and S&P 500 futures up 0.25%, while Dow futures are down 0.44% [1] - Major European indices also display mixed results, with Germany's DAX down 0.09%, UK's FTSE 100 up 0.35%, France's CAC up 0.37%, and the Euro Stoxx 50 up 0.28% [1] - The Federal Reserve officials expect to pause interest rate cuts this week, with an unclear path for future cuts [1] Group 2 - Samsung Electronics and SK Hynix are negotiating with Apple to significantly increase the price of LPDDR memory used in iPhones, with a potential increase of up to 100% [2] Group 3 - The European Union has initiated two compliance procedures to ensure Google meets its obligations under the Digital Markets Act [3] Group 4 - Microsoft has received approval to build 15 additional data centers in Wisconsin, USA [4] Group 5 - Micron Technology is investing $24 billion to expand production in Singapore to address AI chip shortages [5] - Synopsys CEO anticipates that the price increase and shortage of memory chips will persist until 2027 [5] Group 6 - Nike is reportedly planning to lay off 775 employees to enhance profitability and accelerate automation [6] Group 7 - Alibaba has officially launched its flagship reasoning model Qwen3-Max-Thinking, which is noted for its stronger initiative and proficiency in logical reasoning [7] Group 8 - XPeng Motors' CEO expects "very strong" growth this year, with overseas sales growth potentially surpassing that of the domestic market [8] Group 9 - VinFast is collaborating with AI company Autobrains to develop autonomous driving technology [9] Group 10 - The U.S. Treasury has terminated its contract with consulting firm Booz Allen, related to the leak of tax records for Trump and Musk [10] Group 11 - UnitedHealth reported Q4 revenue of $113.215 billion, with adjusted EPS down 69.02% year-over-year to $2.11 [11] - General Motors reported Q4 revenue of $45.29 billion, with a loss of $3.31 billion; the company approved a $6 billion stock buyback plan [12] - American Airlines reported Q4 adjusted EPS of $0.16, which was below expectations, and anticipates a revenue decrease of $150 million to $200 million due to winter storms [13] - Raytheon Technologies reported a 12% year-over-year increase in Q4 sales to $24.24 billion, with adjusted EPS of $1.55, exceeding expectations [14]

Core Viewpoint - The article highlights the recent advancements in domestic AI models, particularly focusing on the release of new models by DeepSeek, Kimi, and Alibaba, which demonstrate significant improvements in performance and capabilities in visual understanding and reasoning [2][8][9]. Group 1: DeepSeek's Innovations - DeepSeek released the new DeepSeek-OCR 2 model on January 27, utilizing the innovative DeepEncoder V2 method, allowing AI to dynamically rearrange image components based on their meaning, mimicking human visual encoding logic [2][3]. - The DeepSeek-OCR 2 model achieved a score of 91.09% on the OmniDocBench v1.5 benchmark, representing a 3.73% improvement over its predecessor [3][4]. - The model maintains high precision while controlling computational costs, with visual token counts limited between 256 and 1120, aligning with Google’s Gemini-3 Pro [3][4]. Group 2: Kimi's Model Release - Kimi launched the Kimi K2.5 model, which automatically updated the previous K2 model without user intervention, aimed at enhancing response speed, reasoning ability, and multi-turn dialogue stability [8]. - Kimi K2.5 achieved top scores in various agent evaluations, including HLE, BrowseComp, and DeepSearchQA, marking it as Kimi's most intelligent model to date [8]. Group 3: Alibaba's Qwen3-Max-Thinking - Alibaba introduced the Qwen3-Max-Thinking model, which surpassed leading models like GPT-5.2 and Claude Opus 4.5 in multiple key performance benchmarks, setting new global records [8][9]. - The new model features over one trillion parameters and incorporates a novel test-time scaling mechanism, significantly enhancing reasoning performance while being more economical [9]. - Qwen3-Max-Thinking also improves the model's ability to autonomously use tools, reducing hallucinations and laying the groundwork for solving complex real-world tasks [9].

新力量 New Force 第一上海研究部 research@firstshanghai.com 【公司评论】 特斯拉 2025Q4 业绩前瞻 【行业评论】 互联网行业周报 【宏观经济评论】 第一上海——First Call 一月策略（二） 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400-882-1055 服务邮箱：Service@firstshanghai.com 网址：www.mystockhk.com 第一上海证券有限公司 www.mystockhk.com 总第 4952 期 2026 年 1 月 27 日 星期二 研究观点 第一上海 新力量 New Force 【公司评论】 | 李京霖 | | --- | 852-25321957 jinglin.li@firstshanghai.com.hk 唐伊莲 alice.tang@firstshanghai.com.hk | 行业 | 汽车 | | --- | --- | | 股价 | 449.06 美元 | | 市值 | 1.49 万亿美元 | | 总股本 | 33.26 亿股 | | 52 周高/低 | 499 ...

Core Viewpoint - The article discusses the evolution of the capital market's pricing logic for Chinese tech assets, particularly focusing on Alibaba's advancements in AI technology and its implications for market perception and valuation [6][7][13]. Group 1: AI Model Advancements - The release of Qwen3-Max-Thinking marks a significant breakthrough, outperforming global models like GPT-5.2 and Gemini 3 Pro in various evaluations, indicating a leap in performance for domestic AI models [8][10]. - The model's innovative "Test-time Scaling" mechanism allows for more efficient reasoning and self-iteration, enhancing its ability to produce intelligent results [9][19]. - Qwen3-Max-Thinking's capabilities include native agent abilities, enabling it to autonomously utilize tools and adjust its actions based on feedback, which enhances reliability for enterprise applications [20]. Group 2: Market Dynamics and Revaluation - The initial market reaction to Chinese AI advancements was characterized as "emotional repair," with investors hesitant to fully embrace the potential for leadership in AI [7][13]. - As technological gaps close, the revaluation of Alibaba's AI capabilities is becoming a matter of "when" rather than "if" [13]. - The shift from a focus on computational power to intelligent reasoning represents a new growth curve for the AI industry, necessitated by the limitations of previous scaling methods [15][17]. Group 3: Open Source and Global Positioning - The Qwen series has established dominance in the open-source AI ecosystem, surpassing Meta's Llama series with over 200,000 derivative models and 1 billion downloads [22][23]. - China's share of global open-source AI model adoption has risen to 17.1%, overtaking the U.S. for the first time, reflecting a significant shift in the geopolitical landscape of AI [25]. - Notably, even Silicon Valley companies are adopting techniques from Qwen, indicating its competitive edge in specific capabilities [26][27]. Group 4: Comprehensive AI Strategy - Alibaba is uniquely positioned as one of the few companies globally with a complete stack of AI capabilities, integrating computing power, model development, and application [31]. - The company has made significant investments in hardware and infrastructure, with plans to allocate over 380 billion yuan for cloud and AI hardware over the next three years [34]. - The Qwen APP has demonstrated commercial potential by evolving from a simple chatbot to a comprehensive AI capable of executing complex tasks, thus expanding the monetization opportunities in AI [34].

Group 1 - The core focus of the article is on the future of artificial intelligence (AI) and the potential reshaping of the Chinese internet landscape, particularly in the context of embodied intelligence and the emergence of new super apps [1][19][20] - The embodied intelligence sector is expected to undergo a significant reshuffle by 2026, with over 230 companies currently in the market, including more than 100 humanoid robot firms [2][4] - The industry is transitioning from experimental phases to mass production, with humanoid robot sales surpassing 10,000 units, indicating a move towards initial commercialization [4][9] Group 2 - Major players in the global humanoid robot market include Zhiyuan, Yushun, and Ubtech, with Zhiyuan leading with an annual shipment of over 5,100 units, capturing 39% of the global market share [6] - The competition for AI super apps is intensifying, with companies like OpenAI and Alibaba striving to create comprehensive platforms that integrate various services into a single interface [10][11] - The article highlights the emergence of vertical players in specific domains, such as Ant Group's "Antifor Health" and MiniMax's AI companionship applications, which have successfully established business models and attracted significant user bases [14] Group 3 - The AI industry is predicted to enter a "trough of disillusionment" in 2026, with many AI projects failing to deliver measurable impacts, leading to a potential delay in AI investments [15][19] - The market for synthetic data is experiencing rapid growth, with projections indicating that by 2030, the scale of synthetic data will surpass that of real data, becoming the primary fuel for model training [17] - The advancements in data quality and the evolution of AI technologies are expected to drive significant changes in the operational dynamics of the real economy [19]

记者 花子健 编辑 高宇雷 AI被腾讯提到了前所未有的高度。1月26日，腾讯年会，腾讯董事局主席马化腾和总裁刘炽平在演讲中 都用最大篇幅来讲AI。 马化腾在年会中提到，腾讯自2022年初开始经历了长达3年的聚焦主业、降本增效，取得了一定的成 效。每个平台的基因和体制不一样，穿越周期的节奏也不一样。但他同时承认，腾讯在AI上"太慢了"。 从内部来看，腾讯面对新一轮的AI机遇，首先考虑的是各个平台部门和AI的结合，混元大模型和元宝 经历了高开低走的阶段，如今正处于产品和组织架构的调整之中。就外部而言，字节跳动、阿里千问处 于领先地位，不管是在研究层面还是应用层面，都比腾讯先行一步。对于这个"落后追赶的阶段"，马化 腾的判断是"腾讯慢了9个月到1年。" 腾讯在AI领域慢于字节和阿里 纵观全球的AI格局，刘炽平认为，海外有8家公司有足够资源长期投入大模型，其中做的最好的3家是 OpenAI、谷歌和Anthropic，这3家公司各有侧重和优势。xAI的Grok和Meta的Llama则处于追赶阶段。苹 果、微软和亚马逊没有决定是否自建大模型，更侧重于AI的应用。 回到中国，刘炽平更看好4家公司在AI领域的长跑能力，除了腾 ...