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 ...

【 DeepSeek 发布 DeepSeek-OCR 2 】 DeepSeek 发布全新 DeepSeek-OCR 2 模型，采用创新的 DeepEncoder V2 方法，让 AI 能够根据图像的含义动态重排图像的各个部分，而不再只是机械地从左到右扫描。 这种方式模拟了人类在观看场景时所遵循的逻辑流程。最终，该模型在处理布局复杂的图片 （如文档或图表）时，表现优于传统的视觉 - 语言模型，实现了更智能、更具因果推理能力的 视觉理解。 【 Kimi 智能助手发布 K2.5 版本】 Moonshot AI 于 2026 年 1 月 27 日上线 Kimi 智能助手 K2.5 版本，以静默推送方式完成 更新，用户在官网聊天界面中 K2 模型已自动切换为 K2.5 。 该版本原生支持视觉理解功能，用户可直接上传图片并由 AI 进行分析与创作，例如依据平面 布局图生成对应 3D 模型。工具调用能力同步增强，模型可通过分步推理执行数学计算、编程 等复杂任务，相关测试显示其在多项任务中表现突出。 【阿里千问最强模型亮相，性能媲美 GPT-5.2 】 1 月 26 日，阿里正式发布千问旗舰推理模型 Qwen3-Max-Th ...

Core Viewpoint - The majority of popular Chinese concept stocks experienced an increase in pre-market trading on January 27, with notable gains in several companies [1] Group 1: Stock Performance - Kingsoft Cloud saw a rise of over 7% [1] - Bilibili increased by nearly 4% [1] - Baidu and Pony.ai both rose by over 2% [1] - Alibaba experienced a gain of over 1% [1]

Core Viewpoint - Tencent's CEO Ma Huateng expressed concerns about the security and responsibility of user data handling in AI applications, particularly criticizing the practices of ByteDance and ZTE's Doubao phone, while acknowledging Alibaba's AI ecosystem model [1][7]. Group 1: AI Applications and Market Competition - The competition for AI assistants and system-level intelligent agents is intensifying among major companies, with a focus on transforming user interaction from app-based to direct demand [5][9]. - ByteDance's collaboration with ZTE aims to integrate AI directly into smartphones, allowing for cross-application tasks without waiting for app interfaces to open [5][9]. - Alibaba's AI application "Qianwen" emphasizes a controlled API approach, integrating its services within its ecosystem, which has led to a noticeable increase in user inquiries [6][9]. Group 2: Privacy and Security Concerns - Ma Huateng's strong stance against cloud-based screen recording practices highlights the inherent risks associated with such technologies, emphasizing the need for secure data handling [7][8]. - Doubao phone assistant claims to operate under strict user authorization and compliance, ensuring no data storage or training occurs during cloud processing [3][7]. - The response from various platforms, including WeChat and payment apps, indicates a growing concern over security and privacy, leading to restrictions on Doubao's functionalities [8][9]. Group 3: Industry Trends and Regulatory Needs - The divergence in AI application strategies reflects a broader trend in the industry, with two main routes emerging: the "screen reading + simulated clicking" approach and the "API interface calling" method [9][10]. - The need for standardized regulations regarding personal information protection and data security in cross-app operations is becoming increasingly critical as the industry evolves [10]. - The competition among Doubao, Alibaba's Qianwen, and Tencent's Yuanbao signifies a new phase in the AI entry battle, characterized by product acceleration and the need for regulatory frameworks [10][11].

Core Insights - Alibaba has officially launched its flagship reasoning model Qwen3-Max-Thinking, which is integrated with its AI assistant Qianwen on both PC and web platforms, enhancing user experience with advanced reasoning capabilities [1] - Qwen3-Max-Thinking is the largest and most powerful reasoning model from Alibaba, boasting over 1 trillion parameters and a pre-training data volume of 36 trillion tokens, achieving record performances in 19 benchmark tests [1] Group 1 - The Qwen3-Max-Thinking model offers enhanced factual memory and world knowledge, providing accurate and authoritative answers across various topics while significantly improving context coherence and reducing memory loss [2] - It demonstrates expert-level complex reasoning capabilities, excelling in difficult scientific, mathematical, and logical problems, thus aiding researchers and professionals with multi-dimensional analysis and structured reasoning [2] - The model features a self-iterative reasoning mechanism that drafts thoughts, verifies hypotheses, optimizes paths, and outputs conclusions, significantly improving reasoning quality and response speed [2] Group 2 - The Qianwen AI assistant has surpassed 100 million monthly active users, experiencing rapid growth among students and white-collar workers [2] - The Qianwen app has fully integrated with Alibaba's ecosystem, including Taobao and Alipay, and has become the world's first AI assistant capable of completing complex real-life tasks [2]

Core Viewpoint - Most popular Chinese concept stocks saw an increase in pre-market trading, indicating positive market sentiment towards these companies [1] Group 1: Stock Performance - Kingsoft Cloud experienced a rise of over 7% [1] - Bilibili increased by nearly 4% [1] - Baidu and Pony.ai both saw gains of over 2% [1] - Alibaba rose by more than 1% [1]