（文章来源：每日经济新闻） 每经讯，被医学界称为"癌症之王"的胰腺癌，正因一项中国AI技术迎来早筛转机 。近日，《每日经济 新闻》记者深入浙江宁波、嘉兴的医院调查发现，由阿里巴巴达摩院研发的"PANDA"胰腺癌AI早筛模 型，已在临床实测中成功从平扫CT中筛查出多例早期病患。得益于这一预警，其中一名患者确诊早期 胰腺癌，术后9天出院，经医保报销，个人自付仅约1.2万至1.4万元。 ...

每经记者｜郑雨航 每经编辑｜兰素英 胰腺癌，因其极低的早期诊断率，长久以来被冠以"癌症之王"的称号。 临床数据显示，超过80%的胰腺癌患者在确诊时已步入中晚期，错失了手术的黄金窗口。全球胰腺癌患者五年生存率仅约10%。 如今，胰腺癌"发现即晚期"的困局，正被我国的一项AI筛查技术改变。 1月2日，《纽约时报》发布2026年首篇中国报道，题为《在中国，AI正在发现医生可能漏掉的致命肿瘤》。整版讲述了一个普通退休泥瓦匠的就医经 历，他仅花费了约25美元（约人民币174元）做了一项普通的平扫CT，就被AI查出了早期胰腺癌。该报道评论区里的美国网友吐槽：在美国，平扫CT价 格高达数百美元，25美元只够付停车费。 医生都看不出来的病，AI怎么发现的？近日，《每日经济新闻》记者（以下简称每经记者）在宁波和嘉兴，对报道主角邱先生和相关医生进行了采访。 图片来源：《纽约时报》截 "你和乔布斯得了一样的病，但你比他幸运" 浙江宁波57岁的邱先生对每经记者回忆称，2025年8月，自己因患糖尿病，在宁波大学附属人民医院做了一次常规检查，并拍摄了腹部平扫CT。 午饭时，他接到医院打来的电话："你的胰腺可能有点问题，需要进一步检查。" ...

Core Viewpoint - E Fund's Zhang Kun reported a decline in total assets under management to 48.383 billion yuan as of December 2025, with three A-share focused funds underperforming their benchmarks, while the E Fund Asia Select fund achieved positive returns, significantly exceeding its benchmark [1][2]. Group 1: Fund Performance - As of December 2025, the largest fund, E Fund Blue Chip Select, had a net asset value of 1.8623 yuan, with a report period net asset value growth rate of -8.93%, compared to a benchmark return of -2.63% [1]. - Three main A-share focused funds reported negative quarterly returns and failed to outperform their performance benchmarks [1]. Group 2: Portfolio Adjustments - Zhang Kun reduced holdings in major stocks such as Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, while also significantly reducing positions in Focus Media and China Merchants Bank [1]. - The top ten holdings of E Fund Blue Chip Select remained unchanged, including Tencent, Kweichow Moutai, and Alibaba, with notable reductions in Focus Media and increases in Alibaba [2]. Group 3: Market Outlook - Zhang Kun expressed a long-term optimistic view on the macro economy and market, predicting significant improvements in living standards and social security in China over the next decade [2]. - He emphasized the importance of a strong domestic demand market in promoting technological innovation, suggesting that improved consumer environments could enhance subscription revenues and model capabilities [3]. Group 4: Confidence in Business Models - Zhang Kun maintained confidence in the business models, competitive barriers, and cash flow generation capabilities of the companies in the portfolio, asserting that the market's perception of quality companies presents good opportunities for long-term investors [3].

Core Insights - The AI glasses market is experiencing a significant transformation, similar to the early days of smartphones, with various Chinese manufacturers aiming to make AI glasses mainstream through diverse pricing and branding strategies [2][4][15]. Market Trends - According to IDC, global shipments of smart glasses are projected to reach 4.065 million units in the first half of 2025, marking a year-on-year growth of 64.2%, with China expected to surpass 1 million units, capturing 26.6% of the global market share [2][19]. - The AR smart glasses market is also growing, with China holding a 57.3% market share in the first half of 2025 [7]. Competitive Landscape - Meta currently dominates the smart glasses market with a 75.7% share, but Chinese companies like Xiaomi, RayBird, Xreal, and Viture are emerging as key players [5][19]. - The CES showcased numerous AI glasses from Chinese manufacturers, highlighting their technological advancements and market ambitions [9][12]. Technological Innovations - New AI glasses are focusing on lightweight designs and multi-modal AI interactions, with products like Rokid Style weighing only 38.5 grams and offering advanced features [9][10]. - Companies are developing products that integrate AR displays with AI assistants, aiming for a seamless user experience [14][15]. Industry Dynamics - The AI glasses sector is becoming a strategic battleground for various tech companies, with significant investments being made to capture market share [15][28]. - The supply chain for smart glasses is heavily concentrated in China, which produces about 80% of the necessary components, making it a critical hub for the industry [19][29]. Future Projections - The global smart glasses market is expected to see a compound annual growth rate (CAGR) of 55.6% in China, with projections of over 40 million units shipped by 2029 [31]. - By 2030, the AI glasses market could potentially reach 80 million units, representing a significant opportunity within the $150 billion traditional eyewear market [32][33].

Group 1 - Alibaba is planning to restructure its semiconductor company T-Head and support its future independent listing, which led to a more than 5% increase in Alibaba's stock price in pre-market trading [1] - T-Head Semiconductor was established in September 2018, integrating the previously acquired Zhongtian Micro Systems and Alibaba's internal chip team, offering a full-stack product system covering both cloud and terminal applications [1] - T-Head has launched several chips, including the Yitian 710 server chip and the Hanguang 800 AI inference chip, achieving a comprehensive layout from design to application [1] Group 2 - The split plan for T-Head is seen as a significant step in Alibaba's acceleration of its AI self-research system, with Alibaba's CEO announcing an investment of over 380 billion yuan in cloud and AI hardware infrastructure over the next three years [3] - T-Head, as Alibaba's AI chip developer, is expected to become a key support for Alibaba's long-term competitiveness in the AI era, with the spin-off providing greater flexibility in incentive mechanisms, financing capabilities, and external collaborations [3]

Core Viewpoint - Alibaba has decided to support its chip subsidiary, T-Head, for an independent IPO, marking a significant development in the AI chip sector after eight years of preparation [1][3]. Group 1: Market Reaction - Following the IPO news, Alibaba's stock surged over 5% in pre-market trading in the US, increasing its market value by more than 200 billion RMB in a single day [2]. - In Hong Kong, Alibaba's shares jumped approximately 4% at the market opening on January 23, becoming a market highlight [2]. Group 2: T-Head's Background - T-Head was established in 2018 through the integration of the acquired Zhongtian Micro and Alibaba's self-developed chip team, positioning it as a significant player in the AI chip market [5][6]. - The company has primarily served Alibaba's internal needs, focusing on enhancing the efficiency and cost-effectiveness of Alibaba Cloud's data centers through self-developed chips [6][8]. Group 3: Product Development - T-Head's first-generation general-purpose GPU, PPU, has been reported to match NVIDIA's H20 in performance, with specifications indicating it could outperform older models like the A100 [10][12]. - Other notable products include the Yitian 710 server CPU, which has been deployed at scale in Alibaba Cloud, and the Xuantie series, which has achieved significant market penetration through licensing [12][13]. Group 4: Competitive Landscape - T-Head occupies a unique position among domestic fabless chip companies, excelling in design capabilities but facing challenges in direct comparisons with competitors like Huawei and Baidu [13][16]. - The PPU emphasizes energy efficiency and cost-effectiveness for high-concurrency inference scenarios, contrasting with competitors that focus on large-scale training capabilities [15][16]. Group 5: IPO Challenges - T-Head's IPO journey may face hurdles due to its fabless model, which relies on external manufacturing partners, exposing it to risks associated with supply chain uncertainties [19][21]. - The AI chip market has seen inflated valuations, raising expectations for T-Head, which may lead to increased scrutiny and pressure to meet high market demands [24][25][29].

Group 1: JPMorgan's Position on Alibaba - JPMorgan Chase & Co. has increased its short position in Alibaba Group Holding Ltd. to 3.88% on January 19, up from 2.83%, indicating a bearish outlook on Alibaba's near-term prospects [2][9] - Despite some analysts at JPMorgan raising their price target for Alibaba's Hong Kong shares due to improved cloud revenue outlook and synergies between AI and e-commerce, there is a divergence between long-term investment recommendations and short-term trading strategies [3] Group 2: Japan's Forex Market Monitoring - Japan's Finance Minister Satsuki Katayama has issued warnings about rapid currency movements, stating that the government is monitoring the foreign exchange market with urgency and is prepared to intervene if necessary [4][5][9] - The Japanese Yen has weakened significantly, with the USD/JPY pair testing levels around 154, which is close to the Ministry of Finance's intervention threshold [5] Group 3: India's US Treasury Holdings - The Reserve Bank of India has reduced its holdings of US Treasuries to a five-year low, driven by efforts to support the domestic currency, the Rupee, and diversify foreign exchange reserves [6][9] - RBI's holdings of long-term US bonds have dropped to $174 billion, a 26% decline from their 2023 peak, and US Treasury bonds now make up only one-third of India's forex assets, down from 40% a year ago [7]

Core Viewpoint - Alibaba is considering the spin-off of its semiconductor division, Pingtouge, for independent listing, aiming to join the ranks of high-valuation Chinese AI chip companies [2][3] Group 1: Spin-off Consideration - Alibaba is evaluating the feasibility of spinning off Pingtouge, which is closely related to its cloud intelligence business, to unlock shareholder value [3][5] - The spin-off plan comes nearly three years after Alibaba's previous restructuring announcement, which ultimately did not materialize [3] - The recent surge in stock prices of competitors like Biren Technology and Moore Threads, which have seen significant increases since their IPOs, is influencing Alibaba's decision [2][5] Group 2: Market Context and Valuation - The current high valuations of Chinese chip companies, with some trading at over 200 times their price-to-sales ratios, provide a favorable backdrop for Alibaba's potential spin-off [6][7] - In contrast, Nvidia's price-to-sales ratio is only 24, highlighting the disparity in valuations between Chinese and Western chip firms [6] - The expectation of substantial policy and financial support for Chinese chip companies is also a motivating factor for Alibaba's consideration [6] Group 3: Competitive Landscape - Alibaba is not alone in pursuing a spin-off; Baidu has also announced plans to spin off its Kunlun chip division, potentially raising up to $2 billion [8] - Both Pingtouge and Kunlun have begun selling chips externally, targeting major telecom operators in China, which are investing heavily in AI infrastructure [8][9] Group 4: Financial Performance - Alibaba's recent financial performance shows a year-on-year revenue growth of 5% to 248 billion yuan, with a more substantial growth of 15% when excluding certain asset sales [10] - The cloud business remains a strong growth driver, with a 34% year-on-year revenue increase, contributing approximately 16% to total revenue [11] - The potential spin-off, combined with robust growth in cloud services and instant retail, could provide further momentum for Alibaba's stock price recovery [12]

近日，有消息称，阿里巴巴集团已决定，支持旗下芯片公司"平头哥"未来独立上市。 受该消息影响，阿里巴巴（BABA）美股夜盘突发大涨5%。 知情人士透露，阿里巴巴计划先将该部门重组为一家由员工部分持股的企业，随后，将考虑启动IPO，但具体时间尚不明确。 目前，阿里方面对此消息未作评论。 据了解，平头哥成立于2018年，是阿里巴巴集团的全资半导体芯片业务主体，专注自研芯片与开源生态。 网传该公司名字由马云亲自敲定，寓意着公司要像"平头哥"蜜獾般无畏攻坚。 早在2025 年 9 月，央视《新闻联播》中一帧，关于阿里平头哥自研芯片的报道画面，引发高度关注，也让外界得以一窥平头哥的实力。 报道画面显示，这款名为 PPU 的 GPU 芯片，显存为 96GB 的 HBM2e，片间互联带宽达 700GB/s，接口为 PCIe 5.0×16，功耗仅为 400W，在这些关键参 数上已完全超过英伟达 A800 和主流的国产 GPU，整体性能与英伟达 H20 相当。 据外媒报道，平头哥研发的第一代 PPU 性能可匹敌英伟达畅销的 H20，而升级版的 PPU 性能则比英伟达 A100 更强。 因性能优异稳定、性价比突出，平头哥 PPU ...

Core Viewpoint - The Hang Seng Index closed at 26,749.51 points, up 0.45%, while the Hang Seng Tech Index closed at 5,798.01 points, up 0.62% [1] Group 1: Stock Performance - Gold stocks led the gains, with Zijin Mining International rising over 8% and Chifeng Jilong Gold Mining increasing over 7% [1] - Commercial aerospace concept stocks were active, with Junda Co., Ltd. surging over 51% and Asia-Pacific Satellite rising over 14% [1] - Most technology stocks saw increases, with Xiaomi Group up 2.84%, Alibaba up 2.25%, and JD Group up 0.79% [1]