Teamsun(SH:600410) Xin Lang Cai Jing·2025-11-18 02:58Group 1 - The core viewpoint of the news is the significant rise in the computing power sector, particularly highlighted by the performance of the cloud computing ETF, Huatai-PineBridge (159273), which surged by 2% with a trading volume exceeding 20 million yuan [1] - Notable stocks within the ETF include Huasheng Tiancheng, which hit the daily limit, and Xinyisheng, which rose over 3%, while Alibaba-W and Unisoc both increased by over 2% [1] - The trading activity indicates a strong interest in the cloud computing sector, with the ETF's trading volume surpassing that of the previous day [1] Group 2 - Alibaba has launched the "Qianwen" project, a public beta version of its app, which is based on the open-source model Qwen3, aiming to compete in the personal AI assistant market against ChatGPT [3] - The app is positioned to integrate various life scenarios and will gradually add AI functionalities to enhance shopping experiences on platforms like Taobao [3] - The international version of the Qianwen app is also in development, leveraging the Qwen model's influence to attract overseas users [3] Group 3 - CITIC Securities emphasizes that the singularity of the multimodal industry lies in understanding rather than generation, with mainstream models shifting from "modular" to "native multimodal" architectures [4] - This shift raises the barrier for building foundational models, allowing major players like OpenAI and Google to create vertically integrated ecosystems [4] - The report suggests focusing on both foundational and application layers, recommending attention to the inference computing power supply chain and vertical application opportunities [4]