BABA(US:BABA) Xin Lang Cai Jing·2025-11-18 02:58Group 1 - The core viewpoint of the news highlights the significant growth and interest in artificial intelligence (AI) investments, particularly through the performance of the AI ETF and the launch of new AI applications by major companies like Alibaba and Ant Group [1][2]. - As of November 18, 2025, the CSI Artificial Intelligence Theme Index rose by 1.19%, and the AI ETF (159819) increased by 1.28%, with a trading volume of 380 million yuan [1]. - Over the past three months, the AI ETF (159819) has seen a substantial growth of 6.086 billion yuan, and in the last two weeks, its shares increased by 378 million [1]. Group 2 - The AI ETF (159819) experienced net inflows of 278 million yuan over three of the last five trading days, indicating strong investor interest [1]. - On November 17, Alibaba launched the public beta version of the Qianwen APP, which is based on its self-developed Qwen3 model, marking a significant entry into the consumer AI assistant market [1]. - Ant Group introduced the "Lingguang" AI assistant on November 18, which is the first multi-modal AI assistant capable of generating applications in natural language within 30 seconds, showcasing advancements in AI capabilities [1][2]. Group 3 - Citic Securities believes that the singularity of the multi-modal industry lies in the understanding rather than the generation aspect, with mainstream models shifting from "modular" to "native multi-modal" architectures [2]. - This shift raises the barrier for building foundational models, allowing major players like OpenAI and Google to create vertically integrated ecosystems [2]. - The transition also opens up commercial value for companies focused on specific applications and technology empowerment, leading to diversified applications breaking through [2].