Ge Long Hui A P P·2025-12-03 00:32Core Viewpoint - Alibaba is leveraging the Qwen large model foundation to achieve comprehensive business transformation, accelerating the construction of its B-end ecosystem barriers through an open-source strategy and strong performance [1] Group 1: Business Transformation - The company is significantly increasing capital expenditure to meet strong computing power demand, with cloud revenue continuing to grow rapidly, validating the closed-loop logic of "infrastructure investment - technology iteration - commercial monetization" [1] Group 2: Investment Opportunities - Attention is recommended on 1) Alibaba ecosystem players; 2) Pre-AI revenue, particularly in OA and ERP segments; 3) Faster AI revenue in certain vertical scenarios, focusing on cost reduction through AI-coding and multimodal approaches [1][1] - Local inference is gradually increasing in volume, and edge-side AI is also gaining traction [1]