浙商证券：大语言模型技术红利驱动新一轮增长 电商平台正迎双重红利期

Group 1 - The core viewpoint is that the integration of AI and e-commerce is transitioning from "discriminative recommendation" to "generative recommendation (GR)", driven by the technological advantages of large language models (LLMs) [1] - The industry is overcoming the limitations of traditional deep learning recommendation models (DLRMs) through the validation of Scaling Law, leading to improved user retention and advertising conversion rates (CTR) on e-commerce platforms [1] - Generative recommendation engines utilize LLMs for matching a vast array of products, significantly enhancing recommendation effectiveness, as demonstrated by Alibaba's introduction of a large user model (LUM) [1] Group 2 - The Qianwen APP has rapidly increased its monthly active users (MAU), surpassing 100 million by January 14, 2026, and is expected to leverage Alibaba's ecosystem for further growth [2] - The AI shopping assistant Rufus from Amazon has transformed traditional search methods, allowing users to ask questions in natural language for product comparisons and recommendations, indicating a shift in e-commerce traffic entry and distribution mechanisms [2] Group 3 - Alibaba-W (09988) is a key recommendation, with additional focus on industry chain targets such as Focus Media (002027.SZ), Worth Buying (300785.SZ), and others [3]