智通财经网·2026-02-23 02:39Core Viewpoint - During the Spring Festival, Alibaba (09988, BABA.US) intensified its activities in the AI sector, advancing model upgrades and application rollouts, thereby strengthening its full-stack AI layout [1] Group 1: Model and Technology Advancements - On the eve of the Spring Festival, Alibaba released Qwen3.5-Plus, featuring a mixed MoE sparse architecture with a total of 397 billion parameters and 17 billion active parameters, achieving a 60% reduction in memory usage while increasing inference throughput by up to 19 times [1] - The API pricing is set at 0.8 yuan per million tokens, balancing performance and cost efficiency, which lays a foundational capability for future Agent applications [1] Group 2: Application and Market Performance - The company launched a 3 billion yuan "Spring Festival Treat Plan," resulting in over 10 million orders within 9 hours and a total of 120 million AI shopping orders, with daily active users reaching 73.52 million [1] - The integration into the core ecosystem signifies a transition from a dialogue tool to a fulfillable assistant, showcasing the company's commitment to enhancing user experience [1] Group 3: Strategic Outlook - The firm anticipates that Alibaba will continue to invest around the "consumption + AI" strategy, driving sustained growth in its core business [1] - The company is viewed as a unique asset in the full-stack AI space in China, with long-term investment value, maintaining a "buy" rating for both its Hong Kong and US stocks [1]