中信证券：维持阿里巴巴“买入”评级 预计围绕“消费+AI”战略持续投入

Core Insights - During the Spring Festival, Alibaba made significant advancements in the AI sector, with simultaneous upgrades in models and applications, further strengthening its full-stack AI layout [1] Model Development - On February 16, the company 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, laying a foundational capability for future Agent applications [1] Application Expansion - The company launched a 3 billion yuan "Spring Festival Hospitality Plan," achieving over 10 million orders in just 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 marks a transition from a dialogue tool to a fulfillment assistant [1] Strategic Outlook - The company is expected to continue investing in the "Consumption + AI" strategy, driving core business growth [1] - The firm maintains a positive outlook on Alibaba as a unique asset in the full-stack AI space, affirming its long-term investment value and maintaining a "Buy" rating for both Hong Kong and US stocks [1]