BABA(US:BABA) Changjiang Securities·2025-09-21 02:25Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Insights - The first deep research Agent model, DeepResearch, was officially released on September 17, 2025, achieving state-of-the-art (SOTA) results on multiple authoritative evaluation sets with a lightweight 30B-A3B model [2][5]. - The investment logic surrounding Agents is continuously strengthening, with accelerated domestic Agent capability iterations and the initiation of AI application monetization, leading to a positive outlook on Agent commercialization and investment opportunities [2][10]. - Key areas to focus on include: 1) AI Infrastructure; 2) AI Agent-related companies; 3) China's reasoning computing power supply chain; 4) CSP companies driven by reasoning demand; 5) IDC, particularly those collaborating with major firms like Alibaba [2][10]. Summary by Sections Event Description - The DeepResearch model was released with comprehensive open-source capabilities, achieving SOTA scores in various evaluations [5]. Event Commentary - The model's capabilities have transitioned from basic interactions to producing reproducible research reports and decision recommendations, with significant performance improvements over previous models [10]. - The report highlights the innovative end-to-end solution established from incremental pre-training to reinforcement learning, enhancing the model's training and application capabilities [10]. - Commercial applications are already being validated in Alibaba's ecosystem, with potential future applications across various sectors including enterprise strategy, legal compliance, and education [10]. Future Outlook - Continuous monitoring of subsequent releases and application implementations from the company is recommended, as the team is strategically positioning itself to reshape the competitive landscape [10].