BABA(US:BABA) First Shanghai Securities·2025-10-10 10:51Investment Rating - The report assigns a "Buy" rating to multiple companies within the industry, including Alibaba, Tencent, Meituan, and ByteDance, indicating a positive outlook for their stock performance [12]. Core Insights - The report highlights the rapid user growth of Alibaba's Gaode Map, which reached over 400 million users in just 23 days after launching the "Gaode Street Ranking" feature, significantly boosting offline consumption [4][5]. - Tencent's Mixuan Image 3.0 has been recognized as the top model in the global text-to-image generation field, outperforming competitors like Google and OpenAI, showcasing Tencent's strength in multi-modal AI [6]. - ByteDance is restructuring its AI division to focus on key products and enhance resource allocation, indicating a strategic shift towards real-world applications of AI technology [7]. - Meituan's drone delivery service has completed over 600,000 orders in five years, with a significant reduction in delivery costs by 75% to 90%, marking a shift towards efficiency-driven competition in the food delivery sector [10][11]. Summary by Sections Alibaba - Gaode Map's "Street Ranking" feature achieved over 400 million users in 23 days, enhancing offline consumption and driving significant traffic to local businesses [4][5]. Tencent - Mixuan Image 3.0 ranked first in the LMArena global evaluation, solidifying Tencent's leadership in the multi-modal AI space [6]. ByteDance - Organizational changes in ByteDance's AI division reflect a focus on consolidating resources and prioritizing key products, emphasizing the importance of real-world applications [7]. Meituan - The launch of Meituan's drone delivery service has led to a milestone of over 600,000 orders, with operational costs significantly reduced, showcasing advancements in delivery efficiency [10][11].