商贸零售行业周报：全球大模型能力再升级，阿里持续加码全栈AI能力-20251201

Investment Rating - The report maintains a positive outlook on the e-commerce sector, particularly focusing on companies like Alibaba, JD.com, Meituan, and Pinduoduo, which are expected to benefit from advancements in AI technology and the growth of instant retail [4][11]. Core Insights - The report highlights the significant performance upgrade of Google's Gemini 3 model, which shows improvements in mathematical reasoning, code generation, and cross-modal understanding, marking a shift from "scale competition" to "execution capability competition" in AI technology [4][7]. - Alibaba's integration of its AI product ecosystem under the "Qwen" brand has led to the rapid growth of the Qwen App, which achieved over 10 million downloads in its first week, indicating strong potential in the consumer AI market [4][16]. - The report emphasizes the transition of AI image capabilities from consumer entertainment to business production, suggesting a structural reduction in costs and increased efficiency in global retail marketing systems [11][9]. Market Performance Overview - During the period from November 24 to November 28, 2025, the commerce retail index increased by 3.45%, outperforming the CSI 300 index by 1.81 percentage points, ranking 9th among Shenwan's primary industries [4][25]. - The social services index rose by 3.92%, also surpassing the CSI 300 index by 2.28 percentage points, ranking 6th among Shenwan's primary industries [4][25]. Company Updates - The report notes that Alibaba's Qwen App has been positioned as an "AI super entrance" for consumer-facing applications, integrating various high-frequency scenarios within Alibaba's ecosystem, including maps, shopping, and payment services [22][16]. - The report also mentions significant stock performance within the commerce retail sector, with notable gains for companies such as Maoye Commercial (+51.11%) and Guangbai Co. (+18.72%) during the specified week [31][38]. Industry Developments - The report discusses the launch of Alibaba's cross-border e-commerce AI assistant "Ao Xia," which aims to provide a one-stop service for cross-border entrepreneurs, enhancing product selection and communication efficiency [45][43]. - It highlights the ongoing trend of AI technology application in various sectors, indicating a shift towards practical implementations that enhance operational efficiency and user engagement [4][11].