申万宏源证券晨会报告-20260115

Core Insights - The report highlights the emergence of AI search as a transformative force in information acquisition, leading to a shift from traditional search engines to AI-driven platforms, with GEO (Generative Engine Optimization) establishing a new marketing paradigm for businesses [2][12] - Alibaba is positioned as a potential leader in this new landscape, leveraging its advanced AI models and extensive consumer ecosystem to enhance user experience and integrate marketing strategies effectively [2][12] Industry Overview - The report discusses the decline in traditional search engine usage and the rapid growth of AI search users, indicating a significant change in how consumers access information [2][12] - GEO represents a departure from traditional SEO, focusing on influencing AI models rather than just user behavior, which allows businesses to optimize their content for better visibility in AI-generated responses [2][12] - The global GEO market is projected to exceed $12 billion by 2025, with a compound annual growth rate (CAGR) of 145%, indicating robust growth potential in the coming years [12] Company Analysis - Alibaba's integration of its proprietary AI model with its e-commerce ecosystem is expected to create a seamless experience for users, enhancing both consumer engagement and merchant application of GEO strategies [2][12] - The report emphasizes that Alibaba's capabilities in AI and its comprehensive consumer ecosystem position it favorably to capitalize on the shift towards AI-driven marketing [2][12] Market Trends - The report notes that the demand for AI search is reshaping competitive dynamics, moving from click-based competition to a focus on citation and recommendation within AI frameworks [2][12] - The increasing importance of AI in marketing strategies is underscored, with businesses needing to adapt to this new environment to maintain competitive advantages [2][12]