行业点评报告：大模型发展重视投入效率及商业化落地，C端入口争夺白热化

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The development of large models emphasizes input efficiency and commercialization, with intense competition for consumer-facing entry points [1] - The new model "Qwen3.5-Plus" from Qianwen significantly enhances inference efficiency and integrates with Alibaba's ecosystem, potentially increasing traffic and order volume for downstream service providers [2] - During the Spring Festival, AI applications saw a surge in daily active users (DAU), with Qianwen reaching 73.52 million DAU, indicating a competitive landscape for consumer traffic [2] Summary by Sections - AI Application C-end Positioning: Qianwen's DAU increased significantly during the Spring Festival, leveraging red envelope activities to capture consumer traffic. Qianwen leads with 3 billion yuan in revenue, while competitors like Doubao and Tencent's Yuanbao also show strong user engagement [2] - Industry Trends: Since 2025, the large model industry has shifted towards emphasizing inference and multimodal capabilities, focusing on commercial viability and ROI. Recent developments include significant price adjustments and performance improvements from companies like Zhipu and MiniMax [2] - Recommended Stocks: The report suggests investing in Alibaba, with additional attention to companies like Cao Cao Travel, SF Express, Damai Entertainment, Focus Media, and Bilibili-W [2]