国泰海通证券研究·2025-11-14 08:37Core Viewpoint - Alibaba's launch of the Qianwen project aims to accelerate the domestic AI ecosystem's commercial closure, with domestic computing power expected to benefit significantly [1][3]. Group 1: Project Overview - Alibaba has initiated the Qianwen project, planning to develop the Qianwen App based on the Qwen model, directly competing with ChatGPT [2][3]. - An international version of the Qianwen App is also under development, targeting global markets and leveraging the Qwen model's influence to compete for overseas users [2]. Group 2: Market Impact - The Qianwen App is expected to integrate features from platforms like Taobao, enhancing user experience and increasing AI penetration and usage frequency [3]. - If the Qianwen App's agent performance is outstanding, it could lead to high user engagement, allowing Alibaba to monetize through subscriptions and share traffic with other application developers, thus accelerating the profitability cycle for large model vendors [3]. Group 3: Catalysts - The performance of the Qianwen agent function is identified as a key catalyst for the project's success [4].