新浪财经·2026-01-27 12:07Core Viewpoint - The article discusses the evolution of the capital market's pricing logic for Chinese tech assets, particularly focusing on Alibaba's advancements in AI technology and its implications for market perception and valuation [6][7][13]. Group 1: AI Model Advancements - The release of Qwen3-Max-Thinking marks a significant breakthrough, outperforming global models like GPT-5.2 and Gemini 3 Pro in various evaluations, indicating a leap in performance for domestic AI models [8][10]. - The model's innovative "Test-time Scaling" mechanism allows for more efficient reasoning and self-iteration, enhancing its ability to produce intelligent results [9][19]. - Qwen3-Max-Thinking's capabilities include native agent abilities, enabling it to autonomously utilize tools and adjust its actions based on feedback, which enhances reliability for enterprise applications [20]. Group 2: Market Dynamics and Revaluation - The initial market reaction to Chinese AI advancements was characterized as "emotional repair," with investors hesitant to fully embrace the potential for leadership in AI [7][13]. - As technological gaps close, the revaluation of Alibaba's AI capabilities is becoming a matter of "when" rather than "if" [13]. - The shift from a focus on computational power to intelligent reasoning represents a new growth curve for the AI industry, necessitated by the limitations of previous scaling methods [15][17]. Group 3: Open Source and Global Positioning - The Qwen series has established dominance in the open-source AI ecosystem, surpassing Meta's Llama series with over 200,000 derivative models and 1 billion downloads [22][23]. - China's share of global open-source AI model adoption has risen to 17.1%, overtaking the U.S. for the first time, reflecting a significant shift in the geopolitical landscape of AI [25]. - Notably, even Silicon Valley companies are adopting techniques from Qwen, indicating its competitive edge in specific capabilities [26][27]. Group 4: Comprehensive AI Strategy - Alibaba is uniquely positioned as one of the few companies globally with a complete stack of AI capabilities, integrating computing power, model development, and application [31]. - The company has made significant investments in hardware and infrastructure, with plans to allocate over 380 billion yuan for cloud and AI hardware over the next three years [34]. - The Qwen APP has demonstrated commercial potential by evolving from a simple chatbot to a comprehensive AI capable of executing complex tasks, thus expanding the monetization opportunities in AI [34].