债券笔记·2026-02-09 10:31Core Viewpoint - Alibaba's 30 billion yuan promotional campaign is a strategic investment aimed at long-term returns rather than a mere expense, designed to attract new users and enhance AI capabilities [3][5]. Group 1: Promotional Strategy - The 30 billion yuan initiative is likened to a restaurant's free trial period, intended to lower the barrier for users to experience the AI service, thus attracting a larger customer base [3]. - The campaign generated over 10 million orders within 9 hours, showcasing its immediate impact and user engagement [2][4]. Group 2: AI Development - The orders placed through the AI service serve as practice for the AI, allowing it to learn and improve its functionality, which is more effective than artificial training methods [4]. - Accumulating millions of orders will enable the AI to handle more complex tasks in the future, enhancing user experience and increasing the likelihood of continued usage [4]. Group 3: Competitive Positioning - The promotional effort is seen as a way to secure a competitive edge in the AI market, similar to how ride-hailing services used subsidies to gain market share [4]. - Alibaba's comprehensive ecosystem allows the AI service to integrate with various platforms, providing a unique advantage over competitors that offer more limited functionalities [4]. Group 4: Long-term Investment Logic - The 30 billion yuan is characterized as "seed money," with the expectation of significant returns in the future, akin to planting seeds for future harvests [5]. - The initiative is expected to create a positive feedback loop where increased user engagement leads to smarter AI, which in turn attracts more users, solidifying Alibaba's position in the AI landscape [5].