来源：中国企业家杂志 文｜《中国企业家》记者 邓双琳 编辑｜何伊凡 见习编辑｜李原 头图来源｜受访者 这或许是阿里历史上，最重要、也最价值连城的一次云栖大会。 9月24日，阿里巴巴集团CEO、阿里云智能集团董事长兼CEO吴泳铭在2025年云栖大会上发表演讲。执 掌阿里两年多，他此前只有寥寥几次公开亮相，演讲风格也言简意赅。 这次却不同寻常，吴泳铭足足讲了22分钟。据阿里工作人员透露，从来只使用文稿的吴泳铭，专门为此 做了PPT。 开门见山，吴泳铭便抛出了一个关键论断："通用人工智能AGI并非AI发展的终点，而是全新的起点。 AI不会止步于AGI，它将迈向超越人类智能、能够自我迭代进化的超级人工智能（ASI）。" 当各家科技公司还在"通用人工智能"（AGI）道路上苦苦求索、争论不休时，吴泳铭已对下一程"超级 人工智能"（ASI）打开畅想，其意在展露阿里对AI长期投入的决心。 吴泳铭同时宣布了阿里云的新定位——做全球领先的"全栈人工智能服务商"。阿里AI相关业务负责人会 后向《中国企业家》表示：这个定义十分重要，意味着"云"已不再是阿里云的关键逻辑。"未来阿里是 因为要提供AI，才需要提供云。" 演讲中，吴泳铭还 ...

Core Viewpoint - The realization of Artificial General Intelligence (AGI) is seen as a certainty, with the ultimate goal being the development of Super Artificial Intelligence (ASI) that can self-iterate and surpass human capabilities [1] Group 1: Company Developments - Alibaba Group's CEO, Wu Yongming, emphasized the importance of AGI and ASI during his keynote speech at the Yunqi Conference in Hangzhou [1] - Tongyi Qianwen and Tonghu Technology (688039.SH) are collaborating on a large model foundation to enhance capabilities in intelligent editing and multi-modal generation [1] - A partnership agreement has been signed between Tonghu Technology and Alibaba Cloud to deepen cooperation on large model foundations, aiming for breakthroughs in AI multi-modal and spatial intelligence technologies [1]

Investment Rating - The investment rating for Alibaba (BABA US) is "Buy" with a target price of $200.00, indicating a potential upside of 13.4% from the current price of $176.44 [1][2][11]. Core Insights - Alibaba is actively expanding its AI capabilities, showcasing a comprehensive AI stack at the Yunqi Conference, including flagship models and high-density AI servers. The company is also investing heavily in AI infrastructure, with plans to enhance its global data center energy efficiency by tenfold by 2032 [7]. - The report highlights Alibaba's strong revenue growth projections, with expected revenues of RMB 996,347 million in 2025, representing a year-on-year growth of 5.9% [6][12]. - The company's net profit is projected to be RMB 158,122 million in 2025, with a slight increase from the previous year, and a Non-GAAP net profit of RMB 158,122 million is also anticipated [6][12]. Financial Overview - The market capitalization of Alibaba is approximately $395.48 billion, with a year-to-date stock price increase of 108.09% [4]. - The report provides a detailed financial outlook, including projected revenues and net profits for the next five years, indicating a steady growth trajectory [6][12]. - Key financial metrics include a projected P/E ratio of 19.2 for 2025 and an expected EPS of RMB 65.30 [6][12]. Stock Performance - Alibaba's stock has shown significant performance, with a 51% increase in price this month alone, reflecting strong market sentiment [7]. - The stock's 52-week high is $176.44, while the low is $80.53, indicating substantial volatility and recovery in its stock price [4]. Valuation and Outlook - The report suggests that Alibaba's valuation is attractive, with a target price adjustment based on a sum-of-the-parts (SOTP) analysis, reflecting the company's diverse business segments [7]. - The anticipated growth in AI applications and infrastructure is expected to drive further stock appreciation and market confidence in Alibaba's long-term prospects [7].

今日焦点 | 阿里巴巴 | | BABA US | | --- | --- | --- | | 云栖大会：从芯片算力到应用服务，阿里 | AI 全 | 评级: 买入 | | 栈式布局 | | | | 收盘价: 美元 176.44 | 目标价: 美元 200.00↑ | 潜在涨幅: +13.4% | | 谷馨瑜,CPA | connie.gu@bocomgroup.com | | 阿里云栖大会 9 月 24 日召开，发布多款模型，包括 Qwen3-Max（万亿参 数）、视觉语言模型 Qwen3-VL、全模态模型 Qwen3-Omni，并展示了 AI 技术突破与生态布局。 交银国际研究 每日晨报 2025 年 9 月 25 日 阿里巴巴集团 CEO、阿里云集团董事长/CEO 吴泳铭在演讲中判断 AI 发展 方向：1）未来五年全球 AI 投资额将累计超 4 万亿美元。通用人工智能 AGI 带来的智能化革命将进一步升级，为超级人工智能 ASI 做准备。2） 预计大模型将是下一代操作系统，而超级 AI 云是下一代计算机。 估值与展望：阿里也在积极推进此前 3800 亿元 AI 基础设施建设，并计划 追加投资，预计到 2 ...

Core Insights - Alibaba is heavily investing in AI strategy, leading to a significant increase in its stock price, reaching a three-year high with a market capitalization of HKD 3.32 trillion as of September 24 [1] - The company has restarted its partnership with Cathie Wood's fund for the first time in four years, indicating renewed investor interest [1] - Alibaba's collaboration with NVIDIA aims to enhance its AI capabilities, particularly in Physical AI, which extends AI technology into the physical world [3] Group 1: AI Strategy and Investment - Alibaba's CEO outlined a three-phase evolution towards Super AI (ASI), emphasizing the importance of AI's self-iteration capabilities [2] - The company is committed to a three-year investment plan of CNY 380 billion for AI infrastructure, with a tenfold increase in global data center energy consumption expected by 2032 [2] - Alibaba Cloud aims to be a "full-stack AI service provider," focusing on open-source initiatives and building a next-generation AI cloud [2] Group 2: Product Development and Innovation - Alibaba Cloud launched seven new large models covering language, vision, speech, and multimodal technologies, marking a significant step in AI foundational model development [4] - The flagship model Qwen3-Max was introduced, outperforming competitors like GPT-5 and Claude Opus 4, indicating Alibaba's strong position in AI model performance [4] - The company is expanding its global infrastructure with new cloud computing nodes in Brazil, France, and the Netherlands, alongside data center expansions in several countries [4][5] Group 3: Competitive Landscape - Alibaba Cloud is one of the few companies capable of full-stack self-research in both large models and cloud computing, highlighting its unique competitive advantage [5] - The focus on rapid iteration and innovation in AI models is seen as crucial for maintaining a competitive edge in the industry [5]

Market News - US stock indices collectively declined, with the Dow Jones down 0.37%, Nasdaq down 0.33%, and S&P 500 down 0.28%. Notable tech stocks had mixed performances, with Intel rising over 6% due to news of seeking investment from Apple, while Tesla increased nearly 4%. Chinese concept stocks saw gains, with the Nasdaq Golden Dragon China Index up 2.83% [1] - International precious metal futures generally fell, with COMEX gold futures down 1.24% at $3768.5 per ounce and COMEX silver futures down 1.11% at $44.115 per ounce. In contrast, international oil prices surged, with WTI crude oil up 2.21% and Brent crude oil up 2.02% at $68.32 per barrel [1] Industry Insights - Alibaba announced a collaboration with Nvidia for Physical AI, focusing on data synthesis, model training, and environment simulation. Alibaba's CEO stated that achieving AGI is a certainty, with a long-term goal of developing ASI. The company is investing 380 billion yuan in AI infrastructure over three years, expecting a tenfold increase in energy consumption by 2032 compared to 2022 [2] - The Chinese government is supporting the establishment of international data service businesses in specific regions, which is expected to increase demand for AI storage. Cloud service providers are projected to raise capital expenditures by $18 billion in FY2025, boosting AI storage needs [3] - The Beidou satellite navigation and positioning service industry is projected to reach a total output value of 575.8 billion yuan by 2024, with expectations of over 400 million new Beidou-supported devices by the end of 2028 [3] - The commercial space industry in China is expected to see explosive growth, with market size projected to increase from 9.2 billion yuan in 2020 to 310 billion yuan by 2024, reflecting a compound annual growth rate exceeding 100% [4] - The first Medical Artificial Intelligence Conference (MAIC2025) will focus on AI applications in healthcare, highlighting the transformative impact of AI technologies in the medical field [5] - The Chinese government is actively promoting AI in healthcare through various initiatives, including the establishment of innovation funds and the development of high-quality data sets for AI applications [6]

Group 1 - Alibaba plans to invest 380 billion yuan in cloud and AI infrastructure over the next three years, exceeding the total investment of the past decade [1][2] - Alibaba's CEO, Wu Yongming, stated that large models will serve as the next generation operating system, with the ultimate goal of developing super artificial intelligence (ASI) that can self-iterate and surpass human intelligence [1][2] - The evolution towards ASI will occur in three stages: emergence of intelligence, autonomous action, and self-iteration, with the current stage being autonomous action [1][2] Group 2 - Alibaba Cloud aims to be a "full-stack AI service provider" by following two core paths: open-source development and building a super AI cloud as the next generation computer [2] - The company is developing a new AI supercomputer that integrates leading AI infrastructure and models to ensure maximum efficiency in calling and training large models [2] - By 2032, the energy consumption of Alibaba Cloud's global data centers is expected to increase tenfold compared to 2022, in preparation for the ASI era [2] Group 3 - Alibaba Cloud and NVIDIA have announced a collaboration in the field of physical AI, integrating NVIDIA's Physical AI software stack into Alibaba's AI platform [3] - This partnership will provide enterprises with a full-chain platform service, including data preprocessing, simulation data generation, model training evaluation, and reinforcement learning [3]

Group 1: Alibaba and AI Developments - Alibaba announced a collaboration with NVIDIA for Physical AI, covering data synthesis, model training, environment simulation, and model validation [1] - Alibaba's CEO stated that achieving Artificial General Intelligence (AGI) is a certainty, with the ultimate goal being the development of Super Artificial Intelligence (ASI) [1] - Alibaba is investing 380 billion yuan in AI infrastructure over three years, with plans for further investments [1] Group 2: Data Centers and Cloud Computing - Eight government departments, including the Ministry of Commerce, issued policies to support the establishment of international data centers and cloud computing centers in free trade zones [2] - The initiative aims to meet the needs of service trade's new business models and provide data processing services to various enterprises [2] Group 3: AI Model Launch - Alibaba released the Qwen3-Omni series, a multimodal pre-trained model that excels in audio and video tasks, achieving state-of-the-art results in 22 out of 36 benchmarks [3] - The model can process multimodal inputs and outputs, maintaining stable performance in text and image tasks [3] Group 4: Beidou Industry Growth - The China Academy of Information and Communications Technology predicts that by the end of 2028, the number of new Beidou-supported terminals and devices will exceed 400 million [4] - The overall output value of the Beidou satellite navigation and positioning service industry is expected to reach 575.8 billion yuan in 2024 [4] Group 5: Emerging Markets Investment - HSBC's survey indicates that over 60% of global institutional investors believe emerging market stocks will outperform developed markets, with China being the top choice for investment [5] - The percentage of investors optimistic about the Chinese stock market has increased from about one-third in June to over half [5] Group 6: Cement and Glass Industry Regulations - Six government departments issued a plan prohibiting the addition of new cement clinker and flat glass production capacity, requiring capacity replacement plans for new and renovated projects [6] - The plan encourages leading companies to explore green low-carbon transformation funds to expedite the exit of inefficient capacity [6] Group 7: Quantum Computing Advancements - GuoShun Quantum announced the delivery of the highest qubit superconducting quantum computer in China, contributing to the "Zu Chongzhi" series of research tasks [7] - The company emphasizes the importance of reducing qubit control error rates and increasing the number of qubits for practical quantum computing [7] Group 8: Advanced Materials Promotion - The Ministry of Industry and Information Technology is promoting the application of advanced ceramics and flexible glass in new displays and integrated circuits [8] - The plan supports the establishment of cooperation mechanisms between inorganic non-metallic material producers and their supply chains [8] Group 9: AI Industry Growth - The China Academy of Information and Communications Technology estimates that the AI industry in China will exceed 900 billion yuan in 2024, with a year-on-year growth of 24% [9] - As of September 2025, there are over 5,300 AI companies in China, accounting for 15% of the global total [9] Group 10: Medical Device Innovation - The National Healthcare Security Administration is collecting information on innovative medical consumables, including brain-computer interfaces and surgical robots [10] - The initiative aims to optimize the classification system for medical consumables and support timely coding after product approval [10]

Core Insights - The CEO of Alibaba Group, Wu Yongming, stated that achieving Artificial General Intelligence (AGI) is a certainty, marking the beginning of a journey towards Super Artificial Intelligence (ASI) that can self-iterate and surpass human capabilities [3][8]. Phase Development - The path to ASI consists of three stages: 1. **Emergence of Intelligence**: AI learns from vast human knowledge to develop generalized intelligence [4][10]. 2. **Autonomous Action**: AI gains the ability to use tools and programming to assist humans, which is the current stage of the industry [5][11]. 3. **Self-Iteration**: AI connects with the physical world to achieve self-learning, ultimately surpassing human intelligence [6][13]. Strategic Pathways - Alibaba Cloud aims to be a "full-stack AI service provider" through two core strategies: 1. **Open Source Development**: Committed to creating an "Android of the AI era" with its Tongyi Qianwen initiative [6][19]. 2. **Super AI Cloud**: Building a next-generation computing platform to provide global intelligent computing power [20][22]. Infrastructure Investment - Alibaba is actively pursuing a three-year plan to invest 380 billion yuan in AI infrastructure, with plans for even greater future investments [6][23]. - By 2032, the energy consumption of Alibaba Cloud's global data centers is projected to increase tenfold compared to 2022 [6][23]. AI Industry Growth - The global AI industry has seen investments exceeding $400 billion in the past year, with projections of over $4 trillion in cumulative investments over the next five years [7][8]. - The rapid advancement of AI capabilities is expected to drive significant changes across various sectors, including logistics, manufacturing, software, and healthcare [11][12]. Future Collaboration - The emergence of ASI is anticipated to create a new collaborative relationship between humans and AI, enhancing productivity and unlocking new demands in the economy [26][27]. - AI is expected to become the core driver of the next intelligent revolution, reshaping infrastructure, software, and application systems [27].

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 9月24日消息， 今天，阿里巴巴港股爆发，大涨近9%，最新市值来到3.3万亿港元，续创4年 来新高。 据了解，在今天举办的2025阿里云栖大会上， 阿里巴巴正式宣布与英伟达开展Physical AI 合作。 此次合作覆盖了Physical AI的实践的各个方面，包括数据的合成处理，模型的训练，环境仿 真强化学习以及模型验证测试等。 此外， 阿里巴巴集团CEO吴泳铭还发话：阿里云要做AI时代的安卓。 他认为实现通用人工智能AGI（通用人工智能）已是确定性事件，但这只是起点，终极目标是 发展出能自我迭代、全面超越人类的超级人工智能ASI。 未来，阿里云将通过两大核心路径实施AI战略：第一，通义千问坚定开源开放路线，致力于打 造"AI时代的安卓"；其二，构建作为"下一代计算机"的超级AI云，为全球提供智能算力网 2025 湾区半导体产业生态博览会 (深圳) 湾 武展 WESEMIBAY 简简： 2017年 您 : 痞 : 2025.10.15 10.17 深圳会展中心(福田) 展览面积 60000 m² ...