Core Insights - The core focus of the articles is the competition between Alibaba and JD.com in the AI sector, highlighting their respective strategies and investments in AI technologies and applications [2][3][9]. Group 1: Company Strategies - JD.com aims to invest in AI to create a trillion-scale ecosystem over the next three years, with a cumulative R&D investment exceeding 150 billion yuan since its technological transformation began in 2017 [2]. - Alibaba is increasing its capital expenditure to 380 billion yuan, focusing on developing Super AI (ASI) and positioning its model as the Android of the AI era [2][9]. - JD.com emphasizes sustainable AI development that creates real value for industries, rather than merely pursuing operational efficiency [3][11]. Group 2: AI Product Development - JD.com introduced new AI products under the JoyAI brand, including "京犀," "他她它," and "JoyInside," targeting applications in retail, health, logistics, and industrial sectors [2][11]. - JD's open-source model inference engine, Oxygent-9N-xLLM, has reportedly improved efficiency by five times and reduced costs by 90% in its retail operations [3]. - Alibaba's "通义千问" has released over 300 models, achieving over 600 million downloads globally, making it the largest open-source model matrix [9][10]. Group 3: Market Trends and Investment - The global AI industry has seen over 400 billion dollars in investments in the past year, with projections of over 4 trillion dollars in cumulative investments over the next five years [9]. - The market capitalization of major U.S. tech companies has increased by 10.9 trillion dollars since the launch of ChatGPT, with Nvidia's valuation rising by 3.9 trillion dollars [5]. - The competition between Alibaba and JD.com is intensifying as both companies seek to leverage their existing user bases and traffic from the mobile internet era to innovate in AI applications [9][16]. Group 4: Technological Advancements - JD.com's JoyAI model has achieved a performance improvement of 1.8 times and ranks second globally in a benchmark evaluation for large models [12]. - The concept of "embodied intelligence" is being explored by JD.com, aiming to integrate AI with robotics for practical applications in daily life [13][17]. - JD.com is focusing on transforming its supply chain through AI, aiming to unlock more value in the AI era [10][11].

9月24日，花旗发布关于阿里巴巴集团控股的研究报告，报告指出， 阿里巴巴正推动AI革命由通用人工智能（AGI）向超级人工智能 （ASI）转型 。基于估值模型，花旗维持阿里巴巴 "买入" 评级，美股目标价187美元、港股目标价183港元。 点击蓝字，关注我们 一、核心战略：锚定超级人工智能（ASI）加码全球数据中心 阿里巴巴 CEO 吴泳铭在云栖大会上明确 ASI 发展路径，提出从互联网时代迈向 ASI 需经历三大阶段：第一阶段 "涌现智能"，AI 向 人类学习；第二阶段 "AI 代理"，AI 辅助人类；第三阶段 "AI 自我提升"，AI 超越人类。为支撑这一转型，阿里巴巴制定两大关键举措： 二、AI 与云深度融合：全栈产品矩阵升级落地 阿里云 CTO 周靖人表示，大模型与云计算的融合将成为核心竞争力，本次大会集中发布五大类产品升级，强化全栈服务能力： 1. 通义千问：全球最大模型家族 作为当前全球规模最大的模型家族，通义千问已服务超 100 万企业客户，拥有 300 余个开源模型、17 万余个衍生模型及超 6 亿次下载 量。本次更新推出参数超 1 万亿的旗舰模型 Qwen3-Max，强化代理编程与工具调度能力 ...

Core Viewpoint - The stock of HuTongDa Network (09878) has seen a significant increase, attributed to Alibaba's announcement of its AI strategy and the strategic partnership between HuTongDa and Alibaba Cloud to enhance AI capabilities in the retail market [1] Group 1: Company Developments - HuTongDa Network's stock rose over 8% during trading, currently at 15.36 HKD with a trading volume of 25.5 million HKD [1] - The company has entered a comprehensive cooperation with Alibaba Cloud, focusing on the construction of intelligent agent matrices and the exploration of data asset value [1] - HuTongDa has launched the "QianCheng Cloud AI Intelligent Model" and plans to deploy over 13 AI agents in collaboration with Alibaba Cloud to support retail and industrial scenarios in lower-tier markets [1] Group 2: Industry Context - Alibaba introduced the concept of "Super Artificial Intelligence" (ASI) at the "2025 Yunqi Conference," aiming to create an "Android system for the AI era" [1] - The partnership with Alibaba positions HuTongDa as an AI-driven comprehensive service provider, leveraging resources from Alibaba and government to tap into a second growth curve [1]

Core Viewpoint - Alibaba has introduced the concept of "Super Artificial Intelligence" (ASI) during the "2025 Cloud Habitat Conference," aiming to create an "Android system for the AI era" [1] Company Summary - HuTongDa Network (09878) saw its stock price increase by over 8% during trading, closing at 15.36 HKD with a transaction volume of 25.50 million HKD [1] - In August, HuTongDa Network entered into a comprehensive cooperation with Alibaba Cloud, focusing on the construction of intelligent agent matrices and the exploration of data asset value [1] - The company has launched the "QianCheng Cloud AI Intelligent Model" in 2023, integrating with Alibaba's "Tongyi Qianwen" for enhanced marketing efficiency through AI-driven tools [1] - HuTongDa plans to deploy over 13 AI agents in collaboration with Alibaba Cloud, targeting retail and industrial scenarios in lower-tier markets [1] - Northeast Securities believes that HuTongDa's long-standing focus on lower-tier markets positions it well as an AI-driven comprehensive service provider, leveraging resources from Alibaba and government [1]

Investment Rating - The report maintains a "Buy" rating for Alibaba (BABA) [3][10][20] Core Insights - Alibaba is increasing its investment in AI, aiming for Artificial Superintelligence (ASI) as the ultimate goal [2][10] - The company plans to invest 380 billion RMB over three years to build AI infrastructure, with a significant increase in computing power [10] - Alibaba's flagship AI model, Qwen3-Max, has surpassed competitors in performance and is ranked among the top three globally [10] - The company is positioning itself as a full-stack AI service provider, integrating advanced AI capabilities and cloud computing [10] - The target price for Alibaba's stock is set at $228, indicating a potential upside of 29% from the current price [10] Financial Data and Earnings Forecast - Projected revenues for FY24 to FY28 are as follows: 941,168 million RMB, 996,347 million RMB, 1,044,735 million RMB, 1,142,224 million RMB, and 1,228,165 million RMB, respectively [11] - Non-GAAP net profit forecasts for the same period are: 158,359 million RMB, 158,393 million RMB, 125,474 million RMB, 155,319 million RMB, and 178,793 million RMB [11] - The report anticipates a steady growth in revenue, with a projected growth rate of 8.3% for FY24 and a gradual decline to 4.9% by FY26 [11]

一、核心战略：锚定超级人工智能（ASI）加码全球数据中心 阿里巴巴 CEO 吴泳铭在云栖大会上明确 ASI 发展路径，提出从互联网时代迈向 ASI 需经历三大阶段：第一阶段 "涌现智能"，AI 向人类学习；第二阶段 "AI 代理"，AI 辅助人类；第三阶段 "AI 自我提升"，AI 超越人类。为支撑这一转型，阿里巴巴制定两大关键举措： 9月24日，花旗发布关于阿里巴巴集团控股的研究报告，报告指出，阿里巴巴正推动AI革命由通用人工智能（AGI）向超级人工智能（ASI）转型。基于估 值模型，花旗维持阿里巴巴 "买入" 评级，美股目标价187美元、港股目标价183港元。 数据中心容量扩容：承诺在现有 3800 亿元人民币资本支出目标基础上进一步加大投入，到 2032 年将全球数据中心容量提升 10 倍，以满足 AI 基础设 施激增的需求； 把握全球 AI 投资红利：据吴泳铭披露，过去一年全球 AI 投资规模已超 4000 亿美元，预计未来五年将达 4 万亿美元，且全球最终仅会形成 5-6 家超级 云平台，阿里云作为全球领先全栈式 AI 服务提供商，有望抢占行业增量市场。 二、AI 与云深度融合：全栈产品矩阵升级落地 ...

报告原因:有信息公布需要点评 日联网 Ers 2025 年 09 月 25 日 阿特哥哥哥 加大 AI 投入，ASI 为终极目标 | 市场数据: | 2025年9月24日 | | --- | --- | | 收盘价（美元） | 176 | | 纳斯达克指数 | 22497.86 | | 52 周最高/最低（美元） | 167.83/78.73 | | 美股市值 (亿美元) | 4206 | | 流通股 (亿股) | 1.91 | | 汇率（美元/人民币） | 7.12 | 年内股价与基准指数对比走势： 资料来源：Bloomberg 相关研究 《阿里巴巴 (BABA) 点评：战略投入 Al 和即时零售, 云加速渗透增长超预期》 2025/09/01 《阿里巴巴 (BABA) 点评:投入闪购加码 即时零售, AI 驱动云智能加速》 2025/07/10 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 李秀琳 (8621)23297818× lixl2@swsresearch.com 申万宏源研究微信服务号 投资要点: 财务数据及盈利预测 | | FY24 ...

Core Insights - Alibaba's AI strategy has become increasingly clear after two years of rapid development in large model technology, with a focus on becoming a leading global AI service provider [8][11][17] - The company emphasizes the integration of AI with cloud computing, positioning large models as the next-generation operating system that will drive user needs through intelligent agents [12][20] Group 1: AI Strategy and Developments - Alibaba's CEO, Wu Yongming, highlighted "ASI" (Super Artificial Intelligence) as a core strategic focus for the next few years during the Cloud Summit [9][11] - The company aims to develop Tongyi Qianwen as the operating system for the AI era, facilitating interactions between users and software through large models [12] - Alibaba Cloud's new positioning is to become a global leader in full-stack AI services, with the launch of seven new large model technology products covering various fields [13][28] Group 2: Market Response and Financial Impact - Following the announcements at the Cloud Summit, Alibaba's stock surged by 9.16%, increasing its market value by nearly 300 billion HKD, reflecting renewed investor confidence [15][34] - The company has seen significant improvements in its revenue growth, with AI-driven initiatives contributing to a return to double-digit growth after years of stagnation [34] Group 3: Leadership and Vision - Wu Yongming's leadership has been pivotal in steering Alibaba towards AI, with a clear strategic shift to prioritize AI as the main focus of the company [20][30] - His background in technology and business has enabled him to effectively translate technical advancements into commercial success, positioning Alibaba as a competitive player in the global AI landscape [30][31] Group 4: Future Outlook - The ongoing AI revolution is expected to reshape infrastructure, software, and applications, with Alibaba poised to play a significant role in this transformation [36] - The company is committed to further investments in AI and cloud infrastructure, with plans to allocate 380 billion CNY over the next three years [27]

作者 | 柴旭晨 编辑 | 王小娟 在讲出超级人工智能"ASI"的澎湃故事、拿出三年3800亿元的ALL IN姿态后，这次阿里又站上了全球AI界的C位。 在2025年云栖大会上，阿里巴巴首席执行官吴泳铭畅谈ASI的前景，他认为"大模型是下一代的操作系统"，替代现在OS的地位，AI模型将顺势加速渗透进所 有设备上；而超级AI云将成为下一代的计算机，他断言，未来全世界可能只会有5-6个超级云计算平台。 基于上述可预见的愿景，阿里做了一个战略选择：加码基建投入、开源通义千问，他的阳谋是成为"AI时代的安卓"。这就意味着，阿里要在模型端、算力端 等都保持高速迭代的迅猛姿态，才能在如此内卷的赛道中，锁定赢面。 做到这点并不容易，在会后的访谈中，阿里云CTO周靖人向华尔街见闻坦言，AI市场竞争非常激烈，像Open AI、谷歌、Claude相关的模型都在加速，通义 模型一直在跟全球的领先者你追我赶。 周靖人指出，行业进入加速期后，眼下玩家们比拼的不单单是单几个模型的能力，更重要的是迭代快速创新。 然而，阿里云依旧有底气。在周靖人看来，今天模型之间的竞争，其实是系统的竞争；今天云的竞争，也是模型的竞争，这两者是密不可分的。而 ...

Group 1 - The new AITO M7 has been launched, achieving over 30,000 pre-orders within the first hour, indicating strong market demand despite some consumer concerns about pricing [2] - AITO's sales momentum continues with the M9 and M8 models, with M9 maintaining sales above 10,000 units and M8 over 20,000 units, suggesting a positive outlook for the brand's performance in the second half of the year [2] Group 2 - Alibaba's new terminal AI agent, iFlow CLI, has been released for personal users, allowing task automation through natural language commands [3] - Alibaba's CEO, Wu Yongming, outlined four stages of Super Artificial Intelligence (ASI), indicating a clear technological evolution path and the potential for only a few major cloud computing platforms globally [5] Group 3 - The SEC Chairman plans to introduce an "innovation exemption" rule for cryptocurrency companies by the end of the year, reflecting a more favorable regulatory stance towards digital assets [4] - Alibaba has launched several AI models, including Qwen3-VL and Qwen3-Max, which boasts over 1 trillion parameters, showcasing the company's advancements in AI technology [7][10] Group 4 - Lei Jun stated that the decision to enter both the automotive and semiconductor industries was made simultaneously, indicating a significant strategic commitment from Xiaomi [8] - Cathie Wood's ARK Invest has re-entered Alibaba's stock for the first time in four years, purchasing shares valued at approximately $16.3 million, driven by the company's advancements in AI [10]