Core Insights - The demand for AI infrastructure is significantly exceeding expectations, prompting Alibaba to invest 380 billion yuan in AI infrastructure development and consider further investments [1] - Alibaba Cloud has launched Qwen3-Max, its largest and most capable model to date, which has achieved a high ranking in text benchmarks, surpassing GPT-5-Chat [1] - The global AI industry is projected to see cumulative investments exceeding $4 trillion over the next five years, marking the largest investment in computing power and R&D in history [4][5] Investment and Market Impact - Following the announcement of Alibaba's AI infrastructure plans, Alibaba's stock price surged over 7% in Hong Kong [2] - Major tech companies, including Nvidia and OpenAI, are also significantly increasing their capital expenditures in AI and infrastructure, with Nvidia planning to invest $100 billion in collaboration with OpenAI [5] Future of AI and Computing Paradigms - The shift from CPU-centric computing to GPU-centric AI computing is revolutionizing data centers, with AI expected to replace energy as a key resource [4] - The concept of "super AI cloud" is emerging, with predictions that only 5-6 super cloud computing platforms will exist globally in the future [4] - AGI (Artificial General Intelligence) is viewed as a new starting point, leading to the development of ASI (Artificial Super Intelligence), which could solve complex scientific and engineering challenges at unprecedented speeds [7][8]

Core Insights - The demand for AI infrastructure is significantly exceeding expectations, prompting Alibaba to invest 380 billion yuan in AI infrastructure development and consider further investments [1] - Alibaba Cloud has launched Qwen3-Max, its largest and most capable model to date, which has achieved a high ranking in text benchmarks, surpassing GPT-5-Chat [1] - The global investment in AI is projected to exceed $4 trillion over the next five years, with a notable shift from CPU-based to GPU-based computing paradigms [3] Investment and Financial Impact - Following the announcement of AI infrastructure investments, Alibaba's stock price surged over 7% in Hong Kong [2] - Recent trends indicate that major tech companies are increasing their capital expenditures in AI and infrastructure [3] Technological Advancements - The next generation of computing, termed "super AI cloud," will require denser computing power, efficient networks, and large-scale clusters, necessitating substantial energy and technology resources [3] - The development of AGI (Artificial General Intelligence) is viewed as a new starting point, leading towards ASI (Artificial Super Intelligence), which could revolutionize various fields [5][6] Future Projections - The rapid consumption of AI tokens and the significant increase in global AI investments highlight the accelerating pace of AI development [3] - The establishment of large-scale data centers by companies like NVIDIA and OpenAI indicates a strong commitment to building the necessary computational infrastructure for AI advancements [4]

2025.09.24 本文字数：1015，阅读时长大约2分钟 作者 |第一财经 陈杨园 "AGI并非人工智能发展的终点，而是起点，它将迈向超越人类智能、能够自我迭代的超级人工智能 （ASI）。"9月24日，2025云栖大会开幕式上，阿里巴巴集团CEO吴泳铭发表主题演讲《超级人工智能 之路》，并作出了上述论断。 吴泳铭表示，过去三年，阿里看到的AI演进路线越来越清晰，AI的行业渗透率将超过历史上所有的技 术，阿里看到，token的消耗每两三个月会翻一番，AGI会具备人类通用认知能力在行业看来已经是确定 性的事情。 AGI并不是终点，吴泳铭认为，AI会经历三个阶段最终成长为超级人工智能。第一阶段是智能涌现，AI 学习人；第二阶段是AI自主行动，辅助人，我们刚刚处在这个阶段的开端，未来也许会有超过世界人 口的智能体和机器人和人类一起工作；第三个阶段是自我迭代，超越人，跨越到这个阶段需要两个要 素，AI将逐步连接几乎物理世界的所有场景和数据，模型能够自我学习、通过与真实世界的持续交互 获得新的数据实现自我迭代与智能升级。 吴泳铭相信，未来大模型将运行在所有计算设备中，基于此，阿里巴巴坚持开源路线，目标是打造AI 时代 ...

AGI并不是终点，吴泳铭认为，AI会经历三个阶段最终成长为超级人工智能。第一阶段是智能涌现， AI学习人；第二阶段是AI自主行动，辅助人，我们刚刚处在这个阶段的开端，未来也许会有超过世 界人口的智能体和机器人和人类一起工作；第三个阶段是自我迭代，超越人，跨越到这个阶段需要两 个要素，AI将逐步连接几乎物理世界的所有场景和数据，模型能够自我学习、通过与真实世界的持 续交互获得新的数据实现自我迭代与智能升级。 在通往这个变革的路上，吴泳铭作出了一些预测。首先，他认为大模型将是下一代操作系统，在未来 物理世界与数字世界的交互中，大模型扮演今天操作系统的地位。各行各业、所有用户都会通过大模 型相关的工具执行任务，自然语言可能就是未来AI时代的编程语言。 2025.09. 24 本文字数：1015，阅读时长大约2分钟 作者 | 第一财经 陈杨园 "AGI并非人工智能发展的终点，而是起点，它将迈向超越人类智能、能够自我迭代的超级人工智能 （ASI）。"9月24日，2025云栖大会开幕式上，阿里巴巴集团CEO吴泳铭发表主题演讲《超级人工 智能之路》，并作出了上述论断。 吴泳铭表示，过去三年，阿里看到的AI演进路线越来越清晰 ...

其次，他判断，AI Cloud是下一代计算机。算力正在从以CPU为核心的计算加速转变为GPU为核心、以 大模型驱动的AI计算，新的计算范式需要更稠密的算力、更高效的网络和更大的集群规模，需要超大 规模的基础设施和全栈基础积累才能承载这样的需求。他认为，未来全世界也许只会有5到6个超级云计 算平台。 AGI并不是终点，吴泳铭认为，AI会经历三个阶段最终成长为超级人工智能。第一阶段是智能涌现，AI 学习人；第二阶段是AI自主行动，辅助人，我们刚刚处在这个阶段的开端，未来也许会有超过世界人 口的智能体和机器人和人类一起工作；第三个阶段是自我迭代，超越人，跨越到这个阶段需要两个要 素，AI将逐步连接几乎物理世界的所有场景和数据，模型能够自我学习、通过与真实世界的持续交互 获得新的数据实现自我迭代与智能升级。 在通往这个变革的路上，吴泳铭作出了一些预测。首先，他认为大模型将是下一代操作系统，在未来物 理世界与数字世界的交互中，大模型扮演今天操作系统的地位。各行各业、所有用户都会通过大模型相 关的工具执行任务，自然语言可能就是未来AI时代的编程语言。 吴泳铭相信，未来大模型将运行在所有计算设备中，基于此，阿里巴巴坚持开源 ...

Group 1 - The Hang Seng Index opened lower but rebounded, led by gains in the chip and internet sectors, with ASMPT rising over 6% and Alibaba-W and SMIC both increasing by over 3% [1] - The Hong Kong Technology 50 ETF (159750) rose by 0.68%, with over 60 million yuan in trading volume during the session, and a net inflow of approximately 250 million yuan over the past eight trading days [1] - Alibaba's CEO, Wu Yongming, introduced the concept of "super artificial intelligence" at the 2025 Yunqi Conference, emphasizing that the intelligence revolution will exceed expectations and will liberate human potential [1] Group 2 - Ark Investment Management, led by Cathie Wood, made its first investment in Alibaba and other Chinese tech stocks in four years, investing approximately 21 million USD in Chinese concept stocks, including over 16 million USD in Alibaba [2] - The Hong Kong internet sector is expected to recover after the mid-year earnings period, with reasonable valuations and high cost-performance in the growth sector, alongside anticipated breakthroughs in AI technology [2] - The Hong Kong Technology 50 ETF tracks the Hong Kong Technology Index, covering the top ten Chinese tech stocks and showing a cumulative increase of 131.68% since its base date, outperforming the Hang Seng Technology Index, which increased by 109.81% in the same period [3]

消息面上，9月24日，阿里巴巴集团CEO、阿里云智能集团董事长兼CEO吴泳铭在云栖大会上表示，为 了迎接ASI（超级人工智能）时代的到来，对比2022年这个生成式AI元年，到2032年阿里云全球数据中 心的能耗规模将提升10倍。这意味着阿里云算力投入将指数级提升。在资本开支方面，阿里会在今年2 月宣布的未来三年投资3800亿的基础上，增加更多的投入。 9月24日，阿里巴巴股价大幅飙涨，截至发稿时涨近6%，摸高至168.9港元/股。 ...

Core Insights - Alibaba's CEO emphasizes that large models are the next generation operating system and AI Cloud represents the future of computing, predicting only 5-6 super cloud platforms globally [1] - The company is investing 380 billion yuan in AI infrastructure, with a projected tenfold increase in energy consumption of its global data centers by 2032 [1] - The journey towards Artificial General Intelligence (AGI) is seen as a certainty, with the ultimate goal being the development of Super Artificial Intelligence (ASI) to tackle major scientific challenges [1] Product Launches - Alibaba recently launched six new products, including an open-source security model called Guard, which has generative and streaming versions for real-time safety assessments [3][4] - The "Qianwen Travel Planner" was introduced, capable of generating detailed travel plans based on user inputs, including budget and preferences [4] - A simultaneous interpretation API, qwen3-livetranslate, supports multiple languages and visual understanding, enhancing cross-border e-commerce communication [4] Model Enhancements - The Qwen3-Coder API upgrade enhances programming capabilities, allowing for complex interactions and tool usage beyond traditional code completion [5] - Qwen3-VL, a powerful visual-language model, has been released, with its flagship version outperforming competitors in key visual tasks [5] - The new flagship model Qwen3-Max, with 1 trillion parameters, significantly improves capabilities in understanding and executing complex instructions [5] Market Position and Growth - Alibaba's rapid model iteration and performance improvements position its models as preferred choices for many enterprises, with a reported 17.7% market share in China's enterprise-level model consumption [6] - The company aims for its models to lead in performance, application penetration, and daily usage growth by 2025 [6] - Recent financial reports indicate a 26% year-over-year revenue growth for the cloud intelligence group, with AI-related product revenues achieving triple-digit growth for eight consecutive quarters [7] Strategic Outlook - Analysts suggest that "cloud + AI" will become Alibaba's second growth curve, reinforcing its competitive edge in AI infrastructure and applications [8] - The company maintains its commitment to invest 380 billion yuan in cloud and AI hardware infrastructure over the next three years, adapting to supply chain uncertainties [7]

截至2025年9月24日 10:56，中证港股通科技指数(931573)上涨0.90%，成分股ASMPT(00522)上涨 6.77%，阿里巴巴-W(09988)上涨5.02%，中芯国际(00981)上涨4.34%，金蝶国际(00268)上涨3.91%，华 虹半导体(01347)上涨2.55%。港股科技ETF(159751)上涨1.00%，最新价报1.21元。 消息面上，今日举办的2025云栖大会上，阿里巴巴CEO吴泳铭在分享中指出，通义千问选择开放开源的 路线，这背后的目标是希望打造"AI时代的Android系统"。大会上，吴泳铭提出了"超级人工智能"这一 概念。在他看来，ASI时代开源模型创造的价值和能够渗透的环境将会远远大于闭源模型。"我们坚定 的选择开源，就是为了全力支持开发者生态，与全球所有开发者一起探索应用的无限可能。" 东吴证券认为，港股仍在震荡上行趋势中，下行有底。1、美联储降息靴子落地，港股上涨更取决于产 业景气度和基本面边际变化。2、当前外资对中国资产感兴趣的越来越多，但资金流入还处于早期阶 段。美国降息后，全球资金会有一部分切入中国资产，但大规模流入还需等到经济基本面改善信号。 3、当前 ...

9月24日早盘，港股三大指数低开高走，恒生科技指数涨超1%，A股同赛道规模最大的恒生科技指数 ETF（513180）跟随指数上涨。持仓股中，腾讯音乐、百度集团等领跌，ASMPT、阿里巴巴、中芯国 际、华虹半导体、蔚来、美团等领涨，其中阿里巴巴盘中大幅拉升，一度涨超5%。 消息面上，9月24日，阿里巴巴集团CEO、阿里云智能集团董事长兼CEO吴泳铭在云栖大会上表示，为 了迎接超级人工智能(ASI)时代的到来，对比2022年这个GenAI的元年，到2032年阿里云全球数据中心的 能耗规模将提升10倍。这意味着阿里云算力投入将指数级提升。中信证券此前指出，阿里等国内云厂商 已展现出加速追赶北美AI厂商的决心，预计后续将有更多云厂商跟进投入，带动国内算力重回高速增 长轨道。 阿里、百度争相自研芯片，AI点燃看涨狂潮，恒生科技有望再度向上突破。展望后市，美联储降息重 启，南向资金有望持续流入，在内外资共振以及AI叙事回归的共同催化下，恒生科技估值重构可期。 公开信息显示，阿里巴巴当前为恒生科技指数的第一大权重股，权重高达8.79%。没有港股通账户的投 资者或可通过恒生科技指数ETF（513180）一键布局中国AI核心资 ...