9月24日，以"云智一体·碳硅共生"为主题的2025云栖大会如期在浙江杭州云栖小镇开幕。云栖大会既是 全行业技术演进与产业落地的全景呈现，也历来是阿里巴巴重磅策略发布的舞台。 与往年不同，阿里巴巴集团CEO、阿里云智能集团董事长兼CEO吴泳铭，以长达25分钟的主旨演讲，讲 述了"超级人工智能之路"与阿里的探索与布局。 吴泳铭认为，他认为实现通用人工智能AGI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。 《中国经营报》记者注意到，阿里巴巴集团董事会主席蔡崇信、吴泳铭等管理层均在不同场分享对AI 发展现状、前景的判断，以及坚持对AI的长期投入。长达25分钟的详尽讲述仍然罕见。 "超级人工智能"的三个阶段 "当前的世界，一场由人工智能驱动的智能化革命刚刚开始。工业革命通过机械化放大了人类技能，信 息革命通过数字化放大了人类的信息处理能力。这一次非常不同，智能化革命将远超我们的想象，通用 人工智能AGI不仅会放大人类智力，还将解放人类迎接超级人工智能ASI的到来。"吴泳铭开场即给出判 断。 在吴泳铭看来，"实现AGI，一个具备人类通用认知能力的智能系统，在行业看来已经 ...

Core Insights - The 2025 Yunqi Conference highlighted the certainty of achieving Artificial General Intelligence (AGI) and the ultimate goal of developing Super Artificial Intelligence (ASI) [1] - Alibaba Cloud's data center energy consumption is projected to increase tenfold by 2032, indicating a significant rise in computational investment [1] Group 1: AI Development Stages - The evolution towards Super AI is outlined in three stages: Emergent Intelligence, Autonomous Action, and Self-Iteration [5] - The current stage is characterized by AI assisting humans through tool usage and programming capabilities [5] - The final stage aims for AI to connect with the physical world and achieve self-learning capabilities [5] Group 2: Strategic Pathways - Alibaba Cloud aims to be a "full-stack AI service provider" with two core strategies: open-source development and the creation of a Super AI Cloud [5] - The open-source model is intended to foster a developer ecosystem and explore limitless AI applications [6] Group 3: Future of AI and Computing - Large models are predicted to become the next generation operating system, allowing users to create applications using natural language [6] - The Super AI Cloud is described as the next generation of computing infrastructure, capable of supporting vast computational needs [10] - It is anticipated that only a few major super cloud computing platforms will exist globally, with AI becoming a critical commodity, surpassing energy in importance [10]

Core Viewpoint - The Hong Kong technology stocks are experiencing a significant rally, driven by strong performances in the semiconductor sector and positive developments from major companies like Alibaba and TSMC [1] Group 1: Market Performance - The Hang Seng Technology Index rose by 1.61%, with Alibaba increasing by 6.65%, reaching a nearly four-year high [1] - Semiconductor stocks such as SMIC and Hua Hong Semiconductor surged over 5%, contributing to the overall market momentum [1] - The Southbound Technology ETF (159269) and Hong Kong Technology ETF (159747) saw increases of 1.69% and 1.5%, respectively [1] Group 2: Company Developments - Alibaba's CEO, Wu Yongming, introduced the concept of "super artificial intelligence" at the 2025 Yunqi Conference and announced plans to invest 380 billion in AI infrastructure [1] - Cathie Wood, known as the "tech goddess," re-entered Alibaba by purchasing approximately 16.3 million USD worth of Alibaba ADRs through her ETFs [1] Group 3: Semiconductor Industry Insights - The semiconductor supply chain is experiencing a boom, with memory chip prices rising and TSMC reportedly increasing prices for its last 3nm CPU process [1] - Shanghai Micro Electronics showcased new equipment, and Changchun Technology's third-quarter report showed significant positive forecasts, boosting market sentiment [1] Group 4: ETF Performance - The Southbound Technology ETF (159269) has seen a net inflow of over 1.16 billion since July 25, with a total size of 1.38 billion, marking a 95.74% increase in just two months [1] - The ETF has the lowest management and custody fees in its category, at 0.3% and 0.05%, respectively [1]

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 ...

Core Viewpoint - AGI is not the endpoint of artificial intelligence development but rather the starting point towards superintelligent AI (ASI) that can self-iterate [3] Group 1: AI Evolution Stages - The evolution of AI will occur in three stages: emergence of intelligence, autonomous action assisting humans, and self-iteration surpassing human intelligence [3][4] - Currently, AI is at the beginning of the second stage, where it will work alongside humans, potentially exceeding the global population in the number of intelligent agents and robots [3] Group 2: Predictions and Future Developments - Large models will serve as the next generation operating system, facilitating interactions between the physical and digital worlds, with natural language becoming the programming language of the AI era [4] - AI Cloud is predicted to be the next generation of computing, transitioning from CPU-centric to GPU-centric AI computation, requiring denser computing power and larger infrastructure [5] - The company plans to invest 380 billion yuan in cloud and AI infrastructure over three years, anticipating a tenfold increase in energy consumption of global data centers by 2032 compared to 2022 [5]

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。 ...