文/陈归辞 从2月宣布投入3800亿元建设AI基础设施，到9月宣布向超级人工智能（ASI）进发至上周开启千问APP正式公测，今年以来阿里巴巴在AI领域的密集布局与 多线叙事，以及持续投入的进取姿态，正推动其业绩增长与资本市场估值重回巅峰。 11月2 5日阿里发布的2 0 2 6财年第二季度财报，阿里巴巴集团收入2 4 7 7 . 9 5亿元，剔除已出售业务影响，收入同比增长1 5%，超市场预期。 AI+云、消费两大战略领域业务强劲增长。阿里云季度收入同比加速增长3 4%，AI相关产品收入连续第九个季度实现三位数增长；大消费平 台协同效应显著，即时零售带动淘宝Ap p月活跃消费者快速增长。 随着阿里AI战略在今年全面铺开，一条从AI算力、云平台、大模型再到应用层面的完整布局的全栈AI能力已清晰浮现，阿里正向B端与C端 全面发力。 在财报分析师电话会上，阿里巴巴集团CEO吴泳铭分享了AI战略进展，阿里正在AI t o B 和AI t o C两大方向齐发力——在AI t o B领域，做 世界领先的全栈AI服务商，服务千行百业不断增长的AI需求；在AI t o C领域，基于性能领先的AI模型和阿里生态优势，打造面向C ...

Core Insights - The article discusses the emerging narrative of "catching up" in the AI large model sector between China and the US, highlighting the competitive dynamics between Google and Alibaba [2][6] - Both companies are pursuing a "full-stack" approach, integrating cloud computing, chips, large models, and applications to create a comprehensive ecosystem [4][6] Group 1: Company Strategies - Google was initially perceived as lagging in AI, but the release of Gemini 3 has garnered positive feedback from industry leaders [3][6] - Alibaba's Qwen series models have achieved significant success, with the Qwen app surpassing 10 million downloads in its first week, breaking previous records [4][7] - Both companies are focusing on building robust foundational technologies before launching consumer-facing applications, demonstrating strategic patience [8][10] Group 2: Market Dynamics - The AI landscape is characterized by instability, with user engagement fluctuating significantly among competing applications [10][11] - Alibaba's Qwen model has become the most widely downloaded open-source large model globally, indicating a shift in developer preferences towards open-source solutions [12][13] - The competition between open-source and closed-source models is highlighted, with Alibaba favoring an open-source approach to foster a developer ecosystem, while Google maintains a closed-source strategy to protect its core assets [11][12] Group 3: Future Outlook - The article suggests that the ultimate goal for AI applications is to create a "business closed loop" that continuously generates value for users [19][21] - Alibaba's strategy includes leveraging its AI capabilities to enhance existing business operations, creating a seamless integration of AI across its services [22][23] - The full-stack approach adopted by both companies is expected to yield higher value elasticity and resilience in the face of market fluctuations [23]

阿里云拿下Gartner四项第一，亚太唯一 硬·AI 作者 | 硬 AI 编辑 | 硬 AI 生成式AI的技术周期正在进入一个前所未有的高速区间。 面对日新月异的生成式AI技术，企业正陷入选择难题：如何挑选一个平台，才能跟上快速迭代的创新步伐？ 最近，Gartner发布了最新《生成式AI技术创新指南》系列报告，从云基础设施、模型工程、模型提供商、AI 应用四大维度扫描全球厂商。 结论显示：阿里云是唯一在全部四个维度均被列入领导者象限的亚太公司，并与谷歌、OpenAI并列于全球 前列。 Gartner这次把竞争的底层逻辑摊开了：在技术快速更迭的时代，全栈能力才是制胜关键。 这恰好与阿里云提出的"全栈AI服务商"定位完全契合。 01 全栈能力沉到底层 阿里云是真能打的那家 图说：按照纵轴产品特征（feature）、横轴未来潜力（futurepotential），新兴市场共分为四个象限。阿里云在"面向GenAI的基础设 施"维度位列新兴领导者象限。（报告截图） 02 谁都可以宣布第一 全栈领先者只有一个 Gartner将GenAI能力分为四层，对应阿里云从基础设施到应用的全栈体系。 在底层基础设施维度，重点是训练、 ...

2025 年 11 月 21 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 陈重伊 S0350525010002 chency@ghzq.com.cn ——百度集团-SW（9888.HK）2025Q3 财报点 评 最近一年走势 | 相对恒生指数表现 | | | 2025/11/20 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 百度集团-SW | -2.7% | 30.5% | 35.6% | | 恒生指数 | -0.1% | 2.7% | 31.4% | | 市场数据 | 2025/11/20 | | --- | --- | | 当前价格（港元） | 113.90 | | 周价格区间（港元） 52 | 73.25-141.40 | | 总市值（百万港元） | 313,244.04 | | 流通市值（百万港元） | 313,244.04 | | 总股本（万股） | 275,016.72 | | 流通股本（万股） | 275,016.72 | | 日均 ...

贾丽 近日，联想与中国足球职业联赛联合会（以下简称"中足联"）在京举行全栈AI总指挥中心点亮仪式。作 为双方今年2月份官宣合作后的首期成果，此次推出的国内及业界首个足球赛事AI指挥中心，标志着中 国职业足球联赛正式步入"AI+体育"深度融合的智能化运营新阶段。 据了解，此次合作是联想成立智慧体育业务板块之后在足球领域的首次尝试。全栈AI总指挥中心创新 性地采用大屏可视化+智能体交互模式，构建起覆盖赛事态势、赛事监管、指挥调度三大核心功能的智 能服务体系。 （编辑 李家琪 张昕） 此次全栈AI总指挥中心的落成，将为中国足球赛事的智能化、专业化和国际化注入强劲发展动能，开 创中国智慧足球的新时代。据了解，此次合作正是全栈AI布局的深度实践之一，目前联想全栈AI已经 赋能制造、教育、金融等千行万业，在多个行业和场景落地生根。随着AI技术的不断深化，可以预见 联想也将持续发挥混合式AI优势，以科技创新持续引领中国高质量发展。 业内人士认为，联想发力"AI+体育"，是在智能体业务领域的又一次拓展，将在AI生态上持续扩容。 在仪式现场的功能演示中，指挥中心大屏展现了强大的运营管理能力：联赛态势模块实时呈现16支中超 球队 ...

本报讯 （记者贾丽）11月18日，联想集团有限公司（以下简称"联想"）与中国足球职业联赛联合会（以下简称"中足联"） 在北京举行全栈AI总指挥中心点亮仪式。作为双方今年2月份官宣合作后的首期成果，此次推出的国内及业界首个足球赛事AI 指挥中心，标志着中国职业足球联赛正式步入"AI+体育"深度融合的智能化运营新阶段。 据了解，此次合作是联想成立智慧体育业务板块之后在足球领域的首次尝试。全栈AI总指挥中心创新性地采用大屏可视化 +智能体交互模式，构建起覆盖赛事态势、赛事监管、指挥调度三大核心功能的智能服务体系。 "中足联全栈AI总指挥中心的正式点亮，不仅是中足联与联想合作的重要成果，更是中国足球职业联赛数智化发展的崭新 起点。"中国足球职业联赛联合会理事长李克敏在致辞中表示，未来双方还将继续深化合作，探索AI技术在联赛各领域的应用 边界与创新转化，全力实现为俱乐部赋能、为联赛科技支撑的核心目标。 联想高级副总裁、中国方案服务业务群总经理戴炜在致辞中表示："我们坚信通过AI+体育的深度融合，必将为中国足球赛 事的智能化、专业化和国际化发展注入强劲动能，共同开创中国智慧足球的新时代。"据了解，此前联想已经连续19年保 ...

此次全栈AI总指挥中心的落成，将为中国足球赛事的智能化、专业化和国际化注入强劲发展动能，开 创中国智慧足球的新时代。据了解，此次合作正是全栈AI布局的深度实践之一，目前联想全栈AI已经 赋能制造、教育、金融等千行万业，在多个行业和场景落地生根。 据了解，此次合作是联想成立智慧体育业务板块之后在足球领域的首次尝试。全栈AI总指挥中心创新 性地采用"大屏可视化+智能体交互"模式，构建起覆盖赛事态势、赛事监管、指挥调度三大核心功能的 智能服务体系。 在指挥中心的大屏上，"联赛态势"模块实时呈现16支中超球队积分榜、赛程安排及各赛区天气情 况；"赛事监管"模块实现多场比赛实况、安保监控与直播画面的同步监管；"指挥调度"模块则具备日常 协同与应急指挥双重能力，为赛事平稳运行提供坚实保障。 中国经济网北京11月18日讯(记者李方)11月18日，联想与中国足球职业联赛联合会(以下简称"中足联") 在京推出国内及业界首个足球赛事AI指挥中心，此举标志着中国职业足球联赛正式步入"AI+体育"深度 融合的智能化运营新阶段。 ...

Core Viewpoint - GAC Group has signed a comprehensive AI strategic cooperation agreement with Alibaba Cloud to develop an AI-driven full-chain system covering research and development, production, marketing, management, and user services [1] Group 1 - The agreement leverages GAC's deep expertise in vehicle research and development and intelligent manufacturing [1] - Alibaba Cloud will provide its leading cloud infrastructure and Tongyi series large models to support the initiative [1]

Core Insights - Lenovo Group has signed a strategic cooperation agreement with Dunhuang City to leverage its "full-stack AI" strategy and urban super-intelligent body technology to drive intelligent transformation in various sectors including culture and tourism, agriculture, low-altitude economy, and urban governance [1][6][9] Group 1: Strategic Cooperation - The partnership aims to create a new benchmark for smart city construction along the Silk Road, facilitating Dunhuang's transition into the smart city 4.0 era [1][6] - Dunhuang, a UNESCO World Heritage site, is recognized for its rich cultural heritage and is a key city along the Belt and Road Initiative, actively promoting digital economy and smart tourism [3][6] Group 2: Technological Framework - Lenovo's urban super-intelligent body utilizes an advanced "1+N intelligent body" architecture, integrating multiple AI technologies such as deep learning and natural language processing to form a city-level intelligent system [7][8] - The "1" represents a unified super-intelligent core, while "N" denotes multiple specialized intelligent bodies trained for specific domains, ensuring knowledge sharing and collaborative capabilities [7][8] Group 3: Areas of Focus - The collaboration will enhance four core areas: cultural heritage digital protection, smart agriculture, low-altitude economic development, and modern urban governance [8][9] - AI technology will be employed to create immersive tourism experiences, optimize scenic area management, and improve agricultural production precision [8][9] Group 4: Future Directions - Lenovo plans to continue advancing large model technology across various sectors, aiming to build an open technological ecosystem that supports the digital transformation of traditional urban management [11] - The initiative is expected to provide a replicable and scalable model for intelligent development in western cultural cities [11]

Core Insights - Lenovo Group has signed a strategic cooperation agreement with Dunhuang City, Gansu Province, to leverage its "full-stack AI" strategy and urban super-intelligent body technology to drive intelligent transformation in various sectors including culture and tourism, agriculture, low-altitude economy, and urban governance [2][3] Group 1: Strategic Cooperation - The partnership aims to establish a new benchmark for smart city construction along the Silk Road, assisting Dunhuang in entering the era of Smart City 4.0 [2] - The collaboration will utilize Lenovo's advanced technologies in AI, big data, IoT, and cloud computing, combined with Dunhuang's unique cultural tourism resources and geographical advantages [2][3] Group 2: Technology Framework - Lenovo's urban super-intelligent body is based on advanced large model technology and a multi-agent collaborative architecture, forming a leading "1+N intelligent body" technology system [3] - The "1" represents a unified super-intelligent core that integrates four key engines: multi-modal perception, cognitive reasoning, decision planning, and intelligent orchestration, capable of processing vast amounts of heterogeneous data in real-time [3] - The "N" signifies multiple specialized intelligent bodies trained on domain-specific large models, equipped with capabilities for understanding domain knowledge, complex scenario reasoning, and parallel processing of multiple tasks [3] Group 3: Implementation and Recognition - Lenovo's urban super-intelligent body has been implemented in various cities across China, including Wuyishan, Yichang, Hohhot, Shanghai Hongkou, Shaanxi Xixian New Area, and Shenzhen Guangming District [4] - The initiative has received recognition, winning the "2025 Digital Government Innovation Solution" award from the China Internet Association for its innovative technology architecture and extensive practical applications [4]