Group 1 - The core viewpoint emphasizes the significant investment in AI infrastructure, which is expected to accelerate cloud business growth and maintain a "buy" rating for the company [1][2] - The company plans to increase its investment in AI infrastructure, with a projected net profit forecast for FY2026-2028 of 140.5 billion, 162.9 billion, and 189.8 billion yuan, reflecting a year-on-year growth rate of -11.2%, +16.0%, and +16.5% respectively [1] - The company is focusing on enhancing its AI capabilities, with a shift from CPU-centric to GPU-centric computing, indicating a transformation in the computing paradigm driven by large models [1] Group 2 - The demand for AI infrastructure is exceeding expectations, with the company actively advancing the construction of 380 billion yuan in AI infrastructure [1] - The company is leveraging its advantages in high-end users, merchants, and fulfillment systems to enhance its instant retail and in-store business [2] - The company is expected to see continuous improvement in the monetization rate of its Taotian platform, driven by increased investment in flash sales [2]

9月末的杭州小雨迷蒙，但云栖小镇内的AI热潮，让人感觉暑气并没有消退分毫。 9月24日，2025年的云栖大会如期举办。发布会上，阿里巴巴阿里巴巴集团CEO、阿里云智能集团董事 长兼CEO吴泳铭发表了题为《超级人工智能之路》的演讲。 2024年的云栖大会，是吴泳铭在执掌阿里云一年多以后的首次露面。当时，他表示"生成式AI最大的想 象力，"绝不是在手机屏幕上做一两个新的超级app，而是接管数字世界，改变物理世界。" 如果说一年前的这句话更多还是愿景；那么一年过后，这种愿景已经化为更具象的路线，以及激进行 动。 这次的云栖大会，阿里云端出的新品可以说是目不暇接。比如，新发布旗舰模型Qwen3-Max，这是阿 里通义大模型家族目前性能最顶尖的模型，性能超过GPT5、Claude Opus 4等，在LMArena上位居全球 前三。 除了旗舰模型，阿里另外还发布了六个新模型，包括：下一代基础模型架构Qwen3-Next及系列模型、 千问编程模型Qwen3-Coder、视觉理解模型Qwen3-VL、全模态模型Qwen3-Omni、视觉基础模型 Wan2.5-preview、语音大模型通义百聆。 更值得关注的，是吴泳铭颇为激 ...

Core Viewpoint - The future of AI is seen as a journey towards Artificial Super Intelligence (ASI), with significant investments in AI infrastructure and a focus on creating a new operating system for AI applications [4][11][27] Group 1: Leadership and Vision - Wu Yongming, the CEO of Alibaba, has maintained a low public profile while driving the company's AI strategy, emphasizing the importance of AI in future business models [2][5] - His vision includes a clear path towards ASI, with AI evolving through three stages: learning from humans, assisting humans, and ultimately self-iterating beyond human intelligence [7][9] Group 2: AI Infrastructure and Investment - Alibaba plans to invest 380 billion yuan over three years to build AI infrastructure, aiming for a tenfold increase in energy consumption by 2032 compared to 2022 [4][17] - The company is focusing on creating a "super AI cloud" that will serve as the next generation of computing resources, essential for supporting numerous AI agents [11][19] Group 3: Strategic Decisions and Market Position - The decision to prioritize public cloud services was made to align with the growing demand for scalable AI solutions, despite previous revenue challenges in this area [15][18] - Alibaba's AI model, Tongyi, has become a leading open-source model, with over 300 models released and significant adoption across various industries, including finance and consumer electronics [17][22] Group 4: Future Outlook and Industry Impact - The company is positioning itself as a full-stack player in the AI space, integrating AI chips, cloud computing, and foundational models to enhance its competitive edge [19][22] - The overarching goal is to prepare for the ASI era, where AI will significantly augment human capabilities and transform industries [23][24]

Core Insights - Alibaba released seven model updates at the 2025 Yunqi Conference, with over 300 models in the Tongyi series [2] - CEO Wu Yongming outlined a three-phase evolution towards Artificial Super Intelligence (ASI), emphasizing that achieving Artificial General Intelligence (AGI) is a certainty but merely a starting point for AI development [3][4][5] Model Updates - Qwen3-MAX: A trillion-parameter model excelling in programming and tool usage, achieving top international rankings [2][12] - Qwen3-Omni: A multimodal model supporting 19 languages for input and 10 for output, capable of processing 30-minute audio recordings [2][18] - Wan2.5-Preview: A video generation model that can create 10-second videos with enhanced quality [2][26] - Tongyi Bailin: An enterprise-level voice model with a significant reduction in hallucination rates [2][28] - Qwen3-VL: A visual understanding model with enhanced capabilities for video and OCR [2][21] - Qwen-Image: An upgraded image editing model with improved consistency in multi-image editing [2][22] - Qwen3-Coder: An intelligent programming model that supports multimodal input and has become popular on the OpenRouter platform [2][24] AI Development Vision - Wu emphasized that the first phase involves AI learning from human knowledge, the second phase focuses on AI assisting humans through tool usage, and the third phase aims for self-learning and surpassing human intelligence [5][6][8] - The ultimate goal is for AI to connect with the physical world and continuously learn from real-time data [6][8] Infrastructure and Strategic Goals - Alibaba is investing 380 billion yuan in AI infrastructure over three years, with plans to increase data center energy consumption tenfold by 2032 [11] - The company aims to establish a "super AI cloud" as the next-generation computing platform, requiring extensive resources and technology [10][11] - Alibaba's Tongyi Qianwen aims to be the "Android of the AI era," with over 300 models already open-sourced and a global download count exceeding 600 million [10][11] Agent Development Framework - The company introduced the Baolian Agent platform, which supports low-code development and aims to enhance the capabilities of intelligent agents [31][36] - The platform allows for dynamic memory updates and multi-modal memory capabilities, facilitating personalized agent experiences [32][35] AI Infrastructure Enhancements - Alibaba launched the Panjiu AI Infra 2.0 server, capable of high power and efficiency, and introduced the HPN 8.0 high-performance network for improved data center connectivity [38][39] - The company also unveiled a multi-modal intelligent data foundation for agent development, enhancing data processing capabilities [39] Conclusion - The Yunqi Conference showcased Alibaba's ambitions in AI, presenting a comprehensive ecosystem from model development to infrastructure, positioning itself for leadership in the next generation of AI operating systems and computing platforms [40]

2025云栖大会9月24日在杭州开幕。阿里巴巴集团CEO、阿里云智能集团董事长兼CEO吴泳铭发表主旨演讲，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)。 吴泳铭说，为了迎接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。 Stage 1 智能i 互联网 Emergent In Internet . 学习人 Learning from 1 - 1 - 1 - 1 . . . . . . . t and the state ● AI越强大，人类越强大 在大会现场，吴泳铭首次系统阐述了通往超级人工智能的三阶段演进路线： 第一阶段："智能涌现"，AI通过学习海量人类知识具备泛化智能。 . . . . "正如电曾经放大了人类物理力量的杠杆，ASI将指数级放大人类的智力杠杆，人会变得比历史上任何时候都强大。" 大模型是下一代操作系统 吴泳铭还作出了两大判断：大模型是下一代操作系统。超级AI云是下一代的计算机。 吴泳铭表示，大模型将会吞噬软件 ...

商贸零售/互联网电商 阿里巴巴-SW（09988.HK） 积极推进 AI 基础设施建设，计划追加更多投入 2025 年 09 月 24 日 投资评级：买入（维持） | 日期 | 2025/9/23 | | --- | --- | | 当前股价(港元) | 159.40 | | 一年最高最低(港元) | 164.80/77.350 | | 总市值(亿港元) | 30,401.77 | | 流通市值(亿港元) | 30,401.77 | | 总股本(亿股) | 190.73 | | 流通港股(亿股) | 190.73 | | 近 3 个月换手率(%) | 37.53 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-09 2025-01 2025-05 阿里巴巴-W 恒生指数 相关研究报告 《FY2026Q1 云收入增长加快，看好电 商闪购生态协同 —港股公司信息更 新报告》-2025.8.31 《短期闪购加大投入利润或承压，看 好长期生态协同 —港股公司信息更 新报告》-2025.7.4 《电商盈利超预期改善，全面布局 AI 驱动价值重估 —港股公司信息更新 报告》-2025.2 ...

Core Insights - The demand for AI infrastructure is significantly exceeding expectations, prompting Alibaba to invest 380 billion yuan in AI infrastructure development [1] - Alibaba Cloud has launched Qwen3-Max, its largest and most capable model to date, which has surpassed GPT-5-Chat in performance [2] - Alibaba's stock price surged over 7%, reaching a nearly four-year high following these announcements [3] Investment and Market Trends - Over the next five years, global investment in AI is projected to exceed $4 trillion, marking the largest historical investment in computing power and R&D [4] - Major tech companies, including Nvidia and OpenAI, are also increasing their capital expenditures in AI and infrastructure, with Nvidia planning to invest $100 billion in collaboration with OpenAI [5] Future of AI - The transition from AGI (Artificial General Intelligence) to ASI (Artificial Superintelligence) is viewed as a new beginning rather than an endpoint, with ASI expected to solve complex scientific and engineering challenges [6] - The emergence of large models is anticipated to replace traditional operating systems, enabling users to create applications using natural language, thus democratizing software development [6]

【导读】吴泳铭首次系统阐述了通往超级人工智能（ASI）的三阶段演进路线 中国基金报记者 赵心怡 "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）。"阿里巴巴集团CEO、阿里云智能集团董事长兼CEO 吴泳铭表示。 在2025年云栖大会上，吴泳铭发表主旨演讲。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。 吴泳铭首次系统阐述了通往ASI的演进路线，具体分为三个阶段："智能涌现"，AI通过学习海 量人类知识具备泛化智能；"自主行动"，AI掌握工具使用和编程能力以"辅助人"，是行业当 前所处的阶段；"自我迭代"，AI通过连接物理世界并实现自学习，最终实现"超越人"。 通往ASI将经历三个阶段 "ASI将以指数级的速度推动科技的飞跃，引领我们进入一个前所未有的智能时代。"吴泳铭表 示。 吴泳铭称，通往ASI之路的第一阶段是"智能涌现"，特征是"学习人"。 过去几十年，互联网 的发展为智能技术的崛起奠定了基础，实现了知识的数字化。大模型通过理解这些数字化的 知识， ...

【导读】吴泳铭首次系统阐述了通往超级人工智能（ASI）的三阶段演进路线 "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）。"阿里巴巴集团CEO、阿里云智能集团董事长兼CEO吴泳铭表示。 在2025年云栖大会上，吴泳铭发表主旨演讲。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。 吴泳铭首次系统阐述了通往ASI的演进路线，具体分为三个阶段："智能涌现"，AI通过学习海量人类知 识具备泛化智能；"自主行动"，AI掌握工具使用和编程能力以"辅助人"，是行业当前所处的阶段；"自 我迭代"，AI通过连接物理世界并实现自学习，最终实现"超越人"。 通往ASI将经历三个阶段 "ASI将以指数级的速度推动科技的飞跃，引领我们进入一个前所未有的智能时代。"吴泳铭表示。 吴泳铭称，通往ASI之路的第一阶段是"智能涌现"，特征是"学习人"。过去几十年，互联网的发展为智 能技术的崛起奠定了基础，实现了知识的数字化。大模型通过理解这些数字化的知识，发展出泛化智能 和通用对话能力， ...

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 intelligence [1][5][24] Summary by Sections AGI and ASI Development - The transition to ASI will occur in three stages: "Intelligent Emergence," "Autonomous Action," and "Self-Iteration" [3][7] - AGI aims to free humans from 80% of routine tasks, allowing focus on creativity and exploration, while ASI could solve complex scientific and engineering problems at unprecedented speeds [5][23] Current AI Landscape - The AI industry has seen over $400 billion in investments in the past year, with projections of over $4 trillion in cumulative investments over the next five years, indicating a rapid acceleration in AI capabilities [4][20] - AI's intelligence has advanced from a high school level to that of a PhD in a few years, demonstrating the technology's rapid evolution [4][5] Alibaba's AI Strategy - Alibaba Cloud aims to be a "full-stack AI service provider," focusing on two main paths: an open-source approach with Tongyi Qianwen and the development of a super AI cloud as the next-generation computing platform [3][20] - The company is investing 380 billion yuan over three years to build AI infrastructure, with plans for significant future investments [20][21] Future Projections - By 2032, the energy consumption of Alibaba Cloud's global data centers is expected to increase tenfold compared to 2022, reflecting the anticipated growth in AI demand [21] - The company envisions a future where AI will replace energy as the most critical commodity, driving daily operations across various industries [20][24] Technological Evolution - Large models are expected to become the next operating system, facilitating interactions between users and AI tools, with natural language serving as the programming language of the AI era [14][18] - The deployment of AI models will diversify, running on all devices and enabling persistent memory and real-time updates [15][18] Collaboration Between Humans and AI - The emergence of ASI will foster a new collaborative relationship between humans and AI, enhancing productivity and creating new demands in society [23][24]