11月27日，首个搭载千问助手的智能硬件夸克AI眼镜正式发布。阿里巴巴集团副总裁吴嘉表示，夸克 AI眼镜让千问更充分地连接物理世界，千问将继续向更多智能终端延展。夸克AI眼镜搭载的千问助手 已经融合支付宝、高德地图、淘宝、飞猪、阿里商旅等阿里生态核心场景，初步具备了在物理世界辅助 用户、帮用户办事的能力。 根据康耐特光学官方工作号，公司是夸克AI眼镜的独家镜片供应商，标志着客户在国内市场拓展再下 一城。东方证券表示，夸克镜片零售价包含13%增税及自身利润，阿里或未在镜片业务尤其1.74折射率 上有过高溢价，因此配镜企业具较好的盈利能力。 来源：新浪港股 康耐特光学（02276）盘中涨超4%，截至发稿，股价上涨3.08%，现报56.75港元，成交额3919.90万港 元。 ...

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of 康耐特光学 (Conant Optical), which increased by 4.27% to HKD 57.35, with a trading volume of HKD 30.97 million [1] - On November 27, the first smart hardware, Quark AI glasses, equipped with the Qianwen assistant, was officially launched, enhancing the connection between the physical world and digital services [1] - The Qianwen assistant integrated into the Quark AI glasses connects with key Alibaba ecosystem services such as Alipay, Gaode Map, Taobao, Feizhu, and Alibaba Travel, indicating its capability to assist users in real-world tasks [1] Group 2 - 康耐特光学 is the exclusive lens supplier for the Quark AI glasses, marking a significant expansion in its domestic market presence [1] - According to Dongfang Securities, the retail price of Quark lenses includes a 13% tax and profit margin, suggesting that Alibaba may not have a high markup on the lens business, which could lead to better profitability for optical fitting companies [1]

【12 月 2 日港股阿里巴巴-W 高开，夸克 AI 眼镜开售，大摩称其为"中国最佳 AI 赋能者"】12 月 2 日，港股市场阿里巴巴-W(9988.HK)高开 3.36%，报 160.1 港元。隔夜美股市场阿里巴巴收涨 4.42%， 报 164.26 美元，折算成港股市场价格为 159.82 港元/股。消息面上，夸克 AI 眼镜上周四正式开售，首 发提供 S1、G1 两个系列共六款单品。其搭载的千问助手已融合阿里生态核心场景，初步具备在物理世 界辅助用户办事的能力。此外，摩根士丹利发布 2025 年下半年 CIO 调查报告。随着 2026 年 IT 预算持 续扩张，企业客户部署生成式 AI 正转向超大规模云厂商。阿里巴巴凭借"云基座+通义千问"组合，被 大摩确立为"中国最佳 AI 赋能者"，其在 B 端吸引力有望三年内超越 DeepSeek。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 和讯财经 和而不同 迅达天下 扫码查看原文 具在 B 端吸引刀有望三年闪超越 DeepSeek。 ...

阿里巴巴(BABA.US)拉升涨3.5%，报162.5美元。消息面上，夸克AI眼镜上周四正式开售，首发提供 S1、G1两个系列共六款单品。据介绍，夸克AI眼镜搭载的千问助手已经融合支付宝、高德地图、淘 宝、飞猪、阿里商旅等阿里生态核心场景，初步具备了在物理世界辅助用户、帮用户办事的能力。 东方证券认为夸克AI 眼镜有望成为阿里的C端新入口，配合千问APP及Qwen模型形成C端心智与数据闭 环。看好阿里全栈AI 优势在增加端侧布局后的进一步强化，以及夸克AI 眼镜的放量潜力。 ...

1. Report's Industry Investment Rating - Morgan Stanley's latest report indicates that China's stock market is expected to rise further in 2026, continuing this year's strong upward trend [3]. - A team led by Rajiv Batra, the Asia head and co - head of global emerging market equity strategy at J.P. Morgan, upgraded the rating of Chinese stocks to "overweight" [1][2][3]. 2. Core Viewpoints of the Report - The main stock indices in the two markets fluctuated upward on Friday. As the focus of AI shifts to applications, growth - oriented indices are gradually becoming the focus. The main indices in the two markets pulled back after rising on Thursday, which is a normal technical trend, and the direction of shock - recovery remains unchanged [1][2][3]. - There is a high probability of a significant increase in the Chinese stock market next year compared to potential downside risks. The recent adjustment of Chinese assets provides an attractive entry point [1][2][3]. - There should be no so - called AI bubble in the next three years, as current GPU utilization is high [3]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Friday, the main indices of the two markets showed divergent trends, with the semiconductor equipment sector leading the gains. The total trading volume in the two markets was 1.58 trillion yuan, continuing to shrink. The CSI 300 index closed at 4,526 points, up 11 points or 0.25%; the SSE 50 index closed at 2,969 points, down 2 points or - 0.09%; the CSI 500 index closed at 7,031 points, up 80 points or 1.15%; the CSI 1000 index closed at 7,334 points, up 76 points or 1.06% [1]. - Among industry and theme ETFs, the top gainers were Science and Technology Innovation Semiconductor ETF, Rare Metals ETF, Satellite ETF, Semiconductor Equipment ETF, and New Energy Vehicle ETF, while the top losers were Traditional Chinese Medicine ETF, Bank ETF Fund, and Huatai - Peregrine Innovative Drug ETF. Among the sector indices in the two markets, the top gainers were forestry, titanium metals, energy metals, communication engineering, and movie theater indices, while the top losers were oil and gas exploration, national banks, traditional Chinese medicine, insurance, and coal mining indices [1]. - Net outflows of settled funds from stock index futures of the CSI 300, CSI 500, SSE 50, and CSI 1000 indices were 1.5 billion, 1 billion, 600 million, and 60 million yuan respectively [1]. 3.2 Important News - Zheng Shanjie, director of the National Development and Reform Commission, wrote in People's Daily that China should adhere to the strategic basis of expanding domestic demand, combine expanding consumption with the development of new - quality productive forces, and expand the supply of high - quality consumer goods and services [1]. - Measures should be taken to increase the proportion of residents' income in national income distribution and the proportion of labor remuneration in primary distribution, and strive to achieve synchronous growth of residents' income and economic growth, as well as synchronous growth of labor remuneration and labor productivity [1]. - The investment popularity of the dividend sector has continued to rise recently. The issuance pace of dividend - themed funds has accelerated, and the new issuance scale this month is the highest of the year. More than 10 billion yuan has flowed into existing ETFs, and the share of many dividend - themed ETFs has reached a new high since listing [1]. - Greg Jensen, co - chief investment officer of Bridgewater Associates, refuted the theory of an AI bubble in a podcast, stating that the market has not understood the profound changes that AI will bring and the amount of capital about to flow into this field [1][2]. - The Beijing Space Data Center construction plan proposes to build and operate a centralized large - scale data center system with a power of over gigawatt (GW) in the 700 - 800 km dawn - dusk orbit [2]. - Quark AI Glass was officially launched, marking Alibaba's official entry into the AI glasses market [2]. - DeepSeek's newly released open - source mathematical model, DeepSeekMath - V2, reached the gold - medal level in the world - renowned most difficult high - school mathematics competition, marking a major breakthrough in the complex reasoning ability of open - source artificial intelligence [2]. - Morgan Stanley said that China's truck electrification market is booming rapidly. In October, the sales volume of electric heavy trucks increased by 144% year - on - year, with a penetration rate of 29%, expected to rise to 35% in 2026; the penetration rate of electric light trucks will rise from 10% in 2025 to 38% in 2027, and battery demand will soar from 30 GWh to 150 GWh [2]. - Driven by the weak US dollar and the AI investment boom, Morgan Stanley expects the return rate of emerging - market assets to reach 8% in 2026, and Bank of America is optimistic about the more than 10% return of emerging - market local - currency bonds next year. US AI capital expenditure will reach $628 billion in 2028 [2]. - Goldman Sachs' trading department believes that after the sharp internal adjustment of the US stock market in November, multiple indicators have now completed a "reset" [2]. - The core CPI in Tokyo rose 2.8% year - on - year in November, exceeding the market expectation of 2.7%. The possibility of a December interest - rate hike has increased due to continued inflationary pressure and the recent weakening of the yen [2]. 3.3 Market Logic - The main stock indices in the two markets fluctuated upward on Friday. As the focus of AI shifts to applications, growth - oriented indices are gradually becoming the focus. The adjustment of the main indices in the two markets on Thursday was a normal technical correction, and the upward trend remains intact [1][2][3]. - The upgrade of the rating of Chinese stocks by J.P. Morgan and the new issuance of 7 Science and Technology Innovation and Entrepreneurship Artificial Intelligence ETFs are expected to bring more incremental funds to the market [2][3]. - Alibaba is making efforts in both AI - to - B and AI - to - C directions, and based on its ecological advantages, the Qianwen APP is expected to create the future AI living entrance [2][3]. - From January to October this year, the total amount of overseas funds flowing into the Chinese stock market reached $50.6 billion, far exceeding the full - year figure of $11.4 billion in 2024 [2][3]. 3.4 Market Outlook - The main stock indices in the two markets fluctuated upward on Friday. As the focus of AI shifts to applications, growth - oriented indices are starting to strengthen, and the upward trend will continue [1][2][3]. - Six government departments including the Ministry of Industry and Information Technology have issued a document to promote consumption, encouraging platform companies to use AI technology to tap user needs and match product and service recommendations [3]. - The bullish sentiment of traders towards the offshore RMB has reached a 14 - year high [3]. - Multiple Fed governors have signaled a dovish stance. US retail sales in September were lower than expected, and the lay - off rate has accelerated. The probability of a Fed interest - rate cut in December has risen to over 80% [3]. 3.5 Trading Strategy - For stock index futures directional trading, as the focus of AI shifts to applications, growth - oriented indices are starting to strengthen. Futures long positions should be mainly allocated to the CSI 300 and CSI 500 indices, with interval trading [3]. - For stock index option trading, as the stock index is in a shock - recovery period, investors should look for opportunities to buy far - month deep - out - of - the - money call options [3].

Group 1 - The rapid development of artificial intelligence (AI) technology is creating widespread opportunities in various sectors [3] - Alibaba's Qianwen application has been natively embedded in the Quark browser, providing AI assistance to over 100 million users [5] - Alibaba has launched the Quark AI glasses, which integrate the Qianwen assistant and connect with various Alibaba ecosystem services [6] Group 2 - Beijing plans to build a large-scale data center system in the dawn-dusk orbit, aiming to move significant AI computing power into space [7][9] - Morgan Stanley reports that Google's Tensor Processing Units (TPUs) may be sold externally, potentially transforming its cost center into a profit center and challenging Nvidia's hardware dominance [15] - The Chinese AI industry is experiencing a clear development trend, with expectations for application innovation and popularization in 2026 [10]

Group 1 - Alibaba has launched its first AI glasses powered by its self-developed Qianwen model, marking its entry into the consumer-grade AI wearable device market, priced at 1899 yuan [1] - The glasses are integrated with Alibaba's ecosystem, including Alipay, Gaode Map, Taobao, Feizhu, and Alibaba Business Travel, enhancing their functionality [1] - Tianfeng Securities highlights the vast global user base for glasses and the low current AI penetration rate as key factors for the growth potential in the AI glasses market, predicting sales could reach approximately 1.4 billion units with a 70% penetration rate at maturity [1] Group 2 - The future form of AI glasses is expected to be a combination of AI and AR, with optical display and AI services being key components [2] - Cost analysis of AR glasses indicates that optical modules and screens represent the largest expenses, while chips are the highest cost in smart glasses [2] Group 3 - Hengxuan Technology's new generation of smart wearable chip, BES2800, has been widely adopted in products like TWS earphones, smartwatches, and smart glasses, including the Alibaba Quark AI glasses [3] - Nanchip Technology has provided a power chip solution for the Quark AI glasses, ensuring long battery life and stable power supply through its battery balancing IC [3]

Core Viewpoint - The launch of Quark AI glasses, equipped with the Qianwen assistant, marks a significant step in integrating smart hardware with Alibaba's ecosystem, enhancing user interaction with the physical world [1] Group 1: Product Launch - The Quark AI glasses are the first smart hardware to feature the Qianwen assistant [1] - The glasses aim to connect users more effectively with the physical world through advanced technology [1] Group 2: Integration with Alibaba Ecosystem - The Qianwen assistant in the Quark AI glasses integrates with key Alibaba services such as Alipay, Gaode Map, Taobao, Fliggy, and Alibaba Business Travel [1] - This integration allows the assistant to assist users in various tasks within the Alibaba ecosystem [1]

Core Viewpoint - The Quark AI glasses, featuring the Qianwen assistant, have been officially launched, enhancing the connection between digital and physical worlds [1] Group 1: Product Launch - The Quark AI glasses are the first smart hardware to integrate the Qianwen assistant [1] - The glasses are designed to assist users in the physical world by leveraging various Alibaba ecosystem services [1] Group 2: Integration with Alibaba Ecosystem - The Qianwen assistant is integrated with key Alibaba services such as Alipay, Gaode Map, Taobao, Fliggy, and Alibaba Travel [1] - This integration allows the assistant to provide practical support and services to users in real-world scenarios [1]

Core Insights - The Quark AI glasses, featuring the Qianwen assistant, have been officially launched, marking a significant advancement in smart hardware integration [1] - Alibaba's Vice President Wu Jia emphasized that the Quark AI glasses enhance the connection between the Qianwen assistant and the physical world, indicating a strategic direction for further integration with more smart devices [1] - The Qianwen assistant on the Quark AI glasses has already integrated key services from Alibaba's ecosystem, including Alipay, Gaode Map, Taobao, Fliggy, and Alibaba Travel, showcasing its initial capabilities in assisting users in real-world tasks [1] Company Developments - The launch of the Quark AI glasses represents a new product offering from Alibaba, aimed at expanding its smart hardware portfolio [1] - The integration of multiple Alibaba services into the Qianwen assistant highlights the company's strategy to create a seamless user experience across its platforms [1] Industry Trends - The introduction of AI-powered smart glasses reflects a growing trend in the tech industry towards enhancing user interaction with digital services in physical environments [1] - The collaboration of various services within the Alibaba ecosystem through the Qianwen assistant indicates a shift towards more interconnected smart devices, which may influence future developments in the smart hardware market [1]