中国知名独立第三方投研机构格隆汇，由全球七十多国数千万会员票选的2026年度"下注中国"十大核心资产，于"变数"笼罩的市场中重磅揭晓！ 历经半个多月票选，全球七十多国数千万会员参与，累计产生数十万份有效投票，经纯数据归集整理，2026年度核心资产名单正式敲定。 本次票选入选的上市公司，需符合以下四大原则： 2025年中国投资市场充满"变数"：年初复苏预期随美联储降息摇摆、中美关系及亚太局势变数降温；房地产企稳疑云、AI泡沫争议、新能源景气转向模糊投 资方向；A股"牛市三阶段""5000点笃定"的一致预期，暗藏同质化布局风险，市场起伏考验投资者判断。 市场波谲云诡，我们坚信：投资者个体或有短期偏差，但数千万人凝聚的集体智慧可穿越迷雾。 自2018年末以来，格隆汇已连续7年组织"全球视野下注中国"核心资产讨论、投票活动，十大核心资产均由全球七十多国数千万会员票选产生，无任何人为 干预，旨在助力全球投资者锚定中国未来核心资产，历年业绩印证了这份集体智慧的价值。 按惯例，2026年"下注中国"十大核心资产已于2025年12月15日向旗舰会员提前披露。为适配来年市场变数，本次名单延续"季度动态调整"机制，灵活适配市 场 ...

作者 | 格隆汇官方 数据支持 | 勾股大数 据（www.gogudata.com） 中国知名独立第三方投研机构格隆汇，由全球七十多国数千万会员票选的2026年度"下注中国"十大核心资产，于"变数"笼罩的市场中重磅揭 晓！ 历经半个多月票选，全球七十多国数千万会员参与，累计产生数十万份有效投票，经纯数据归集整理，2026年度核心资产名单正式敲定。 | 格降汇2026年 | | | "下注中国"十大核心资产 | | | --- | --- | --- | --- | --- | | 核心资产 | 证券代码 | 总市值(亿人民币) | 行业/题材/概念 | 被PK掉的其他选择 | | 中际旭创 | 300308 A股 | 6,778 | Al堂元 先进制造 | 新易盛、中芯国际、立讯精密、宁德时代 | | 腾讯 | 00700 HR | 49,160 | AI应用 | 网易、小米集团-W、快手 | | 阿里巴巴 | 09988 HBS | 24,500 | Al/云计算 | 地平线-W、百度、拼多多、美团 | | 黄金ETF | 518880 AR | 1 | 有色金属 | 紫金矿业、中国宏桥 | | 洛阳辑业 ...

作为我国农业和生命科学领域的战略科技力量，遗传发育所拥有种子创新全国重点实验室等国家级科研 平台。此次智慧育种计划将利用AI技术攻克海量生物组学数据的自动化采集及解析难题，以"数字大 脑"为核心突破传统分子育种的效率瓶颈，实现从"经验育种"向"智能设计育种"的跨越。 来源：中国网 近日，中国科学院遗传与发育生物学研究所(以下简称"遗传发育所")与阿里云达成全面合作，正式启动 智慧育种计划。该计划将构建标准化的表型组数据采集体系，基于阿里全栈AI基础设施和千问大模型 底座，共同打造具备"感知、决策与执行"能力的植物育种"数字大脑"及数字孪生实验平台。 中国科学院院士、遗传与发育生物学研究所副所长傅向东，阿里云智能集团资深副总裁、政企事业部总 裁李津出席并见证签约仪式。中国科学院遗传与发育生物学研究所副所长、育种前沿技术实验室主任鲁 非，阿里云智能集团政企事业部华中区域总经理韩飞代表双方签署协议。 中国科学院院士、遗传发育所副所长傅向东表示： "种子是现代农业的'芯片'，而'数字大脑'将成为未 来育种的智慧中枢。此次合作我们将把科研育种产生的海量数据转化为可计算的育种规律。通过与阿里 云的合作，我们希望让AI像辅 ...

Core Viewpoint - The emergence of DeepSeek-R1 signifies a pivotal moment for Chinese innovation on the global stage, indicating a shift towards accelerated technological advancement and a redefined direction for the industry [1]. Group 1: Collective Narrative Amidst Chaos - The year witnessed parallel experiences of success and confusion within the same industry, with some companies achieving explosive growth while others reassess their strategies [5][6]. - DeepSeek maintained a strong position in application downloads, while competitors like Doubao also saw significant user engagement [6]. - Companies like Baichuan Intelligence and Zero One Matter are pivoting towards specific sectors, showcasing strategic differentiation among the so-called "AI Six Tigers" [7]. - The rapid iteration of AI models has left many entrepreneurs in a state of indecision, grappling with whether to embrace new trends or stick to established paths [7]. Group 2: Value Inquiry and Choices in 2025 - Practitioners are increasingly questioning the essence of technology and its practical applications, moving beyond theoretical discussions to real-world implications [13]. - The discourse on platforms like Zhihu reflects a shift in focus from immediate outcomes to long-term technological potential and sustainable practices [14][20]. - The concept of "density" in AI development is emerging, emphasizing quality over sheer size, as highlighted by industry experts [17]. Group 3: Observations from Practice - The interactions on Zhihu illustrate a dynamic exchange of ideas, where individuals document their experiences and uncertainties, contributing to a collective understanding of the industry's evolution [21][30]. - The narrative of personal journeys in the tech space reveals a transition from theoretical exploration to practical application, with many professionals sharing their challenges and decisions [20][31]. - The ongoing discussions emphasize the importance of individual contributions to the broader AI landscape, highlighting the need for continuous questioning and adaptation in an uncertain environment [33].

阿里巴巴-W（09988）：电商老兵的"云上起舞"与即时零售豪赌 本文首发日期：2025年12月6日 没有港股通的可以关注以下ETF标地：费率较低，阿里巴巴含量较高 | 秦 代码 | | 名称 | | | --- | --- | --- | --- | | 1 | 513260 | 融 恒生科技ETF基金 | 0.25阿里9 | | 2 | 159636 | ■ 港股通科技30ETF | 0.52阿里17 | | 3 | 501301 | 香港大盘LOF | 0.6阿里17 | | 4 | | 513010 | o mosterial w | 一、公司基本面：双轮驱动下的"增长换轨" 阿里巴巴的业务可概括为 "左手帮商家开淘宝店，右手给企业租云计算服务器"——这家1999年成立的互联网巨头，以电商起家，如今 已进化成覆盖核心电商、云计算、数字媒体、即时零售的生态型平台。简单说，你深夜刷淘宝下单的衣服、上班用的钉钉视频会议、 甚至早餐通过"淘宝闪购"点的外卖，都跑在它的商业操作系统上。但这家"数字经济体"正面临增长模式切换：传统电商增速放缓，而 云业务与即时零售成为新引擎，后者尤其以利润换规模，引发市场争议。 ...

Investment Rating - The report assigns a "Buy" rating for Alibaba Group, with a target market value of 3.36 trillion RMB and a target price of 192.48 HKD for FY2026 [5]. Core Insights - Alibaba has restructured its organization to focus on "e-commerce, cloud + AI," enhancing resource allocation and competitive response [2][25]. - The company is actively participating in the instant retail market, which is expected to exceed 2 trillion RMB by 2030, thus defending its market share [16]. - Alibaba Cloud is positioned as a top-tier player in AI and cloud computing, with significant investments in self-developed capabilities [4]. Summary by Sections Company Overview - Alibaba Group is a leading global e-commerce and internet technology group that has recently restructured its business into four main segments: China E-commerce Group, International Digital Commerce Group, Cloud Intelligence Group, and Others [2]. Investment Logic - Instant retail is crucial for maintaining e-commerce traffic advantages, with a notable increase in daily active users (DAU) and order volumes since May [3]. - The company has seen a significant rise in order volume, with peak orders reaching 120 million in July, and a substantial increase in market share in the food delivery sector [3][19]. - Alibaba's investment in user experience (UE) is expected to improve as scale and efficiency increase, with current losses narrowing significantly [3]. Financial Forecasts, Valuation, and Rating - The adjusted net profit forecasts for FY2026-2028 are 107.9 billion, 149.4 billion, and 175.8 billion RMB, respectively, with corresponding adjusted P/E ratios of 24.8, 17.9, and 15.2 [5]. - The e-commerce business (excluding instant retail) is valued at 11 times earnings, while the cloud business is valued at 7 times sales [5]. - The report anticipates stable market share for Alibaba's traditional e-commerce business and significant growth potential for its cloud services driven by AI [5]. Additional Insights - The report highlights the competitive landscape in the instant retail market, with Alibaba's aggressive strategies to boost user engagement and order fulfillment capabilities [19][39]. - Alibaba's cash reserves are the highest among competitors, providing a strong foundation for sustaining long-term investments in the instant retail sector [51][52]. - The introduction of the "High De" street ranking by Amap aims to synergize online and offline services, indicating potential growth in the in-store business [58].

Core Viewpoint - The company is optimistic about long-term ecological synergy and strong demand for cloud services, while actively investing in AI infrastructure. Short-term losses from flash sales are being mitigated, but there are pressures from the e-commerce base. The adjusted net profit forecasts for FY2026-2028 have been lowered, but the long-term outlook remains positive with a "buy" rating maintained [1][2]. Group 1: Financial Performance - For FY2026 Q2, the company's revenue reached 247.8 billion yuan, a year-over-year increase of 5%, slightly above Bloomberg's consensus estimate of 245.2 billion yuan. Cloud business revenue exceeded expectations [1]. - The non-GAAP net profit was 10.35 billion yuan, a year-over-year decrease of 72%, falling short of Bloomberg's consensus estimate of 13.51 billion yuan [1]. - The adjusted EBITA for the Chinese e-commerce group was below expectations, with customer management revenue increasing by 10% year-over-year, driven by enhanced technology service fees and improved penetration rates [1]. Group 2: Business Segments - In the Chinese e-commerce segment, flash sales are expected to drive traffic growth on the main site, improving order density and average transaction value, which may help reduce losses and lower customer acquisition costs [2]. - The international digital commerce segment reported a year-over-year revenue increase of 10%, with adjusted EBITA turning profitable [1]. - The cloud intelligence group saw a year-over-year revenue growth of 34%, with public cloud services continuing to expand and an adjusted EBITA margin of 9.0%, remaining stable quarter-over-quarter [1]. Group 3: Strategic Initiatives - The company plans to prioritize stabilizing market share in the short term, with flash sales expected to enhance main site traffic and improve overall efficiency [2]. - There is a strong commitment to AI capabilities and investments, with potential additional investments beyond the planned 380 billion yuan over three years, which may further expand cloud market share [2]. - The company has a remaining share buyback program of 19.1 billion USD, approximately 5.1% of the current market value, effective until March 2027 [2].

Summary of Conference Call on Technology Sector Industry Overview - The storage market is expected to remain optimistic in 2026, with DRAM and NAND prices anticipated to continue rising. Monitoring spot price trends is crucial, as a slowdown or stabilization in spot price increases could signal the end of the storage market rally [1][5] - Taiwanese and mainland storage manufacturers are optimistic about DRAM price trends [3] Key Insights on Storage Market - DRAM prices have seen significant increases, with DDR5 contract prices rising over 130% and spot prices increasing by 230% since the beginning of the year. DDR4 has experienced even larger increases, with contract prices up 430% and spot prices reaching around 500 [2] - NAND prices are also expected to rise due to sustained demand from inference needs, particularly in the server segment, which is growing significantly faster than the mobile segment [2][5] Investment Opportunities - Companies to watch in the storage industry include: - Flash memory manufacturers like SanDisk, which will benefit from NAND price increases - Domestic leaders in storage expansion, such as Zhongwei, Tuojing, and Huachuang, as well as chip companies like Zhaoyi Innovation [6] - The consumer electronics supply chain is currently at historical low valuations due to storage price pressures, presenting a buying opportunity [8] AI Hardware Market Expectations - Apple is expected to launch its first AI glasses in the second half of 2026, with annual sales projected to reach 5-6 million units. OpenAI plans to release a similar AIP product by the end of 2026 [10] - Companies involved in these projects, such as Behavior Communication, Yutong Optics, Zhuhai Guanyu, and Lixun Precision, are worth monitoring [10] AI Industry Trends - The AI industry chain is thriving, with no signs of a slowdown in computing power demand. Companies are investing in self-developed chips, leading to positive capital expenditure and changes in computing architecture [4][15] - Google has a significant advantage in the AI field due to its comprehensive software ecosystem and user base, which facilitates rapid AI application deployment [13] Developments in AI Models - The Gemini 3.0 model has achieved end-to-end upgrades in multimodal capabilities, allowing direct processing of video and image inputs, enhancing inference stability and effectiveness [12] - Google's self-developed TPU for Gemini 3.0 training indicates a diversification in computing power competition, moving beyond Nvidia's dominance [17] Recommendations for Investors - Maintain a positive outlook on the storage sector despite short-term stock price corrections, and consider the buying opportunities presented by storage price increases [11] - Focus on companies involved in AI hardware projects, as these products are expected to generate new growth points in the coming years [11]

证券日报网讯米奥会展11月20日在互动平台回答投资者提问时表示，关于下一代外贸智能体的开发，公 司目前尚未集成阿里巴巴的千问大模型。公司技术路线保持开放和务实，正在积极评估和整合业界多种 大模型技术，旨在根据外贸业务场景的具体需求，灵活选择最优的技术组合来提升智能体的性能与适应 性。在合作层面，公司与阿里巴巴等行业伙伴保持着正常的业务交流与探索。 （文章来源：证券日报） ...

Core Viewpoint - The company has not integrated Alibaba's Qianwen large model into its next-generation foreign trade intelligent agent, maintaining an open and pragmatic technical approach while evaluating various large model technologies to enhance performance and adaptability based on specific foreign trade business scenarios [1] Group 1 - The company is actively assessing and integrating multiple large model technologies from the industry to optimize the technology combination for its intelligent agent [1] - The company maintains normal business communication and exploration with industry partners, including Alibaba [1]