作者：周源/华尔街见闻 7月25日，阿里巴巴开源千问3推理模型。 这是千问系列中首个采用混合专家MoE（Mixture of Experts）架构的代码模型，总参数达480B（4800 亿），原生支持256K token的上下文，可扩展至1M长度，能帮助程序员完美完成写代码、补全代码等 基础编程任务，大幅提升编程工作效率。 混合专家模型（MoE）是一种高效的神经网络架构设计，核心思想是通过分工协作提升模型性能，同时 控制计算成本，尤其在大模型参数规模突破千亿、万亿级后，成为平衡性能与效率的关键技术。 简单说，MoE架构就像一个智能团队：有很多专业分工的成员（专家），但每次任务只让最适合的几个 人干活（门控调度），既保证了效率，又能应对更复杂的需求。 据公开消息称，该模型性能提升显著，在知识储备、编程能力、数学运算等关键维度，与Gemini-2.5 pro、o4-mini等全球顶级闭源模型水平相当。 在7月21日至7月25日期间，阿里连续开源3款重要模型，成就斐然，在基础模型、编程模型、推理模型 领域均获全球开源冠军。 这一系列动作不仅让技术开发者投入研究，也让企业决策者关注这些技术成果在实际业务中的应用，其 ...

行业方面，近日，阿里巴巴更新了开源千问3推理模型，在通用能力和深度思考能力上实现显著提升。 千问3推理模型支持256K上下文长度，在知识、编程、数学、人类偏好对齐、创意写作、多语言能力等 核心能力上，可比肩Gemini-2.5 pro、o4-mini等闭源模型，并创下全球开源模型的最佳性能表现。此 外，上海人工智能基础大模型代表公司阶跃星辰发布了新一代基础大模型Step3。阶跃星辰创始人、 CEO姜大昕在发布会上介绍，Step3主打多模态推理能力，通过系统和架构创新，推理效率创行业新 高。Step3大模型计划在7月31日向全球开源。 AI应用概念31日盘中强势上扬，截至发稿，易点天下（301171）20%涨停，慧博云通（301316）涨超 16%，用友网络（600588）、南兴股份（002757）亦涨停，三六零（601360）、值得买（300785）等涨 超8%。 中信建投（601066）证券指出，阿里Qwen模型三连开源，阶跃星辰新一代多模态推理基础模型Step3大 幅提升推理效率，国产模型能力持续向上。海外AI Coding赛道火热，GitHub Copilot 2024年12月约实现 4亿ARR，Cur ...

Core Insights - Alibaba has made significant progress in open-sourcing its AI models, with the recent release of the fully open-sourced Tongyi Qianwen and the introduction of the video generation model Tongyi Wanshang Wan2.2, which incorporates cinematic elements and allows for extensive user customization [1][3]. Group 1: Open Source Progress - Alibaba's Tongyi Qianwen has achieved full-scale, multi-modal open-sourcing, breaking down barriers between open-source and closed-source models [1]. - In the past week, Alibaba has released four major models, including the Tongyi Wanshang Wan2.2, which can generate 5-second high-definition videos with over 60 customizable parameters [3]. Group 2: Model Performance and Recognition - The latest version of Tongyi Qianwen has been recognized as the "most intelligent non-thinking foundational model" by Artificial Analysis, while its reasoning model has matched top closed-source models like Gemini 2.5 pro and o4-mini [3]. - The AI programming model Qwen3-Coder has surpassed leading closed-source models such as GPT-4.1 and Claude 4, achieving the top position on the global open-source community Hugging Face [3]. Group 3: Market Impact and Community Engagement - Alibaba's open-source initiatives have sparked a new wave of AI development in China, with the Tongyi Qianwen API call volume exceeding 100 billion tokens within three days, surpassing other top models [4]. - The download count for Tongyi Qianwen has surpassed 400 million, with over 140,000 derivative models, making it the largest open-source model family globally, surpassing Meta's Llama series [5].

Core Insights - The AI model technology is undergoing a historic transition from "incremental innovation" to "exponential leap," with companies like OpenAI, Alibaba, and Jieyue Xingchen continuously upgrading their large models [1][3] Group 1: Technological Advancements - OpenAI plans to release its flagship model GPT-5 in early August, including mini and nano versions, which will enhance reasoning density and multimodal capabilities [1] - Alibaba showcased three new open-source large models at the WAIC 2025, including the latest version of Qianwen 3 [1] - Jieyue Xingchen launched its new foundational model Step 3, which aims to optimize efficiency and intelligence for the reasoning era [1][2] Group 2: Industry Applications - AI large models significantly enhance data utilization across various sectors, including manufacturing, agriculture, and services, leading to cost savings and productivity improvements [3] - The Chinese government emphasizes the integration of digital technology with manufacturing advantages to support the widespread application of large models [3] Group 3: Market Growth - The Chinese AI large model market is projected to grow from 14.1 billion yuan in 2023 to 29.4 billion yuan in 2024, and further to 49.5 billion yuan by 2025, marking an 83.92% increase year-on-year [3] Group 4: Stock Performance - AI large model concept stocks have seen an average increase of 21% this year, outperforming the Shanghai Composite Index, with seven stocks rising over 50% [4] - The average daily trading volume of AI large model concept stocks increased by 16.18% in July, reaching 517 million yuan [4][5]

Core Insights - The 2025 World Artificial Intelligence Conference highlighted a significant shift in AI model technology from "incremental innovation" to "exponential leap" [1] - The transformation in AI is driven by three core elements: data explosion, computational power leap, and algorithm breakthroughs [1] Data and Model Development - The model "Tongyi Qianwen" has surpassed 400 million downloads globally, with over 140,000 derivative models, becoming the largest open-source model family [2] - The model is widely used across various industries, including finance, manufacturing, and education [2] Open Source and Ecosystem - Open-source is viewed as a key engine for the inclusive development of AI, lowering technical barriers and enabling equal participation in innovation [2] - The continuous feedback loop from developers and enterprises enhances model training and technological advancement [2] AI Paradigm Shift - AI technology is transitioning from language capabilities to task execution, marking a historic leap in AI paradigms [3] - The emergence of AI Agents is set to redefine interactions, moving towards machines understanding and proactively serving humans [3] Recent Developments - Alibaba released three major models that achieved global open-source leadership in foundational, programming, and reasoning models [5] - The CEO announced an investment of over 380 billion yuan in cloud and AI hardware infrastructure over the next three years, surpassing the total investment of the past decade [5] - Alibaba Cloud's AI-related revenue has consistently shown triple-digit growth, with a recent quarterly growth rate of 18% [5]

Group 1 - Chinese technology companies are increasingly engaging in open-source AI model initiatives, with Alibaba launching multiple models in a short period, including Qwen3-235B-A22B-Instruct-2507, Qwen3-Coder, and Qianwen3 reasoning model [1] - The Kimi K2 model from Moonlight Dark Side, featuring a MoE architecture with 1 trillion total parameters and 32 billion active parameters, was also released [1] - The upcoming Step3 model from Jieyue Star will be the first full-size, native multimodal reasoning model, set to be open-sourced on July 31 [1] Group 2 - The open-source strategy of Chinese tech firms signifies a distinct path in AI development, promoting global AI technology accessibility and fostering an inclusive industrial ecosystem [2] - The Qwen3-Coder model has garnered attention from global investors and tech experts, being compared favorably to the Claude4 model [2] - The mixed model of "open-source ecology + closed-core" proposed by China emphasizes the balance between technology sharing and commercial value [2] Group 3 - The open-source wave in China is positively impacting the real economy, with major companies like FAW Group, China Petroleum, and Ping An Group integrating AI programming models [3] - The derivative models of Tongyi Qianwen have surpassed 140,000, making it the largest open-source model family globally, exceeding Meta's Llama series [3] - The "ecological empowerment" effect of open-source technology is evident across various sectors, creating a virtuous cycle of technology open-sourcing, scenario iteration, ecosystem cultivation, and market validation [3]

Group 1 - Trump discusses tariff plans, indicating nearly 200 tariff letters will be sent, with rates potentially set at 10% or 15% [2] - Intel reports worsening net losses in Q2 and announces a restructuring plan, including a 15% workforce reduction and cancellation of a multi-billion dollar investment in Europe [2] - US stock markets see all major indices rise, with the Nasdaq and S&P 500 reaching new highs, while Intel's stock drops over 8% [3][5] Group 2 - The Nasdaq China Golden Dragon Index declines by 0.89%, with NIO rising over 1% and Alibaba and JD.com experiencing minor declines [4] - The China Securities Regulatory Commission emphasizes efforts to stabilize the market and promote long-term capital investment [8] - The State Council announces plans to gradually implement free preschool education, highlighting its importance for long-term development [9] Group 3 - Nvidia receives approval to resume sales of H20 GPUs to China, which is seen as a positive development for Nvidia and its supply chain [19] - The Shanghai stock market experiences a decline, with the index down 0.33%, while the Hong Kong market also sees losses [30][31]

Group 1 - The State Council has deployed measures to gradually promote free preschool education, emphasizing its importance for long-term development and the need for local governments to detail work plans and ensure timely funding allocation [2] - The China Securities Regulatory Commission (CSRC) has outlined seven key tasks for the next phase of reform, including consolidating market stability, deepening the reform of the Growth Enterprise Market, and enhancing regulatory enforcement efficiency [2][4] Group 2 - The Ministry of Finance reported that national fiscal revenue reached 11.56 trillion yuan in the first half of the year, with tax revenue showing a continuous year-on-year increase for three months [3] - The People's Bank of China and the State Administration of Foreign Exchange plan to promote a low-version fund pool policy nationwide, establishing a framework for integrated domestic and foreign currency fund pools [3] Group 3 - The Shenzhen Stock Exchange's vice president stated that further reforms of the Growth Enterprise Market will support companies in core technology sectors such as artificial intelligence and integrated circuits [6] - The Hong Kong Stock Exchange plans to launch a new platform in 2026 for issuers and their advisors to submit regulatory announcements and communicate confidentially with the exchange [6] Group 4 - The Shanghai Municipal Bureau of Statistics reported that the city's GDP for the first half of the year was 26,222.15 billion yuan, reflecting a year-on-year growth of 5.1% [5] - The China Insurance Industry Association announced that the current research value for ordinary life insurance products' preset interest rate is 1.99%, with several insurance companies adjusting their new product rates starting in September [10] Group 5 - The Shanghai land auction saw a total transaction amount of 28.957 billion yuan for eight plots, with one plot in Xuhui district breaking the national record for land price at over 200,000 yuan per square meter [11] - The Congo Mining Company chairman stated that the country is seeking to establish a price for cobalt that promotes domestic processing, as Congo accounts for about 75% of global cobalt production [11] Group 6 - The CSRC has simplified the inheritance process for small estates of deceased investors, allowing direct processing for estates under 50,000 yuan without notarization [4] - The CSRC is also revising the Corporate Governance Guidelines for Listed Companies to improve the supervision of directors and senior management [4] Group 7 - The Hong Kong Hang Seng Index fell by 1.09% to 25,388.35 points, while southbound funds saw a significant net purchase exceeding 20 billion Hong Kong dollars, totaling over 820 billion Hong Kong dollars for the year [4] - The A-share market experienced a mild adjustment, with the STAR 50 index rising by 2.07%, while the Shanghai Composite Index fell by 0.33% [4] Group 8 - The China Securities Association released a "white list" of 21 professional institutional investors for offline investment in 2024, including major funds and securities firms [6] - The Shanghai Stock Exchange announced that the IPO of Hengkun New Materials on the STAR Market has been postponed, marking the first IPO project to be delayed this year [6] Group 9 - The U.S. Commerce Secretary stated that TikTok will be banned unless China agrees to give the U.S. more control over the app, to which the Chinese Foreign Ministry reiterated its stance on the issue [3] - The U.S. stock market saw slight gains, with the Dow Jones up 0.47% and the S&P 500 reaching a new historical high, supported by strong earnings reports [18] Group 10 - The international precious metals futures market saw a general decline, with COMEX gold futures down 1.04% and silver futures down 2.29% [23] - The oil market experienced a drop, with U.S. crude oil futures falling by 1.45% and Brent crude down by 1.11%, primarily due to reduced speculative positions [23]