但竞争最终还是回到了"阿里必须要有一个AI原生的C端超级入口"。2025年11月，阿里将通义升级为千问app,并为今年春节千问"请客"的AI大战埋下伏笔， 一个隐线是，在超级搜索框的探索后，阿里最终还是将争夺AI入口的重心押回了对话式AI助手。 千问发布AI眼镜的同时，针对夸克AI眼镜与千问AI眼镜的区别，阿里工作人员在用户群里表示，夸克AI眼镜和千问AI眼镜的背后由同一套算法、软硬件团 队提供支持，只是后续推出的眼镜系列和全球品牌保持一致，以"千问（Qwen）"为名。已经上市的夸克眼镜会和千问眼镜保持一样的功能更新。千问最终 获得AI眼镜"冠名权"的背后，实际也意味着，尽管都在吴嘉麾下，阿里再度将AIToC的重心移至了千问。 AI ToC战火不断。 距离夸克AI眼镜正式发售仅三个月，2月27日，阿里又宣布旗下个人AI助手"千问"正式进军AI硬件领域，今年将面向全球市场推出多款不同形态的AI硬件产 品。 记者了解到，千问将在西班牙巴塞罗那举行的2026年世界移动通信大会（MWC）上发布首款同名AI眼镜，并于3月2日开启线上线下全渠道预约。此外，阿 里内部人士透露，除AI眼镜之外，千问还会在年内陆续发布AI指环 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：晚点AI 没有谁赢得最终胜利，战争刚刚拉开序幕。 文丨高洪浩 贺乾明 管艺雯 编辑丨贺乾明 2 月 16 日，除夕夜。北京中关村，字节跳动所在的鼎好大厦灯火通明；西二旗，百度科技园的办公楼 依旧亮着整层白光；南方，杭州阿里巴巴西溪园区、深圳腾讯总部，同样没有像往年那样进入节日模 式。 这个马年春节，中国科技行业第一次大规模取消休假，掀起中国 AI 领域第一场有预谋、有目标、大规 模资源投入的正面战役。 我们在此前文章中提到，过去二十年，中国科技行业巨头几乎打遍了互联网所有关键战役——从电商、 生活服务，到长短视频、社交、游戏，再到移动支付与企业服务。 以前是局部战役，丢掉一张牌，游戏还能继续。这一次更像是 "中途岛战役"——全局战争的转折点， 一旦输掉，可能会输掉整个未来。 字节跳动投入超过 10 亿元，豆包深度参与央视春晚互动，发出数亿红包和礼品；阿里冠名四家地方卫 视春晚，配合旗下 AI 助手千问 app ，耗资 30 亿元进行春节推广；腾讯投入 10 亿元、百度投入 5 亿 元，为 AI 应用导流。 腾讯率先出手，阿里投入更 ...

Core Insights - Alibaba is committed to investing heavily in Taobao Flash Purchase, with no concerns about losses for the next three years, as part of a strategic push in the instant retail sector [1][21][22] Investment Strategy - The management has set a goal for 2026 to increase investment in Taobao Flash Purchase beyond the previous year, focusing on instant retail [2][22] - The emphasis is on high-value orders over 30 yuan and improving operational efficiency in delivery [3][23] Market Positioning - As of now, Meituan holds over 50% market share in the food delivery sector, while Taobao Flash Purchase has around 40%, with JD.com below 5% [6][26] - The strategy has shifted from merely increasing order volume to enhancing the quality of orders, aiming for 60% of orders to be above 30 yuan [6][26] Competitive Dynamics - The competition is intensifying, with both Taobao Flash Purchase and Meituan focusing on delivery efficiency and rider availability [7][27] - Taobao Flash Purchase has improved its delivery times in southern cities, surpassing Meituan in areas like Guangzhou and Shenzhen [8][28] Infrastructure Development - Instant retail requires long-term investment and is currently in the warehouse construction phase, with a focus on high-demand categories like pharmaceuticals, alcohol, and fresh produce [10][30] - Alibaba is building multiple delivery warehouses to support instant retail, including around 200 front warehouses and plans for additional ones [33] User Engagement and AI Integration - The launch of the AI assistant Qianwen has accelerated the push for Taobao Flash Purchase, with significant investments aimed at cultivating consumer habits in using AI for shopping [17][36] - The app saw a surge in daily active users, reaching approximately 7.5 million shortly after a promotional campaign [19][37] Future Outlook - The company is exploring various scenarios for in-store business and aims to capture a larger market share from Meituan by summer 2026 [3][23] - The integration of instant retail with Alibaba's main e-commerce platform is expected to enhance visibility and drive traffic to Taobao Flash Purchase [12][31]

Core Insights - The new round of instant retail competition has begun, accelerated by the AI assistant battle [3][26] - Alibaba's management encourages bold moves in flash sales, aiming for significant investment in instant retail by 2026 [4][28] - The focus for Taobao Flash Sales includes high-value orders and precise operational improvements in food delivery and instant retail [5][29] Group 1: Market Strategy - Taobao Flash Sales plans to increase its investment in 2026, focusing on instant retail and high-value orders above 30 yuan [4][28] - The strategy includes enhancing delivery efficiency and targeting specific high-demand categories like pharmaceuticals, beverages, and fresh produce [5][29] - The goal is to surpass Meituan's market share by summer 2026, with a focus on high-quality orders [7][31] Group 2: Competitive Landscape - The current market share is approximately 50% for Meituan and 40% for Taobao Flash Sales, with JD.com below 5% [9][34] - Taobao Flash Sales has shifted its focus from order volume growth to increasing the proportion of high-quality orders to 60% [9][34] - Both companies are competing on delivery capabilities, with Taobao Flash Sales aiming to match Meituan's delivery times [10][35] Group 3: Operational Enhancements - Taobao Flash Sales is implementing a "super computing system" to optimize delivery processes and reduce costs [10][35] - The company is expanding its delivery capacity with multiple logistics lines, enhancing its operational efficiency [11][36] - In southern regions, Taobao Flash Sales has improved delivery times, surpassing Meituan in cities like Guangzhou and Shenzhen [12][36] Group 4: Infrastructure Development - Instant retail requires long-term investment and infrastructure development, with a focus on building warehouses for efficient delivery [14][38] - Taobao Flash Sales is currently stabilizing its daily order volume at around 10 million, which is about half of Meituan's [17][41] - Alibaba is constructing dedicated warehouses for instant retail, with plans to expand its logistics network significantly [18][42] Group 5: AI Integration and User Engagement - The competition for AI entry points is intensifying, with significant investments from Alibaba to cultivate consumer habits in AI-assisted shopping [21][45] - The launch of the Qianwen app has led to a surge in user engagement, with daily active users increasing dramatically during promotional events [22][46] - The integration of AI into shopping experiences is seen as a critical area for future growth, despite potential challenges in user retention [23][47]

ETF Industry News - The three major indices showed mixed results, with the Shanghai Composite Index rising by 0.13%, the Shenzhen Component Index increasing by 0.02%, and the ChiNext Index declining by 0.37. Multiple ETFs in the media sector saw significant gains, with the Film ETF (159855.SZ) up by 9.98%, the Film ETF (516620.SH) rising by 9.48% and hitting a temporary limit, and the Gaming ETF (159869.SZ) increasing by 5.56% [1][2][3]. Market Trends - According to Huaxin Securities, the media sector is expected to be supported by AI applications and domestic discretionary consumption. By January 2026, digital marketing advertising is anticipated to be revitalized by AI applications, with major internet companies like Tencent, Alibaba, and Baidu launching cash digital red envelopes to attract new customers for AI products during the Spring Festival [2]. - The A-share ETF market is experiencing a shift in funding patterns as of 2026, with traditional broad-based ETFs seeing outflows while ETFs in high-growth sectors such as chemicals, communications, and non-ferrous metals are attracting inflows. This trend aligns with the latest earnings forecasts from listed companies, highlighting three core investment themes: AI, price increase chains, and overseas expansion [3]. Daily Market Overview - The A-share market indices showed varied performance, with the Shanghai Composite Index closing at 4128.37 points, the Shenzhen Component Index at 14210.63 points, and the ChiNext Index at 3320.54 points. The Nikkei 225, STAR Market 50, and Hang Seng Index performed well, with daily increases of 2.28%, 0.91%, and 0.58%, respectively [4]. - In terms of sector performance, the media, comprehensive, and home appliance sectors led the day with increases of 4.27%, 2.15%, and 1.11%, while real estate, food and beverage, and retail sectors lagged behind with declines of -1.4%, -1.31%, and -0.87% [4]. ETF Market Performance - The overall ETF market showed varied performance across different categories. Cross-border ETFs performed the best with an average increase of 0.59%, while commodity ETFs had the worst performance with an average decline of -0.38% [10]. - The top-performing ETFs today included the Film ETF (159855.SZ), the Film ETF (516620.SH), and the Gaming ETF (159869.SZ), with returns of 9.98%, 9.48%, and 5.56%, respectively [13]. Trading Volume by ETF Category - The top three ETFs by trading volume were the A500 ETF Huatai (563360.SH) with a trading volume of 8.525 billion, the A500 ETF Southern (159352.SZ) with 6.167 billion, and the CSI A500 ETF (159338.SZ) with 5.562 billion [17].

影视ETF（516620）跟踪的是中证影视指数（930781），该指数从A股市场中选取主营业务涉及影视制 作、发行及放映等相关业务的上市公司证券作为指数样本，以反映影视行业相关上市公司证券的整体表 现。该指数覆盖影视产业链多个环节，侧重文化娱乐产业，成分股包括内容创作与版权运营等业务领 域。在行业配置上，指数样本主要集中于通信服务行业。 华鑫证券指出，从AI应用与内需可选消费有望持续托举传媒板块。2026年1月数字营销广告因GEO火热 重燃AI应用，2月互联网大厂系数下场通过数字红包为AI产品获新客。步入2026年，抖音成为总台新媒 体《竖屏看春晚》合作伙伴，阿里旗下千问app冠名四大卫视春节晚会，AI春晚有望重燃AIGC。日历效 应下，电影院线迎2026年春节档，片单整体较为多元有望承接多种观影需求；影院线板块上游是AIGC 落脚点，下游是IP与AI体验经济的延伸。AI时代商业化变现角度看，如何突破从订阅制商业化模式进阶 为数字营销广告如GEO，仍值得期待。2026年AI春晚作为主要节点，可关注AIGC板块，如数字营销广 告、电商、AI内容、数字创意、AI陪伴、AI游戏、AI新交互。 （文章来源：每日经济新 ...

Group 1 - The core viewpoint is that AI applications and domestic discretionary consumption are expected to continuously support the media sector, particularly with the resurgence of digital marketing advertising driven by AI in 2026 [1] - In January 2026, digital marketing advertising is anticipated to be revitalized by the popularity of GEO, while in February, major internet companies are expected to engage in digital red envelopes to attract new customers for AI products [1] - Douyin has become a partner for the new media program "Vertical Screen Watching Spring Festival Gala" in collaboration with the Central Television, while Alibaba's Qianwen app is sponsoring the Spring Festival Gala of four major TV stations, showcasing creative programs using AI-generated videos and image recognition [1] Group 2 - The cinema sector is expected to benefit from the diverse film lineup during the 2026 Spring Festival, catering to various viewing demands, with the cinema chain being a focal point for AIGC [1] - The upstream of the cinema chain is the landing point for AIGC, while the downstream extends to IP and AI experience economy [1] - The Film and Television ETF (516620) tracks the CSI Film and Television Index (930781), which selects listed companies involved in film production, distribution, and screening to reflect the overall performance of the film industry in the A-share market [1]

1月29日，港股三大指数低开震荡，互联网龙头逆市走强，截至发稿，快手-W、小米集团-W涨近2%， 腾讯控股跟涨。此外，东方甄选绩后大涨13%，迈富时、阅文集团等AI应用概念股涨幅居前，阿里巴 巴-W，美团-W微跌。 东方甄选最新公布了截至2025年11月30日止六个月的中期业绩。期内，东方甄选总营收达23.12亿元， 同比增长5.7%；毛利为8.42亿元，同比增长14.5%，毛利率提升至36.4%。尤为突出的是，东方甄选从去 年同期的净亏损9650万元，转为实现净利润2.39亿元。 | 序号 | 代码 | 名称 | 两日图 | 现价 | | 涨跌 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 1797 | 东方甄选 | | 25.120 | 3.020 | 13.67% | | 2 | 2556 | 迈富时 | | 46.400 | 2.740 | 6.28% | | 3 | 2423 | 贝壳-W | | 50.800 | 2.500 | 5.18% | | 4 | 1860 | 汇量科技 | | 15.440 | 0.620 | 4.18% ...

Group 1 - The core viewpoint of the news highlights the ongoing growth and investment opportunities in the artificial intelligence (AI) sector, driven by various industry developments and events [1][2] - The China Securities AI Theme Index (930713) shows mixed performance among its constituent stocks, with Zhongke Xingtou leading with a 14.50% increase, while AI ETF (512930) is currently priced at 2.37 yuan [1] - The third National AI Application Scenario Innovation Challenge is set to take place from January 23 to 25 in Suzhou, indicating a focus on innovation and application in the AI field [1] - Zhejiang Wenlian reported that its AI programmatic advertising tool "Paizhi" has achieved a cumulative consumption of over 250 million yuan by 2025, reflecting a year-on-year growth of 500% [1] - DeepSeek plans to release its V4 model in February 2026, which is expected to surpass the programming capabilities of Claude and GPT series, potentially reshaping the global AI market competition [1] Group 2 - The AI Theme Index includes 50 listed companies that provide essential resources, technology, and application support for AI, reflecting the overall performance of AI-related securities [2] - As of December 31, 2025, the top ten weighted stocks in the AI Theme Index account for 58.08% of the index, with companies like Zhongji Xuchuang and Xinyi Sheng among the leaders [2] - The AI ETF closely tracks the performance of the AI Theme Index, with various connection options available for investors [2]

Core Viewpoint - Oriental Securities maintains a "Buy" rating for Alibaba-W (09988), forecasting FY2026-2028 revenues of 1,030.7 billion, 1,143.2 billion, and 1,251.8 billion yuan, with adjusted net profits of 91.6 billion, 135.8 billion, and 176.1 billion yuan respectively. The estimated market value of the company is 35,656 billion yuan, corresponding to a per-share value of 207.7 HKD, driven by AI in Alibaba Cloud and a steady reduction in losses in e-commerce despite industry challenges [1]. E-commerce Sector - The e-commerce industry is experiencing a slowdown, with a projected FY26Q3 CMR of 1,054.8 billion yuan (yoy +3.4%). The overall growth rate is declining due to high base effects and tax policy impacts, with online retail growth rates of 4.9% and 1.5% in October and November 2025 respectively, showing significant deceleration [1]. - The company has increased its commission rate by 0.6%, which has neutralized the positive impact on CMR, indicating continued pressure in the first half of FY26 due to high base effects [1]. Instant Retail - The estimated loss for the company's instant retail business in FY26Q3 is around 21.5 billion yuan, with an average loss per unit of 3.7 yuan, improved from the expected 4.0 yuan. The quarter shows a clear trend of reduced losses, with healthy market share and order structure [2]. - Taobao Flash, as a key high-frequency consumption scenario, plays a significant role in user retention and traffic within the ecosystem, with expectations for continued investment in maintaining market share and reducing losses in the medium to long term [2]. Cloud Intelligence Group - The Cloud Intelligence Group is expected to achieve revenues of 434.9 billion yuan in FY26Q3 (yoy +37.0%), with external revenue accelerating significantly compared to Q2. The demand for AI cloud services continues to grow rapidly, supported by increased investments in AI applications [3]. - Alibaba Cloud, as the only full-stack AI cloud provider in China, is anticipated to benefit from a flywheel effect that drives both revenue and profit growth through enhanced demand for computing power and application scenarios [3]. Other Segments - The AIDC segment is projected to incur a loss of 1.89 billion yuan in FY26Q3, primarily due to increased seasonal losses from promotional activities. The segment is expected to continue its trend of reduced losses [4]. - Other segments are expected to incur a total loss of 7.12 billion yuan in FY26Q3, driven by increased spending on AI model training and applications. The company is enhancing its AI product offerings and increasing investments in consumer-facing AI applications [4]. AI Application Development - Alibaba's model development capabilities are strong, with ongoing enhancements in multi-modal and agent capabilities. Upcoming releases of major model updates are expected to further expand AI application scenarios [5]. - The company is optimistic about the potential breakthroughs in native AI applications and the empowerment of other business segments through AI advancements [5].