文：蔚蓝 编辑：宋政 阿里铺路，腾讯种树——谁能在AI时代的终点，最先等到花开？ 3月18日，阿里云突然官宣AI算力、存储产品调价，平头哥算力卡最高涨幅34%，打响国内云厂商算力定价升级第一枪；几乎同期，腾讯旗下"龙虾"AI智能体开启大 范围公测，深度嵌入微信生态，靠场景渗透抢滩落地。一边是砸钱做基建、靠算力收租，一边是稳现金流、靠生态分账，阿里腾讯两条路线彻底走向分化。 阿里巴巴：全栈押注，重构AI时代"水电煤" 财务数据与短期承压 根据阿里巴巴最新发布的2026财年第三季度（截至2025年12月31日）财报， 集团收入达2848.43亿元，同比增长2% ；若不考虑高鑫零售和银泰已处置业务，同口径 收入同比增长9%。 云智能集团本季度收入同比增长36%至432.84亿元 ， AI相关产品收入连续第十个季度实现三位数增长 。值得注意的是，平头哥自研GPU芯片首 次写入财报，截至2026年2月已累计规模化交付47万片，其中60%以上服务于外部商业化客户。本季度自由现金流为113.46亿元，同比下降71%，主要由于对即时零售 和AI基础设施的持续投入。 过去四个季度，阿里在AI+云基础设施的资本开支累计约 120 ...

Group 1 - The semiconductor sector saw significant gains in early trading, with companies like Haiguang Information, Longxin Zhongke, Cambricon, and Zhongwei Company leading the rise, contributing to a more than 2% increase in the Sci-Tech 50 Index [1] - On September 16, CCTV reported on the achievements of China Unicom's Sanjiangyuan Green Power Intelligent Computing Center project, showcasing multiple domestic AI chips, indicating a strengthening trend in domestic chip replacement [1] - The signed projects include contributions from Alibaba Cloud, which provided 1,024 devices and 16,384 PingTouGe computing cards, delivering a total computing power of 1,945P [1] Group 2 - The Sci-Tech 50 ETF (588000) tracks the Sci-Tech 50 Index, with 68.77% of its holdings in the electronics sector and 9.85% in the pharmaceutical and biological sector, totaling 78.62%, aligning well with the development of cutting-edge industries like AI and robotics [1] - The ETF also covers various sub-sectors such as semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [1] - Given the historical performance of the ChiNext board, the future growth potential of the hard technology sector in China is promising, suggesting that investors should continue to pay attention to this area [1]