兴业证券认为，继千问之后，字节豆包、DeepSeek等大模型厂商将持续催化产业发展，同时，OpenAI 商业化变现提速有望加速AI生态闭环。 遥望科技主要从事数字营销相关业务，通过与各类互联网流量渠道建立合作关系，聚集流量资源，依托 流量资源整合能力、互联网营销经验及营销方案策划能力，通过多样化的广告形式实现流量变现。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 何昕怡）1月20日，遥望科技震荡走高，封住涨停，报7.47元/股，上涨 10.01%。 消息面上，日前，阿里巴巴举行千问App发布会，宣布全面接入淘宝、支付宝、飞猪、高德等生态场 景，在全球范围内率先实现从点外卖到订机票的AI购物功能闭环。此次更新的核心是系统级打通，千 问App与淘宝闪购、支付宝"AI付"实现深度整合，用户在授权前提下可在对话界面内完成从决策到支付 的全流程，无需跳转其他应用。 来源：上海证券报·中国证券网 消息面上，日前，阿里巴巴举行千问App发布会，宣布全面接入淘宝、支付宝、飞猪、高德等生态场 景，在全球范围内率先实现从点外卖到订机票的AI购物功能闭环。此次更新的核心是系统级打通，千 问App与淘宝闪购、支付宝"AI ...

Core Viewpoint - The integration of AI applications into daily life, such as ordering food through voice commands, signifies a transformative impact on consumer behavior and decision-making processes [3][5][7]. Group 1: AI Integration in Daily Life - The AI application Qianwen has fully integrated with Taobao Flash Purchase and Alipay AI Payment, allowing users to place orders simply by speaking commands like "help me order a cup of milk tea" [3]. - Users have begun to test AI ordering capabilities, demonstrating the technology's ability to customize orders and split bills among multiple people [5]. Group 2: Implications of AI on Human Decision-Making - There are concerns about the potential loss of personal decision-making abilities as AI takes over tasks like ordering food, raising questions about the importance of human agency [7]. - Scientific experiments indicate that human decision-making accuracy is inferior to that of AI, yet human creativity remains a critical asset that AI cannot replicate [7]. - The balance between "technology empowerment" and "human dominance" is highlighted as a pressing ethical issue in the context of AI's growing role in decision-making [7]. Group 3: The Future of AI and Human Interaction - Despite the advancements in AI, humans retain significant control over AI applications, possessing the ability to reflect and manage their engagement with technology [9]. - The ultimate purpose of technology is framed as liberating life rather than taking over, suggesting that the time saved from decision-making could be used for creative thinking and personal interactions [9]. - Maintaining personal preferences in decision-making, such as choosing a specific flavor of milk tea, is presented as a way for individuals to counteract potential decision-making degradation [9].

Core Insights - Qianwen App has integrated with Taobao Flash Purchase and Alipay AI Payment, allowing users to place food orders through natural language commands, streamlining the ordering process [1] - The collaboration addresses the challenge of enabling AI agents to execute transactions securely, moving beyond mere information retrieval to complete service and payment capabilities [1] Group 1: Integration and Functionality - Users can simply state their requests, such as "help me order a cup of milk tea," and the app will recommend suitable merchants and generate orders, facilitating a seamless payment process [1] - The integration of Alipay's AI Payment capability allows for a complete service cycle from product discovery to transaction execution, enhancing the user experience [1] Group 2: Security and User Assurance - Alipay AI Payment reduces operational steps by over 60% compared to traditional methods, minimizing interruptions during the ordering process [2] - A three-tier security system is in place, requiring users to manually bind their accounts, verify identity through facial recognition, fingerprints, or passwords, and supported by a 24/7 risk control system to ensure transaction safety [2] - Alipay offers a commitment of "you dare to pay, I dare to compensate," providing users with peace of mind regarding their transactions [2]

Core Insights - Alipay, in collaboration with partners including Qianwen App, Taobao Flash Purchase, Rokid, Damai, and Alibaba Cloud, has officially launched the ACT Protocol (Agentic Commerce Trust Protocol), which is China's first open technical protocol framework designed for agent commercial needs [1][4]. Group 1: ACT Protocol Overview - The ACT Protocol aims to create a "universal language" for the collaboration between AI and e-commerce, food delivery, and other service platforms, facilitating more convenient and efficient execution of AI tasks across different terminals, systems, and platforms [1][4]. Group 2: Practical Application - An example of the ACT Protocol in action is the Qianwen App, which successfully integrates Taobao Flash Purchase with Alipay AI payment. Users can simply instruct Qianwen to order a drink, and the app will intelligently recommend nearby products based on the user's location, while also handling price comparisons and automatic coupon redemption [3][6]. - The entire shopping process is streamlined into a conversational, automated experience without switching platforms, with Qianwen acting as a dedicated "shopping assistant" to manage complex operations [3][6]. Group 3: Infrastructure and Security - Alipay has established four core infrastructure standards: "Delegated Authorization Domain," "Commercial Interaction Domain," "Payment Service Domain," and "Trust Service Domain," ensuring that AI operations are fully traceable and verifiable [3][6]. - Unlike traditional payment models, under the ACT Protocol, AI only executes the order placement, while the payment process remains under the user's control or authorization, significantly saving time for users while ensuring fund security [3][6]. Group 4: Benefits for Merchants - For merchants, integrating AI-native applications will be simplified as they only need to configure a unified interface according to the protocol standards, allowing for seamless multi-channel access without the need for complex API development, thus greatly reducing integration costs [3][6].

Core Insights - The launch of "AI Pay" by Alipay marks a significant advancement in integrating AI with payment systems, allowing users to make purchases through simple voice commands [1][5][8] Group 1: AI Integration and Functionality - The Qianwen App has fully integrated with the Alibaba ecosystem, enabling AI-driven functionalities such as food delivery, shopping, and travel bookings [1][3] - Users can place orders by simply stating their requests, with the app automatically processing payments through Alipay without needing to switch applications [3][5] - The integration includes over 400 AI service functions, enhancing user experience and streamlining the payment process [1][4] Group 2: User Experience and Feedback - Initial user experiences indicate a smooth and efficient process, although some users reported minor issues with order accuracy [3][6] - The AI Pay system significantly reduces the steps required for payment, with a claim of over 60% fewer steps compared to traditional methods [5][6] Group 3: Market Implications and Future Prospects - Analysts suggest that the integration of AI Pay represents a transformative shift in the payment industry, potentially reshaping competitive dynamics [4][8] - The expansion of AI Pay's application scenarios is expected to facilitate the growth of the intelligent economy, with future developments likely to include public services and third-party platforms [7][8] - The success of AI Pay will depend on addressing user trust concerns and ensuring the accuracy of AI commands to prevent errors in transactions [9][10]

Group 1 - Google has launched a new "Personal Intelligence" feature in its Gemini application, which connects various Google services like Gmail and Google Photos to provide personalized responses to user queries [5][11][12] - xAI, founded by Elon Musk, is under investigation for generating explicit content, prompting California's Attorney General to call for immediate action to prevent further issues related to non-consensual intimate images [6][7] - INMO has completed its C1 round of financing, raising nearly 500 million in total across three rounds within a year, making it a highly focused company in the AI+AR smart glasses sector [7] Group 2 - Apple and Qualcomm are facing supply concerns regarding high-end glass cloth from Japan, which is critical for chip substrates and printed circuit boards, leading to competition for this scarce resource among major tech companies [10] - Microsoft is expected to invest approximately 500 million annually in Anthropic AI, becoming a major customer and enhancing its cloud offerings with Anthropic's AI models [12]

Core Insights - Alibaba's Taobao Flash Purchase has transitioned to a new competitive strategy by integrating AI capabilities, allowing users to place orders through natural language commands, marking a shift from traditional competition to an "intelligent race" in the local service industry [1][2][10] Group 1: AI Integration and User Experience - The integration of the Qianwen App with Taobao Flash Purchase enables a seamless ordering experience, where users can simply state their requests, and the system handles the entire process from merchant matching to payment [1][2] - This development signifies the emergence of a true consumer-grade AI agent, transforming the user experience by providing personalized recommendations and making digital services accessible to special groups like the elderly and visually impaired [2][4] Group 2: Industry Transformation and Competitive Landscape - The integration of AI into local services represents a fundamental shift in service models, moving from "users seeking services" to "services proactively responding," thus unlocking previously dormant demand [2][4] - Taobao Flash Purchase has optimized its order structure, with a focus on high-value users and non-food categories, leading to a reduction in expected losses to 20 billion yuan, indicating a strategic shift from scale to value innovation [4][5] Group 3: Ecosystem Synergy and Competitive Advantage - The collaboration of various Alibaba services, including Taobao, Gaode, and Fliggy, supports over 400 task capabilities, enhancing the overall service ecosystem [3][5] - The "AI + ecosystem" model creates a competitive moat for Taobao Flash Purchase, emphasizing understanding consumer needs and efficiently meeting complex demands rather than merely competing on delivery speed or subsidies [5][6] Group 4: Future Outlook and Industry Direction - The shift towards AI-driven services indicates that future competition in the local consumption sector will focus on intelligent service depth, ecosystem integration, and user value enhancement rather than traditional promotional tactics [9][10] - Alibaba's strategic move to embed AI deeply into core consumer scenarios suggests that true growth in the current market will stem from redefining efficiency, experience, and ecosystem value rather than relying on subsidies [10][11]

Core Insights - Qianwen App has integrated with Alibaba's ecosystem, enabling AI shopping functionalities such as ordering food, purchasing items, and booking flights, marking a significant advancement in AI-driven e-commerce [1][4] - Alibaba's unique "model + ecosystem" integration allows it to outperform competitors like Google in AI shopping, leveraging its extensive internal resources for seamless user experiences [1][4] Group 1: AI Shopping Functionality - Users can place orders through Qianwen App using simple voice commands, which then utilizes Taobao's services to generate orders and process payments via Alipay without switching applications [1][3] - The app provides personalized shopping recommendations based on user needs, utilizing Taobao's vast product database and review system to create tailored suggestions [3][4] Group 2: Cross-Application Collaboration - Qianwen App demonstrates strong cross-application capabilities, allowing users to book flights and hotels through Fliggy and plan itineraries with Amap, enhancing the overall user experience during travel [3][4] - The app can even assist users in making restaurant reservations by directly placing calls, showcasing its versatility in various consumer scenarios [3] Group 3: Market Position and Future Outlook - With the launch of full-scale testing, Alibaba positions itself as the first major tech company to offer a comprehensive "search-decision-payment-fulfillment" AI functionality in the global market [4] - The global retail market is projected to reach $3 trillion to $5 trillion by 2030, driven by AI tools and smart commerce, indicating significant growth potential for companies like Alibaba [4]

Core Insights - Alibaba's Qianwen App has integrated with Taobao Flash Purchase and Alipay AI Payment, enabling a seamless "one-sentence ordering" experience for users, covering over 400 service functions from food delivery to travel gear booking [1][10] - The app utilizes the Qwen3-Max model for intent reasoning and an agent scheduling engine for cross-application collaboration, allowing it to accurately interpret user needs and match personalized parameters [1][11] - Qianwen's monthly active users surpassed 100 million within two months of its launch, indicating strong user engagement and growth potential in the AI assistant market [11] Group 1 - Qianwen App allows users to place orders through simple voice commands, exemplified by a demonstration where a user ordered 40 cups of tea, which was fulfilled within half an hour [1] - Users can receive significant discounts, such as a 15 yuan coupon, reducing the price of a product from 25 yuan to 12.1 yuan after applying the discount [2][8] - The app's capabilities extend beyond food delivery to include various services like booking flights, hotels, and even making phone calls, all achievable with a single command [10] Group 2 - The AI assistant market in China is projected to approach 100 billion yuan by 2025, with 38% of the demand stemming from lifestyle services [12] - Qianwen's model has seen explosive growth, with downloads exceeding 700 million, making it one of the fastest-growing open-source models globally [11] - The competitive landscape is shifting from conversational capabilities to practical service execution, as highlighted by Google's recent AI shopping collaboration with Walmart, which is still in development [13]

Company News - WuXi AppTec launched a voluntary conditional cash offer for Dongyao Pharmaceutical at HKD 4 per share, representing a premium of approximately 99% over the unaffected closing price, with a maximum consideration of about HKD 2.79 billion, and expects revenue, gross profit, and adjusted net profit for FY2025 to grow by over 45%, 70%, and 45% year-on-year, respectively, with currency impact excluded showing over 65% growth [1] - Alibaba's Qianwen App has fully integrated with Taobao Flash Purchase and Alipay AI Payment, allowing users to complete ordering and payment within the app's chat interface, and launched "Qianwen Classroom" to support instant grading, error analysis, and free video lessons from real teachers [1] - Zhongtai Automobile elected Han Biwen as the chairman of the ninth board of directors and he will continue to serve as the president [1] - Dinglong Co., Ltd. plans to issue H-shares for listing in Hong Kong to accelerate the expansion of its innovative materials business in overseas markets [1] - Henghui Security's robotic flexible joint protective components and other protective products have completed commercialization and achieved small batch deliveries [1] - Fenglong Co., Ltd. intends to permanently supplement working capital with approximately CNY 138 million of surplus raised funds [1] - Boying Special Welding's Vietnam production base has put into operation four HRSGs in the first phase, currently operating at full capacity [1] Industry News - The Ministry of Finance revised the "Key Ecological Protection and Restoration Fund Management Measures," increasing support for integrated protection and restoration projects for mountains, rivers, forests, fields, lakes, grass, and sand, with the maximum central financial subsidy ratio set at 75% for intra-provincial projects (up to CNY 2 billion) and 80% for inter-provincial projects (up to CNY 2.5 billion), and for the first time clarifying support for cross-provincial joint application projects [1] - The Ministry of Transport and the Ministry of Emergency Management jointly issued regulations to provide free passage for vehicles executing emergency rescue tasks, ensuring full coverage of such vehicles, and allowing for "pay first, refund later" for vehicles that fail to report in time [1] - The Ministry of Human Resources and Social Security, the Central Cyberspace Administration, the Ministry of Industry and Information Technology, the Ministry of Public Security, and the Financial Regulatory Bureau jointly issued a notice to standardize the release of recruitment information on online platforms, emphasizing the responsibility of platforms to protect job seekers' legal rights [1] - The market supervision departments of Jiangsu, Zhejiang, Anhui, and Shanghai released the 2.0 version of the "Regulations on Not Punishing and Mitigating Penalties for Minor Violations in the Yangtze River Delta Market Supervision Field," which will take effect on February 1 [1] - The Ministry of Agriculture and Rural Affairs approved the establishment of a key laboratory for intelligent harvesting robots in Nanjing, led by Jiangsu Jicui Intelligent Manufacturing Technology Research Institute, with participation from Jiangsu Academy of Agricultural Sciences and Nanjing Agricultural Mechanization Research Institute [1]