人民财讯9月24日电，证券时报记者在9月24日举行的2025云栖大会上获悉，网易已接入通义千问 （Qwen）打造游戏自动测试系统，帮助游戏研发提效50%。 ...

Core Viewpoint - DeepSeek has released an update to its model, DeepSeek-V3.1-Terminus, which aims to improve stability and consistency based on user feedback, but the anticipated release of the next-generation model, DeepSeek-R2, has been delayed, causing disappointment in the industry [1][2][3] Group 1: Market Expectations and Delays - The initial release of DeepSeek-R1 was a significant success, outperforming top models from OpenAI and establishing high expectations for the subsequent model, R2 [3][5] - Since the launch of R1, there have been over ten rumors regarding the release of R2, with initial expectations set for May 2025, but these have not materialized, leading to a sense of frustration in the market [5][6] - The delay in R2's release is attributed to internal performance issues and external pressures, including supply chain challenges related to NVIDIA chips [6][12] Group 2: Strategic Developments - Despite the delay of R2, DeepSeek has made significant strides in building an open-source ecosystem, launching several models and tools that lower the cost of AI technology [8][9] - The company has introduced various components aimed at enhancing training and inference efficiency, such as FlashMLA and DeepGEMM, which reportedly improve inference speed by approximately 30% [9][11] - DeepSeek's open-source strategy has positioned it as a key player in promoting accessible AI technology in China, although the absence of R2 raises concerns about its competitive edge [8][17] Group 3: Challenges Faced by DeepSeek - DeepSeek faces a "triple dilemma" regarding the delay of R2, including the need for technological breakthroughs, managing high market expectations, and navigating intense competition from domestic rivals like Alibaba and Baidu [11][12][13] - The company must overcome technical challenges related to transitioning from NVIDIA to Huawei's Ascend chips, which has hindered R2's development [11][12] - DeepSeek's lack of a robust content ecosystem compared to larger tech companies limits its ability to continuously improve its models, leading to issues such as "hallucinations" in its outputs [15][16]

Core Viewpoint - The Hang Seng Tech Index has surged by 41% this year, significantly outperforming the Nasdaq's 17% increase, driven by breakthroughs in AI models like DeepSeek and the market acceptance of AI products from Alibaba, Tencent, and Baidu [1][4][6]. Group 1: AI Breakthroughs - The surge in the Hang Seng Tech Index began with the breakthrough of DeepSeek in early 2023, which accelerated further in September [6][7]. - Analysts have praised AI models such as Alibaba's "Tongyi Qianwen," Tencent's "Yuanbao," and Baidu's "Wenxin Yiyan X1.1," which have excelled in industry benchmarks [7]. - The advancements in AI technology have sparked hopes for widespread commercialization and productivity improvements in China [7]. Group 2: Stock Performance - Year-to-date, Alibaba, Tencent, and Baidu's stock prices have increased by 96%, 55%, and 59%, respectively, with Alibaba and Baidu rising by 31% and 48% in the past month alone [8]. - The CSI Artificial Intelligence Index has returned over 61% this year, while the Hang Seng Biotechnology Index has surged by 98% [8]. Group 3: Foreign Investment - Initially, the AI market rally was primarily driven by domestic investors, but global investors are now returning due to clearer technological advancements and relatively cheap valuations [8]. - There is a growing sentiment that underweighting Chinese tech stocks could be detrimental for foreign investors [8].

Group 1 - The core narrative around AI in China has significantly changed, with the Hang Seng Tech Index rising 41% this year, outperforming the Nasdaq's 17% increase [1][3] - The surge began with DeepSeek's breakthrough in AI at the start of the year and accelerated in September, indicating a pivotal moment for AI development in China [3] - Major Chinese tech companies like Alibaba, Tencent, and Baidu have seen substantial stock price increases of 96%, 55%, and 59% respectively this year, reflecting strong market optimism [4] Group 2 - The AI sector's growth is not limited to large tech firms but also includes chip manufacturers and biotech companies, with the CSI AI Index returning over 61% and the Hang Seng Biotech Index rising 98% [4] - Initially, the AI market rally was driven by domestic investors, but global investors are now returning to China, attracted by technological advancements and relatively low valuations [4] - Analysts have praised AI models from companies like Alibaba, Tencent, and Baidu, which have performed well in industry benchmarks, fueling hopes for widespread commercialization of AI technology in China [3]

Investment Rating - The report maintains an "Outperform" rating for the communication industry [3][12]. Core Insights - The demand for computing power continues to surge both domestically and internationally, with significant advancements in large models and chips in China, leading to a positive outlook on investment opportunities within the computing power industry chain [1][5]. - Oracle's recent financial report highlights strong growth prospects in cloud infrastructure, with a notable increase in revenue from this segment, indicating a robust demand for cloud services driven by AI [2][23]. - Alibaba Cloud is expanding its global infrastructure to meet the growing demand for secure and scalable cloud services, with significant investments planned over the next three years [4][17]. Summary by Sections Industry Investment Rating - The communication industry is rated as "Outperform" [3]. Recent Financial Performance - Oracle's adjusted EPS for the latest quarter was $1.47, slightly below analyst expectations, with revenue of $14.93 billion, also below the forecast of $15.04 billion. However, cloud infrastructure revenue reached $3.3 billion, up 55% year-over-year [2][23]. - Alibaba Cloud announced the opening of its third data center in Malaysia and plans for further expansion in the Philippines, Thailand, Mexico, and South Korea, with a commitment to invest over $53 billion in cloud computing and AI infrastructure over the next three years [4][17]. Market Trends - The Chinese intelligent computing center market is projected to grow significantly, with investments expected to reach CNY 288.6 billion by 2028, driven by the increasing application of AI models [4][18]. - The report emphasizes the importance of intelligent computing centers as a critical component of information infrastructure, supporting the growing demand for AI computing power [5][18]. Key Companies and Recommendations - The report recommends several stocks within the communication sector, including China Mobile, China Telecom, and various technology firms involved in AI and cloud services [1][9][21].

Core Insights - Alibaba's Qwen3-Max-Preview is a large-scale model with over 1 trillion parameters, focusing on instruction adherence and tool calling capabilities [1][2] - The model aims to enhance usability and integration into enterprise systems, marking a shift from merely increasing parameter size to actionable capabilities [4][6] - The launch reflects Alibaba's strategy to position itself in the competitive landscape of AI models, emphasizing practical applications over sheer scale [7][8] Summary by Sections Model Overview - Qwen3-Max-Preview is described as the largest model in the Qwen3 series, optimized for instruction tasks and tool calling [2] - The model is available for trial and API access through Qwen Chat and Alibaba Cloud [1][2] Technical Aspects - The model's development is based on a framework that includes controllable variables like mode switching and budget allocation, allowing for flexible adjustments [3] - Key improvements include reducing "knowledge hallucination" and enhancing "tool calling" reliability, crucial for enterprise applications [3][4] Market Positioning - Alibaba's approach emphasizes usability and ecosystem integration, contrasting with competitors that focus on different architectural choices [4][5] - The model's commercial value lies in its ability to integrate into existing business systems, providing long-term engagement and value-added services [6][7] Competitive Landscape - The AI model market is evolving from individual model competition to overall system capabilities, with various players adopting different strategies [6][7] - The ultimate success will depend on balancing compliance, engineering, ecosystem, and cost factors rather than just parameter size [7][8]

Core Viewpoint - Alibaba is significantly increasing its investment in artificial intelligence (AI) and cloud computing, aiming to establish AI as a major growth pillar alongside its e-commerce business [2][4][6]. Investment and Financial Performance - Alibaba's capital expenditure for the period of April to June 2025 has surged to 386 billion yuan, which is 3.2 times higher than the same period last year [6]. - In comparison, Tencent's capital expenditure during the same period was 191 billion yuan, which is 2.2 times its previous year's spending, indicating that Alibaba's investment is double that of Tencent [6]. - Alibaba's sales revenue for the same period grew by 2% to 247.6 billion yuan, while net profit increased by 78% to 43.1 billion yuan [4]. Cloud Business Growth - The growth of Alibaba's cloud business is primarily driven by generative AI, with the "Tongyi Qianwen" series being widely adopted and downloaded over 400 million times [6]. - The company plans to invest 380 billion yuan over three years to strengthen its AI and cloud business [6]. - Alibaba aims to maintain a growth rate above the industry average and expand its market share in the cloud computing sector [6]. AI Development and Market Strategy - Alibaba is developing its own AI chips to reduce reliance on U.S. suppliers like Nvidia, especially in light of export controls [7]. - The Chinese government is promoting the integration of AI across various sectors, which presents growth opportunities for private enterprises like Alibaba [7]. Competitive Landscape - Alibaba's stock price has increased by over 60% since the end of 2024, but its total market value remains only 40% of its peak and is half that of Tencent [9]. - The e-commerce sector, a major profit source for Alibaba, faces intense competition, particularly from JD.com, which is expanding into food delivery and quick delivery services [9]. - To counter competition, Alibaba plans to invest 50 billion yuan in its e-commerce sector over the next year, which may increase promotional expenses and compress profits [9]. Dual Strategy - Alibaba is navigating a dual strategy of pursuing growth through AI and cloud services while simultaneously working to improve profitability in its e-commerce business [9].

Core Viewpoint - DeepSeek, a Chinese AI startup, has launched its new V3.1 model, optimized for domestic chips and priced lower than OpenAI's GPT-5, showcasing China's ambition to advance AI technology independently from foreign reliance [2][3][4]. Group 1: DeepSeek's Innovations - DeepSeek's V3.1 model is designed to compete with top-tier models like GPT-5, with a significantly lower development cost and fewer Nvidia chips used [2][5]. - The new model features a "mixed expert" architecture, allowing it to activate only a small part of the model for queries, thus reducing computational costs for developers [6]. - V3.1 has a massive scale with 685 billion parameters, placing it on par with leading models, while also integrating rapid response and reasoning capabilities in a single system [6][7]. Group 2: Competitive Landscape - The release of V3.1 comes shortly after OpenAI's GPT-5, which did not meet high industry expectations, indicating a strategic move by DeepSeek to capitalize on this gap [3][4]. - OpenAI's CEO, Sam Altman, acknowledged the increasing competition from Chinese open-source models like DeepSeek, which has influenced OpenAI's decisions regarding their own open-source model releases [4][5]. - Other Chinese AI models, such as Alibaba's Qwen and Baidu's Ernie, are also emerging, highlighting a broader trend of innovation in China's AI sector [3]. Group 3: Market Implications - DeepSeek's advancements reflect a significant shift in the AI landscape, where Chinese companies are striving to develop superior models at a fraction of the cost, raising concerns for American competitors [8]. - The U.S. government's recent approval for Nvidia and AMD to export AI chips to China, albeit with conditions, indicates a complex interplay of technology and geopolitics [4][5].

Core Viewpoint - OpenAI has launched an open-source AI model named "gpt-oss," allowing developers to use and modify it for free, marking a significant return to open-source large language models after nearly six years since "GPT-2" [2][4]. Group 1 - OpenAI's CEO Sam Altman announced the release of the open-source AI model on August 5, 2023, to counter emerging competitors like DeepSeek from China [2][5]. - The newly released models are designed to operate efficiently with fewer computational resources, making them suitable for devices like laptops and smartphones [4]. - The open-source model is characterized by its logical reasoning capabilities, excelling in mathematics and programming tasks [4]. Group 2 - OpenAI's commitment to sharing research and technology has been a core principle since its inception, but competition has led to reduced information sharing among companies [5]. - The rise of Chinese companies in the open-source model space, particularly DeepSeek's release of the "R1" model, has prompted OpenAI to consider launching its own open-source models [5]. - Other Chinese companies, such as Alibaba's Tongyi Qianwen and emerging firms like Moonshot AI, have also entered the open-source model market, intensifying competition [5].

Core Viewpoint - The release of OpenAI's first open-source language model, GPT-OSS, marks a significant shift in the AI landscape, challenging the previously held belief that the strongest models would remain closed-source and proprietary [5][12][13]. Group 1: OpenAI's Strategic Shift - OpenAI has transitioned from a closed-source, paid model to an open-source collaborative ecosystem, potentially signaling a competitive stance against domestic Chinese models [14][16]. - The newly released models, GPT-OSS-120B and GPT-OSS-20B, are designed to be efficient and accessible, with the former featuring 117 billion parameters and the latter 21 billion parameters, both capable of running on consumer-grade hardware [9][10][11]. Group 2: Impact of Chinese Open-Source Models - The rapid development of Chinese open-source models, such as DeepSeek and Tongyi Qwen, has prompted OpenAI to reconsider its strategy, as these models have gained significant traction and market presence [18][20]. - The Chinese open-source model ecosystem is expected to flourish by 2025, with multiple influential teams emerging in various AI domains, including programming and multi-modal applications [20][22]. Group 3: Competitive Landscape - The competitive dynamics in the AI sector are intensifying, with Meta also reconsidering its open-source strategy, indicating a broader trend among major players to reassess their approaches in light of emerging competition [22].