以下文章来源于版面之外 ，作者画画 版面之外 . 版面之外，才是真相。 权力交接。 作者 / 画画 来源 / 版面之外 （ID：Out_take） 2 0 2 5年底到2 0 2 6年初的几个月里，科技圈有个现象挺耐人寻味。 没有盛大的发布会，没有官方通告，但在深圳腾讯大厦、杭州阿里西溪园区、北京字节 跳动办公楼里，指挥大模型战场的人，悄然换上了一副副年轻面孔。 先 看 腾 讯 ， 虽 然 过 去 一 两 年 被 认 为 大 模 型 落 后 ， 但 它 丝 毫 没 闲 着 。 先 是 前 Op e nAI 研 究员姚顺雨被传1亿年薪入职腾讯，经过几次辟谣之后，终于在去年底正式加入腾讯， 头衔是首席 AI 科学家，直接向腾讯总裁刘炽平汇报。 就 在 上 周 ， 清 华 大 学 计 算 机 系 博 士 、 前 新 加 坡 S e a AI La b 高 级 研 究 科 学 家 庞 天 宇 也 入 职腾讯，负责多模态强化学习。在腾讯这种讲究山头和资历的老牌帝国里，这俩人简直 是坐着猎鹰 9 号火箭上位的。 再 看 阿 里 。 林 俊 旸 ， 硕 士 毕 业 后 直 接 加 入 阿 里 AI 研 究 机 构 达 摩 ...

版面之外，才是真相。 本文来自微信公众号： 版面之外 ，作者：画画，题图来自：AI生成 以下文章来源于版面之外 ，作者画画 版面之外 . 2025年底到2026年初的几个月里，科技圈有个现象挺耐人寻味。 没有盛大的发布会，没有官方通告，但在深圳腾讯大厦、杭州阿里西溪园区、北京字节跳动办公楼 里，指挥大模型战场的人，悄然换上了一副副年轻面孔。 先看腾讯，虽然过去一两年被认为大模型落后，但它丝毫没闲着。先是前 OpenAI 研究员姚顺雨被传 1亿年薪入职腾讯，经过几次辟谣之后，终于在去年底正式加入腾讯，头衔是首席 AI 科学家，直接 向腾讯总裁刘炽平汇报。 就在上周，清华大学计算机系博士、前新加坡Sea AI Lab高级研究科学家庞天宇也入职腾讯，负责多 模态强化学习。在腾讯这种讲究山头和资历的老牌帝国里，这俩人简直是坐着猎鹰 9 号火箭上位 的。 再看阿里。林俊旸，硕士毕业后直接加入阿里AI研究机构达摩院，成为智能计算实验室的算法专 家，专注于大模型研究。今天他已经是阿里最年轻的 P10，也是开源模型通义千问背后的核心推手。 如果你把腾讯、阿里、大模型独角兽这几家的核心人物拉出来，包括 Kimi 的杨植麟，刚被 ...

2025年底到2026年初的几个月里，科技圈有个现象挺耐人寻味。 没有盛大的发布会，没有官方通告，但在深圳腾讯大厦、杭州阿里西溪园区、北京字节跳动办公楼里， 指挥大模型战场的人，悄然换上了一副副年轻面孔。 先看腾讯，虽然过去一两年被认为大模型落后，但它丝毫没闲着。先是前 OpenAI 研究员姚顺雨被传1 亿年薪入职腾讯，经过几次辟谣之后，终于在去年底正式加入腾讯，头衔是首席 AI 科学家，直接向腾 讯总裁刘炽平汇报。 就在上周，清华大学计算机系博士、前新加坡Sea AI Lab高级研究科学家庞天宇也入职腾讯，负责多模 态强化学习。在腾讯这种讲究山头和资历的老牌帝国里，这俩人简直是坐着猎鹰 9 号火箭上位的。 再看阿里。林俊旸，硕士毕业后直接加入阿里AI研究机构达摩院，成为智能计算实验室的算法专家， 专注于大模型研究。今天他已经是阿里最年轻的 P10，也是开源模型通义千问背后的核心推手。 如果你把腾讯、阿里、大模型独角兽这几家的核心人物拉出来，包括 Kimi 的杨植麟，刚被 Meta 砸下 数十亿美金收购的 Manus 创始人肖弘，会发现一个挺震撼的现象，掌舵着 AI 方向的，全是一帮 90 后。 这批人精准地 ...

Core Insights - Alibaba's Qianwen App has launched over 400 service functions, marking its transition into the "AI service era" [1] - The app integrates with Alibaba's ecosystem, allowing users to perform tasks such as ordering food, shopping, booking flights, and hotels through AI [1] - Qianwen App has achieved over 30 million monthly active users within just 23 days of its public beta launch, making it the fastest-growing AI application globally [1] Group 1 - The Qianwen App is based on the Qwen model and has been developed to enhance user interaction with real-world services [1] - The app was publicly tested starting November 17, 2022, and has since seen rapid user adoption [1] - Alibaba has established a dedicated Qianwen C-end business group, led by Vice President Wu Jia [1] Group 2 - The app's functionalities include integration with various Alibaba services such as Taobao, Alipay, and Fliggy [1] - Wu Jia emphasized the app's capability to perform real-world tasks for users, showcasing the practical application of AI technology [1] - The rapid growth in user numbers highlights the increasing demand for AI-driven solutions in everyday tasks [1]

Group 1 - Microsoft is expected to collaborate with Kimi to launch new Agent features for Office products, aiming for automation to compete with local firms [1] - Kimi's k2 model has been integrated with Microsoft Azure, indicating a strategic partnership to enhance application capabilities [1] - Alibaba Cloud has taken a different approach by fully open-sourcing its Qwen model, positioning itself as a significant player in the global AI landscape [1] Group 2 - The number of Qwen derivative models has surpassed 180,000, significantly exceeding Meta's Llama series [2] - Qwen has achieved over 700 million downloads globally, making it the leading open-source AI model [2] - Alibaba Cloud aims for Qwen to become an industry standard, similar to Linux for servers and MySQL/Hadoop for data [2] - AWS and Microsoft are accelerating their self-developed model efforts, indicating a critical self-correction phase to enhance their competitive edge [2]

Group 1 - The core viewpoint of the article highlights that Alibaba's Qianwen app has achieved over 30 million monthly active users within 23 days of its public beta launch, and it is now open to all users with four new AI functionalities [1] - The Qianwen app, launched on November 17, is built on the Qwen model and aims to serve as a future AI life portal, covering various life scenarios such as office work, navigation, health, and shopping [1] - The app introduces features like AI PPT, AI writing, AI document library, and AI question explanation, enhancing user interaction and productivity [1] Group 2 - The AI document library offers access to 500 million resources across all fields, available for free download [3] - The AI question explanation feature allows users to take a picture of a question and receive explanations similar to those from a real teacher, with access to one million real exam questions for free [3]

Group 1: Tax Compliance and Reporting - Over 7,000 domestic and foreign platforms have fulfilled their tax information reporting obligations, leading to a significant improvement in tax compliance among platform operators and employees [1] - Analysis of third-quarter data reveals that most platform operators have registered as market entities, although some have not complied with registration and tax declaration requirements [1] Group 2: Humanoid Robot Market - The global humanoid robot market is still in its early exploration phase, with expectations to enter a golden development period in the next 5 to 10 years [2] - By 2035, annual sales of humanoid robots are projected to reach 6 million units, with a market size exceeding $120 billion; in an optimistic scenario, sales could surpass 10 million units, reaching a market size of $260 billion [2] Group 3: Alibaba International Business Performance - Alibaba's International Digital Commerce Group reported revenue of 34.799 billion yuan for the second quarter of fiscal year 2026, a year-on-year increase of 10% [4] - The adjusted EBITA for the quarter was a profit of 162 million yuan, compared to a loss of 290.5 million yuan in the same period last year, attributed to improved operational efficiency of AliExpress and other business areas [4] Group 4: AI Model Adoption in Singapore - Singapore's National AI Program has made a strategic shift by abandoning the Meta model in favor of Alibaba's Qwen open-source architecture for its Southeast Asian language model project, indicating a significant expansion of Chinese open-source AI models' global influence [5] Group 5: Cross-Border Logistics Expansion - Cainiao has launched a cross-border small package service to Africa, initially covering eight countries, including Morocco, Ghana, and Nigeria, with plans to expand to South Africa and Egypt by the end of December [6] - This service aims to provide cost-effective and timely logistics solutions for Chinese cross-border e-commerce [6] Group 6: Dazhong Dianping's Global Expansion - Dazhong Dianping has launched operations in over 1,000 cities across more than 200 countries, focusing on destinations popular among Chinese tourists [7] - The platform aims to enhance its B2B capabilities and improve merchant services and coverage, targeting a global user base [7] Group 7: Tencent's 3D Engine Launch - Tencent has launched the international version of its Mix Yuan 3D creation engine, allowing users to create high-quality 3D works using text descriptions, images, and sketches [8] - The Mix Yuan 3D model API is now available on Tencent Cloud's international platform for developers and enterprises [8] Group 8: Didi's Performance Report - Didi's core platform, including domestic and international operations, saw a 13.8% year-on-year increase in order volume, reaching 4.685 billion orders [9] - The international business continues to grow at over 20%, supported by investments in key markets like Brazil and Mexico [9] Group 9: Autonomous Driving Expansion - WeRide and Uber have launched L4-level fully autonomous Robotaxi services in Abu Dhabi, marking the first such operation in the Middle East [10] - Plans are in place to expand Robotaxi services to more core areas of Abu Dhabi by the end of 2025, with approximately 150 autonomous vehicles currently in operation [10] Group 10: Leapmotor's Market Entry - Leapmotor has officially entered the South American market, launching its electric and extended-range vehicles in Brazil and Chile [11] - The company plans to establish 36 outlets in 27 cities in Brazil and 5 outlets in Chile by 2025, with future expansions planned for Argentina, Colombia, and Ecuador [11]

Group 1: Market Performance - The cloud computing sector saw a significant rise, with Hong Kong's Alibaba and A-shares "Yizhongtian" both surging [1] - The Huatai Securities report indicates that the demand for domestic computing power is rapidly expanding, driving further investment growth [5] - The cloud computing ETF Huatai (159273) experienced a strong increase of over 2%, with a trading volume exceeding 25 million yuan [1][3] Group 2: Company Developments - Alibaba's cloud revenue for FY2Q26 reached 39.824 billion yuan, a year-on-year increase of 34%, indicating strong customer demand [5] - The introduction of the Doubao mobile assistant, developed in collaboration with mobile manufacturers, showcases the integration of AI capabilities in mobile technology [2] - Alibaba has raised its AI investment guidance, suggesting additional investments beyond the previously announced 380 billion yuan [5] Group 3: Industry Trends - The U.S. market is anticipating a potential interest rate cut by the Federal Reserve, with a probability of 85%-86% for a 25 basis point reduction [1] - The shift in Singapore's AI project to utilize Alibaba's open-source model reflects the growing influence of Chinese AI models globally [2] - The capital expenditure (CAPEX) of major cloud service providers (CSPs) is expected to continue increasing, driven by revenue and profit growth [6]

Core Viewpoint - The Hong Kong technology sector has experienced adjustments due to differing expectations regarding interest rate cuts and concerns over an AI bubble, but is now rebounding thanks to stronger expectations for Federal Reserve rate cuts and renewed interest in AI narratives [1][5]. Group 1: Federal Reserve Rate Cuts - The expectation for Federal Reserve rate cuts has strengthened, with market confidence rising from a 30% probability to over 80% following comments from Fed officials expressing concerns about the labor market [1][3]. - Historical data shows that after the initiation of preventive rate cuts, the probability of the Hong Kong stock market rising is 75% within three months and 100% within six months [3][4]. Group 2: AI Narrative and Market Response - The AI narrative has been revitalized with the launch of Google's Gemini 3.0 and the popularity of Alibaba's Qianwen app, leading to a reassessment of the Hong Kong technology sector [5][6]. - Tencent's third-quarter report indicated a 21% year-on-year increase in marketing service revenue, with AI-driven advertising technology contributing significantly to this growth [6]. Group 3: Capital Inflows and Valuation - There is a high certainty of incremental capital inflows into the Hong Kong market, with southbound capital expected to exceed 1.5 trillion yuan next year, driven by the attractiveness of quality technology stocks [7][11]. - The valuation of the Hong Kong technology sector is currently at a low point compared to global peers, with the Hang Seng Technology Index trading at a PE ratio of 22.37, significantly lower than that of the S&P 500 and other major indices [12]. Group 4: Investment Opportunities - The Hong Kong Stock Connect Technology 30 ETF (520980) is highlighted as a key investment opportunity, focusing on high-quality domestic hardware and aligning with the current technology market trends [14].

Core Insights - Singapore's National Artificial Intelligence Strategy (AISG) has chosen Alibaba's Qwen open-source architecture over Meta's model for its Southeast Asian language model project, marking a significant breakthrough for Chinese AI technology in international markets [1] - The decision has drawn attention to AIGC companies that have already established overseas operations, particularly focusing on Wanxing Technology, a publicly listed company in China [1] Company Overview - Wanxing Technology has strengthened its government and enterprise collaborations in Singapore, Thailand, Malaysia, and Indonesia, promoting AI creative and office tools across various sectors such as education, media, design, and enterprise services [1] - The company showcased its next-generation AI creative software solutions at the Indonesia Technology and Innovation Expo 2025, targeting high-demand areas like e-commerce, news media, and advertising [1] - Wanxing Technology was recognized as one of the "Top 30 Globalization Leading Brands" by Forbes China for 2025, being the only company listed in the digital creative sector [1] Technological Advancements - As a representative enterprise in the application layer, Wanxing Technology continues to innovate in model research and integration, incorporating mainstream models like Alibaba's Wanxiang, Google's Veo3, and its self-developed multimedia model, Wanxing Tianmu 2.0 [2] - Wanxing Tianmu 2.0 has ranked among the top three global text-to-video models, achieving the highest score in camera motion and rationality [2] - The company's creative software has been enhanced in AI generation and multimodal interaction, providing users with a more tailored creative experience [2] Market Potential - Chinese AI companies are becoming key players in driving AI applications in the Southeast Asian digital economy, leveraging language understanding and localization advantages [2] - The Qwen model supports 119 languages and dialects, demonstrating superior grammatical understanding, with the Qwen-SEA-LION-v4 model ranking first in the Southeast Asian language capability leaderboard [2] - The AI market in the China-ASEAN region is projected to exceed $15 billion by 2027, according to a market analysis report [2] Business Performance - Wanxing Technology is recognized as a leading player in the Chinese digital creative software sector, with a broad product range, significant revenue scale, and high degree of globalization [3] - The company operates in over 200 countries and regions, with cumulative active users surpassing 2 billion, and its overseas revenue consistently exceeding 90% [3] - Wanxing Technology's flagship products include Wanxing Miao Ying, Wanxing Tianmu AI, Wanxing Chao Mei Agent, Wanxing Nao Tu, and Wanxing Tu Shi, earning it the title of "Chinese version of Adobe" [3]