本周观点 风险提示 后续政策不及预期风险；中美关系变化风险；内容上线及表现不及预期风险；宏观经济运行不及预期风险；AI 技 术迭代和应用不及预期风险；政策监管风险。 敬请参阅最后一页特别声明 1 咖啡茶饮：1）咖啡：高景气维持；行业具备β性红利，各品牌依旧积极开店，整体咖啡行业价格竞争趋缓；阿 拉比卡咖啡期货价格持续下跌，后续有望带来成本改善。2）茶饮：略有承压；短期平台 AI 流量大战，奶茶成为 引流品，数据依旧具备韧性；但有关"糖税"征收相关研究讨论引发市场担忧。 电商：持续承压。受国内消费环境影响，整体国内电商基本面表现平淡。 流媒体平台：音乐流媒体平台为内需驱动的优质互联网资产，高性价比悦己消费，规模效应驱动盈利杠杆释放。 网易云音乐 2025 年收入略微不及预期，关注 2026 年音乐订阅业务有望量价齐升。 虚拟资产&资产交易平台：地缘冲突风险加剧，币价持续承压。香港 2026-2027 年度财政预算案确认香港年内将 提交法案，建立虚拟资产交易商及托管服务提供者的发牌制度，监管范围将进一步扩展至场外交易等数字资产买 卖业务。 汽车服务：IAM中，多家主机系汽服连锁蛰伏后市场，车后连锁品牌持续加码开店 ...

Group 1: AI Industry Developments - In February, China's AI model invocation volume surged, surpassing the US for the first time, with 41.2 trillion tokens compared to the US's 29.4 trillion tokens during the week of February 9-15 [1] - The following week, China's model invocation further increased to 51.6 trillion tokens, marking a 127% rise over three weeks, while the US's invocation dropped to 27 trillion tokens [1] - Four out of the top five global AI models are from China, indicating a collective rise of Chinese AI firms rather than reliance on a single product [1] Group 2: Financial Market Trends - The Hang Seng Tech Index fell by 2.87%, reaching a new low since July, down over 23% from its peak in October [2] - UBS analysts suggest that concerns over AI may create buying opportunities, as Chinese tech giants' capital expenditures are currently lower than their US counterparts [2] - UBS increased its weight on Tencent by 3 percentage points and adjusted weights for other companies like Bilibili and Meituan, while reducing allocations for Vipshop and Alibaba [2] Group 3: Corporate Earnings - Baidu reported Q4 revenue of 32.74 billion RMB, slightly above market expectations, with a quarter-on-quarter growth of 5% and an annual total revenue of 129.1 billion RMB [4] - The intelligent cloud infrastructure segment showed significant growth, with Q4 revenue reaching 5.8 billion RMB and AI high-performance computing subscription revenue increasing by 143% year-on-year [4] Group 4: Currency and Trade - The offshore RMB rose for three consecutive days, surpassing 6.83 against the USD, attributed to improved US-China trade relations and a weaker dollar due to investigations into the Federal Reserve [7] - The recent appreciation of the RMB is also linked to the release of accumulated settlement demand from high export growth [7] Group 5: Lithium Market Insights - Zimbabwe's mining department announced a temporary suspension of all raw and lithium concentrate exports, but industry analysts expect exports to resume within 1 to 4 weeks, with companies reporting sufficient raw material inventories [8] Group 6: Regulatory Changes - The State Administration for Market Regulation has issued new regulations to combat ghost restaurants and false qualifications in the food delivery sector, mandating real-name registration and substantive checks on food business licenses [9]

Core Insights - Alibaba Cloud has launched a new subscription service called Coding Plan, which includes access to four top open-source models: Qwen3.5, GLM-5, MiniMax M2.5, and Kimi K2.5, aimed at reducing costs for users of OpenClaw [1][2][3]. Pricing and Subscription Details - The Lite version of the Coding Plan is priced at ¥7.9 for the first month and ¥20 for subsequent renewals, allowing up to 18,000 requests per month. The Pro version costs ¥39.9 for the first month and ¥100 for renewals, offering 90,000 requests per month [3]. - This subscription model allows users to switch between multiple models seamlessly, enhancing service stability and providing higher token limits [3]. Model Features and Market Position - The four models included in the Coding Plan are recognized for their advanced capabilities, with Qwen3.5 recently ranking first in a global open-source model leaderboard [8]. - GLM-5 and MiniMax M2.5 have significantly influenced the Hong Kong stock market, while Kimi K2.5 has seen rapid revenue growth, surpassing its total revenue for the previous year within 20 days of its release [8][9]. Strategic Business Logic - Alibaba Cloud's strategy involves a unique business model that combines capital and technology, as three of the four models are backed by companies in which Alibaba has invested. This approach enhances the deployment of these models [9]. - The company aims to leverage its leading position in AI infrastructure, including chips and cloud services, to reduce costs and improve model inference efficiency [13]. Market Outlook - The AI Agent market in China is projected to exceed ¥3.3 trillion by 2028, indicating a growing demand for AI solutions among enterprises and individuals [11].

Core Insights - Alibaba Cloud has launched its Coding Plan subscription service, featuring four top open-source models: Qwen3.5, GLM-5, MiniMax M2.5, and Kimi K2.5, making it the only global cloud provider to offer such a service [1][2] - The Coding Plan Lite basic package allows up to 18,000 requests per month for a new user cost of only 7.9 yuan in the first month, while the Pro advanced package offers 90,000 requests per month at a first-month cost of 39.9 yuan, significantly reducing costs for high-frequency coding scenarios [1] - The four models launched are recognized as top-tier open-source models, with Qwen3.5 achieving a new high in efficiency and cost-effectiveness, featuring a total of 397 billion parameters with only 17 billion activated, excelling in various assessments including reasoning, programming, and agent intelligence [1] Model Details - GLM-5 is the latest flagship open-source model from Zhipu, experiencing high demand for its API services [2] - MiniMax M2.5 is designed specifically for agent scenarios, performing excellently in advanced Excel processing, deep research, and PowerPoint tasks [2] - Kimi K2.5 has made significant improvements in programming and intelligent agent capabilities [2] Additional Offerings - Alibaba Cloud's Coding Plan now includes eight top programming models, and the Bailian platform has launched over 100 mainstream model APIs and more than 400 templates and services in AI hardware, short video, and advertising content, catering to diverse enterprise model needs [2]

新浪科技讯 2月25日午间消息，阿里云宣布Coding Plan订阅服务新增支持Qwen3.5-Plus、Qwen3-Coder- Next、GLM-4.7、Kimi-K2.5共4款顶尖编程模型，用户无需更改订阅和配置即可自由切换。阿里云 Coding Plan还上线了优惠活动，即日起，新用户首购可享2折优惠，首月18000次请求额度仅需7.9元， 90000次请求仅需39.9元。 AI Agent是目前大模型的主要应用载体，业界已涌现Claude Code、OpenClaw等爆火的AI工具。但Agent 需要执行复杂任务，并进行多轮规划与工具调用，Tokens消耗量呈指数级增长，有数据显示，单个 Agent的算力消耗是传统Chatbot的100至1000倍 。为此，阿里云推出Coding Plan订阅服务，为用户提供 性价比更高、可自由选择的模型服务。 此前，阿里云百炼已上线全新的Qwen3.5-Plus，其API价格低至每百万Tokens 0.8元，用户仅需不到5% 的价格即可获得媲美Gemini 3的高性能。现在，阿里云Coding Plan的上新进一步降低了模型的使用成 本。（文猛） 新浪科技讯 2月 ...

Group 1: Winter Olympics Performance - The Chinese sports delegation achieved a record of 5 gold, 4 silver, and 6 bronze medals, totaling 15 medals at the 25th Winter Olympics, marking the best performance for China in overseas Winter Olympics participation [10] Group 2: Film Industry Insights - The total box office for the 2026 Spring Festival period (including pre-sales) exceeded 5.2 billion yuan, with over 100 million viewers, continuing an 8-year streak of over 100 million viewers during the Spring Festival [6][7] - Major films during the 2026 Spring Festival included "Fast Life 3," "Silent Awakening," and "Bounty Hunter: Wind Rises in the Desert," with several films backed by listed companies such as Light Media, China Film, and Wanda Film [7] Group 3: Semiconductor Industry Developments - SK Hynix reported that the global memory industry has shifted to a seller's market, predicting price increases throughout 2026 due to surging AI demand and supply constraints, with DRAM and NAND inventory at approximately 4 weeks and HBM capacity sold out for 2026 [11] - The company attributes this situation to the explosive demand from AI and limited capacity ramp-up [11] Group 4: Semiconductor Material Advancements - Lushow Technology achieved a significant milestone by producing 12-inch silicon carbide single crystal samples, marking a breakthrough in the semi-insulating silicon carbide field and indicating a comprehensive product matrix development [12] - This advancement is expected to enhance the domestic semiconductor and new energy industry chain [12] Group 5: AI and Cloud Computing Innovations - Alibaba Cloud introduced new programming models including Qwen 3.5-Plus, GLM-4.7, and Kimi-K2.5 in its Coding Plan subscription service, allowing users to switch models freely [13] - The introduction of multiple programming services by Alibaba Cloud is seen as a move to promote an open and integrated AI ecosystem, raising discussions on AI tools and commercial competition [14] Group 6: Telecommunications Industry Activity - Companies in the Optics Valley, including Huagong Technology and Fenghuo Communication, continued production during the Spring Festival, with significant orders extending into 2026, indicating strong market demand [15] - The AI-enabled optical communication industry is experiencing continuous expansion due to robust orders from industry leaders [15]

Group 1 - The company has secured orders for its connectivity business until the fourth quarter of 2026, indicating strong demand and a robust order backlog [1] - The AI high-speed optical module production line is operating at full capacity 24 hours a day, reflecting the company's commitment to meeting market needs [1] Group 2 - Alibaba Cloud's Coding Plan supports various models including Q&A 3.5, GLM-4.7, and Kimi-K2.5, showcasing advancements in AI technology [1] - Zhiyuan released a technical report on GLM-5, providing full disclosure of technical details, which may enhance transparency and trust in their AI solutions [1]

Core Insights - Alibaba Cloud's Coding Plan has introduced support for four advanced programming models: Qwen3.5-Plus, Qwen3-Coder-Next, GLM-4.7, and Kimi-K2.5, allowing users to switch freely without changing subscriptions or configurations [1] Pricing and Subscription Details - The Coding Plan offers two subscription tiers: Lite and Pro. The Lite plan allows up to 18,000 requests per month, with a promotional first-month price of 7.9 yuan. The Pro plan allows up to 90,000 requests per month, with a first-month price of 39.9 yuan, significantly reducing costs for high-frequency coding needs [1] - New users can benefit from a promotional offer of 80% off on their first purchase, making the initial costs very attractive [1] Usage and Compatibility - Users can utilize the Alibaba Cloud Coding Plan with mainstream AI tools such as Qwen Code, Claude Code, Cline, and OpenClaw, enhancing the accessibility and functionality of the service [1]