Group 1 - Alibaba's AI strategy is shifting towards consumer applications, with the launch of the "Qwen" app marking a significant upgrade and indicating a new development phase for the product [2][4] - The "Qwen" app is expected to become a key consumer-facing application, with potential breakthroughs anticipated in 2026 [2][4] - The app's public testing has led to a surge in the AI application sector, with several software stocks experiencing significant price increases [3][8] Group 2 - Recent industry performance data shows that AI is becoming a growth enabler rather than a threat to the software sector, with notable revenue and profit growth reported by leading companies [8][9] - Companies like Kingsoft Office and Hikvision have shown substantial improvements in their quarterly performance, indicating a recovery in the software industry [8][9] - The software sector is currently underweighted in institutional portfolios, presenting a potential opportunity for capital inflow as market conditions improve [11][14] Group 3 - Regulatory changes and new policies are expected to catalyze a recovery in the software sector, with recent proposals from the China Securities Regulatory Commission aimed at enhancing investment constraints [13][14] - The government's initiatives to promote digital transformation and smart city development are likely to provide further support for the industry's recovery [14]

Core Insights - Alibaba's launch of the AI application "Qianwen" marks a significant shift in its AI strategy from heavy asset expansion to efficient monetization, indicating a potential recovery in the software sector [1][2] - The market reacted positively to the announcement, with many software-related stocks hitting their upper limits, reflecting investor optimism about the commercialization of AI applications [1][2] Group 1: Alibaba's AI Strategy - The rebranding of the AI application from "Tongyi" to "Qianwen" signifies a new development phase, with a focus on transitioning from B2B to B2C applications, which are expected to be a key growth area by 2026 [2] - The "Qianwen" app aims to integrate multiple AI applications under one brand, enhancing user experience and competing with other major players like ByteDance and Tencent for consumer attention [4] Group 2: Industry Performance and Trends - Recent financial reports indicate a recovery in the software sector, with several leading companies showing significant year-on-year growth in revenue and net profit for Q3 2025, driven by the introduction of AI products [5][6] - For instance, Kingsoft Office reported a 35.42% increase in net profit year-on-year for Q3 2025, a stark contrast to a decline in the previous quarter, highlighting AI's role as a growth enabler rather than a threat [5][6] Group 3: Market Conditions and Regulatory Environment - The software industry is currently at a favorable starting point for investment, with a low allocation of 2.68% in fund holdings, suggesting potential for capital inflow [7][9] - Recent regulatory changes and government initiatives aimed at promoting digital transformation are expected to support the continued recovery of the software sector [9]

被阿里视为"AI时代的未来之战"的"千问"项目在11月17日有了新动作。当日，千问APP公测版上线，全 力进军AI to C（消费者端）市场。据了解，千问APP明确对标 ChatGPT最新的 5.1版本，接入阿里通义 实验室最新的Qwen3 - Max模型。 据了解，阿里巴巴正在计划将地图、外卖、订票、办公、学习、购物、健康等各类生活场景接入千问 APP，让千问具备更强大的办事能力。 田丰分析认为，从B端AI市场转向C端消费者市场背后，或许正体现了阿里"集中资源办大事"的战略。 阿里的战略向来是在市场发展好的时候，全面出击抢占市场。这次抢占C端市场，可以看作类似"当年 必须通过手机淘宝拿到移动互联网船票的生死战"，不容有失，所以"千问"APP承载着拿到大流量AI APP船票的战略使命。 复旦大学计算机科学技术学院教授肖仰华认为，C端是大模型最有可能实现大规模变现的场景，现阶 段，绝大多数大模型厂商仍处于亏本在训练模型的情况，势必要变现。阿里本身从生态来说，非常了解 To C市场的变现之道，因而不会放弃C端市场。 不过，肖仰华指出，现在的大模型市场还处于"战国时代，大家轮番雄起"，包括kimi、豆包等各家模型 ...

[Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 [Table_Summary] 报告要点： 本周(2025.11.10-2025.11.14)市场回顾 计算机行业周报 2025 年 11 月 17 日 [Table_Title] 板块下跌幅度较大，阿里千问拓展 C 端市场 ——计算机行业周报 3) 当虹科技发布《投资者关系活动记录表》：公司的 BlackEye Vision 机器人超远距离远程操控系统并不局限于机器人，系针对机器人、机 器狗、无人物流车、特种无人车辆，以及有远程控制需求的各类其他 无人装备的远程操控使用场景而设计的。 4) 四方精创发布《关于筹划发行 H 股股票并在香港联合交易所有限 公司上市的提示性公告》：公司于 2025 年 11 月 14 日召开第五届董 事会第十一次会议，审议通过了《关于公司发行 H 股股票并在香港联 合交易所有限公司主板上市的议案》等相关议案。 投资观点 本周计算机（申万）指数延续了上周的下跌趋势，下跌 3.03%，位居 涨幅榜尾部区域。根据《每日经济新闻》：本周阿里巴巴已秘密启动 "千问"项目，基于 Qwen 最强模型打造一款同名个人 AI ...

计算机 | 证券研究报告 — 行业周报 2025 年 11 月 17 日 建议关注阿里千问产业链相关的企业，包括数据港、石基信息、光云科技、中科曙光、 博彦科技、千方科技等。 评级面临的主要风险 技术创新不及预期；政策推行不到位；下游需求景气度不稳定的风险。 相关研究报告 《中外 Robotaxi 共振》20251110 《AI 进一步融入应用》20251104 《"十五五"规划擘画制造业升级路径，量子计 算加速引领未来科技变革》20251027 中银国际证券股份有限公司 具备证券投资咨询业务资格 阿里千问 APP 上线，全面 对标 ChatGPT 计算机行业"一周解码" 阿里推出"千问"APP，全面进军 C 端 AI 助手市场，未来将构建智能体平台并全 球扩张，打通技术与商业化闭环；无人驾驶商业化驶入快车道，萝卜快跑领跑全 球 Robotaxi 商业化进程； BOLON AI 智能眼镜开启新潮生活方式，AI 识物、 语音导航等功能推动可穿戴设备普及化。GPT-5.1 上线，此次升级旨在"让 ChatGPT 更智能，对话体验更有趣"。 支撑评级的要点 投资建议 计算机 证券分析师：杨思睿 (8610)6622 ...

Market Overview - The A-share market experienced fluctuations on November 17, with the Shanghai Composite Index down by 0.43%, the Shenzhen Component Index down by 0.35%, and the ChiNext Index down by 0.8% [1][2] - Over 2900 stocks in the market declined, indicating a broad market weakness [1] Sector Performance - The innovation drug, photovoltaic, gold, and electric power grid sectors saw declines, while lithium mining, Fujian sector, and AI applications performed well [1] - The lithium mining sector showed significant gains, with multiple stocks hitting the daily limit, including Dazhong Mining and Rongjie Co., which both saw a surge in their stock prices [4] Notable Stocks - Fujian sector stocks surged, with companies like Sanmu Group and Pingtan Development hitting the daily limit, and Pingtan Development's stock price increased by 255.19% since October 17, raising its market capitalization from 6.5 billion to 23.1 billion [8][10] - Huawei's Hongmeng concept stocks experienced a rally, with Dahua Intelligent hitting the daily limit and several other stocks rising over 3% [12] Corporate Developments - Alibaba launched the public beta of its "Qianwen" app, aiming to enter the AI to C market, with the app leveraging the Qwen3 open-source model and integrating various life scenarios [15]

Market Overview - The A-share market experienced fluctuations on November 17, with the Shanghai Composite Index down by 0.43% and the Shenzhen Component Index down by 0.35% [1][2] - Over 2900 stocks in the market declined, while sectors such as lithium mining, Fujian, and AI applications showed resilience [1] Sector Performance - The lithium mining sector saw significant gains, with multiple stocks hitting the daily limit, including Dazhong Mining and Rongjie Co., which both achieved a limit-up [3][4] - The Fujian sector also surged, with stocks like Sanmu Group and Pingtan Development reaching their daily limit, and Haixia Innovation rising over 16% [5][6] Company Highlights - Pingtan Development exhibited a remarkable performance with a 255.19% increase in stock price since October 17, raising its market capitalization from 6.5 billion to 23.1 billion [6][8] - Huawei's Hongmeng concept stocks experienced upward movement, with Dahua Intelligent reaching the daily limit and several other stocks rising over 3% [8][9] New Developments - Alibaba launched the "Qianwen" project, entering the AI to C market with the public beta of the Qianwen APP, which aims to compete with ChatGPT by integrating various life scenarios [11]