12月10日，阿里巴巴宣布，千问APP公测23天，月活跃用户数已突破3000万。据悉，千问APP于11月17 日上限公测版，仅两天就成功冲入APP Store免费总榜前三，首周下载量破1000万，超越ChatGPT、 Sora、DeepSeek，刷新了"增长最快AI应用"的记录。 这与年初另一家中国AI大模型企业DeepSeek的高光时刻，形成强烈呼应。1月27日，DeepSeek发布仅一 周的开源推理模型DeepSeek-R1，登顶苹果中国区及美国区应用商店免费榜，同样引发全球关注。 两者一在年初，一在年尾，既像巧合，又像隐喻，完美诠释了中国AI大模型在2025年整个年度的全新 叙事：不再是全球竞争中的模仿与跟随者，而是成功蜕变为行业领先者甚至是行业规则的制定者，与其 他国家和地区的领先大模型并肩而行，成为AI产业生态发展中不容忽视的重要力量。 知名AI投资人Nathan Benaich和伦敦AI专项基金Air Street Capital联合发布的2025年版《State of AI Report》中，"中国AI体系"首次被从"外围追赶者"提升为"平行竞争者"，并获得了"它正在开源AI和商业 化部署方面设 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 科创50ETF（588000）追踪科创50指数，指数持仓电子行业69.3%，计算机行业5.17%，合计 74.47%，与当前人工智能、机器人等前沿产业的发展方向高度契合。同时涉及医疗器械、软件开发、 光伏设备等多个细分领域，硬科技含量高，看好中国硬科技长期发展前景的投资者建议持续关注。 每日经济新闻 12月3日，A股三大指数开盘涨跌不一。科创50ETF（588000）早盘震荡翻红，上涨0.14%。盘面 上，持仓股晶合集成、石头科技涨超2%，寒武纪上涨1.68%；资金上，科创50ETF（588000）近期持续 受到资金青睐，近十日资金净流入12.71亿，近二十日资金净流入21.52亿。截至发文，科创50ETF （588000）成交额达9.36亿元。 消息面上，国家发展改革委、国家数据局、教育部、科技部、中共中央组织部联合发布《关于加强 数据要素学科专业建设和数 ...

Core Insights - The explosive growth of the Qwen App highlights a key principle in the AI sector: top AI products emerge from leading foundational models [2][3] - Qwen's performance is underpinned by Alibaba's advanced Qwen model, which has established a strong position in the tech and developer community, with over 700 million global downloads [2][3] Company Performance - Qwen App achieved a Monthly Active User (MAU) count of 18.34 million, reflecting a 149.03% increase [1] - The app quickly rose to the top of the Apple App Store's free charts in mainland China within three days of its public testing [3] - Qwen App has also topped the App Store charts in Macau and entered the top three in Hong Kong, showcasing its strong market momentum [3] Industry Recognition - Qwen's influence in the industry has been acknowledged by major players, including NVIDIA's CEO Jensen Huang, who noted its significant share in the global open-source market [3] - Airbnb's CEO Brian Chesky revealed that the company heavily relies on Qwen due to its superior speed and performance compared to OpenAI's models [3] Future Outlook - Qwen App is currently in public testing and is positioned as a personal AI assistant capable of chatting and performing tasks [3] - Future enhancements will integrate more Alibaba ecosystem services, such as maps, e-commerce, and local life services, further strengthening the app's capabilities [3]

华泰证券表示，展望2026年，推荐三条主线：1）航空：供给进一步放缓+需求边际改善，有望从25年 的客座率提升，切换到26年的票价提升，叠加油/汇走势利好，盈利具备高弹性。2）油运：受益于 OPEC+增产、长航距国家原油出口量增加与地缘扰动，油运运价中枢有望显著抬升。3）α个股：估值 具备吸引力的行业龙头、细分赛道空间广阔的个股、受益于配置盘增加的高股息个股。 中信建投：阿里云持续加速，开源生态+模型性能构建B端壁垒 中信建投表示，阿里依托Qwen大模型底座实现业务全面重塑，并凭借开源策略与强劲性能加速构建B 端生态壁垒。同时，公司坚定上修资本开支以应对旺盛的算力需求，云收入持续高增，验证了"基础设 施投入-技术迭代-商业变现"的闭环逻辑。建议关注1）阿里生态玩家；2）Pre-AI 的收入率先落地，推 荐OA+ERP环节；Pre-AI。3）部分细分垂直场景 AI 收入更快。降本关注AI-coding和多模态。4）本地 推理逐步起量。5）端侧AI。 华泰证券：关注交运三条投资主线 航空、油运、α个股 中信证券：12月基本不存在流动性缺口 资金面对债市的风险有限 中信证券指出，经测算，12月基本不存在流动性缺口， ...

市场昨日震荡调整，沪深两市成交额1.59万亿，较上一个交易日缩量2805亿。板块方面，福建、食品、 医药商业等板块涨幅居前，能源金属、有色金属、影视院线等板块跌幅居前。截至昨日收盘，沪指跌 0.42%，深成指跌0.68%，创业板指跌0.69%。 中信证券指出，经测算，12月基本不存在流动性缺口，资金面对债市的风险有限。参考2021年以来10Y 国债收益率各月表现，年末债市利率整体趋于下行。随着今年11月债市调整，10年国债收益率回升至 1.75%~1.85%区间的偏上位置，交易机会也开始浮现。然而，中信证券认为年末行情的空间可能仍然较 为有限，建议结合债市边际变化灵活调整策略节奏。 中信建投：阿里云持续加速 开源生态+模型性能构建B端壁垒 中信建投表示，阿里依托Qwen大模型底座实现业务全面重塑，并凭借开源策略与强劲性能加速构建B 端生态壁垒。同时，公司坚定上修资本开支以应对旺盛的算力需求，云收入持续高增，验证了"基础设 施投入-技术迭代-商业变现"的闭环逻辑。建议关注1）阿里生态玩家；2）Pre-AI 的收入率先落地，推 荐OA+ERP环节；Pre-AI。3）部分细分垂直场景 AI 收入更快。降本关注AI- ...

格隆汇12月3日｜中信建投研报表示，阿里依托Qwen大模型底座实现业务全面重塑，并凭借开源策略与 强劲性能加速构建B端生态壁垒。同时，公司坚定上修资本开支以应对旺盛的算力需求，云收入持续高 增，验证了"基础设施投入-技术迭代-商业变现"的闭环逻辑。建议关注1）阿里生态玩家；2）Pre-AI 的 收入率先落地，推荐OA+ERP环节；Pre-AI。3）部分细分垂直场景 AI 收入更快。降本关注AI-coding和 多模态。4）本地推理逐步起量。5）端侧AI。 ...

Core Viewpoint - The article discusses the comprehensive upgrade of the Quark AI browser, integrating the Qianwen AI assistant to enhance productivity for users, particularly students and workers, by providing a seamless AI experience without the need to switch applications or tabs [2][7][8]. Group 1: AI Browser Market Dynamics - The AI browser is becoming a new battleground for international giants, with companies like Alibaba aiming to capture the PC as a key entry point for AI applications [4][5]. - The Quark AI browser upgrade directly targets Chrome, positioning itself as a leading global AI browser [12][13]. Group 2: Features and Capabilities of Quark AI Browser - The Quark AI browser integrates the Qianwen AI assistant, allowing users to summon AI capabilities without switching tabs, thus enhancing user experience and productivity [7][21]. - The Qianwen AI assistant supports various tasks, including summarization, translation, and document editing, making it a versatile tool for both academic and professional use [34][102]. - The browser features intelligent tag management, online document editing, and seamless cross-device file transfer, significantly improving workflow efficiency [88][103]. Group 3: Competitive Landscape - Major tech giants like Google and Microsoft are integrating AI into traditional browsers, while new entrants like OpenAI's Atlas and Perplexity's Comet are pushing the boundaries of AI capabilities in browsers [118][120]. - The competition is shifting from merely adding AI features to fundamentally transforming how users interact with information and complete tasks [126].

Core Viewpoint - Alibaba is making a significant push into the AI consumer market with the launch of its revamped "Qianwen" app, aiming to establish itself as a leading AI assistant for everyday users, while also competing against ByteDance's "Doubao" [1][5][32] Group 1: AI Strategy and Developments - Alibaba's CEO emphasized the company's dual focus on AI for businesses (AI to B) and consumers (AI to C), with a particular emphasis on creating "AI native super applications" for the consumer market [1][3] - The "Qianwen" app has been positioned as a Chinese version of ChatGPT, featuring the powerful Qwen3 model, which is expected to enhance user engagement and functionality [6][27] - The app achieved over 10 million downloads within a week of its launch, surpassing records set by other AI applications [5][6] Group 2: Competitive Landscape - ByteDance's "Doubao" has a significant lead in the AI application market, with 172 million monthly active users projected by September 2025, leveraging its integration with the popular Douyin platform [7][10] - Doubao benefits from a strong content ecosystem and user engagement, making it a formidable competitor for Alibaba's Qianwen [8][9] - The competition is intensified by the rapid growth of Douyin's e-commerce capabilities, which poses a direct challenge to Alibaba's traditional business model [14][29] Group 3: Challenges and Market Dynamics - Alibaba faces a "traffic anxiety" issue, as it struggles to create a new traffic entry point in an increasingly competitive landscape dominated by Douyin and WeChat [11][13] - The company has previously attempted to establish super entry points but has faced challenges, such as the failure of its social initiatives [12][14] - The current market dynamics indicate that Alibaba must innovate to capture consumer attention and convert it into sales, particularly through the Qianwen app [20][23] Group 4: Financial Commitments and Investments - Alibaba has committed to investing 380 billion yuan over the next three years to build its AI and cloud infrastructure, indicating a strong long-term strategy [27] - Despite significant investments, ByteDance's capital expenditures are projected to exceed Alibaba's, highlighting the competitive pressure in the AI sector [28][29] - The financial landscape suggests that Alibaba's cash reserves are declining, which may impact its ability to sustain aggressive competition [28][29]

Core Insights - Alibaba's AI assistant Qwen APP has achieved over 10 million downloads within a week of its public testing, marking it as the fastest-growing AI application in history [1] - The management views the Qwen project as a critical battle for the future in the AI era, aiming to secure a significant position in the consumer AI application market [1][2] - Alibaba's strategy emphasizes a "user-first, AI-driven" approach, investing heavily in building a comprehensive ecosystem from foundational computing power to upper-level applications [2] Group 1 - The Qwen APP was officially launched on November 17, 2023, and integrates the leading open-source model Qwen3, competing directly with ChatGPT [1] - Future updates to the Qwen APP will include Agentic-AI functionalities, enhancing its capabilities as a personal AI assistant [1] - Alibaba plans to expand the Qwen APP globally through an overseas version, with significant resources allocated to this project [1][2] Group 2 - Alibaba's CEO has indicated that achieving AGI (Artificial General Intelligence) is a certainty, with the ultimate goal being the development of ASI (Artificial Superintelligence) to tackle major scientific challenges [2][3] - The integration of Qwen APP with Alibaba's other applications like Taobao, Gaode, and DingTalk is expected to enhance user engagement and create synergistic value [3] - Goldman Sachs has raised its capital expenditure forecast for Alibaba, predicting a total of 460 billion RMB from FY2026 to FY2028, driven by increased demand for AI inference [3] Group 3 - The global application of Chinese AI models is on the rise, with companies like Airbnb utilizing Alibaba's Qwen model for customer service, indicating international recognition of Chinese open-source AI models [4]

Core Insights - Alibaba's launch of the "ALL IN ONE" AI personal assistant, Qianwen App, marks a significant strategic move in the AI sector, aiming to compete directly with OpenAI's ChatGPT [5][12] - The app allows users to access the Qwen3-Max model, comparable to GPT-5, and the Qwen3-Qianwen model for various tasks in work, study, and daily life [2][5] Strategic Importance - The introduction of Qianwen App is seen as a strategic product for Alibaba, positioning it as "China's ChatGPT" and indicating a serious commitment to AI development [5][7] - The app's launch comes amid external pressures, including U.S. government scrutiny over Alibaba's potential military collaborations, highlighting the geopolitical context of its release [7][9] Competitive Landscape - Qwen's open-source model offers an alternative to the closed ecosystems dominated by U.S. tech giants, promoting a more equitable access to advanced AI technologies [8][9] - The open-source nature of Qwen allows it to challenge the existing AI commercial dominance established by Silicon Valley, potentially disrupting the established barriers to entry in the AI market [8][9] Technological Evolution - The current AI landscape has evolved beyond simple chatbot applications, with a focus on agent capabilities that integrate various services, which Qianwen App aims to leverage [13][17] - Alibaba's extensive experience in e-commerce, logistics, and payment systems positions it well to connect AI capabilities with real-world applications through Qianwen App [13][17] Internal Motivations - Internally, Alibaba recognizes the need to adapt to changing user behavior patterns, where AI-driven interactions will become increasingly prevalent [17] - The launch of Qianwen App is seen as essential for Alibaba to maintain its competitive edge and avoid being relegated to a backend service provider in the evolving digital landscape [17][18]