Core Viewpoint - Alibaba's Tongyi Qianwen team has made significant updates to its AI chat product Qwen Chat, enhancing user interaction and adding multiple practical features, aiming to improve product usability and integration within the AI platform [1][4]. Group 1: Product Updates - Users can now start conversations directly from the Tongyi Qianwen homepage, reducing usage costs and enhancing accessibility [3]. - Qwen Chat integrates multiple functionalities, including "in-depth research," "image generation," "web development," "deep thinking," and "search," allowing users to generate high-quality images from text descriptions and assist front-end engineers in coding [3]. - A new desktop client has been introduced, enabling cross-application calls and automated task execution, which enhances work efficiency by bridging different AI models and external tools [3]. Group 2: Competitive Positioning - The Qwen model family has been continuously updated, with the latest Qwen3 model outperforming top global models in various benchmark tests, showcasing its competitive edge [4]. - Alibaba is addressing the "product strength" gap of its large models by enhancing usability and user perception, indicating a strategic intent to build a unified AI platform that is user-friendly and feature-rich [4]. Group 3: Market Presence and Financial Performance - Tongyi Qianwen is recognized as the largest open-source model globally, with Alibaba Cloud holding a 23% market share in China's AI infrastructure (AIIaaS) market, surpassing the combined share of its closest competitors [5]. - The "cloud + AI" strategy has become a new growth engine for Alibaba, with the cloud intelligence group achieving a revenue of 1180.28 billion yuan in the 2025 fiscal year, marking an 11% year-on-year increase [5]. - AI-related product revenues have seen triple-digit growth for seven consecutive quarters, indicating strong demand and market penetration in traditional vertical industries [5]. Group 4: Investment and Future Plans - Alibaba plans to invest 380 billion yuan in AI infrastructure over the next three years, exceeding its total technology investment over the past decade [6]. - The company has announced the issuance of zero-coupon exchangeable bonds to fund cloud computing infrastructure and support international expansion [6].

在这个过程中，模型不断对预测内容调整优化，比如生成风景图时，先勾勒山川河流轮廓，再细化树 木、花草等细节，确保画面在结构、色彩、语义等方面和谐统一。 这种生成机制给用户更灵活、可控的创作体验，设计师创作海报时，可实时观察生成过程，及时调整不 协调部分，让创作更贴合预期。 作者：周源/华尔街见闻 阿里云在中国生成式AI基础设施登顶。 据IDC刚刚发布的最新报告显示，2024年中国AI基础设施（AI IaaS）市场份额，阿里云占比23%，位列 中国市场第一，超过第二名和第三名总和；在生成式AI基础设施领域，阿里云取得模型训练和模型推 理市场的双项冠军。 阿里云的生成式推理模型迭代频繁，动作很多。 6月27日，阿里云通义千问推出多模态统一理解与生成模型Qwen VLo，用户可通过Qwen Chat （chat.qwen.ai）体验。 这一模型在人工智能领域传承与创新，为多模态人工智能发展带来新探索，具备理解和基于理解进行再 创造的能力。 Qwen VLo采用渐进式生成方式，在生成图像时从左到右、从上到下逐步构建画面。 Qwen VLo通过提升细节捕捉能力，在生成中保持较高语义一致性。 当用户输入汽车照片并要求"将颜 ...

Investment Rating - Industry investment rating: Overweight [1] Core Views - The report highlights the strong momentum in AI development both domestically and internationally, suggesting potential investment opportunities in the sector [4][43] - OpenAI has opened access to its deep research model API, providing developers with powerful tools for tasks requiring advanced reasoning and real-time information [3][46] - The Hong Kong government has introduced a regulatory framework for stablecoins, which may enhance financing options for companies in China [4] Market Review - From June 23 to June 27, 2025, the Shanghai Composite Index rose by 1.91%, the ChiNext Index increased by 5.69%, and the CSI 300 Index saw a 1.95% rise. The Hang Seng Tech Index and Nasdaq Index both experienced gains of 4.06% and 4.25%, respectively [2][23] - The AI index increased by 5.24%, while the computer index rose by 7.7%, indicating strong performance in these sectors [23] AI Developments - OpenAI's deep research model API is now available, which includes features like automated web search and data analysis, enhancing the capabilities for developers [3][43] - Alibaba's Tongyi Qianwen launched a new multimodal model, Qwen VLo, which is designed for precise control in generating long text passages [4][45] - Tencent's Hunyuan-A13B model has been released, boasting 80 billion parameters with a focus on efficiency and cost-effectiveness [4][44] Semiconductor Sector - Micron reported a revenue of $9.301 billion for Q3 of fiscal year 2025, marking a 15.5% quarter-over-quarter increase and a 36.56% year-over-year increase, with DRAM revenue reaching a historical high [7][48] Automotive Sector - Tesla's Model Y has achieved fully autonomous delivery from factory to customer, marking a significant milestone in self-driving technology [8] E-commerce Developments - Amazon plans to expand its same-day and next-day delivery services to over 4,000 small towns and rural communities in the U.S. by the end of 2025, with an investment of approximately $4 billion [9]

2025 年 06 月 29 日 计算机 投资评级：看好（维持） 行业走势图 数据来源：聚源 -22% 0% 22% 43% 65% 86% 2024-07 2024-11 2025-03 计算机 沪深300 相关研究报告 《跨境通上线，重视跨境支付机会— 行业点评报告》-2025.6.22 《持续看好稳定币和AI应用投资机会 —行业周报》-2025.6.22 《巨头陆续入局，稳定币前景可期— 行业点评报告》-2025.6.16 重视稳定币和 AI 两大产业趋势 ——行业周报 | 陈宝健（分析师） | 李海强（分析师） | | --- | --- | | chenbaojian@kysec.cn | lihaiqiang@kysec.cn | | 证书编号：S0790520080001 | 证书编号：S0790524070003 | 市场回顾： 本周（2025.6.23-2025.6.27），沪深 300 指数上涨 1.95%，计算机指数上涨 8.09%。 周观点：重视稳定币和 AI 两大产业趋势 稳定币政策加快推出，持续看好全球产业趋势 6 月 24 日，韩国央行高级副行长表示，希望逐步引入以韩元计价的稳定 ...

·国务院：推动"高效办成一件事"重点事项全面落实推动银行、医院、电信等更多公共服务集成办理 ·人民银行：引导大型银行发挥金融服务实体经济主力军作用用好证券、基金、保险公司互换便利和股票回购增持再贷款 ·特朗普宣布停止与加拿大所有贸易谈判因加拿大坚持推出针对美国科技公司的数字服务税 ·国务院总理李强6月27日主持召开国务院常务会议，听取关于贯彻落实全国科技大会精神加快建设科技强国情况的汇报，部署健全"高效办成 一件事"重点事项常态化推进机制，审议通过《农村公路条例（草案）》。会议指出，"高效办成一件事"以小切口推动政务服务理念转变、流 程重塑、部门协同，便利了群众和企业办事，有力促进了营商环境改善和行政效能提升。要加强常态化机制建设，推动"高效办成一件事"重点 事项全面落实，结合群众和企业反映突出的问题优化拓展事项范围，鼓励各地因地制宜增加特色事项，推动银行、医院、电信等更多公共服务 集成办理。（新华社） ·国务院总理李强日前签署国务院令，公布《蓄滞洪区运用补偿办法》，自公布之日起施行。《办法》提出优化补偿程序。进一步明确补偿资 金承担方式，中央财政承担补偿资金总额的70%；简化补偿资金发放方式，将补偿资金直接 ...

阿里通义千间27日宣布推出Qwen VLo——一个 多模态统一理解与生成模型。 ...

Core Viewpoint - Alibaba's Tongyi Qianwen announced the launch of Qwen VLo, a multimodal unified understanding and generation model on June 27 [1] Group 1 - The introduction of Qwen VLo signifies Alibaba's commitment to advancing artificial intelligence technologies [1] - Qwen VLo is designed to enhance the capabilities of understanding and generating content across various modalities [1] - This launch reflects the growing trend in the industry towards integrating multiple forms of data and interaction in AI models [1]