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].

Core Insights - Alibaba and JD.com represent two distinct strategies in capturing the digital commerce market, with both companies expanding beyond traditional retail into cloud computing, logistics, AI, and global markets [2][3] - Recent strategic moves and financial performances of both companies highlight contrasting adaptation and growth potential in a competitive landscape [2][3] Alibaba's Position - Alibaba's transformation into an AI-powered technology platform marks a significant shift, enhancing its growth prospects [4] - The partnership with HONOR for integrating AI agents into consumer hardware opens new monetization pathways and expands Alibaba's influence [4][5] - A commitment to invest RMB 380 billion over three years in AI infrastructure reflects strong confidence in this strategic direction [5] - The Qwen3 language model's adoption across various platforms validates the commercial viability of Alibaba's AI strategy [5][6] - The cloud division is experiencing accelerating revenue growth due to rising AI demand, with over 300 million global downloads of Qwen [6] - Core e-commerce platforms show resilient user engagement and improved monetization efficiency through AI enhancements [7] - The Zacks Consensus Estimate for fiscal 2026 earnings is projected at $10.14 per share, indicating a 12.54% year-over-year increase [8] JD.com's Challenges - JD.com faces strategic misalignment, particularly in its aggressive food delivery expansion, leading to cash outflows and unsustainable profitability [11] - International logistics investments in Abu Dhabi and the UK are seen as poorly timed, straining resources amid domestic competition [12] - JD's historical logistics advantage is becoming commoditized, with partnerships lacking transformative impact [13] - The launch of JoyExpress in Saudi Arabia exemplifies JD's capital-intensive expansion approach, which may limit scalability [14] - The consensus estimate for 2025 earnings is pegged at $3.6 per share, indicating a 15.49% year-over-year decline [14] Valuation and Performance Comparison - Both companies trade at discounted valuations, with Alibaba's P/E ratio at 10.02x compared to JD's 7.66x, reflecting Alibaba's superior financial metrics and growth prospects [15] - Recent price performance shows Alibaba shares have increased by 25.8% year-to-date, while JD.com has declined by 10%, indicating investor confidence in Alibaba's strategy [18] Conclusion - Alibaba is positioned as the superior investment choice due to its transformative AI capabilities, diversified revenue streams, and strategic growth positioning [20] - JD's capital-intensive growth strategy and competitive challenges present significant headwinds, suggesting a potential reduction in exposure to JD [20]

以下文章来源于光子星球 ，作者郝鑫 光子星球 . 细微之处，看见未来 将投中网设为"星标⭐"，第一时间收获最新推送 处在上市前夜的AI六小虎，却各有各的难。 作者丨 郝鑫 编辑丨 吴先之 来源丨 光子星球 隔壁阿里Qwen3刷新模型记录，字节豆包全家桶打折甩卖。资本和市场就像两个无形的手，让大模 型六小虎们（月之暗面、智谱AI、MiniMax、阶跃星辰、百川智能、零一万物）不敢再沉寂下去。 智谱宣布获得浦东创投集团和张江集团联合10亿元人民币的战略投资，并开源新一代视觉语言大模 型GLM-4.1V-Thinking和全新的生态平台"Agent应用空间"；月之暗面开源代码模型Kimi-Dev， 上市这个选择，既关乎"面子"也关乎"里子"，一方面是靠融资上市续命，缓解"吞金"的压力，另一 方面是争夺行业话语权，撕掉"掉队"的标签。 不过，处在上市前夜的AI六小虎，却各有各的难，能否一举成功上市尚未可知，上市之后仍是挑战重 重。 各有各的难处 首个AI Agent项目Kimi Researcher（深度研究）开启内测；MiniMax"五连更"，涵盖推理模型、 视频生成模型、智能体、音色设计。 截至目前，六小虎中的两 ...

Polaris团队 投稿 量子位 | 公众号 QbitAI 4B模型的数学推理能力和顶尖商业大模型差在哪里？ 香港大学NLP团队联合字节跳动Seed、复旦大学发布名为 Polaris 的强化学习训练配方： 通过Scaling RL，Polaris让4B模型的数学推理能力（AIME25上取得79.4，AIME24上取得81.2） 超越了一众商业大模型 ，如Seed-1.5- thinking、Claude-4-Opus和o3-mini-high(25/01/31)。 并且，Polaris-4B的轻量化允许在消费级显卡上部署。 详细的blog、训练数据、模型和代码都已 全部开源 ，链接可见文末。 围绕待训练模型进行参数配置 之前的RL训练配方，如DeepScaleR，已经展示了Scaling RL在较弱基模型上强大的效果。 但对于目前最前沿的开源模型（如Qwen3），Scaling RL是否也能复现如此显著的提升呢？ Polaris的研究团队给出了明确回答：可以！ 具体来说，Polaris通过仅仅700步的RL训练，成功地 让Qwen3-4B在数学推理任务上接近了其235B版本的表现 。 只要方法得当，RL还存在 ...

注意看，这张图画的是谁？ 如果不够明显，那再眯着眼睛看呢。没错，就是蒙娜丽莎。 这张来自日本艺术家北冈秋吉前几天创作的一张图，结果直接把一众大模型难倒了。 ChatGPT只能分辨出这是一张脸。。 Gemini则是直接识别错了人。 白交 发自 凹非寺 量子位 | 公众号 QbitAI 又一个让大模型几乎全军覆没的难题出现了。 大模型不会眯眼睛？ 为了验证这一推论，咱们也进行了一波简单实测。既然直接问「画的是谁」问不出来，那给一点提示，让它可以尝试眯着眼睛。 网友：懂了，大模型不会眯眼睛。 首先来看ChatGPT的表现。 它能准确判断出这是一张视觉错位图，也通过「眯着眼睛」识别出来了具体的脸部轮廓，结果在最后关头识别错了。 再来看看国产玩家的表现，还是挑出三个来看看。 豆包的回答与Gemini类似，能够判断出图像的风格、人脸轮廓，但是无法判断具体任务。 但选择 深度思考 之后，它深入研究了故障艺术的通道分离特性，然后从黑色轮廓中判断出这是 爱因斯坦 （？？？？ 而再让它深度思考一下，答案给不出来了。 Gemini的回答则还停留在各种颜色的条纹，也辨认出这是个侧脸的轮廓。 Grok则直接表示无法辨认，让我提供一张更 ...

不想看内容，试试听推送吧！（该博客基于 MOSS-TTSD 合成） 播客、访谈、体育解说、新闻报道和电商直播中，语音对话已经无处不在。 当前的文本到语音（TTS）模型在单句或孤立段落的语音生成效果上取得了令人瞩目的进展，合成语音的自然度、清晰度和表现力都已显著提升，甚至接近真人水 平。不过，由于缺乏整体的对话情境，这些 TTS 模型仍然无法合成高质量的对话语音。 现在，历史时刻来到！上海创智学院、复旦大学和模思智能的 OpenMOSS 团队携手推出了革命性成果 —— MOSS-TTSD ！首次基于百万小时音频训练，成功破除 AI 播客的「恐怖谷」魔咒。 MOSS-TTSD-V0 全新释出，模型权重及推理代码全面开源，商业应用无障碍！ 与传统 TTS 模型只能生成单句语音不同，MOSS-TTSD 能够根据完整的多人对话文本，直接生成高质量对话语音，并准确捕捉对话中的韵律变化和语调特性，实 现超高拟人度的逼真对话语音合成。 接下来听听实测效果，并比较一下与其他 TTS 模型的听感差异。 中文播客示例 团队以奇绩「前沿信号研究体系」的每日推文作为内容，对比了豆包（商业产品）的播客生成与 MOSS-TTSD 的开源 ...

作 者丨董静怡 编 辑丨朱益民 站在今天这个时间点，很难再单单用"电商巨头"定义阿里了。 2025财年，阿里淘天集团营收仅增长3%，而云计算和AI相关业务则更受市场关注。 年报显示，阿里巴巴集团收入9963.47亿元，净利润同比增长77%至1259.76亿元。其中，阿里 云收入达到1180亿元，同比增幅达到了11%。第四财季，阿里云收入同比增长18%，达到 301.27亿元，创下三年来最快增速。 短短两年时间里，阿里身上的AI标签变得越来越显眼，其在AI领域的进展增强了市场对其未 来增长潜力的信心，今年早期，已有多家全球顶级投资机构对阿里巴巴进行了显著增持。 两年前，蔡崇信、吴泳铭上任后，定调了"AI是未来核心"，推动技术与业务深度融合。而最 激进的举措，是宣布未来三年投入3800亿元建设AI基础设施——这一数字，甚至超过了阿里 过去十年的科技投入总和。 投资AI的动作还在继续。7月3日，阿里巴巴集团发布公告，计划发行本金总额约120亿港元、 2032年到期的零息可交换债券。债券发行募集资金净额将用于投入云计算基础设施建设和支 持国际电商业务发展。 在年报致股东信中，阿里表示，未来十年，最大的增量和变量都是以 ...

Core Insights - Alibaba is evolving beyond its traditional identity as an "e-commerce giant," with a significant focus on AI and cloud computing as key growth drivers for the future [2][3][4] - In FY2025, Alibaba's revenue reached 996.347 billion yuan, with a net profit increase of 77% to 125.976 billion yuan, while its cloud computing revenue grew by 11% to 118 billion yuan [2][4] - The company plans to invest 380 billion yuan in AI infrastructure over the next three years, surpassing its total tech investment in the past decade [2][8] Financial Performance - Alibaba's revenue growth for the e-commerce segment was only 3% in FY2025, contrasting with the 18% year-on-year growth in cloud revenue for Q4 [2][4] - The cloud segment achieved a record revenue of 301.27 billion yuan in Q4, marking the fastest growth in three years [2] AI Strategy - Alibaba views AI as a core driver of business growth and a major opportunity for the next decade, with plans to integrate AI deeply into its operations [3][4] - The company has established a comprehensive AI ecosystem, focusing on foundational technology, commercial applications, and infrastructure [5][6] Investment and Development - Alibaba's capital expenditure for Q1 FY2025 was 24.612 billion yuan, a 120.68% increase year-on-year, with a total planned capital expenditure of 86 billion yuan for FY2025 [8] - The company is actively investing in AI startups and technologies, including leading funding rounds for several AI firms [9][10] Market Position and Future Outlook - Analysts predict that Alibaba's AI-related revenue could reach 29 billion yuan and 53 billion yuan in FY2026 and FY2027, respectively, contributing significantly to overall cloud revenue growth [7] - Alibaba's strategic investments aim to create a closed-loop system where investments in AI startups lead to increased cloud service revenues, enhancing its competitive position in the tech landscape [10][11]

整理 | 美股研究社 截至 6 月底，英伟达市值达到 3.86 万亿美元 （IT之家注：现汇率约合 27.65 万亿元人民币）， 超过微软的 3.69 万亿美元（现汇率约合 26.43 万亿元人民币）约 4.3%。 不过，英伟达市值仍未突破 苹果 2024 年 12 月创下的约 3.92 万亿美元 历史高点。苹果以 3.1 万亿美元市值位居上月底第三。 Meta 平台、博通和亚马逊的市值上个月 分别上涨 14%、13.9% 和 7% ，达到 1.86 万亿美元、 1.3 万亿美元和 2.33 万亿美元。特斯拉市值则下跌 8.3%，至 1.02 万亿美元，马斯克与白宫的 争执成为主因。 Wedbush 证券分析师丹尼尔・艾夫斯表示，"我们预计英伟达和微软今年夏天将迈入 4 万亿美 元 （现汇率约合 28.65 万亿元人民币） 市值俱乐部 ，未来 18 个月市场焦点将转向 5 万亿美元 市值…… 这轮由人工智能革命推动的科技牛市仍处于初期阶段。" 在这个快速变化的时代，人工智能技术正以前所未有的速度发展，带来了广泛的机会 。 《AI日 报 》致力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行 业 洞 ...

文｜树龙谈 2025年已经过半，这半年，互联网巨头过得怎么样？ 我们按照"市值"这一维度，将中国最值钱的10家互联网公司进行排名，并且对比去年年末。 结果发现： 1.小米从第5名上升到了第3名； 2.腾讯音乐进入前10，百度跌出前10； 3.小米、腾讯音乐、网易、快手，股价涨幅惊人； 4.美团、携程、京东，股价下跌明显。 为什么？ 互联网进入ATM时代 | 排名 | 公司 | | | 市值 | | 名次变化 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯 | | | | 5885 | 不变 | | 2 | 阿里 | | | 2705 | | 不变 | | 3 | 小米 | | 1987 | | | 12 | | 4 | 拼多多 | | 1486 | | | 11 | | 5 | 美团 | 975 | | | | 11 | | 6 | 网易 | 852 | | | | 不变 | | 7 | 京东 | 471 | | | | 不变 | | 8 | 携程 | 383 | | | | 不变 | | 9 | 快手 | 345 | | | | 11 | | 1 ...