文 | 奇点研究社，作者｜孟雯 在互联网的浩瀚进程中，有些战争是为了疆土，有些战争是为了生存。 2025年12月10日，阿里巴巴正式官宣，改版上线仅23天的千问App月活跃用户（MAU）突破3000万， 刷新了全球AI应用的增长纪录。 看似辉煌的数据背后，是一场由阿里董事会主席兼CEO吴泳铭亲自带队、集结了100多名工程师秘密研 发数月的"闪击战"。 这种罕见的紧迫感折射出一个事实：在经历了移动互联网时代的流量起伏后，阿里正以"全村的希望"之 姿，将千问推向决定未来十年命运的战场。 AI技术已在C端市场全面渗透。 据CNNIC《生成式人工智能应用发展报告（2025）》披露，截至2025年6月，中国生成式AI用户规模已 达5.15亿，其中超过三分之一网民使用过AI应用，且"多数用户更偏好国产模型"。 AI助手正逐渐超越传统的App，成为新一代"超级入口"。 掌握了入口，就等于掌握了流量的"税收权"。阿里巴巴CEO吴泳铭在财报会上明确表示，阿里将在AI to B和AI to C两条战线同时发力，尤其是C端，要打造"AI原生超级应用"。 一场不容有失的"入口保卫战" 阿里巴巴对「入口」的执念，是刻在骨子里、由数次阵 ...

Core Viewpoint - The Federal Reserve's recent interest rate cut is expected to alleviate global liquidity pressures, positively impacting technology assets in the Hong Kong stock market, particularly the Hang Seng Tech ETF [1][4]. Group 1: Federal Reserve Actions and Market Reactions - On December 11, 2025, the Federal Reserve lowered the federal funds rate by 25 basis points to a target range of 3.50%–3.75% [1]. - Following the Fed's dovish statements, U.S. stock indices experienced a significant rise, indicating a positive market sentiment [1]. - The Hang Seng Tech ETF (513130) has seen a continuous inflow of funds, with a net inflow of 0.37 million yuan over four trading days [1]. Group 2: Performance of Hang Seng Tech ETF - Since November 2025, the Hang Seng Tech ETF has attracted 46.14 billion yuan, with its total size reaching 429.20 billion yuan, marking a 115% increase year-to-date [2][10]. - The ETF's share count has increased by 61 million shares, totaling 585.289 million shares, reflecting a 77% year-to-date growth [2][10]. - The latest price-to-earnings (P/E) ratio of the Hang Seng Tech Index is 23.40, which is below the average of 35.96% over the past five years, suggesting it may be an attractive investment opportunity [2][10]. Group 3: Industry Developments - Major internet companies in Hong Kong are actively advancing in the AI sector, with initiatives like the establishment of the Qianwen C-end business group aimed at creating a super app for AI applications [1]. - The Hang Seng Tech Index includes 30 leading companies in the Hong Kong market, covering various sectors such as internet, media, software, automotive, and semiconductors, indicating its comprehensive representation of the tech industry [3][11]. Group 4: Market Outlook - Analysts from China Merchants Securities International predict that the Hong Kong stock market may shift from a bearish to a bullish trend by year-end, with the tech sector likely leading this recovery [4][12]. - The combination of the Fed's rate cut, increased southbound capital inflows, and a growing willingness from institutional investors to allocate funds is expected to provide strong support for valuations in the Hong Kong market [4][12].

Core Insights - Alibaba has established the Qianwen C-end business group, led by Vice President Wu Jia, aiming to develop Qianwen into a super app and an omnipresent AI assistant for users in the AI era [1][4] - The Qianwen project is positioned as a strategic move to enter the AI to C market, directly competing with ChatGPT, with the management believing the timing is ripe for such a launch [3][4] - The AI to C market is projected to grow significantly, with McKinsey estimating a global market size of $1.3 trillion by 2030, growing at an annual rate exceeding 35% [3] Group 1 - The Qianwen C-end business group is formed by merging the original Intelligent Information and Intelligent Connectivity groups, encompassing various services including the Qianwen app, Quark, AI hardware, UC, and Shuqing [1] - The primary goal of the Qianwen C-end business group is to make Qianwen the first entry point for users in the AI era, integrating AI into everyday scenarios such as glasses, PCs, and cars [1][4] Group 2 - Alibaba's management views the Qianwen project as a critical battle for the future in the AI era, planning to integrate various life scenarios such as maps, food delivery, ticket booking, office work, learning, shopping, and health into Qianwen [4] - Significant organizational restructuring has occurred, with key teams being realigned to enhance AI capabilities, including the transfer of the Tongyi AI application team from Alibaba Cloud to the Intelligent Information group [4]

Group 1 - The Hong Kong stock market continues to experience fluctuations, with mixed performances among tech giants, as Meituan-W rises nearly 2%, while Alibaba-W, Xiaomi Group-W follow suit, and Tencent Holdings, Kuaishou-W, and Bilibili-W show declines [1][6] - Alibaba has established the Qianwen C-end business group, merging its previous smart information and smart interconnection units, aiming to create a super app as the primary entry point for users in the AI era [3][10] - Citic Securities remains optimistic about the internet sector's cyclical attributes combined with the upward trend of AI, suggesting that if AI technology exceeds expectations, it is likely to be driven by internet giants and their partners [10][11] Group 2 - The Hong Kong Internet ETF (513770) has seen significant capital inflow, with a total of 175 million yuan over four consecutive days, indicating strong buying interest in AI-related stocks [11][13] - The ETF tracks the CSI Hong Kong Internet Index, with its top ten holdings focusing on AI cloud computing and applications, accounting for over 73% of the portfolio, showcasing a strong leader advantage [13] - The ETF's latest scale exceeds 10 billion yuan, with an average daily trading volume of over 600 million yuan, providing good liquidity and supporting T+0 trading without QDII quota restrictions [13]

Group 1 - The Hong Kong stock market experienced a decline on December 10, particularly in the technology sector, with the Hong Kong Technology 30 ETF (513160) dropping by 0.74% and trading volume exceeding 470 million yuan [1] - Despite the recent downturn, there has been a significant inflow of funds into the Hong Kong Technology 30 ETF, with a net inflow of over 310 million yuan in the past five days as of December 9 [1] - According to China Merchants Securities, the recent pullback in the Hong Kong market is seen as an overreaction influenced by the U.S. market, and it is expected that the market will rebound as interest rate expectations become clearer and concerns over AI bubbles are addressed [1] Group 2 - Alibaba has established a new consumer-facing business group called Qianwen, led by Vice President Wu Jia, which consolidates several existing business units and includes various applications and AI hardware [2] - Guolian Minsheng Securities remains optimistic about the revaluation of AI in China, recommending attention to platform-based internet companies and AI ecosystem enterprises with modeling or application capabilities [2] - The Hong Kong Technology 30 ETF closely tracks the Hang Seng Hong Kong Stock Connect China Technology Index, which includes major technology companies listed in Hong Kong, such as SMIC, Kuaishou, Tencent, Alibaba, and Xiaomi [2]

Group 1 - Nvidia has received approval from the US government to sell its H200 AI chips to China, which is seen as a positive move for the company [4] - JD.com acknowledged a temporary system failure in its "随心囤" service and stated it would bear all losses incurred by merchants due to this issue [4] - Sam's Club responded to a report of a live mouse found in a product, stating that the issue was due to external factors and they would enhance their packaging and delivery services [4][6] Group 2 - Canon's factory in Zhongshan has halted production, with compensation for employees reportedly exceeding legal standards, with an average payout around 2.3N [6] - Ideal Auto plans to launch its first L4 autonomous vehicle within three years, indicating a strong belief in the future of driverless cars [8] - Xiaomi is set to close underperforming stores as part of a strategic shift towards quality improvement, incurring a one-time loss of approximately 27.26 million yuan [8] Group 3 - Huawei's Yu Chengdong announced the launch of the first MPV named "智界 V9" under the HarmonyOS, emphasizing its technological innovations [8] - Tencent has rebranded its large model from "混元" to "Tencent HY" for better market alignment [8] - Anker Innovations stated its commitment to responsible product recalls, implementing measures to enhance product reliability [8] Group 4 - PepsiCo plans to cut 20% of its US product line and implement layoffs as part of a cost-reduction strategy following pressure from activist investors [13] - Blue Current, a solid-state battery company, has raised over $80 million in funding led by Amazon, aimed at accelerating commercialization [13] - MetaComp, a cross-border payment service provider, completed a multi-million dollar Pre-A round of financing to enhance its technology and market reach [14] Group 5 - IDC predicts a significant growth in the foldable smartphone market by 2026, driven by new product launches from major brands [18][20] - Morgan Stanley forecasts that humanoid robots will lead a surge in tech stocks, with the market potentially exceeding $5 trillion by 2050 [21]

Group 1: SpaceX IPO Plans - SpaceX is reportedly advancing its initial public offering (IPO) plan, aiming to raise over $30 billion [2] - The company's overall valuation target is approximately $1.5 trillion, with plans to go public by mid to late 2026 [3] - SpaceX expects to utilize part of the IPO proceeds to develop a space data center, including the purchase of necessary chips [4] Group 2: Microsoft Investment in India - Microsoft announced a $17.5 billion investment over the next four years to develop artificial intelligence and cloud computing infrastructure in India, marking its largest investment in Asia to date [6] - The investment aims to support India's vision of an "AI-first" future, as the country becomes a key battleground in the global AI competition [7] Group 3: Huawei's New AI Division - Huawei's 2012 Lab has established a new foundational model department focused on advancing base model development [8] Group 4: Alibaba's New Business Group - Alibaba has formed a new business group called Qianwen C-end, led by Vice President Wu Jia, which merges two previous groups and aims to create a super app for the AI era [10] Group 5: Nvidia's Chip Sales to China - Former President Trump announced that the U.S. government will allow Nvidia to sell its H200 AI chips to China, with a 25% fee on each chip sold [11] Group 6: Xiaomi's Personnel Changes - Xiaomi has initiated significant personnel adjustments in its China operations, with the China President taking a direct role in driving performance [16] - The restructuring aims to address performance pressures and enhance resource allocation towards growth sectors like automotive [17] Group 7: Impact of AI on Employment - Sundar Pichai stated that AI will impact all job positions, including CEOs, emphasizing the need for individuals to embrace technology to remain competitive [42][43]

Market Strategy - The market is experiencing a volume contraction and fluctuation, with the computing hardware sector leading the gains [5][7] - The overall A-share market saw a decline of 0.55%, with the Shanghai Composite Index down by 0.37% and the Shenzhen Component Index down by 0.39% [7][8] - The innovation growth sector, represented by the ChiNext Index, increased by 0.61%, while the North Star 50 Index, representing small and medium-sized enterprises, fell by 1.72% [7][8] Industry Dynamics - In November 2025, the brand television market in China saw a shipment volume of approximately 3.22 million units, a year-on-year decrease of 15.7% [25] - In the first eleven months of 2025, China's crude oil imports increased by 3.2%, while natural gas imports decreased by 4.7% [27] - The overall trade value of goods in China for the first eleven months reached 41.21 trillion yuan, a year-on-year growth of 3.6% [28] Company Tracking - Midea Group (000333.SZ) announced that the total amount of share repurchase has reached 10 billion yuan, completing the repurchase plan [29][30] - Yuanli Co., Ltd. (300174.SZ) plans to acquire 49% of Clarimex to expand its presence in the American activated carbon market [31][33] - Zhengtai Electric (601877.SH) intends to purchase photovoltaic components from related parties, with a total amount not exceeding 3.5 billion yuan [34] - Yisheng Industrial (002458.SZ) reported a 10.27% year-on-year decline in the sales of white feather broiler chicks in November, while sales of breeding pigs increased by 203.74% [36] - Jingji Zhino (000048.SZ) sold 2.11 million pigs from January to November 2025, a year-on-year increase of 8.27% [38]

Group 1: Market Overview - The three major U.S. stock indices opened mixed, with the Dow Jones up 0.10%, the S&P 500 down 0.03%, and the Nasdaq down 0.27% [1] - Most of the tech giants saw declines, with Amazon down 0.26%, Tesla down 0.20%, Meta down 0.54%, Google down 0.32%, Microsoft down 0.29%, and Nvidia down 0.3%, while Apple rose 0.13% [1] - The Nasdaq Golden Dragon China Index fell by 1.46%, with notable declines in Li Auto (over 4%), Bilibili, Baidu, and Xpeng (over 3%), and Alibaba and JD.com (over 2%) [1] Group 2: Company News - Microsoft announced an increase in AI investment in Canada, planning to invest over 7.5 billion CAD in the next two years, totaling 19 billion CAD from 2023 to 2027 [2] - Blue Current, a solid-state battery manufacturer, completed over 80 million USD in Series D financing led by Amazon, aimed at accelerating the commercialization of its silicon composite battery platform [3] - Brookfield and Qatar AI Company announced a strategic partnership to establish a 20 billion USD joint venture focused on developing AI infrastructure in Qatar and selected international markets [4] - ExxonMobil expects a profit increase of 25 billion USD and an increase in oil and gas production from the Permian Basin, raising production from 2.3 million barrels per day to 2.5 million barrels per day by 2030 [5] - Alibaba has established a new consumer-facing division called Qianwen, aiming to develop a super app and AI assistant that integrates various services [7] - Stellantis and Bolt are collaborating to explore the development and deployment of Level 4 autonomous vehicles for commercial operations in Europe, with plans to begin testing in 2026 and aim for mass production by 2029 [8] - Medline, a medical supplies giant, plans to go public and raise up to 5.37 billion USD, potentially becoming the largest IPO in the U.S. this year [9]

12月9日晚间，阿里方面向《国际金融报》记者确认，公司已正式成立"千问C端事业群"，由阿里巴巴 集团副总裁吴嘉负责。据了解，该事业群由原智能信息事业群与智能互联事业群合并重组而成，旗下涵 盖千问APP、夸克、AI硬件、UC、书旗等业务。 今年以来，阿里巴巴在AI领域持续加码，尤其在To C赛道。 在AI硬件领域，夸克也实现了突破性布局。近期，夸克集中发布6款AI眼镜，首发推出S1、G1两大系 列，售价3999元起。官方称，该系列产品不仅具备多模态实时环境分析、上下文理解、即时翻译等智能 决策能力，还深度融合支付宝、高德地图、淘宝、飞猪、阿里商旅等阿里生态核心场景，打造专属的操 作体验。此外，还会与QQ 音乐、网易云音乐、航班管家等伙伴合作，持续丰富使用场景。夸克AI眼镜 产品负责人晋显透露，未来产品还将支持MCP协议，打造开发者生态。 与此同时，另一边，千问APP的战略定位也完成了关键升级。11月中旬，阿里将此前基于Qwen大模型 的对话应用"通义"正式更名为"千问"。据《晚点》报道，这一决策由吴泳铭亲自拍板。11月17日，"千 问"APP公测版已正式上线。 "用户为先、AI驱动"是2023年9月吴泳铭接任阿 ...