聚焦中国互联网行业 - 顶级人工智能应用追踪 - 围绕多模态展开，人工智能基础设施叙事重燃；上调阿里巴巴目标价-Navigating China Internet_ Top AI_apps tracker_ Focuses around multi-modal with renewed AI Infrastructure narratives; ;Lifting Alibaba TP

16 September 2025 | 7:16PM HKT Ronald Keung, CFA +852-2978-0856 | ronald.keung@gs.com Goldman Sachs (Asia) L.L.C. Navigating China Internet Top AI/apps tracker: Focuses around multi-modal with renewed AI Infrastructure narratives; Lifting Alibaba TP Since our last monthly edition, a number of key developments across AI infrastructure/model/application layers in China have been noteworthy, including 1) renewed narratives around the AI infrastructure layer, post Alibaba's cloud/capex beat (with cloud growth t ...