2026-01-27 01:55Summary of Conference Call Notes Company and Industry Involved - The discussion centers around Alibaba and its AI platform, specifically the Qwen3-Max-Thinking model, which is part of the AI retail sector. Core Points and Arguments - Launch of Qwen3-Max-Thinking Model: On January 26, Alibaba officially released its flagship reasoning model, Qwen3-Max-Thinking, which is the largest and most capable model from Alibaba to date. The Qwen app is also set to integrate this model [1][1]. - Performance Comparison: The overall performance of the Qwen model is comparable to leading international AI models, having set new best performances in several categories across 19 recognized large model benchmark tests [1][1]. - Enhanced Reasoning Efficiency: The model employs a new testing time extension mechanism that significantly improves reasoning performance and efficiency, allowing for more effective inference calculations in the same context [2][2]. - User Interaction Improvement: The model can now think and use tools like a professional, providing responses that are more user-friendly, intelligent, and fluid, while also reducing model hallucinations [3][3]. Additional Important Insights - AI Traffic Competition: The current competition for AI traffic entry points is intensifying, particularly as the Spring Festival approaches. Major internet companies are vying for dominance in this space, reminiscent of the competitive landscape seen in 2015 during the Spring Festival payment market battle [4][4]. - Expected User Growth: It is anticipated that the number of users on AI platforms will reach new highs during the Spring Festival, potentially driving market trends [4][4]. - Investment Opportunities: Following a collective surge in stock prices in early January, the market has stabilized, presenting a second wave of investment opportunities driven by industry catalysts. Alibaba's ecological advantages in the AI traffic competition are emphasized, with recommendations for investments in Alibaba and related AI e-commerce opportunities, including companies like Yiwang Yichuang, Qingmu Technology, and Worth Buying [4][4].