中国 AI 发展路径：依托自研芯片构建全栈 AI 能力-China's Emerging Frontiers-China's AI Path Owning the Full AI Stack via In-house Chips

March 11, 2026 10:20 PM GMT China's Emerging Frontiers China's AI Path: Owning the Full AI Stack via In-house Chips | What's Changed | | | | --- | --- | --- | | Alibaba Group Holding (BABA.N) | From | To | | Top Pick Added | 0700.HK | BABA.N | Owning the full AI stack materially raises the likelihood of becoming an AI winner. In-house chips also mitigate competitive and regulatory risks. We elevate BABA to our Top Pick, replacing Tencent, despite near-term pressure on earnings. Key Takeaways We think owning ...