阿里巴巴-W：模型能力持续迭代钉钉发布工作智能操作系统AGENT OS

长城证券2025-12-26

事件：阿里巴巴多模态模型能力持续迭代，如发布电影级视频模型万相2.6、推出全新图像生成模型Qwen-lmage-Layered。此外，AI 钉钉1.1 新品发布会暨生态大会于12 月23 日召开，包括Agent OS、ONE、DingTalk Real 等在内的20 多个AI 产品亮相，打造新时代AI 操作系统。阿里巴巴接连发布多模态模型，AI 竞争力持续提升。阿里巴巴多模态模型能力持续提升（1）...

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操作系统。阿里巴巴接连发布多模态模型，AI 竞争力持续提升。阿里巴巴多模态模型能力持续提升（1）视频模型：阿里巴巴于12 月16 日发布新一代视频生成模型万相2.6，单次视频时长实现国内最高的15s，该模型还新增了角色扮演和分镜控制功能，不仅能一键完成单人、多人、人与物合拍的视频，还能自动实现多镜头切换等专业任务，满足专业影视级场景需求；（2）图片模型：推出全新图像生成模型Qwen-lmage-Layered，该模型采用自研创新架构，可将图片“拆解”成多个图层，从而赋予图像内在的可编辑性，即每个图层都可以独立操作，并且支持高保真的基本编辑操作（包括缩放、移动和重新着色等），通过将不同元素物理地隔离到不同的图层中，实现了高保真的编辑效果。目前阿里在多模态模型领域，已经覆盖了文生图、图像编辑、文生视频、图生视频、动作生成、角色扮演及通用视频编辑等多种视觉创作能力，有望广泛应用于AI 漫剧、广告设计和短视频创作等领域。钉钉召开生态大会，有望打造新时代AI 操作系统。阿里巴巴旗下钉钉于12月23 日召开AI 钉钉1.1 新品发布会暨生态大会，重点关注（1）硬件：发布Agent 设备DingTalk Real，可以在权限可控范围内打通内网系统与数据访问，并支持调用外网公开互联网服务；同时具备实时数据获取能力，可支撑Agent基于实时数据做判断和执行；（2）系统：发布Agent OS，为支持AI Agent运行所打造的系统级平台，意在统一AI Agent 的构建、部署与交互标准；同时发布“悟空”，可通过对话方式触发并自动执行复杂操作流程，调用钉钉内建的AI 听记、AI 表格、AI 搜问等能力，还支持多模型融合与任务自主规划；（3）垂直场景Agent：包括AI 印、AI 招聘、AI 差旅等，可以在打印、招聘等细分领域帮助企业提升效率。整体来看，我们认为钉钉正在构建起软硬一体化Agent 运行环境，有望将钉钉打造为AI 时代工作场景的操作系统，从而给企业用户提供全新的AI 工作方式。投资建议：我们预计FY2026-FY2028 公司实现营收1.03/1.12/1.24 万亿元；经调整归母净利润1160/1480/1793 亿元；对应PE 分别为21.7/17.0/14.0 倍。公司AI 大模型多模态能力持续提升，to B 云业务维持较高收入增速，to C 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阿里巴巴-W：模型能力持续迭代 钉钉发布工作智能操作系统AGENT OS

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阿里巴巴-W：模型能力持续迭代钉钉发布工作智能操作系统AGENT OS