浙商证券：大语言模型技术红利驱动新一轮增长电商平台正迎双重红利期

智通财经01-15

智通财经APP获悉，浙商证券发布研报称，大语言模型的技术红利驱动新一轮增长，并带来全新的交互体验AI与电商的结合正处于从“判别式推荐”向“生成式推荐(GR)”跨越的关键节点。随着Scaling Law(缩放定律)在推荐领域的验证，行业正突破传统深度学习(DLRM)的瓶颈，不仅能打破信息茧房，还能通过统一的端到端框架降低工程成本，电商平台正迎来提升用户留存时长与广告转化率(CTR)的双重红利期。...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2603650674?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-01-15 15:30","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2603650674","market":"hk","top_or_hot":-1,"title":"浙商证券：大语言模型技术红利驱动新一轮增长 电商平台正迎双重红利期","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，浙商证券发布研报称，大语言模型的技术红利驱动新一轮增长，并带来全新的交互体验AI与电商的结合正处于从“判别式推荐”向“生成式推荐(GR)”跨越的关键节点。随着Scaling Law(缩放定律)在推荐领域的验证，行业正突破传统深度学习(DLRM)的瓶颈，不仅能打破信息茧房，还能通过统一的端到端框架降低工程成本，电商平台正迎来提升用户留存时长与广告转化率(CTR)的双重红利期。...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1393250.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>浙商证券：大语言模型技术红利驱动新一轮增长 电商平台正迎双重红利期</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n浙商证券：大语言模型技术红利驱动新一轮增长 电商平台正迎双重红利期\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-15 15:30 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1393250.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，浙商证券发布研报称，大语言模型的技术红利驱动新一轮增长，并带来全新的交互体验AI与电商的结合正处于从“判别式推荐”向“生成式推荐(GR)”跨越的关键节点。随着Scaling Law(缩放定律)在推荐领域的验证，行业正突破传统深度学习(DLRM)的瓶颈，不仅能打破信息茧房，还能通过统一的端到端框架降低工程成本，电商平台正迎来提升用户留存时长与广告转化率(CTR)的双重红利期。...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1393250.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1201861165.SGD","symbol_name":"Natixis Harris Associates Global Equity PA SGD","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1393250.html","article_id":"2603650674","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2603650674","pubTimestamp":1768462236,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，浙商证券发布研报称，大语言模型的技术红利驱动新一轮增长，并带来全新的交互体验AI与电商的结合正处于从“判别式推荐”向“生成式推荐”跨越的关键节点。随着Scaling Law在推荐领域的验证，行业正突破传统深度学习的瓶颈，不仅能打破信息茧房，还能通过统一的端到端框架降低工程成本，电商平台正迎来提升用户留存时长与广告转化率的双重红利期。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"89988":"阿里巴巴-WR","601878":"浙商证券","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","LU0348783233.USD":"安联东方收入型 CI A Dis美元","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU0762541174.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM2\" (USD) INC","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","BK1575":"同股不同权","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0608807946.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" Q (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0048580855.USD":"富达大中华区A","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","BK1109":"应用软件","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","BK1518":"SaaS概念","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","BK1517":"云办公","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","BK1516":"腾讯概念","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","BK1589":"北水核心资产","BK1618":"Manus概念股","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","BK1588":"回港中概股","LU0762542818.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM\" (HKD) INC","BK1615":"港股-互联网","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0862451837.USD":"JPM EMERGING MARKETS DIVIDEND \"A\" (USD) INC (M)","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0823426480.USD":"法巴中国股票经典Dis","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","BK1586":"云计算","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0823426308.USD":"法巴中国股票基金","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","BK1584":"蚂蚁金服概念","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0396098781.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (USD) ACC","SG9999001051.SGD":"United Asia Fund SGD","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","SG9999006514.SGD":"United Asia Consumer Fund SGD","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","BK1521":"挪威政府全球养老基金持仓","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","HBBD.SI":"Alibaba HK SDR 5to1","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","BK1502":"双十一","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","BK1501":"阿里概念股","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","IE0008368304.USD":"STEWART INVESTORS WORLDWIDE LEADERS SUSTAINABILITY FUND \"I\" (USD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","BK0276":"资本市场","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC","LU0630378429.USD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (USD) INC","BK1608":"元宇宙概念","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK1610":"ETF&股票定投概念","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0197773160.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AC\" ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","BABA":"阿里巴巴","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0173614495.USD":"富达中国焦点A","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","SG9999001689.USD":"施罗德亚洲成长股票","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","BK1142":"互联网与直销零售","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0228659784.USD":"施罗德金砖四国基金","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","BK1249":"综合零售","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","09988":"阿里巴巴-W","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","BK1591":"就地过年概念","BK1590":"短视频概念股","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU0594300419.USD":"富达中国消费基金A","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0048597586.USD":"富达亚洲焦点A","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC"},"translate_title":"Zheshang Securities: Big language model technology dividends drive a new round of growth, and e-commerce platforms are welcoming a period of double dividends","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89988":0.6,"601878":1.91,"BABA":1.87,"09988":1.87,"ALBmain":0.6,"HBBD.SI":0.6},"content_text":"智通财经APP获悉，浙商证券发布研报称，大语言模型的技术红利驱动新一轮增长，并带来全新的交互体验AI与电商的结合正处于从“判别式推荐”向“生成式推荐(GR)”跨越的关键节点。随着Scaling Law(缩放定律)在推荐领域的验证，行业正突破传统深度学习(DLRM)的瓶颈，不仅能打破信息茧房，还能通过统一的端到端框架降低工程成本，电商平台正迎来提升用户留存时长与广告转化率(CTR)的双重红利期。浙商证券主要观点如下：生成式推荐引擎：使用LLM进行海量商品的匹配生成式推荐利用大语言模型的序列建模与推理能力，大幅度提升了推荐效果。25年2月，阿里巴巴技术团队引入了大型用户模型(LUM)，在满足工业环境的严格要求的同时释放可扩展推荐的潜力，实验表明LUM的性能优于最先进的DLRMs和E2E-GR方法，且展现出出色的可扩展性，重构“人-货”匹配逻辑。交互界面的革新：千问APP与Rufus引领对话式购物千问APP公测后MAU快速提升，根据财联社，千问APP 2026年1月14日MAU突破1亿，且将在2026年1月15日发布全新版本。预计阿里会用集团生态去反哺千问APP入口，千问跟豆包的差异化点应该也是Agent+集团生态协同，因此可以期待千问agent打通阿里生态，如高德(2025.12已经打通)、淘天、闪购、飞猪等。回顾亚马逊推出的AI购物助手Rufus，同样改变了传统的搜索框模式，允许用户通过自然语言提问进行比价、选品和获得建议，通过用户的需求率先给出一版匹配度较高的SKU推荐，标志着生成式AI正式重塑电商的流量入口与分发机制。标的方面重点推荐阿里巴巴-W(09988)，建议关注产业链标的分众传媒(002027.SZ)、值得买(300785.SZ)、壹网壹创(300792.SZ)、微盟集团(02013)、石基信息(002153.SZ)、青木科技(301110.SZ)、美登科技(920227.BJ)、每日互动(300766.SZ)、焦点科技(002315.SZ)、光云科技(688365.SH)等。风险提示产业竞争加剧，宏观政策风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2603650674","isCrawlerRequest":true}

浙商证券：大语言模型技术红利驱动新一轮增长 电商平台正迎双重红利期

精彩评论

浙商证券：大语言模型技术红利驱动新一轮增长电商平台正迎双重红利期