2026年AI智能体全面崛起，互联网平台角力背后上市公司谁是赢家？

证券市场周刊01-26

将公众号“设为星标”，及时获取更新内容！文丨谢长艳编辑丨张桔2026年初，AI智能体再次传出深度融入生活的信号。1月15日，阿里的千问APP上线了AI Agent“任务助理”1.0版，测试AI购物。这一版本全面打通阿里生态，包括淘宝、闪购、飞猪、高德地图和支付宝。该版本的发布，让AI智能体正式从“聊天对话”迈入“AI办事时代”。使用者只需张嘴发布指令，AI助理就能替其点外卖、找餐厅、订酒店和打...

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/2606529677?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-01-26 13:41","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2606529677","market":"hk","top_or_hot":-1,"title":"2026年AI智能体全面崛起，互联网平台角力背后上市公司谁是赢家？","media":"证券市场周刊","content":"<div>\n<p>将公众号“设为星标”，及时获取更新内容！文丨谢长艳编辑丨张桔2026年初，AI智能体再次传出深度融入生活的信号。1月15日，阿里的千问APP上线了AI Agent“任务助理”1.0版，测试AI购物。这一版本全面打通阿里生态，包括淘宝、闪购、飞猪、高德地图和支付宝。该版本的发布，让AI智能体正式从“聊天对话”迈入“AI办事时代”。使用者只需张嘴发布指令，AI助理就能替其点外卖、找餐厅、订酒店和打...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260126134217a6accc86&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","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>2026年AI智能体全面崛起，互联网平台角力背后上市公司谁是赢家？</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\">\n2026年AI智能体全面崛起，互联网平台角力背后上市公司谁是赢家？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-26 13:41 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260126134217a6accc86&s=b><strong>证券市场周刊</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>将公众号“设为星标”，及时获取更新内容！文丨谢长艳编辑丨张桔2026年初，AI智能体再次传出深度融入生活的信号。1月15日，阿里的千问APP上线了AI Agent“任务助理”1.0版，测试AI购物。这一版本全面打通阿里生态，包括淘宝、闪购、飞猪、高德地图和支付宝。该版本的发布，让AI智能体正式从“聊天对话”迈入“AI办事时代”。使用者只需张嘴发布指令，AI助理就能替其点外卖、找餐厅、订酒店和打...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260126134217a6accc86&s=b\">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":"LU0762542818.HKD","symbol_name":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM\" (HKD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260126134217a6accc86&s=b","article_id":"2606529677","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260126134217a6accc86&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2606529677","pubTimestamp":1769406060,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"文丨谢长艳编辑丨张桔2026年初，AI智能体再次传出深度融入生活的信号。1月15日，阿里的千问APP上线了AI Agent“任务助理”1.0版，测试AI购物。这一版本全面打通阿里生态，包括淘宝、闪购、飞猪、高德地图和支付宝。该版本的发布，让AI智能体正式从“聊天对话”迈入“AI办事时代”。卖方机构纷纷预测，2026年是智能体角逐人们生活场景的大年，究其原因，这一时间点各大互联网平台都在暗中准备各自的Agent方案和AI路线图。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"81024":"快手-WR","89988":"阿里巴巴-WR","LU0762542818.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM\" (HKD) INC","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","LU0140636845.USD":"施罗德大中华区股票A Acc","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0823426308.USD":"法巴中国股票基金","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","HBBD.SI":"Alibaba HK SDR 5to1","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","BABA":"阿里巴巴","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU0594300419.USD":"富达中国消费基金A","LU1548497426.USD":"安联环球人工智能AT Acc","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","BK1610":"ETF&股票定投概念","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","01357":"美图公司","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","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","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","BK1249":"综合零售","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0608807946.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" Q (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","01024":"快手-W","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","BK1502":"双十一","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","BK1501":"阿里概念股","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0396098781.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (USD) ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0048580855.USD":"富达大中华区A","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","BK1608":"元宇宙概念","BK1095":"互动媒体与服务","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","BK1575":"同股不同权","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","IE0008368304.USD":"STEWART INVESTORS WORLDWIDE LEADERS SUSTAINABILITY FUND \"I\" (USD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","BK1517":"云办公","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","02469":"粉笔","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0048597586.USD":"富达亚洲焦点A","BK1142":"互联网与直销零售","BK1618":"Manus概念股","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0052750758.USD":"富兰克林中国基金A Acc","BK1588":"回港中概股","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","BK1615":"港股-互联网","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","BK1586":"云计算","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0359201612.USD":"贝莱德中国基金A2","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU0762541174.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM2\" (USD) INC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0197773160.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AC\" ACC","BK1584":"蚂蚁金服概念","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","BK1591":"就地过年概念","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","BK1590":"短视频概念股","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","BK1521":"挪威政府全球养老基金持仓","LU0173614495.USD":"富达中国焦点A","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU0650527681.SGD":"Fidelity China Consumer A-SGD","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","SG9999001051.SGD":"United Asia Fund SGD","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","SG9999001689.USD":"施罗德亚洲成长股票","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","09988":"阿里巴巴-W","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU0228659784.USD":"施罗德金砖四国基金","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD"},"translate_title":"In 2026, AI agents will rise in an all-round way. Who will be the winner of the listed companies behind the Internet platform wrestling?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81024":0.6,"89988":0.6,"01357":0.9,"ALBmain":0.6,"HBBD.SI":0.6,"KSTmain":0.6,"02469":0.9,"09988":1.96,"01024":0.9,"BABA":1.96},"content_text":"将公众号“设为星标”，及时获取更新内容！文丨谢长艳编辑丨张桔2026年初，AI智能体再次传出深度融入生活的信号。1月15日，阿里的千问APP上线了AI Agent“任务助理”1.0版，测试AI购物。这一版本全面打通阿里生态，包括淘宝、闪购、飞猪、高德地图和支付宝。该版本的发布，让AI智能体正式从“聊天对话”迈入“AI办事时代”。使用者只需张嘴发布指令，AI助理就能替其点外卖、找餐厅、订酒店和打网约车。引人关注的一点是，阿里全生态链APP基本被纳入其中，公司力争将所有环节打通。卖方机构纷纷预测，2026年是智能体角逐人们生活场景的大年，究其原因，这一时间点各大互联网平台都在暗中准备各自的Agent方案和AI路线图。中信建投表示，不可复制的生态正在成为AI应用层竞争的决定性因素。其逻辑在于，大模型本身具备可追赶性，但端到端的商业与履约生态却高度依赖长期积累。千问将智能体带入AI办事时代在1月15日举行的千问APP产品发布会上，阿里对外介绍，千问APP上线400多项办事功能，正式从“聊天对话”迈入“AI办事时代”。千问App接入淘宝、支付宝、淘宝闪购、飞猪、高德等阿里生态业务，在全球首次实现点外卖、买东西、订机票、订酒店等AI购物功能，向所有用户开放测试。而其一条龙的支付环节在千问对话界面内完成，无需跳转至其他应用。除了接入淘宝、高德扫街、飞猪等日常的衣食住行，千问APP还深度接入支付宝政务服务，上线签证、户口、公积金等50项民生服务，并直达办理入口。此外，千问还上线了“任务助理”功能，在APP和Web端开始定向邀测，提供应用开发、office办公、咨询调研、生活办事等能力，能像人一样规划完成多步骤的复杂任务；千问APP上线“找卷子、讲难题、练错题”等学习功能。数据显示，千问APP在上线新功能后，月度活跃用户已突破1亿人。目前，其核心生活服务功能已向所有用户开放，而面向复杂场景的任务助理功能则处于定向邀测阶段。对此，国泰海通证券指出，千问APP核心突破在于打通消费与生活服务全链路，用户无需跳转应用，仅凭自然语言指令即可完成下单、支付等闭环操作，大幅降低使用门槛，让AI正式从“聊天对话”迈入“办事时代”，这一创新既依托阿里丰富的应用生态，又凭借底层技术实现跨应用协同，让AI 真正触达真实生活需求。持有类似观点的还有国金证券，其强调千问APP这一系列“办事能力”得益于千问底层技术的三个重要升级：第一，AI Coding能力使其能实时构建工具，而不是预设功能；第二，全模态理解能力赋予千问感知世界的“五官”，能看懂界面、听懂声音、读懂报表；第三，超长上下文处理能力保障了复杂任务执行的连续性。这也从一个层面折射出，大厂对大模型的投入正在全面提速，行业竞争日趋激烈。比如字节跳动于2025年12月就推出豆包手机助手，可以通过简单的语音指令，就可以指挥手机执行原本需要几十次点击的繁琐操作。腾讯则凭借小程序资源，于2026年1月正式推出“AI应用及线上工具小程序成长计划，提供云开发资源、AI算力、数据分析、商业变现及流量激励等全方位支持，陪伴开发者完成从“0到1”再从“1到100”的过程。应用加速使流量入口重构此外，国金证券还表示，此次阿里千问APP的升级，再次展示了大模型APP在C端应用生态构建中的重要地位。随着AI模型能力的升级，以及Agent功能的持续迭代，未来在“人工智能+”的时代，相比于“互联网+”时代的百家争鸣、各类APP不断产生，“人工智能+”时代的大模型APP有望成为新的流量入口，带来互联网生态体系的重构。同时，Agent有望成为人工智能落地的重要载体，催生出新的应用场景和软件形态，带来B端和C端应用的加速落地。在此次的千问发布会上，阿里巴巴集团副总裁、千问C端事业群总裁吴嘉发表演讲时表示，随着大模型能力的成熟，AI正在从“副驾驶”走向“主驾驶”，通用人工智能（AGI）的发展路径正在由以对话为核心的Chat阶段，进入以执行和交付为核心的Agent阶段。“Chat阶段， AI本质上是一种对话式系统，其主要价值体现在理解问题、生成内容和辅助决策上，用户需要在AI给出的答案基础上，自行完成后续操作与决策执行；而AI开始具备完整的行动能力，能够在理解用户意图之后，自主拆解任务、调用工具、跨系统协同，并最终交付可验证的结果。在这一阶段，‘对话’不再是终点，而只是触发行动的入口。”他这般表示。展望后续进展，中信建投强调，一方面AI正在从信息生成工具，演进为承接用户意图并完成任务的执行型入口；另一方面从公司层面讲，阿里在AI竞争中的核心优势，正在从模型追赶转向生态不可复制性。大模型在基础理解、生成与推理能力上的差距正在快速收敛，单纯依赖模型性能已难以形成长期壁垒，而AI真正走向Agent之后，对外部世界的调用能力、执行稳定性与交付闭环提出了更高要求。Agent要持续、高频地承接用户意图，必须具备可直接调用的交易、支付的本地服务能力，同时还需要真实、持续的行为数据反馈来优化模型决策质量。“这类能力并非通过技术追赶即可获得，而是高度依赖长期业务沉淀的生态构建。尤其在高频消费和生活服务场景中，生态完整度直接决定Agent的可用上限。在这一阶段，竞争焦点已从‘谁的模型更聪明’转向‘谁能让AI真正改变现实世界’。”其进一步表示。而国泰海通也认为，随着互联网巨头的大力推广和投入，有望加速旗下生态和大模型融合，从而实现AI 应用的落地。广发证券表示，当前处于国产AI密集催化期，建议围绕字节豆包、阿里千问、DeepSeek等模型迭代展开关注，关注各个细分应用场景公司。其推荐互联网龙头企业阿里、腾讯（大模型+生态+云），细分场景应用龙头建议关注快手、美图、粉笔等公司。此外，华西证券强调，在全球宏观波动加剧的背景下，AI成为当前最具确定性的投资方向之一。阿里此举标志着国内AI应用从工具辅助升级为连接真实商业场景的系统级入口，通过将庞大生态“原子化”并整合进自然语言交互。千问的深度生态整合为AI应用的商业化落地提供了清晰范式，即围绕具体、高频的生活与工作场景构建服务闭环。“随着智能体能力、硬件能力的持续进化，掌控核心场景与入口的平台型公司将在AI时代延续其竞争优势，持续看好AI技术驱动下的应用创新与商业模式迭代。”华西证券进一步强调。投资者应以更高格局关注AI应用板块除去千问APP上线的AI Agent“任务助理”1.0版、豆包的手机助手、腾讯的小程序成长计划外，同期国内外大厂AI应用均加速落地，在垂直场景深耕。比如医疗领域方面，海外的OpenAI推出ChatGPT Health,Anthropic 发布Claude for Healthcare，均聚焦合规性与专业服务，覆盖健康管理、临床服务等核心场景;电商与消费电子方面，亚马逊推出AI退货看板优化跨境电商运营，谷歌模型嵌入智能电视、家电等多终端场景化服务;技术底座方面，英伟达发布全新Vera Rubin AI平台及DLSS 4.5，提升AI推理性能与终端体验。不仅国际层面，拉回到国内的视角，同期还有字节的火山引擎成春晚独家AI云伙伴；DeepSeek 即将发布V4旗舰模型，其将革新架构与稀疏性技术等。对此，中信建投认为，AI大模型仍在持续迭代，大局未定，各家都存在继续进步或逆袭可能，所以不能因为某些模型阶段性领先就过度看空其余模型及相关公司产业链，AI应用也在持续发展，不论是手机还是眼镜，尚未到完全突破阶段，但都可能引发阶段性行情，值得持续关注。“目前，世界正处于AI产业革命中，类比工业革命，影响深远，不能简单对比近几年的云计算、新能源等，需要以更长期的视角、更高的视野去观察。”其强调。而对于AI的投入，国内大厂整体仍保持较高投资强度。2025年第二季度，阿里巴巴的资本开支达到386亿元，同比增长220%，环比增长57.1%，创下单季历史新高。与此同时，2025年二季度阿里云业务营收333.98亿元，同比增长26%，AI相关收入继续保持三位数增长，外部商业化收入中AI贡献已超过20%，AI需求快速扩大，同时带动计算、存储及其它公有云服务需求上升。在财报电话会上，阿里巴巴CEO吴泳铭披露，过去四个季度，阿里已经在AI基础设施及AI产品研发上累计投入超1000亿元。公司已为全球AI芯片供应及政策变化准备“后备方案”，通过与不同合作伙伴合作，建立多元化的供应链储备，从而确保投资计划能够如期推进。在阿里2025云栖大会上，他表示，目前阿里正积极推进3800亿元的AI基础设施建设，并计划追加更大的投入，为了迎接超级人工智能(ASI)时代的到来。对比2022年AI的元年，到2032年阿里云全球数据中心的能耗规模将提升10倍，这意味着阿里云算力投入将指数级提升。对比来看，在2025年第二季度，腾讯的资本开支为191亿元，同比增长119%，公司表示在AI方面一直在大量投入，同时未来还会继续加大投入力度，但需要以合适的节奏进行。公司正在部分游戏、微信、广告等多方面加大人工智能的应用，同时不断升级混元基础模型的功能，推动AI原生应用元宝的使用。（本文已刊发于1月24日出版的《证券市场周刊》。文中提及个股仅为举例分析，不作投资建议。）更多深度原创内容，可点击下方链接观看：市值管理系列报道|ESG系列报道金融|大消费|传统产业|新兴产业|IPO转载请关注公众号并在后台回复“转载”获取联系方式；转载文章开头请注明来源于证券市场周刊并注明作者。点个“推荐”每天收到最新资讯！","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,"symbols":[],"gpt_button":0,"need_auth":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":"4.36.2","shortVersion":"4.36.2","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/2606529677","isCrawlerRequest":true}