和众汇富研究手记：阿里云开启模型订阅新局

财富在线02-27

2月25日，阿里云百炼正式发布Coding Plan，将Qwen3.5、GLM-5、MiniMax M2.5、Kimi K2.5四大开源模型以统一API订阅服务的形式对外开放。这一产品形态的推出，不仅在技术层面整合了多家头部模型能力，更在商业模式上开辟了云厂商围绕大模型能力服务化的新路径。目前，在全球主流云服务商中，仅阿里云率先提供覆盖多款顶级开源模型的一体化订阅服务，凸显其在AI基础设施与平台化...

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/2614002461?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-27 10:56","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2614002461","market":"us","top_or_hot":-1,"title":"和众汇富研究手记：阿里云开启模型订阅新局","media":"财富在线","content":"<div>\n<p>2月25日，阿里云百炼正式发布Coding Plan，将Qwen3.5、GLM-5、MiniMax M2.5、Kimi K2.5四大开源模型以统一API订阅服务的形式对外开放。这一产品形态的推出，不仅在技术层面整合了多家头部模型能力，更在商业模式上开辟了云厂商围绕大模型能力服务化的新路径。目前，在全球主流云服务商中，仅阿里云率先提供覆盖多款顶级开源模型的一体化订阅服务，凸显其在AI基础设施与平台化...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260227110107a4cde512&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>和众汇富研究手记：阿里云开启模型订阅新局</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和众汇富研究手记：阿里云开启模型订阅新局\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-27 10:56 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260227110107a4cde512&s=b><strong>财富在线</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2月25日，阿里云百炼正式发布Coding Plan，将Qwen3.5、GLM-5、MiniMax M2.5、Kimi K2.5四大开源模型以统一API订阅服务的形式对外开放。这一产品形态的推出，不仅在技术层面整合了多家头部模型能力，更在商业模式上开辟了云厂商围绕大模型能力服务化的新路径。目前，在全球主流云服务商中，仅阿里云率先提供覆盖多款顶级开源模型的一体化订阅服务，凸显其在AI基础设施与平台化...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260227110107a4cde512&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":"BABO","symbol_name":"BABA期权收益策略ETF-YieldMax","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260227110107a4cde512&s=b","article_id":"2614002461","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260227110107a4cde512&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=2614002461","pubTimestamp":1772160962,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"2月25日，阿里云百炼正式发布Coding Plan，将Qwen3.5、GLM-5、MiniMax M2.5、Kimi K2.5四大开源模型以统一API订阅服务的形式对外开放。和众汇富研究发现，随着AI应用场景从单一问答向复杂智能体工作流延展，模型多样化接入能力正成为企业数字化升级的重要支撑条件。和众汇富研究发现，随着AI编程、自动化办公和智能客服等场景持续扩张，围绕API调用的服务收入有望成为云厂商新的增长引擎。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"89988":"阿里巴巴-WR","BABO":"BABA期权收益策略ETF-YieldMax","BK4524":"宅经济概念","BK4220":"综合零售","BABU":"Direxion Daily BABA Bull 2X ETF","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","LU1046421795.USD":"富达环球科技A-ACC","BK4527":"明星科技股","BABW":"Roundhill BABA WeeklyPay ETF","BK4526":"热门中概股","BABX":"2倍做多BABA ETF-GraniteShares","09988":"阿里巴巴-W","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","BK4122":"互联网与直销零售","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","BK4575":"芯片概念","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","KBAB":"2倍做多BABA ETF-KraneShares","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","BK4579":"人工智能","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","BK4614":"Manus概念股","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","BBYY":"GraniteShares YieldBOOST BABA ETF","LU1046422090.SGD":"Fidelity Pacific A-SGD","BK4581":"高盛持仓","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","BK4543":"AI","BK4531":"中概回港概念","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","BK4534":"瑞士信贷持仓","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","BK4535":"淡马锡持仓","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","BK4538":"云计算","BK4548":"巴美列捷福持仓","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","BK4023":"应用软件","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","BK4554":"元宇宙及AR概念","AIYY":"YIELDMAX AI OPTION INCOME STRATEGY ETF","BK4585":"ETF&股票定投概念","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","BK4587":"ChatGPT概念","BK4558":"双十一","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","BK4588":"碎股","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","BK4565":"NFT概念","BK4551":"寇图资本持仓","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","BK4503":"景林资产持仓","BK4502":"阿里概念","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","BK4528":"SaaS概念","BK4505":"高瓴资本持仓","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","BK4504":"桥水持仓","BABA":"阿里巴巴","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","BK4607":"DeepSeek概念股"},"translate_title":"Hezhong Huifu Research Notes: Alibaba Cloud opens a new game of model subscription","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89988":0.9,"ALBmain":0.6,"BABX":0.6,"BABO":0.6,"BABA":1.93,"BBYY":0.6,"BABW":0.6,"AIYY":0.6,"09988":1.93,"BABU":0.6,"KBAB":0.6},"content_text":"2月25日，阿里云百炼正式发布Coding Plan，将Qwen3.5、GLM-5、MiniMax M2.5、Kimi K2.5四大开源模型以统一API订阅服务的形式对外开放。这一产品形态的推出，不仅在技术层面整合了多家头部模型能力，更在商业模式上开辟了云厂商围绕大模型能力服务化的新路径。目前，在全球主流云服务商中，仅阿里云率先提供覆盖多款顶级开源模型的一体化订阅服务，凸显其在AI基础设施与平台化布局上的前瞻思路。在过去两年大模型产业高速演进的背景下，企业与开发者在模型选型、算力接入和成本控制方面面临复杂决策。一方面，不同模型在推理能力、长文本处理、多模态理解和代码生成等方面各具优势；另一方面，分散采购、多平台对接带来的技术成本与管理成本持续抬升。Coding Plan的推出，意味着开发者可以在统一账户体系下调用多款主流模型能力，在同一接口框架内完成测试、部署与优化，显著降低应用开发的摩擦成本。和众汇富研究发现，随着AI应用场景从单一问答向复杂智能体工作流延展，模型多样化接入能力正成为企业数字化升级的重要支撑条件。从产品结构看，阿里云此次采用订阅制设计，提供不同等级的调用额度与服务能力，既兼顾中小开发者的轻量化需求，也满足企业级高频调用场景。与传统按Token计费模式相比，订阅式方案更强调可预期成本和持续使用体验，有助于吸引长期开发者留存。和众汇富观察发现，当前全球云计算竞争正从算力规模扩张转向生态与应用深度竞争，模型服务平台化是提升客户粘性与构建生态闭环的关键环节。从技术角度审视，此次纳入的四款模型各具代表性。Qwen3.5作为阿里体系内的旗舰开源模型，在效率与多模态能力上持续优化；GLM-5在长文本与复杂推理任务中表现稳健；MiniMax M2.5强调Agent场景与自动化流程执行能力；Kimi K2.5则在代码理解与生成方面形成差异化优势。多模型并行接入，使开发者能够根据业务需求灵活切换，提升整体解决方案的适配度。和众汇富认为，模型能力的横向整合，实质上是在为企业级AI应用构建“能力超市”，未来平台之间的竞争焦点，将更多体现在模型组合与生态协同能力上。在宏观层面，全球AI产业链正经历由训练竞赛向应用落地转型的阶段。算力成本逐步下降，推理优化技术不断成熟，企业对稳定、高性价比模型调用服务的需求日益增长。阿里云以统一API形式整合主流开源模型，既顺应开源生态扩张趋势，也强化自身在推理层服务市场的话语权。和众汇富研究发现，随着AI编程、自动化办公和智能客服等场景持续扩张，围绕API调用的服务收入有望成为云厂商新的增长引擎。在资本市场维度，大模型服务的商业化路径逐渐清晰，有助于改善市场对AI投资回报周期的预期。过去一段时间，市场更关注模型训练成本与算力投入规模，而如今应用端订阅收入、API调用规模与企业级付费用户增长成为新的观察指标。和众汇富观察发现，云厂商若能够通过平台整合能力增强开发者生态，将在AI商业化进程中占据更有利位置。与此同时，开源模型生态的成熟也为云服务商带来新的战略窗口。不同于封闭式模型的独占策略，开源模型通过社区协作快速迭代，在性能与安全性上不断提升。阿里云选择以开放整合的方式构建服务矩阵，有助于吸纳更多第三方创新成果，形成平台型优势。和众汇富认为，未来云服务竞争的核心，不再只是底层算力，而是围绕模型能力、开发工具链与行业解决方案形成的综合服务能力。从产业影响看，Coding Plan的推出或将推动更多中小企业加速布局AI应用。通过降低接入门槛与测试成本，企业可以更高效地探索智能体应用、数据分析自动化与代码辅助开发等场景，提升整体运营效率。随着应用层需求释放，云端推理调用规模有望持续扩大，带动相关算力资源与数据服务市场同步增长。总体而言，阿里云百炼此次推出的Coding Plan，是国内云厂商在大模型服务化道路上的一次重要探索。其意义不仅在于整合四款主流开源模型，更在于通过订阅化模式构建长期生态关系。在AI产业由技术竞赛走向规模化应用的关键阶段，能够率先形成多模型整合与统一接口能力的平台，或将在未来市场竞争中占据先机。随着服务推广与用户规模扩大，AI能力服务化的商业模式或将迎来更清晰的发展路径，为全球云计算行业注入新的增长动能。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","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/2614002461","isCrawlerRequest":true}