输入昵称中
03-17
吹牛皮，实在好用的还是kimi
阿里新增“Token事业群”，千问重估的时刻来了？
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
2
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":543767986279272,"tweetId":"543767986279272","gmtCreate":1773731264153,"gmtModify":1773731266754,"author":{"id":3516318902917575,"idStr":"3516318902917575","authorId":3516318902917575,"authorIdStr":"3516318902917575","name":"输入昵称中","avatar":"https://static.tigerbbs.com/f0546835c477c3fd06dce0a06b771d0f","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":20,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>吹牛皮，实在好用的还是kimi</p></body></html>","htmlText":"<html><head></head><body><p>吹牛皮，实在好用的还是kimi</p></body></html>","text":"吹牛皮，实在好用的还是kimi","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/543767986279272","repostId":2620482554,"repostType":2,"repost":{"id":"2620482554","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1773726449,"share":"https://www.laohu8.com/m/news/2620482554?lang=zh_CN&edition=full","pubTime":"2026-03-17 13:47","market":"us","language":"zh","title":"阿里新增“Token事业群”，千问重估的时刻来了？","url":"https://stock-news.laohu8.com/highlight/detail?id=2620482554","media":"华尔街见闻","summary":"阿里重磅宣布成立“Token事业群”，“悟空事业部”首次亮相。大摩认为，该事业群的成立意味着阿里未来存在进一步上调估值的空间，并将公司视为“中国AI赢家”首选。目前对阿里的高端SOTP估值为每股345美元，其中已为千问事业部单独分配了每股19美元的估值。","content":"<html><head></head><body><blockquote><p>阿里重磅宣布成立“Token事业群”，“悟空事业部”首次亮相。大摩认为，该事业群的成立意味着阿里未来存在进一步上调估值的空间，并将公司视为“中国AI赢家”首选。目前对阿里的高端SOTP估值为每股345美元，其中已为千问事业部单独分配了每股19美元的估值。</p></blockquote><p style=\"text-align: left;\">阿里巴巴正以一次重大组织重构，向外界宣告其全面押注AI Agent时代的决心。</p><p style=\"text-align: left;\">据华尔街见闻文章，3月16日，阿里正式宣布成立<strong>Alibaba Token Hub（ATH）事业群</strong>，由CEO吴泳铭亲自挂帅，目标是建立一个以"创造Token、输送Token、应用Token"为核心的统一调度中心。与此同时，一个此前从未出现在公众视野的新部门——<strong>悟空事业部</strong>——首次浮出水面，剑指B端AI原生工作平台市场。</p><p style=\"text-align: left;\">3月17日，据追风交易台消息，摩根士丹利第一时间发布快评，明确指出ATH事业群的财务驱动逻辑与<strong>Minimax、智谱等纯模型公司</strong>高度相似，<strong>有望在现有分类加总估值（SOTP）框架之外，成为一个独立的估值构成部分</strong>。叠加即将到来的3Q26财报季，阿里AI商业化的成色将迎来市场的集中检验。</p><h2 id=\"id_4265089627\" style=\"text-align: left;\">押注AGI爆发前夜：ATH事业群与“悟空”浮出水面</h2><p style=\"text-align: left;\">面对即将到来的AGI爆发前夜，阿里正迅速调整其阵型。</p><p style=\"text-align: left;\">3月16日，阿里巴巴正式宣布成立Alibaba Token Hub（ATH）事业群，由集团CEO吴泳铭直接领导。该组织的核心目标非常明确：创造Token、输送Token、应用Token。</p><p style=\"text-align: left;\">吴泳铭在内部信中指出，未来大量的数字化工作将由数以百亿计的AI Agent来支撑，而Token正是驱动这些Agent运转的基本燃料和人类与数字世界交互的主要载体。</p><p style=\"text-align: left;\">在此次架构调整中，ATH整合了五条核心业务线，覆盖了从底层到应用的全链条：</p><blockquote><ul style=\"\"><li><p style=\"text-align: left;\"><strong>通义实验室：</strong>负责多模态基础模型研发。</p></li><li><p style=\"text-align: left;\"><strong>MaaS业务线：</strong>构建开放的模型服务平台。</p></li><li><p style=\"text-align: left;\"><strong>千问事业部：</strong>专注C端个人AI助手。</p></li><li><p style=\"text-align: left;\"><strong>AI创新事业部：</strong>探索新模式、新市场及新AI应用（如OpenClaw）。</p></li><li><p style=\"text-align: left;\"><strong>悟空事业部：</strong>首次浮出水面，定位为“B端AI原生工作平台”，致力于将模型能力深度融入企业工作流。</p></li></ul></blockquote><p style=\"text-align: left;\">为了在AI Agent市场抢占先机并补齐B端短板，阿里最快于本周推出由钉钉团队开发的全新企业级AI Agent应用。该产品不仅能自动操作电脑、浏览器及云服务器，还专门针对企业数据安全进行了功能强化，未来计划整合淘宝、支付宝、阿里云等B端商业服务形成闭环。</p><h2 id=\"id_1288832965\" style=\"text-align: left;\">摩根士丹利：ATH或开启独立估值空间，对标Minimax与智谱</h2><p style=\"text-align: left;\">摩根士丹利在最新发布的快评中，对ATH事业群的成立给予积极评价，并提出了一个至关重要的估值逻辑：</p><blockquote><p style=\"text-align: left;\">"我们认为这一独立事业群很可能拥有基于Token的收入与成本结构，其财务驱动因素与Minimax、智谱等纯模型公司高度相似。这有可能转化为SOTP估值中的一个额外构成部分。"</p></blockquote><p style=\"text-align: left;\">具体而言，摩根士丹利目前对阿里的<strong>高端SOTP估值为每股345美元</strong>，其中已为千问事业部单独分配了<strong>每股19美元</strong>的估值；但在<strong>中间值SOTP估值240美元</strong>中，千问的独立估值尚未被纳入。</p><p style=\"text-align: left;\">该行指出，ATH事业群的成立，意味着未来存在进一步上调估值的空间——前提是其Token化商业模式能够得到市场验证。</p><p style=\"text-align: left;\">摩根士丹利维持对阿里的<strong>增持（Overweight）评级</strong>，目标价<strong>180美元</strong>，并将阿里列为<strong>首选股（Top Pick）</strong>，视其为"拥有顶级完整AI技术栈的中国AI赢家"。</p><p style=\"text-align: left;\">摩根士丹利还明确将即将公布的<strong>3Q26季度财报</strong>视为股价催化剂，重点关注阿里云收入增长的潜在上行空间。此次组织变阵所能兑现的商业成效，将成为评估阿里AI战略可信度的重要参照。</p></body></html>","collect":0,"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>阿里新增“Token事业群”，千问重估的时刻来了？</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阿里新增“Token事业群”，千问重估的时刻来了？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-17 13:47 北京时间 <a href=https://wallstreetcn.com/articles/3767700><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>阿里重磅宣布成立“Token事业群”，“悟空事业部”首次亮相。大摩认为，该事业群的成立意味着阿里未来存在进一步上调估值的空间，并将公司视为“中国AI赢家”首选。目前对阿里的高端SOTP估值为每股345美元，其中已为千问事业部单独分配了每股19美元的估值。阿里巴巴正以一次重大组织重构，向外界宣告其全面押注AI Agent时代的决心。据华尔街见闻文章，3月16日，阿里正式宣布成立Alibaba ...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3767700\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/05ddeb1f7be03fe06014ae549a8abe22","relate_stocks":{"BK4533":"AQR资本管理(全球第二大对冲基金)","BABW":"Roundhill BABA WeeklyPay ETF","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","BABX":"2倍做多BABA ETF-GraniteShares","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","BK4535":"淡马锡持仓","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","BK4538":"云计算","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","BK4548":"巴美列捷福持仓","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0072462343.USD":"贝莱德亚洲巨龙基金","09988":"阿里巴巴-W","BK4554":"元宇宙及AR概念","LU0072913022.USD":"UBS (LUX) EQUITY FUND - GREATER CHINA \"P\" (USD) ACC","BBYY":"GraniteShares YieldBOOST BABA ETF","BK4585":"ETF&股票定投概念","BABA":"阿里巴巴","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","BK4558":"双十一","BK4587":"ChatGPT概念","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","KBAB":"2倍做多BABA ETF-KraneShares","BK4588":"碎股","BK4565":"NFT概念","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","BK4503":"景林资产持仓","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC NC","BK4502":"阿里概念","BK4505":"高瓴资本持仓","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","BK4504":"桥水持仓","LU1046421795.USD":"富达环球科技A-ACC","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","BK4607":"DeepSeek概念股","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","BK4220":"综合零售","BK4524":"宅经济概念","LU1008478684.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY \"P\" (HKD) ACC","BK4527":"明星科技股","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","BK4526":"热门中概股","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","BK4122":"互联网与直销零售","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","BK4575":"芯片概念","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4579":"人工智能","BK4614":"Manus概念股","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0067412154.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY \"P\" (USD) ACC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","BK4581":"高盛持仓","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","BK4543":"AI","BABO":"BABA期权收益策略ETF-YieldMax","BK4531":"中概回港概念","BABU":"Direxion Daily BABA Bull 2X ETF","BK4534":"瑞士信贷持仓"},"source_url":"https://wallstreetcn.com/articles/3767700","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2620482554","content_text":"阿里重磅宣布成立“Token事业群”，“悟空事业部”首次亮相。大摩认为，该事业群的成立意味着阿里未来存在进一步上调估值的空间，并将公司视为“中国AI赢家”首选。目前对阿里的高端SOTP估值为每股345美元，其中已为千问事业部单独分配了每股19美元的估值。阿里巴巴正以一次重大组织重构，向外界宣告其全面押注AI Agent时代的决心。据华尔街见闻文章，3月16日，阿里正式宣布成立Alibaba Token Hub（ATH）事业群，由CEO吴泳铭亲自挂帅，目标是建立一个以\"创造Token、输送Token、应用Token\"为核心的统一调度中心。与此同时，一个此前从未出现在公众视野的新部门——悟空事业部——首次浮出水面，剑指B端AI原生工作平台市场。3月17日，据追风交易台消息，摩根士丹利第一时间发布快评，明确指出ATH事业群的财务驱动逻辑与Minimax、智谱等纯模型公司高度相似，有望在现有分类加总估值（SOTP）框架之外，成为一个独立的估值构成部分。叠加即将到来的3Q26财报季，阿里AI商业化的成色将迎来市场的集中检验。押注AGI爆发前夜：ATH事业群与“悟空”浮出水面面对即将到来的AGI爆发前夜，阿里正迅速调整其阵型。3月16日，阿里巴巴正式宣布成立Alibaba Token Hub（ATH）事业群，由集团CEO吴泳铭直接领导。该组织的核心目标非常明确：创造Token、输送Token、应用Token。吴泳铭在内部信中指出，未来大量的数字化工作将由数以百亿计的AI Agent来支撑，而Token正是驱动这些Agent运转的基本燃料和人类与数字世界交互的主要载体。在此次架构调整中，ATH整合了五条核心业务线，覆盖了从底层到应用的全链条：通义实验室：负责多模态基础模型研发。MaaS业务线：构建开放的模型服务平台。千问事业部：专注C端个人AI助手。AI创新事业部：探索新模式、新市场及新AI应用（如OpenClaw）。悟空事业部：首次浮出水面，定位为“B端AI原生工作平台”，致力于将模型能力深度融入企业工作流。为了在AI Agent市场抢占先机并补齐B端短板，阿里最快于本周推出由钉钉团队开发的全新企业级AI Agent应用。该产品不仅能自动操作电脑、浏览器及云服务器，还专门针对企业数据安全进行了功能强化，未来计划整合淘宝、支付宝、阿里云等B端商业服务形成闭环。摩根士丹利：ATH或开启独立估值空间，对标Minimax与智谱摩根士丹利在最新发布的快评中，对ATH事业群的成立给予积极评价，并提出了一个至关重要的估值逻辑：\"我们认为这一独立事业群很可能拥有基于Token的收入与成本结构，其财务驱动因素与Minimax、智谱等纯模型公司高度相似。这有可能转化为SOTP估值中的一个额外构成部分。\"具体而言，摩根士丹利目前对阿里的高端SOTP估值为每股345美元，其中已为千问事业部单独分配了每股19美元的估值；但在中间值SOTP估值240美元中，千问的独立估值尚未被纳入。该行指出，ATH事业群的成立，意味着未来存在进一步上调估值的空间——前提是其Token化商业模式能够得到市场验证。摩根士丹利维持对阿里的增持（Overweight）评级，目标价180美元，并将阿里列为首选股（Top Pick），视其为\"拥有顶级完整AI技术栈的中国AI赢家\"。摩根士丹利还明确将即将公布的3Q26季度财报视为股价催化剂，重点关注阿里云收入增长的潜在上行空间。此次组织变阵所能兑现的商业成效，将成为评估阿里AI战略可信度的重要参照。","news_type":1,"symbols_score_info":{"BBYY":0.6,"BABU":0.6,"BABO":0.6,"BABX":0.6,"BABW":0.6,"09988":1.96,"BABA":1.96,"KBAB":0.6}},"isVote":1,"tweetType":1,"viewCount":165,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":25,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/543767986279272"}
精彩评论