Amid the previous tech stock boom, AI applications, which had performed relatively modestly, made their debut on November 17th with Web3.0. Smart government Multimodal AI AI intelligent agent All of them are among the top gainers in the concept sector, including Xuan Ya International. Gel Software Rongji Software Inspur Software Huasheng Tiancheng 360 All of them hit their daily limit.
Alibaba's 1000 Questions Beta Launched
In terms of news, Alibaba on November 17th The "Qianwen" project was officially announced, and the public beta version of the Qianwen APP was launched. According to the official introduction, the Qianwen App can not only "converse" with users but also "handle" their needs, creating a future AI-powered lifestyle portal that will gradually cover multiple life scenarios such as office work, maps, health, and shopping.
The latest quarterly financial report shows that in the second quarter of calendar year 2025 (the first quarter of fiscal year 2026), Alibaba's Capex (capital expenditure) investment in AI+cloud reached RMB 38.6 billion, a record high. Alibaba's AI+cloud business performed strongly this quarter, with Alibaba Cloud revenue growth continuing to accelerate to 26%, a three-year high. Revenue from AI-related products has achieved triple-digit year-on-year growth for eight consecutive quarters.
In addition, including Tencent, ByteDance, and Baidu Major domestic internet companies are also accelerating their AI deployments. A report from CMB International points out that Tencent's total revenue in the third quarter increased by 15% year-on-year to RMB 192.9 billion, exceeding market consensus estimates and the bank's own estimates by 2% and 4% respectively, mainly due to the stable performance of its gaming business. Revenue growth.
Open Source Securities The research report argues that leading internet companies such as Alibaba and Baidu highly value investment in AI infrastructure and are actively promoting the application and implementation of AI technologies. Among these, computing power, as the foundation of the AI industry, is poised for a surge in the development of China's domestic computing power supply chain, making investment opportunities in this sector worth noting.
Buffett establishes new position in Google
In addition, Buffett's investment in Alphabet, Google's parent company, before handing over the reins at the end of the year also boosted the direction of AI applications.
On November 15, Berkshire Hathaway released its 13F filing, revealing a new position of approximately 17.85 million shares of Alphabet, valued at approximately $4.3 billion at the end of the reporting period. This holding represents about 1.6% of its publicly disclosed 13F portfolio, indicating that Buffett is increasing his exposure to technology.
Alphabet's Q3 2025 financial report shows revenue of approximately $102.3 billion, a year-over-year increase of approximately 16%, with cloud service revenue reaching approximately $15.2 billion, a year-over-year increase of 34%. Net income was approximately $35 billion, a year-over-year increase of approximately 33%, with earnings per share of approximately $2.87. This quarter marks the first time in the company's history that revenue has exceeded $100 billion.
Some investors have stated that in the current AI boom, Google is a giant with strong capabilities in both software and hardware, possessing not only self-developed chips but also self-built data centers. On the software side, Google has products like the Gemini series. More importantly, Google, Gmail, YouTube, and Android can provide massive amounts of data for AI training.
The market is anticipating Gemini 3.0.
Google's new flagship AI model, Gemini 3.0, is highly anticipated by the market. According to a report by Cailian Press, data from Polymarket, the world's largest prediction market, shows that nearly 90% of participants predict the highly anticipated Google Gemini 3.0 model will be released this week. Even regarding the specific release date, nearly 79% of market participants are betting on November 18th.
Some "insiders" have also leaked that Gemini 3.0 is "very impressive." Google's Q3 report shows that Gemini's global monthly active users reached 650 million, a significant increase from 450 million in Q2, partly due to the "breakout effect" of the image generation tool Nano Banana.
Net buying of leveraged funds reached 90 billion yuan.
Artificial intelligence is one of the major themes of the year. The sector also saw active buying by margin traders. (Eastmoney) According to Choice data, based on the sum of net buying and selling of individual stocks, leveraged funds have flowed into the artificial intelligence sector by as much as 98.597 billion yuan this year.
In terms of individual stocks, Cambricon saw the largest net purchase by leveraged funds, amounting to 10.883 billion yuan. Hygon Information... Following closely behind, Foxconn Industrial Internet (FII) saw a net inflow of 5.393 billion yuan through financing. Sugon GigaDevice These were also among the top net purchases by financing.
In terms of stock price performance, among the top 20 stocks with the highest net buying by margin traders, Foxconn Industrial Internet and Lead Intelligent Equipment are among them. Harmony and Tai All have doubled within the year. Cambricon, GigaDevice , and Xiechuang Data. The increase exceeded 90%.
Looking at performance, Cambricon and Rockchip... Dow Technology Cambricon's performance in the first three quarters all doubled, with the company achieving a net profit attributable to the parent company of RMB 1.605 billion in the first three quarters, a year-on-year increase of 321.49%.
Is AI application a key focus for future development?
Looking ahead, many institutions believe that under the "hardware as the foundation, software as the core" model, software is expected to become a new key area of focus. Currently, major domestic companies are also actively developing AI applications. Besides Alibaba's "Qianwen" (a popular AI platform), Tencent announced that WeChat will launch an AI agent to assist users in completing various tasks; ByteDance has officially released the Doubao programming model, deeply optimized for Agentic.
Huaxi Securities It is believed that with the upgrade of the Alibaba Qianwen APP, breakthroughs are expected in C-end applications. Coupled with the better-than-expected growth in Alibaba Cloud AI revenue in Alibaba's latest quarterly report, AI products are gradually becoming the core driver of Alibaba Cloud's growth. The "Tongyi" App has officially completed its brand upgrade and been renamed "Qianwen," with the software version upgraded from 3.60.0 to 5.0.0, marking a new stage of product development. At this juncture, the focus is on Alibaba's progress in shifting from B2B to B2C in AI, with C-end AI applications expected to be one of the key breakthrough directions in 2026.
Zhongtai Securities The report points out that the current computing power fundamentals are expected to continue their strong performance, with a focus on investment opportunities in AI applications. Specifically, this includes general-purpose ERP systems and productivity tools, as well as vertical applications such as financial AI, healthcare IT, physical AI, and industrial applications. Furthermore, the report highlights the importance of short-term focus on domestic IT innovation . The main policy-driven direction is towards information technology innovation. In terms of information technology innovation , the international situation is forcing an acceleration of self-reliance and control. Under the grand strategy of technological self-reliance and self-strengthening, both administrative and industry-wide information technology innovation are expected to see acceleration and marginal improvement.
(Article source: Eastmoney Research Center)
