Guotai Haitong: Ali's Qianwen takes the lead in implementing C-end and suggests focusing on AI applications.

Guotai Haitong released a research report stating that on January 15th, BABA-W(09988) held a Qianwen App product launch event, where users can directly complete real-world service calls through natural language commands, such as "help me order 40 cups of milk tea" or "book a flight". This marks a substantial breakthrough in the application of AI Agent technology at the consumer level, redefining the product form of AI Assistant. The transition of AI large model applications in China from "content generation" to "service access" is a key breakthrough, and human-machine interaction is entering a new inflection point. The industry believes that last year's leading trend is expected to continue to benefit. It is recommended to focus on AI applications. Guotai Haitong's main points are as follows: This launch event triggered a transformation from "chatbot" to a versatile Agent. Product paradigm revolution. The highlight of this launch event is the core positioning upgrade of the Qianwen App, transitioning from a single "chat tool" to a "concierge assistant" capable of performing complex tasks. Unlike previous large models that only focused on information retrieval or text generation, the Qianwen App demonstrated the ability to close the loop from questions to actions. Users can directly complete real-world service calls through natural language commands, such as "help me order 40 cups of milk tea" or "book a flight". This marks a substantial breakthrough in AI Agent technology at the consumer level, redefining the product form of AI Assistant. Alibaba's "atomic-level" deep integration builds a moat Qianwen App announced full access to Alibaba's core business sectors such as Taobao, Alipay, Taobao Specials, Fliggy, and Gaode Maps. The integration is not just simple external links, but system-level deep integration. For example, through the built-in "Alipay AI Pay" function, users can complete payments without leaving the app. Compared to competitors, Alibaba, with its deep accumulation in e-commerce, payments, and local life fields, has taken the lead in building a "AI+ service" commercial loop. This combination of "strongest model + richest ecosystem" forms a high competitive barrier. Traffic and entry card placements shake the "Super App of the AI era" Qianwen's monthly active users at the consumer end have exceeded 100 million, with rapid growth among young users. Users actively inquire about product recommendations, with a 300% month-on-month increase. By covering high-frequency life scenarios such as ordering takeout, shopping, and booking tickets, Qianwen App is expected to significantly increase user stickiness and usage time, transitioning from low-frequency "tool attributes" to high-frequency "life entry points". With the integration of transaction scenarios, Qianwen App's future commercialization path will not be limited to API subscriptions or advertising, but will evolve towards e-commerce O2O models. Risk Warning: Technical iterations may not meet expectations; industry competition intensifies.