J.P. Morgan: Alibaba launches new generation Qwen model, setting a new milestone, AI theme opens new cycle.

J.F. released a report stating that Ali has launched a new generation Qwen model, achieving another milestone. Key highlights include: 1) Qwen has launched the Qwen3-Max Preview model with over 1 trillion parameters; 2) This model has performed outstandingly in various tests, including knowledge, mathematics, programming, human preferences, and integration capabilities. The new model has performed the best in various third-party evaluations, with Qwen3-Max Preview ranking first in indicators such as knowledge, mathematics, programming, human preferences, and integration capabilities. Comparison objects include: Qwen-3-235B-A22B-Instruct-2507; Kimi K2; Claude Opus 4 Non-thinking; Deepseek-V3.1. Following the launch of DeepSeek in January this year, the AI theme has entered a new cycle. Market focus is on industry trends of intelligent agent AI, the commercial potential of different models, prospects for cloud business revenue growth, as well as trends in industry demand and capital expenditure.