Jefferies released a research report stating that BABA-W (09988)'s Alibaba Cloud has launched a next-generation Qwen model, marking another milestone. Key highlights include: 1) Qwen introduced the Qwen3-Max Preview (Instruct) model with over one trillion parameters; 2) The model demonstrates outstanding performance across multiple evaluations, including knowledge, mathematics, programming, human preference, and integration capabilities.

The firm noted that Qwen's launch of the Qwen3-Max Preview (Instruct) model features over one trillion parameters, supports context windows of up to 256K tokens, and covers more than 100 languages. This upgrade encompasses instruction following, Retrieval-Augmented Generation (RAG), and agent functionalities. The pricing structure adopts a tiered model, with three tiers on the Bailian platform: 0-32K, 32-128K, and above 128K tokens.

The new model achieved top performance across multiple third-party benchmarks. Qwen3-Max Preview (Instruct) ranked first in knowledge (SuperGLUE), mathematics (AIME25), programming (LiveCodeBench v6), human preference (Arena-Hard v2), and integration capabilities (LiveBench). Comparison targets included: (a) Qwen-3-235B-A22B-Instruct-2507; (b) Kimi K2; (c) Claude Opus 4 Non-thinking; (d) DeepSeek-V3.1.

Jefferies highlighted the valuation comparison between Chinese internet companies and their US counterparts. Following January's DeepSeek moment this year, the AI theme has entered a new cycle. Market focus centers on Agentic AI industry trends, commercialization potential of different models, cloud business revenue growth prospects, and demand and capital expenditure trends across various industries.