CICC has released a research report stating that Alibaba-W (09988) officially launched its next-generation flagship model, Qwen3.8-Max, on August 3, and simultaneously began the public beta of its enterprise-level agent product, Qianwen Office.

In the week prior, overseas hyperscale cloud providers saw their stock prices rise due to strong second-quarter results, leading to a significant shift in the pricing logic of the cloud sector, with a collective revaluation underway.

According to the report, the concurrent launch of Qwen3.8-Max and Qianwen Office marks a return of Alibaba's model capabilities to the top tier in China, with a strategic push into enterprise-level AI office solutions. The Qwen3.8-Max model has expanded its parameter scale to 2.4 trillion, with 95 billion activated parameters, employing a sparse MoE and hybrid attention mechanism. Its capability improvements are primarily focused on programming, office tasks, scientific research, and long-context tasks. In official benchmark evaluations, it achieved results comparable to the top-tier US model, Fable5. Next week, Qwen3.8-Max and Qwen3.8-27B will have their weights open-sourced, marking the first open-source release for the Max series. The open-weight strategy is expected to drive an increase in model call volume. Furthermore, Alibaba's full-stack AI capabilities, which include both cloud and chips, position it well to better meet the deployment needs of open-source models.

CICC noted that Alibaba Cloud is the only cloud provider in China that simultaneously possesses scale effects, self-developed chips, and a top-tier in-house self-developed model. This suggests that its medium- to short-term performance could exceed market expectations. As the largest cloud provider in China, Alibaba Cloud has already achieved scale effects in computing power. Additionally, as the only full-stack AI provider in the country, it has its own Pingtouge self-developed chips and the top-tier Qwen model. The joint optimization of chips, inference platforms, and models has effectively improved inference efficiency. The firm is optimistic about the accelerating revenue and margin improvement trend for Alibaba Cloud.