Kaiyuan Securities released a research report stating that Alibaba (09988) has already secured a strong position in the AI entry point, with applications ranging from the health assistant "Ant Afu" to the full-modal general assistant "Ling Guang" and the personal life assistant "Qian Wen". Furthermore, the report recommends continued attention to investment opportunities in the AI application sector.
Qian Wen App is fully integrated into the Alibaba ecosystem, aiming to create a super Agent. On January 15, Alibaba's Qian Wen held a product launch event in Hangzhou. The Qian Wen App is now fully connected to Alibaba's ecosystem businesses such as Taobao, Alipay, Taobao Flash Sales, Fliggy, and AutoNavi, enabling AI-powered shopping functions like ordering food, purchasing goods, and booking flights. After selecting products, users can make one-click payments via the built-in "Alipay AI Pay" feature within Qian Wen. Additionally, for lifestyle services, Qian Wen has integrated Alipay's government service capabilities, launching 50 public services including visa applications, household registration, and provident fund inquiries. Through deep integration with the Alibaba ecosystem, the Qian Wen App has evolved from a standard AI assistant into an Agent entry point for the Alibaba ecosystem, possessing human-like intent understanding and the ability to plan and execute multi-step tasks, positioning it to potentially become a super traffic portal in the AI era.
The launch of "Ant Afu" aims to create a personal health assistant. In June 2025, Ant Group launched the AI health steward AQ, built on Ant's medical large model, featuring core characteristics such as proactive questioning and proactive record-keeping, covering over a hundred AI functions including health education, medical consultation, report interpretation, and health records. On December 15, AQ was officially upgraded to "Ant Afu", designed to address users' basic and common health queries in daily life. As of January 2026, the monthly active users of the "Ant Afu" App exceeded 30 million, with daily user inquiries surpassing 10 million, 55% of which come from users in third-tier cities and below.
The release of the full-modal general AI assistant "Ling Guang" is positioned as a productivity tool. In November 2025, Ant Group launched the full-modal general AI assistant "Ling Guang", which supports "generating small applications in 30 seconds using natural language". It is also the industry's first AI assistant capable of fully code-generating multimodal content, supporting the output of information in full modalities such as 3D digital models, audio, icons, animations, and maps, leading to more vivid dialogues and more efficient communication. "Ling Guang" initially launched with three major functions: "Ling Guang Dialogue", "Ling Guang Flash Apps", and "Ling Guang Kai Yan", which are simultaneously available on both Android and Apple app stores.
Investment recommendations for beneficiaries in the industrial chain include Shiji Information, Jinqiao Information, Beyondsoft, AsiaInfo Technology, Longshine Technology, and Global InfoTech. Furthermore, it is recommended to continue focusing on investment opportunities in the AI application end, recommending Kingsoft Office, Hehe Information, Digiwin Digital Intelligence,卓易信息, Maifushi, Seeyon, Kingdee International, Taxfriend, Yonyou Network, Tonghuashun, Hundsun Technologies, Tors, iFlytek, Focus Technology, ThunderSoft, Shanghai Steel Union, etc. Beneficiary targets also include Zhipu, Minimax, Fanwei Network, Foxit Software, Hand Information, Wondershare, 4Paradigm, ArcSoft, Duodian Digital Intelligence, Beisen Holding, Newcapec, Newtouch Software, Omma Software, Hanbang High-tech, Haitian Ruisheng, Hanwang Technology, Hanyi Shares, 360, Caixun, Kuaishou-W, Meitu, Jiaxun Feihong, etc.
Risk warnings: Technology development may not meet expectations, and there is a risk of intensified market competition.