Futu: Alibaba-W launches a new generation of Qwen model, creating a milestone as the AI theme begins a new cycle
Credit Suisse released a research report stating that Alibaba-W's Alibaba Cloud has launched a new generation Qwen model, with over 1 trillion parameters, supporting a context window of up to 256K tokens, covering instruction following, retrieval-augmented generation (RAG), and agent capabilities. The pricing structure is divided into three tiers, with outstanding performance, especially ranking first in multiple assessments including knowledge, mathematics, and programming. This upgrade marks the beginning of a new cycle for the AI theme, with the market focusing on the industry trends and commercialization potential of intelligent agent-type AI
According to the Zhitong Finance APP, Jefferies released a research report stating that Alibaba-W (09988) subsidiary Alibaba Cloud has launched a new generation Qwen model, achieving a new milestone. Key points include: 1) The launch of the Qwen3-Max Preview (Instruct) model with over 1 trillion parameters; 2) This model has performed outstandingly in multiple evaluations, including knowledge, mathematics, programming, human preferences, and integration capabilities.
The report indicates that the Qwen3-Max Preview (Instruct) model, with over 1 trillion parameters, supports a context window of up to 256K tokens and covers more than 100 languages. This upgrade includes instruction following, retrieval-augmented generation (RAG), and agent functionalities. The pricing structure adopts a tiered model, divided into three levels on the Hundred Refinements platform: 0-32K/32-128K/128K and above tokens.
This new model has performed best in several third-party evaluations. The Qwen3-Max Preview (Instruct) ranked first in knowledge (SuperGPQA), mathematics (AIME25), programming (LiveCodeBench v6), human preferences (Arena-Hard v2), and integration capabilities (LiveBench). Comparison subjects include: (a) Qwen-3-235B-A22B-Instruct-2507; (b) Kimi K2; (c) Claude Opus 4 Non-thinking; (d) Deepseek-V3.1.
Jefferies stated that the valuation of Chinese internet companies is compared to their American counterparts. Following the DeepSeek moment in January this year, the AI theme has entered a new cycle. Market focus is on the industry trends of Agentic AI, the commercialization potential of different models, the growth prospects of cloud business revenue, and the demand and capital expenditure trends across various industries
