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1、Ronald Keung,CFA+852-2978-0856| Goldman Sachs(Asia)L.L.C.Lincoln Kong,CFA+852-2978-6603| Goldman Sachs(Asia)L.L.C.Timothy Zhao+852-2978-2673| Goldman Sachs(Asia)L.L.C.Steve Qiu+852-2978-2672| Goldman Sachs(Asia)L.L.C.Eunice Liu+852-2978-7472| Goldman Sachs(Asia)L.L.C.Luqing Zhou+852-3465-4207| Goldm

2、an Sachs(Asia)L.L.C.Leon Wang+852-2978-1414| Goldman Sachs(Asia)L.L.C.Damian Xie+852-2978-1398| Goldman Sachs(Asia)L.L.C.Jason Sun+852-2978-2616| Goldman Sachs(Asia)L.L.C.Navigating China Internet:Top AI/apps tracker:Continued contest in State-of-the-Art AI models&new AI chatbot launches28 Novem

3、ber 2025|3:39PM HKT Key bright spots in AI developments since our last monthly edition include 1)Further breakthroughs in AI multi-modal capabilities,with US AI models regaining top spots vs.China AI models in rankings,where Google(covered by Eric Sheridan)recently released Gemini 3 Pro and Nano Ban

4、ana Pro,achieving superior capabilities compared to existing models despite market concerns that AI scaling laws are facing diminishing returns.US foundation text&multi-modal models continue to take the lead in each update(e.g.GPT5,Sora2,VEO3,Gemini 3 Pro and Nano Banana Pro),generally followed

5、by catch-up/narrowing of gaps of Chinese AI models in the subsequent 3-6 months,before another step-up/update;2)Chinese internet giants reignited push into To-C chatbots/assistants,where Alibaba recently launched Qwen App,with 10mn downloads within the first week of launch(that uniquely leverages it

6、s top closed-source SOTA Qwen3-Max model,with ambitions to become an AI everyday productivity assistant that also supports consumption shopping+local services)and officially launched its AI glasses,and Ant Groups LingGuang App has also recently quickly reached 2mn downloads within 6 days,differentia