On August 3, Alibaba launched its flagship model Qwen3.8, and 'Qwen Office' entered public beta, filling a gap in its AI narrative by integrating models into high-frequency workflows. Today, Alibaba’s Hong Kong-listed shares rose more than 6% intraday. The market move hinges on whether AI investments can be converted into revenue. Alibaba’s valuation is driven by two logics: its e-commerce business generates cash flow but faces headwinds from slowing consumer spending growth, platform subsidies, and investments in quick-commerce; its AI and cloud businesses offer higher growth expectations, though it remains to be seen when capital expenditures will translate into profits. If Qwen Office achieves enterprise-scale adoption, Alibaba will have another product capable of driving token circulation. Tech giants are competing for the office productivity market. Over the past two years, most office agents focused on individual productivity, but enterprise efficiency depends on cross-departmental handoffs. The enterprise office market demands a product that understands organizational structures and permission systems, connects databases and business applications, supports cross-departmental workflow orchestration, and maintains audit trails and accountability records. Competition in China’s office productivity market is expanding: WPS is advancing toward WPS 365 and its native office AI agent, 'WPS Lingxi,' while Tencent has entered via a desktop agent, WorkBuddy, which can read and write local files and autonomously decompose tasks.