CITIC Construction Investment: General Office Agents are watching the progress of Ali and QoderWork

The Zhitong Finance App learned that CITIC Construction Investment released a research report saying that General Office Agent is one of the core tracks for the commercialization of AI models and is at a turning point from product verification to large-scale penetration. Alibaba-W (09988) took QoderWork as the lead product, pioneered commercialization and public testing of desktop-level agents, and positioned it as the core interface between big models and the digital world at the group level. Currently, Ali is promoting the deep integration of QoderWork, Goku, and MuleRun's three major players to further strengthen the general office agent track layout. It is recommended to focus on AIAgent's development in the general office field and Ali's progress on this track.

CITIC Construction Investment's main views are as follows:

QoderWork: Alibaba ATH Business Group Application Layer Foundation Level Product

QoderWork is a desktop-level AIAgent product launched by Alibaba for non-technical employees. It is the fastest general office agent to achieve technology transformation and comprehensive public testing among major domestic manufacturers. Ali positions QoderWork as the core interface between big models and the digital world, and belongs to the ATH business group directly managed by CEO Wu Yongming. In June 2026, Wu Yongming revealed that his daily activity, weekly activity and token usage ranked first among all the Group's AI tools. In July 2026, Ali integrated Goku and MuleRun using QoderWork as the foundation, with Chen Yusen taking unified responsibility to promote the deep merger of the three major To Bagents.

General office agent market: 10 billion in space, flexible penetration and payment

OpenAI revealed that Codex has more than 5 million weekly active users and that the growth rate of knowledge workers is 3 times that of developers. Anthropic revealed that about 1/3 of Claude Cowork usage scenarios are related to the company's daily business processes and operations. The two leading manufacturers have recently completed product architecture adjustments, comprehensively improving the strategic priorities of office agents and verifying the potential of office agents. The Chinese market is still in the early stages of the penetration curve. Benchmarking the current penetration rate level of general AI tools, it is estimated that the mature market space center is about 39 billion yuan/year in 3-5 years. Pan-user penetration rates and corporate payment levels are the main sources of flexibility. Under optimistic assumptions, the market space could reach 100 billion dollars.

QoderWork Product Competitiveness: Underlying Model × Tool Call × Ecological Capability

QoderWork has formed a differentiated competitive advantage in the three dimensions of the underlying model, tool call, and ecological capability. At the model level, QoderWork uses the vertical integration route of self-developed models. QwEN3.7-max ranked at the top of domestic production in lists such as LMArena and Artificial Analysis, and performed outstanding in anti-illusion, command compliance, and enterprise process operation. At the tool level, using a two-tier architecture of skills and expert kits, it has covered nearly 20 fields of expertise, combining general skills with industry knowledge to form intellectual skills. At the ecological level, it has built an integrated system covering mainstream office tools based on Alibaba's four major sectors (DingTalk, Gaode, Alibaba Cloud, 1688) and superimposing 26 connectors and 9 IM channels.

risk analysis

The results of general office agent products fell short of expectations; the increase in pan-user penetration rate fell short of expectations; market competition intensified and suppressed the level of fees; and the iteration of self-developed models fell short of expectations to limit the upper limit of product power.