Core Viewpoint - The company has not yet engaged in business cooperation with Alibaba in the AI chip sector, but it does have other collaborative projects with Alibaba, such as providing smart power distribution equipment and related services for Alibaba's Jiangsu headquarters project [1] Group 1 - The company confirmed the absence of AI chip collaboration with Alibaba [1] - The company is involved in other business collaborations with Alibaba [1] - The company supplies smart power distribution equipment and services to Alibaba's Jiangsu headquarters [1]

Core Viewpoint - Alibaba-W (09988) is experiencing a decline of over 3% in stock price ahead of its upcoming quarterly earnings report, with expectations of mixed financial performance [1] Financial Performance - The company is projected to report a 5% year-on-year revenue growth for the quarter ending September, with adjusted profits expected to drop by 70% to 11 billion RMB [1] - Cloud business revenue is anticipated to accelerate with a year-on-year growth rate of 30%, while customer management revenue is expected to maintain a growth rate of over 10% [1] Investment Impact - The adjusted profit decline is attributed to significant investments in AI and instant retail, which are expected to negatively impact short-term profitability but strengthen long-term growth prospects [1] - The company is predicted to incur a loss of 5 billion RMB for the quarter, a significant increase from a loss of 1.4 billion RMB in the previous quarter, with losses in other business segments expected to remain at similar levels in the coming quarters [1] Specific Business Losses - The forecast for instant retail indicates an expected loss of 35 billion RMB for the upcoming quarter [1]

Core Viewpoint - Alibaba-W (09988) is experiencing a decline in stock price, dropping over 3% ahead of its upcoming quarterly earnings report, with a current price of 167.3 HKD and a trading volume of 12.741 billion HKD [1] Financial Performance Summary - The upcoming earnings report is expected to show a 5% year-on-year revenue growth, while adjusted profit is projected to decline by 70% to 11 billion RMB [1] - Cloud business revenue is anticipated to accelerate with a year-on-year growth rate of 30%, and customer management revenue is expected to maintain a growth rate of over 10% [1] Investment and Loss Projections - The adjusted profit decline is attributed to significant investments in AI and instant retail, which are expected to lead to a larger-than-expected drop in profits [1] - The company is projected to incur a loss of 5 billion RMB in the upcoming quarter, a significant increase from a loss of 1.4 billion RMB in the previous quarter, with losses in other business segments expected to remain at similar levels in the coming quarters [1] - For instant retail, losses are forecasted to expand to 35 billion RMB in the next quarter [1]

Group 1 - The Federal Reserve's September meeting minutes indicate that most officials believe further rate cuts are appropriate for the remainder of the year, while also emphasizing that inflation risks remain tilted to the upside, reflecting a cautious stance on monetary policy [2] - The latest forecasts show that, on a median basis, Fed officials expect two more 25 basis point rate cuts this year, but there are significant divisions within the committee, with 6 out of 19 participants expecting only one rate cut or no cuts at all in 2025 [2] - Despite rising risks in the labor market, most officials do not anticipate a sharp decline in employment, noting that recent indicators have not shown significant deterioration in labor market conditions [2] Group 2 - Market expectations reflected in federal funds futures suggest that investors widely anticipate rate cuts from the Fed in October and December [2] - The meeting occurred two weeks before a potential government shutdown, which has led to the suspension of key economic data releases [2] Group 3 - As of October 9, the yield on China's two-year government bonds is 1.49%, while the ten-year yield is 1.85%. In the U.S., the two-year yield rose by 1 basis point to 3.58%, and the ten-year yield fell by 1 basis point to 4.13% [6] - HSBC and Hang Seng Bank announced a proposal to privatize Hang Seng Bank through an arrangement under company law [6] - Fantasia Holdings reported that 84.54% of its existing notes and 77.33% of its total outstanding debt have been signed or effectively joined the restructuring support agreement, marking a significant milestone in its restructuring process [6]

Investment Rating - The investment rating for Alibaba-W (09988.HK) is "Outperform the Market" (maintained) [1][6][20] Core Views - The report anticipates a 4% year-on-year revenue growth for 2QFY26, with adjusted EBITA margin at 3.5%. Revenue is expected to reach 245.6 billion yuan, driven by a 17% increase in international digital commerce and a 30% increase in cloud intelligence revenue, while the Chinese e-commerce group is projected to decline by 13% quarter-on-quarter [3][5][20] - The cloud segment is expected to continue accelerating growth with a 30% year-on-year revenue increase, while maintaining stable EBITA margins. The company is actively advancing its AI infrastructure with a planned investment of 380 billion yuan [3][11][20] - The Chinese e-commerce group is projected to achieve a GMV growth of 5% year-on-year, with a take rate increase. However, the report notes that the profit margin is expected to continue declining due to competitive pressures [3][18][20] Summary by Sections Financial Forecasts - Revenue for FY2026 is adjusted to 1,050.3 billion yuan, with a slight decrease of 1.5%. The adjusted net profit forecast for FY2026 is revised to 108.4 billion yuan, reflecting a 14% decrease due to higher-than-expected investments in flash sales and AI-related costs [4][20][23] Cloud Intelligence Group - The cloud segment is projected to achieve a revenue growth of 30% year-on-year in FY26Q2, with stable EBITA margins. The company has launched several AI models and upgraded its AI infrastructure significantly [11][12][13] Chinese E-commerce Group - The report estimates a 5% year-on-year GMV growth for FY26Q2, with a focus on maintaining market share despite competitive pressures. The adjusted EBITA loss for instant retail is expected to be 36.5 billion yuan, with a peak in losses observed in August [18][19][20] Other Segments - The AIDC segment is expected to see a slowdown in revenue growth, maintaining a near breakeven performance. Other segments are projected to incur losses of around 5 billion yuan due to increased AI application costs and investments in delivery services [19][20]

"有错误不可怕，没有人不犯错，真正可怕的是不知错、不认错、不改错。"马云说道。其实，越成功的 人或企业，越难做到公开承认错误，毕竟心理包袱太重了，而蔡崇信治下的阿里能放下面子，做到坦然 面对问题实属不易。 当然，承认错误只是企业变好的第一步，如何改正错误，重新回到健康成长的轨道，非常考验企业管理 者的商业智慧。而蔡崇信在这方面的表现，同样获得马云的高度肯定。 马云表示，过去一年，蔡崇信和吴泳铭（阿里CEO）用令人钦佩的勇气和智慧，带领阿里进行了一系列 着眼于未来的变革。这一年最核心的变化，不是去追赶KPI，而是认清自己，重回客户价值轨道。 2023年9月10日，以蔡崇信和吴泳铭为核心的新任管理层正式上任，旋即重新梳理公司战略优先级，以 电商（国内+国际）和云为核心业务。对于确定性的战略级业务，阿里旗帜鲜明地坚定投入。对于核心 业务，阿里聚焦聚焦再聚焦。 作者：龚进辉 最近，阿里董事会主席蔡崇信在All-in访谈中谈及马云的领导力，直言非常出色。"他曾在大学任教，而 教师是天生的领导者，因为他们善于沟通，懂得识别人才，并且足够谦逊。" 由此可见，蔡崇信对马云评价极高，尽管他已经退休多年，远离业务一线，但凭借出色 ...

Group 1: Google Cloud and AI Office Market - Google Cloud has launched an AI platform named Gemini Enterprise aimed at ordinary employees, intending to compete more deeply in the office sector with Microsoft and OpenAI [1] - The product was announced ahead of Alphabet's "Gemini at Work" event, designed to provide an easy-to-use AI tool for employees to automate complex tasks and generate content [1] Group 2: Online Consumption ETF and Index Performance - The CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) has seen a decline of 1.95% as of October 10, 2025, with mixed performance among constituent stocks [1] - Leading gainers include Yanjinpuzi (up 4.57%), Dongfang Zhenxuan (up 2.53%), and Three Squirrels (up 1.91%), while Wanrun Technology led the declines at 9.86% [1] - The Online Consumption ETF (159793) also fell by 1.89%, with the latest price at 1.14 yuan [1] Group 3: Index Composition and Weighting - As of September 30, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index include Alibaba-W, Tencent Holdings, Kuaishou-W, Meituan-W, and JD Health, collectively accounting for 55.76% of the index [2] - The index samples 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine to reflect the overall performance of the online consumption theme in the Hong Kong and mainland markets [2]

基于通义千问大模型和云计算基础设施，为中国NBA球迷提供全新的观赛和互动体验。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， NBA中国和阿里云 于 10月9日 宣布达成多年合作，阿里云将正式成为 NBA 中国官方云计算与人工智能合作伙伴，基于通义千问大模型和云计算基础设施，为中国NBA球迷提 供全新的观赛和互动体验。 这一合作由阿里巴巴集团主席、布鲁克林篮网队主席蔡崇信与 NBA副主席兼首席运营官马克·塔图 姆在2025年NBA中国赛前夕共同宣布。本届NBA中国赛将由布鲁克林篮网队对阵菲尼克斯太阳队， 两场比赛分别于10月10日晚8时和10月12日晚7时在澳门威尼斯人综艺馆举行。 阿里巴巴集团主席、布鲁克林篮网队主席蔡崇信表示： "体育与科技的交融，正处在一个激动人心的 时代。人工智能与云是绝佳的连接器，不仅连接着球员与球迷、品牌与消费者，也将全球视野与本土 文化紧密相连。通过与NBA中国的合作并引入阿里的最新技术，我们将为NBA球迷带来前所未有的 超凡体验，点燃他们的激情。" NBA全球副总裁兼首席运营官马克·塔图姆（Mark Tatum ...

Market Overview - The A-share market opened lower with the Shanghai Composite Index down 0.47%, the Shenzhen Component down 0.67%, and the ChiNext Index down 0.96% [4][5]. - The Hong Kong market also opened lower, with the Hang Seng Index down 0.85% and the Hang Seng Tech Index down 1.4% [7][8]. Sector Performance - Precious metals and semiconductor sectors experienced a general pullback, with CATL (宁德时代) opening down 2% [6]. - In contrast, sectors such as superhard materials, rare earths, and graphene saw significant gains, while the nuclear power sector remained active [6]. Notable Stocks - In the cultivated diamond sector, Huifeng Diamond opened up 21%, Sifangda reached a daily limit up, and Huanghe Xuanfeng hit a one-word limit up [3]. - Gold Leaf International Group had a strong debut, opening 500% higher on its first trading day [7][8].

Market Overview - US stock indices collectively declined overnight, with the Chinese concept index dropping by 2.03% [1] - Hong Kong's three major indices opened lower, with the Hang Seng Index down by 0.85%, the National Index down by 0.94%, and the Hang Seng Tech Index down by 1.4% [1] Sector Performance - Major technology stocks experienced a collective decline, with Alibaba, Baidu, and JD.com falling over 2%, and NetEase, Kuaishou, Meituan, and Xiaomi dropping over 1% [1] - Tencent saw a decrease of 0.96% [1] - Gold stocks led the decline in the non-ferrous metal sector, with China Gold International, Zijin Mining International, and Shandong Gold each falling nearly 4% [1] - Lithium battery stocks, automotive stocks, home appliance stocks, semiconductor stocks, Chinese brokerage stocks, and biopharmaceutical stocks also saw declines [1] Rising Stocks - Conversely, telecom equipment stocks, new consumption concept stocks, and rare earth concept stocks generally rose, with ZTE Corporation increasing by 3.4% and Jinli Permanent Magnet and Hu Shang Ayi rising over 2.4% [1] New Listings - Two new stocks debuted on the Hong Kong market, with Jinye International Group opening 500% higher, achieving an oversubscription rate of over 9030 times, marking the highest oversubscription rate for a new stock in Hong Kong history [1] - Zhida Technology opened 183% higher, with a global offering of 597.89 million shares, where the Hong Kong public offering accounted for 10% and international offering for 90% [1]