Core Insights - Alibaba is experiencing revenue growth challenges primarily due to a decline in its "All Others" segment, which saw a 25% year-over-year drop in Q2 FY26, making it the only segment to contract while core businesses continued to grow [2][11] Revenue Performance - The decline in the "All Others" segment is attributed to the disposal of Sun Art and Intime, alongside weaker performance from Cainiao, Alibaba's logistics arm [3][11] - Despite growth in Freshippo, Alibaba Health, and Amap, these gains were insufficient to offset the overall slowdown in the segment, which has become a drag on consolidated growth [3][5] Profitability Impact - Losses in the "All Others" segment have widened as Alibaba increased investments in technology and AI initiatives, putting additional pressure on overall group profitability [4][11] - The segment's revenues are primarily derived from direct sales and logistics services, which tend to have thinner margins and greater volatility, amplifying their impact on financial results [4] Competitive Landscape - Alibaba's logistics business is facing heightened competition from JD Logistics and Amazon Logistics, which are expanding their fulfillment and delivery capabilities [6][8] - JD Logistics reported over 24% revenue growth year-over-year in Q3 FY25, leveraging its self-owned infrastructure for better control over delivery times and costs compared to Alibaba's partner-driven model [7] - Amazon Logistics is enhancing its operational edge through significant investments in automation and infrastructure, offering faster delivery options that challenge Alibaba's logistics services [8] Stock Performance and Valuation - Alibaba's shares have increased by 40.3% over the past six months, outperforming the Zacks Internet – Commerce industry and the Zacks Retail-Wholesale sector, which grew by 2.2% and 5% respectively [9] - The stock is currently trading at a forward Price/Earnings ratio of 20.66X, lower than the industry's 25.02X, indicating a relatively undervalued position [13] - The Zacks Consensus Estimate for fiscal 2026 earnings is projected at $6.05 per share, reflecting a 32.85% year-over-year decline [16]

Core Insights - Alibaba has launched its flagship reasoning model Qwen3-Max-Thinking, which boasts over 1 trillion parameters and 36 trillion tokens of pre-training data, making it the largest and most capable reasoning model from Alibaba to date [3] Group 1: Model Performance and Innovation - The Qwen3-Max-Thinking model has achieved significant performance improvements through a new test-time scaling mechanism, allowing for more efficient reasoning calculations and smarter outcomes [2] - In the "Human Last Evaluation" (HLE) test, Qwen scored 58.3, surpassing competitors like GPT-5.2-Thinking (45.5) and Gemini 3 Pro (45.8), marking it as the highest-scoring model currently available [2] Group 2: Ecosystem Integration and Strategic Direction - The release of Qwen3-Max-Thinking is part of Alibaba's broader strategy for the "AI Service Era," integrating AI capabilities into various applications, including the Quark AI glasses and the Qwen App, which now supports multiple real-world task functionalities [5] - Alibaba has established the Qwen C-end business group to consolidate its AI product lines, aiming to create a "super app" that serves as the primary entry point for users in the AI era [5] Group 3: Industry Impact and Competitive Landscape - The integration model of Qwen is redefining the value logic of "entry" in the domestic AI application industry, shifting competition from single model capabilities to a comprehensive comparison across dimensions [6] - Alibaba's AI ecosystem has transitioned from "single model breakthroughs" to "full-stack collaborative implementation," leveraging real business data to enhance model iteration and create a sustainable competitive advantage [6]

Core Viewpoint - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value, including deep value balance sheet bargains and wide moat stocks [1] Group 1: Investment Strategy - The research service Asia Value & Moat Stocks aims to identify Asia-listed stocks that are undervalued, focusing on deep value balance sheet bargains such as net cash stocks and low price-to-book (P/B) ratio stocks [1] - The service also targets wide moat stocks, which are characterized by strong competitive advantages and the ability to generate earnings power at a discount [1] Group 2: Market Focus - The primary market of interest is the Hong Kong stock market, where the service provides investment ideas and watch lists with monthly updates for value investors [1]

Group 1 - Kingsoft Cloud surged by 11% [1] - Bilibili and Hesai both increased by over 3% [1] - Alibaba and Pony.ai rose nearly 2% [1] Group 2 - FTSE China ETF-Direxion gained over 3.5% [1]

（文章来源：证券日报） 证券日报网讯 1月27日，中青旅在互动平台回答投资者提问时表示，中青博联与阿里巴巴集团及蚂蚁集 团建立了长期稳定的合作关系，近五年来双方合作持续深化，合作已全面覆盖阿里与蚂蚁旗下各大业务 集团，包括阿里云、淘天、数字商业及蚂蚁集团及蚂蚁国际等。核心合作项目包括阿里云栖大会、阿里 云国际峰会及合作伙伴大会，淘天集团的艺人接待，以及蚂蚁集团的外滩大会等具有行业影响力的重大 活动。 ...

阿里巴巴(09988)首席财务官徐宏表示，过去阿里巴巴从香港第二上市转为双重主要上市，令集团股份 纳入互联互通的港股通，而在过去15至16个月，阿里北水持股量增长很快，目前阿里所有股东持股比例 中，超过11%的股东来自内地，为集团股份提供流动性支持。另外，他称，内企欲海外扩张时，可好好 利用香港资本市场募资。 徐宏周二(1月27日)在香港出席亚洲金融论坛"全球产业峰会"一场专题讨论上表示，香港是阿里筹集资 金和与投资者沟通的重要枢纽，以去年5月阿里发50亿美元可转换债券(CB)为例，通过金融工具结构， 将当时的CB转换价提高至当时阿里股价的两倍，其做法可减低发CB对现有股东的摊薄影响。 ...

智通财经APP获悉，阿里巴巴(09988)首席财务官徐宏表示，过去阿里巴巴从香港第二上市转为双重主要 上市，令集团股份纳入互联互通的港股通，而在过去15至16个月，阿里北水持股量增长很快，目前阿里 所有股东持股比例中，超过11%的股东来自内地，为集团股份提供流动性支持。另外，他称，内企欲海 外扩张时，可好好利用香港资本市场募资。 徐宏周二(1月27日)在香港出席亚洲金融论坛"全球产业峰会"一场专题讨论上表示，香港是阿里筹集资 金和与投资者沟通的重要枢纽，以去年5月阿里发50亿美元可转换债券(CB)为例，通过金融工具结构， 将当时的CB转换价提高至当时阿里股价的两倍，其做法可减低发CB对现有股东的摊薄影响。 ...

Group 1 - Alibaba officially launched the Qwen3-Max-Thinking flagship reasoning model [1] - Kimi announced the release and open-sourcing of the Kimi K2.5 model [1] - MiniMax M2.1 × Clawdbot aims to create an open-source AI assistant to build a super-intelligent workflow [1] Group 2 - Microsoft introduced the next-generation AI chip, Maia 200 [1] - NVIDIA released the AI "Earth-2" system, designed to enhance weather forecasting accuracy [1]

Market Overview - Major indices showed mixed performance with the STAR 50 up by 1.51%, ChiNext Index up by 0.71%, Shanghai Composite Index up by 0.18%, Shenzhen Component Index up by 0.09%, and North Exchange 50 down by 0.05% [1] - TMT sector led the gains with SW discrete devices up by 5.70%, SW analog chip design up by 3.60%, and SW integrated circuit packaging and testing up by 3.59% [1] - TMT sector faced declines with SW security equipment down by 1.11%, SW other computer equipment down by 1.07%, and SW education publishing down by 1.03% [1] Domestic News - Lanke Technology announced the launch of high-performance active electrical cable solutions based on PCIe 6.x/CXL 3.x standards, aimed at supporting data centers transitioning from single-rack to multi-rack architectures [2] - The Chinese semiconductor market is projected to grow by 31.26% by Q4 2026, reaching a market size of $546.5 billion [2] - Guokewai announced price adjustments for its solid-state storage chips and SSD controllers, with increases ranging from 20% to 80%, particularly for enterprise-grade SSDs and high-end DDR products [2] - Hefei Guoxian's 8.6-generation AMOLED production line project is 65% complete, with cleanroom delivery expected in Q2 this year [2] Overseas News - Micron has begun construction on an advanced wafer manufacturing facility in Singapore, planning to invest approximately $24 billion over 10 years, with production expected to start in the second half of 2028 [2] - Counterpoint Research forecasts that global shipments of AI server-specific ASICs will triple by 2027 compared to 2024, driven by strong demand for Google's TPU infrastructure and AWS Trainium clusters [2] - Microsoft launched the new AI accelerator, Microsoft Azure Maia 200, with a peak FP4 computing power of 10 petaflops, three times that of Amazon's Trainium3 [2] - The U.S. Patent and Trademark Office rejected Yangtze Memory Technologies Co.'s request to invalidate two core patents of Micron related to 3D NAND flash memory manufacturing processes [2] AI Insights - DeepSeek released OCR 2, utilizing an innovative DeepEncoder V2 method to dynamically adjust visual token distribution based on image content [3] - Vidu launched the world's first video generation model supporting "everything can be referenced," allowing users to replicate effects and edit videos with ease [3] - Kimi released the open-source K2.5 model, achieving state-of-the-art performance in various benchmarks and supporting multi-modal inputs [3] - Alibaba introduced the Qwen3-Max-Thinking model, with over 1 trillion parameters and significant improvements across multiple dimensions, comparable to leading models like GPT-5.2-Thinking [3] Industry Tracking - Guoxing Aerospace disclosed plans for the world's first space computing network serving silicon-based intelligences, aiming to establish a comprehensive computing infrastructure by 2035 [4] - The "Stone Worker Zhuoling" ultrasonic Lamb wave scanning imaging logging instrument has been successfully applied in major oil fields, enhancing wellbore integrity diagnostics [4] - China's machine tool exports surged by 18% year-on-year, capturing a 21.6% global market share, surpassing Germany for the first time [4] - Zhejiang Renxing completed a 450 million yuan Pre-A round financing for its humanoid robots, which are already deployed in leading companies across various sectors [4] Earnings Updates - Gallen Electronics expects 2025 revenue of approximately 487 million yuan, a year-on-year increase of 16.21%, with a projected net profit of 36 million yuan [5] - Lante Optical anticipates a net profit of 375 to 400 million yuan for 2025, representing a year-on-year growth of 70.04% to 81.38% [5] - Nanya New Materials forecasts a net profit of 220 to 260 million yuan for 2025, a significant increase of 337.20% to 416.69% year-on-year [5] - Shijia Photon expects 2025 revenue to reach 2.129 billion yuan, a year-on-year growth of approximately 98.13%, with a projected net profit of 342 million yuan [5]

Group 1 - Three-dimensional Communication, Kaichun Co., Ltd., and Jiuqi Software reached the daily limit increase in stock prices, indicating strong market interest [1] - Worth Buying, BlueFocus Communication Group, Aofei Data, Hengyi Petrochemical, and Lude Medical also experienced stock price increases, suggesting a broader positive trend in the market [1]