南向资金今日净卖出16.54亿港元。其中阿里巴巴-W、腾讯控股、小米集团-W净买入额位列前三，分别 获净买入35.57亿港元、14.94亿港元、9.96亿港元。净卖出方面，盈富基金、中国移动、美团-W分别遭 净卖出57.83亿港元、8.15亿港元、1.98亿港元。 ...

（图源：阿里云栖大会） 作者丨萧哓 出品丨牛刀商业评论 "阿里的改革不是'外科手术'，而是要重塑'生长基因'。" 2025年云栖大会上，吴泳铭站在聚光灯下，这句关于阿里转型的表述，既是对其两年改革的总结，也为 外界解读这家互联网巨头的变革提供了关键钥匙。 时钟拨回到2023年秋，他临危受命执掌阿里时，这家企业正深陷 "增长失速" 与 "组织臃肿" 的双重困 局。 两年后的今天，9963.47亿元营收（同比增 5.9%）、1259.76亿元税后利润（同比增76.6%）的财报数 据，勾勒出转型的初步轮廓。 但正如吴泳铭在云栖大会上坦诚的 "改革深水区没有标准答案"，核心电商增速趋缓、业务协同不足等 问题，仍在考验着他 "拆分革命" 的成色。 在阿里的故事版图里，吴泳铭始终是那个带着独特注脚的人物。 他不仅是马云最早的技术信徒，更以 "阿里技术初代拓荒者" 的身份，在互联网浪潮中留下浓墨重彩的 一笔。 而这段影响深远的传奇，竟缘起于1996年《钱江晚报》角落一则不起眼的招聘广告。 吴泳铭的过人之处在于，他没有试图用"管理优化"修补旧体系，而是直接用"生态化重构"激活组织基 因。 这段始于招聘广告的渊源，不仅奠定了吴 ...

智通财经APP获悉，9月29日港股市场，北水成交净卖出16.54亿港元，其中港股通(沪)成交净卖出23.58亿港元，港股通 (深)成交净买入7.04亿港元。 北水净买入最多的个股是阿里巴巴-W(09988)、腾讯(00700)、小米集团-W(01810)。北水净买入最多的个股是盈富基金 (02800)、中国移动(00941)、华虹半导体(01347)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 51.75 乙 | 35.15 乙 | 86.90亿 | | | | | +16.60亿 | | 小米集团-W HK 01810 | 33.23 乙 | 29.00亿 | 62.23 亿 +4.23 Z | | 腾讯控股 HK 00700 | 26.63 乙 | 14.00 亿 | 40.63亿 | | | | | +12.641Z | | 盈富基金 | 254.26万 | 39.79 亿 | 39.81亿 | | HK 02800 | | | -39.76 Z | | 中芯国际 | 1 ...

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of HKD 309.1 billion [1] - The Hang Seng Tech Index increased by 2.08%, closing at 6,324.25 points, while the Hang Seng China Enterprises Index rose by 1.62% to 9,454.12 points [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at HKD 173.4, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for FY2026-2028 from RMB 100-108 billion to RMB 130-135 billion, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, with increases of 7.86% and 5.86% respectively [2] Sector Performance - Large technology stocks generally rose, with Kuaishou and Alibaba both up over 4%, while Xiaomi saw a decline of 2.01% [3] - The financial sector showed strong performance, with Huatai Securities (06886) up 12.55% and other major brokerages also experiencing significant gains [3] - The metals sector performed well, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) rising by 6.68% and 6.55% respectively [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at 180 million kilowatts, which is expected to drive an investment of approximately RMB 250 billion [7] - The gaming and tourism sectors are anticipated to benefit from the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Ubiquitous Robotics (09880) reported a significant contract worth RMB 30 million for its humanoid robots, indicating strong demand in the robotics sector [6] - Lai Kai Pharmaceutical (02105) saw an increase of 11.16% after positive results from its obesity treatment trials [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

今日（9月29日），港股市场迎来强劲反弹。截至收盘，恒生指数报收于26622.88点，上涨494.86点，涨幅1.89%；恒生科技指数大涨129.14点，收盘报 6324.25点，涨幅2.08%。 资金方面，尽管港股表现强劲，但南向资金态度明显谨慎。截至收盘，南向资金累计净卖出超16亿港元。而在上周，南向资金累计净买入港股约440亿港 元。分析人士认为，尽管净卖出金额不算太多，但短期南向资金出现净卖出，可能与国庆中秋长假有关。由于A股将要休市8天，这期间港股通服务也将随 之关闭，直到10月9日A股恢复交易，港股通才会重新开启。因此，部分南向资金可能会在节前选择暂时离场，避免节日期间港股可能出现的波动。 焦点板块方面，中资券商股全线爆发。其中，华泰证券（06886.HK）、广发证券（01776.HK）、申万宏源香港（00218.HK）涨超12%，中信证券 （06030.HK）、东方证券（03958.HK）涨超11%，中州证券（01375.HK）、中国银河（06881.HK）、中金公司（03908.HK）涨超9%。 其他方面，盘面上，科网股普涨，阿里巴巴-W（09988.HK）、快手-W（01024.HK）涨超4 ...

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of 309.1 billion HKD [1] - The Hang Seng Tech Index rose by 2.08%, while the Hang Seng China Enterprises Index increased by 1.62% [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at 173.4 HKD, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for 2026-2028 from 100-108 billion RMB to 130-135 billion RMB, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, while Xiaomi (01810) and Li Auto (02015) faced declines [2] Sector Performance - Major technology stocks generally rose, with Kuaishou and Alibaba increasing over 4%, while Xiaomi fell over 2% [3] - Financial stocks surged, with Huatai Securities (06886) up 12.55% and other major brokerages also showing strong gains [3] - The non-ferrous metals sector performed well following the release of a growth plan, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) seeing significant increases [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at over 180 million kilowatts, which is expected to drive significant investment [7] - The gaming and tourism sectors are anticipated to perform well during the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Dazhong Public Utilities (01635) surged by 15.97% following news of a successful IPO application for Moole Thread, which aims to raise 8 billion RMB [9] - Lakai Pharmaceuticals (02105) rose by 11.16% after reporting positive initial results for its obesity treatment in China [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

具体来看： 大型科技股回暖助力大市上涨，阿里巴巴、快手涨超4%，京东涨超3%，腾讯、美团涨超2%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 01347 | 华虹半导体 | 72.100 | +3.850 | 5.64% | | 00241 | 阿里健康 | 6.540 | +0.330 | 5.31% | | 00981 | 中芯国际 | 76.500 | +3.550 | 4.87% | | 00268 | 金蝶国际 | 17.080 | +0.790 | 4.85% | | 00020 | 商汤-W | 2.740 | +0.120 | 4.58% | | 01024 | 快手-W | 78.900 | +3.300 | 4.37% | | 09988 | 阿里巴巴-W | 173.400 | +6.900 | 4.14% | | 06618 | 京东健康 | 66.900 | +2.400 | 3.72% | | 09618 | 京东集团-SW | 136.600 | +4.100 | 3.09% | | 096 ...

Core Viewpoint - Alibaba's stock price increased over 3.7% in pre-market trading, reaching $178.28, following a target price upgrade by Morgan Stanley to $200 and a reaffirmation of the "Overweight" rating [1] Group 1: Analyst Ratings and Price Target - Morgan Stanley raised Alibaba's ADR target price from $165 to $200, indicating a positive outlook for the company [1] - The firm maintains an "Overweight" rating on Alibaba, suggesting confidence in the company's growth potential [1] Group 2: Business Growth Projections - Alibaba is expected to benefit from accelerated growth in its cloud business, increased capital expenditures, and the advancement of its internationalization strategy [1] - The growth forecast for Alibaba's cloud business for fiscal years 2026 and 2027 has been revised upward from 30% to 32% and 40%, respectively [1] Group 3: AI Developments - Alibaba's Tongyi models have been recognized in the latest model rankings by Hugging Face, with seven models making it to the global top ten open-source models [1] - The newly released multimodal model Qwen3-Omni topped the rankings, highlighting Alibaba's advancements in AI technology [1]

各大电商平台的"双11"大促活动已陆续拉开帷幕。9月29日，北京商报记者发现，与往年相比，今年"双 11"营销呈现出两大显著变化：启动时间普遍提前，促销方式持续简化。消费者无需等待预售期，随想 随买、现货直降成为今年大促的关键词。更为直接与透明的促销模式，也标志着平台竞争重心从"流量 收割"向"价值创造"的转变。从流量红利到建立信任，"双11"的比拼方式乃至平台竞争逻辑已然生变。 简化促销方式 9月29日，京东率先打响"双11"第一枪宣布，今年京东11.11将于10月9日晚8点正式启动，实行现货开 卖。京东11.11分为预热期和正式期两个阶段。预热期为10月9日0时至10月9日19时59分，正式期为10月 9日20时至11月14日23时59分，活动时长为37天。 相比之下，天猫"双11"的节奏则相对保守，从10月15日开始，至11月14日结束。活动分为预售和现货两 个阶段，预售于10月15日14时开始；现货预热从10月17日0点开始，现货售卖则从10月20日20时开启。 天猫同样推出了"官方立减"玩法，消费者无需凑单即可享受直接减免，显示出简化促销已成为行业共 识。 "双11"节奏的提前和促销方式的简化，反映 ...

Core Viewpoint - The Hong Kong Stock Connect Technology ETF (159101) has seen significant capital inflow and is favored by investors, particularly in the context of a favorable valuation environment for technology stocks [1] Group 1: Fund Performance - As of September 26, the Hong Kong Stock Connect Technology ETF (159101) has experienced a net inflow of 464 million yuan over the past 10 trading days, indicating strong investor interest [1] - The ETF closely tracks the Guozheng Hong Kong Stock Connect Technology Index, selecting 30 high market capitalization and high R&D investment technology leaders, with the top ten holdings accounting for over 75% [1] Group 2: Market Trends - On September 26, southbound funds net purchased Hong Kong stocks worth 10.541 billion HKD, with Alibaba receiving a net purchase of 2.412 billion HKD [1] - For the week ending September 26, the cumulative net purchase of southbound funds reached 43.959 billion HKD, and the total net purchase for the year has surpassed 1,153.689 billion HKD, significantly exceeding last year's total [1] Group 3: Analyst Insights - Cathay Haitong Securities believes that the current Hong Kong stock market offers outstanding value, particularly for certain technology leaders whose valuations remain low, suggesting substantial upside potential in the current technology cycle [1] - The report indicates that the AI cycle will be a key driver for the market, with the Hong Kong Stock Connect Technology ETF positioned to benefit from this trend [1]