Core Points - Alibaba has announced a general authorization to issue and allocate up to 10% of its issued ordinary shares (excluding treasury shares) during the issuance period [1] - The newly issued ordinary shares may include American Depositary Shares and any sale or transfer of treasury shares [1] - The issuance price of any ordinary shares under this authorization shall not exceed 10% discount to the benchmark price [1]

Market Overview - The Hang Seng Index closed at 26,404.18, down by 80.50 points or 0.30% on September 25 [1] - The index reached a high of 26,430.39 and a low of 26,319.63 during the trading session, with a trading volume of 66.046 million shares [1] Major Stocks Performance - HSBC Holdings closed at HKD 107.287, up by 0.17% compared to the previous close [2] - Tencent Holdings closed at HKD 648.343, down by 0.25% compared to the previous close [2] - Alibaba Group (W) saw a decline of 1.15%, closing at HKD 172.000 [3] - China Construction Bank dropped by 2.28%, closing at HKD 7.300 [3] - Xiaomi Group (W) increased by 4.48%, closing at HKD 59.450 [3] ADR Performance - Tencent's ADR price was USD 648.343, reflecting a decrease of 0.25% compared to its Hong Kong stock price [3] - Alibaba's ADR price was USD 170.695, down by 0.76% compared to its Hong Kong stock price [3] - HSBC's ADR price was USD 107.287, showing an increase of 0.17% compared to its Hong Kong stock price [3]

Group 1 - Cathie Wood's ARK Invest has significantly increased its holdings in Chinese tech stocks, notably Alibaba and Baidu, indicating a strong belief in the potential of these companies amidst a global AI boom [1][2] - ARK Invest purchased approximately $16.3 million worth of Alibaba shares and raised its total holdings in Baidu to $47 million, reflecting a strategic move to capitalize on the perceived undervaluation of Chinese tech firms [1][2] - The investment decisions are seen as a signal that international capital is reassessing the intrinsic value of previously overlooked Chinese tech giants in light of the AI revolution [1][2] Group 2 - The recent surge in generative AI has prompted a reevaluation of Chinese tech companies, with Alibaba and Baidu being early adopters of large language models, enhancing their competitive edge in the AI landscape [2][3] - Cathie Wood's investment philosophy emphasizes disruptive innovation, suggesting that the narrative around Chinese stocks is shifting from business model innovation to fundamental technological advancements [3] - Despite a rebound in stock prices, many Chinese tech companies still exhibit historically low valuation metrics compared to their U.S. counterparts, presenting an attractive investment opportunity for growth-focused funds [3] Group 3 - The ongoing revaluation driven by AI is just beginning, and while it may face challenges from macroeconomic fluctuations and geopolitical tensions, overlooking the potential of Chinese AI players could result in significant opportunity costs for global investors [4]

过去数年，中概股经历了一段估值下修周期，其市值与其在全球科技版图中的实际地位严重不符。然 而，随着生成式AI的爆发式增长，正成为改写叙事的关键变量。当英伟达的市值因其在AI算力领域的 绝对垄断而屡创新高，微软、谷歌等美国科技巨头凭借AI应用重塑业务边界时，全球投资者都在寻找 下一个能够分享时代红利的价值洼地。在这样的全球视野下，中国科技公司所展现出的AI潜力，出现 价值的重估也是情理之中。 特约评论员 陈白 被誉为"女版巴菲特"的知名投资人"木头姐"凯茜·伍德（Catherine Wood），其执掌的方舟投资（ARK Invest）近日对中国科技股进行了引人注目的增持操作。 据方舟投资发布的每日交易报告，尽管阿里巴巴股价近期持续走高，创下自2021年底以来的新高， 但"木头姐"依然选择果断出手。报告披露，方舟投资通过旗下两只不同的ETF基金，共计买入了价值约 1630万美元的阿里巴巴股票。除了阿里巴巴，方舟投资同日还大幅增持了另一家中国科技公司百度的股 票，将其持仓总额提升至4700万美元。这一系列举动，被外界理解为其加码中国科技概念股意图明显。 在全球市场情绪多变的背景下，这位华尔街风向标人物的投资决策，无 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 我們只有單一類別的股份，每一股份對應一份表決權。由於阿里巴巴合夥的董事提名權在 《香港聯交所證券上市規則》項下被歸類為不同投票權架構（「不同投票權架構」），我們被視 為一家有不同投票權架構的公司。股東及有意投資者應注意投資具有不同投票權架構的公司 的潛在風險。我們的美國存託股份（每股美國存託股份代表八股普通股）於紐約證券交易所上 市，股份代號為BABA。 Alibaba Group Holding Limited 阿里巴巴集團控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：9988（港幣櫃台）及89988（人民幣櫃台）） 2025年度股東大會投票表決結果 茲提述公司日期為2025年8月6日的委託投票徵集說明函（「委託投票徵集說明 函」）。除非本公告另有定義，本公告中使用的術語與委託投票徵集說明函中定義 的術語具有相同含義。 公司董事蔡崇信先生（董事會主席）及吳泳銘先生；以 ...

Joining me now Jeff Degraphth. He's a Renaissance macro research chairman. It's good to see you.We've been talking about this on halftime a lot. You look at Alibaba and some of these other names, they look pretty good. You suggest from the charts.Yeah, 100% Scott. And I think, you know, unlike what we're seeing here in the States, which these AI names have been leadership now for, you know, two or three years, um you're just seeing these big base formations in China start to break out. So you can make the c ...

Core Viewpoint - The company aims to become a central player in China's ongoing AI and cloud adoption [1] Group 1 - The company is actively pushing its initiatives in artificial intelligence and cloud services [1]

Core Viewpoint - The article discusses the growing importance of liquid cooling technology in data centers due to increasing power consumption and heat generation from AI server chips, highlighting the shift from traditional air cooling to liquid cooling solutions. Group 1: Liquid Cooling Technology Types - Liquid cooling technology is categorized into two main types: cold plate and immersion cooling, with cold plate cooling holding a 91% market share in 2022 due to its maturity and compatibility [3][31]. - Immersion cooling, while having the highest heat dissipation capability, accounts for about 8% of the market and is represented by companies like Shuguang Data and Guangdong He Yi [4][31]. - Cold plate cooling primarily uses water-based coolants, offering advantages such as low cost and fast heat dissipation [5]. Group 2: Cooling Liquid Material Systems - The main types of cooling liquids include water-based, oil-based, and fluorinated coolants [7]. - Water-based coolants are mainly used in single-phase cold plate cooling, supplied by companies like Compton and Unification [8]. - Oil-based coolants are used in single-phase immersion cooling, with suppliers like China Petroleum and Unification [8]. - Fluorinated coolants are crucial for high reliability and extreme physical conditions, with companies like Juhua and Dongyue Group achieving large-scale production [8]. Group 3: Microchannel Liquid Cooling Breakthroughs - Microchannel cold plate technology is becoming a focus for AI chip manufacturers, with companies like Nvidia and Microsoft pushing for MLCP standards [9]. - Domestic companies such as Highlan and Feirongda are gaining certifications and expanding their market share in this area [9]. Group 4: Market Size and Price Logic - By 2028, the global AI data center installation capacity is expected to reach 59 GW, corresponding to a cooling liquid demand exceeding 89,000 tons [10]. - The Chinese market for liquid-cooled data centers is projected to grow at a compound annual growth rate (CAGR) of 51.4%, with the industry scale expected to exceed 100 billion yuan by 2027 [10]. Group 5: Leading Projects - Major companies like Alibaba, Shuguang, Huawei, and Lenovo are implementing liquid-cooled data center demonstration projects, with Alibaba achieving a PUE of 1.12 in its 5A green liquid-cooled data center [14][15]. - Shuguang has realized the world's first large-scale commercial application of immersion phase change liquid cooling [15]. - Huawei's cloud data center in Ulanqab utilizes indirect evaporative cooling, achieving a PUE of 1.15 [16]. Group 6: Mainstream Cooling Pathways - The article outlines the mainstream cooling pathways, including water-based, oil-based, and fluorinated cooling liquids, emphasizing the rapid growth of the liquid cooling market [18][21].

Group 1 - Alibaba Group's stock reached its highest level in nearly four years, driven by an announcement to increase AI spending beyond the previously disclosed target of over $50 billion [1] - The incoming CEO, Eddie Wu, projected that global AI investment could reach $4 trillion within five years and confirmed an additional investment of 380 billion yuan (approximately $53 billion) over three years for AI models and infrastructure [2] - The company reported triple-digit growth in AI-related products and a 26% increase in cloud business sales in its fiscal first quarter [4] Group 2 - Alibaba's cloud division will expand with new data centers in Brazil, France, and the Netherlands, while launching Qwen large language models and full-stack AI services [3] - Co-founder Jack Ma has reasserted his role in steering the company's strategy, focusing on AI and cloud investments under the slogan "Make Alibaba Great Again" [4] - Competitors such as Tencent, Baidu, and JD.com are projected to collectively spend over $32 billion on AI infrastructure by 2025, a significant increase from 2023 [5] Group 3 - In response to U.S. chip export restrictions, Alibaba is developing its own semiconductors through its T-Head unit and has secured China Unicom as a customer for its Pingtouge AI accelerators [6] - The company is also integrating Nvidia's AI development tools into its cloud services [6]

Core Insights - Alibaba-W has seen continuous net buying from southbound funds for 25 days, with a cumulative net buying amount of 72.086 billion HKD and a stock price increase of 48.66% [2] Group 1: Trading Activity - On September 25, the total trading volume of active stocks through the Hong Kong Stock Connect reached 563.55 billion HKD, with a net buying amount of 72.15 billion HKD [2] - Alibaba-W was among the active stocks on September 25, with a trading volume of 18.284 billion HKD and a net buying amount of 4.632 billion HKD [2] Group 2: Stock Performance - The stock price of Alibaba-W has increased by 48.66% during the period of continuous net buying [2]