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]

Core Insights - On September 25, China Everbright Holdings made its debut on the Hong Kong Stock Connect active trading list for the first time in a month [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 563.55 billion, accounting for 36.05% of the day's total trading amount, with a net buying amount of HKD 72.15 billion [1] - Alibaba-W led the trading volume with HKD 182.84 billion, followed by Xiaomi Group-W and SMIC with HKD 114.02 billion and HKD 77.63 billion respectively [1] Trading Activity Summary - The most frequently listed stocks in the past month include Alibaba-W and Tencent Holdings, each appearing 23 times, indicating strong interest from Hong Kong Stock Connect funds [1] - China Everbright Holdings had a trading volume of HKD 14.37 billion on the day, with a net selling amount of HKD 0.71 billion, and its stock price increased by 25.89% [1] Active Stocks List - The active stocks on September 25 included: - Tencent Holdings: Trading amount HKD 48.30 billion, net buying HKD 11.11 billion, closing price HKD 650.000, daily change +0.23% [1] - SMIC: Trading amount HKD 77.63 billion, net buying HKD 9.59 billion, closing price HKD 76.800, daily change +0.07% [1] - Xiaomi Group-W: Trading amount HKD 114.02 billion, net selling HKD 8.02 billion, closing price HKD 59.450, daily change +4.48% [1] - Alibaba-W: Trading amount HKD 182.84 billion, net buying HKD 46.32 billion, closing price HKD 172.000, daily change -1.15% [1] - China Everbright Holdings: Trading amount HKD 14.37 billion, net selling HKD 0.71 billion, closing price HKD 12.790, daily change +25.89% [1]

Core Insights - The article highlights the significant impact of Gaode's initiatives on the restaurant industry, particularly through the "Street Scoring List" and the "Support Plan for Good Shops" which has led to a surge in merchant registrations and customer traffic [3][12][13] Group 1: Gaode's Initiatives - Gaode has launched a "Support Plan for Good Shops," providing over 1 billion yuan in subsidies and waiving annual registration fees for all restaurants, resulting in a 631% increase in merchant registrations [3][13] - The "Street Scoring List" has proven to be effective, with many small shops experiencing a traffic increase of up to 540% after being featured [4][11] Group 2: Merchant Benefits - Merchants on the "Street Scoring List" report an average business increase of 30%, with specific examples showing traffic growth of 300% to 540% for various restaurants [4][8] - The list provides daily exposure of 50 million to quality small shops, creating a fair competitive environment and helping merchants understand their customer base better [4][9] Group 3: User Engagement and Trust - The "Street Scoring List" is based on real user behavior, which enhances trust and credibility compared to traditional review platforms that often suffer from data distortion [7][9] - Gaode's approach integrates AI technology to analyze user actions, ensuring that the rankings reflect genuine consumer choices [9][10] Group 4: Market Position and Future Plans - Gaode's user base exceeds 1 billion, with daily active users surpassing 170 million, positioning it as a leading platform in the local service market [12] - The "Street Scoring List" will expand to 22 more cities, indicating Gaode's commitment to enhancing its service offerings and supporting local businesses [12][13]

深市港股通前十大成交活跃股中，成交额居首的是阿里巴巴-W，成交金额63.15亿港元；其次是小米集 团-W、中芯国际，成交金额分别为42.24亿港元、30.29亿港元。以净买卖金额统计，有8只股为净买 入，净买入金额最多的是阿里巴巴-W，净买入21.63亿港元，该股收盘下跌1.15%。净卖出金额最多的 是小米集团-W，净卖出5.15亿港元，收盘股价上涨4.48%。（数据宝） 证券时报·数据宝统计，9月25日港股通全天合计成交金额为1563.10亿港元，成交净买入110.46亿港元。 具体来看，沪市港股通成交金额985.59亿港元，成交净买入48.30亿港元；深市港股通成交金额577.51亿 港元，成交净买入62.16亿港元。 9月25日恒生指数下跌0.13%，报收26484.68点，全天南向资金通过港股通渠道合计净买入110.46亿港 元。 成交活跃股方面，沪市港股通前十大成交活跃股中，阿里巴巴-W成交额为119.69亿港元，成交金额居 首；其次是小米集团-W、中芯国际，成交金额分别为71.78亿港元、47.34亿港元。以净买卖金额统计， 阿里巴巴-W净买入额为24.69亿港元，净买入金额居首，该股收盘股价下跌 ...

Summary of Key Points Core Viewpoint - The Hang Seng Index experienced a slight decline of 0.13% on September 25, with southbound capital transactions totaling HKD 156.31 billion, indicating a net inflow of HKD 11.046 billion [1][2]. Southbound Capital Transactions - Total southbound capital transactions amounted to HKD 1,563.10 million, with buy transactions at HKD 836.78 million and sell transactions at HKD 726.32 million, resulting in a net buy of HKD 110.46 million [1]. - The breakdown of transactions shows that the Shenzhen Stock Connect had a total transaction amount of HKD 577.51 million, with net buying of HKD 62.16 million, while the Shanghai Stock Connect had a total transaction amount of HKD 985.59 million, with net buying of HKD 48.30 million [1]. Active Stocks - Alibaba-W led the southbound capital transactions with a total transaction amount of HKD 182.84 million and a net buy of HKD 46.32 million, despite a closing price drop of 1.15% [1][2]. - Other notable stocks included Xiaomi Group-W with a total transaction amount of HKD 114.02 million and a net sell of HKD 8.02 million, and SMIC with a total transaction amount of HKD 77.63 million and a net buy of HKD 9.59 million [1][2]. Continuous Net Buying - Alibaba-W and SMIC were highlighted for their continuous net buying, with Alibaba-W experiencing 25 consecutive days of net buying totaling HKD 720.86 million, while SMIC had 5 consecutive days with a total net buy of HKD 25.60 million [2].

Investment Rating - The report maintains a "Buy" rating for Alibaba (BABA) [3][10][20] Core Insights - Alibaba is increasing its investment in AI, aiming for Artificial Superintelligence (ASI) as the ultimate goal [2][10] - The company plans to invest 380 billion RMB over three years to build AI infrastructure, with a significant increase in computing power [10] - Alibaba's flagship AI model, Qwen3-Max, has surpassed competitors in performance and is ranked among the top three globally [10] - The company is positioning itself as a full-stack AI service provider, integrating advanced AI capabilities and cloud computing [10] - The target price for Alibaba's stock is set at $228, indicating a potential upside of 29% from the current price [10] Financial Data and Earnings Forecast - Projected revenues for FY24 to FY28 are as follows: 941,168 million RMB, 996,347 million RMB, 1,044,735 million RMB, 1,142,224 million RMB, and 1,228,165 million RMB, respectively [11] - Non-GAAP net profit forecasts for the same period are: 158,359 million RMB, 158,393 million RMB, 125,474 million RMB, 155,319 million RMB, and 178,793 million RMB [11] - The report anticipates a steady growth in revenue, with a projected growth rate of 8.3% for FY24 and a gradual decline to 4.9% by FY26 [11]

Group 1 - The core viewpoint of the article highlights the significant rise in the stock prices of Alibaba and other tech giants in the Hong Kong market, driven by the integration of AI technologies and the positive sentiment surrounding the "new productive forces" in the market [2][13][14] - Alibaba's stock surged by 9.16%, reaching a four-year high, indicating strong investor interest and confidence in the company's growth potential within the AI sector [2][13] - The article emphasizes the strategic positioning of Hua Bao Fund in the Hong Kong market, with multiple ETFs focusing on sectors like innovative drugs, low-volatility dividends, and internet consumption, which are heavily invested in leading tech companies like Alibaba [2][3][11] Group 2 - The Hong Kong Top 30 ETF (520560) launched by Hua Bao Fund is set to track the Hang Seng China (Hong Kong-listed) 30 Index, which consists of the largest 30 companies by market capitalization, reflecting the performance of major Chinese companies listed in Hong Kong [3][6] - The top ten constituents of the Hang Seng China (Hong Kong-listed) 30 Index include Alibaba, Tencent, and Xiaomi, with Alibaba holding an 18.41% weight in the index, showcasing its dominance in the tech sector [4][6] - The article notes that the Hong Kong Internet ETF (513770) has also seen significant growth, with assets exceeding 11.5 billion, and Alibaba being the largest weight in its index at 18.11%, indicating strong performance and investor interest in tech stocks [7][11] Group 3 - The article discusses the favorable market conditions for Hong Kong stocks, driven by the revaluation of Chinese assets and the global liquidity environment, which has contributed to the bullish trend in the market [11][15] - Analysts predict a potential long-term bull market for both A-shares and Hong Kong stocks, driven by a shift in wealth allocation towards equities and a positive feedback loop in the Hong Kong market ecosystem [15][16] - The article highlights the increasing inflow of southbound capital into Hong Kong stocks, with net inflows exceeding 1 trillion HKD in 2025, further supporting the bullish outlook for the market [15][16]

Core Insights - The article highlights the significant rise of Alibaba's stock, which surged by 9.16%, marking a four-year high, and reflects the growing enthusiasm for tech stocks in the Hong Kong market, particularly in the context of AI integration [1][7] - The article discusses the strategic positioning of Huabao Fund in the Hong Kong market, emphasizing its focus on sectors like innovative drugs, low-volatility dividends, and internet consumption, with several ETFs heavily invested in tech companies like Alibaba [1][2] Group 1: Market Performance - Alibaba's stock performance is seen as a symbol of the broader appeal of core assets in the Hong Kong market, attracting global capital due to its valuation advantages and growth potential [1][7] - The Hong Kong market is experiencing a bullish trend, with significant inflows of southbound capital, exceeding 1 trillion HKD in 2025, indicating a positive shift in investor sentiment [8][9] Group 2: Fund Strategies - Huabao Fund's Hong Kong Large Cap 30 ETF (520560) and other related funds are designed to track the performance of the Hang Seng China (Hong Kong Listed) 30 Index, which consists of the largest 30 companies by market capitalization [2][3] - The Hong Kong Internet ETF (513770) has seen rapid growth in assets, exceeding 11.5 billion, and is heavily weighted towards Alibaba, which constitutes 18.11% of its index [4][5] Group 3: AI Integration and Future Outlook - Alibaba's collaboration with NVIDIA on Physical AI and its plans for a 380 billion investment in AI infrastructure signal a robust commitment to advancing its technological capabilities [7] - Analysts predict a potential long-term bull market for both A-shares and Hong Kong stocks, driven by a shift in wealth allocation towards equities and a favorable market environment [8][9]

Core Viewpoint - The article highlights the increasing popularity of dim sum bonds among Chinese internet giants like Tencent, Baidu, and Alibaba, driven by cost advantages and policy support, as they seek to expand their financing options in the offshore RMB market [1][3]. Group 1: Market Trends - The issuance of dim sum bonds has transitioned from rapid expansion to a phase of stable growth, with a cumulative issuance of 771.4 billion RMB as of September 18 this year [1][4]. - The market is experiencing structural changes, with a diversification of issuers and an increase in the types of investment institutions involved, enhancing market depth and breadth [1][4]. Group 2: Major Issuers - Tencent issued three RMB bonds totaling 9 billion RMB on September 23, marking its first foray into the dim sum bond market [2]. - Baidu successfully issued 4.4 billion RMB in dim sum bonds on September 15, representing its second issuance this year [2]. - Alibaba previously issued 17 billion RMB in dim sum bonds in November last year and announced a 3.2 billion USD zero-coupon convertible bond issuance in September, with 80% of the funds allocated for cloud infrastructure and technology upgrades [2]. Group 3: Reasons for Preference - The primary reasons for the preference for dim sum bonds among internet companies include lower financing costs and supportive policies, as these companies enter a peak capital expenditure phase [3][5]. - The People's Bank of China and the Hong Kong Monetary Authority have announced measures to expand the "Bond Connect" program, enhancing the attractiveness of offshore RMB bonds for companies with significant overseas financing needs [3][7]. Group 4: Supply and Demand Dynamics - The supply of dim sum bonds is becoming more diversified, with significant contributions from various industries, while the existing stock remains concentrated in the banking and local government financing sectors [4][5]. - The demand for dim sum bonds is supported by low domestic interest rates and expanded cross-border investment channels, leading to increased interest from domestic institutions [6][8]. Group 5: Future Outlook - The dim sum bond market is expected to continue evolving, with potential for increased issuance from a wider range of issuers and improved structural diversity [7]. - The expansion of QDII quotas and the enhancement of the "Southbound Bond Connect" program are anticipated to boost demand for dim sum bonds, improving market liquidity [7][8].

报告原因:有信息公布需要点评 日联网 Ers 2025 年 09 月 25 日 阿特哥哥哥 加大 AI 投入，ASI 为终极目标 | 市场数据: | 2025年9月24日 | | --- | --- | | 收盘价（美元） | 176 | | 纳斯达克指数 | 22497.86 | | 52 周最高/最低（美元） | 167.83/78.73 | | 美股市值 (亿美元) | 4206 | | 流通股 (亿股) | 1.91 | | 汇率（美元/人民币） | 7.12 | 年内股价与基准指数对比走势： 资料来源：Bloomberg 相关研究 《阿里巴巴 (BABA) 点评：战略投入 Al 和即时零售, 云加速渗透增长超预期》 2025/09/01 《阿里巴巴 (BABA) 点评:投入闪购加码 即时零售, AI 驱动云智能加速》 2025/07/10 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 李秀琳 (8621)23297818× lixl2@swsresearch.com 申万宏源研究微信服务号 投资要点: 财务数据及盈利预测 | | FY24 ...