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 ...

9月25日，《证券日报》记者从阿里巴巴集团控股有限公司(以下简称"阿里巴巴")旗下东南亚电商平台 Lazada了解到，在今年"双11"之前，Lazada已与天猫进行系统打通，推出"一键轻出海"。 目前，该项目在Lazada内部的优先级很高，旨在帮助天猫品牌以零门槛方式，拓展马来西亚、新加坡、 泰国、越南、菲律宾5个东南亚市场。 在业内人士看来，在当前电商流量增长放缓、低价竞争日趋激烈的背景下，Lazada此举有意调整竞争策 略，从单纯低价导向转向更注重品牌价值的业务模式。此次系统打通后，参与项目的天猫品牌可在"双 11"期间实现国内与东南亚市场同步销售，为平台与商家探索新增量提供可能。 "可以说，我们把'出海'的门槛打到了最低。'一键轻出海'是一个起点，不是终点。很多品牌不是不愿 意'出海'，而是第一步的门槛太高了，我们来把第一步的成本降低。如果品牌发现东南亚市场确实适合 他们，那么可以启动更深入的运营，我们也会全程支持。" 坚持品牌战略 品牌是Lazada坚持的重要战略，Lazada从成立起就定位为品牌商城；近年来，东南亚消费者对于品牌消 费的需求也在持续增长。这次打通天猫，是品牌化战略的延续和升级，把更多 ...

Core Insights - On September 25, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and SMIC (00981) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 11.969 billion, 7.178 billion, and 4.734 billion respectively [1] - The same companies also led in the Shenzhen-Hong Kong Stock Connect southbound trading, with trading amounts of 6.315 billion, 4.224 billion, and 3.029 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong Connect)**: - Alibaba-W (09988): Trading amount of 11.969 billion, net buying of 2.469 billion [2] - Xiaomi Group-W (01810): Trading amount of 7.178 billion, net selling of 0.287 billion [2] - SMIC (00981): Trading amount of 4.734 billion, net buying of 0.666 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Connect)**: - Alibaba-W (09988): Trading amount of 6.315 billion, net buying of 2.163 billion [2] - Xiaomi Group-W (01810): Trading amount of 4.224 billion, net selling of 0.515 billion [2] - SMIC (00981): Trading amount of 3.029 billion, net buying of 0.293 billion [2]

Group 1 - The core viewpoint emphasizes the significant investment in AI infrastructure, which is expected to accelerate cloud business growth and maintain a "buy" rating for the company [1][2] - The company plans to increase its investment in AI infrastructure, with a projected net profit forecast for FY2026-2028 of 140.5 billion, 162.9 billion, and 189.8 billion yuan, reflecting a year-on-year growth rate of -11.2%, +16.0%, and +16.5% respectively [1] - The company is focusing on enhancing its AI capabilities, with a shift from CPU-centric to GPU-centric computing, indicating a transformation in the computing paradigm driven by large models [1] Group 2 - The demand for AI infrastructure is exceeding expectations, with the company actively advancing the construction of 380 billion yuan in AI infrastructure [1] - The company is leveraging its advantages in high-end users, merchants, and fulfillment systems to enhance its instant retail and in-store business [2] - The company is expected to see continuous improvement in the monetization rate of its Taotian platform, driven by increased investment in flash sales [2]

Core Insights - The fourth Global Digital Trade Expo opened in Hangzhou, showcasing cutting-edge digital technology and AI innovations, with Alibaba's DingTalk presenting its latest AI product, DingTalk A1, which became a highlight of the event [1][2] Group 1: Product Features - DingTalk A1 is a compact AI recording card, only 3.8mm thick, integrating multiple functions such as a recording pen, conference machine, translation device, and AI assistant [1] - The device features a 6nm low-power AI audio chip, six microphone arrays for long-distance audio pickup, 45 hours of recording time, and a 60-day battery life [1] - It utilizes a voice recognition model trained on 100 million hours of audio data, capable of recognizing and translating dozens of languages and various regional accents [1] Group 2: Market Reception - International customers showed significant interest in DingTalk A1's real-time voice transcription and multilingual translation capabilities, particularly for use in multinational meetings [1][2] - The product targets a wide range of professionals, including business people, lawyers, customer service representatives, and content creators, with over 30 scenario-based smart meeting templates [2] - Feedback from international attendees highlighted the rapid development of AI in China, with a Brazilian tech company representative expressing eagerness for the product's introduction to the Brazilian market to enhance work efficiency [2] Group 3: Industry Implications - The exhibition not only showcased AI hardware and software innovations but also indicated a transformation in global work practices driven by AI advancements [2] - The rapid pace of AI application development in China was noted as impressive by many international guests, suggesting that DingTalk's innovations provide new pathways for global enterprises to embrace AI [2]

Market Overview - The Hong Kong stock market opened mixed on September 25, with the Hang Seng Index rising initially but closing down 0.13% at 26,484.68 points. The Hang Seng Tech Index increased by 0.89% to 6,379.19 points, while the National Enterprises Index rose slightly by 0.01% to 9,444.22 points [1] - The Hang Seng Index reached a high of 26,640.53 points during the day before retreating, with a total turnover exceeding 314.8 billion HKD. The southbound trading (Hong Kong Stock Connect) saw a net inflow of over 11 billion HKD [1] Sector Performance - Most sectors experienced declines, with notable increases in biopharmaceuticals, new energy vehicles, and wind power stocks. Conversely, sectors such as real estate, gold, banking, insurance, brokerage, gas, and coal saw significant declines [1] Individual Stock Movements - Notable stock movements included: - Delin Holdings up 11.65% - Hang Seng Bank down 3.13% - Yimai Sunshine up 14.08% - Huilyang Technology up 4.11% - Goldwind Technology up 5.25% - ZTE Corporation up 4.80% - Cloudtop New Medicine up 4.48% - Zhenjiu Lidu down 4.13% - Jingji Group surged 160.53% - Zijin Mining up 5.13% - Chery Automobile up 3.80% - JD Group up 3.46% - China Everbright Holdings up 25.89% - Yunfeng Financial down 6.60% [1] Top Traded Stocks - The top three traded stocks included: - Alibaba down 1.15% with a turnover exceeding 30 billion HKD - Xiaomi Group up 4.48% with a turnover exceeding 19.3 billion HKD - Tencent Holdings up 0.23% with a turnover exceeding 11.3 billion HKD [2]

智通财经APP获悉，9月25日港股市场，北水成交净买入110.46亿港元，其中港股通(沪)成交净买入48.3亿港元，港股通(深) 成交净买入62.16亿港元。 北水净买入最多的个股是阿里巴巴-W(09988)、腾讯(00700)、中芯国际(00981)。北水净买入最多的个股是小米集团- W(01810)、中国光大控股(00165)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | 72.19 乙 | 47.50 亿 | 119.69亿 | | HK 09988 | | | +24.691Z+ | | 小米集团-W | 34.45 乙 | 37.33 乙 | 71.78亿 | | HK 01810 | | | -2.87 Z- | | 中芯国际 | 27.00亿 | 20.34 Z | 47.34亿 | | HK 00981 | | | +6.6616 | | 腾讯控股 | 17.25 亿 | 10.82 乙 | 28.07亿 | | HK 00700 | | | +6.43 Z | | 山高控股 | ...

每经AI快讯，9月25日，南向资金净买入约110.46亿港元。 阿里巴巴-W、腾讯控股分别获净买入约 46.32亿港元、11.11亿港元；小米集团-W遭净卖出8.02亿港元。 （文章来源：每日经济新闻） ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, totaling HKD 110.46 billion on September 25, with notable net purchases in major stocks like Alibaba, Tencent, and SMIC. Group 1: Northbound Trading Activity - Northbound trading saw a net purchase of HKD 110.46 billion, with HKD 48.3 billion from the Shanghai Stock Connect and HKD 62.16 billion from the Shenzhen Stock Connect [1] - The most net bought stocks included Alibaba-W (09988), Tencent (00700), and SMIC (00981) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) had a net inflow of HKD 72.19 billion, with total trading volume of HKD 119.69 billion, indicating strong investor interest [2] - Tencent (00700) recorded a net inflow of HKD 17.25 billion, with a total trading volume of HKD 28.07 billion [2] - SMIC (00981) saw a net inflow of HKD 27.00 billion, with total trading volume of HKD 47.34 billion [2] - Xiaomi Group-W (01810) faced a net outflow of HKD 8.02 billion, indicating a shift in investor sentiment [7] Group 3: Market Trends and Insights - Alibaba's CEO announced at the Alibaba Cloud Summit that the usage of Alibaba tokens is doubling every two to three months, reflecting explosive growth in AI demand [4] - Tencent's recent global digital ecosystem conference emphasized its focus on AI and international expansion, which could enhance its competitive edge [5] - The semiconductor sector is experiencing price increases, with TSMC planning to raise prices for its 3nm and 2nm processes, which may benefit companies like SMIC and Hua Hong Semiconductor [5] - Kuaishou-W (01024) received a net inflow of HKD 4.62 billion, driven by advancements in its AI capabilities [6]

Group 1 - Southbound funds recorded a net purchase of 11.046 billion HKD [1] - The top three net purchases were Alibaba-W, Tencent Holdings, and SMIC, with net purchases of 4.632 billion HKD, 1.111 billion HKD, and 959 million HKD respectively [1] - In terms of net selling, Xiaomi Group-W, Crystal International Holdings, and China Everbright Holdings faced net sales of 802 million HKD, 120 million HKD, and 71 million HKD respectively [1]