Market Performance - The A-share market showed strong performance on September 24, with the ChiNext Index rising by 1.9%, the Shanghai Composite Index increasing by 0.73%, and the Shenzhen Component Index up by 1.41% [1] - Nearly 4,300 stocks in the market experienced gains, with significant increases in sectors such as semiconductor chips, solid-state batteries, and real estate [1] Stock Index Data - The Shanghai Composite Index closed at 3,849.92, up by 28.08 points (0.73%) [2] - The Shenzhen Component Index reached 13,305.39, gaining 185.57 points (1.41%) [2] - The ChiNext Index was at 3,173.67, increasing by 59.11 points (1.90%) [2] - Total market turnover was 2.03 trillion yuan, with a predicted turnover of 2.33 trillion yuan, a decrease of 186.8 billion yuan [2] Alibaba's Market Surge - Alibaba's stock surged nearly 8% on September 24, reaching 170.1 HKD per share, marking a 6.71% increase and the highest price since October 2021, with a total market capitalization of 3.24 trillion HKD [6][8] - The company announced significant upgrades to its AI infrastructure at the 2025 Cloud Summit, aiming to position Alibaba Cloud as a leading provider of full-stack AI services [8] AI Developments - Alibaba's new flagship model, Qwen3-Max, was introduced, boasting performance that surpasses competitors like GPT-5 and Claude Opus 4, with over 1 trillion parameters and a pre-training dataset of 36 trillion tokens [9] - The model achieved perfect scores in specific reasoning tests, marking a significant milestone for domestic AI capabilities [9] Investment Interest - International capital has recognized Alibaba's advancements in AI, with notable investor Cathie Wood purchasing approximately 16.3 million USD worth of Alibaba shares, marking her first investment in the company in four years [10] - The AI developments have positively impacted the A-share semiconductor equipment sector, with several stocks experiencing significant gains [10] Future Outlook - Analysts suggest that Alibaba's AI and cloud strategies could represent a new growth curve, potentially increasing the revenue share from AI-related businesses and enhancing competitive barriers [10][11] - The focus on AI applications in various sectors, including healthcare and education, is expected to accelerate revenue generation, while cost-saving measures in AI coding and multi-modal generation are also anticipated [11]

Investment Rating - The investment rating for Alibaba-SW (09988.HK) is maintained as "Buy" [6][12]. Core Views - Alibaba is actively advancing its AI infrastructure and plans to increase investments, which is expected to drive accelerated growth in its cloud business. The company is also increasing short-term investments in flash sales, with significant user traffic growth and contributions from e-commerce technology service fees. The adjusted net profit forecasts for FY2026-2028 are 140.5 billion, 162.9 billion, and 189.8 billion RMB, corresponding to year-on-year growth rates of -11.2%, +16.0%, and +16.5% respectively. The diluted EPS is projected to be 7.6, 9.1, and 10.9 RMB, with current stock prices corresponding to PE ratios of 19.1, 16.1, and 13.4 times [6][8]. Summary by Sections Company Overview - Alibaba is focusing on building AI infrastructure, with a planned investment of 380 billion RMB. The demand for AI infrastructure is exceeding expectations, and the company aims to enhance its global data center's energy consumption scale by ten times by 2032 [7]. Financial Performance - The financial summary indicates that for FY2024A, the operating revenue was 941.168 billion RMB, with a year-on-year growth of 8.3%. The non-GAAP net profit for FY2024A was 157.479 billion RMB, reflecting a year-on-year increase of 11.4%. The gross margin is projected to improve from 37.7% in FY2024A to 42.0% in FY2028E [8]. Future Outlook - The company is expected to see continued acceleration in cloud business growth due to increased investments in AI and cloud computing infrastructure. The short-term focus on flash sales is anticipated to drive growth in main site traffic, leveraging advantages from high-end users, merchants, and fulfillment systems [8].

Core Insights - Alibaba's AI flagship application Quark has launched a new AI creation platform called "ZaoDian," integrating AI-generated images and videos, and is the first in China to support synchronized audio-visual video generation with the latest model, Tongyi Wanshang Wan2.5 [1][3] Group 1: Platform Features - "ZaoDian" incorporates advanced capabilities from the Midjourney V7 image generation model, providing a one-stop creative experience for users with both image and video functionalities [1][3] - The platform can generate synchronized voice, sound effects, and background music for videos, supporting a duration of 10 seconds and achieving 1080P HD quality at 24 frames per second, suitable for cinematic scene creation [3] - The model demonstrates strong instruction-following capabilities, allowing for complex continuous changes in video generation, such as camera movements [3] Group 2: Target Audience and Use Cases - "ZaoDian" supports various professional creator needs, including multi-image references, style codes, and detailed parameter control, making it suitable for e-commerce, graphic design, and film/game applications [3] - During the beta testing phase, "ZaoDian" attracted numerous professional AIGC creators, resulting in popular works like "Medieval Oil Painting Chorus" and "Cultural Relics Eating Mooncakes" [3] - The platform offers a lightweight creative experience for general users, allowing for fun features like "one-sentence photo editing" and "AI creative videos," as well as everyday photo editing needs [4]

语音AI加速渗透汽车、快餐及内地市场。快餐行业语音AI高速扩张，年复合增长率达29%，目标2034年 北美市场规模达120亿美元；SoundHound已部署超过1.3万个门店，提高订单精准度、速度和劳动力效 率。内地市场语音电商强劲增长，科大讯飞以44.2%市场份额领先，凭借深厚语音技术实力，在百度集 团-SW(09888)和苹果竞争下持续发力，广泛应用于汽车、智能家居及金融等领域。推荐具备细分领域专 长的AI语音。 当前及未来市场将继续由中美大型科技企业主导，而小型专精公司则通过垂直领域深耕，提供定制化和 增值服务。小型专精公司包括SoundHound AI、Cerence和科大讯飞。该行的行业首推股有Meta、 Google、腾讯控股(00700)和阿里巴巴- W(09988)，也参与并受益于语音AI的发展。 智通财经APP获悉，招商证券国际发布研报称，语音输入速度比打字快近3倍，加上AI和机器学习技术 显著提升了识别准确度和响应速度，语音AI的采用速度不断加快。这些因素推动了语音AI的广泛应 用，使智能自主AI能够在各行业实现免提、实时且具上下文感知的交互。 语音电商正以25-29%的年复合增长率快速发 ...

Core Insights - The demand for AI infrastructure is significantly exceeding expectations, prompting Alibaba to invest 380 billion yuan in AI infrastructure development [1] - Alibaba Cloud has launched Qwen3-Max, its largest and most capable model to date, which has surpassed GPT-5-Chat in performance [2] - Alibaba's stock price surged over 7%, reaching a nearly four-year high following these announcements [3] Investment and Market Trends - Over the next five years, global investment in AI is projected to exceed $4 trillion, marking the largest historical investment in computing power and R&D [4] - Major tech companies, including Nvidia and OpenAI, are also increasing their capital expenditures in AI and infrastructure, with Nvidia planning to invest $100 billion in collaboration with OpenAI [5] Future of AI - The transition from AGI (Artificial General Intelligence) to ASI (Artificial Superintelligence) is viewed as a new beginning rather than an endpoint, with ASI expected to solve complex scientific and engineering challenges [6] - The emergence of large models is anticipated to replace traditional operating systems, enabling users to create applications using natural language, thus democratizing software development [6]

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance in AI-related stocks, with notable gains from Alibaba, Kuaishou, Tencent, Meituan, and Bilibili, indicating a growing interest in AI investments [1][4]. Group 1: Stock Performance - Alibaba-W shares increased by over 7%, reaching a new high since October 2021 [1]. - Kuaishou-W shares rose by over 4%, while Tencent, Meituan, and Bilibili shares saw gains of over 1% [1]. - The Hong Kong Internet ETF (513770) saw a price increase of over 2%, with a trading volume exceeding 400 million HKD [2][3]. Group 2: AI Infrastructure and Investments - Alibaba's CEO announced a significant investment of 380 billion HKD in AI infrastructure, with plans for further investments [3]. - The energy consumption of Alibaba Cloud's global data centers is expected to increase tenfold by 2032, indicating a substantial boost in computing power [3]. - Alibaba has released over 300 open-source models under its Tongyi Qianwen initiative, with downloads surpassing 600 million [4]. Group 3: Market Trends and Capital Inflows - Southbound funds have continuously net bought Alibaba shares for 23 trading days, totaling 621.16 billion HKD, reflecting strong demand for AI core assets [4]. - The Hong Kong stock market is benefiting from a favorable liquidity environment, with ongoing inflows from southbound funds [4]. - The Hong Kong Internet ETF has outperformed the Hang Seng Tech Index by over 15 percentage points this year, highlighting its strong performance [5][6]. Group 4: Index Performance - The Hong Kong Internet ETF's latest scale has surpassed 11 billion HKD, marking a historical high, with an average daily trading volume of nearly 600 million HKD [6]. - The CSI Hong Kong Internet Index has shown significant annual performance variations, with a notable increase of 49.99% this year [7].

Core Insights - The CEO of Alibaba Group, Wu Yongming, stated that achieving Artificial General Intelligence (AGI) is a certainty, marking the beginning of a journey towards developing Super Artificial Intelligence (ASI) that can self-iterate and surpass human capabilities [1][3] Group 1: Stages of AI Development - The evolution towards ASI consists of three stages: - The first stage is "Intelligent Emergence," where AI acquires generalized intelligence by learning vast amounts of human knowledge [3] - The second stage is "Autonomous Action," where AI gains tool usage and programming abilities to assist humans, which is the current industry stage [4] - The third stage is "Self-Iteration," where AI connects with the physical world to achieve self-learning and ultimately surpass human intelligence [4] Group 2: Alibaba Cloud's Strategic Path - Alibaba Cloud aims to be a "full-stack AI service provider" and will implement its AI strategy through two core paths: - The first path is the open-source initiative "Tongyi Qianwen," which aspires to create the "Android of the AI era" [4] - The second path involves building a super AI cloud as the "next-generation computer" to provide a global intelligent computing network [4] Group 3: Infrastructure Investment - To support its ambitious vision, Alibaba is actively advancing a three-year plan to invest 380 billion yuan in AI infrastructure, with plans for continued larger investments [4] - By 2032, in preparation for the ASI era, the energy consumption of Alibaba Cloud's global data centers is projected to increase tenfold compared to 2022, which is considered the year of Generative AI [4]

去年震惊全城的疑似虐童案主角小雪儿也迎来事发周年。在过去的一年中，这名饱受创 伤的女童经历了多次开颅及颅骨重建手术，并在医疗团队的努力下积极展开各项复健治 疗 。 回溯去年一月，小雪儿的父母从社区保母处接回女儿时，惊见她已陷入半昏迷状态。经 抢救后，医生诊断她的左脑因严重出血导致脑萎缩坏死，右侧身体近乎瘫痪，并被判定 为永久性多重障碍，伴随全面性发展迟缓。面对这样的困境，胜利证券慈善基金（「基 金」）不遗余力，承担社会责任，为小雪儿及其家庭送上温暖与关怀。 面 对 1 1 项必要治疗项目和庞大的医疗开支，小雪儿的家庭曾深陷经济危机，幸得社会 各界的善心人士伸出援手，为这个家庭在黄金治疗期中提供了支持，让他们在艰辛的复 健路上看见希望。目前小雪儿仍需克服多重治疗挑战，父母积极寻求国内外医疗资源， 希望能让女儿在未来增强自理能力，减少对社会的依赖。 日前，基金代表特别探望小雪儿，副行政总裁陈沛泉先生与小雪儿及其父母进行了深入 交流。在治疗室内，小雪儿虽然戴着厚重的护具，但仍努力尝试站立。负责小雪儿康复 治疗的刘敏昌教授表示，虽然小雪儿的情况有所改善，但仍面临诸多挑战，尤其是她的 左脑控制着肢体活动，进步的过程中仍 ...

Core Viewpoint - The development of Artificial General Intelligence (AGI) is a certainty, but it is merely the starting point for achieving Artificial Superintelligence (ASI), which will surpass human intelligence and enable self-iteration [2][4]. Summary by Sections Evolutionary Stages to ASI - The journey to ASI consists of three stages: "Intelligent Emergence," "Autonomous Action," and "Self-Iteration" [4][5]. - The first stage, "Intelligent Emergence," is characterized by AI learning from vast amounts of human knowledge, leading to generalized intelligence and conversational abilities [6]. - The second stage, "Autonomous Action," allows AI to perform tasks in the real world, breaking down complex tasks and using tools under human guidance, which is the current stage of development [6][7]. - The third stage, "Self-Iteration," involves AI connecting to the physical world and achieving self-learning, which is crucial for surpassing human capabilities [7]. Impact of ASI on Technology - ASI is expected to drive exponential technological advancements, ushering in an unprecedented era of intelligence [6]. - AI will become the next-generation operating system, allowing users to create applications using natural language, fundamentally changing software development [9][11]. - The computing paradigm is shifting from CPU-centric to GPU-centric AI computing, requiring substantial energy and resources to meet global demands [11]. Future of AI and Energy - AI is predicted to replace energy as the most critical commodity, driving daily operations across various industries [11][12]. - The majority of AI capabilities will be delivered in the form of tokens, which are likened to the future of electricity [11]. Human-AI Collaboration - As AI evolves, a new collaborative model between humans and AI is anticipated, enhancing productivity significantly [13][14]. - The historical context suggests that technological revolutions unlock new productivity, leading to greater human capabilities than ever before [14].

Core Insights - The journey towards Artificial Super Intelligence (ASI) is divided into three stages: "Emergence of Intelligence," "Autonomous Action," and "Self-Iteration" [2][3][4] - Achieving Artificial General Intelligence (AGI) is seen as a certainty, but it is merely the starting point for the development of ASI, which aims to surpass human intelligence and enable self-evolution [2][3] Stage Summaries - **Stage 1: Emergence of Intelligence** This stage is characterized by AI's ability to learn from vast amounts of human knowledge, leading to generalized intelligence and conversational capabilities [3][4] - **Stage 2: Autonomous Action** AI moves beyond language interaction to perform real-world actions, capable of breaking down complex tasks and using tools to interact with both digital and physical environments. This stage is currently being experienced [3][4][6] - **Stage 3: Self-Iteration** In this final stage, AI connects with comprehensive raw data from the physical world and achieves self-learning capabilities. This is crucial for AI to surpass human capabilities [4][6] Future Implications - AI is expected to become the next generation operating system, with large models facilitating user interactions and application creation through natural language [6][7] - The computing paradigm is shifting from CPU-centric to GPU-centric AI computing, requiring significant energy and infrastructure to support this transition [6][7] - AI is predicted to replace energy as the most critical commodity, driving productivity across various industries [6][7] Human-AI Collaboration - The future will see a new collaborative model between humans and AI, enhancing productivity significantly. AI is expected to amplify human capabilities exponentially [7] - Historical technological revolutions have consistently unlocked new productivity, suggesting that the rise of ASI will similarly create new demands and opportunities for human advancement [7]