Core Insights - On January 7, 2026, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 83.52 billion, 44.91 billion, and 34.34 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also ranked as the top three, with trading amounts of 67.05 billion, 28.31 billion, and 19.91 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - The top active stocks included: - Alibaba-W (09988): Trading amount of 83.52 billion, net buying of +9.74 billion - SMIC (00981): Trading amount of 44.91 billion, net selling of -10.38 billion - Tencent Holdings (00700): Trading amount of 34.34 billion, net buying of +8.86 billion - Xiaomi Group-W (01810): Trading amount of 23.83 billion, net buying of +8.13 billion - China Mobile (00941): Trading amount of 22.60 billion, net selling of -11.26 billion [2] Southbound Stock Connect (Shenzhen-Hong Kong) - The top active stocks included: - Alibaba-W (09988): Trading amount of 67.05 billion, net selling of -8.50 billion - Tencent Holdings (00700): Trading amount of 28.31 billion, net buying of +10.69 billion - SMIC (00981): Trading amount of 19.91 billion, net selling of -3.20 million - Xiaomi Group-W (01810): Trading amount of 16.55 billion, net buying of +8.19 billion - Meituan-W (03690): Trading amount of 13.07 billion, net buying of +4.48 billion [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 阿里巴巴集團控股有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09988 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 89988 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 32,000,000,000 | USD | | 0.000003125 | USD | | 100,000 | | 增加 / 減少 (-) | | | | 0 | | | | USD | | 0 | | 本 ...

Group 1 - The Hong Kong stock market saw a net inflow of 9.178 billion HKD from northbound trading on January 7, with the Shanghai-Hong Kong Stock Connect contributing 3.49 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 5.688 billion HKD [1] - The most bought stocks included Tencent (00700), Xiaomi Group-W (01810), and the Tracker Fund of Hong Kong (02800), while the most sold stocks were China Mobile (00941), SMIC (00981), and CNOOC (00883) [1][2] - Alibaba-W (09988) recorded a net inflow of 9.74 billion HKD, while SMIC (00981) experienced a net outflow of 10.38 billion HKD [2] Group 2 - Tencent (00700) received a net inflow of 8.86 billion HKD, while Xiaomi Group-W (01810) saw a net inflow of 8.13 billion HKD [2] - The report from Citigroup highlighted three key themes for the mainland internet industry by 2026: growth in recurring revenue from cloud infrastructure, competition among major internet companies for AI chatbot user traffic, and deployment of proprietary AI agents by vertical companies [4] - Xiaomi Group-W (01810) was notably bought with a net inflow of 16.32 billion HKD, as the CEO announced plans for the new generation of the Xiaomi SU7 to be launched in April [5] Group 3 - The Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828) received net inflows of 14.65 billion HKD and 9.12 billion HKD, respectively [5] - Goldman Sachs maintained an "overweight" rating on Chinese A-shares and H-shares, citing attractive risk-reward ratios amid low investor positioning [5] - Goldwind Technology (02208) received a net inflow of 2.1 billion HKD, with potential positive catalysts linked to its stake in Blue Arrow Aerospace [6] Group 4 - China Life (02628) saw a net inflow of 4.16 billion HKD, while China Mobile (00941) and SMIC (00981) faced net outflows of 11.26 billion HKD and 10.7 billion HKD, respectively [7]

Market Overview - The Hong Kong stock market experienced a downward trend, with the Hang Seng Index closing down 0.94% at 26,458.95 points and a total turnover of HKD 2,761.34 million [1] - The Hang Seng China Enterprises Index fell by 1.14% to 9,138.75 points, while the Hang Seng Tech Index decreased by 1.49% to 5,738.52 points [1] - Zheshang International noted that the fundamentals of the Hong Kong market remain weak, with a decline in the funding environment, while Goldman Sachs maintains an "overweight" rating on Chinese A-shares and H-shares, citing attractive risk-reward ratios [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 5.92% to HKD 36.12, contributing 11.87 points to the Hang Seng Index [2] - Other notable blue-chip performers included Innovent Biologics (01801) up 5.38% and WuXi AppTec (02359) up 4.91%, while Alibaba (09988) fell 3.25%, dragging the index down by 65.17 points [2] Sector Highlights Pharmaceutical Sector - The pharmaceutical sector continued its upward trend, with notable gains from Rongchang Biologics (09995) up 12.93% and Tigermed (03347) up 8.88% [3] - The National Medical Products Administration reported that 76 innovative drugs are expected to be approved by 2025, significantly surpassing the 48 approved in 2024, with a total transaction value exceeding USD 130 billion [4] Nickel Sector - Nickel stocks showed strong performance, with Xinjiang Xinxin Mining (03833) rising 12.28% and Zhongwei New Materials (02579) up 10% [4] - Nickel prices surged over 20% in the past two weeks, driven by supply constraints from Indonesia, which plans to reduce nickel mining quotas by 2026 [4] Paper Sector - Paper stocks saw significant gains, with Nine Dragons Paper (02689) up 8.97% and Lee & Man Paper (02314) up 6.92% [5] - Several paper companies announced price increases, indicating a reduction in production pressure and a more favorable market environment [5] Coal Sector - Coal stocks generally rose, with Shougang Resources (00639) up 5.98% and China Qinfa (00866) up 5.92% [6] - The Dalian Commodity Exchange saw a surge in coal futures, and analysts expect improvements in supply-demand dynamics for the coal industry [6] Optical Communication Sector - Optical communication stocks rebounded, with Yangtze Optical Fibre (06869) rising 6.75% [6] - The sector was buoyed by strong performances in the U.S. market, particularly from Lumentum and Coherent [7] Notable Stocks - Yadea Group (01585) announced a profit increase, leading to a 4.63% rise in its stock price [8] - Jinli Permanent Magnet (300748) was active, rising 3.65% amid news of potential export restrictions on rare earth materials to Japan [9] - Jitu Express (01519) reached a new high, with a 3.39% increase, reporting significant growth in package volume [10] - GF Securities (01776) faced pressure, dropping 4.09% after announcing a share placement and convertible bond issuance to raise funds for international business development [11]

Market Overview - The Hong Kong stock market experienced a downward trend, with the Hang Seng Index closing down 0.94% at 26,458.95 points and a total trading volume of HKD 2,761.34 million [1] - The Hang Seng China Enterprises Index fell by 1.14% to 9,138.75 points, while the Hang Seng Tech Index decreased by 1.49% to 5,738.52 points [1] - Zheshang International noted that the market fundamentals remain weak, with a decline in the funding environment, while policy focus is on new productivity and expanding domestic demand [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 5.92% to HKD 36.12, contributing 11.87 points to the Hang Seng Index [2] - Other notable blue-chip performers included Innovent Biologics (01801) up 5.38% and WuXi AppTec (02359) up 4.91%, while Alibaba (09988) fell 3.25%, dragging the index down by 65.17 points [2] Sector Highlights Pharmaceutical Sector - The pharmaceutical sector continued its upward trend, with notable gains from Rongchang Biologics (09995) up 12.93% and Tigermed (03347) up 8.88% [3] - The National Medical Products Administration reported that 76 innovative drugs are expected to be approved by 2025, significantly surpassing the 48 approved in 2024, indicating a strong growth trajectory for the sector [4] Nickel Sector - Nickel stocks showed strong performance, with Xinjiang Xinxin Mining (03833) rising 12.28% and Zhongwei New Materials (02579) up 10% [4] - Nickel prices surged over 20% in the past two weeks, driven by supply constraints from Indonesia, which plans to reduce nickel mining quotas by 2026 [4] Paper Sector - The paper sector saw significant gains, with Nine Dragons Paper (02689) up 8.97% and Lee & Man Paper (02314) up 6.92% [5] - Several paper companies announced price increases, indicating a reduction in production pressure and a more favorable pricing environment [5] Coal Sector - Coal stocks generally rose, with Shougang Resources (00639) up 5.98% and China Qinfa (00866) up 5.92% [6] - The Dalian Commodity Exchange saw a surge in coking coal and coke futures, with expectations of improved supply-demand dynamics in 2026 [6] Optical Communication Sector - Optical communication stocks rebounded, with Yangtze Optical Fibre and Cable (06869) up 6.75% [6] - The sector is expected to benefit from advancements in AI technology and increased demand for high-performance components [7] Notable Stocks - Yadea Group Holdings (01585) announced a profit increase forecast, leading to a 4.63% rise in stock price [8] - JinkoSolar (06680) remained active with a 3.65% increase, driven by potential export restrictions on rare earth materials to Japan [9] - Jitu Express (01519) reached a new high, with a 3.39% increase, reporting significant growth in package volume [10] - GF Securities (01776) faced pressure, declining 4.09% after announcing a share placement and convertible bond issuance to raise funds for international business development [11]

Core Viewpoint - The article discusses recent fluctuations in the equity markets, particularly focusing on the performance of the Hong Kong and Japanese stock markets, and highlights three main variables affecting market sentiment, including Alibaba's rating downgrade, the decline in precious metals, and liquidity concerns [2][4][6]. Group 1: Market Performance - The Asia-Pacific markets showed weakness, with Hong Kong stocks collectively declining and the Japanese market also underperforming, leading to a drop in the A50 index by nearly 1% [2]. - The Nikkei 225 index closed down 1.06% at 51,961.98 points, with significant declines in major stocks such as Nintendo (-4.65%) and Sony (-3.28%) [3]. - The Hang Seng Index fell significantly, losing over 355 points and dropping below 26,400 points, while the Hang Seng Tech Index declined by over 2% [3]. Group 2: Alibaba's Rating Downgrade - Freedom Capital Markets downgraded Alibaba's rating from "Buy" to "Hold," reducing the target price from $180 to $140 per share [4]. - This downgrade occurred despite Alibaba reporting quarterly earnings that exceeded expectations, with cloud services being a key growth driver [5]. - Concerns were raised regarding the rapid increase in capital expenditures related to the cloud business and the relatively moderate growth of its retail business compared to competitors [5]. Group 3: Precious Metals Decline - Precious metals prices fell as investors took profits, compounded by a strengthening dollar ahead of key employment data releases [5]. - The market sentiment for precious metals was pressured, with expectations that the Federal Reserve may cut interest rates at least twice this year [5]. - The adjustment in the stock of Zijin Mining, which had previously surged, contributed to pressure on the Shanghai Composite Index [5]. Group 4: Liquidity Concerns - According to CITIC Securities, there is a liquidity gap due to seasonal fluctuations and increased government debt financing, which could tighten liquidity in the banking system [6]. - The central bank's actions, including reverse repos and medium-term lending facilities, will determine whether the liquidity situation will trend towards tightening [6]. - The ongoing foreign exchange settlement by commercial banks may consume excess reserves in the banking system, leading to structural liquidity pressures [6].

Market Overview - The Hong Kong stock market indices showed weakness, with the Hang Seng Index down 0.94% to 26,458.95, the Hang Seng Tech Index down 1.49% to 5,738.52, and the Hang Seng China Enterprises Index down 1.14% to 9,138.75 [1][2] Sector Performance - Major technology stocks collectively declined, with Alibaba down over 3%, and Netease and Kuaishou down over 2% [4][5] - The automotive sector faced significant losses, with BYD, NIO, and Xpeng all dropping over 3% [7] - Oil stocks also fell, with Kunlun Energy and China National Offshore Oil Corporation down over 3% [8][9] - Real estate stocks performed poorly, with Sunac China down 8.27% and several other major developers declining [10] - Chinese brokerage stocks were under pressure, with GF Securities down over 4% [11] Notable Gainers - The paper industry saw gains, with Nine Dragons Paper up 8.97% and Lee & Man Paper up 6.92% [14] - The innovative drug sector was active, with Ascentage Pharma-B and Tonghua Dongbao Pharmaceutical-B both rising over 8% [16] - Aluminum stocks rose, with Nanshan Aluminum International up over 10% [18] - Coal stocks strengthened, with Feishang Non-Ferrous Coal up over 34% [19] - The restaurant sector saw increases, with Ronghui Holdings up over 13% [21] - Solar energy stocks had some upward movement, with GCL-Poly Energy up over 24% [22] Investment Outlook - According to Galaxy Securities, the Hong Kong stock market is expected to see increased trading activity and a potential upward trend, with a focus on technology and consumer sectors due to supportive policies and low valuations [24]

Core Viewpoint - The article discusses recent fluctuations in the equity markets, particularly focusing on the performance of the Hong Kong and Japanese markets, and highlights three main variables affecting market sentiment, including Alibaba's rating downgrade, the decline in precious metals, and liquidity concerns [1][3][4]. Group 1: Market Performance - The Asia-Pacific markets showed weakness, with Hong Kong stocks collectively declining and the Japanese market also underperforming, leading to a nearly 1% drop in the A50 index [1][2]. - The Nikkei 225 index closed down 1.06% at 51,961.98 points, with significant declines in major stocks such as Nintendo (-4.65%) and Sony (-3.28%) [2]. - The Hang Seng Index fell significantly, losing over 355 points and dropping below 26,400 points, while the Hang Seng Tech Index saw a decline of over 2% [2]. Group 2: Alibaba's Rating Downgrade - Freedom Capital Markets downgraded Alibaba's rating from "Buy" to "Hold," reducing the target price from $180 to $140 per share, despite the company reporting better-than-expected quarterly earnings [3]. - Concerns were raised regarding the rapid increase in capital expenditures related to Alibaba's cloud business, with uncertain return prospects [3]. - The company's ability to expand its retail and cloud businesses without significantly increasing costs will be a key factor influencing its performance in the coming quarters [3]. Group 3: Precious Metals Market - Precious metals experienced a decline as investors took profits, compounded by a strengthening dollar ahead of key employment data releases [3]. - The market sentiment for precious metals was pressured, with expectations that the Federal Reserve may cut interest rates at least twice this year [3]. - The adjustment in the stock of Zijin Mining, which had previously surged, contributed to some pressure on the Shanghai Composite Index [3]. Group 4: Liquidity Concerns - According to CITIC Securities, there is a liquidity gap due to seasonal fluctuations in M0 and increased government debt financing, which could lead to structural tightening in the banking system [4]. - The central bank's actions, including reverse repos and medium-term lending facilities (MLF), will determine whether the liquidity situation trends towards tightening [4]. - Continuous foreign exchange settlements by commercial banks may consume excess reserves in the banking system, impacting overall liquidity [4].

Core Viewpoint - Alibaba's Gaode has launched the upgraded Gaode Street Ranking 2026, introducing the "Flying Street View" feature, which allows users to view real store environments from a street perspective, and is opening this feature to 1 million merchants for free [1][2]. Group 1: User Growth and Engagement - Gaode's user base has surpassed 660 million, with the app gaining an average of 46 million monthly active users over the past three months, bringing the total to 996 million [1]. - The Gaode Street Ranking has attracted 860,000 new merchants within 100 days of its launch, with merchant order volume increasing by over 330% and revenue rising by over 270% [1]. Group 2: New Features and Offerings - The "Flying Street View" feature allows users to preview restaurant environments and parking conditions, enhancing decision-making efficiency and helping merchants showcase their stores [2][3]. - Gaode has introduced seasonal and location-based dynamic service rankings, along with 1,550 category rankings covering various activities such as hiking and camping [3]. - The platform now offers personalized ranking creation, enabling users to create and share their own exclusive lists [3].

Market Overview - A-shares experienced a slight increase, with the Shanghai Composite Index recording a 14-day consecutive rise, closing at a trading volume of 2.88 trillion yuan, an increase of 49.3 billion yuan from the previous trading day [1] - The domestic commodity futures market saw a significant rise, while precious metals like gold and silver experienced a sharp decline, with gold dropping nearly 1% to below $4,450 per ounce [4] Sector Performance - The commercial aerospace sector showed strong activity, with multiple stocks hitting the daily limit, including LeiKe Defense with six consecutive gains and Goldwind Technology with two consecutive gains [2] - Semiconductor equipment stocks continued their strong performance, with companies like Zhongwei and Northern Huachuang reaching new historical highs [2] - The coal sector also saw significant gains, with Dayou Energy hitting the daily limit and other companies like Antai Group and Shaanxi Black Cat previously reaching the limit [2] Stock Market Movements - The Hong Kong stock market faced a decline, with the Hang Seng Technology Index and the Hang Seng Index both dropping over 1%, including major companies like Alibaba and BYD falling more than 3% [2][3] - Notable declines were observed in the brain-computer interface sector, with stocks like Chengyitong and Aipeng Medical dropping over 10% [2] Futures and Commodities - Government bond futures closed collectively lower, with the 30-year main contract down 0.44% and the 10-year main contract down 0.08% [4] - Precious metals such as platinum, gold, and silver saw significant drops, with platinum and palladium falling over 7% and 6% respectively [4] Cryptocurrency Market - Bitcoin experienced a decline of nearly 0.8%, with approximately 130,000 individuals facing liquidation in the past 24 hours [4]