Core Viewpoint - Alibaba's AliExpress has launched a "Super Brand Going Global Plan" to recruit well-known brands, aiming to provide a more cost-effective and supportive pathway for brands to expand internationally compared to Amazon [1][2] Group 1: Strategic Initiatives - The "Super Brand Going Global Plan" intends to attract top-performing Chinese brands from Amazon, offering them a more affordable operational model [1] - AliExpress will introduce a "Brand+" section on its homepage, providing exclusive branding, traffic support, operational tools, and price guarantees for quality brand products [2] - The platform's "Brand Service Center" will offer near real-time data dashboards, channel conversion analysis, and customer asset accumulation capabilities to assist brands in refined operations [2] Group 2: Market Positioning - AliExpress aims to challenge Amazon in the "going global" space, focusing on mid-to-high-end markets and leveraging its extensive experience in domestic e-commerce [1][4] - The platform's overseas management service has expanded to cover 30 countries, enhancing the last-mile delivery experience through official logistics [2][3] - The growth of products labeled "Local+" indicates a shift towards local inventory, improving delivery speed and shopping experience for consumers [2][3] Group 3: Industry Context - The cross-border e-commerce industry is facing intense price competition, leading to shrinking profit margins, prompting AliExpress to shift focus from low-price strategies to premium brand products [3] - In the first half of the year, the number of brands on AliExpress increased by 70% year-on-year, with over 500 brands doubling their sales and more than 2,000 brands entering new markets [3]

Core Insights - The return of Jack Ma to Alibaba has significantly increased the company's focus on AI technology and investment, marking a pivotal shift in its strategic direction [1][3][9] Group 1: AI Technology Focus - Jack Ma's emphasis on AI has reached unprecedented levels, with reports indicating he has actively sought updates on AI development multiple times in a single day [4][22] - Alibaba's subsidiary, Pingtouge, has developed a new AI chip that surpasses Nvidia's A800 in key performance metrics, indicating Alibaba's competitive strength in the AI chip sector [6][8] - The company plans to invest over 380 billion yuan in cloud and AI infrastructure over the next three years, exceeding its total investment in the past decade [9][11] Group 2: Financial Investments and Growth - In the first quarter of the 2026 fiscal year, Alibaba's capital expenditure surged by 220% year-on-year to 38.6 billion yuan, reflecting the company's unprecedented investment in AI [11] - Alibaba is expanding its global footprint by establishing eight new AI data centers, increasing its total to 95, mirroring Amazon AWS's global strategy [11] Group 3: Strategic Partnerships and Market Expansion - Alibaba has formed a deep collaboration with Apple, integrating its Tongyi Qianwen large model into the iOS system, which is expected to enhance user experience across millions of iPhones [11][22] - The company is also aggressively pursuing growth in the local services sector, responding to competition from JD.com by upgrading its Taobao platform and integrating Ele.me into its e-commerce division [12][14] Group 4: AI in Operational Efficiency - AI technology has been implemented in Alibaba's delivery services, resulting in a 12% increase in delivery efficiency and a near 90% success rate in route optimization [17][22] - The introduction of AI-driven tools has significantly reduced the time required for merchants to set up stores, from three days to just four hours [17] Group 5: International Market Strategy - Alibaba's Southeast Asian platform, Lazada, is now fully open to Tmall merchants, allowing for seamless entry into international markets with AI support for logistics and customer service [20] - This initiative lowers the barriers for brands to expand overseas, as they can leverage Lazada's infrastructure without needing to establish local teams [20]

Group 1: Nvidia and OpenAI Partnership - Nvidia announced a strategic partnership with OpenAI, planning to invest up to $100 billion, with OpenAI deploying up to 10 gigawatts of Nvidia systems, equivalent to 4-5 million GPUs [1] - The first phase of the system is set to operate in the second half of 2026 based on Nvidia's Vera Rubin platform [1] - Both companies will collaborate to optimize the technical roadmap for models and infrastructure software and hardware, aiming to advance OpenAI's mission for general artificial intelligence, resulting in a nearly 4% increase in Nvidia's stock price following the announcement [1] Group 2: Wuwen Xinqun's Agentic Infra - Wuwen Xinqun launched an infrastructure intelligent agent swarm, utilizing a multi-agent collaborative architecture to cover various modules such as model selection, resource operation, troubleshooting, and cluster operation and maintenance [2] - This solution transforms the traditional production model from IaaS to PaaS to MaaS to Agent applications, building a highly collaborative system centered around intelligent agents, significantly enhancing resource utilization and operational efficiency [2] - Collaborations with clients like Nia TA and Soul have resulted in a fivefold increase in iteration speed and a hundredfold expansion in operational capabilities, promoting the shift from "AI infrastructure paradigm" to "Agentic Infra" [2] Group 3: Alibaba's Qwen3-Omni Model - Alibaba's Tongyi has open-sourced the Qwen3-Omni multimodal model, capable of seamlessly processing text, images, audio, and video inputs, supporting real-time streaming responses and simultaneous text and voice output [3] - The model achieved state-of-the-art (SOTA) results in 32 out of 36 audio and audio-video benchmark tests, surpassing closed-source strong models like Gemini-2.5-Pro, and supports 119 text languages, 19 speech understanding languages, and 10 speech generation languages [3] - Alibaba also open-sourced the Qwen3-TTS-Flash speech synthesis model and the Qwen-Image-Edit-2509 image editing model, with the former supporting 17 voice tones and 10 languages, and the latter introducing multi-image editing and single-image consistency enhancement features [3] Group 4: Kimi's Agent Membership Service - Kimi introduced an Agent membership service, allowing users to receive a full refund of previous tipping amounts upon first subscription [4] - The membership service is named after musical tempos: the free version is Adagio, with paid versions priced at 49 yuan for Andante and 99 yuan for Moderato, and an overseas option at $199 for Vivace [4] - The main difference between paid and free users lies in the number of Agent usage instances, with mid to high-tier subscriptions offering equivalent API exchange vouchers and higher-tier members receiving priority access during peak times [4] Group 5: MiniCPM-V 4.5 Model Release - Tsinghua University's NLP lab and Mianbi Intelligence released the MiniCPM-V 4.5 technical report, which, with 8 billion parameters, surpasses larger models like GPT-4o-latest and Qwen2.5-VL-72B [5] - The model employs three innovative technologies: a unified 3D-Resampler architecture for high-density video compression, a document-oriented unified OCR knowledge learning paradigm, and controllable mixed fast/deep thinking multimodal reinforcement learning [6] - MiniCPM-V 4.5 achieved an average score of 77.0 in the OpenCompass comprehensive evaluation, demonstrating high inference efficiency, with time costs on VideoMME being only one-tenth of similar models, and has been downloaded over 220,000 times on HuggingFace and ModelScope [6] Group 6: ZhiYuan Robot's GO-1 Model - ZhiYuan Robot open-sourced the GO-1 general embodiment base model, utilizing the first global Vision-Language-Latent-Action (ViLLA) architecture, bridging the semantic gap between image-text input and robot action execution [8] - The model features a three-layer collaborative design: a multimodal understanding layer based on InternVL-2B, an implicit planner, and an action expert based on diffusion models, validated across various robots and simulation environments [8] - ZhiYuan Robot also launched Genie Studio, a one-stop development platform providing a full-stack solution for developers, including data collection, management, model training, fine-tuning, evaluation, and deployment, while supporting the LeRobot universal data format for compatibility with other robot platforms [8] Group 7: OpenAI's Future AI Development - Lukasz Kaiser, a member of the Transformer team at OpenAI, is involved in the development of GPT-5 and related reasoning models, emphasizing the potential of large models for cross-domain learning [9] - Kaiser proposed the concept of "One Model To Learn Them All" in 2017, predicting that the next phase of AI will focus on teaching models to "think" [9] - He forecasts a paradigm shift in AI computation from large-scale pre-training to massive reasoning calculations on a small amount of high-quality specific data, aligning more closely with human intelligence patterns [9]

（文章来源：证券时报网） 从连续性进行统计， 有2只股获南向资金连续3天以上净买入，连续净买入天数较多的有阿里巴巴-W、 中芯国际，连续净买入天数分别为23天、3天。以其间净买入金额统计，净买入金额最多的是阿里巴巴- W，合计净买入为621.16亿港元，其次是中芯国际合计净买入为9.14亿港元。（数据宝） 9月23日南向资金成交活跃股 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 1221934.61 | 167305.20 | 0.13 | | 00981 | 中芯国际 | 935329.63 | 50298.96 | -1.02 | | 09926 | 康方生物 | 81383.89 | 21974.51 | 4.27 | | 01635 | 大众公用 | 140318.52 | 19051.78 | 8.99 | | 02228 | 晶泰控股 | 181685.83 | 15889.24 | 2.54 | | 01788 | 国泰君安国际 | 14916 ...

9月23日上榜的成交活跃股中，阿里巴巴-W通过港股通渠道成交金额为122.19亿港元，净买入金额为 16.73亿港元，不仅如此，该股已连续23日出现成交净买入，累计净买入金额为621.16亿港元，其间股价 上涨37.77%。（数据宝） （文章来源：证券时报网） 阿里巴巴-W获南向资金连续23天净买入，累计净买入金额为621.16亿港元，股价累计上涨37.77%。 证券时报·数据宝统计显示，9月23日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 509.69亿港元，净卖出金额为24.69亿港元。 ...

Market Overview - On September 23, the Hang Seng Index fell by 0.70%, closing at 26,159.12 points, with a total net sell of 4.069 billion HKD through the southbound trading channel [1][3] - The total trading volume for the southbound trading was 149.515 billion HKD, with a net sell of 4.069 billion HKD [1] Trading Activity - In the Shanghai Stock Exchange southbound trading, the total trading amount was 95.882 billion HKD, with a net sell of 2.322 billion HKD; in the Shenzhen Stock Exchange, the total trading amount was 53.633 billion HKD, with a net sell of 1.747 billion HKD [1] - The most actively traded stock in the Shanghai Stock Exchange was Alibaba-W, with a trading amount of 7.609 billion HKD and a net buy of 712 million HKD, closing with a price increase of 0.13% [1][2] - The stock with the highest net sell was the Tracker Fund of Hong Kong, with a net sell of 3.271 billion HKD, closing down by 0.59% [1][2] Active Stocks in Shenzhen Stock Connect - In the Shenzhen Stock Connect, Alibaba-W also led in trading volume with 4.611 billion HKD, followed by SMIC and Shankai Holdings with trading amounts of 3.519 billion HKD and 1.951 billion HKD respectively [2] - The highest net buy in Shenzhen was also Alibaba-W, with a net buy of 961 million HKD, while the highest net sell was the Hang Seng China Enterprises Index, with a net sell of 993 million HKD, closing down by 1.00% [2]

Core Viewpoint - Alibaba (BABA.US) shares rose over 2%, reaching a high of $167.82, the highest since October 2021, driven by news of upcoming product releases from the Alibaba Qwen team [1] Group 1 - Alibaba Qwen team is set to announce 6 new items, including 1 product, 2 open-source models, and 3 API interfaces [1]

出品｜虎嗅商业消费组 作者｜周月明 编辑｜苗正卿 题图｜视觉中国 距双十一还有一个月，阿里西溪园区的空气中，已经弥漫着硝烟与咖啡因混合的味道。每一层楼都有许多会议室上演着"备战双十一"的动员会、冲刺 会。行色匆匆的阿里小二们紧绷而兴奋。 淘宝出海的团队也不例外。 2015年就已存在的淘宝出海业务，去年突然开始加速。据数据显示，自今年4月财年起，其新用户同比增速已超200%。 " 加速的核心是我们看到履约确定性、支付注册门槛、用户数据三方面出现了拐点。 "淘宝出海总经理叶剑秋告诉虎嗅，"重新整合后，集团内部各组 织变得更紧密也是主要原因， 各部门甚至会共背业绩目标。 " 淘宝这次盯上的，是淘天盘子里那群没有出海经验的内贸商家 。但要想撬动这片大货盘，打消他们的观望和疑虑成了关键。这些商家不想在海外大量 备货、不想处理复杂的海外物流、也不想雇佣独立的海外团队，确定性和可控性是他们的首要需求。 基于此，淘宝出海选择走"一键出海"模式，收取淘天商家4%-10%佣金后，帮其解决物流、售后、客服等环节。"我们不是全托管，定价权、经营权、 用户资产都依然属于商家。"叶剑秋说。 当然，一些挑战也摆在淘宝出海面前。 从海外华人 ...

以下文章来源于晚点财经 ，作者晚点团队 晚点财经 . 用框架思维分析上市公司的增长逻辑与投资价值。 "出海四小龙" 各自在错位竞争。 文 丨 管艺雯 我们此前报道 ，为应对 4 月以来爆发的关税战，Temu 和 Shein 都在商品价格中明确标注 "Import Charges"（进口费用），并都在拓展美国以外的市场，美国在 Shein 全球 GMV 中的占比，已经不及 30%，Temu 则为 35%。 Temu 为 2025 年定下了超过 30% 的 GMV 增长目标，这源于它从去年才开始做欧洲等市场，今年的 增速会很快，据我们了解，Temu 也重新在美国市场恢复了市场投放。目前，Temu 的业务以本对本的 半托管模式为主，这种模式下，平台上出售的商品由卖家自行运到美国的仓库并承担关税。 但大多数公司很难做到 Temu 面向商家、员工、供应商几乎不留余地的极致效率，因此也无法实现 Temu 那样的极致低价。 据我们了解，全球关税战爆发后，速卖通内部就开始反思，低价路线的天花板太低，"如果没有差异化 很难做，最终大家都是在压价格。" 他们意识到，只有中国品牌商品还有溢价空间，加税之后的价格 在全球市场仍然有竞 ...

Core Viewpoint - The National Internet Information Office of China has announced penalties against the platforms Toutiao and UC for violating online ecosystem regulations, emphasizing the importance of maintaining a clean and healthy internet environment [1] Group 1: Actions Taken - The National Internet Information Office has guided local authorities to take measures against Toutiao for failing to manage harmful content, including presenting inappropriate information on trending lists and related topics [1] - UC platform has also been penalized for not managing sensitive content properly, including displaying extreme and violent information that violates online order [1] Group 2: Regulatory Focus - The National Internet Information Office aims to ensure a clear and healthy online space that aligns with public interests, indicating a commitment to addressing significant issues that disrupt the online ecosystem [1] - The regulatory body will continue to focus on prominent violations and enforce responsibilities on website platforms to maintain a clean online environment [1]