Group 1 - The biggest tech event this week is the Alibaba conference taking place from Wednesday to Friday in Hangzhou [1] - The conference is divided into three parts: large models, AI applications, and chips [1] - Market funds are currently concentrated in domestic computing power, with specific mentions of Haiguang and storage [1] Group 2 - The entire market is primarily focused on electronics [2] - Other sectors have significantly weakened, including previously strong players like optical modules [3]

Core Insights - The concept of "long tail" in the context of drama series is gaining traction among both audiences and streaming platforms, emphasizing the importance of sustained viewership and engagement beyond the initial airing period [1][2][4] - Streaming platforms are increasingly focusing on the long tail effect as a key metric for success, with several old dramas achieving significant viewership even after their original broadcast [2][4] - The industry is witnessing a shift towards valuing quality content that can maintain viewer interest over time, rather than solely relying on initial viewership numbers [6][14] Group 1: Long Tail Effect - The long tail effect is becoming a focal point for streaming platforms, with executives from major players like iQIYI, Youku, and Tencent Video highlighting its significance in various forums [2] - Data from Yunhe indicates that in 2024, seven old dramas achieved an average viewership exceeding 100 million, showcasing the growing importance of long tail metrics alongside peak viewership [2] - Platforms are implementing strategies such as "full series free viewing" to activate the long tail effect of past dramas, attracting new users [1][16] Group 2: Content Strategy - The industry is moving towards a "long + short" content ecosystem, where high-quality long-form content is essential for attracting and retaining users and advertisers [4][6] - The reduction in the number of new series being launched (271 in the first half of 2025, down by 33 from the previous year) indicates a strategic focus on extending the lifecycle of existing series [4][14] - Platforms are diversifying their definitions of long tail dramas, recognizing that any series with strong post-broadcast performance can be classified as such, regardless of its initial popularity [7][11] Group 3: Audience Engagement - The introduction of annual ranking lists, such as Youku's "Annual Bestsellers," reflects a shift in measuring a series' value over a longer time frame, encouraging ongoing viewer engagement [6] - Platforms are leveraging community interaction and user-generated content to maintain the relevance and visibility of older series, fostering a culture of sustained discussion and engagement [15][16] - The use of algorithms to recommend classic dramas to potential new viewers is a key strategy for enhancing the long tail effect [14][16]

花旗发表研究报告中指，阿里巴巴近期的股价可能受到多种因素的支撑。阿里巴巴近期推出的店内团购 促销活动"恰逢即将到来的出行旺季，有望引导用户前往门店或餐厅消费/用餐"。此外，投资者也正密 切关注本周晚些时候阿里巴巴云的云栖大会，该会议可能会对阿里巴巴产生积极的推动作用。花旗对阿 里巴巴给予"买入"评级，其美国存托凭证的目标价格为187美元。 ...

Core Viewpoint - Taobao has launched a new feature called "AI Find Low Price," which allows users to upload a product image to find lower-priced alternatives, enhancing the shopping experience through AI technology [1][3]. Group 1: Feature Overview - The "AI Find Low Price" feature has been fully launched after nearly six months of testing, enabling users to quickly locate lower-priced and high-quality products by analyzing price differences and providing recommendations based on product categories [1][3]. - The feature actively filters out products with poor ratings and low sales during the information integration process, aiming to improve user experience and product selection [3][4]. - The development team is continuously exploring ways to enhance the feature, ensuring it can find comparable products across the platform without bias, as there are currently no plans for commercialization [3][4]. Group 2: Strategic Context - Taobao's focus on instant retail and AI-driven e-commerce is a key strategic priority, with the company emphasizing the importance of AI in the current market landscape [3][4]. - The shift from B2B AI applications to C2C functionalities indicates a broader strategy to empower consumers directly, enhancing their shopping experience [4]. - Competitors like JD.com and Douyin are also investing in AI-driven shopping solutions, indicating a growing trend in the e-commerce sector towards personalized recommendations and product verification [5][6]. Group 3: Market Implications - The introduction of the "AI Find Low Price" feature is seen as a strategic move to attract users by addressing their desire for competitive pricing, especially in light of ongoing price wars in the e-commerce market [6][9]. - The feature's ability to help users find the best prices without direct subsidies from the platform may pressure merchants to adjust their pricing strategies proactively [9][11]. - As other platforms are likely to follow suit in implementing similar features, the competitive landscape in e-commerce is expected to evolve, with price competitiveness becoming a central theme [11].

Group 1 - The Hong Kong stock market indices collectively declined, with the Hang Seng Tech Index dropping nearly 1% on September 22, 2023 [1] - Consumer electronics stocks showed strength, while innovative drug concept stocks experienced a broad increase [1] - Southbound funds net bought HK$98.38 billion worth of Hong Kong stocks on September 19, with Alibaba receiving a net purchase of HK$17.27 billion [1] Group 2 - Alibaba has been net bought by southbound funds for 21 consecutive trading days, with the net purchase amount exceeding HK$40 billion during the day of reporting [1] - Citic Securities suggests focusing on Alibaba's computing chip specifications and capital expenditure plans ahead of the Cloud Summit on September 24, 2025 [1] - Alibaba has completed the issuance of US$3.2 billion in zero-coupon convertible senior notes, with approximately 80% allocated for cloud infrastructure development [1] Group 3 - The competition between Alibaba and Baidu in self-developed chips is igniting a bullish sentiment, with expectations for the Hang Seng Tech Index to break upward again [2] - The potential for continued inflow of southbound funds is anticipated due to the Federal Reserve's interest rate cuts and the resurgence of AI narratives [2] - Investors without a Hong Kong Stock Connect account may consider the Hang Seng Tech Index ETF (513180) for exposure to core Chinese AI assets [2]

Core Viewpoint - The Hong Kong stock market, particularly the Hang Seng Technology Index, experienced a decline, with significant movements in key technology stocks. The upcoming Cloud Summit is expected to highlight advancements in AI, which may positively influence the market outlook for technology stocks, especially those related to AI and chip development [1]. Group 1: Market Performance - On September 22, the Hong Kong stock market opened lower, with the Hang Seng Technology Index dropping nearly 1.5% [1]. - The largest ETF tracking the Hang Seng Technology Index (513180) followed the index's downward trend, with notable stocks like Sunny Optical Technology, BYD Electronics, Baidu Group, and Hua Hong Semiconductor showing gains, while stocks like Kuaishou, BYD Company, Meituan, Haier Smart Home, and JD Group led the declines [1]. Group 2: Upcoming Events and Opportunities - The 2025 Cloud Summit is set to open on September 24, featuring three main forums and three exhibition halls focused on AI advancements [1]. - The AI exhibition hall will showcase large models and intelligent development tools, while the computing hall will present a full-stack capability from chips to platforms. The frontier applications hall will display AI implementation practices from over a hundred companies [1]. Group 3: Investment Insights - Citic Securities suggests monitoring Alibaba's chip specifications and capital expenditure plans, the iteration and open-sourcing of the Qianwen model, and product layout on the edge [1]. - The competition between Alibaba and Baidu in self-developed chips is igniting a bullish sentiment, with the Hang Seng Technology Index expected to break upward again [1]. - With the potential for the Federal Reserve to lower interest rates and continued inflow of southbound capital, a valuation reconstruction for the Hang Seng Technology Index is anticipated, driven by both domestic and foreign capital synergy and the return of AI narratives [1].

Market Overview - On September 19, Hong Kong's three major indices experienced fluctuations, with the Hang Seng Index closing at 26,545.1 points, the Hang Seng Tech Index rising by 0.37% to 6,294.42 points, and the National Enterprises Index increasing by 0.17% to 9,472.35 points [1] - The materials sector remained active, while pharmaceutical stocks saw significant declines. Over the past week, the Hang Seng Index rose by 0.59%, the Hang Seng Tech Index increased by 5.09%, and the National Enterprises Index gained 1.15% [1] - Notable stocks included NIO, which rose nearly 4.5%, Hua Hong Semiconductor, which increased over 4%, and Alibaba, which gained nearly 0.5%. Kuaishou saw a decline of over 0.5% [1] Southbound Capital - On September 19, southbound funds net bought Hong Kong stocks worth 9.838 billion HKD, with Alibaba receiving a net purchase of 1.727 billion HKD. For the week up to September 19, the cumulative net purchase reached 36.851 billion HKD, and the total for the year so far is 1,109.73 billion HKD, significantly exceeding last year's total net purchase [2] U.S. Market Performance - Overnight, U.S. stock indices reached new closing highs, with the Dow Jones up 0.37%, the S&P 500 rising by 0.49%, and the Nasdaq increasing by 0.72%. Notable gains were seen in Amgen and Apple, both rising over 3% [3] - The Nasdaq Golden Dragon China Index saw mixed performance among popular Chinese concept stocks, closing down 0.25%. The Hang Seng Index ADR fell, closing at 26,462.40 points, down 82.70 points or 0.31% compared to the Hong Kong market close [3] Key News - The 2025 Alibaba Cloud Summit will be held from September 24 to 26 in Hangzhou, focusing on AI, cloud computing, and industry applications, featuring three main forums and over 110 discussion topics [4] - Taobao and Ele.me are launching a merchant group-buying service, starting with restaurant group purchases in major cities like Shanghai and Shenzhen on September 20 [4] - The Hang Seng Index Company reported over 1 trillion HKD in net inflows for the Hong Kong Stock Connect this year, indicating a strong trend of capital inflow over the past two years [4] Short Selling Data - On September 19, a total of 648 Hong Kong stocks were short-sold, with a total short-selling amount of 38.141 billion HKD. The top three stocks by short-selling amount were Alibaba (3.598 billion HKD), Baidu (2.53 billion HKD), and Xiaomi (1.466 billion HKD) [5] Institutional Insights - Guotai Junan Securities indicated that the Hang Seng Tech Index is likely to transition from "catching up" to "leading." The observation of the divergence and convergence of returns between the ChiNext Index and the Hang Seng Tech Index suggests a high probability of relative return reversal for the latter [6] - The influx of southbound funds and increased foreign interest in Chinese assets are noted, with historical trends indicating that once the Federal Reserve begins to cut interest rates, the Hang Seng Tech Index often experiences both absolute and excess returns [6] Hong Kong Related ETFs - The Hong Kong Consumption ETF focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF includes core AI assets and encompasses technology leaders that are also relatively scarce compared to A-shares [8]

Core Insights - Alibaba has made a strategic investment in Haalo Robotaxi, a new player in the autonomous driving sector, signaling renewed confidence in the industry after previous setbacks [3][5][23] - Haalo aims to achieve commercial operation within two years, a timeline that is ambitious compared to established players like Waymo and Tesla, which took nearly a decade to reach similar milestones [6][8][19] Investment Details - The exact investment amount has not been disclosed, but it is characterized as a strategic investment, indicating that Alibaba will provide not only financial support but also technological collaboration [5][15] - Alibaba will support Haalo in areas such as AI models, computing power, and the deployment of Robotaxi services, leveraging its strengths in AI and cloud computing [5][19] Technological Framework - Haalo's Robotaxi will utilize a one-stage end-to-end autonomous driving system, which has been validated by L2 players over the past two years [13][17] - The first production model of Haalo's Robotaxi is already in the manufacturing process, with a partnership with Dongfeng Nissan for pre-production [9][11] Competitive Landscape - Haalo's CEO has stated that if the fleet does not reach 100,000 vehicles within two years, the company may exit the market [6] - The company is positioned to leverage its existing experience in shared mobility, having operated 20 million smart devices across 500 cities in China [17][19] Market Timing and Challenges - The current market conditions are favorable for Haalo, as the industry and technology have matured, reducing previous uncertainties [19] - The primary challenge for Haalo is to quickly demonstrate the viability of its end-to-end technology and prove its capability to major investors [19][23] Internal Developments at Alibaba - Alibaba has made significant progress in its internal research on autonomous driving, including a collaboration with Queensland University to develop a new VLA framework called AutoDrive-R² [24][26] - This framework aims to enhance the reasoning capabilities of existing models, addressing issues related to trajectory planning and reliability [26][27]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.62%), Gree Power (69.26%), and COSCO Shipping Energy (69.07%) [1] - Alibaba-W, Meituan-W, and Yangtze Optical Fibre and Cable (68.69%) saw the largest increases in holding amounts over the last five trading days, with increases of +135.49 billion, +36.19 billion, and +12.40 billion respectively [1] - Xiaomi Group-W, Tracker Fund of Hong Kong, and Tencent Holdings experienced the largest decreases in holding amounts, with reductions of -19.37 billion, -18.72 billion, and -10.39 billion respectively [2] Group 1: Top Holding Ratios - China Telecom (00728) has a holding of 99.41 billion shares, representing 71.62% [1] - Gree Power (01330) has a holding of 2.80 billion shares, representing 69.26% [1] - COSCO Shipping Energy (01138) has a holding of 8.95 billion shares, representing 69.07% [1] Group 2: Recent Increases in Holdings - Alibaba-W (09988) saw an increase of +135.49 billion in holding amount, with an increase of +85.16 million shares [1] - Meituan-W (03690) experienced an increase of +36.19 billion, with an increase of +34.04 million shares [1] - Yangtze Optical Fibre and Cable (06869) had an increase of +12.40 billion, with an increase of +20.13 million shares [1] Group 3: Recent Decreases in Holdings - Xiaomi Group-W (01810) had a decrease of -19.37 billion in holding amount, with a decrease of -34.16 million shares [2] - Tracker Fund of Hong Kong (02800) saw a decrease of -18.72 billion, with a decrease of -68.81 million shares [2] - Tencent Holdings (00700) experienced a decrease of -10.39 billion, with a decrease of -1.62 million shares [2]

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements for these companies [1][2]. Short Selling Ratios - The top three companies with the highest short-selling ratios are China Resources Beer (100.00%), Li Ning (100.00%), and Tencent Holdings (95.84%) [1][2]. - The short-selling ratio reflects the percentage of shares that are sold short compared to the total shares outstanding, indicating bearish sentiment among investors [2]. Short Selling Amounts - The companies with the highest short-selling amounts are Alibaba (35.98 billion), Baidu (25.30 billion), and Xiaomi (14.66 billion) [1][2]. - These figures represent the total monetary value of shares that have been sold short, suggesting a significant level of investor concern regarding these companies [2]. Deviation Values - The top three companies with the highest deviation values are China Ping An (46.83%), Tencent Holdings (43.52%), and Yixin Group (38.34%) [1][2]. - Deviation value indicates the difference between the current short-selling ratio and the average short-selling ratio over the past 30 days, highlighting stocks that may be experiencing unusual trading activity [2].