Core Viewpoint - Alibaba Group will announce its unaudited financial results for the quarter ended December 31, 2025, on March 19, 2026, before the U.S. market opens, followed by a conference call to discuss the results [1]. Financial Reporting - The financial results will be reported before the U.S. market opens on March 19, 2026 [1]. - A conference call to discuss the financial results is scheduled for 7:30 a.m. U.S. Eastern Time on the same day [1]. - Participants must pre-register to join the conference call [1]. Access to Information - A live webcast of the earnings conference call will be available on Alibaba Group's Investor Relations website [1]. - An archived webcast will be accessible following the call, and a replay will be available for one week [1]. - The earnings release and accompanying slides will be available on the Investor Relations website prior to the conference call [1]. Company Overview - Alibaba Group is a global technology company focused on eCommerce and Cloud Computing, providing digital and logistics infrastructure, efficiency tools, and marketing reach [1]. - The company empowers enterprises with leading cloud infrastructure and services to facilitate digital transformation [1].

（股份代號：9988（港幣櫃台）及89988（人民幣櫃台）） 董事會會議召開日期 我們的董事會將於2026年3月18日舉行董事會會議，並將於會上批准我們截至 2025年12月31日止三個月的未經審核業績（「業績」）及業績公告等議案。我們將 於2026年3月19日公佈業績。 承董事會命 Alibaba Group Holding Limited 阿里巴巴集團控股有限公司 （於開曼群島註冊成立的有限責任公司） 香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 我們只有單一類別的股份，每一股份對應一份表決權。由於阿里巴巴合夥的董事提名權在 《香港聯交所證券上市規則》項下被歸類為不同投票權架構（「不同投票權架構」），我們被視 為一家有不同投票權架構的公司。股東及有意投資者應注意投資具有不同投票權架構的公司 的潛在風險。我們的美國存託股份（每股美國存託股份代表八股普通股）於紐約證券交易所上 市，股份代號為BABA。 張錦瑋 香港，2026年3月6 ...

Group 1 - The three major indices in China closed in the green, with the Shanghai Composite Index rising by 0.38%, the Shenzhen Component Index by 0.59%, and the ChiNext Index by 0.38% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.2 trillion yuan, a decrease of 189.9 billion yuan compared to the previous trading day, with over 4,200 stocks rising [2] - The chemical sector saw a collective surge, with over ten constituent stocks hitting the daily limit, and the electric grid equipment concept was also active, with Shun Sodium and Han Cable achieving three consecutive limit-ups [2][16] Group 2 - The Hang Seng Index showed a strong performance, rising nearly 2%, while the Hang Seng Technology Index increased by nearly 3% [3][5] - Major technology stocks such as Xiaomi, Tencent, Alibaba, and Meituan all experienced significant gains, with Xiaomi up 4%, Tencent up 3%, Alibaba up 3.4%, and Meituan up 4.5% [10] - Xiaomi plans to invest 200 billion yuan over the next five years to drive core technology innovation, focusing on high-end manufacturing and new energy vehicles [14] Group 3 - The electric grid sector experienced a resurgence, with significant investments planned, including a total of 4 trillion yuan for the State Grid during the 14th Five-Year Plan, which is a 40% increase from the previous plan [18] - The Southern Power Grid is expected to invest around 1 trillion yuan during the same period, leading to a total investment of nearly 5 trillion yuan from both major grids [18] - The government emphasizes the need for infrastructure upgrades to support new energy systems, with a focus on integrating renewable energy sources [18] Group 4 - The agricultural chemical sector saw a notable increase, with the sector rising approximately 4%, and several stocks, including Chitianhua and Jinzhengda, hitting the daily limit [20] - The price of granular urea in the Middle East has risen by about $130 per ton since last Friday, currently reported at $575 to $650 [23] - The rotation logic of bulk commodities continues, with historical patterns indicating a sequence of movements among different commodities [24]

Group 1: Market Overview - The Hong Kong stock market showed signs of stabilization, with the Hang Seng Index closing up 71 points or 0.28%, ending at 25,321 points after a volatile trading session [2][3] - The trading volume for the day was 32.19 billion HKD, with 46 out of 88 blue-chip stocks rising [3] Group 2: Macro & Industry Dynamics - The Ministry of Industry and Information Technology of China aims to promote the development of artificial intelligence (AI) and manufacturing, with a focus on producing world-class smart products [5] - The AI core industry in China exceeded 1.2 trillion CNY last year, with over 6,200 companies involved, indicating significant growth potential in this sector [5] Group 3: Company News - Hong Kong's actuarial society predicts that the Mandatory Provident Fund (MPF) assets will reach between 3.9 trillion to 4.5 trillion HKD by 2045, approximately 2.7 times the 2025 figure [6] - Haikong Enterprises reported a widened loss of 234 million HKD for the year ending December, with revenue declining by 0.66% to 1.345 billion HKD [8] - Alibaba opened its first physical toy store in Beijing, targeting the young consumer market and expanding its IP offerings [9] - China Qinfa announced a placement of 90 million shares at a 10% discount to raise approximately 316 million HKD for its mining operations in Indonesia [10]

Core Insights - The article discusses the paradigm shift in AI glasses from merely answering questions to performing tasks, marking a significant evolution in the technology [3][4][12]. Group 1: AI Glasses Development - At MWC 2026, AI glasses are showcased as capable of completing tasks autonomously, such as scheduling meetings and making purchases with simple voice commands [8][10]. - The trend indicates a collective industry effort to transform AI glasses into agents that can see, understand, decide, execute, and provide feedback, thus entering the "Agent era" [12]. Group 2: Competitive Landscape - Major tech companies view AI glasses as a critical entry point into the post-smartphone era, with a strong competition evident at MWC [14][21]. - Companies like Meta and Google are focusing on creating a complete operating system for AI glasses, aiming to replace smartphones, while Chinese firms prioritize practical applications and user integration [26][29]. Group 3: Diverging Strategies - Western companies are betting on long-term platform development, while Chinese companies emphasize rapid deployment and immediate utility [30][33]. - The success of AI glasses hinges on their ability to be user-friendly, functional, and trustworthy, which will determine their evolution from novelty items to essential computing interfaces [34][35].

Group 1 - The government work report sets the economic growth target for 2026 at 4.5% to 5% [4][33] - The "14th Five-Year Plan" draft outlines 20 key indicators for economic development, innovation, and green transformation [4][33] - The Ministry of Industry and Information Technology states that artificial intelligence is becoming a strong driver for high-quality economic development, with the core industry expected to exceed 1.2 trillion yuan by 2025 [5][34] Group 2 - BYD announced the launch of its second-generation blade battery and fast-charging technology, achieving 70% charge in 5 minutes and 97% in 9 minutes [3][13] - JD Group forecasts a revenue of 1.309 trillion yuan for 2025, with JD Logistics expected to surpass 200 billion yuan in revenue [13][14] - Bilibili reported a total revenue of 30.35 billion yuan for 2025, achieving a net profit of 2.59 billion yuan [22] Group 3 - The World Gold Council reported a net inflow of 5.3 billion USD into global gold ETFs in February, marking the strongest annual start on record [11][40] - The global number of billion-dollar entrepreneurs reached a record 4,020, with China regaining the top position with 1,110 billionaires [39]

Group 1 - The Iranian military claims that the US aircraft carrier "Abraham Lincoln" was hit by an Iranian drone in the Oman Sea, prompting the carrier to retreat over 1,000 kilometers from the area [2][8][9] - The US stock market saw a collective decline, with the Dow Jones dropping by 784.67 points (1.61%), while international oil prices surged, with WTI crude oil rising by 6.71% to $79.70 per barrel [2][6] - BYD announced the launch of its second-generation blade battery and fast-charging technology, achieving a charging speed of 70% in 5 minutes and 97% in 9 minutes, along with plans to establish 20,000 fast-charging stations by the end of 2026 [2][16] Group 2 - The Chinese government set an economic growth target of 4.5% to 5% for 2026, with additional goals including a 5.5% urban unemployment rate and a 2% increase in consumer prices [4][5] - The Ministry of Industry and Information Technology highlighted that the artificial intelligence sector is expected to exceed 1.2 trillion yuan in core industry scale by 2025, with over 6,200 companies involved [6] - JD Group reported a revenue of 1.309 trillion yuan for 2025, with a net profit of 27 billion yuan, while JD Logistics achieved a revenue of 217.1 billion yuan, marking an 18.8% year-on-year growth [18][19] Group 3 - Alibaba denied rumors regarding the collective departure of its "Qianwen Model" team, asserting that the team remains stable and operations are normal [20] - OpenAI released the GPT-5.4 model, which supports a context window of up to 1 million tokens, enhancing its capabilities for complex tasks [27] - Bilibili reported a total revenue of 30.35 billion yuan for 2025, with an adjusted net profit of 2.59 billion yuan, indicating a significant improvement in profitability [28]

Group 1 - The core viewpoint of the article highlights the recent departure of Lin Junyang, the technical head of Alibaba's Qianwen large model, along with some team members, which has drawn attention to the hiring activities of Zhipu, particularly in their GLM team [1] - Zhipu is actively recruiting for various positions including Date Infra, AI Coding, Agent, GLM foundational research, GLM post-training, Infra, multimodal, evaluation, and innovation directions [1] - The recruitment advertisement specifically mentions a "high-priority interview fast track" for candidates from "certain major companies and teams," indicating a strategic approach to attract top talent [1]

Core Viewpoint - Alibaba has refuted recent rumors regarding the collective departure of the "Qwen model core team" and adjustments to its open-source strategy, asserting that the team remains stable and all products and services are operating normally [2]. Group 1 - The Qwen model team is stable, and there has been no "collective departure" [2]. - Alibaba will continue to adhere to its open-source strategy, with the foundational model team not being assigned commercial KPIs such as DAU. The goal of the Qwen large model is to pursue the upper limits of model intelligence and achieve AGI [2]. - Alibaba welcomes top global AI talent to join in building world-class large model technology and an open-source ecosystem, committing to increased investment to support the Qwen team [2]. Group 2 - On March 4, Lin Junyang, a senior algorithm expert and head of the Qwen large model, announced his departure from the team [2]. - On March 5, Alibaba's CEO Wu Yongming addressed Lin's departure in an internal email, reaffirming the company's commitment to its open-source model strategy and the ongoing investment in AI research and talent acquisition [2].

Group 1 - Alibaba Group has confirmed that the core team of the Qwen model is stable and there has been no collective resignation, countering recent rumors [1] - The company emphasizes that all products and services are operating normally and will continue to adhere to an open-source strategy [1] - The foundational model team has never been assigned commercial KPIs such as DAU, with the goal of the Qwen model being to pursue the limits of model intelligence and achieve AGI [1] Group 2 - Alibaba welcomes top global AI talent to join in building world-class large model technology and an open-source ecosystem [1] - The company plans to continue increasing investments to provide solid support for the Qwen team [1]