Core Viewpoint - The integration of Ele.me and Taobao Shanguo into a single brand under Taobao Shanguo signifies Alibaba's strategic shift towards enhancing its presence in the instant retail market, leveraging Ele.me's delivery capabilities to expand into diverse categories such as fresh produce, daily necessities, and pharmaceuticals [1][3]. Group 1: Strategic Intent - Alibaba aims to utilize Ele.me's established near-field supply and delivery capabilities to broaden Taobao's consumer reach into various instant retail sectors [3]. - The integration is seen as a commitment to the future of "big consumption," focusing on the deep integration of e-commerce, local life services, and logistics networks [3][7]. - The rapid growth of Taobao Shanguo, achieving a peak daily order volume of 120 million and a monthly active buyer count of 300 million by August, indicates a successful market entry [3][5]. Group 2: Business Performance - As of November, Alibaba reported that its instant retail business revenue reached 22.906 billion RMB, reflecting a 60% year-on-year increase, driven by improved logistics efficiency and higher customer retention [5]. - The number of active riders for Taobao Shanguo exceeded 2 million, indicating robust operational capacity [5]. - The integration has led to a significant increase in the average order value, with non-tea drink orders rising to over 75% [5][12]. Group 3: Market Positioning - The competitive landscape for instant retail is intensifying, with rivals like Meituan and JD.com making significant strides, necessitating Alibaba's strategic resource integration [8][9]. - By leveraging Ele.me's strengths, Taobao can offer a wider range of services to meet diverse consumer needs, thus enhancing its competitive edge [9]. - The shift towards instant retail is timely, as consumer demand is evolving towards all-time, all-category, and all-scenario consumption [9][10]. Group 4: Ecosystem Synergy - The integration of Taobao Shanguo with Alibaba's ecosystem, including Hema, Gaode, Cainiao, and Alipay, is expected to create new traffic and supply channels for instant retail [7][9]. - The introduction of initiatives during the Double Eleven shopping festival, such as significant discounts and enhanced service experiences, aims to attract high-value users and optimize average order values [11][12]. - The collaboration with over 37,000 brands and 400,000 stores during the Double Eleven indicates a strong push towards integrating online and offline operations [12].

（来源：银杏科技） 阿里的铁王座被撼动，京东行业第二的地位被动摇。表面看，这似乎是电商格局重构，一次在自然不过的优胜劣汰，实则是行业至拐点的预兆——曾被视 作"流量永动机"的电商，不得不告别增长神话与旧秩序，准备迎接新的现实了。 一、GMV消失的三年里，电商格局变了 在各家电商平台都保持增长的年代，GMV数据曾代表着行业地位。 多方迹象表明，抖音电商在规模上（GMV）超越电商老大淘天，只是时间问题。 据相关报道，抖音电商今年前十个月的 GMV（完成支付的成交额）增速超 30%，全年 GMV 将迈过 4 万亿元关口，逼近拼多多水平（同支付口径）。据 报道，抖音电商2025年的GMV目标为4.2万亿。 当下市场普遍预计，2025年，淘天电商的GMV约为8.3万亿，同比增长6%；抖音电商2025年GMV预计将达4.3万亿，增速超过30%，领先所有电商平台。 随着抖音流量霸主地位的日益巩固，越来越多的品牌商选择将抖音作为新品首发和品牌官宣的首要渠道。业内预估，抖音电商的高增速仍将延续。按照目 前的增长速度推测，抖音电商和淘天电商的规模差距，平均每年缩小约9000亿元，抖音电商GMV只需3-4年（最慢2029年）就能超 ...

Core Insights - Alibaba reported FY26Q2 revenue of 247.795 billion yuan, a year-on-year increase of 4.77%, with adjusted EBITA of 9.073 billion yuan, down 77.63% year-on-year, and adjusted net profit of 10.352 billion yuan, down 71.65% year-on-year [1] Group 1: Cloud Business Performance - Cloud business revenue exceeded market expectations, growing 34.50% year-on-year to 39.824 billion yuan, with a sequential increase from FY26Q1 [2] - Adjusted EBITA margin for cloud business reached 9.0%, up from 8.8% in FY26Q1, indicating continuous improvement [2] - Alibaba Cloud holds a 35.8% market share in China's AI cloud market, maintaining a strong competitive position [2] Group 2: E-commerce and Retail Performance - CMR revenue for FY26Q2 reached 78.927 billion yuan, a year-on-year increase of 10%, driven by cross-selling and improved merchant advertising willingness [2] - The number of 88VIP members exceeded 56 million, maintaining double-digit year-on-year growth [2] - International e-commerce revenue grew 10% year-on-year to 34.799 billion yuan, with adjusted EBITA turning positive at 1.62 billion yuan due to logistics optimization [3] Group 3: Investment Outlook - Revenue projections for FY2026-FY2028 are estimated at 1.03 trillion, 1.12 trillion, and 1.24 trillion yuan, with adjusted net profits of 116 billion, 148 billion, and 179 billion yuan respectively [3] - The company is expected to benefit from the commercialization of AI applications in its cloud business, enhancing its technology and consumer attributes [3]

Market Overview - On December 9, Hong Kong stocks experienced volatility, with the Hang Seng Index and Hang Seng Tech Index falling by 1.29% and 1.9% respectively [1][8] - Major tech stocks saw collective declines, with Xiaomi Group-W down over 3%, Kuaishou-W and Meituan-W down over 2%, Alibaba-W down over 1%, and Tencent Holdings stabilizing at a 0.41% drop [1][8] ETF Performance - The Hong Kong Internet ETF (513770), a key tool for AI investment, saw a price drop of 1.09%, while the Hong Kong Large Cap 30 ETF (520560) fell by 1.37% [1][8] - Both ETFs experienced significant premium trading, indicating active buying interest during price dips [1][8] Investment Insights - The approval by Trump for Nvidia to deliver H200 to Chinese clients is expected to enhance China's overall computing power supply, benefiting domestic cloud service providers and promoting AI applications among companies like Tencent and Alibaba [3][10] - Analysts remain optimistic about the internet sector's cyclical properties combined with the upward trend in AI, suggesting that major players will likely lead any technological advancements [3][10] - The upcoming Federal Reserve interest rate decision is anticipated to be a "hawkish rate cut," which may temporarily suppress Hong Kong stock rebounds but could enhance the long-term investment appeal of the tech sector [3][10] Fund Inflows - Recent data indicates significant capital inflows into the Hong Kong Internet ETF (513770) and the Hong Kong Large Cap 30 ETF (520560), with net inflows of 164 million and 35.16 million respectively [4][11] - The top holdings in these ETFs include Alibaba-W and Tencent Holdings, with respective weights of 18.74% and 14.84% for the Internet ETF, and 16.74% and 14.89% for the Large Cap ETF [4][11] ETF Characteristics - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, which heavily invests in leading internet companies, with over 73% of its top 10 holdings focused on AI cloud computing and applications [6][13] - The fund has a scale exceeding 10 billion, with an average daily trading volume of over 600 million, providing good liquidity and supporting T+0 trading without QDII restrictions [6][14] - The Hong Kong Large Cap 30 ETF (520560) employs a "technology + dividend" strategy, balancing high-growth tech stocks with stable dividend-paying companies, making it an ideal long-term investment tool [6][14]

12月9日，南下资金净买入港股5.31亿港元。 其中，净买入腾讯控股8.77亿、小米集团-W 5.39亿、阿里巴巴-W 4.25亿、农业银行3.06亿、华虹半导体2.5亿、信达生物1.79亿。 净卖出泡泡玛特5.74亿、中芯国际1.18亿。 | | 沪股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 阿里巴巴-W | -1.6% | 0.83 | 41.15 Z | 阿里巴巴-W | | 小米集团-W | -3.1% | 1.56 | 33.21 亿 | 腾讯控股 | | 腾讯控股 | -0.4% | 11.26 | 29.30 Z | 中芯国际 | | 中芯国际 | -4.1% | -1.33 | 28.06亿 | 小米集团-W | | 泡泡玛特 | -5.0% | -4.38 | 18.80亿 | 泡泡玛特 | | 农业银行 | 0.9% | 3.07 | 11.14亿 | 卡班未合体 | | 南方恒生科技 | -1.8% | -0.44 | 10.84亿 | 中国海洋石油 | | 华虹未合体 | ...

Core Insights - On December 9, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 4.115 billion, 3.321 billion, and 2.930 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) led the trading volume, with amounts of 3.237 billion, 1.987 billion, and 1.503 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 4.115 billion, net inflow of 83.45 million [2] - Xiaomi Group-W (01810): Trading amount of 3.321 billion, net inflow of 156 million [2] - Tencent Holdings (00700): Trading amount of 2.930 billion, net inflow of 1.126 billion [2] - SMIC (00981): Trading amount of 2.806 billion, net outflow of 133 million [2] - Pop Mart (09992): Trading amount of 1.880 billion, net outflow of 438 million [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 3.237 billion, net inflow of 342 million [2] - Tencent Holdings (00700): Trading amount of 1.987 billion, net outflow of 248 million [2] - SMIC (00981): Trading amount of 1.503 billion, net inflow of 14.69 million [2] - Xiaomi Group-W (01810): Trading amount of 1.203 billion, net inflow of 384 million [2] - Pop Mart (09992): Trading amount of 1.016 billion, net outflow of 136 million [2]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has launched the HKEX Technology 100 Index, marking its first technology-focused stock index for Hong Kong stocks [1][2] Group 1: Index Composition and Criteria - The HKEX Technology 100 Index includes the largest 100 technology companies listed on the Hong Kong Stock Exchange, covering sectors such as artificial intelligence, biotechnology, electric vehicles, information technology, internet, and robotics [1] - Component stocks must meet specific liquidity and R&D growth criteria: an average daily trading volume of at least HKD 20 million over the past six months and either R&D spending exceeding 3% of revenue or revenue growth exceeding 5% over the past two years [1][2] - Notable companies included in the index are Tencent Holdings, Alibaba Group, BYD Company, and Meituan, among others [1] Group 2: Index Calculation and Adjustment - The index uses a free-float market capitalization weighting method, with a maximum weight of 12% for any single component stock [2] - Component stocks will be adjusted biannually in June and December, with data cut-off dates on the last trading day of April and October each year [2] - Stocks with an average daily trading amount below HKD 20 million over the past six months or those ranking in the bottom 10% by trading volume will be excluded [2] Group 3: Market Implications - The index aims to identify technology stocks with market momentum and growth potential, which may enhance the development of related products in the mainland Chinese market [2] - It addresses the strong demand from mainland investors for opportunities in the Hong Kong technology sector, aligning with the investment needs of southbound capital [2]

智通财经APP获悉，12月9日，香港交易及结算所有限公司宣布推出香港交易所科技100指数。港交所科 技100是集团推出的首只港股指数。 据悉，该指数在编制规则中明确设置流动性硬指标与研发成长性软门槛：成分股需满足过去六个月日均 成交额不低于2000万港元，且过去两年研发投入占比超3%或营收年增超5%。 根据港交所公告，港交所科技100指数是一只追踪香港交易所上市市值最大的100家科技公司表现的宽基 股票指数。其成分股涵盖人工智能、生物科技与制药、电动汽车与智能驾驶、信息科技、互联网及机器 人六大创新主题，依据《上市规则》第18A章上市的生物科技公司或第18C章上市的特专科技公司亦符 合纳入资格。 在编制方法上，港交所方面表示，在评估公司是否符合科技主题时，主要考虑因素包括其核心业务性 质、收入分布及行业分类。指数采用流通市值加权法计算，每只成份股的比重上限设定为12%。指数成 份股每半年(6月及12月)调整一次，数据截止日期分别为每年4月及10月的最后一个交易日。 这一门槛设计便于挑选出具备市场热度和成长性确定的科技标的，也将进一步推动港股相关产品在中国 内地市场的发展，契合南向资金对科技板块的配置需求，满足 ...

根据港交所公告，港交所科技100指数是一只追踪香港交易所上市市值最大的100家科技公司表现的宽基 股票指数。其成分股涵盖人工智能、生物科技与制药、电动汽车与智能驾驶、信息科技、互联网及机器 人六大创新主题，依据《上市规则》第18A章上市的生物科技公司或第18C章上市的特专科技公司亦符 合纳入资格。 12月9日，香港交易及结算所有限公司宣布推出香港交易所科技100指数。港交所科技100是集团推出的 首只港股指数。 在编制方法上，港交所方面表示，在评估公司是否符合科技主题时，主要考虑因素包括其核心业务性 质、收入分布及行业分类。指数采用流通市值加权法计算，每只成份股的比重上限设定为12%。指数成 份股每半年（6月及12月）调整一次，数据截止日期分别为每年4月及10月的最后一个交易日。 据悉，该指数在编制规则中明确设置流动性硬指标与研发成长性软门槛：成分股需满足过去六个月日均 成交额不低于2000万港元，且过去两年研发投入占比超3%或营收年增超5%。 港交所对成分股的流动性、基本面均有要求。流动性方面，根据港交所指数编制方案，过去六个月日均 成交金额少于港币2000万元，且过去六个月日均成交金额由高至低排名于最后1 ...

智通财经APP获悉，12月9日港股市场，北水成交净买入5.31亿港元，其中港股通(沪)成交净卖出3.52亿 港元，港股通(深)成交净买入8.83亿港元。 北水净买入最多的个股是腾讯(00700)、小米集团-W(01810)、阿里巴巴-W(09988)。 北水净卖出最多的 个股是中芯国际(00981)、三生制药(01530)、建设银行(00939)。 小米集团-W(01810)获净买入5.39亿港元。消息面上，据智通财经报道，小米中国区近期开启一系列人 事调整，涉及手机、汽车、大家电等核心运营类岗位。高盛发布研报称，预期小米未来数季将有更多 AI成果公布，并应用于小米集团生态圈及其全球规模最大的AIoT连网装置，将驱动差异化发展，并支 持小米"人车家"生态圈的升级策略。 内银股出现分化，农业银行(01288)获净买入3.06亿港元，而建设银行(00939)遭净卖出4747万港元。消 息面上，西部证券认为，当前银行资产风险对其账面财务指标的负面影响已边际递减，此外在宽信用主 体向公共部门集中趋势下，政银联动机制预计持续深化，进而有望舒解银行"资产荒"困境。板块后续估 值提升仍有一定空间。 芯片股亦现分化，华虹半导 ...