Market Overview - On December 4, the Hang Seng Index rose by 0.68%, with southbound funds totaling HKD 756.88 billion in trading volume, including HKD 385.84 billion in buying and HKD 371.04 billion in selling, resulting in a net buying amount of HKD 14.80 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) had a cumulative trading volume of HKD 293.41 billion, with net buying of HKD 24.81 billion, while the Stock Connect (Shanghai) recorded a cumulative trading volume of HKD 463.47 billion, resulting in a net selling of HKD 10.00 billion [1] Active Stocks - Alibaba-W had the highest trading volume among southbound funds at HKD 53.18 billion, followed closely by Tencent Holdings at HKD 52.71 billion and Xiaomi Group-W at HKD 49.95 billion [1] - The top net buying stocks included the Tracker Fund of Hong Kong (盈富基金) with a net buying amount of HKD 26.06 billion, followed by WuXi Biologics (药明生物) with HKD 3.16 billion and Xiaomi Group-W with HKD 2.32 billion [1] Continuous Net Buying and Selling - Three stocks experienced continuous net buying for more than three days, with Meituan-W leading at six days, followed by Xiaomi Group-W at five days and Xpeng Motors-W at three days. The total net buying amounts were HKD 22.89 billion for Meituan-W, HKD 20.53 billion for Xiaomi Group-W, and HKD 1.67 billion for Xpeng Motors-W [2] - The stocks with the highest net selling included Semiconductor Manufacturing International Corporation (中芯国际) and Tencent Holdings, with total net selling amounts of HKD 34.49 billion and HKD 24.60 billion, respectively [2] Summary of Active Stocks on December 4 - The following table summarizes the active stocks with their trading amounts, net buying/selling, and daily price changes: | Code | Name | Trading Amount (HKD million) | Net Buying (HKD million) | Daily Change (%) | |-------|--------------------|------------------------------|--------------------------|-------------------| | 02800 | Tracker Fund | 284623.16 | 260585.86 | 0.77 | | 02269 | WuXi Biologics | 51978.36 | 31558.31 | 7.09 | | 01810 | Xiaomi Group-W | 499493.94 | 23169.32 | 4.38 | | 09868 | Xpeng Motors-W | 73564.27 | 10257.11 | 1.06 | | 01347 | Hua Hong Semiconductor | 159937.95 | 5363.70 | 3.11 | | 00883 | CNOOC | 47173.84 | 3007.07 | 0.92 | | 09880 | UBTECH Robotics | 73333.99 | 954.58 | 3.66 | | 03690 | Meituan-W | 171510.39 | 856.38 | 2.29 | | 09988 | Alibaba-W | 531828.80 | -117.31 | 0.52 | | 02050 | Sanhua Intelligent Control | 85349.48 | -5657.75 | 7.70 | | 01024 | Kuaishou-W | 54889.05 | -9372.22 | 0.15 | | 00981 | Semiconductor Manufacturing International | 260990.47 | -45829.01 | 3.87 | | 00700 | Tencent Holdings | 527122.94 | -134592.99 | 0.16 |

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12月4日，阿里巴巴首家人才公寓"亲橙寓"在南京河西中央科创区正式投入运营。亲橙寓的落成，为南京阿里中心再添一个重要服务功能板块。从智慧办 公、商业配套到人才安居，园区"乐业安居"的布局持续完善，正加速打造服务青年创新创业与工作生活的一站式生态社区。 打造"5分钟生活圈" 阿里巴巴首家人才公寓落地南京 据介绍，亲橙寓紧邻南京地铁7号线与S3号线，通过"阿里廊"，步行约5分钟即可直达园区内的办公区、未来厨房、金陵天地等生活配套，实现了"不出园 区，搞定生活"。自11月交付以来，已有近200户青年选择亲橙寓，加入了"Al时空"的"5分钟生活圈"。 "亲橙寓一共有565间客房，涵盖了38到95平方米的五种户型，可以满足青年们不同的居住需求。"亲橙寓管家洪芳介绍道，"像38平方米的'泊心.一居'，就 比较适合刚刚毕业或者初到南京的青年；95平方米的'云栖.行政套间'，会更受一些生活品质要求高、或者企业中高层的青年青睐。" 作为阿里巴巴首家人才公寓，亲橙寓延续了阿里巴巴围绕"青年成长"理念，不只是一个提供居住空间的传统公寓，同时也是一个"有温度的社群生态"。因 而，在500多间客房以外，亲橙寓还配备了超1600平方米的 ...

Core Insights - Alibaba is leveraging the Qwen large model foundation to comprehensively reshape its business and accelerate the construction of B-end ecological barriers through an open-source strategy and strong performance [2][42] - The company is committed to increasing capital expenditure to meet strong demand for computing power, with cloud revenue continuing to grow significantly, validating the closed-loop logic of "infrastructure investment - technology iteration - commercial monetization" [2][42] AI Model Development - Alibaba has been early in the AI model layout, with its flagship Qwen series iterating three major versions and multiple minor versions in just over two years, covering vertical scenarios such as text, mathematics, code, and multi-modal applications [3][43] - As the only major player adhering to an open-source strategy, Alibaba has accelerated model iterations since 2024, narrowing the capability gap with overseas models and is expected to surpass closed-source models in the B-end market [3][43] Model Capabilities and Updates - Alibaba's AI model layout has achieved "full size," "full modality," and "multi-scenario" coverage, with the first trillion-parameter multi-modal model M6 released in March 2021, and subsequent expansions in parameter size [4][43] - As of October 2025, the Qwen model series has iterated three major versions and multiple minor versions, covering model sizes from 0.5 billion to one trillion parameters [4][43] - The Qwen series has open-sourced a total of 357 models, with a significant acceleration in update frequency since 2024, including 71 models in the first half of 2024 and 120 in the second half [5][45] Competitive Positioning - Alibaba's model capabilities rank in the global first tier, with the gap to leading overseas firms reduced from over six months to approximately three months [12][51] - The Qwen3 235B model, released on July 22, 2025, is comparable to DeepSeek-V3.1 Terminus, while the Qwen2.5 Instruct-72B model was the first domestic model to exceed an overseas model in the open-source arena [12][51] Market Strategy and Ecosystem - The company has formed a complete layout for both B-end and C-end markets, with open-source serving as the foundation for business and product support [35][74] - As of the 2025 Yunqi Conference, the Tongyi series models have achieved 600 million downloads and served over 1 million customers, with the Mota community further enhancing the open-source ecosystem [35][74] Future Outlook - The focus will be on the official release of Qwen3-Next (equivalent to Qwen3.5) and optimizing vertical models based on it, with Qwen4 expected to be released in Q2 2026 [21][60] - The ongoing open-source strategy is anticipated to maintain the frequency of model updates, further enhancing capabilities while narrowing the time gap with leading overseas models [21][60]

Core Viewpoint - The establishment of Alibaba International Station's Industrial Product Selection Center at Xinminghui marks a significant milestone in the collaboration between the two entities, serving as a gateway for industrial products from Linyi to the global market [5][13]. Group 1: Overview of the Selection Center - The Selection Center is the first industrial product vertical selection center in the northern industrial belt and the first international selection hub focusing on hardware and labor protection products in China [3][13]. - It is not a traditional product exhibition hall but a comprehensive outbound service platform integrating product selection display, cross-border trade, supply chain services, brand incubation, and digital empowerment [3][13]. Group 2: Addressing Pain Points for Overseas Buyers - The center aims to resolve three major pain points for overseas buyers: difficulty in finding products, trust issues, and service challenges [6][15]. - It will systematically screen and integrate high-quality suppliers and star products from Linyi and across the country, initially showcasing over 20,000 carefully selected "hot industrial products" [7][16]. - All products will come from a strictly controlled supply chain by Xinminghui, offering a "tenfold compensation" guarantee for genuine products, thus providing dual trust assurance through Alibaba's platform credit system [8][17]. Group 3: Comprehensive Service Offering - The center will leverage Xinminghui's smart warehousing and logistics system along with Alibaba's cross-border ecosystem to provide a full-service experience from product display, online ordering, cross-border payment, to logistics clearance and after-sales support [9][18]. - Linyi Mall has over 130 specialized markets with a solid supply chain in hardware tools and labor protection products, supported by more than 1,000 freight routes covering the entire country and reaching Russia, Central Asia, and Southeast Asia [9][18]. Group 4: Future Development and Goals - The establishment of the Selection Center is expected to help local and surrounding regions' high-quality industrial products transition from "local manufacturing" to "global sales," promoting the branding, standardization, and internationalization of northern industrial products [9][18]. - The center aims to operate regularly and continuously invest resources to become the first window, platform, and brand for northern industrial products going abroad [9][18]. - Xinminghui plans to accelerate its transformation from a "trader" to a "global industrial solution service provider," collaborating with more quality Chinese factories to establish the "China Selection Center" as the preferred entry point for overseas procurement of Chinese industrial products [9][18].

Core Insights - On December 4, 2025, Tencent Holdings (00700), Alibaba-W (09988), and Xiaomi Group-W (01810) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 3.75 billion, 2.939 billion, and 2.678 billion respectively [1] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Xiaomi Group-W (01810), and Tencent Holdings (00700) also ranked as the top three, with trading amounts of 2.379 billion, 2.316 billion, and 1.521 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Tencent Holdings (00700): Trading amount of 3.75 billion, net buy of -1.919 billion - Alibaba-W (09988): Trading amount of 2.939 billion, net buy of -70.44 million - Xiaomi Group-W (01810): Trading amount of 2.678 billion, net buy of -562 million - Other notable companies include Yingfu Fund (02800) with a trading amount of 2.342 billion and a net buy of 2.107 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 2.379 billion, net buy of 69.27 million - Xiaomi Group-W (01810): Trading amount of 2.316 billion, net buy of 794 million - Tencent Holdings (00700): Trading amount of 1.521 billion, net buy of 573 million - Other notable companies include SMIC (00981) with a trading amount of 1.07 billion and a net buy of -79.37 million [2]

Core Viewpoint - Alibaba Group is positioned to capitalize on significant growth opportunities in the artificial intelligence (AI) sector, despite facing challenges in its overall revenue growth [1][2]. Financial Performance - Alibaba's total revenue for the period ending September 30 rose by 5% to $34.8 billion, but excluding recently disposed businesses, the growth rate increases to 15% [3][4]. - AI-related product revenue has experienced triple-digit growth for nine consecutive periods, indicating strong performance in this segment [4]. Market Position and Valuation - Alibaba's market capitalization stands at $355 billion, with shares up approximately 87% year-to-date as of November 28 [6][7]. - The stock trades at a price-to-earnings ratio of 21, which is attractive compared to the average of 41 for the Technology Select Sector SPDR [8]. Growth Segments - The cloud intelligence business, one of Alibaba's fastest-growing segments, reported a growth rate of 34% in the last quarter, highlighting the potential for AI investments to drive further growth [6]. Strategic Initiatives - Alibaba is actively developing its own AI chip and has partnered with Apple to create AI tools for iPhones, showcasing its commitment to innovation in the AI space [7]. Long-term Outlook - Despite a 40% decline over the past five years, Alibaba remains a significant player in e-commerce and is expanding its AI capabilities, suggesting potential for future growth [10][11].

AI焦虑已经从大厂渗透进了大学这座象牙塔。在一片"被替代"的忧惧声中，一群来自非北上广深、非985高校的大学生，主动跳进了这股浪潮——他们不 是来做实习的，是来兼职"拧螺丝"的，拧的是AI大模型的螺丝。 在"AI将替代99%的岗位"和"拿AI offer月入3万"两种声音的共同影响下，这批不容易挤进大厂实习队伍的大学生，走进了大厂数据标注的流水线，成为新 的AI工人。他们每天在大厂提供的兼职平台上抢单、标注、纠错、优化，月收入大多在1000到2000元之间。在这条看不见的AI流水线上，他们既是训练 者，也是被挑选的对象。 对于大厂来说，大学生群体兼具垂直领域的专业知识和充足的参与热情，是完成最基础的AI数据标注、AI回复纠错、AI声音识别等最合适的人群。通过 向大学生伸出兼职橄榄枝，他们不仅能高效率地找到符合大模型训练要求的人，还能减轻雇佣正职员工的成本。 这成了一场"双向奔赴"，甚至由于供不应求，大厂AI数据标注的兼职还需要抢单。只是，这份兼职真的能成为大学生们通往AI大厂的一条曲径吗？ 大学生进"厂"，拧大模型的螺丝 郑州某高校大学教室里，刚刚结束一堂课，学生们鱼贯而出，只有大三学生张莹立刻打开手机。她要 ...

（原标题：AI手机遭"抵抗"，便利和安全起冲突了？） 21世纪经济报道记者孔海丽 北京报道 科技圈大事件，"AI手机"火了，安全性问题也吵翻了。 字节冲锋，腾讯、阿里、网银开团。 简单说，中兴通讯旗下的努比亚手机，里头装了"豆包手机助手"，它能直接替我们操作其他APP，替用 户回微信、代刷淘宝。 AI手机一面世就售罄，二手市场加价疯抢。 并且，有技术人员透露，努比亚手机用自己的系统私钥签名，把豆包手机助手设置成了操作系统的一部 分，单独开设了属于上帝之手级别的操作系统高危权限，让AI体验更丝滑。 不过，这个权限一旦交出，就等于把手机控制权，交给了这个"数字替身"。 12月3日，豆包手机助手回应了"侵犯隐私"问题，称豆包手机助手确实获得了系统级权限，但是，都需 要用户主动授权才能进行操作，支付、身份验证登敏感操作需要人工接管，不会在云端存储用户屏幕内 容并用于大模型训练。并且特意强调，这款AI手机不面向普通消费者。 抖音集团副总裁李亮也在微博强调，只要是用户许可就不存在侵犯隐私的行为。 一款探索性产品，遇到市场这么大的反应，有人说是大厂之间的生态壁垒，是商战。实际上，面对AI 新物种，大厂和公众都是既兴奋，又恐 ...

公司名稱: 阿里巴巴集團控股有限公司 呈交日期: 2025年12月4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 | | 本月底結存 | | | | 32,000,000,000 | USD | | 0.000003125 USD | | 100,000 | 本月底法定/註冊股本總額： USD 100,000 股份發行 ...