Core Insights - Alibaba Group's CEO expressed optimism about the future growth prospects of its cloud business, highlighting strong customer demand that is outpacing the supply of AI servers [1] - The company's Q2 FY26 financial report showed Alibaba Cloud's quarterly revenue reached 39.824 billion yuan, a year-on-year increase of 34%, marking a new high in growth rate [1] - AI-related product revenue has achieved triple-digit year-on-year growth for nine consecutive quarters [1] Investment and Infrastructure - Despite supply chain challenges in the market, Alibaba plans to invest aggressively in infrastructure to meet customer demand, indicating that the previously announced investment plan of 380 billion yuan may be underestimated [1] - Lenovo Group is currently the largest server supplier for Alibaba Cloud, providing customized high-performance server products, with Dell, Huawei, and Intel also being key suppliers [1] - Server procurement holds significant weight in Alibaba's 380 billion yuan investment plan [1]

Group 1 - Vitasoy International (00345) reported a 6% year-on-year decrease in revenue and a 7% decrease in gross profit for the six months ending September 30, 2025, primarily due to weak market conditions in mainland China [1] - Shandong Xinhua Pharmaceutical (00719) saw a rise of over 2% after receiving approval from the National Medical Products Administration for the registration of a drug [1] - China Biologic Products (01177) increased by over 2% following the publication of positive Phase II clinical trial results for TQB2102 in HER2-positive breast cancer in a prestigious journal [1] - GDS Holdings (09698) rose over 4% after reporting a net income of 2.887 billion RMB for Q3, a 10.2% year-on-year increase, and a net profit margin of 25.2% [1] Group 2 - GaYa Optical (00907) surged by 49.12% after announcing a profit forecast of 8.8 million to 9.6 million HKD for the six months ending September 30, 2025, a significant turnaround from a loss of 13.8 million HKD in the same period last year [2] - Green Leaf Pharmaceutical (02186) rose nearly 2% after announcing FDA approval for clinical trials of a new drug [2] - Hengrui Medicine (01276) increased by over 5% after receiving approval for clinical trials of two drugs [2] - Meituan-W (03690) saw a 6% rise as Alibaba's CFO announced increased investment in Taobao Flash Purchase [2] Group 3 - Alibaba Group (09988) experienced a nearly 2% drop after reporting a 5% year-on-year revenue increase for Q2, but a significant 78% decline in adjusted EBITA [3] - Junshi Biosciences (01877) rose nearly 4% after announcing successful Phase III trial results for a drug in treating non-small cell lung cancer [4] Group 4 - Abercrombie & Fitch (ANF.US) surged by 37.54% after reporting Q3 earnings that exceeded expectations with an adjusted EPS of $2.36 and a 7% year-on-year sales increase [5] - Symbotic (SYM.US) rose by 39.36% after reporting Q4 revenue of $618 million despite a net loss [5] - Novo Nordisk (NVO.US) increased by 4.65% following positive results for a new weight loss and diabetes drug [5] - Kohl's (KSS.US) saw a 42.53% increase after exceeding Q3 earnings expectations and raising full-year guidance [6] - Alibaba (BABA.US) rose by 2.31% after reporting a 5% year-on-year revenue increase, although adjusted net profit fell by 72% [6] - Pony.ai (PONY.US) increased by 5.88% after announcing profitability for its seventh-generation Robotaxi [6]

Core Viewpoint - The Hong Kong stock market is experiencing a recovery, with major indices rising and the technology sector showing positive performance, particularly driven by Alibaba's recent quarterly earnings report [1] Group 1: Market Performance - The Hang Seng Technology Index increased by 0.6% and the CSI Hong Kong Stock Connect Internet Index rose by 0.2% as of 11:10 AM, indicating a general market recovery [1] - The overall sentiment in the market is improving, reflecting a positive shift in investor confidence [1] Group 2: Alibaba's Financial Performance - Alibaba's cloud revenue for the second fiscal quarter grew by 34% year-on-year, reaching a new high, showcasing significant growth momentum in its cloud business [1] - The company is focusing on strategic initiatives, stable e-commerce operations, and a clearer commercialization path for AI products, which are contributing to its positive financial outlook [1] Group 3: Industry Trends - The AI product revenue has shown continuous high growth over several quarters, highlighting the structural advantages of Hong Kong's technology platforms [1] - Factors such as the implementation of AI applications, the proliferation of models to end consumers, a rebound in enterprise-level computing demand, and the acceleration of digitalization in instant retail and local services are driving the fundamentals of the Hong Kong technology sector upward [1] - The overall technology sector in Hong Kong is considered relatively undervalued, providing a high margin of safety and reinforcing its medium to long-term investment value [1]

Group 1 - The Sci-Tech Innovation Artificial Intelligence ETF (589010) has shown strong performance, rising 1.43% and demonstrating robust recovery elasticity after quickly digesting selling pressure [1] - Key holdings such as Chipone Technology and Espressif Technologies have surged over 6%, while Hengxuan Technology has increased by over 4%, indicating strong sector sentiment driven by heavyweight stocks [1] - The ETF has seen significant capital inflow, with net inflows on 4 out of the last 5 trading days, reflecting strong buying interest at lower levels [1] Group 2 - Open Source Securities highlights the rapid growth of Vibe Coding driven by the inference model, particularly with the release of Claude 3.5 Sonnet by Anthropic in June 2024 [2] - Cursor's annual recurring revenue (ARR) skyrocketed from $100 million to $500 million in just six months, while Replit's ARR grew from $10 million at the end of 2024 to $144 million by July 2025 [2] - The Sci-Tech Innovation Artificial Intelligence ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, covering high-quality enterprises across the entire industry chain, benefiting from high R&D investment and policy support [2]

中银国际发布研报称，阿里巴巴-W(09988)9月底止2026财年第二季业绩稳固，核心业务依旧强劲。期内 总收入同比增5%，主要贡献来自稳健的中国核心电商客户管理收入(CMR)(同比增10%)，及加速增长的 云业务(同比增34%)，并对上述两项业务持续看好。予阿里(BABA.US)美股目标价187美元，港股目标价 182港元;美股港股同维持"买入"评级。该行轻微下调阿里2027至2028财年总收入预测1%至2%，大致维 持净利润预测不变，但将中国核心电商盈利预测轻微下调1%至2%，以反映收入预期被降低。 ...

智通财经APP获悉，中银国际发布研报称，阿里巴巴-W(09988)9月底止2026财年第二季业绩稳固，核心 业务依旧强劲。期内总收入同比增5%，主要贡献来自稳健的中国核心电商客户管理收入(CMR)(同比增 10%)，及加速增长的云业务(同比增34%)，并对上述两项业务持续看好。予阿里(BABA.US)美股目标价 187美元，港股目标价182港元; 美股港股同维持"买入"评级。该行轻微下调阿里2027至2028财年总收入 预测1%至2%，大致维持净利润预测不变，但将中国核心电商盈利预测轻微下调1%至2%，以反映收入 预期被降低。 ...

Group 1 - Alibaba reported a revenue of 247.8 billion yuan for Q2 of FY2026, with a year-on-year growth of 15% after excluding the impact of divested businesses [1] - The cloud intelligence group generated a revenue of 39.82 billion yuan, reflecting a year-on-year increase of 34% [1] - Alibaba Cloud holds a 35.8% market share in China's AI cloud market, surpassing the combined share of the second to fourth competitors [1] Group 2 - The CEO of Alibaba emphasized ongoing investments in AI and cloud businesses, indicating that the previously announced capital expenditure of 380 billion yuan over three years is likely underestimated [1] - CITIC Securities highlighted Alibaba's commitment to AI infrastructure investment, suggesting a steady progress towards self-controlled domestic computing power, which may signal an industry turning point [1] Group 3 - E Fund's new product, the E Fund CSI Sci-Tech Innovation and Entrepreneurship Artificial Intelligence ETF, will start issuance on November 28, allowing investors to easily participate in the AI sector [2] - The ETF tracks the CSI Sci-Tech Innovation and Entrepreneurship Artificial Intelligence Index, which selects 50 companies involved in AI resources, technology support, and applications from the Sci-Tech and Growth Enterprise markets [2] - The fund aims to provide a cost-effective and transparent investment solution for investors to capitalize on leading companies in the AI industry [2] Group 4 - The ETF's component stocks are heavily weighted towards AI computing infrastructure, with approximately 34% in communication equipment companies providing key optical communication modules and about 33% in semiconductor companies focused on domestic AI computing power [2][3] - This focus on "hard technology" positions the ETF to benefit directly from the upward cycle of global and domestic AI capital expenditures and technological upgrades [3]

Market Performance - The Hang Seng Index closed at 25,895, up 2.67% for the day and 29.09% year-to-date [1] - The Hang Seng Tech Index rose by 4.01% for the day and 25.60% year-to-date, indicating strong performance in the technology sector [1] - The Shanghai Composite Index increased by 0.92% for the day and 15.46% year-to-date, reflecting positive sentiment in the Chinese market [1] Sector Performance - The Hang Seng Financial Index increased by 1.89% for the day and 35.30% year-to-date, showing robust growth in the financial sector [2] - The Hang Seng Industrial Index rose by 3.24% for the day and 27.06% year-to-date, indicating strong performance in industrial stocks [2] - The Hang Seng Real Estate Index increased by 2.00% for the day and 24.95% year-to-date, suggesting recovery in the real estate market [2] Company Insights - Alibaba's 3Q revenue grew by 4.8% year-on-year, with cloud business revenue surging by 34%, indicating strong demand [3] - Alibaba's management expects a significant reduction in losses from its instant retail business in 3QFY26, aligning with market expectations [5] - NIO's 3Q25 gross margin exceeded expectations, but the company lowered its 4Q25 sales guidance to 120,000-125,000 units, which is below market expectations [5][7] Economic Indicators - The US dollar index is declining, with expectations for a rate cut in December due to weakening economic data [6] - The US PPI rose by 0.3% in September, driven by energy price rebounds, but core PPI growth was only 0.1%, below expectations [6] - Japan's labor market remains tight, with a job-to-applicant ratio exceeding 1.8 and an unemployment rate at a low of 2.5%, indicating ongoing inflationary pressures [3]

Core Viewpoint - Alibaba is undergoing a fundamental strategic shift from "growth at all costs" to "efficient growth," with a focus on profitability rather than just user scale [1] Group 1: Strategic Shift - Morgan Stanley's report indicates that Alibaba's growth model is transitioning from user scale-driven to efficiency-driven, with a potential profitability inflection point expected by Q3 2025 [1] - The report predicts that Alibaba's overall profitability will significantly recover starting Q4 2025 as the company shifts its growth strategy [1] Group 2: Business Performance - The report highlights two key business areas driving this transition: cloud services and food delivery [1] - The cloud business is expected to see a revenue growth rate increase to 37% year-on-year, driven by strong demand for AI [1][3] - The food delivery and flash purchase business is showing a significant reduction in losses, with projected losses decreasing from 350 billion yuan to approximately 210 billion yuan by Q4 2025 [2] Group 3: Financial Adjustments - Due to high base effects, the growth of Customer Management Revenue (CMR) is expected to slow down to 6% for both Q4 2025 and the fiscal year 2026 [4][5] - Morgan Stanley has adjusted its revenue forecasts for Alibaba, lowering estimates by 1% and 2% for fiscal years 2026 and 2027, respectively, while noting that strong growth in cloud services partially offsets this [5] - Despite these adjustments, the overall outlook remains positive, with a maintained "overweight" rating and a target price adjustment to $230 for U.S. shares and $225 for Hong Kong shares [1][5]

恒指涨0.59%，恒生科技指数涨0.67%。阿里巴巴绩后跌超2%，蔚来汽车跌近7%，小马智行-W涨超 5%。 来源：第一财经 ...