Market Overview - On September 5, the Hang Seng Index rose by 1.43%, with total southbound trading amounting to HKD 151.236 billion, including buy transactions of HKD 78.429 billion and sell transactions of HKD 72.806 billion, resulting in a net buy of HKD 5.623 billion [1] Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a cumulative trading amount of HKD 64.147 billion, with buy transactions of HKD 34.515 billion and sell transactions of HKD 29.631 billion, leading to a net buy of HKD 4.884 billion [1] - The southbound trading through Stock Connect (Shanghai) had a cumulative trading amount of HKD 87.089 billion, with buy transactions of HKD 43.914 billion and sell transactions of HKD 43.175 billion, resulting in a net buy of HKD 0.739 billion [1] Active Stocks - The most actively traded stock by southbound funds was SMIC, with a total trading amount of HKD 85.41 billion, followed by Alibaba Group with HKD 80.32 billion and Tencent Holdings with HKD 47.44 billion [1] - In terms of net buying, Alibaba Group led with a net buy of HKD 21.44 billion, followed by Meituan with HKD 19.53 billion and Horizon Robotics with HKD 14.38 billion [1] Continuous Net Buying - Among the stocks, Alibaba Group, Xiaomi Group, and Meituan have seen continuous net buying for over three days, with Alibaba Group having the longest streak at 11 days, accumulating a net buy of HKD 19.522 billion [2] - Meituan and Xiaomi Group had net buys of HKD 3.050 billion and HKD 2.094 billion, respectively, during their continuous net buying periods [2] Stock Performance - The closing price of Alibaba Group increased by 1.54%, while Meituan rose by 1.58% and Horizon Robotics surged by 9.12% [2] - Conversely, the stock with the highest net sell was Sanofi, with a net sell of HKD 5.77 billion, despite its closing price increasing by 18.24% [1][2]

Group 1 - Chinese concept stocks showed strong performance in early trading, with Fangdd rising nearly 25% [2] - Century Internet increased by nearly 10% [2] - Pony.ai and Kingsoft Cloud both rose over 3% [2] - Alibaba, Baidu, and GDS Holdings each saw an approximate 2% increase [2]

Group 1 - The core focus of the event was on AI, which is becoming a partner for small and medium-sized enterprises (SMEs) rather than just a tool [2] - A recent survey indicated that 63% of SMEs globally are using AI in their international trade activities [2] - The introduction of AI-driven multimodal search on Alibaba International Station is expected to enhance the procurement experience for users [2] Group 2 - The "September Procurement Festival," which is the peak season for foreign trade on Alibaba International Station, experienced a significant growth with a 33% increase in GMV on its first day [2]

Core Viewpoint - The article discusses the competitive landscape of the food delivery and hard discount supermarket sectors in China, highlighting the strategic shifts of major players like Alibaba, Meituan, and JD.com as they adapt to market changes and seek new growth opportunities [2][4]. Group 1: Hard Discount Supermarket Strategy - The hard discount model offers lower prices compared to traditional supermarkets by optimizing supply chains and reducing intermediaries, with strategies such as streamlining SKUs and developing private labels [2][4]. - Hema, under CEO Yan Xiaolei, has streamlined its operations from over ten formats to just two, focusing on Hema Fresh and Hema NB, achieving profitability and a GMV exceeding 75 billion yuan [2][4]. - Hema NB plans to expand to 300 stores by the end of the 2025 fiscal year, with reports indicating that it may have already reached this target [2][3]. Group 2: Competitor Movements - Meituan launched its hard discount supermarket "Happy Monkey" in Hangzhou, featuring a significant number of private label products and aiming for 1,000 stores, although achieving this goal may be challenging [4][5]. - JD.com has also entered the hard discount space with its discount supermarket opening four stores in Suqian, Jiangsu, featuring a larger store size and a diverse product range compared to Hema NB [5][6]. - The hard discount market in China has a current size exceeding 200 billion yuan with a penetration rate of only 8%, indicating substantial growth potential, with a projected CAGR of 5.6% over the next decade [4][6]. Group 3: Market Dynamics - The competition in the hard discount sector is not limited to domestic players; international brands like Aldi are also entering the market, posing additional challenges for local companies [5][6]. - The article emphasizes the need for these internet giants to explore new operational experiences in the offline retail space, as they face competition from both established and emerging brands [5][6].

Group 1 - On September 5, Guotai Junan Securities Co., Ltd. signed a strategic cooperation agreement with Alibaba Cloud Intelligence Group to leverage their respective strengths in promoting the application of cloud computing and artificial intelligence in core financial service scenarios [1] - The signing ceremony was witnessed by key executives including Guotai Junan's Chairman Zhu Jian and Alibaba Group's CEO Wu Yongming, along with other senior representatives from both companies [1][3] Group 2 - According to the agreement, the two parties will jointly develop an open and compatible intelligent computing platform based on Alibaba Cloud's leading large model capabilities and computing power advantages, focusing on high-frequency business scenarios to enhance computing efficiency and innovation capabilities [5] - The collaboration will deepen AI application scenarios, including intelligent investment research, intelligent investment advisory, and smart office solutions, while jointly developing vertical large models for the securities industry to optimize customer service experience and internal management efficiency [5] - To enhance global competitiveness, Guotai Junan will integrate and upgrade its technology architecture by leveraging Alibaba Cloud's extensive global cloud computing capabilities to develop overseas business [5]

Core Viewpoint - Alibaba-W (09988) announced the grant of 2,477,600 shares as employee rewards, which represents approximately 0.01% of the total issued shares as of the announcement date, pending acceptance by the recipients [1] Summary by Relevant Sections - **Employee Rewards** - The company plans to grant 2,477,600 shares to several employees as part of its 2024 plan [1] - This share grant is contingent upon acceptance by the recipients [1] - **Share Impact** - The awarded shares account for about 0.01% of the total issued shares, excluding treasury shares, as of the announcement date [1]

Core Viewpoint - Alibaba-W (09988) announced the grant of 2,477,600 shares as part of its 2024 plan, which represents approximately 0.01% of the total issued shares as of the announcement date, pending acceptance by the recipients [1] Summary by Relevant Sections - Share Grant Details - The company will grant 2,477,600 shares to several employees on September 4, 2025, under the terms of the 2024 plan [1] - This share grant is contingent upon acceptance by the recipients [1] - Share Impact - The granted shares account for about 0.01% of the total issued shares, excluding treasury shares, as of the announcement date [1]

Core Viewpoint - Alibaba-W (09988.HK) announced the grant of 2,477,630 shares as rewards to certain employees, representing approximately 0.01% of the total issued shares as of the announcement date, pending acceptance by the recipients [1] Summary by Categories Employee Incentives - The share rewards aim to attract and retain talent by recognizing outstanding performance and contributions to the group [1] - The program is designed to provide incentives to recipients who will contribute their knowledge, experience, expertise, and services, which are crucial for the group's success, sustainability, and development [1] - Aligning the interests of the recipients with those of the group and its shareholders is a key objective of the share grant [1]

Core Insights - The global economic environment has created multiple uncertainties for the development of Chinese brands, with a total brand value of 34,278.02 billion yuan, reflecting a slight growth of 1.68% [1][4]. Brand Value Rankings - The top three brands in the 2025 list are Tencent with a brand value of 9,151.37 billion yuan, Alibaba at 6,658.33 billion yuan, and China Ping An at 1,758.50 billion yuan, which saw a 5% increase in value [4]. Brand Precision Trends - Three trends in brand precision elevation have been identified: 1. AI technology is transitioning from a symbol of corporate capability to a strategic application, enhancing brand value and operational precision [3]. 2. Multi-brand combinations are shifting from full category coverage to scenario-based collaboration, focusing on specific user pain points [3]. 3. The approach to internationalization is moving away from a "one-size-fits-all" strategy to a localized framework that ensures global consistency while integrating into local ecosystems [4]. Industry Distribution - The distribution of brands on the list remains stable compared to 2024, with 23 brands from the finance and consumer sectors and 9 from the technology sector [4]. Growth Performance - Despite a slowdown in brand growth due to geopolitical and economic adjustments, seven brands achieved double-digit growth, including Anta, Meituan, Pinduoduo, Haier, BYD, CATL, and Geely, indicating strong performance in key sectors like new energy vehicles and internet technology [5].

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》（「香港上市規則」）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。 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） （股份代號：9988（港幣櫃台）及89988（人民幣櫃台）） 公告 根據2024年計劃授出獎勵 授出獎勵之詳情 有關授予被授予人獎勵的詳情如下： 授出日期： 2025年9月4日 被授予人及獲授獎勵下 相關股份的數目： 根據2024年計劃已授予若干員工涉及2,477,630股相 關股份的獎勵。 上 ...