炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1、大类资产回顾：降息交易再起，全球股指多数收涨。1）大类资产总览：8月A股站上3800点，中债利率上行，商品震荡下 行，全球股指多数收涨。2）A股：8月主要宽基指数普遍大涨，风格方面成长、周期领涨。3）债券：8月长端利率上行，短端利 率下行，长端利率突破1.8%，期限利差走阔，存单利率与10年期国债利率倒挂继续被打破，信用利差小幅回升。4）商品：8月 商品多数收涨，南华工业品指数震荡回落，黄金白银维持强势，原油走弱。5）海外权益：8月全球股指多数收涨，美股三大指 数中道指领涨，AH溢价指数回升。6）美债：8月降息预期提升，美债利率震荡回落，期限利差走阔，中美利差收窄。2、A股： 沪指站上3800点，资金大幅涌入，市场热度升至高位。7月基本面数据整体偏弱，但贸易维持强势。PPI持平于-3.6%，仍为阶段 低点，三大经济数据社消、固投、工业同比均边际回落，且低于WIND一致预期。中报全AROE（TTM）小幅回落，全A、全A 非金融石油石化归母净利润增速边际回落。 风险提示：地缘风险超预期，政策落地超预期，流动性收紧超预期。 1、5年内"其 ...

Core Viewpoint - The article emphasizes the transformative role of cloud computing in the AI era, highlighting its evolution from a backend resource to a strategic asset essential for the development of AI technologies and applications [2][3][19]. Group 1: Cloud Computing Investment and Growth - The global cloud computing investment is projected to reach $463.7 billion by 2025, which is 1.5 times the total investment of the Apollo moon landing program [2]. - Alibaba Cloud reported a 26% year-on-year revenue growth, with AI-related product revenues maintaining triple-digit growth for eight consecutive quarters, marking it as a new growth driver for Alibaba [2][3]. Group 2: Historical Context and Development - The concept of "computing for all" initiated by early tech enthusiasts in the 21st century led to significant advancements in cloud computing, with Alibaba Cloud launching its elastic computing service in 2010 [3][5]. - The rapid growth of e-commerce in China, exemplified by Alibaba's Double 11 sales events, highlighted the imbalance between data explosion and computing power, prompting the establishment of Alibaba Cloud to address these challenges [5][6]. Group 3: Technological Innovations - Alibaba Cloud's "Flying" system transitioned traditional IT architecture to cloud computing, significantly improving computing efficiency and reducing costs [6][7]. - The introduction of the "Shenlong" architecture in 2017 aimed to eliminate virtualization losses, enhancing performance and resource allocation for cloud computing [12][14]. Group 4: AIGC Era and Future Prospects - The rise of AIGC (AI Generated Content) has created unprecedented demand for computing power, with cloud computing becoming a critical infrastructure for AI applications [20][21]. - Alibaba Cloud's collaboration with Xiaopeng Motors to establish a supercomputing center demonstrates its capability to meet high-performance computing needs for advanced AI applications [21][22]. Group 5: Market Position and Competitive Landscape - Alibaba Cloud has consistently ranked as the leading cloud service provider in the Asia-Pacific region, as evidenced by its performance in Gartner's reports [26][29]. - The article underscores the importance of understanding user needs and maintaining close communication with clients to adapt to the rapidly evolving landscape of AI and cloud computing [23][24].

南向资金今日净买入56.23亿港元。其中阿里巴巴-W、美团-W、地平线机器人-W净买入额位列前三， 分别获净买入21.44亿港元、19.53亿港元、14.38亿港元。净卖出方面，三生制药、快手-W、晶泰控股 分别遭净卖出5.77亿港元、5.76亿港元、1.93亿港元。 (本文来自第一财经) ...

| 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | 27.81亿 | 19.84 Z | 47.64亿 | | HK 09988 | | | +7.97亿 | | 中芯国际 | 23.17亿 | 22.20亿 | 45.37 乙 | | HK 00981 | | | +9682.89万 | | 腾讯控股 | 13.35 乙 | 13.14 亿 | 26.49亿 | | HK 00700 | | | +2071.32万 | | 小米集团-W | 10.31亿 | 11.41亿 | 21.71亿 | | HK 01810 | | | -1.10 亿 | | 地平线机 ... | 10.28亿 | 7.84亿 | 18.12亿 | | HK 09660 | | | +2.44 Z | | 晶泰控股 | 7.97亿 | 9.90亿 | 17.88 乙 | | HK 02228 | | | -1.93 亿 | | 三生制药 | 6.43亿 | 10.92亿 | 17.35 乙 | | HK 01530 | | | ...

Group 1 - Alibaba's cross-border e-commerce platform AliExpress is preparing a high-profile brand overseas project, inviting cooperation from several Fortune 500 companies and top domestic and international brands, expected to launch before Double Eleven in 2025 [1] - AliExpress, launched in April 2010, is the only Alibaba platform targeting the global market, often referred to as the "international version of Taobao," focusing on overseas consumers and utilizing international express delivery for shipments [1] - The platform has already initiated its brand overseas strategy, launching the "Big Save 10 Billion Subsidy" plan in April 2024 to support the overseas expansion of Chinese brands, particularly emerging ones [1][2] Group 2 - In the first half of the year, China's cross-border e-commerce import and export total reached 1.32 trillion yuan, a year-on-year increase of 5.7%, indicating a significant structural change with improved brand premium capabilities and cultural export characteristics [2] - The internationalization of brands is not just about product output but also about the transmission of culture and values, emphasizing the need for deep integration of cultural connotations and product strength to enhance global recognition of Chinese brands [2] - The reality show "Paris Partners," featuring Chinese beauty entrepreneurs, aims to create a sustainable cultural output scene by combining variety content with popular culture, helping to gradually convert international consumer attention into interest in products and brands [4] Group 3 - The concept of "cultural export" is likened to building a bridge for dialogue, where pop-up stores serve as public spaces for expressing Chinese culture, beyond just being sales venues [5] - The essence of product export is also seen as a significant pathway for cultural export, with the power of culture providing lasting and profound competitiveness for products [5]

针对这些违规行为，抖音电商安全与信任中心已采取了一系列治理措施，并再次重申了合规要求。公告 强调，锚点标题必须清晰、准确地标注具体商品或服务，避免使用错别字和产生歧义。同时，视频内 容、锚点标题和详情页需保持高度一致，确保用户能够"所见即所得"。点击锚点必须完全基于用户的自 愿，严禁任何形式的误导或诱导行为。 抖音电商方面表示，商品锚点不仅是连接商品与消费者的桥梁，更是商家与用户之间信任的纽带。因 此，平台将持续加强对锚点功能的监管，通过强化审核和识别机制，确保消费者能够放心购物。抖音电 商呼吁所有商家和创作者共同遵守平台规则，共同营造一个公开、透明、可信赖的电商环境。 抖音电商安全与信任中心近日发布公告，指出商品锚点功能作为电商视频内容的重要工具，旨在提升商 家、创作者与用户之间的交互体验。然而，近期平台监测到部分商家和创作者在使用这一功能时存在违 规行为，这些行为不仅损害了用户体验，也对平台经营秩序造成了不良影响。 公告中详细列举了多种违规行为。一些创作者在挂载锚点时，故意使用模糊不清的标题，如"购 物"或"提升宅家幸福感"等泛泛之词，未明确标注具体商品信息，使用户难以准确理解所售内容。还有 商家随意篡改 ...

Group 1 - The core viewpoint emphasizes the importance of deep AI technology application in enhancing business efficiency during the critical phase of digital transformation for enterprises, while also highlighting the challenges faced in implementation, such as high technical barriers and complex model training [1] - The launch of the MCP service on the Alibaba Bailian platform represents a significant breakthrough in the intelligent and ecological direction of enterprise services, providing a new service model for digital transformation [1] - The MCP service has undergone a comprehensive upgrade in technical capabilities, leveraging Alibaba Bailian's full-link model service tools to enhance data processing, model training, and operational deployment [1] Group 2 - The Alibaba Bailian platform's diverse capabilities expand the application scenarios for the MCP service, supporting multi-modal data processing, including text, images, and audio-visual formats, thus adapting to more complex business needs [3] - The optimization of service processes allows enterprises to configure services through a visual interface, enabling quick deployment and flexible adjustments without complex coding [3] - The collaboration between Danyang Zhito APP and Alibaba Bailian is not just a technical upgrade but an innovative practice in the collaborative model of enterprise service ecosystems, allowing Guangdong Bozhong to focus more on business innovation rather than technical implementation [3]

Group 1 - The core viewpoint of the article is that Alibaba's recent stock surge is not just a result of favorable financial reports but rather the culmination of a decade-long technological journey that has led to significant growth in its cloud and AI businesses [3][6][34] - Alibaba's Q2 2025 financial report shows a revenue of 2476.52 billion yuan, a slight increase of 2% year-on-year, but a net profit of 423.82 billion yuan, which represents a remarkable 76% year-on-year increase, exceeding market expectations [6][34] - The growth in Alibaba's cloud segment, with a revenue of 333.98 billion yuan and a 26% year-on-year increase, indicates a shift from reliance on e-commerce to a dual-driven model of "cloud + AI" [6][34] Group 2 - Alibaba's AI business has shown continuous triple-digit growth for eight consecutive quarters, with external commercialization revenue surpassing 20%, highlighting its successful transition from traditional e-commerce revenue models [6][34] - The company has developed its own AI inference chips, achieving performance levels comparable to Nvidia's H20, which signifies a major advancement in its technological capabilities and independence from foreign chip suppliers [7][8][9] - The strategic decision to invest heavily in chip development, initiated by Jack Ma, reflects a long-term vision that positions Alibaba to leverage AI as a foundational infrastructure for future business growth [22][24][28] Group 3 - Alibaba's journey in chip development began in 2018, when it recognized the risks of relying on external suppliers for its core computing power, leading to the establishment of its semiconductor company, "Pingtouge" [11][14] - The launch of the AI inference chip "Hanguang 800" in 2019 marked a significant milestone, followed by the introduction of the 128-core cloud server CPU "Yitian 710" in 2021, enhancing Alibaba's competitive edge in cloud computing [14][15] - By 2025, Alibaba has established a complete chip R&D and production system, investing over 100 billion yuan in AI infrastructure, which underscores its commitment to becoming a leader in AI technology [16][20] Group 4 - The article emphasizes that Alibaba's approach to competition in the food delivery sector is not merely about subsidies but rather about leveraging technology to enhance operational efficiency and user experience [32][34] - The integration of self-developed chips has improved product recommendation accuracy and logistics optimization, creating a sustainable cycle of technological investment leading to business efficiency and profitability [28][29] - Ultimately, Alibaba's transformation from an e-commerce giant to a player in AI chip development illustrates the importance of mastering core technologies to navigate through market cycles and competition [34]

随着市场对美国最新就业报告的预期升温，全球股市延续涨势。投资者普遍认为，将为美联储在本月恢复降息扫清道路，从而推动市场情绪走向 乐观。 受此预期提振，美股三大股指期货小幅上涨，道指期货涨0.1%，标普500指数期货涨0.2%，纳斯达克100指数期货涨0.4%。博通涨约6%，公司第 三财季业绩超预期，并大幅上调2026年增长预期。中概股多数上涨，阿里巴巴涨约3%。欧洲市场同样表现平稳，斯托克600指数微涨0.1%，欧元 上涨0.2%。 美国国债价格基本持平，两年期国债收益率徘徊在近一年来的最低水平。美元则迈向本周表现最弱的一周，现货黄金维持高位，现至3547.72。 就业数据成焦点，市场押注美联储降息 市场参与者正密切关注数据细节，以寻找劳动力市场放缓的证据。根据经济学家的普遍预测，美国8月份新增就业岗位约为7.5万个，失业率预计 为4.3%。如果这一预测成真，将标志着就业增长连续第四个月低于10万，是自2020年疫情初期以来最疲软的增长时期。 不过，并非所有数据点都指向疲软。摩根大通资产管理的全球市场策略师Max McKechnie在一份报告中写道： "今天公布的数据不太可能显示出那种会迫使美联联储加速宽松计 ...

Investment Rating - The investment rating for Alibaba-W (09988) is "Buy" with a target price set above the current price of HKD 129.8, indicating an expected relative return of over 20% within the next six months [5][13]. Core Insights - The report highlights that Alibaba's cloud business continues to maintain high growth, with revenue exceeding Bloomberg consensus expectations. The company is also investing significantly in artificial intelligence-related products, which have shown consistent triple-digit year-over-year growth for eight consecutive quarters [4][3]. - The Chinese e-commerce group's revenue for FY26Q1 reached CNY 1,401 billion, surpassing Bloomberg consensus by 15%. The report notes that the introduction of "Taobao Instant Retail" has led to significant user engagement and order volume growth [2][4]. - The AIDC segment reported a revenue increase of 19% year-over-year, driven by strong cross-border business performance and improved operational efficiency [3][4]. Summary by Sections Financial Performance - For FY26Q1, Alibaba reported total revenue of CNY 2,477 billion, with adjusted EBITA of CNY 388 billion and adjusted net profit of CNY 353 billion. Capital expenditures for the quarter were CNY 386 billion, exceeding Bloomberg consensus expectations [1][4]. Chinese E-commerce Group - The Chinese e-commerce group's revenue was CNY 1,401 billion, with an adjusted EBITA of CNY 384 billion, reflecting a year-over-year decline of CNY 104 billion. The "Taobao Instant Retail" service has significantly boosted user engagement, with peak daily order volumes reaching 120 million in August [2][4]. Cloud Intelligence Group - The Cloud Intelligence Group generated revenue of CNY 334 billion, with an adjusted EBITA of CNY 30 billion, marking a year-over-year increase of CNY 6 billion. The growth was primarily driven by public cloud services and increasing adoption of AI-related products [3][4]. Shareholder Returns - The company repurchased 56 million shares for a total of USD 815 million during the quarter. As of June 30, 2025, the remaining authorized amount for the stock repurchase plan is USD 19.3 billion [4].