（文章来源：证券日报） 证券日报网讯四维图新9月3日在互动平台回答投资者提问时表示，阿里是公司重要合作伙伴，重大合作 信息请以公司公告为准。 ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound capital, totaling HKD 55.08 billion on September 3, with notable net purchases in stocks like Alibaba, Xiaomi, and Meituan, while Tencent and Huahong Semiconductor faced substantial net sell-offs [1][4]. Group 1: Northbound Capital Inflows - Northbound capital recorded a net purchase of HKD 55.08 billion, with HKD 32.02 billion from the Shanghai Stock Connect and HKD 23.07 billion from the Shenzhen Stock Connect [1]. - Alibaba (09988) was the top net buyer, with a net inflow of HKD 17.95 billion, followed by Xiaomi (01810) and Meituan (03690) [2][4]. Group 2: Individual Stock Performance - Alibaba-W (09988) saw a net purchase of HKD 24.88 billion, driven by positive earnings expectations and management's optimistic outlook on core business growth [4][5]. - Xiaomi Group-W (01810) received a net inflow of HKD 6.98 billion, attributed to exceeding delivery targets and strong order demand [5]. - Meituan-W (03690) had a net inflow of HKD 5.7 billion, reflecting ongoing investor interest [8]. Group 3: Notable Sell-offs - Tencent (00700) faced a net sell-off of HKD 4.71 billion, with analysts expressing concerns over its recent performance despite a significant stock price increase [7][8]. - Huahong Semiconductor (01347) experienced a net outflow of HKD 4.05 billion, indicating a shift in investor sentiment [6][8]. Group 4: Market Insights - The market is witnessing a trend where companies like Alibaba and Xiaomi are gaining traction due to strong operational performance and growth prospects, while others like Tencent are facing scrutiny due to overvaluation concerns [6][7].

Group 1: Market Overview - On September 3, the Hong Kong stock market saw a net inflow of 55.08 billion HKD from Northbound trading, with 32.02 billion HKD from Shanghai Stock Connect and 23.07 billion HKD from Shenzhen Stock Connect [1] - The most bought stocks included Alibaba-W (09988), Xiaomi Group-W (01810), and Meituan-W (03690), while the most sold stocks were Tencent (00700), Hua Hong Semiconductor (01347), and ZTE Corporation (00763) [1] Group 2: Stock Performance - Alibaba-W (09988) had a net inflow of 37.38 billion HKD, with a total trading volume of 56.81 billion HKD, resulting in a net increase of 17.95 billion HKD [2] - Xiaomi Group-W (01810) received a net inflow of 6.98 billion HKD, supported by strong delivery numbers exceeding 30,000 units in August [5] - Longi Green Energy (06869) saw a net inflow of 3.64 billion HKD, with expectations of a 56.52% compound annual growth rate in the next six years for hollow-core fiber [6] Group 3: Analyst Insights - Analysts from CCB International noted that Alibaba's first fiscal quarter performance slightly exceeded expectations, with positive outlooks on core business prospects [5] - Haitong International expressed optimism for Stone Pharmaceutical Group (01093) in the second half of the year, anticipating growth despite pricing pressures [6] - Minsheng Securities highlighted that the acquisition of SMIC North will significantly enhance the net profit of SMIC [7]

据介绍，此次采购节，阿里国际站首次上线了超20万个全球智能采购清单，在AI搜索的推荐下，会根 据买家过往采购习惯，同时结合国家特色、市场及节庆热点，帮助海外买家匹配到更精准的产品列表， 从而也让中国卖家在9月采购节期间更快速地爆单。 最新数据显示，使用阿里国际站AI Agent的中小商家数已超14.2万。 （文章来源：新华财经） 记者3日从阿里国际站获悉，阿里国际站9月采购节启动首日，交易额较去年首个工作日同比跃升33%。 据悉，阿里国际站9月采购节是海外买家备货年底黑五、圣诞季、新年等节点的集中爆发期，也是观察 外贸出口动能的重要窗口。本届9月采购节首次全面引入AI能力，从搜索推荐、智能导购、供需匹配等 关键环节实现全面升级。 ...

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.60% to 25,343.43 points, the Hang Seng Tech Index down by 0.78% to 5,683.74 points, and the National Enterprises Index decreasing by 0.64% to 9,050.02 points [1] - The Hang Seng Index opened lower at 25,660.65 points, dropped significantly before stabilizing around 25,374 points in the afternoon session, ultimately closing down by 153.12 points with a total turnover exceeding 267.6 billion HKD [1] Stock Performance - A total of 935 stocks rose, while 1,248 stocks fell, and 985 stocks remained unchanged [1] - Notable gainers included: - Haotian International Construction Investment up by 5.77% - Fuyao Glass up by 4.36% - Changfei Optical Fiber Cable up by 12.61% - Heng Rui Medicine up by 8.32% [1] - Significant decliners included: - XPeng Motors down by 2.23% - China Resources Land down by 0.65% - Longfor Group down by 1.99% - China Pacific Insurance down by 2.49% - China Merchants Securities down by 2.55% [1] Top Traded Stocks - The top three traded stocks were: - Alibaba down by 0.45% with a turnover exceeding 14.1 billion HKD - Tencent Holdings down by 0.33% with a turnover exceeding 9.3 billion HKD - Xiaomi Group down by 2.06% with a turnover exceeding 7.4 billion HKD [2]

Core Viewpoint - Junwei Electronics (301458) clarified on September 3 that there is no direct supply relationship with Alibaba, and the indirect cooperation situation with end customers remains unclear [1] Company Summary - Junwei Electronics does not have a direct supply relationship with Alibaba [1] - The status of indirect cooperation with end customers is currently not defined [1]

Core Insights - Alibaba's AliExpress is preparing a high-profile brand overseas expansion project, inviting top global and domestic brands, with an official launch expected before the Double 11 shopping festival [1] - The project aims to establish a new brand section on the app, providing selected brands with traffic support and local operational assistance [1] - The growth targets set for this initiative are described as "very aggressive," indicating a strategic shift towards brand-focused international sales [1] Brand Collaboration Plans - Xiaomi and Pop Mart are among the brands included in the "Super Brand Plan," with specific sales targets of USD 2000 million and USD 6000 million respectively for the Double 11 event [1] - Other brands such as Anker and Dreame are also in discussions for collaboration, with sales targets of USD 5000 million and USD 3000 million respectively [1] - The initiative reflects a broader trend in the cross-border e-commerce sector, where AliExpress aims to leverage brand partnerships to enhance its market position [1]

Core Insights - Alibaba's stock increased nearly 13% to approximately $135 per share, with a year-to-date rise of close to 60%, following a favorable Q1 earnings report highlighting growth in its cloud business [2] - The company has developed a new AI chip for its cloud computing division, aimed at securing a supply of AI semiconductors amid U.S. export restrictions, while enhancing its cloud competitiveness [2][4] Chip Development - Alibaba's T-Heat unit has been developing AI chips for several years, with the new chip designed for inference workloads, focusing on large language and diffusion models [3] - The new chip is expected to be manufactured using a 7 nanometer process, enhancing its capabilities compared to the previous Hanguang chip, and is rumored to be compatible with Nvidia's software ecosystem [4] Market Context - The development of Alibaba's chip occurs amid geopolitical tensions, with the U.S. restricting leading-edge chip exports to China, prompting Alibaba to reduce reliance on U.S. suppliers [4] - The AI market is shifting focus from training to inference, with Alibaba targeting the inference segment, which is less intensive per task but scales across millions of users [5] Strategic Approach - Alibaba plans to leverage its new chip to enhance Alibaba Cloud, allowing customers to rent computational power, thereby deepening customer dependency and generating recurring revenues [6] - The company is committing 380 billion yuan (approximately $53 billion) towards AI infrastructure over the next three years, motivated by a 26% year-on-year growth in its cloud division [6] Competitive Landscape - Alibaba's new chips are expected to supplement Nvidia's GPUs in its AI strategy, with the company likely to continue using Nvidia hardware for training while focusing its own chips on cloud-based inference [7] - Other Chinese companies, including Baidu and Huawei, are also developing AI chips, but Alibaba's established cloud presence provides a distribution advantage [7]

Core Insights - Alibaba International Station launched its largest annual procurement festival on September 1, with the first day's transaction volume increasing by 33% compared to the same day last year [1] Group 1: Event Overview - The September Procurement Festival is a peak period for overseas buyers to stock up for major events like Black Friday, Christmas, and New Year [1] - This year's festival introduced AI capabilities across key areas such as search recommendations, smart shopping guidance, and supply-demand matching [1] Group 2: AI Integration - Over 200,000 global smart procurement lists were launched for the first time during this festival [1] - The AI search recommendations are tailored based on buyers' past purchasing habits, national characteristics, market trends, and festive highlights [1] - More than 142,000 small and medium-sized businesses are currently using Alibaba International Station's AI Agent [1]

Core Insights - Douyin's summer tourism report indicates a significant increase in travel-related activities, with both order volume and sales for hotel and travel group purchases rising by 46% year-on-year [1][14][15] Group 1: Travel Trends - Coastal and small-town tourism saw a surge, with cities like Qinhuangdao, Weihai, Rizhao, and Chengde experiencing over 100% growth in hotel and travel orders compared to the previous period [1][14] - The top ten popular travel cities include Shanghai, Beijing, Hangzhou, Zhengzhou, Chengdu, Xi'an, Chongqing, Qinhuangdao, Qingdao, and Nanjing [1][19] Group 2: Hotel and Scenic Spot Performance - Douyin's hotel group purchase orders increased by 71% and sales by 82% compared to the previous period [5][15] - Scenic spot group purchases saw a 41% increase in order volume and a 55% increase in sales [5][18] Group 3: Event-Driven Consumption - Major sports events like the Jiangsu Super League and Wuhan Super League significantly boosted local consumption, with Douyin group purchases in Wuhan increasing by 55% during the event [8][20][21] - The "Follow the Su Super League" campaign generated over 77 billion yuan in consumption in Jiangsu, marking a 48% year-on-year increase [8][23] Group 4: Cultural and Heritage Tourism - The "Intangible Cultural Heritage Tourism" trend grew, with related content on Douyin increasing by 121% and group purchase orders rising by 327% [11][31][32] - Popular intangible cultural heritage sites include Chengdu's Lantern Night and Xi'an's Lantern Festival [11][33] Group 5: Consumer Assurance Initiatives - Douyin launched a "Summer Assurance Plan" to enhance user experience, offering guarantees such as compensation for unfulfilled bookings and satisfaction guarantees [12][42][44] - The platform aims to maintain strong partnerships with travel businesses and local governments to support the tourism economy [12][42]