Core Insights - Alibaba Group Holding's second-quarter fiscal 2026 results reveal significant challenges, prompting a reassessment of investment positions as the company faces severe margin compression despite modest revenue growth [2][10] Financial Performance - The company reported revenues of RMB 247.8 billion for the September quarter, reflecting a 5% year-over-year growth, with a 15% increase on a like-for-like basis when excluding divested businesses [3] - Non-GAAP earnings were reported at 61 cents per ADS, falling short of the Zacks Consensus Estimate by 7.58%, with non-GAAP diluted earnings in domestic currency at RMB 4.36, down 71% year over year [3] Competitive Landscape - Margin deterioration is attributed to hyper-competition, with sales and marketing expenses more than doubling to RMB 66 billion as the company strives to maintain market share against rivals like JD.com and Pinduoduo [4] - The food delivery sector has intensified competition, particularly with JD.com's entry into the delivery space, leading to subsidized pricing battles that threaten margin recovery [8][12] Strategic Investments - A concerning 78% decline in adjusted EBITDA is largely due to cash-burning investments in the Quick Commerce business, despite management reporting improved unit economics [6] - Approximately RMB 120 billion has been allocated towards AI and cloud infrastructure over the past four quarters, indicating aggressive spending without clear return timelines [6][11] Cloud Segment Performance - The Cloud Intelligence Group saw a revenue increase of 34% year over year to RMB 39.8 billion, but this growth is insufficient to offset the core e-commerce margin deterioration [9] - Supply chain constraints are acknowledged as limiting the pace of AI infrastructure deployment, indicating execution challenges even in this growth segment [9] Valuation Concerns - Alibaba's forward 12-month price-to-sales ratio stands at 2.61 times, a premium compared to the broader Zacks Internet-Commerce industry average of 2.25 times, suggesting limited valuation support amid deteriorating fundamentals [13] - The stock's 1% return over the past three months contrasts sharply with global technology peers, reflecting investor awareness of the company's challenges [16] Competitive Positioning - Compared to global technology leaders like Amazon, Microsoft, and Alphabet, Alibaba's competitive position appears precarious, struggling to match operational excellence and profitability [17]

1月29日，挪威央行投资管理（Norges Bank Investment Management）正式发布 2025 年年度投资报告。 数据显示，全球最大主权财富基金之一的挪威政府全球养老基金（Government Pension Fund Global，GPFG）在2025年实现15.1%的整体回报率，基金规模 于2025年12月31日达到21.268万亿挪威克朗（约合15.47万亿人民币）。 从基金规模变动细节来看，2025年基金会计收益达2.362万亿克朗（约1.72万亿人民币），但受挪威克朗对多国主要货币升值影响，汇率因素导致基金价值 缩水。同时，扣除管理费用后的资金净流入为319亿克朗，多重因素共同作用下，基金全年规模净增1.526万亿克朗。 从资产类别表现来看，权益类投资成为基金收益的核心驱动力。2025年，基金股票投资回报率高达19.3%，显著跑赢其他资产类别。其中，科技、金融及 基础材料板块表现尤为突出，贡献了权益投资的主要收益。挪威央行投资管理首席执行官尼古拉・丹根（Nicolai Tangen）在声明中强调："2025年基金交 出了极具说服力的成绩单，科技、金融与基础材料领域的优质股票持续 ...

Core Insights - The investment environment in 2025 was challenging, with foreign equity markets achieving their best returns in over a decade, while the International Growth Composite Portfolio finished the year essentially flat due to a market preference for cyclically sensitive businesses [8][11]. Portfolio Performance - The International Growth Composite Portfolio's performance was -2.21% for the quarter and 0.68% year-to-date, compared to the MSCI ACWI (ex-USA) which returned 5.05% for the quarter and 32.39% year-to-date [5]. - Top contributors to the Portfolio's performance included Tokyo Electron, ASML, and Shopify, while the largest detractors were Monday.com, MercadoLibre, and SAP [13][17]. Company-Specific Insights - **Tokyo Electron**: A leading player in semiconductor manufacturing equipment, expected to grow revenues at a high single-digit rate and increase operating margins from 25% in 2024 to 35% in the medium term, driving mid-teens earnings growth [14]. - **ASML**: Benefiting from investor optimism around AI, as its equipment is essential for advanced chips, which are critical for AI applications [16]. - **Monday.com**: Despite strong results, the stock sold off due to concerns over near-term growth slowdown, but revenue growth is expected to sustain over 20% as it expands its market reach [18]. - **MercadoLibre**: The largest e-commerce platform in Latin America, experiencing a decline in stock price due to a slight decrease in operating margin while investing in growth initiatives [19]. - **SAP**: Despite cloud revenue growth exceeding expectations, the stock faced pressure due to market conditions, but is viewed as resilient with a strong market position and high recurring revenues [20]. Portfolio Activity - New position established in **Nintendo**, which is expected to see significant growth following the release of the Switch 2, with anticipated earnings growth of 30% annually over the next few years [23]. - Positions in **Teleperformance** and **Siemens Healthineers** were eliminated due to ongoing business challenges, reallocating funds to invest in Nintendo and Tencent [25][26]. Market Outlook - The outlook for the Portfolio remains positive, with expectations of benefiting from structural trends such as technology shifts and growth in emerging markets like India [27].

Core Viewpoint - Alibaba's Qwen has officially open-sourced the Qwen3-ASR series of models, which are powerful speech recognition models designed to support multiple languages and dialects [1] Group 1: Model Details - The Qwen3-ASR series includes two comprehensive speech recognition models: Qwen3-ASR-1.7B and Qwen3-ASR-0.6B [1] - Additionally, the series features an innovative speech forced alignment model, Qwen3-ForcedAligner-0.6B [1] Group 2: Language Support - The Qwen3-ASR models support speech recognition and language identification for 52 languages and dialects [1]

Core Insights - Alibaba's new AI chip "Zhenwu 810E" has been launched, marking a significant breakthrough in domestic AI chip performance and application scale [1][5] - Alibaba is now one of the only two companies globally, alongside Google, to achieve a full-stack AI integration of "AI + Cloud + Chip" [3][15] - The global cloud computing market is dominated by four major players: Microsoft, Amazon, Google, and Alibaba, collectively holding over 80% market share [4] Group 1: AI Chip Development - The "Zhenwu 810E" chip features impressive specifications, including 96GB HBM2e memory, 700GB/s interconnect bandwidth, and a PCIe 5.0×16 interface, surpassing NVIDIA's A800 [5][10] - Alibaba's chip development journey began in 2018, with the establishment of Pingtouge, aimed at overcoming chip supply challenges [9][10] - The chip is a culmination of Alibaba's 17 years of technological investment in building a "Cloud + AI + Chip" ecosystem [6][10] Group 2: Strategic Positioning - Alibaba's full-stack self-research approach contrasts with Microsoft and Amazon's reliance on external technologies, providing a more stable long-term strategy [4][5] - The company plans to invest at least 380 billion RMB over the next three years in cloud computing and AI infrastructure, exceeding its total investment in the past decade [14] - Alibaba's "Tongyun Ge" AI triangle, consisting of Pingtouge, Alibaba Cloud, and Tongyi Laboratory, creates a synergistic effect that enhances both chip performance and cloud service efficiency [10][15] Group 3: Market Impact - The launch of the "Zhenwu" chip and the "Tongyun Ge" AI triangle positions Alibaba as a key player in the global AI infrastructure competition [12][15] - Alibaba's advancements in AI technology are expected to lead to a shift in global AI standards, with the company emerging as a significant competitor against U.S. tech giants [12][15] - The collaboration between chips and cloud services allows for rapid iteration and cost advantages, enhancing Alibaba's competitive edge in the AI market [15]

Group 1 - The company, Professional Travel (01235), announced the sale of a total of 34,900 shares of Alibaba at an average price of approximately HKD 142 per share [1] - The total consideration for the sale amounts to approximately HKD 4.957 million, excluding transaction costs [1] - The sale is conducted by Dingkun Journey, a wholly-owned subsidiary of the company, in the open market [1]

智通财经APP讯，专业旅运(01235)发布公告，于2026年1月29日，鼎坤旅程(本公司的间接全资附属公 司)在公开市场以总代价约 495.7万港元(不包括交易成本)，出售合共 3.49万股阿里巴巴股份，平均价格 为每股阿里巴巴股份约 142 港元。 ...

Similarweb年度报告称速卖通为"美国大赢家" 在澳大利亚，速卖通增长更为凶猛，全年访问量同比增长45.5%，是澳大利亚增长最快的电商平台。在综合类排名中位居第二，仅次于chatGPT；在英国， 速卖通APP下载量同比增长38.5%，在综合应用榜上排名第三；在德国，速卖通网站访问量增长34.5%，综合排名第五，增速超过Temu。 值得注意的是，上述四国均为全球电商成熟度高、竞争激烈的市场。速卖通的用户增长得益于其2024年起便全面转向"品牌化+本地化"布局。 1月29日消息，互联网数据分析机构Similarweb发布2026年度Digital 100报告。阿里旗下跨境电商平台速卖通AliExpress在美国、英国、德国、澳洲等多个发 达国家市场均跻身综合平台增速前10。 其中，在美国，速卖通2025全年网站访问量同比增长18.7%，成为美国增速最快的十大平台之一，被评为"2025年美国大赢家"。 据了解，在美国市场，亚马逊、沃尔玛、Target等本土零售巨头长期占据主导地位，新兴平台突围难度极高，取得这一成绩可谓不易。因此，纽交所也发文 祝贺：在纽交所上市企业中，阿里速卖通是唯一入选增速Top10的电商 ...

1月29日，阿里旗下平头哥官网悄然上线一款名为"真武810E"的高端AI芯片，阿里自研芯片PPU正式亮 相。 至此，通义实验室、阿里云和平头哥组成的阿里巴巴AI黄金三角"通云哥"首次浮出水面。 2025年9月，央视《新闻联播》在报道中国联通三江源绿电智算中心建设进展时，画面背景中出现了一 张"国产卡与NV卡重要参数对比"的表格。阿里平头哥PPU、华为昇腾910B、壁仞104P，与英伟达 A800、H20的关键参数被并列呈现。 据了解，阿里正在将"通云哥"打造成一台AI超级计算机，它同时拥有全栈自研芯片平头哥、亚太第一的 阿里云以及全球最强的开源模型"千问"，可以在芯片架构、云平台架构和模型架构上协同创新，从而实 现在阿里云上训练和调用大模型时达到最高效率。 平头哥官网显示，真武810E采用自研并行计算架构和片间互联技术，配合全栈自研软件栈，实现软硬 件全自研。其 96GB HBM2e 显存、700GB/s 的片间互联带宽，与此前央视画面中的参数基本一致。 过去在阿里内部，阿里多强调"通云哥"的整合，即通义千问、阿里云、平头哥所代表的AI、云计算、芯 片三位一体核心技术栈的协同发展。这让平头哥能更专注于芯片硬件 ...

中国人工智能领域的主导权争夺战愈演愈烈。科技巨头字节跳动与阿里巴巴集团均计划在 2 月中旬农历 春节前后推出新一代旗舰人工智能大模型，这场对决或将成为中国科技行业最具决定性的一次较量。 据两位直接知情人士透露，字节跳动拟于下月推出三款全新人工智能模型，涵盖大语言模型、图像生成 模型和视频生成模型。这家 TikTok 母公司旗下的云计算业务正凭借人工智能服务快速发展，向中国云 服务行业龙头阿里云计算业务发起挑战，而阿里巴巴也并未坐以待毙。 另两位知晓阿里巴巴计划的直接知情人士表示，阿里也打算在春节同期推出新一代旗舰人工智能大模 型，该系列模型具备强劲的数学运算与代码编写能力。知情人士还透露，阿里计划借春节假期对面向消 费者的通义千问 AI 应用展开大规模营销推广，向字节跳动旗下的豆包聊天机器人发起挑战 —— 豆包 是目前中国用户规模最大的 AI 应用。 此前有消息称，深度求索时隔一年也计划在同期推出新一代重磅大模型，这让行业竞争更趋白热化。 去年春节期间，全国民众迎来一周长假，拥有大量线上时间浏览新闻、消费娱乐内容，深度求索也借此 契机迅速走红全球。今年，阿里巴巴与字节跳动均计划抓住这一窗口期，争夺中国消费级 ...