Core Viewpoint - Southbound funds reduced their holdings in Alibaba-W (09988.HK) by 2.4157 million shares on January 29, indicating a fluctuation in investor sentiment towards the company [1] Group 1: Southbound Fund Activity - In the last five trading days, southbound funds increased their holdings on two occasions, with a total net increase of 2.5658 million shares [1] - Over the past 20 trading days, there were 14 days of net increases, totaling 26.8275 million shares [1] - Currently, southbound funds hold 2.227 billion shares of Alibaba-W, representing 11.65% of the company's total issued ordinary shares [1] Group 2: Company Overview - Alibaba Group Holding Limited provides technological infrastructure and marketing platforms, operating through seven business segments [1] - The China Commerce segment includes retail businesses such as Taobao, Tmall, and Hema, as well as wholesale operations [1] - The International Commerce segment encompasses international retail and wholesale businesses like Lazada and AliExpress [1] - The Local Consumer Services segment includes location-based services such as Ele.me, Gaode, and Fliggy [1] - The Cainiao segment offers domestic and international logistics services and supply chain management solutions [1] - The Cloud segment provides public and hybrid cloud services to domestic and international enterprises, including Alibaba Cloud and DingTalk [1] - The Digital Media and Entertainment segment includes Youku, Quark, Alibaba Pictures, and other content and distribution platforms, as well as online gaming [1] - The Innovation Initiatives and Others segment comprises DAMO Academy, Tmall Genie, and other businesses [1]

Core Insights - Alibaba has officially launched its high-end AI chip "Zhenwu 810E," marking a significant milestone in its transition from an e-commerce company to a high-tech enterprise driven by both e-commerce and AI [1][9] - The company has established a robust AI ecosystem, referred to as the "AI Golden Triangle," which integrates its self-developed chips, cloud computing capabilities, and top-tier open-source models [1][6] Group 1: AI Chip Development - The "Zhenwu" PPU features a self-developed parallel computing architecture and inter-chip communication technology, with a memory of 96G HBM2e and an inter-chip bandwidth of 700GB/s, suitable for AI training, inference, and autonomous driving [3] - The performance of the "Zhenwu" PPU surpasses that of mainstream domestic GPUs, and it has been deployed in over 400 clients, including major organizations like State Grid and Xpeng Motors [5] Group 2: AI Ecosystem and Market Position - Alibaba Cloud, established in 2009, has become one of the top four AI clouds globally, serving over 5 million customers and holding the largest market share in the Asia-Pacific region [6] - The company has launched over 400 open-source models, with the "Qianwen" model family exceeding 200,000 derivatives and over 1 billion downloads, making it the most popular large model in China [6] Group 3: Strategic Investments and Future Outlook - Alibaba is investing 380 billion yuan in AI infrastructure over three years, with plans for further investments to enhance its AI capabilities [9] - The company's cloud revenue reached 39.824 billion yuan in Q2 of the 2026 fiscal year, reflecting a 34% year-on-year growth, indicating potential for further acceleration in revenue and valuation [9]

Group 1 - The Tmall New Year Festival offers significant discounts on home appliances, with official reductions starting at 8.8% and additional coupons available, allowing prices to drop to as low as 50% after combining various promotions [1] - Major home appliance brands such as Philips, Joyoung, Gree, Midea, Hisense, Siemens, and others are participating in the Tmall event, providing fast delivery services [1] - The "4-hour delivery" service is now available in ten major cities, including Shanghai, Guangzhou, and Beijing, enhancing consumer convenience and satisfaction [4] Group 2 - The integration of Tmall brands into Taobao Flash Sale reflects a growing trend in instant retail, with approximately 3,500 Tmall brands connecting their offline stores to the service [5] - The collaboration has resulted in a significant increase in consumer orders, with daily orders for instant retail on Tmall seeing a 198% month-over-month growth compared to September [5] - The fast delivery service has led to a notable increase in sales for participating brands, with some products experiencing over a 30% rise in sales due to improved logistics and delivery efficiency [4]

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。 ...