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。 根據香港上市規則第17.06A條，董事會宣佈，本公司於2025年11月29日，根據 2024年計劃的條款向若干員工授予涉及6,115,830股相關股份的獎勵（佔本公告日 期已發行股份總數（不包括庫存股份）約0.03%），惟須待被授予人接納後方可作 實。 授出獎勵之詳情 有關授予被授予人獎勵的詳情如下： 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 ...

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][19]. Core Insights - The acceleration of space computing deployment is creating a new competitive landscape in the AI industry, with significant developments from both China and the United States [4][14]. - The global AI industry is entering a resonance period, driven by the rapid expansion of AI infrastructure and the commercialization of downstream applications [5][18]. Summary by Sections Recent Developments - The Beijing Municipal Science and Technology Commission announced plans for a space data center construction, aiming to build a system with over GW power in low Earth orbit by 2035 [4][14]. - China's "Trisolaris Computing Constellation" successfully launched its first 12 satellites, marking a significant milestone in space computing infrastructure [4][14]. Competitive Landscape - NVIDIA and its startup partner Starcloud launched the first space AI server equipped with the H100 chip for a three-year testing mission [4][14]. - Google is exploring the integration of its TPU chips into satellites to utilize solar energy for power [4][14]. Key Company Performance - Alibaba's cloud revenue grew by 34% year-on-year, with AI-related products seeing triple-digit growth for nine consecutive quarters [5][18]. - Google’s TPU has become a strong competitor to NVIDIA, with the latest generation achieving significant performance metrics [17][18]. Investment Recommendations - The report suggests focusing on several key areas: domestic chips (e.g., Haiguang Information, Cambrian), domestic servers (e.g., Zhongke Shuguang, Digital China), AI applications (e.g., Kingsoft Office, iFlytek), and space computing (e.g., Aerospace Intelligent Equipment, Zhongke Xingtou) [5][19].

Core Insights - Xiamen's cross-border e-commerce exports have surpassed 10 billion RMB this year, marking a significant milestone for the region's logistics and e-commerce capabilities [1][3]. Group 1: Industry Overview - Xiamen is a key cross-border e-commerce export hub in Southeast China, benefiting from its coastal and port advantages [3]. - The city hosts nearly 6,000 cross-border e-commerce sellers and has developed several industrial clusters, including Zhaishang, Airport, Dongdu, Haicang, and Software Park Phase III [3]. - Major e-commerce platforms like Amazon Global Store, JD.com, and Alibaba International Station have established official operations in Xiamen, enhancing the local e-commerce ecosystem [3]. Group 2: Logistics and Efficiency - Xiamen Airport has opened 16 dedicated air cargo routes to countries such as the USA, Mexico, France, and Brazil, facilitating international trade [3]. - The customs authority has implemented a "single window + air logistics" model, reducing six types of paper documents and improving operational efficiency by 90% [4]. - The establishment of an international express customs supervision center and an automated sorting system has significantly increased the efficiency of cross-border e-commerce goods [4]. Group 3: Consumer Services and Returns - Xiamen customs has focused on enhancing return services for cross-border e-commerce, implementing measures like cross-border return facilitation and monitoring systems [5]. - The dual-track model of "manual review + intelligent verification" has been adopted to expedite the inspection and release of returned goods, ensuring consumer confidence [5]. - The customs authority aims to create a market-oriented, legal, and international business environment to support companies in expanding their international markets through cross-border e-commerce [5].

[Table_Reportdate] 2025年12月1日 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.博通2025Q2 AI营收大幅增 长，存储市场持续回暖——电 子行业周报2025/6/2-2025/6/8 1. 英伟达Q3业绩与Q4指引超市场 预期，谷歌发布Gemini 3——电子 行业周报（2025/11/17- 2025/11/23） 2. 中芯国际三季度产能利用率与 ASP双增，百度公布昆仑芯五年路 线图——电子行业周报 （2025/11/10-2025/11/16） 3. 华虹三季度营收创新高，谷歌最 新TPU即将上市——电子行业周报 （2025/11/3-2025/11/9） [Table_NewTitle] 阿里云Q3营收同比增长34%，华为Mate 80系列与夸克AI眼镜发布 ——电子行业周报2025/11/24-2025/11/30 [table_ ...

此外，摩根士丹利发布最新的2025年下半年CIO调查报告。随着IT预算在2026年持续扩张，企业客户在 生成式AI的部署上，正迅速从独立的模型开发商转向拥有全栈能力的超大规模云厂商。阿里巴巴凭 借"云基座+通义千问"的组合，被大摩确立为"中国最佳AI赋能者"。大摩分析称，阿里在B端的吸引力 正快速逼近并有望在三年内超越目前的市场热门DeepSeek。(格隆汇) 阿里巴巴(BABA.US)盘前涨1.2%，报159.18美元。消息面上，夸克AI眼镜上周四正式开售，首发提供 S1、G1两个系列共六款单品。据介绍，夸克AI眼镜搭载的千问助手已经融合支付宝、高德地图、淘 宝、飞猪、阿里商旅等阿里生态核心场景，初步具备了在物理世界辅助用户、帮用户办事的能力。 ...

侃见财经 . 看见不一样的财经！ 作者：侃见财经 以下文章来源于侃见财经 ，作者侃见财经 来源：侃见财经 核心护城河被侵蚀，对于美团而言，代价难以承受，尽管管理层相对比较乐观。 -------------------------------- 美团的护城河受到了严重侵蚀。 11月28日，美团披露了2025年第三季度业绩报告，财报显示，第三季度美团实现营收955亿元， 同比增长2%，低于彭博预期增长的4%。 经调整净亏损为160.1亿元，高于彭博一致性预期的138 亿。 | | 八元二三十八 | | | | | | --- | --- | --- | --- | --- | --- | | | 截至下列日期止三個月 | | | | | | | 2025年9月30日 | | 2024年9月30日 | | | | | | 佔收入 | | 佔收入 | | | | 金額 | 自分比 | 金額 | 百分比 | 同比筹重 | | | (人民幣千元,百分比除外) | | | | | | 文人 | 95,488,113 | 100.0% | 93,577.319 | 100.0% | 2.09 | | 經營(虧損)/ 溢利 | ...

Core Insights - The report emphasizes the collaborative development of bay area cities as a process of optimizing spatial resource allocation, rationally aggregating economic factors, and complementing urban functions [1] Group 1: Transportation Infrastructure - The Guangdong-Hong Kong-Macao Greater Bay Area and the Beibu Gulf region have significantly improved intercity accessibility through major cross-border and regional transportation infrastructure [2] - Key projects like the Guangzhou-Shenzhen-Hong Kong High-Speed Rail and the Hong Kong-Zhuhai-Macao Bridge have transformed the "one-hour living circle" from a vision into reality [2] Group 2: Digital Economy - The digital economy serves as a crucial driver, enhancing economic links and spatial integration among bay area cities [3] - The Hangzhou Bay area has emerged as a national digital economy hub, with cities leveraging digital technologies for efficient collaboration [3] Group 3: Institutional Mechanisms - Various collaborative development policies and plans have been introduced to enhance policy uniformity, rule consistency, and execution synergy, breaking down administrative barriers [4] - The Guangdong-Hong Kong-Macao Greater Bay Area has made substantial progress in institutional innovation, particularly in trade liberalization [4] Group 4: Functional Division and Cooperation - Cities in the bay areas are leveraging their resource endowments and industrial foundations to create a complementary and heterogeneous spatial development pattern [5] - For instance, Beijing focuses on original innovation, Tianjin on applied research, and Hebei on industrialization, forming a regional innovation system [5] Recommendations for High-Quality Development - The report suggests seven areas for promoting high-quality economic development in Chinese bay areas, including optimizing layout, structure, network, mechanisms, application, governance, and cooperation [5]

盈利预测与投资建议 ⚫ 夸克 AI 眼镜发布，看好公司进入 AI 眼镜赛道后的增长潜力与其与内部业务互相引 流赋能的入口潜力。我们维持预测公司 FY2026-2028 营业收入 10344/11570/12460 亿元，经调整净利润为 1093/1706/2027 亿元。我们采用分部估值法，维持上次估值 倍数与目标价 212.43 港元，维持"买入"评级。 风险提示：AI 眼镜业务进展不及预期，资本投入回报不及预期、AI 大模型技术进展不 及预期、行业竞争加剧、宏观经济不景气。 | 公司主要财务信息 | | | | | | | --- | --- | --- | --- | --- | --- | | | 2024A | 2025A | 2026E | 2027E | 2028E | | 营业收入(百万元) | 941,168 | 996,347 | 1,034,373 | 1,157,017 | 1,246,033 | | 同比增长 (%) | 8.34% | 5.86% | 3.82% | 11.86% | 7.69% | | 营业利润(百万元) | 113,350 | 140,991 | 90,857 ...

Core Insights - Alibaba's Quark AI glasses were officially launched on November 27, featuring a unique design with ultra-thin temples and frames, with the temples measuring only 7.5mm, the narrowest in the global market for similar products [1][2] - The Quark glasses come in two series: S1 (with display) starting at 3799 yuan and G1 (without display) starting at 1899 yuan, showcasing advanced technology including dual flagship chips and adjustable focal distance [2][3] - The smart glasses market is expected to accelerate, with major brands like Meta and Xiaomi releasing their products, indicating a growing trend towards smart eyewear by 2026 [3][4] Product Features - The Quark AI glasses have four main features: ultra-thin design, a dual battery replacement system, an integrated fitting solution with Conant Optical, and deep integration with Alibaba's ecosystem through the Qianwen AI assistant [2][4] - The S1 model weighs approximately 51 grams and can capture images in 0.6 seconds, while the G1 model weighs around 40 grams, maintaining similar hardware specifications [2] Market Dynamics - The pricing strategy for Quark lenses includes a 13% tax and profit margin, suggesting that Alibaba may not be overpricing its lenses, which could enhance the profitability of fitting companies [4] - The smart glasses market is characterized by the need for customization due to varying consumer prescriptions, making partnerships with eyewear companies essential for reaching end consumers [4] Related Companies - Key players in the eyewear sector include Conant Optical (02276), Doctor Glasses (300622.SZ), and Mingyue Lenses (301101.SZ), among others [5]

今天聊一个热闹背后的冷话题——外卖大战。这个夏天，大家可能都点过"满18减18"的外卖，但你可能 没想到，这场看似狂欢的盛宴，背后是三巨头六个月内烧掉近800亿的惨烈博弈。更戏剧性的是，当冬 天来临，美团、阿里、京东纷纷交出了"寒意刺骨"的财报，仿佛一场高热后的集体虚脱。 一、战损如何？ 美团的财报最触目惊心——三季度净亏损160亿元，是上市以来最惨烈的单季数据；阿里经营利润暴跌 85%，京东净利润腰斩。如果把时间拉长到整个外卖大战，二三季度三巨头总投入接近800亿元。这是 什么概念？相当于每天烧掉4个多亿，但换来的却是利润集体"雪崩"。 二、钱花在哪了？ 全是真金白银的补贴。美团三季度的营销开支冲到343亿元，阿里销售费用飙到665亿元，京东也花了 211亿元。这些钱，大多变成了消费者手里的"0元购"红包和骑手账户里的跑单费。但讽刺的是，平台补 贴越狠，商家反而越艰难——复旦大学一项研究显示，许多商户陷入"增量不增收"的窘境，实收金额不 升反降。 三、谁赢了？ 表面看，阿里靠淘宝闪购抢下28%的市场份额，美团守住了65%的基本盘，京东拿下7%的立足点。但帮 主我觉得，这场战争没有真正的赢家。美团现金流承压， ...