Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The aluminum price is experiencing high-level fluctuations due to inventory depletion and macroeconomic factors, including expectations of interest rate cuts by the Federal Reserve [6][10] - The demand for aluminum is gradually entering a low season, with the aluminum water conversion rate facing downward pressure [10] - Long-term supply growth in the aluminum industry is limited, while demand still has growth points, indicating sustained high prosperity in the industry [10] Summary by Sections 1. Price - As of November 28, the LME three-month aluminum closing price is $2865.0 per ton, up $57.0 from the previous week, a 2.0% increase week-on-week, and up $263.0 year-on-year, a 10.1% increase [22] - The Shanghai aluminum active contract closing price is 21610.0 yuan per ton, up 270.0 yuan from the previous week, a 1.3% increase week-on-week, and up 1035.0 yuan year-on-year, a 5.0% increase [22] - The average price of A00 aluminum in Changjiang is 21430.0 yuan per ton, up 70.0 yuan from the previous week, a 0.3% increase week-on-week, and up 910.0 yuan year-on-year, a 4.4% increase [22] 2. Production - In November 2025, the aluminum production is 363.7 million tons, a decrease of 10.6 million tons month-on-month, and a decrease of 6.6 million tons year-on-year [51] - The alumina production in November 2025 is 743.9 million tons, a decrease of 34.6 million tons month-on-month, but an increase of 15.2 million tons year-on-year [51] 3. Inventory - As of November 27, the domestic mainstream consumption area aluminum ingot inventory is 596,000 tons, a decrease of 25,000 tons week-on-week, indicating a continued trend of inventory reduction [7] - The aluminum rod inventory is 131,000 tons, down 6500 tons week-on-week, reflecting a steady decline in inventory [7] 4. Key Companies and Earnings Forecast - China Hongqiao (1378.HK) is rated "Buy" with an EPS forecast of 2.25 yuan for 2024, increasing to 2.54 yuan in 2025E and 2.77 yuan in 2026E [5] - Tianshan Aluminum (002532.SZ) is rated "Buy" with an EPS forecast of 0.96 yuan for 2024, increasing to 1.00 yuan in 2025E and 1.27 yuan in 2026E [5] - Shenhuo Co. (000933.SZ) is rated "Buy" with an EPS forecast of 1.91 yuan for 2024, increasing to 2.13 yuan in 2025E and 2.56 yuan in 2026E [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The bond market had a slight correction in the latest week. From November 24th to 28th, the yield of the 10-year Treasury bond rose from 1.82% to 1.84%. There is a potential negative change in the institutional behavior pattern of the bond market at the end of the year, i.e., the willingness of rural commercial banks to buy bonds during corrections has decreased, which may amplify market fluctuations if there is a correction in the future [7][12]. - Rural commercial banks have been net buyers in the secondary market this year, with a cumulative net purchase of over 1 trillion yuan of 10Y Treasury bonds, 30Y Treasury bonds, and 10Y China Development Bank bonds as of November 28th, about twice that of previous years. They may have a lower allocation willingness due to their own duration assessment and other indicators [7][12]. - In the latest week, funds significantly net sold Treasury bonds and policy financial bonds, while the allocation of rural commercial banks to 10-year Treasury bonds was less than that of joint-stock banks. Other institutions may partially replace rural commercial banks in "undertaking" bonds, which may cause the interest rate to rise excessively during corrections. However, the market after the correction may still be a good buying point [7][13]. - The capital market was relatively stable this week. The duration of bond funds decreased overall, and large banks continued to buy medium- and short-term bonds [7][13]. 3. Summary by Relevant Catalogs 3.1 This Week's Bond Market Review - The bond market corrected this week. From November 24th to 28th, the yield of the 10-year Treasury bond rose from 1.82% to 1.84%. Rural commercial banks' willingness to buy bonds during corrections has decreased, which may amplify market fluctuations [7][12]. - Rural commercial banks have bought more and sold less this year. The bond market has mostly been in a state of shock and correction, and interest rate declines have been rapid, so they have had few opportunities to take profits. As of November 28th, their cumulative net purchase this year exceeded 1 trillion yuan, about twice that of previous years [7][12]. - Funds significantly net sold Treasury bonds and policy financial bonds this week, while rural commercial banks' allocation of 10-year Treasury bonds was less than that of joint-stock banks. The market after the correction may still be a good buying point. The capital market was stable, the duration of bond funds decreased, and large banks continued to buy medium- and short-term bonds [7][13]. 3.2 Bond Yield Curve Tracking 3.2.1 Key Maturity Interest Rates and Spread Changes - As of November 28th, compared with November 24th, the 1-year Treasury bond yield decreased by 0.17bp to 1.40%; the 10-year Treasury bond yield rose by 2.02bp to 1.84%; the 30-year Treasury bond yield rose by 2.65bp to 2.19%. - The spread between the 30-year and 10-year Treasury bonds rose by 0.63bp to 34.39bp, and the spread between the 10-year China Development Bank bond and the 10-year Treasury bond rose by 0.94bp to 13.28bp [15]. 3.2.2 Treasury Bond Term Spread Changes - As of November 28th, compared with November 24th, the 3Y - 1Y Treasury bond spread rose by 0.20bp to 3.34bp; the 5Y - 3Y Treasury bond spread rose by 2.36bp to 18.32bp; the 7Y - 5Y Treasury bond spread rose by 1.92bp to 12.49bp; the 10Y - 7Y Treasury bond spread decreased by 2.29bp to 9.80bp; the 20Y - 10Y Treasury bond spread rose by 1.48bp to 35.38bp; the 30Y - 20Y Treasury bond spread decreased by 0.85bp to -0.99bp [16]. 3.3 Bond Market Leverage and Capital Market 3.3.1 Balance of Interbank Pledged Repurchase - As of November 28th, compared with November 24th, the balance of interbank pledged repurchase decreased by 0.31 trillion yuan to 11.05 trillion yuan [19]. 3.3.2 Changes in Interbank Bond Market Leverage Ratio - As of November 28th, compared with November 24th, the interbank bond market leverage ratio decreased by 0.20pct to 106.58% [20]. 3.3.3 Pledged Repurchase Turnover - From November 24th to November 28th, the average daily turnover of pledged repurchase was 7.09 trillion yuan. The average daily overnight turnover was about 6.13 trillion yuan, and the average overnight turnover ratio was 86.66% [22][23]. 3.3.4 Operation of the Interbank Capital Market - From November 24th to November 28th, bank capital lending first increased and then decreased. As of November 28th, the net capital lending of large banks and policy banks was 4.40 trillion yuan, the net capital borrowing of joint-stock banks and urban and rural commercial banks was 0.63 trillion yuan, and the net capital lending of the banking system was 3.77 trillion yuan [28]. - Bank single-day capital lending first increased and then decreased. As of November 28th, the single-day capital lending of large banks and policy banks was 3.38 trillion yuan, and that of small and medium-sized banks was -0.67 trillion yuan [28]. - As of November 28th, DR001 was 1.3033%, DR007 was 1.4668%, R001 was 1.4252%, and R007 was 1.5222% [28]. 3.4 Duration of Medium- and Long-Term Bond Funds 3.4.1 Median Duration of Bond Funds - As of November 28th, the median duration of medium- and long-term bond funds (deleveraged) was 2.75 years, a decrease of 0.01 years compared with November 24th; the median duration (including leverage) was 2.93 years, a decrease of 0.03 years compared with November 24th [37]. 3.4.2 Median Duration of Interest Rate Bond Funds - As of November 28th, the median duration of interest rate bond funds (including leverage) was 3.89 years, a decrease of 0.02 years compared with November 24th; the median duration of credit bond funds (including leverage) was 2.72 years, a decrease of 0.01 years compared with November 24th. The median duration of interest rate bond funds (deleveraged) was 3.38 years, unchanged from November 24th; the median duration of credit bond funds (including leverage) was 2.51 years, unchanged from November 24th [41]. 3.5 Changes in Bond Lending Balance - As of November 28th, compared with November 24th, the borrowing volume of 10-year China Development Bank bonds showed fluctuations [45].

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Insights - The new materials sector is positioned as a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate into a long-term growth phase. The report emphasizes that "one generation of materials supports one generation of industry," highlighting the foundational nature of the new materials industry as the material basis for other industries [4]. Summary by Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - A significant development is the plan to construct a large-scale data center system in Beijing, aimed at moving large-scale AI computing power to space, with operations expected to exceed 1 GW [6][22]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [7]. 3. New Energy Sector - The report highlights the focus on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [9]. - As of October 2025, over 800 integrated projects for wind and solar hydrogen production have been planned in China, with a total green hydrogen capacity nearing 9 million tons per year [10]. 4. Biotechnology Sector - The focus is on synthetic biology and scientific services [11]. - A notable breakthrough in India involves the launch of a pilot plant for CO2 to DME conversion, marking a significant milestone in carbon recycling technology [12]. 5. Energy Conservation and Environmental Protection Sector - Key materials include adsorption resins, membrane materials, and biodegradable plastics [13]. - The Ministry of Ecology and Environment has released a carbon emissions trading market allocation plan, which aims to incentivize companies based on their carbon emissions performance [14]. 6. Key Companies and Earnings Forecast - The report lists several key companies with their stock prices and earnings per share (EPS) forecasts for 2024 to 2026, indicating a positive outlook for many companies in the new materials sector [16].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

Group 1: Report's Core Questions - The report addresses recent significant valuation adjustments in some science and technology innovation corporate bonds, with individual increases exceeding 20bp [4][11] - It analyzes the reasons for the valuation callback, which may be due to the convergence of trading spreads and issuance spreads [4][11] - It warns about the risk of catch - up decline caused by the convergence of China Securities valuation towards ChinaBond valuation [4][11] Group 2: Investment Highlights - Recently, many exchange - traded science and technology innovation corporate bonds have undergone significant valuation increases. From November 14 to 26, over 90% of the 603 valid science and technology innovation bond component bonds had valuation increases, with an average increase of about 6.6bp [6] - The reasons for the valuation increase may be the significant narrowing of the trading spread between science and technology innovation bonds and non - science and technology innovation bonds since November (from a peak of 25bp to 6bp on November 21) and the convergence of the issuance cost difference between the two (from about 10bp in September to less than 5bp as of November 14, 2025) [6] - The convergence of trading spreads and issuance coupons may have led to the valuation callback. As the ETF scale expansion slows, the demand - side support for science and technology innovation bonds weakens. There is a risk of catch - up decline when China Securities valuation converges towards ChinaBond valuation, and uncertainty in actual trading prices due to valuation differences [6] Group 3: Section - by - Section Summary 1. Recent Significant Valuation Increases in Some Science and Technology Innovation Corporate Bonds 1.1 Significant Convergence of Component Premiums in Science and Technology Innovation Bond ETFs - Many exchange - traded science and technology innovation corporate bonds have had valuation callbacks, with some samples having a callback of over 20bp in mid - to - late November. As of November 26, the median component premium of science and technology innovation bond ETF component bonds was 6.3bp, showing a large compression [13] - The valuation adjustment of bilateral science and technology innovation bond component bonds was greater and earlier. From November 14 to 26, the median component premium decreased from 10.7bp to 6.6bp, a compression of about 7.9bp from the peak [14] 1.2 Which Individual Bonds Have Larger Valuation Adjustment Amplitudes? - From November 14 to 26, the average valuation increase of 603 valid science and technology innovation bond component bond samples was about 6.6bp. 93.4% (563 bonds) had valuation increases, and 24.0% (145 bonds) had an increase of over 10bp [15] - After excluding outliers, the component bond with the largest valuation increase had a cumulative increase of over 20bp, and 11 other component bonds had an increase of over 15bp [20] 2. Reasons for the Valuation Increase of Science and Technology Innovation Corporate Bonds 2.1 Significant Narrowing of the Trading Spread between Science and Technology Innovation and Non - Science and Technology Innovation Bonds in November - Since November, the trading spread between science and technology innovation bond component bonds and non - component bonds has significantly narrowed, from a peak of 25bp to 6bp on November 21, and about 11bp compared to November 14, the lowest since August [25] 2.2 Convergence of Issuance Costs between 5 - Year Science and Technology Innovation and Non - Science and Technology Innovation Bonds - As of November 14, the weighted average coupon rate of 5 - year implied AAA science and technology innovation public - offering corporate bonds was about 1.90%, and that of non - science and technology innovation public - offering corporate bonds was 1.94%, with a difference of about 4bp, a significant convergence compared to previous months [27] 3. How to View the Valuation Callback of Science and Technology Innovation Bonds - The convergence of trading spreads and issuance coupons, along with the weakening demand - side support due to the slowdown of ETF scale expansion, may have led to the valuation callback of previously over - rising component bonds [30] - The valuation callback mainly occurs in ChinaBond valuation, while China Securities valuation has not adjusted significantly. As of November 26, China Securities valuation of component bonds was lower than ChinaBond valuation in major intervals, with the largest deviation of 5.9bp for bonds within 1 - year maturity [31] - Institutions using ChinaBond valuation for net - value calculation face net - value fluctuation risks, while those using China Securities valuation need to be aware of the catch - up decline risk when the two valuations converge and the uncertainty of actual trading prices [31]

Investment Rating - The report assigns a "Buy" rating for the company, Deleijia (603092), marking its first coverage [2]. Core Insights - Deleijia is the second-largest wind power gearbox supplier in China, with a market share of 10.4% globally and 16.2% domestically as of 2024. The company has established strong ties with key clients such as Goldwind Technology and SANY Heavy Energy, with over 90% of its revenue coming from its top five clients [5][14]. - The wind power gearbox industry is experiencing significant growth, driven by increased domestic demand and favorable policies. The company has seen a 65% year-on-year increase in net profit for the first three quarters of 2025, reaching 630 million yuan [5][14]. - The report highlights the company's competitive advantages, including its leading profitability in the industry, with a gross margin of 25.4% and a net margin of 15.5% in the first half of 2025, significantly higher than its competitors [5][38]. Summary by Sections Company Overview and Market Positioning - Deleijia specializes in wind power gearboxes and has been operational since 2017. The company has expanded its production capacity to approximately 4,000 units, making it the second-largest supplier in China [5][15]. - The company went public on November 7, 2025, raising 1.87 billion yuan to fund the expansion of its production capacity by 1,800 units [17][19]. Supply and Demand Dynamics in the Wind Power Gearbox Industry - The domestic wind power demand is expected to surge, with a projected annual average of 140 GW during the 14th Five-Year Plan period, leading to a significant increase in the gearbox market size, estimated at 28.6 billion yuan [5][50][70]. - The report notes that the market for wind power gearboxes is highly concentrated, with the top five suppliers holding a combined market share of 76.5% as of 2024 [71]. Competitive Advantages and Performance Elasticity - Deleijia's strong client relationships and its focus on cost reduction through economies of scale have resulted in superior profitability compared to other gearbox manufacturers [5][38]. - The company has maintained a high capacity utilization rate and has seen a significant increase in sales volume, with a 66.4% year-on-year revenue growth in the first three quarters of 2025 [29][38]. Financial Projections and Investment Rating - The report forecasts that Deleijia's revenue will grow from 5.14 billion yuan in 2025 to 8.28 billion yuan in 2027, with corresponding net profits expected to reach 1.39 billion yuan by 2027 [6][7]. - The company is projected to maintain a strong growth trajectory, supported by its market position and the expanding wind power sector [6][47].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - LiuGong is positioned to benefit from the recovery in the excavator and loader markets, with a strong focus on electrification and globalization [2][6] - The company aims to achieve a revenue target of 60 billion yuan by 2030, with international revenue accounting for over 60% and a net profit margin of no less than 8% [29] Summary by Sections Company Overview - LiuGong has been a leader in the loader market and has a strong presence in the excavator sector, with a history of over 67 years in the engineering machinery industry [14][15] - The company has expanded its product offerings and established a global presence, with subsidiaries in North America, Latin America, Europe, Asia-Pacific, and the Middle East [15] Market Performance - As of November 28, 2025, LiuGong's stock price is 11.95 yuan, with a market capitalization of approximately 24.29 billion yuan [4] - The company's performance over the past 12 months shows a 10.5% increase, outperforming the Shanghai and Shenzhen 300 index, which declined by 3.5% [4] Product Analysis - LiuGong's main products include loaders and excavators, with a comprehensive product range that includes electric models and various specifications [18] - The domestic market share for loaders is expected to remain the highest in 2024, while the excavator market share is gradually increasing [18] Industry Trends - The excavator market is expected to enter a new cycle driven by domestic recovery factors, including policy stimulation and large-scale engineering projects [6] - The electric loader market in China is projected to grow rapidly, with an expected compound annual growth rate of 50.1% from 2023 to 2028 [6] Financial Projections - Revenue forecasts for LiuGong from 2025 to 2027 are estimated at 345 billion, 403 billion, and 460 billion yuan, representing year-on-year growth rates of 15%, 17%, and 14% respectively [8] - The projected net profit for the same period is expected to reach 17 billion, 23 billion, and 31 billion yuan, with growth rates of 31%, 35%, and 32% respectively [8] Strategic Initiatives - LiuGong's "15th Five-Year Plan" outlines strategic goals to enhance its operational capabilities and product competitiveness, focusing on sustainable growth engines [29][32] - The company has implemented a stock incentive plan to motivate key personnel and align their interests with the company's long-term performance [30][31]

Group 1: Company Overview - The core online travel agency (OTA) maintains a steady growth momentum, with a notable performance in international business [4] - In Q3 2025, the company achieved revenue of 5.5 billion yuan, representing a year-over-year increase of 10.4%, and an adjusted net profit of 1.06 billion yuan, up 17% year-over-year [3][4] - The company's hotel management business is expanding, with nearly 3,000 hotels currently operating and an additional 1,500 hotels in preparation [4] Group 2: Business Segments Performance - The transportation ticketing segment generated revenue of 2.2 billion yuan in Q3 2025, a 9% year-over-year increase, driven by insights into user demand and a rich array of value-added products [4] - The accommodation booking segment saw revenue of 1.58 billion yuan, up 15% year-over-year, benefiting from an increase in high-quality hotel room nights and brand recognition in lower-tier cities [4] - The vacation business faced short-term revenue pressure due to safety issues in Southeast Asia, with Q3 2025 revenue declining by 8% to 900 million yuan [4] Group 3: User Metrics - The average monthly paying user count reached 47.7 million in Q3 2025, a 2.8% year-over-year increase, with a total of 253 million annual paying users, up 8.8% year-over-year [5] - Over 87% of registered users reside in non-first-tier cities, with more than 70% of new paying users in Q3 2025 coming from these areas, reinforcing the platform's position in the mass market [5] Group 4: Financial Projections and Investment Rating - The company is positioned as a leading OTA platform in lower-tier markets, benefiting from the release of domestic travel demand and international business expansion [5] - Revenue projections for 2025-2027 are adjusted to 19.3 billion, 21.9 billion, and 24.5 billion yuan, with corresponding net profits of 2.9 billion, 3.2 billion, and 3.7 billion yuan [5] - The target market capitalization for 2026 is set at 60.2 billion yuan, with a target price of 28 HKD, maintaining a "buy" rating [5] Group 5: Alibaba Overview - Alibaba's revenue for FY2026 Q2 reached 247.8 billion yuan, reflecting a year-over-year growth of 5% [14] - The traditional e-commerce segment showed steady growth, with revenue increasing by 16% to 132.6 billion yuan in Q3 2025 [15] - The cloud business experienced a 34% year-over-year revenue growth, reaching 39.8 billion yuan, with AI-related revenue showing triple-digit growth for nine consecutive quarters [17] Group 6: Financial Outlook for Alibaba - Revenue forecasts for FY2026-2028 are set at 1,041.8 billion, 1,160.5 billion, and 1,282.1 billion yuan, with net profits projected at 125.1 billion, 149.3 billion, and 184.5 billion yuan [18] - The target market capitalization for Alibaba in FY2027 is estimated at 3,345.5 billion yuan, with a target price of 175 yuan [18]

Core Insights - The report establishes a systematic investment framework for convertible bonds focusing on "when to buy" and "what to buy," addressing market volatility and optimizing risk-return ratios [4] - The framework aims to provide investors with a replicable and trackable path for convertible bond allocation, combining the defensive attributes of bonds with the growth potential of stocks [4] Timing Strategies - Two effective timing strategies are proposed: - Equity-Debt Spread Timing: This strategy quantifies the relationship between the return of the CSI 500 index and the yield of 10-year government bonds, providing objective thresholds for position adjustments. The backtest accuracy rate is 68.64%, making it suitable for capturing equity characteristics [5] - Sentiment Index Driven Timing: This strategy uses implied volatility from the options market as a sentiment gauge, achieving a timing success rate of 63.53% when combined with the Z-Score standardization method and 74.39% with the IV change threshold method [5] Selection Strategies - Five mainstream selection strategies are evaluated and improved to enhance portfolio return-risk ratios: - Dual Low Strategy: Balances stability and elasticity, achieving a cumulative return of 95.25% from 2019 to October 2025 [6] - Factor Triple Low Strategy: Introduces fundamental factors like stock Alpha to optimize selection criteria, yielding a cumulative return of 192.54% and an annualized return of 47.98% [6] - Momentum + Dual Low Strategy: Captures market sentiment's upward inertia, with a cumulative return of 65.53% and an annualized return of 15.89% [8] - Barbell Strategy: Combines equity and debt-oriented convertible bonds to balance offense and defense in varying market conditions [8] - High Price Low Premium Strategy: Demonstrates effectiveness in trending markets with a cumulative return of 205.53% and an annualized return of 36.63% [8] Convertible Bond Recommendations - The report provides a list of convertible bonds to focus on, categorized by various strategies, including balanced, equity-oriented, and those meeting the improved dual low criteria [9] Strategy Applicability and Market Conditions - The report details the performance characteristics and applicable market environments for each strategy, indicating that the equity-debt spread timing strategy may face significant drawdowns in extreme market volatility, while the dual low strategy shows stable performance across different equity market conditions [10] Future Allocation Outlook - Looking ahead, investors are advised to flexibly allocate between defensive convertible bonds and high-dividend growth-oriented convertible bonds to capture structural investment opportunities while controlling drawdowns [11]

Investment Rating - The investment rating for Alibaba-W (9988.HK) is "Buy" (maintained) [1] Core Views - The report highlights strong growth in cloud business and steady progress in domestic e-commerce commercialization, while also noting ongoing investments in instant retail [9] - The company reported a revenue of 247.8 billion yuan for FY2026Q2, reflecting a year-over-year increase of 5% and a quarter-over-quarter increase of 0.1% [10][11] - The adjusted EBITDA for the same period was 173 billion yuan, down 64% year-over-year [10][11] Summary by Sections Recent Performance - For FY2026Q2, Alibaba achieved a revenue of 247.8 billion yuan, with a net profit of 206 billion yuan, representing a year-over-year decline of 53% [10][11] - The company repurchased 17 million shares for a total of 253 million USD, with a remaining buyback capacity of 19.1 billion USD [10] Business Segments - **E-commerce**: The Chinese e-commerce group reported a revenue of 132.6 billion yuan, up 16% year-over-year, driven by a 10% increase in customer management revenue [12][32] - **Cloud Business**: The cloud segment saw a revenue increase of 34% to 39.8 billion yuan, with external cloud revenue growing by 29% [36] - **International Digital Commerce**: This segment achieved a revenue of 34.8 billion yuan, up 10% year-over-year, primarily due to improved operational efficiency [35] Financial Projections - Revenue projections for FY2026-2028 are set at 1,041.8 billion yuan, 1,160.5 billion yuan, and 1,282.1 billion yuan respectively, with corresponding net profits of 125.1 billion yuan, 149.3 billion yuan, and 184.5 billion yuan [9][37] - The target market capitalization for FY2027 is estimated at 3,345.5 billion yuan, with a target price of 175 yuan per share [9][38]