港股，集体大涨！

Core Insights - Alibaba's stock surged by 18.50% on September 1, with a trading volume of 549.17 million HKD, contributing to a significant rise in the Hang Seng Technology Index and other major indices in Hong Kong [4][6]. Market Performance - The Hang Seng Index rose by 2.15% to 25,617.42 points, while the Hang Seng Technology Index increased by 2.20% to 5,798.96 points. The total market turnover reached 380.2 billion HKD, with net inflows from southbound funds amounting to 11.942 billion HKD [2][3]. - Notable performances included the Hang Seng Biotech Index, which saw a 5.14% increase, and the Hang Seng China Enterprises Index, which rose by 1.95% [3]. Alibaba's Financial Results - Alibaba reported total revenue of 247.65 billion CNY, a year-on-year increase of 2%, and a net profit of 42.382 billion CNY, reflecting a 76% growth [6]. - The company's instant retail business generated revenue of 14.784 billion CNY, up 12% year-on-year, with daily order peaks reaching 120 million and monthly active users growing by 200% to 300 million [6]. - Alibaba's AI business also showed strong performance, with the Cloud Intelligence Group's revenue at 33.398 billion CNY, a 26% increase [6]. Analyst Outlook - Morgan Stanley upgraded Alibaba's target price from 150 USD to 165 USD, citing its position as "China's best AI enabler" and anticipating further acceleration in cloud revenue growth from 26% to over 30% in the upcoming quarter [6]. - AI-related revenue is reported to account for over 20% of Alibaba Cloud's total revenue [6]. ETF Activity - The Southern Hang Seng Technology ETF recorded a trading volume exceeding 15.747 billion HKD, with a peak daily trading volume of 24 billion HKD [7]. - Other notable ETFs included the Yingfu Fund and various Southern ETFs, reflecting increased trading activity following Alibaba's earnings report [6][7]. Gold Stocks Performance - Gold stocks experienced a strong rally, with Zijin Mining rising by 7.74% and Shandong Gold increasing by 6.95%, driven by market concerns over the independence of the Federal Reserve and rising expectations for interest rate cuts [11].