财富是对认知的补偿，不是对勤奋的奖赏

Market Overview - Major indices such as the Shanghai Composite, CSI 300, Hang Seng Index, and Alibaba reached new highs for the year, indicating a strengthening buy-on-dip logic [1] - There is an increase in market divergence, with a notable drop in trading volume, as the total trading volume in the A-share market fell below 2 trillion yuan for the first time since August 13 [1] Short-term Market Sentiment - Short-term market sentiment shows signs of overheating, leading to a slight reduction in positions for certain tech stocks like Amundi Hang Seng Tech [3] - The primary participants in the recent A-share bull market are institutional and high-net-worth clients, while retail investors and foreign capital have largely missed out [3] Company Developments - Alibaba has been in the spotlight with initiatives such as the relaunch of Koubei and a 1 billion yuan subsidy for its services, intensifying competition with Meituan and JD.com [3] - Alibaba Cloud holds a dominant market share, capturing one-third of the market, significantly outperforming its competitors [3] US Market Highlights - Oracle's stock surged nearly 36% after reporting a dramatic increase in its RPO from $138 billion to $455 billion, adding over $300 billion in new orders in just one quarter [4] - The source of these orders is linked to OpenAI, with significant interest from companies like X, Google, and Meta, indicating a robust demand for technology solutions [4] IPO Market Insights - The recent IPOs have seen record subscription multiples, although the market's lackluster performance has deterred some investors [5] - The market is anticipating upcoming IPOs from companies like Chery and Zijin, with expectations of continued funding support [5]