港股三大指数高开低走，云栖大会明日开幕，市场预计阿里或提升Capex指引

Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.70% to 26,159.12 points, the Hang Seng Tech Index dropping by 1.45%, and the State-Owned Enterprises Index decreasing by 0.86% [1] - Major tech stocks saw significant losses, including Baidu down over 5% and JD.com down over 4%, while gold stocks rallied, with Tongguan Gold rising over 6% [1] - Southbound capital recorded a net outflow exceeding 4 billion HKD [1] Company Developments - Alibaba is restructuring its home and store services, focusing on Taobao Flash Purchase to enhance consumer services, which may lead to increased short-term investments and expanded losses [2] - The upcoming Alibaba Cloud Summit in September 2025 will focus on AI infrastructure and applications, indicating a strategic shift towards AI [1][2] - Both Alibaba and Baidu are investing in self-developed chips, driven by a bullish sentiment in AI, which may lead to a potential upward breakthrough for the Hang Seng Tech Index [2] Investment Outlook - The expectation of increased capital expenditures from Alibaba, combined with the narrative around consumption and cloud services, is likely to attract continued capital inflow [2] - The potential for a Federal Reserve interest rate cut may further enhance the inflow of southbound capital, supporting a revaluation of the Hang Seng Tech Index [2]