BABA(US:BABA) Jin Rong Jie·2025-09-25 08:15Group 1 - A-shares indices collectively rose, with AI hardware and application stocks experiencing significant gains, as the STAR Market AI ETF (588930) increased by 2.21% by 11:30 AM [1] - Notable individual stock performances included Hehe Information rising over 9%, Stone Technology and Hengxuan Technology up over 5%, and other companies like Haitan Ruisheng and Foxit Software increasing by over 4% [1] - Alibaba showcased its advancements in AI at the Yunqi Conference, announcing an increase in investment to enhance AI and cloud infrastructure, with a total expenditure of 380 billion [1] Group 2 - Alibaba launched Qwen3-Max, the largest and most capable model to date, which currently ranks third on the LMArena text leaderboard, surpassing GPT-5-Chat [1] - Dongwu Securities predicts a market style rebalancing in Q4, with a shift towards cyclical styles and a transition from a focus on upstream computing hardware to a broader AI industry chain [1] - The STAR Market AI ETF closely tracks the STAR Market AI Index, selecting 30 large-cap companies that provide foundational resources, technology, and application support for AI [2]