BABA(HK:09988) Xin Lang Cai Jing·2025-09-28 13:21Market Overview - The Hang Seng Index closed at 26,128.2 points, down 1.57% for the week, while the Hang Seng Tech Index fell 1.58% to 6,195.11 points, and the National Enterprises Index decreased by 1.79% to 9,303.10 points [1] Fund Flow - The net inflow for the Hong Kong Stock Connect (Shanghai to Hong Kong) over the past 5 days was +23.253 billion, and for the Shenzhen to Hong Kong was +20.706 billion. Over the past 20 days, the inflow was +72.618 billion and +102.073 billion respectively. For the past 60 days, the inflow reached +182.005 billion and +231.819 billion [4] Alibaba's Performance - Alibaba's stock rose 4.65% to HKD 166.50, with a notable single-day increase of 9.16% on September 24. This performance was driven by positive signals from the 2025 Alibaba Cloud Summit, where the CEO announced an increased investment in AI infrastructure and a goal to enhance data center energy efficiency by tenfold by 2032. The company also introduced its new AI model Qwen3-Max, which performed well in global evaluations [5] Pharmaceutical Sector - The pharmaceutical sector experienced a downturn, with Fosun Pharma dropping 11.19%. Other companies like Kanglong Chemical and 3SBio also saw declines. The primary reasons for this adjustment were overseas policy disturbances, including fluctuating expectations of interest rate cuts by the Federal Reserve and proposed tariffs on pharmaceutical products by Trump. However, the actual impact on Chinese innovative pharmaceutical companies is expected to be limited due to their licensing models [6] New Energy Sector - The new energy sector showed strong performance, with Zhongxin New Energy rising 15.36% to HKD 30.94, marking over 140% increase year-to-date. This growth is attributed to robust performance in the company's energy storage business and positive institutional evaluations. Policy support from the government, including tax incentives and technological advancements, is expected to foster further growth in the sector [7] Online Travel Industry - The online travel sector is witnessing a transformation, with cross-province travel orders increasing by 45% year-on-year during the "Golden Week." Companies are shifting from price competition to AI-driven value creation, enhancing user experience through AI applications. Major platforms are integrating AI into their services, indicating a shift in competitive dynamics from resource monopolization to technological service capabilities [8] U.S. Market Signals - The U.S. bond market is showing concerning signals, with investment-grade corporate bond risk premiums at a 27-year low and signs of rising consumer defaults. These trends echo pre-2007 financial crisis characteristics. Additionally, the Trump administration's trade protectionist policies are reshaping global trade dynamics, with tariffs on various products potentially leading to a restructuring of global supply chains [9]