BABA(HK:09988) Mei Ri Jing Ji Xin Wen·2025-11-26 02:33Group 1: Market Overview - The Hong Kong stock market opened higher today, with the Hang Seng Index at 26,046.74 points, up 152.19 points, a rise of 0.59% [1] - The Hang Seng Technology Index reported 5,649.77 points, increasing by 37.74 points, a gain of 0.67% [4] Group 2: Company Earnings - Alibaba (HK09988) reported its second-quarter earnings for the period ending September 30, 2025, with total revenue of RMB 2,477.95 billion, a year-on-year increase of 5%. However, net profit fell short of expectations at RMB 20.99 billion, down 52% year-on-year [3] - Alibaba's operating profit for the third quarter dropped 85% to RMB 5.4 billion, a decrease of nearly RMB 30 billion year-on-year, primarily due to losses in its food delivery business [3] - Alibaba Cloud's quarterly revenue reached RMB 398.24 billion, a year-on-year growth of 34%, marking a new high in growth rate, with AI-related product revenue achieving triple-digit year-on-year growth for nine consecutive quarters [3] Group 3: Other Company Announcements - NIO (HK09866) reported third-quarter total revenue of RMB 217.939 billion (approximately USD 30.614 billion), a year-on-year increase of 16.7%. The net loss was RMB 34.805 billion (approximately USD 4.889 billion), a year-on-year decrease of 31.2% [6] Group 4: Market Outlook - CITIC believes that the valuation recovery trend in the Hong Kong stock market is likely to continue, driven by improved domestic economic expectations, continuous inflow of funds through the Hong Kong Stock Connect, and peak expectations for U.S. interest rates. It suggests focusing on sectors such as consumption, internet, and the new energy vehicle industry chain [8] - CICC indicates that after a rapid rebound, the Hong Kong market may enter a consolidation phase, but the upward trend is not over. It recommends investors focus on "certainty" around three main lines: high dividend yield state-owned enterprises, sectors benefiting from domestic economic recovery, and high-end manufacturing benefiting from the global semiconductor cycle recovery and domestic substitution logic [8]