互联网电商行业周报：阿里巴巴双重上市正式生效，看好基本面与流动性改善

Investment Rating - The report maintains a "Positive" outlook on the internet e-commerce industry, particularly highlighting Alibaba's dual listing in Hong Kong and its potential to improve liquidity and shareholder returns [2][9]. Core Insights - Alibaba's dual primary listing in Hong Kong is expected to enhance liquidity, with the company potentially being included in the Hong Kong Stock Connect by September 9, 2024. This is anticipated to lead to marginal improvements in liquidity and increased shareholder returns through ongoing stock buybacks [2][9]. - The Taotian Group, a core asset within Alibaba's ecosystem, is focusing on enhancing user experience and is expected to accelerate its commercialization process. The group aims to return to GMV (Gross Merchandise Volume) as a core metric for traffic allocation, targeting high-value VIP customers and improving the platform's ecosystem by integrating small and medium-sized merchants [2][9]. - Alibaba Cloud is positioned as a leading global cloud service provider, with a comprehensive IaaS+PaaS+MaaS product system. The cloud business is expected to see double-digit growth in external commercialization revenue in the second half of FY25, driven by significant investments in AI and a substantial increase in paid users [3][10]. Summary by Sections 1. Alibaba's Dual Listing and Market Performance - The Alibaba dual listing in Hong Kong has officially taken effect, with expectations for liquidity improvements. The company has been actively repurchasing shares, with a total of 1.249 billion shares repurchased in FY24, amounting to $12.5 billion, and an additional $5.8 billion in FY25 Q1 [2][9]. - The retail sector index grew by 3.29% from August 26 to August 30, 2024, outperforming the CSI 300 index by 3.46 percentage points, ranking 7th among Shenwan's primary industries [19]. 2. Taotian Group's Growth Strategy - Taotian Group is enhancing user experience and focusing on GMV growth, with plans to introduce new commercialization tools in the second half of FY25. The group aims to increase the willingness of small and medium-sized merchants to pay for services, potentially unlocking new revenue streams [2][9]. 3. Alibaba Cloud's Market Position - Alibaba Cloud continues to lead in market share and is expected to strengthen its core product offerings in public cloud services. The AI platform has seen a more than 200% increase in paid users quarter-over-quarter, with AI-related product revenues achieving triple-digit growth [3][10]. 4. Industry Trends and Company Updates - The report highlights the overall stability in the retail and social services sectors, with notable stock performances in the retail sector, including significant gains for companies like Gaoxin Retail and Central Market [19][25]. - The report also notes the ongoing efforts of major Chinese internet companies to enhance shareholder returns through stock buybacks and dividends, reflecting a strong financial position and confidence in future growth [2][12].