BABA(US:BABA) Minsheng Securities·2025-09-28 15:37Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Insights - The report highlights that the era of cloud computing and AI is opening up significant business opportunities in the overseas market, with a focus on companies like Alibaba, Tencent, and Baidu [4][31] - Alibaba's strategy emphasizes the development of large models as the next generation operating system and the establishment of a super AI cloud to meet growing demands [10][20] - The report outlines a comprehensive AI infrastructure upgrade by Alibaba, which includes significant capital expenditure plans and the establishment of new data centers globally [20][23] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.07%, while the ChiNext Index increased by 1.96% during the week of September 22-26 [2][39] Industry News - Alibaba announced a collaboration with NVIDIA to integrate Physical AI into its AI platform, enhancing capabilities in data processing and model training [32] Company Dynamics - Major developments include a significant asset restructuring involving Dazhihui and a planned share reduction by major shareholders of Hehe Information [3][36] Weekly Insights - The report emphasizes the dual breakthroughs in foundational models and cloud computing technology, suggesting a focus on companies involved in cloud platforms, computing power leasing, optical communication, and AI collaboration [4][31] - The report also discusses the strategic partnerships formed by Alibaba with various companies to enhance its AI and cloud capabilities [28][29]