2026-03-06 10:00Investment Rating - The report assigns an "Overweight" rating to Alibaba-W (09988) with a target price of HKD 210 [1] Core Insights - The Alibaba Qwen research team is undergoing significant structural changes, with key personnel departures including former technical head Lin Junyang and others, raising concerns about the future development and continuity of Qwen [1] - The report views this talent exodus as an execution risk premium for the long-term brand/franchise narrative of Qwen, rather than an immediate breakdown of investment thesis, indicating a heightened probability of disruption in short-term output and delivery cadence [1] - The baseline scenario suggests that this risk is time-limited, with clarity expected in the next 4 to 8 weeks regarding the continuity of release cadence, community engagement, and the pace of productization from Alibaba Cloud and Qwen applications [1]