中概股逆市大涨，阿里股价创新高，36氪跌超26%

Core Viewpoint - The article discusses the recent surge in Chinese concept stocks in the U.S. market, driven by various macroeconomic factors and policy support from China, while highlighting the potential for continued investment opportunities in this sector [7][8][16]. Economic Data - As of March, the U.S. non-farm employment figures were revised down by 910,000, exceeding market expectations of a 700,000 revision, marking the second consecutive year of significant adjustments in U.S. employment data [2]. Market Performance - The Nasdaq Golden Dragon China Index rose nearly 2%, with notable gains in stocks such as Kingsoft Cloud (up over 14%), Yipeng Energy (up 8.16%), and Bilibili (up over 7%) [2][3]. - Alibaba's stock reached a new high since November 2021, with a price of $148, reflecting a nearly 30% increase since Q3 2025 and over 76% year-to-date [3]. Policy and Market Dynamics - There are rumors of significant business adjustments at Alibaba, particularly related to its partnership with Amap, which may influence stock performance [5]. - The surge in Chinese concept stocks is attributed to a combination of external and internal factors, including a weakening dollar and the Federal Reserve's anticipated interest rate cuts, which favor non-U.S. assets [8][9]. Investment Sentiment - Analysts suggest that the current market environment presents a favorable opportunity for Chinese assets, with the Nasdaq Golden Dragon China Index still having attractive valuation metrics compared to historical averages [13]. - The MSCI China forward P/E ratio is approximately 13 times, significantly lower than U.S. stocks, indicating potential for upward valuation adjustments [13]. Future Opportunities - Key sectors expected to perform well include high free cash flow platform economies (e-commerce, advertising), AI applications, and smart electric vehicles, driven by strong fundamentals and governance improvements [17][18]. - The article emphasizes the potential for continued investment in Chinese assets as global investors increasingly recognize the value of these markets, particularly in light of the diminishing "American exceptionalism" narrative [16][18].