截至2025年9月1日 10:11，恒生科技指数强势上涨2.15%，成分股阿里巴巴-W上涨17.37%，比亚迪电子上涨5.78%，阿里健康上涨4.40%，百度集团-SW、中 芯国际等个股跟涨。恒生科技ETF嘉实(159741)上涨1.72%。 消息面上，8月29日，阿里巴巴集团发布2026财年第一季度财报，整体表现超出市场预期。剔除已出售业务影响后，集团收入同比增长10%，净利润同比大 幅增长76%。阿里云业务表现尤为亮眼，收入同比增长26%，创下近三年来最高增速，AI相关产品收入已连续八个季度实现三位数同比增长，成为驱动云业 务增长的核心动力。此外，本季度阿里在AI+云领域的资本支出达到386亿元，同比激增220%。 国金证券指出，中报逐步收尾，阿里中报迎来惊喜，市场核心关注的"Capex、云收入和月活"三大指标大超预期，另外据报道阿里在AI芯片方面的积极作为 进一步提振市场情绪，中报发出后，阿里ADR大涨。阿里中报和AI方面的超预期表现，一方面会带动AI科技产业链的逻辑演绎，另外一方面也会带动海外 中国资产的重估情绪。恒科值得重点关注。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | ...

Investment Rating - The report maintains a positive outlook on overseas Chinese assets and the media sector, focusing on cyclical, undervalued, and fundamentally supported targets [1][2]. Core Insights - Recent policies aimed at boosting consumption have been frequent, with a focus on cyclical sectors and undervalued assets with strong fundamentals. The government has prioritized expanding domestic demand as a key task for the year [1][2][15]. - The report highlights the resilience of leading internet platforms and the potential for a revaluation of Chinese assets, despite possible short-term volatility following rapid price increases [2][6]. - The report suggests specific stocks to watch, including Tencent Holdings, Pinduoduo, and Wanda Film, among others, emphasizing the importance of fundamental support and low valuations [2][6]. Summary by Sections Recent Developments - The government has launched initiatives to stimulate consumption, including a special action plan to enhance consumer spending and financial support for families [15]. - The media sector has seen a 2.21% increase in the week of March 10-14, driven by cyclical segments such as cinema and advertising [2][6]. Industry Policies and News - The report notes significant policy updates aimed at enhancing consumer finance and overall market conditions, which are expected to positively impact the media sector [15]. - Recent financing events in the gaming sector indicate ongoing investment interest, with notable funding rounds for startups [17][18]. Weekly Data Tracking - The total box office revenue from March 8-14 was 510 million yuan, reflecting a 28.9% decrease from the previous week, attributed to seasonal market trends [19][20]. - The report tracks the performance of television dramas and variety shows, noting shifts in viewership and market share among leading platforms [26][29]. Company Valuation Updates - The report indicates that the A-share media sector has seen price increases across various segments, with Wanda Film showing the highest growth at 10.70% during the tracking period [33].