Wind数据显示，2025年11月以来所有跟踪恒生科技指数的ETF合计获270亿元资金加仓。其中，恒生科 技ETF（513130）作为人气产品同期共有25个交易日实现资金净流入，累计吸金47亿元，份额共增长62 亿份。截至12月15日，该基金规模已升至424亿元，年内增幅达112%，成为助力投资者把握港股科技龙 头机会的重要工具之一。 资金积极流入的背后，或反映出市场对板块中长期基本面的认可。当前国内大模型竞争深化，头部互联 网公司于2025年11月启动千问App公测，并在多场景加速融合。端侧AI成为突破重点，AI眼镜等智能硬 件获互联网及车企巨头布局。2025年三季度财报显示，互联网龙头营收普遍回暖，其中"AI+云"业务成 为普遍强调的增长亮点，印证AI战略或已进入贡献收入阶段。 近期的回调使得前期的风险因素得到一定的释放，港股科技板块估值或彰显吸引力。恒生科技指数的最 新市盈率为23.13倍，处于近5年34.20%的中低分位数水平。横向对比来看，恒生科技指数估值较部分A 股、美股的主要科技类指数或具备配置价值，估值水平（PE）低于纳斯达克指数的41.09倍、科创50指 数的156.57倍。 展望后市，随着 ...

这已是阿里网络本月内第二次减持翱捷科技股份。稍早前11月6日至11月17日，阿里网络还通过大宗交 易方式减持约423.92万股。 不过，从8月份披露的公告来看，阿里网络本轮减持计划或尚未结束。公告显示，阿里网络计划在未来3 个月内减持公司股份数量合计不超过1254.9万股，占总股本比例的3%。截止本公告披露日，阿里网络 剩余可减持数量为105.85万股，减持股份均来自IPO前取得。 据悉，阿里网络曾在2017年至2018年两次参与翱捷科技融资，合计投资成本约6.5亿元，取得了翱捷科 技6456万股股份。截至发稿，翱捷科技股价报91.7元/股，以此计算，阿里网络剩余持股市值仍超过40 亿元，投资浮盈超5倍。 从阿里自身战略来看，减持翱捷科技是其自身战略聚焦的体现。2025年以来其战略重心持续向AI+云、 大消费两大核心领域倾斜。 而翱捷科技是一家是一家以蜂窝基带技术为核心，专注于各类无线通信芯片的研发设计和技术创新的企 业。公司芯片产品主要包括蜂窝基带芯片、智能手机SoC芯片、非蜂窝物联网芯片和ASIC业务四大 类。 业务层面，今年三季度，蜂窝基带芯片各门类产品销售环比均取得小幅增长，智能手机SoC芯片销量继 ...

Core Viewpoint - Alibaba has reduced its stake in Aojie Technology (688220) from 13.99% to 12.69% by selling 5,439,008 shares through centralized bidding and block trading from November 24 to December 1, 2025 [1][4]. Summary by Relevant Sections Shareholding Changes - Alibaba's shareholding in Aojie Technology decreased from 13.99% to 12.69% after the sale of 5,439,008 shares [1][4]. - Prior to this reduction, Alibaba had announced a plan to sell up to 12.549 million shares, representing a maximum of 3% of the total share capital [4]. Financial Performance of Aojie Technology - Aojie Technology reported a revenue of 2.88 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 13.42% [5]. - The company recorded a net profit attributable to shareholders of -327 million yuan during the same period [5]. Alibaba Group's Financial Performance - For the second quarter of fiscal year 2026, Alibaba Group reported revenues of 247.795 billion yuan, with a year-on-year growth of 15% after excluding the impact of divested businesses [5][6]. - The cloud computing segment saw a significant revenue increase of 34% year-on-year, marking a new high [6]. - Alibaba's CEO highlighted the ongoing investments in AI technology and infrastructure, which are expected to create long-term strategic value [6].

Core Points - Alibaba has reduced its stake in Aojie Technology (688220) from 13.99% to 12.69% by selling 5,439,008 shares between November 24 and December 1, 2025 [2] - Aojie Technology had previously announced a share reduction plan on August 29, allowing Alibaba to sell up to 12.549 million shares, representing a maximum of 3% of the total share capital [4] - As of the latest announcement, Alibaba has sold a total of 11.4905 million shares, leaving a remaining sellable quantity of 1.0585 million shares [5] Company Overview - Aojie Technology is a platform-based chip enterprise specializing in wireless communication and large-scale chips, with capabilities in developing full-standard cellular baseband chips and non-cellular IoT chips [6] - For the first three quarters of the year, Aojie Technology reported revenue of 2.88 billion yuan, a year-on-year increase of 13.42%, but recorded a net loss of 327 million yuan [6] Alibaba's Financial Performance - In the second quarter of fiscal year 2026, Alibaba Group reported revenue of 247.795 billion yuan, with a year-on-year growth of 15% after excluding the impact of divested businesses [6] - The company has seen strong growth in its core businesses, particularly in AI and cloud services, with cloud revenue accelerating by 34% year-on-year [7] - Alibaba's CEO highlighted ongoing investments in AI technology and infrastructure, which are expected to create long-term strategic value [7]

Core Viewpoint - Alibaba has reduced its stake in Aojie Technology (688220) from 13.99% to 12.69% by selling 5,439,008 shares through various trading methods [1][4]. Summary by Sections Shareholding Changes - On December 1, Aojie Technology announced that Alibaba Network has notified them of a reduction in shareholding, decreasing its stake from 13.99% to 12.69% [1]. - Alibaba's total share reduction amounts to 11,490,500 shares, with 1,058,500 shares remaining available for sale [5]. Company Performance - Aojie Technology reported a revenue of 2.88 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 13.42%. However, the company recorded a net loss of 327 million yuan [5]. - Aojie Technology specializes in wireless communication and large-scale chip platforms, with capabilities in developing cellular baseband chips and IoT chips [5]. Alibaba's Financial Results - Alibaba Group reported a revenue of 247.795 billion yuan for the second quarter of fiscal year 2026, with a year-on-year growth of 15% after excluding the impact of sold businesses [5][6]. - The cloud computing segment saw a significant revenue increase of 34% year-on-year, driven by strong demand for AI-related products [6].

E-commerce and New Retail - Alibaba Group donated 20 million HKD following a fire in Hong Kong, while ByteDance and Didi contributed 10 million HKD each. Pinduoduo also donated 10 million HKD and launched a public welfare section for firefighting supplies [1] - Alibaba's Q2 revenue for FY2026 reached 247.8 billion CNY, a 5% year-on-year increase, with cloud revenue growing 34% and AI-related products seeing triple-digit growth for nine consecutive quarters [2] - JD Industrial has received approval for an IPO on the Hong Kong Stock Exchange, with projected revenues of 14.135 billion CNY in 2022, increasing to 20.4 billion CNY in 2024 [3] Logistics and Supply Chain - Jitu Express launched its first industrial-grade automated sorting system in Thailand, improving sorting efficiency by over 100% and achieving a sorting accuracy of over 99% [4] Life Services - Meituan reported a Q3 loss of 14.1 billion CNY in its core local business segment due to irrational competition in the food delivery industry, with expectations of continued losses in Q4 [5][6] - Didi's Q3 order volume reached 4.685 billion, a 13.8% year-on-year increase, with a net profit of 1.5 billion CNY [7] - Taobao Flash Sale announced the cancellation of late fee deductions, expanding to 60 cities, aiming to enhance rider protection and user experience [8] Innovation and Investment - Ruiyun Cold Chain completed nearly 100 million CNY in A+ round financing, focusing on digital capabilities and international expansion [9] - Soul App submitted a listing application to the Hong Kong Stock Exchange, reporting a revenue CAGR of over 15% from 2022 to 2024 and achieving stable profitability since 2023 [10][11]

Investment Rating - The report maintains an "Outperform" rating for Alibaba-SW (09988.HK) [5][25] Core Insights - Alibaba's revenue for FY26Q2 reached 247.8 billion yuan, a year-on-year increase of 5%. The Chinese e-commerce group, international digital commerce group, and cloud intelligence group achieved year-on-year growth rates of 16%, 10%, and 34%, respectively, while other segments saw a decline of 25% [1][9] - The adjusted EBITA for the quarter was 9.1 billion yuan, down 78% year-on-year, resulting in an adjusted EBITA margin of 3.7%. The non-GAAP net profit was 10.3 billion yuan, a decrease of 71.7% year-on-year, with a net profit margin of 4.2% [1][9] - Free cash flow for the quarter was a net outflow of 21.8 billion yuan, primarily due to increased investments in flash sales and cloud infrastructure [1][9] Summary by Sections E-commerce Performance - The Chinese e-commerce group's CMR revenue grew by 10% year-on-year in FY26Q2, benefiting from increased technology service fees and improved site penetration rates. Instant retail revenue reached 22.9 billion yuan, up 60% year-on-year [2][13] - The adjusted EBITA for the Chinese e-commerce group was 10.5 billion yuan, down 76% year-on-year, with an adjusted EBITA margin of 7.9%, a decline of 31 percentage points [2][14] - The company is focusing on optimizing user experience while maintaining market share, with logistics costs significantly reduced compared to previous large-scale investments [2][14] Cloud Computing - The cloud intelligence group's revenue for FY26Q2 was 39.8 billion yuan, a year-on-year increase of 34%. Overall revenue, excluding intercompany transactions, grew by 29% year-on-year, with AI-related product revenue continuing to show triple-digit growth [3][15] - The adjusted EBITA margin for the cloud segment was 9.0%, reflecting a slight increase from the previous quarter. Capital expenditures (CAPEX) for the quarter were 31.5 billion yuan, up 70% year-on-year [3][15] - The company anticipates a strong demand for AI over the next three years, with potential for additional CAPEX investments beyond the planned 380 billion yuan [3][15] Financial Projections - Revenue forecasts for FY2026 to FY2028 have been slightly adjusted to 1,046.3 billion yuan, 1,182.3 billion yuan, and 1,293.0 billion yuan, respectively, with minor downward adjustments due to a focus on profitability in international e-commerce [4][25] - Adjusted net profit projections for FY2026 to FY2028 are set at 111.7 billion yuan, 145.0 billion yuan, and 172.0 billion yuan, with slight adjustments reflecting better-than-expected profit improvement in international e-commerce [4][25] - The company is currently trading at a PE ratio of 24 times for FY2026 [4][25]

Core Insights - Alibaba's financial results for the second quarter of fiscal year 2026 reflect a strategic focus on AI and cloud services, leading to revenue growth but a decline in net profit [2][3][5] - The company reported a record revenue of 495.447 billion yuan, a 3% year-on-year increase, while net profit fell by 6% to 64.106 billion yuan [3][4] - Significant capital expenditures of 31.5 billion yuan in the second quarter indicate a commitment to long-term growth despite short-term profit pressures [5][7] Revenue and Profit Analysis - In Q2 of fiscal year 2026, Alibaba achieved revenue of 247.795 billion yuan, a 5% increase year-on-year, but net profit dropped by 52% to 20.990 billion yuan [3][4] - The decline in net profit is attributed to increased investments in core business areas, particularly AI and cloud services, which are expected to yield long-term benefits [5][6] - Excluding divested businesses, revenue growth on a same-store basis was 15%, driven by strong performance in AI-driven cloud services and the rapidly expanding instant retail segment [4][5] Business Segment Performance - Alibaba's cloud revenue reached 39.824 billion yuan, marking a 34% year-on-year increase, with AI-related products contributing significantly to this growth [4][5] - The instant retail business saw a remarkable 60% increase in revenue to 22.906 billion yuan, highlighting the effectiveness of the company's strategic investments [4][5] - The overall revenue from non-core businesses, including Hema and Cainiao, declined by 25% to 62.969 billion yuan, indicating challenges in these segments [5] Capital Expenditure and Future Outlook - The company reported capital expenditures of 31.5 billion yuan in Q2, with a total of approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [6][7] - CEO Wu Yongming indicated that previous capital expenditure estimates of 380 billion yuan may be conservative, suggesting potential for increased future investments [8][9] - The focus on strategic investments is expected to lead to future growth, despite current profit pressures, as the company aims to optimize efficiency in its operations [6][9] Market Position and Stock Performance - Alibaba's cloud services hold a 35.8% market share in China's AI cloud market, significantly outperforming competitors [10] - Despite a strong performance in 2025, Alibaba's stock price fell by 1.90% on November 26, indicating market volatility and investor sentiment challenges [11]

②11-12月是BD交易较为活跃的时点，2025年创新药医保国谈结果与首版商保创新药目录预计将于12月 上旬发布，ASH（美国血液学会）、SABCS（圣安东尼奥乳腺癌大会）等行业会议，也将于12月上旬 召开。 ③互联网股方面，阿里巴巴第二财季营收超预期，AI+云与消费两大核心业务实现强劲增长，同时称淘 宝闪购第一阶段规模扩张已结束。 ④创新药板块回调的时间、空间均得到充分调整，如恒生医药ETF9月4日-11月21日累计回调超15%，资 金选择越跌越买，10月10日至今累计净流入8.7亿元，近期更是连续9日获资金净申购。恒生科技指数 ETF连续19个交易日迎资金净申购，合计净流入54亿元。 相关产品，及截至发稿涨跌幅： 在美联储降息预期升温情况下，港股连续第三日上涨，流感药品销量暴涨刺激生物科技板块领涨，恒生 医药ETF涨1.5%，冲击三连阳，美团大涨近6%，恒生科技指数ETF涨1%。 消息面上： ①近期流感药品销量持续暴涨，以及11月28日恒生生物科技指数期货正式推出。 全球医药全产业链代表：恒生医药ETF(159892)，+1.53%，最新规模61.27亿元，同标的规模最大，前十 大权重股包括百济神州、药明 ...

Core Viewpoint - Alibaba's recent financial performance shows mixed results, with strong growth in AI and cloud sectors but significant declines in overall revenue and net profit, raising concerns among investors about its e-commerce business [1][2]. Financial Performance - For the second fiscal quarter, Alibaba reported revenue of RMB 247.795 billion, a year-on-year increase of 5% [1]. - Adjusted EBITA fell sharply by 78% to RMB 9.073 billion [1]. - Net profit attributable to ordinary shareholders was RMB 20.99 billion, down 52% year-on-year [1]. - Non-GAAP net profit was RMB 10.352 billion, a decrease of 72% compared to the previous year [1]. Business Segment Performance - The cloud intelligence group generated revenue of RMB 39.82 billion, reflecting a year-on-year growth of 34% [1]. - AI-related product revenue has seen triple-digit year-on-year growth for nine consecutive quarters [1]. Market Reaction - Alibaba's stock price fell over 2% during trading, closing down 1.77% at HKD 155, with a trading volume of HKD 9.88 billion [1]. - Concerns regarding the e-commerce business have increased, particularly after management indicated potential short-term fluctuations in customer management revenue and profits due to intensified competition and user investment [2].