Core Viewpoint - Goldman Sachs has released a report indicating that Alibaba's cloud business and capital expenditures for the first fiscal quarter ending June 30 exceeded expectations, maintaining a positive outlook driven by AI growth and reiterating a "buy" rating [1] Financial Performance - Goldman Sachs has adjusted Alibaba's adjusted net profit forecasts for the fiscal years 2026 and 2027 down by 9% and 4% respectively, while also lowering the group's EBITA forecasts by 11% and 1%. However, forecasts for 2028's profit and EBITA have been increased by 2% [1] - The target prices for Alibaba's shares have been raised to HKD 158 for the Hong Kong market and USD 163 for the US market [1] Business Outlook - The report highlights improved visibility in Alibaba's operations, with management indicating that the unit economics for food delivery and instant retail are expected to significantly improve in the coming months, suggesting that the second fiscal quarter will likely be the peak of losses for these segments [1] - Confidence remains in the growth of customer management revenue for the remaining quarters of fiscal year 2026, which is expected to alleviate market concerns regarding substantial investments in instant retail [1] Loss Projections - Goldman Sachs has revised its loss forecast for Alibaba's instant retail in the second fiscal quarter from RMB 20 billion to RMB 31 billion, compared to a loss of RMB 11 billion in the first fiscal quarter. It is anticipated that losses per order will be halved in the third fiscal quarter as subsidies normalize and delivery efficiency improves [1] Market Share Expectations - The firm expects Alibaba's market share in food delivery and instant retail to stabilize at 40%, with competitors Meituan and JD.com expected to capture the remaining 50% and 10% of the market share respectively [1]

Group 1 - The Hong Kong stock market indices collectively declined, with the Hang Seng Technology Index showing a reduced drop, while the pharmaceutical sector remained active and gold stocks continued to gain traction [1] - As of August 31, 98.6% of the 2,276 companies listed on the Hong Kong main board had disclosed their interim results, indicating a slowdown in revenue growth for the first half of 2025, but an overall improvement in profitability [1] - The analysis highlighted a clear divide between new and old economies, with information technology, pharmaceuticals, and discretionary consumption performing well, while sectors like energy, real estate, and industrial capital goods faced performance pressures [1] Group 2 - Southbound funds have net bought over 1 trillion HKD this year, with a recent focus on AI core assets in Hong Kong stocks, particularly Alibaba, which has seen net buying for eight consecutive days [2] - The Hang Seng Technology Index ETF (513180) includes 30 leading Hong Kong tech companies, focusing on the AI industry chain, with potential "seven giants" in Chinese tech such as Alibaba, Tencent, Xiaomi, Meituan, and SMIC [2] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Technology Index ETF (513180) [2]

从孵化到分销，抖音MCN与团长如何抢占电商新红利 关于申请电商mcn机构/招商团长/公会,可以关注公众号"佳景企服"了解更多入驻流程 如何申请电商mcn机构，怎么注册抖音招商团长 在抖音电商生态中，MCN机构与团长构成了内容变现的两大支柱。前者专注于达人孵化与内容生产，后者则聚焦商品分销与销售转化。随着平台对服务商 体系的持续优化，这两类角色的商业价值正被不断放大。 正因如此，选择经验丰富的第三方入驻服务团队成为许多企业的明智之选。这些团队长期深耕平台生态，了解审核侧重点，能帮助企业规避风险、优化材料 结构、提升整体通过率。同时，他们往往还提供后续运营培训、合规指导等增值服务，助力机构快速起步，抢占市场先机。 抖音电商MCN机构的核心价值在于整合内容资源，通过系统化运营提升达人商业能力。从短视频种草到直播带货，MCN为达人提供培训、选品、投流、数 据分析等全方位支持。而抖音团长则更像是"分销引擎"，通过建立主播合作网络，将优质商品快速推向市场，实现规模化出货。 2025年，抖音进一步强化服务商分层管理，对MCN和团长的考核更加精细化。具备稳定产出能力、高转化率和良好合规记录的机构，将获得更多资源倾 斜。这意味 ...

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry, indicating a positive outlook for the sector in the next six months [1]. Core Insights - The Nasdaq 100 index experienced a "high-low" trend in August, with a cumulative increase of 0.85%. The market sentiment fluctuated due to mixed macroeconomic data and Federal Reserve signals, leading to a cautious outlook for September [12][13]. - As of August 29, 2025, the Nasdaq 100 index's price-to-earnings ratio (PE-TTM) stood at 34.6, placing it in the 83.6% historical percentile since 2011, indicating a relatively high valuation dependent on interest rates and earnings performance [17]. - The technical analysis shows that the risk level of the Nasdaq 100 index has decreased to 91.54, still indicating a high level of market sentiment, with a maintained upward trend but short-term volatility risks [18]. Market Performance Review - **Trend Review**: From July 31 to August 29, the Nasdaq 100 index showed a "high-low" pattern, with a total trading volume of approximately $47.212 billion. Initial concerns arose from weak manufacturing PMI data, but the index rebounded towards the end of August due to dovish signals from the Federal Reserve [12][13]. - **Valuation Analysis**: The Nasdaq 100 index's PE-TTM ratio of 34.6 suggests a high reliance on the interest rate environment and earnings realization [17]. - **Technical Analysis**: The index remains in an upward trend, but short-term fluctuations and volatility risks are present [18]. Event-Driven Analysis - **Macroeconomic Factors**: The interplay between Federal Reserve monetary policy expectations and the resilience of tech company earnings has been central to the Nasdaq 100 index's performance. Key employment and inflation data have influenced market sentiment and policy expectations [21][23]. - **Policy Factors**: The Federal Open Market Committee (FOMC) maintained interest rates but signaled a hawkish stance, impacting growth stock valuations. Additionally, proposed semiconductor tariffs by Trump have added uncertainty to the tech sector [31][33]. - **Industry Dynamics**: The performance of major tech stocks such as Microsoft, Meta, Apple, Amazon, and Nvidia has been mixed, with earnings reports influencing market reactions significantly [36][38]. Future Outlook - **Key Events Ahead**: The Nasdaq 100 index's performance in September will be influenced by macroeconomic data, policy signals, and industry earnings. Stable inflation data could bolster expectations for interest rate cuts, benefiting high-growth tech stocks [45][46]. - **Index Performance Outlook**: The Nasdaq 100 index is expected to maintain a volatile upward trend, with caution advised due to potential short-term pullbacks. The performance of tech stocks will be critical in determining overall market direction [51]. Related ETF Products - The report highlights the Guangfa Nasdaq 100 ETF (159941.SZ), which aims to closely track the Nasdaq 100 index, with a total market value of 27.718 billion yuan as of August 29, 2025 [52][53].

资产交易市场，信息瞬息万变，消息真假难辨，即使买卖双方花费大量的时间、精力，推动成交往往困 难重重。为了能够帮助买卖双方更快速链接市场信息和潜在交易对手，避免不必要的投入与浪费，我们 特地打造了这样一档栏目。 本文是这个栏目的第169期。如果你对本文提到的相关的交易线索感兴趣，希望接触这些潜在的交易对 手，或者如果你手中直接握有希望交易的资金或者资产，欢迎与我们联系。（邮箱：zcjy@36kr.com） 一、本月新增 1、转让持有OpenAI公司股份的基金LP份额（预期估值约500亿美 元） 卖家性质：直接卖家 交易价格：预期估值约500亿美元 资产规模：约5000万美元份额 交易方式：LP份额，有管理费和carry 2、转让持有Anthropic公司股份的基金LP份额（预期估值面议） 交易方式：LP份额，有管理费和carry 3、转让持有字节跳动公司股份的基金LP份额（预期估值3450亿美 元） 卖家性质：直接卖家 交易价格：预期估值3450亿美元 资产规模：约6000万美元份额 交易方式：SPV份额，要求一次性6000元美元份额全接 4、转让持有字节跳动公司股份的基金LP份额（预期估值3400亿美 元） ...

Core Insights - The 2025 Sichuan Platform Economy Industry Chain Partnership Conference was held in Chengdu, focusing on the development of platform economy in Sichuan, which has a strong foundation and significant growth potential [1][2] - Sichuan's platform economy, particularly e-commerce, has been identified as a key industry chain, with 1.88 million entities and 5.53 million employees, generating a total scale of 4.9 trillion yuan, ranking sixth nationally [1][2] - The conference aimed to showcase achievements, facilitate discussions, and connect resources to advance Sichuan's platform economy from "model innovation" to "ecosystem construction" [1] E-commerce Growth - Sichuan's e-commerce is leading in the central and western regions, with a network retail sales of 542.8 billion yuan in the first half of 2025, ranking sixth nationally and first in the central and western regions, with a year-on-year growth rate of 9.9% [2] - The network retail sales figures for Sichuan from 2023 to the first half of 2025 are 867.6 billion yuan, 954.88 billion yuan, and 542.8 billion yuan respectively, with service-oriented retail sales increasing from 43.2% to 46.2% [2] Policy Support - The Sichuan Provincial Department of Commerce and the Provincial Department of Finance are set to introduce supportive policies for high-quality development of the platform economy, focusing on six key areas including enterprise cultivation and online activities [4] - Incentives of up to 5 million yuan will be provided to e-commerce enterprises meeting certain standards and to those establishing regional or national headquarters in Sichuan [4] Industry Collaboration - Senior executives from major platforms like Vipshop, Taotian, Douyin, and JD.com gathered to discuss the development of Sichuan's "platform + industry" model, with an increase in the number of industry belts exceeding 100 in 2024 [5] - The conference emphasized the importance of deepening e-commerce's role in industry development and fostering digital talent [5] Future Goals - Sichuan aims to achieve a network retail sales target of over 1.1 trillion yuan by 2027, with the number of online businesses exceeding 2 million [6] - The platform economy is expected to drive the development of source factories and enhance market competitiveness through collaborative trade and industry upgrades [8] Technological Integration - The integration of technologies such as AI, cloud computing, and blockchain is enhancing the role of platform economy in driving industry development in Sichuan [7] - The example of Chengdu's women's shoe industry illustrates how live-streaming e-commerce has revitalized traditional manufacturing, with a GMV of over 4 billion yuan and significant growth in sales and orders [7]

Core Insights - The 2025 Baidu Cloud Intelligence Conference highlighted the role of AI in transforming private domain e-commerce, with a focus on "reconstructing the relationship between people, goods, and scenes" for intelligent upgrades [1][4] - DreamX Technology has been a pioneer in the private domain e-commerce sector, providing opportunities for over 3 million store owners, primarily women, through a B2R model and achieving significant sales milestones [1][3] Group 1: AI Integration and Business Transformation - DreamX Technology is entering the "AI era" by deeply integrating AI technology with its business system to empower both merchants and store owners, enhancing operational efficiency and sales performance [2] - The company has set a "3+1" AI advancement goal to build strong engineering capabilities that drive business optimization and growth in private domain e-commerce [2] Group 2: Specific AI Applications and Achievements - In product review scenarios, DreamX Technology utilized large model multi-modal capabilities to replace the original external OCR system, achieving a 74% increase in review efficiency and a 50% reduction in technical costs [3] - The intelligent customer service system has evolved to cover all stages of the customer journey, reducing costs by over one-third and providing 24-hour service with precise user intent recognition [3] - The company is developing an "AI Management Brain" to assist store owners by identifying opportunities and providing tailored support, addressing challenges in product selection and operational capabilities [3] Group 3: Future Outlook and Industry Impact - DreamX Technology is committed to further exploring and applying AI technology in the private domain e-commerce sector, aiming to enable all merchants and store owners to benefit from AI advancements and lead the industry towards intelligent development [4]

Market Overview - Long-term government bond yields have surged significantly due to a combination of heavy corporate bond issuance and concerns over the fiscal situation in developed countries, directly impacting U.S. stock valuations, particularly high-valuation large tech stocks [1] - The U.S. stock market experienced a broad decline, with the "Magnificent 7" tech giants all falling, led by Nvidia [1][12] - The 30-year U.S. Treasury yield approached the psychological threshold of 5%, while gold prices surged to a historical high, supported by safe-haven demand [1][34] U.S. Stock Performance - Major U.S. stock indices opened lower, with the Nasdaq down 1.7% and semiconductor stocks leading the decline [5] - The S&P 500 index closed down 44.72 points, a decrease of 0.69%, while the Dow Jones Industrial Average fell by 249.07 points, or 0.55% [6] - The Nasdaq index dropped 175.992 points, a decline of 0.82%, marking the first time since April that it fell below the 50-day moving average [8] Sector Performance - The semiconductor ETF fell by 1.31%, leading declines among U.S. industry ETFs, while the Magnificent 7 index decreased by 1.10% [10][8] - The real estate sector also faced challenges, with the S&P real estate sector dropping over 1.7% [3] International Market Impact - European stock markets also declined, with the STOXX 600 index down 1.5%, and the real estate sector experiencing a 3.6% drop [14][18] - The German DAX 30 index fell by 2.29%, while the French CAC 40 index decreased by 0.70% [18] Bond Market Dynamics - U.S. Treasury yields rose across the board, with the 10-year benchmark yield increasing by 3.30 basis points to 4.2614% [22] - The 30-year German bond yield reached a multi-year high, reflecting a broader trend of rising yields in developed markets [19] Commodity Market Movements - Gold prices broke the $3,500 mark, reaching a historical high, while silver prices surged to a 14-year high [5][34] - Crude oil prices also saw significant movement, with WTI crude oil futures rising approximately 2.5% [30][32]

编辑 | 七三 美股齐跌 当地时间9月2日，美股三大股指在9月首个交易日集体收跌。投资者消化特朗普政府关税政策的最新进 展，以及制造业持续疲软的经济数据。 截至收盘，道琼斯工业平均指数下跌249.07点，报45295.81点，跌幅0.55%；标普500指数下跌44.72点， 报6415.54点，跌幅0.69%；纳斯达克综合指数下跌175.92点，报21279.63点，跌0.82%。 大型科技股多数走弱，英伟达收跌1.95%，盘中跌破50日均线，技术面转弱。 亚马逊跌1.60%，特斯拉跌1.35%，苹果跌1.04%，谷歌、Meta、微软至多跌 0.73%。 板块表现方面，房地产板块跌幅居前，标普500地产板块指数下跌1.7%，美国30年期国债收益率升至7 月中旬以来高点，一度触及4.999%。 热门中概股表现分化，纳斯达克中国金龙指数上涨0.52%。理想汽车涨超4%，蔚来涨超3%、阿里巴巴 涨逾2%，有道跌超5%，哔哩哔哩跌超3%。 此前，美国联邦巡回上诉法院裁定特朗普政府此前大范围征收的部分进口关税违法，但暂允许这些关税 继续实施至10月14日，特朗普方面表示将提请最高法院对该案作出最终裁决。相关判决在节后首 ...

Group 1 - Apple has officially launched its flagship store on Douyin, marking a significant move in its online retail strategy [4][10] - The flagship store will offer a range of Apple products, including iPhones, iPads, Macs, and accessories, with prices synchronized with Tmall and support for up to 12 months of interest-free installments [4][7] - Douyin will serve as a key platform for the global launch of new Apple products, indicating its importance in Apple's sales strategy [7][13] Group 2 - Apple's entry into Douyin is part of a broader strategy to expand its online sales channels, especially as its revenue in the Chinese market has started to decline, with a quarterly drop of up to 13% reported in Q3 2023 [10][13] - The collaboration with Douyin is expected to enhance consumer access to genuine Apple products, thereby increasing sales of high-ticket 3C products on the platform [13][17] - Douyin's commercial ambitions are evident as it aims to strengthen its position in the 3C digital product category, which is anticipated to become a significant growth driver for its e-commerce business [13][18] Group 3 - The partnership is seen as mutually beneficial, leveraging Douyin's vast user base of 1 billion monthly active users and its content-driven e-commerce model to reach younger consumers [15][17] - Douyin has been enhancing its support for merchants, with initiatives that have saved businesses over 14 billion yuan in operational costs in the first half of 2023 [19][23] - The platform's focus on high-quality content and user engagement is expected to create a more robust e-commerce ecosystem, positioning Douyin favorably in the competitive landscape [28][29]