炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 南向资金2025年成交净买入超1.4万亿港元，创历史新高。 据证券时报·数据宝统计，2025年南向资金全年成交净买入达到14048.44亿港元，创历史新高，较2024年 增长73.89%。自沪深港通开通以来，南向资金累计净流入超5.1万亿港元。 值得注意的是，南向资金规模加速扩张，市场话语权持续上升。截至12月末，南向资金持股市值达到 61408.83亿港元，占港股总市值比例超过12%。 按月份来看，全年共有8个月南向资金净买入金额超过1000亿港元，其中9月净买入金额最高，达到 1885.18亿港元，2~4月净买入金额均在1500亿港元以上。2025年一季度港股市场表现亮眼，恒生指数上 涨15.25%，恒生科技指数上涨20.74%，南向资金持续加仓。 多家机构表示，南向资金正成为重塑港股市场格局的核心力量。光大证券认为，从"情绪溢出"到"价值 驱动"，资金增配行为与AH溢价指数呈逆向校准，南向资金正从博弈交易者转变为港股市场的定价锚， 在行业轮动、板块配置及市场估值形成中发挥核心作用。 东吴证券研报认为，在国内外降息背景下，预计202 ...

Core Insights - Alibaba's revenue for the quarter ending June 30, 2025, was RMB 247.65 billion (USD 34.57 billion), representing a year-on-year growth of 2% [1] - Operating profit decreased to RMB 34.99 billion (USD 4.88 billion), down 3% year-on-year, primarily due to a reduction in adjusted EBITA [1] - Net profit attributable to ordinary shareholders surged 78% year-on-year to RMB 43.12 billion (USD 6.02 billion), driven by changes in the valuation of equity investments and gains from the disposal of Trendyol's local services business [1] AIDC Performance - AIDC reported a revenue increase of 19% year-on-year to RMB 34.74 billion (USD 4.85 billion), mainly fueled by strong cross-border business performance [2] - The unit's losses significantly narrowed year-on-year and quarter-on-quarter, with improved unit economics in the AliExpress Choice business due to logistics optimization [2] - Trendyol's international business unit also showed improved unit economics quarter-on-quarter [2] Cloud Intelligence Group - The Cloud Intelligence Group's revenue reached RMB 33.40 billion (USD 4.66 billion), marking a 26% year-on-year growth [2] - Overall revenue growth (excluding Alibaba's consolidated business) accelerated to 26%, driven by increased public cloud business revenue, including a rise in AI-related product adoption [2] - AI-related product revenue has achieved triple-digit year-on-year growth for eight consecutive quarters, with sustained demand for computing, storage, and other public cloud services to support AI applications [2] Strategic Focus - The CEO emphasized a focus on consumer and AI + cloud strategies, achieving strong growth through significant investments in instant retail and integration of consumer platforms [3] - The CFO highlighted a 10% year-on-year growth in customer management revenue and a 26% increase in Cloud Intelligence Group revenue, with AI-related product revenue continuing to grow significantly [3] - The company aims to maintain its market leadership in AI and cloud services while investing in major initiatives in instant retail and AI [3]