港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 周二港股股指续涨，收盘恒生指数涨 0.69%报 25894.55 点，恒生科技指数涨 1.2%，恒生中国企 业指数涨 0.87%。大市成交 2311.49 亿港元。南 向资金大幅净买入 111.66 亿港元。科网股延续反 弹，百度集团、小米集团涨逾 4%；有色行业表现 不俗，中广核矿业涨逾 3%；龙蟠科技盘中大涨 60%，获超 450 亿元磷酸铁锂大单。 美股市场 1. 周二美国三大股指全线收涨，道指涨 1.43%，标 普 500 指数涨 0.91%，纳指涨 0.67%。默克涨超 5%，家得宝涨逾 4%，领涨道指。万得美国科技七 巨头指数涨 0.39%，脸书涨近 4%，谷歌涨逾 1%， 而英伟达则收跌近 3%。美国 9 ...

4、美联储理事米兰表示，经济需要大幅降息，货币政策正在拖累经济，美联储应该尽快将利率降至中 性水平。 文字早评 2025/11/26 星期三 宏观金融类 期指基差比例： 股指 【行情资讯】 1、外交部：中美元首通话是美方发起的通话氛围是积极的、友好的、建设性的； 2、离岸、在岸人民币均升破 7.09 触及逾一年盘中新高； 3、阿里巴巴公告，2026 财年第二季度财报营收 2,478.0 亿元，同比增长 4.8%；云智能集团收入 398.2 亿元，同比增长 34%。阿里巴巴称，未来三年内不太可能出现人工智能泡沫； IF 当月/下月/当季/隔季：-0.39%/-0.74%/-1.03%/-2.02%； IC 当月/下月/当季/隔季：-0.79%/-1.55%/-3.14%/-6.09%； IM 当月/下月/当季/隔季：-1.08%/-2.02%/-4.08%/-7.23%； IH 当月/下月/当季/隔季：-0.30%/-0.47%/-0.48%/-0.77%。 【策略观点】 经过近期的持续下跌后，指数有望阶段性企稳。从大方向看，政策支持资本市场的态度未变，科技成长 仍是市场主线，指数中长期仍是逢低做多的思路为主。 ...

Core Viewpoint - The company reported a strong financial performance for FY2025, with significant growth in both revenue and net profit, indicating robust operational health and effective management strategies [2][3]. Financial Performance - For FY2025, the company achieved a revenue of 996.347 billion yuan, representing a year-on-year growth of 5.9% [2]. - The net profit attributable to ordinary shareholders for FY2025 was 129.470 billion yuan, showing a substantial increase of 62.4% year-on-year [2]. - In Q4 FY2025, the company recorded a revenue of 236.454 billion yuan, with a year-on-year growth of 6.6% [2]. - The net profit for Q4 FY2025 reached 12.382 billion yuan, marking an impressive growth of 278.7% year-on-year [2]. Core Business Performance - The company's core business segments performed well despite the divestment of non-core operations such as Yintai and Hema [3]. - The customer management revenue from Taotian Group in Q4 FY2025 grew by 11.8%, driven by an increase in the take rate and enhanced monetization of platform traffic [3]. - The Cloud Intelligence Group saw a revenue increase of 17.7% in Q4 FY2025, reaching 30.127 billion yuan, with external customer revenue growing by 17% [3]. - AI products maintained strong demand, with revenue from AI-related products achieving triple-digit year-on-year growth for seven consecutive quarters [3]. Shareholder Returns - In FY2025, the company repurchased 1.197 billion USD worth of shares, reducing the number of ordinary shares by 5.1% [4]. - The company declared a regular dividend of 1.05 USD per ADS and a special one-time cash dividend of 0.95 USD per ADS, enhancing shareholder returns [4].

Investment Rating - The report maintains a "Buy" rating for Alibaba Group (9988.HK) [4][6] Core Insights - The company reported a revenue of CNY 996.347 billion for FY2025, representing a year-on-year growth of 5.9%, and a net profit attributable to ordinary shareholders of CNY 129.470 billion, which is a 62.4% increase [1][4] - In Q4 FY2025, the company achieved a revenue of CNY 236.454 billion, up 6.6% year-on-year, and a net profit of CNY 12.382 billion, reflecting a significant growth of 278.7% [1][4] - The company has announced a special cash dividend of USD 0.95 per ADS alongside a regular dividend of USD 1.05 per ADS, enhancing shareholder returns [3] Summary by Sections Financial Performance - For FY2025, the company achieved a non-GAAP net profit of CNY 158.122 billion, a slight increase of 0.4% year-on-year [1][5] - The revenue growth rate for FY2025 was 5.86%, with projections for FY2026 and FY2027 at 11.56% and 6.71% respectively [5][10] - The net profit attributable to ordinary shareholders for FY2026 is projected to be CNY 135.647 billion, with a growth rate of 4.26% [5][10] Business Segments - The Taobao and Tmall Group saw a customer management revenue growth of 11.8% in Q4 FY2025, driven by an increase in take rate and the growth of the 88VIP membership program, which reached over 50 million members [2] - The Cloud Intelligence Group's revenue grew by 17.7% year-on-year to CNY 30.127 billion in Q4 FY2025, with strong demand for AI products, which have seen triple-digit growth for seven consecutive quarters [2] Shareholder Returns - The company repurchased 1.197 billion ordinary shares for USD 11.9 billion in FY2025, reducing the number of ordinary shares by 5.1% [3] - The total shareholder return strategy includes regular and special dividends, reflecting a commitment to enhancing shareholder value [3]

Core Insights - Alibaba Group reported a revenue of RMB 236.45 billion (USD 32.58 billion) for the quarter ending March 31, 2025, representing a year-on-year growth of 7% [1] - The operating profit for the same quarter was RMB 28.47 billion (USD 3.92 billion), showing a significant increase of 93% year-on-year [1] - The net profit attributable to ordinary shareholders reached RMB 12.38 billion (USD 1.71 billion), marking a substantial growth of 279% year-on-year [1] Financial Performance - For the fiscal year ending March 31, 2025, total revenue was RMB 996.35 billion (USD 137.30 billion), reflecting a year-on-year increase of 6% [2] - Operating profit for the fiscal year was RMB 140.91 billion (USD 19.42 billion), which is a 24% increase compared to the previous year [2] - The net profit attributable to ordinary shareholders for the fiscal year was RMB 129.47 billion (USD 17.84 billion), up 62% year-on-year [2] Segment Performance - Taobao Group's customer management revenue grew by 6% to RMB 322.35 billion for the fiscal year, with a 12% increase in the fourth quarter to RMB 71.08 billion, driven by improved take rates and online GMV growth [3] - Alibaba International Digital Commerce Group (AIDC) saw a total revenue increase of 29% to RMB 132.30 billion for the fiscal year, with a 22% growth in the fourth quarter to RMB 33.58 billion, supported by strong cross-border business performance [3] - The Cloud Intelligence Group reported a total revenue growth of 11% for the fiscal year, with an 18% increase in the fourth quarter, primarily driven by faster growth in public cloud business revenue [4] Strategic Focus - The CEO of Alibaba Group emphasized the effectiveness of the "user-first, AI-driven" strategy, noting that core business growth continues to accelerate, particularly in AI-related product adoption [4] - The CFO highlighted strong quarterly performance with a 7% year-on-year revenue growth and a 36% increase in overall EBITA, expressing confidence in the business outlook and commitment to enhancing shareholder returns [4]