【导读】恒生科技指数大跌，阿里巴巴放量大跌 4.22% 中国基金报记者 格林 10 月 17 日，港股午后跌幅扩大，全日震荡下行。截至收盘， 恒指跌 2.48% ，报 25427.10 点，恒生国企指数跌 2.67% ，恒生科技指 数重挫 4.05% 。全日大市成交额为 3146 亿港元，南向资金净买入金额为 63.03 亿港元。 蓝筹股方面，周大福 涨 5.02%，翰森制药 涨 2.13%，比亚迪电子 跌 8.13%，信义光能 跌 6.79%，中芯国际 跌 6.50%，中国人寿 跌 5.75% 。 板块方面，生物科技股逆市走强， 药捷安康 -B 涨 22.22%，轩竹生物 -B 涨 16.9%，三叶草生物 -B 涨 9.27%，康宁杰瑞制药 -B 涨 5.04%，映恩生物 -B 涨 4.44% 。 药捷安康 -B 大涨逾 20% 10 月 17 日， 药捷安康 -B 涨 22.22% 。 日前，药物临床试验登记与信息公示平台数据显示，南京 药捷安康 生物科技有限公司的 TT-00420 片的 I 期临床研究已启动。临床试验 登记号为 CTR20254045 ，首次公示信息日期为 2025 年 10 月 11 ...

Core Viewpoint - Alibaba's stock has dropped over 4%, currently trading at 154.4 HKD, with a trading volume of 13.466 billion HKD, amid the upcoming 2025 "Double 11" e-commerce promotion focusing on instant retail [1] Group 1: E-commerce Strategy - The "Double 11" event has entered a critical phase, with instant retail becoming a key competitive focus for e-commerce [1] - Taobao/Tmall has launched a 3 billion HKD live streaming deposit red envelope campaign, allowing users to receive up to 2000 HKD daily [1] - For the first time, Taobao Flash Sale is participating in "Double 11," offering 50% off takeout red envelopes for 88VIP members during the event [1] Group 2: Financial Projections - Zheshang Securities forecasts Alibaba's Chinese e-commerce revenue for FY26Q2 to be 126.9 billion HKD, representing a year-over-year growth of 11.6% [1] - The EBITA margin is projected to be 6.8%, showing a significant decline due to substantial investments in instant retail during Q3 [1] Group 3: Business Synergies - The company aims to enhance user activity and transaction frequency through high-frequency orders from food delivery, which will synergize with traditional e-commerce operations [1] - The dual strategy of Ele.me and Gaode in the offline business is expected to create new growth opportunities for Alibaba's e-commerce segment [1]