Core Insights - Southbound funds increased their holdings in Alibaba-W (09988.HK) by 13.37 million shares on November 21, 2025, marking a 0.64% change in total shares held [1][2] - Over the past five trading days, southbound funds have increased their holdings for five days, with a total net increase of 70.468 million shares [1] - In the last twenty trading days, there were nine days of net increases, totaling 12.0078 million shares [1] - As of now, southbound funds hold 2.116 billion shares of Alibaba-W, accounting for 11.07% of the company's total issued ordinary shares [1][2] Trading Data Summary - On November 21, 2025, total shares held reached 2.116 billion, with a change of 13.37 million shares [2] - On November 20, 2025, total shares held were 2.102 billion, with a change of 21.18 million shares [2] - On November 19, 2025, total shares held were 2.081 billion, with a change of 13.30 million shares [2] - On November 18, 2025, total shares held were 2.068 billion, with a change of 14.37 million shares [2] - On November 17, 2025, total shares held were 2.053 billion, with a change of 8.25 million shares [2] Company Overview - Alibaba Group Holding Limited provides technology infrastructure and marketing platforms, operating across seven business segments [2] - The China commerce segment includes retail businesses such as Taobao, Tmall, and Hema, as well as wholesale operations [2] - The international commerce segment encompasses international retail and wholesale businesses like Lazada and AliExpress [2] - The local services segment includes location-based services such as Ele.me, Amap, and Fliggy [2] - The Cainiao segment offers domestic and international logistics services and supply chain management solutions [2] - The cloud segment provides public and hybrid cloud services to domestic and international enterprises, including Alibaba Cloud and DingTalk [2] - The digital media and entertainment segment includes Youku, Quark, Alibaba Pictures, and other content and distribution platforms, as well as online gaming [2] - The innovation and other segment includes DAMO Academy, Tmall Genie, and other businesses [2]

第30届联合国气候变化大会（COP30）于11月10日至21日在巴西帕拉州首府贝伦市举办，这是2015年《巴黎协定》签署以来最受瞩目的气候大会。大会首 次将人工智能列为关键讨论主题之一，并发布气候相关"人工智能倡议"，旨在支持各国政府加速开发基于此的气候解决方案。 COP30在巴西贝伦市举办 11月18日举办的中国角数字化日上，人工智能也成为核心主题。中国代表团团长、生态环境部副部长李高，巴西政府COP30特使、前战略事务部副部长马 塞洛.比哈尔，国际电信联盟副秘书长托马斯·拉马瑙斯卡斯参加数字化日开幕并致辞。 今年是阿里巴巴作为核心主办方第三次组织中国角数字化日活动，和国家气候中心、国际电信联盟ITU、世界气象组织WMO、中国信息通信研究院等国 内外机构一起，展示了一系列AI驱动的气候变化解决方案，探讨和展望AI 助力加速气候创新路径。 AI驱动 绿色计算 阿里巴巴作为核心主办方第三次组织中国角数字化日活动 阿里巴巴达摩院决策智能实验室资深算法专家孙亮在大会现场分享，针对在浙江朱家尖岛登陆后又"复活"的"竹节草"，"八观"强度预测误差较其他AI模型 减少50%以上，为浙江9.7万人避险转移提供了科学支撑。 ...

有两大阵营持截然相反的观点：悲观的，认为当前AI或接近2000年互联网泡沫；乐观的，认为还未到 下车的时候，可能是踏空AI者最后一次上车机会。 投资动向上，也出现明显分歧：巴菲特所在的伯克希尔三季度增仓谷歌，而软银、桥水等机构减仓英伟 达。 国内研究机构对美股AI动向也高度关注，基本共识是：美股七姐妹当前估值的确偏高，因此对利空也 较为敏感；但即便AI出现泡沫化，也仍然在早期，泡沫前最"亢奋"的阶段还未到来。 01 当前美股AI进行到哪儿了？ 国海证券认为，当前AI所处的阶段，更接近于互联网时代的1997年而非1999年。 来源：华夏ETF AI"卖铲人"英伟达最新一季业绩超预期，以一己之力重新振奋市场，但短暂的 兴奋过后，人们对AI过 热的担忧似乎没有完全打消，美股科技巨头走势分化，循环融资和隐形杠杆的疑云，仍然盘旋在市场上 空。 国海证券还引用了一组数据：2023-2025年，每年使用AI的美国员工比例从21%上升到40%，几近翻 倍。谷歌每月处理的tokens数量从2024年5月的9.7万亿，升至2025年10月的1300万亿。 复盘互联网泡沫：自1995至2000年，1998年涨幅最大，2000年达到 ...

Core Viewpoint - The 2025 "Double Eleven" e-commerce promotion saw a total online sales of 1.7 trillion yuan, marking a 14.2% year-on-year increase, with major platforms like Taobao, JD, Douyin, and Pinduoduo experiencing GMV growth between 8% and 15%. The most notable change this year was the emphasis on AI technology in the promotional strategies [1]. Group 1: E-commerce Platforms - The "Double Eleven" event serves not only as a sales competition but also as a test for the technical stability and efficiency of e-commerce platforms. Historical challenges have led to significant technological upgrades, such as Alibaba's transition to a cloud-native architecture [3]. - AI technology was highlighted as a strategic focus for the 2025 event, with platforms integrating AI into various operational aspects, including traffic distribution and consumer experience. For instance, Tmall's president referred to it as the first "Double Eleven" where AI was fully implemented [4]. Group 2: Online Merchants - AI tools were introduced to assist merchants, particularly small and medium-sized businesses, in improving marketing services and decision-making efficiency. These tools helped address operational challenges during the promotional period [8]. - For customer service, AI solutions like JD's Xiao Zhi 5.0 achieved a 98% accuracy rate in answering complex queries, leading to a 31% increase in business conversion efficiency. Tmall's customer service AI handled over 200 million inquiries with an average response time reduced to seconds [9]. Group 3: Individual Consumers - The increase in SKU numbers has led to a decline in consumer experience, prompting platforms to upgrade AI shopping tools to better understand consumer preferences. This year, Tmall introduced six AI shopping tools to enhance the shopping experience [11]. - Despite privacy concerns, consumer acceptance of AI recommendations was high, with 98% of respondents willing to accept AI product suggestions. The presence of clear sources for AI recommendations significantly influenced consumer purchasing decisions [12]. Group 4: Overall Market Trends - The overall growth rate of e-commerce sales has been slowing, with major platforms no longer disclosing specific sales figures for "Double Eleven." However, the event remains a critical testing ground for technological advancements in a high-concurrency sales environment [16]. - The consumer sector is becoming a key area for AI technology transformation, with major global players like Amazon, Google, and Alibaba focusing their efforts here, indicating that future "Double Eleven" events will likely showcase more technological innovations [16].

Core Insights - The three major indices declined, but Chinese concept stocks showed resilience, particularly Alibaba, which announced its entry into the AI to C market with the launch of the "Qianwen" project [1][2] - The Chinese Internet ETF (513220) experienced a net inflow of 44.81 million yuan over two days, marking a year-to-date increase of over 78.81% in its shares, making it the only passive index fund in its category to show positive growth this year [1] Company Performance - Alibaba's stock rose by 2.54%, and its AI and cloud capital expenditure reached a record high of 38.6 billion yuan for the first quarter of the 2026 fiscal year, with cloud revenue growth accelerating to 26%, the highest in three years [1] - Tencent reported a 15% year-on-year increase in total revenue for Q3, reaching 192.9 billion yuan, driven by strong growth in gaming revenue, leading to an upward revision of revenue forecasts for 2025-2027 by 3% to 5% [2] Industry Trends - Major internet companies like Tencent, ByteDance, and Baidu are accelerating their investments in the AI sector, indicating a competitive landscape [2] - The Chinese Internet ETF tracks the global Chinese Internet index, selecting 30 large-cap internet companies, with the top ten holdings accounting for over 85% of the index [2]

"双11"走到第17年，各电商平台战报不再公布具体GMV（商品交易总额），统计周期也参差不齐，横 向可比较维度并不统一，但是各家可以在时间维度上纵向与自己比较。 11月15日，阿里巴巴公布2025年天猫"双11"成绩，称这是"以四年来最好增长收官"。 对于行业和大众来说，随着大促常态化，"双11"的独特性已逐年减弱，但是对于阿里而言，今年却有巨 大变革意味：今年是淘宝升级大消费平台、淘宝闪购全面参与、AI全面应用的第一个"双11"。 根据淘天公布的数据，今年"天猫双11"全周期（10月15日至11月14），淘宝闪购零售订单同比去年增长 超2倍，天猫品牌即时零售日均订单环比9月增长了198%。融入淘天后的第一个"双11"，飞猪成交创历 史新高，同比增长超30%。 今年阿里"双11"对消费者给出了史上力度最大的优惠福利投入，首次规模化地用AI工具来发放红包，AI 红包带动品牌日均下单用户数增长86%。最终收官的战绩包括近600个品牌成交破亿元、3.4万个品牌同 比增长翻倍等。 这是阿里巴巴在2025年结束"1+6+N"（1个集团+6大重点板块+N个其他业务）时代，回归"一个阿 里"（One Alibaba）的架构 ...

来源：广发证券研究 港股流动性更多受全球宏观环境（美联储政策、地缘政治、南向资金）及中国内地经济基本面主导，楼市上涨并非主要影响因素。当前香港楼市出现回 暖，背后实际上是资金环境改善与经济预期转强所驱动，所产生的财富效应与风险偏好回升将进一步提振资本市场情绪，从而形成股楼共振的格局。因 此，楼市企稳不仅不会对港股形成资金分流，反而可能通过赚钱效应，推动股楼两类资产进入正向循环。 摘 要 中国大陆和香港的"租金回报-资金成本"分化。大陆一线城市：租金回报率（低于2%）<房贷利率（3.1%）；香港：租金回报率（3.6%）>房贷利率 （3.22%），香港房价在近几个月出现企稳回升，部分投资者开始担心香港楼市持续回暖，可能对港股的资金面出现持续抽水现象。 历次海外地产衰退后的复苏，海外楼市与股市没有呈现资产配置的替代关系，例如日本90年代资产价格破灭后失去的二十年；韩国97年亚洲金融危机；美 国70年代末-80年代初高通胀导致经济衰退、08年次贷危机；英国1990~1992年经济衰退；西班牙08年次贷危机、12年银行业危机，楼市的回暖通常标志着 宏观风险的消退、流动性的宽裕与增长预期的改善，反而可能会通过提振金融资产 ...

Core Insights - Southbound funds increased their holdings in Alibaba-W (09988.HK) by 8.25 million shares on November 17, 2025, marking a 0.40% increase in total holdings [1][2] - Over the past five trading days, southbound funds have reduced their holdings on four occasions, resulting in a cumulative net reduction of 32.71 million shares [1][2] - In the last twenty trading days, there have been 14 days of net reductions, totaling 72.90 million shares [1][2] - As of now, southbound funds hold 2.053 billion shares of Alibaba-W, which represents 10.75% of the company's total issued ordinary shares [1][2] Summary by Sections Trading Activity - On November 17, 2025, total shares held by southbound funds reached 2.053 billion, with an increase of 8.25 million shares [2] - On November 14, 2025, there was a decrease of 21.96 million shares, reflecting a -1.06% change [2] - The trading activity over the previous days shows a consistent pattern of reductions, with notable decreases on November 13 (-12.68 million shares), November 12 (-4.04 million shares), and November 11 (-2.27 million shares) [2] Company Overview - Alibaba Group Holding Limited provides technology infrastructure and marketing platforms, operating across seven business segments [2] - The segments include: - China Commerce: Retail businesses like Taobao, Tmall, and Hema, as well as wholesale operations - International Commerce: Retail and wholesale businesses such as Lazada and AliExpress - Local Services: Location-based services like Ele.me, Amap, and Fliggy - Cainiao: Domestic and international logistics services and supply chain management solutions - Cloud Computing: Public and hybrid cloud services, including Alibaba Cloud and DingTalk - Digital Media and Entertainment: Platforms like Youku, Quark, and Alibaba Pictures, along with online gaming - Innovation and Other: Includes DAMO Academy, Tmall Genie, and other ventures [2]

Core Insights - Alibaba Group has launched the Qwen App, marking a significant move in the AI-to-C consumer market, positioning itself against ChatGPT [1][2] - The Qwen model has gained substantial traction, with over 600 million downloads and more than 170,000 derivative models, ranking third globally in contribution among AI models [1] - The Qwen model has demonstrated competitive performance, outperforming major US models in a global AI investment competition, indicating China's growing capabilities in foundational AI models [1] Group 1 - The Qwen App aims to redefine the value of AI as a life assistant by focusing on practical applications, such as product recognition and direct links to Alibaba's platforms [2] - The app's ability to create a seamless connection between AI and daily life reflects a deeper industry understanding of AI's value, moving from mere technical showcases to practical utility [2] - Alibaba plans to integrate various services like maps, food delivery, and shopping into the Qwen App, establishing it as a central hub in its AI ecosystem [2] Group 2 - Alibaba has committed significant investments, including 380 billion yuan for cloud and AI infrastructure and 50 billion yuan for consumer sectors, capitalizing on growth opportunities in AI and consumption [3] - The company's cloud revenue grew by 26% year-on-year, driven by AI demand, marking the highest growth rate in three years [3] - The launch of Qwen reflects a strategic shift from technology catch-up to ecosystem positioning, emphasizing the importance of consumer-facing AI applications [3] Group 3 - Experts suggest that Alibaba should leverage its strengths in cloud computing, big data, and AI algorithms to build a more robust AI ecosystem [4] - The success of the Qwen App will depend on converting technological advantages into user engagement and finding its niche within Alibaba's product matrix [4] - As AI technology matures, the ability to integrate ecosystems and deliver effective solutions will be crucial in determining market competition dynamics [4]

Group 1 - The report suggests that the Hong Kong stock market is at the beginning of a systematic valuation uplift, with the implied equity risk premium (ERP) reaching a low of approximately 5%, indicating potential for further downward adjustment in the long term [10][20][28] - The report highlights that the Hong Kong stock market's industry structure has significantly changed over the past decade, with new economy sectors like technology surpassing traditional sectors in market capitalization and trading volume, which should lead to an upward adjustment in valuation levels [28][31] - The report emphasizes the importance of AI in driving growth in the technology sector, with companies like Alibaba Cloud showing strong revenue growth and profitability improvements due to AI-related services [87][90] Group 2 - The report discusses the interwoven dynamics of fundamentals and liquidity in the Hong Kong stock market, noting that improvements in the Producer Price Index (PPI) are expected to enhance risk appetite and attract foreign investment [4][62] - The report indicates that the Hong Kong stock market is experiencing a significant inflow of foreign capital, particularly through the Stock Connect program, which is expected to reduce the offshore discount and align valuations more closely with global markets [31][35] - The report identifies the cyclical themes and dividend-paying stocks as attractive investment opportunities, particularly in sectors like non-bank financials and utilities, which are expected to benefit from improving economic indicators [91]