[Music] Hey. Hey. Hey. ...

高盛将阿里巴巴云端估值上调，从每ADS 36美元升至43美元，基于对2026财年第二至第四季度云端增 长假设，上调至按年升30%至32%(原为28%至30%)，并相应将阿里巴巴的SOTP(分部估值法)12个月目 标价从163美元上调至179美元，港股目标价从158港元上调至174港元，维持"买入"评级。 高盛认为，中国云端超大规模企业的多芯片策略已更新了中国AI云端行业的叙事，为该行业带来复合 增长潜力，这支撑了该行近期对云端与数据中心子行业的偏好升级；并预测中国云端服务提供商(CSP) 的资本支出将在2025年第三季度年增39%，这可能促进AI云端收入的持续增长。 高盛发表研究报告指，自上个月度报告以来，中国AI基础设施、模型、应用层面出现了多项重要进 展，值得关注，包括：AI基础设施层面的更新叙事；新推出的中国AI模型，包括阿里巴巴的Qwen3- Next、百度X1.1、腾讯HYWorld-Voyager 3D及多种多模态模型，近期焦点围绕字节跳动Seedream 4.0与 NanoBanana的图像编辑、生产力功能比较；交易平台推出的AI助理(例如阿里巴巴的Amap 2025、美团 的Xiao Mei) ...

Core Viewpoint - The article discusses the current state of the market, highlighting the challenges faced by consumer stocks amidst a strong performance from technology stocks, and suggests a potential shift in market leadership towards new sectors in the coming week [1][2]. Market Overview - The trading volume exceeded 3 trillion yuan over two trading days, indicating a potential turning point in market activity [1]. - The TMT sector's concentration has reached 38.98%, nearing historical highs, suggesting increased risk in this area [1]. Fund Flow Analysis - There has been a significant net redemption in the ChiNext and STAR Market ETFs, indicating a shift in investor sentiment towards high valuation and growth themes [2]. - Institutional funds have been in a net outflow since early August, reflecting a more cautious approach from institutions towards the market [2]. Sector Performance - The manufacturing PMI for August was reported at 49.4, indicating continued contraction, while the non-manufacturing PMI rose to 50.3, suggesting a slight recovery in the service sector [39]. - The service sector's business activity index reached its highest point of the year at 50.5, driven by seasonal factors and active capital markets [12]. Company Insights - Alibaba's cloud revenue for Q1 FY2026 was 33.398 billion yuan, a 26% year-on-year increase, significantly outperforming the previous quarter's growth [14]. - Alibaba plans to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years [14]. Lithium Battery Sector - The lithium battery industry is seeing a production increase, with battery production expected to reach 124.8 GWh in September, a 7.4% month-on-month increase [16]. - The launch of the new MG4 model by SAIC, featuring a semi-solid-state battery, has generated significant market interest, with over 10,000 pre-orders within 40 minutes [16]. Economic Indicators - The inventory index for finished products decreased by 0.6 percentage points to 46.8%, while raw material inventory and procurement volumes increased, indicating a potential shift towards inventory depletion [9]. - The overall economic environment is characterized by a cautious outlook, with various sectors experiencing different levels of growth and contraction [36][37].