UB#ALIBARC26074(53784.HK)

Alibaba Qianwen launched Qwen3-Coder-Next, an open-source weight language model specifically designed for programming agents and local development. This model is built on Qwen3-Next-80B-A3B-Base, utilizing a new architecture with mixed attention and MoE. It trains agents through large-scale executable task synthesis, environmental interaction, and reinforcement learning, significantly reducing inference costs while enhancing programming and agent capabilities

"Hong Kong Stocks" The Hang Seng Index rose 59 points throughout the day, commodity stocks rebounded, and HSBC created a high

Hong Kong stocks rebounded today, with the Hang Seng Index rising 59 points to close at 26,834 points. The National Index fell 27 points, and the Hang Seng Tech Index dropped 59 points. The total turnover was HKD 335.152 billion. In the tech sector, Tencent fell 2.9%, Baidu declined 3.6%, while Alibaba and Meituan dropped 1.4% and 1.7% respectively. There are rumors that China's financial industry and internet services may face an increase in value-added tax, but experts have stated that the rumors are unfounded. Chip stocks showed mixed performance, with SMIC falling 2.4% and HUA HONG SEMI rising 4.2%

Hong Kong stocks close｜Three major indices diverge, semiconductor sector leads with JunDa shares up 23.85%

Hong Kong stocks closed today with mixed performance among the three major indices. The Hang Seng Index rose slightly, while the Hang Seng Tech Index and the National Enterprises Index fell back. The semiconductor sector, represented by JunDa Co., Ltd. and HUA HONG SEMI, led the gains with noticeable capital inflow. The internet and information sectors fell overall due to rumors, with Tencent Holdings experiencing the largest decline. The retail sector showed significant divergence, with Miniso Group rising against the trend. The market is focused on key data for economic recovery, with pessimistic sentiment easing slightly, but capital still tends to favor structural opportunities

Hong Kong Stock Market Intraday | Hang Seng Index fluctuates at a high level, technology under pressure, semiconductor leaders show unusual movements, HUA HONG SEMI rises 5.03%, DRINDA rises 15.66%

The three major indices of the Hong Kong stock market showed mixed trends during the trading session, with the Hang Seng Index slightly rising while the Hang Seng Tech Index faced pressure and fell back. The internet sector experienced a significant decline, with tech giants such as TENCENT and KUAISHOU showing notable drops. The semiconductor sector led the gains strongly, with HUA HONG SEMI and DRINDA among the top performers. The market was influenced by rumors regarding tax policies, with funds focusing on structural hotspots and maintaining a cautious sentiment. The retail sector showed divergence, with MNSO strengthening against the trend. Overall, investors continued to adopt a high-level oscillation strategy, with prominent short-term sector rotations and funds flowing into semiconductors and some popular stocks

China ADRs: Rationale behind Tax Hike Scare?

China internet ADRs sold off again on fresh tax-rumor jitters. With headlines of varying credibility, Dolphin Research takes a top-down look.We start with the Gov.'s four ledgers. They are: 1) the general public budget, i.e., core fiscal revenue; 2) the government fund budget, an earmarked book funded mainly by land-sale proceeds; 3) the state capital operations budget, effectively the shareholder ledger funded by SOE profit and dividend remittances. In essence, this reflects the Gov.'s resource-allocation power...