GJALIBA@EP2609A

MSCI Index quarterly adjustments will become effective after the close on February 27.

Alibaba to participate in Data Innovation Summit APAC

KFC China App integrates Alibaba's Qwen model to launch AI ordering assistant.

TMTPost analyzes the 2026 AI Cloud War endgame: ByteDance attacks while Alibaba builds defenses.

Alibaba Applies for Generative Language Model Patent

HTI Publishes Report on Alibaba's Q3 Earnings and Growth Outlook

Guojin Securities Report Identifies Alibaba as Core Gateway for AI Physical Realization

Taobao Tmall Hong Kong launches '3.8 Renewal Week' promotion with free shipping and discounts.

Alibaba to release Q3 FY2026 earnings report today

Zhitong Finance releases Stock Connect money flow stats; Alibaba confirmed in interim adjustment phase.

Zhitong Finance Releases Analysis of Alibaba's HKEX Stock Connect Holdings and Money Flow

Alibaba reportedly preparing IPO for its AI chip unit T-Head.

Chinese chipmakers including Alibaba's T-head race to scale advanced AI chip production.

Alibaba launches AI coding tool amidst intense competition from ByteDance.

Waratah Capital Advisors Discloses New Investment in Alibaba

Alibaba offers low-cost AI coding tools to support AGI goal

Deadline for Alibaba's Divestment of Sanjiang Shopping Club Stake

Panama Port Contract Cancellation Concerns Weigh on Alibaba's HK Shares

CMBI Sees Strong Growth Prospects for Alibaba's Full-stack AI Layout

TrendForce Report: Alibaba and other cloud giants' CapEx to surge in 2026.

KEEN OCEAN

CCOE

EPI (HOLDINGS)

FULUM GP HLDG

MS CONCEPT

CT IND GROUP

MAN SHUN GP

NANFANG COMM

EMINENCE ENT

REGAL PARTNERS

KBAB

09988

00700

512380

TCTZF

MCHI

513040

513770

09899

UBS report indicates that global commodity prices are expected to rise by 9% in 2025, putting Chinese companies in a dilemma of either raising prices or facing declining profit margins. If re-inflation is successfully achieved, the MSCI China Index has a 20% upside potential. UBS adjusts its portfolio, downgrading the software sector to "underweight," adjusting consumer staples and real estate to "neutral," reducing positions in the internet sector, and removing NetEase. Tencent and Alibaba remain favored

AASTOCKS

KraneShares 2x Long BABA Daily ETF

BABA-W

TENCENT

Yinhua MSCI China A ETF

Tencent Holdings Limited

iShares MSCI China

E Fund CSI HK Connect Internet ETF

Hwabao CSI HK Equities Internet ETF

NETEASE MUSIC

NTES-S

UBS: If China successfully moves towards "re-inflation," the stock market could potentially rise by 20%, and reduce holdings in the internet sector

09618

09896

09888

On February 26th, the Hong Kong stock market sentiment turned cautious, with all three major indices retreating. The Hang Seng Index fell by 0.95%, and the Hang Seng TECH Index plummeted by 2.19%. Blue-chip stocks generally weakened, with Alibaba and Tencent Holdings dropping by 2.9% and 1.82%, respectively. The funding situation showed a clear divergence, with the demand for AI computing infrastructure driving the communication equipment sector to rise against the trend, as YOFC surged over 4%. The current market is in the pullback confirmation phase after a breakout, with macro-level attention focused on liquidity verification and signals of domestic demand recovery

- On February 26, Hong Kong stocks declined across all major indices, reversing previous gains due to profit-taking and cautious investor sentiment.  
- The Hang Seng Index fell 0.95% to 26,511.22 points, with significant losses in technology stocks, while communication equipment firms saw gains driven by AI infrastructure demand.  
- Market liquidity and domestic consumption recovery remain key focuses for investors, monitoring M3 money supply and retail sales for insights into economic resilience.

Market Heartbeat

JD-SW

MNSO

BIDU-SW

KUAISHOU-W

YOFC

PUTIAN COMM

DONGFANG ELEC

ILUVATAR COREX

FIT HON TENG

HSBC HOLDINGS

ALI HEALTH

CSOP HS TECH

Fullgoal CSI Communication Equipment Thematic ETF

Hang Seng TECH Index

Alibaba

Hong Kong Stock Market Update | The Hang Seng Index fell 0.95%, Alibaba dropped 2.9%, while the communication equipment sector surged against the trend

BABA

89988

BABO

BABX

Alibaba fell 3.16% in the night session; Amazon fell 0.51% in the night session, with a transaction volume of USD 8.11 million; JD.com fell 2.94% in the night session, with a transaction volume of USD 7.31 million; Pinduoduo fell 1.45% in the night session, with a transaction volume of USD 2.94 million

- U.S. stock market saw Alibaba's shares decline by 3.16% during after-hours trading due to significant non-automated trades totaling 30.53 million yuan on February 24, leading to a 2.8% drop from the previous closing price.  
- Concurrently, Amazon's shares fell by 0.51% amid concerns over a planned $12 billion investment in new data centers and uncertainty regarding its AI strategy following leadership changes.  
- JD.com and Pinduoduo also experienced declines of 2.94% and 1.45%, respectively, with JD facing tough market sentiments despite investments in employee welfare and Pinduoduo's mixed news affecting its market confidence.

Tracking Unusual Activity

BABA-WR

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

U.S. stock night market volatility: Alibaba fell 3.16% in the night market, pressured by large transactions and market caution!

As of noon on February 26, Hong Kong stocks showed weakness across the three major indices, with the Hang Seng Index down 0.39% and the Hang Seng Tech Index falling 1.65%, leading the decline. In terms of sectors, retail and technology stocks generally retreated, with Alibaba down 2.09% and Kuaishou down 2.41%; the telecommunications equipment sector performed strongly against the trend, with Yangtze Optical Fibre and Cable rising 4.65% and Cambridge Technology up 5.02%. The market experienced a technical adjustment after reaching a peak, focusing on the endogenous momentum of economic recovery, with investment sentiment becoming cautious

- The Hong Kong stock market saw a collective decline in the main indices after reaching a peak, with the Hang Seng Index closing at 26,661.2 points, down 0.39%.  
- The technology sector led the decline, with the Hang Seng Tech Index falling 1.65%, attributed to significant technical corrections from recent highs.  
- While retail stocks fell, communication equipment stocks increased, driven by optimism around digital infrastructure policies.

ZIJING INTL FIN

SINOPHARM TECH

Hong Kong Stock Market Mid-Review | Hang Seng Tech Index fell 1.65%, communication equipment stocks rose against the trend, Changfei Fiber increased by 4.65%, Alibaba dropped by 2.09%

The three major Hong Kong stock indices collectively adjusted during the session, with the Hang Seng TECH Index leading the market decline, down 1.57%. In terms of sectors, retailers, internet, and building materials sectors generally weakened, with heavyweight stocks under significant pressure. In terms of individual stocks, Alibaba fell 2.43%, Kuaishou dropped 2.56%, and CONCH CEMENT plummeted 7.19%. Market sentiment is becoming cautious, closely monitoring expectations for Federal Reserve policy and data on the recovery of the mainland economy

- The Hong Kong stock market experienced a collective decline, with the Hang Seng Index dropping 0.58% to 26,609.88 points as profit-taking pressure hindered further gains.  
- Notable declines were seen in the Hang Seng Tech Index and the Hang Seng China Enterprise Index, reflecting a cautious market sentiment amid concerns over economic recovery and the performance of various sectors.  
- Key stocks related to retail and construction suffered significant losses, while select small-cap stocks experienced sharp increases, indicating volatility and market speculation.

CONCH CEMENT

CNBM

WESTCHINACEMENT

MICROWARE

Dacheng Hang Seng Technology ETF(QDII)

Tianhong Hang Seng TECH ETF(QDII)

ChinaAMC Hang Seng Technology ETF(QDII)

HSTECH ETF

Harvest Hang Seng SCHK Technology ETF

Hang Seng TECH ETF I

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Hong Kong stock market intraday | Hang Seng Tech Index down 1.57%, Alibaba down 2.43%, CONCH CEMENT down 7.19%

ONLN

EBIZ

IBUY

KWEB

CLOU

Haitong International released a report stating that Alibaba's revenue for the third fiscal quarter increased by 2.3% year-on-year, reaching RMB 289.3 billion. Customer management revenue grew by 4.4%, international digital commerce group revenue increased by 18.5%, and cloud business revenue rose by 38%. Due to weak consumer trends, the growth of customer management revenue may be moderate. The cloud business will be the main growth engine. The firm raised its revenue forecast for the third fiscal quarter to RMB 289 billion and its full-year revenue forecast to RMB 1,034 billion, but lowered its net profit forecasts for the third fiscal quarter and the full year to RMB 29 billion and RMB 93.6 billion, respectively. The target price remains at $203, with a rating of "Outperform."

ProShares Online Retail

Global X E-commerce ETF

Amplify Online Retail ETF

Krne Csi China Internet

Global X Cloud Computing ETF

Haitong International expects Alibaba's revenue for the last quarter to increase by 2.3% year-on-year, while lowering its earnings forecast

159325

159998

512720

588780

Alibaba Cloud launches a low-cost programming tool subscription package, integrating API services for four major open-source models: Qwen3.5, GLM-5, MiniMax M2.5, and Kimi K2.5, aiming to compete for the developer market. The lightweight version is priced at 7.9 yuan for the first month, while the professional version is 39.9 yuan for the first month. This move has attracted market attention, especially in the competition for AI programming tools. Alibaba Cloud's Qwen3.5 model has been optimized for performance and supports various input formats, making it suitable for developers

- Alibaba is extending its AI strategy into software development with its cloud computing division launching a budget-friendly programming tool subscription that integrates several top domestic open-source models.  
- On February 25, Alibaba Cloud introduced the Coding Plan, featuring APIs for four open-source models at competitive pricing aimed primarily at developers.  
- This initiative reflects Alibaba's accelerated AI strategy shift toward General Artificial Intelligence (AGI), enhancing its market position in AI infrastructure while attracting significant attention within the developer community.

Wallstreetcn

China Southern CSI Semiconductor Industry Custom ETF

Tianhong CSI Computer Theme ETF

Guotai CSI Computer Theme ETF

GTJA Allianz SSE STAR Chip Design Thematic ETF

Alibaba Cloud launches low-cost AI programming package, integrating four top open-source models

00241

Feb 25 (Reuters) -Baba:* BABA EMERGES FROM STEALTH WITH OVER $6.5 MILLION IN SEED FUNDING TO EXPAND MEDICARE-COVERED PATIENT ADVOCACY FOR OLDER ADULTS Source text:

Reuters

Baba Emerges From Stealth With Over $6.5 Mln In Seed Funding

According to the Hong Kong Stock Connect data, the TRACKER FUND experienced a net outflow of HKD 4.41 billion, becoming the largest net outflow stock. Tencent, Alibaba, and Xiaomi Corporation saw net inflows of HKD 818 million, HKD 606 million, and HKD 538 million, respectively. The highest net inflow stocks for the Hong Kong Stock Connect (Shanghai) and (Shenzhen) were Tencent and Alibaba, while the stock with the net outflow was the TRACKER FUND. The total net outflow for the day was HKD 0, with a total transaction amount of HKD 92.513 billion, accounting for 39.07% of the total market transaction amount

Tencent

Xiaomi Corporation

XIAOMI-W

FI CSOP HSI

FL2 CSOP HSI

FI2 CSOP HSI

TRACKER FUND

Net outflow of HKD 4.41 billion from the Stock Connect Tracker Fund

The research report from China Merchants Securities International points out that Alibaba has built a full-stack AI layout, including infrastructure, models, and product application ecosystems. The report emphasizes Alibaba's advantages in computing power infrastructure, open-source ecosystem, product ecosystem, and cloud business, forecasting a year-on-year growth rate of 42% and 28% for net profit attributable to the parent company in the fiscal years 2027 and 2028. The target price for Alibaba's U.S. stocks is maintained at $204, the target price for H shares is HKD 198, with a rating of "Buy," and it is listed as a top choice in Chinese internet

Global X Fintech

Comm Servcies Select Sector SPDR

Direxion FTSE China Bull 3X

Yinhua CSI Movies Theme ETF

ChinaAMC CSI Cultural Entertainment Media ETF

Invesco Golden Dragon China

"Large Firms" CICC: Alibaba builds a full-stack AI layout, continues to be the top choice for Chinese internet

02423

BEKE

HBBD

02319

CIADY

09868

XPEV

0225 | Dolphin Research Key Watch: 🐬 Macro/Industry 1) Today, Hong Kong Financial Sec. Paul Chan unveiled the FY2026/27 Budget, focused on I&amp;T and finance, with measures to support the AI industry, advance RMB internationalization, improve livelihoods, and develop the Northern Metropolis. On hard tech, the HKSAR Gov. will set up a HK$10 bn I&amp;T Industry Co-investment Fund, targeting strategic areas including life sciences &amp; healthcare, AI and robotics. The Budget projects Hong Kong GDP growth of 2.5%-3.5% in 2026...

HK Budget Ups I&T; META, AMD Seal 100bn-Class Compute Deal | Daily News Recap

---

MELI

GOOG

GOOGL

ROKU

GGLS

GGLL

Below is Dolphin Research's transcript of the FY25 Q4 earnings call for $Mercadolibre(MELI.US). For our earnings take, see 'Latin America's Alibaba's Split Personality: Revenue Giant, Profit Dwarf'. I. Review of key financial metrics. II. Call details. 2.1 Management highlights. 1) Brazil e-commerce strategy: GMV accelerated (+35%) on strategic investments, notably lowering the free-shipping threshold. This boosted purchase frequency and attracted new buyers...

Mercado (Trans): Will develop an in-house e-comm Agent

Finally some analyst love for $Alibaba(BABA.US) . Haitong just dropped their Q3 estimates - cloud revenue up 38% yoy to 43.8B RMB driven by AI workloads. CMBI also calls them top China internet pick with full-stack AI including Pingtou Ge chips competing with Nvidia H20. This is the real AI play hiding in plain sight. Holding long since $110. 🚀

Alibaba HK SDR 5to1

Used Qwen to help with coding last night - actually decent. And Ali Cloud making it dirt cheap at 0.2 per million tokens . When the best AI is affordable, adoption explodes. $Alibaba(BABA.US)

Today’s Key News Recap

Meta Platforms

BEKE-W

Kimball Electron

MENGNIU DAIRY

Mengniu Dairy

Unity Software

XPENG-W

XPeng

MercadoLibre

Conference Minutes

Mercadolibre

Alphabet - C

Alphabet

Roku

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Financial Analysis

Latin America's 'Alibaba' — MercadoLibre (MELI) saw its shares pop on the print before reversing. After-hours weakness likely reflected negative commentary on the call.Overall, the quarter looked solid. We will review the print first, with call notes to follow.1) Strong growth but margins under pressure. Total revenue rose nearly 45% YoY, a clear acceleration vs. last qtr, though mostly helped by FX tailwinds. On a CC basis, revenue grew 47%, a slight decel vs. last qtr. Growth was robust, while...

MELI: LatAm's 'Alibaba' with a split personality — a rev. giant, profit minnow---

DeepSeek allegedly using banned Nvidia chips, dragging down whole sector. $Alibaba(BABA.US) -2.9% to $147.8 on HKEX, volume 35M shares, active sell ratio 64:36 . Market dumping first, asking questions later. Classic overreaction or real risk? I'm watching for dip buyers.

DeepSeek

Strategy Report

There is always plenty of drama around Chinese New Year. After Trump ramped up tariffs throughout 2025, the policy was effectively gutted, leaving no legal footing.In 2026, following a rush of domestic AI model launches, China ADRs never had a 'DS moment'. Model-linked names were the only ones that outperformed.Also, during Chinese New Year 2026, despite decent consumer data, HK stocks fell first and then rose, an ineffective swing. There was no standalone 'Chinese New Year bull run' during HK’s solo trading days.With Trump-era tariffs in his second term ruled unlawful, what could this mean for markets ahead? The days of blanket re-rating may be over...

Walmart

Rivian Automotive

ByteDance

With Trump tariffs axed and China models soaring, can China ADRs rally?

---

0223 | Dolphin Research Focus: Macro/Sector. 1) Major shift in U.S. tariff policy in Feb 2026, as the Supreme Court struck down global tariffs imposed under the International Emergency Economic Powers Act (IEEPA) as unconstitutional.The White House then announced a 10% temporary tariff on all global imports effective Feb 24 (later raised to 15%). The measure lasts 150 days and requires Congress approval for extension, with exemptions for critical minerals, pharmaceuticals, and other items.Approx. $175 bn of previously collected tariffs may be refunded. Near term, trade could face disruption, while longer-term cost pressures may ease...

Allianzim US Large Cap Buffer10 Mar ETF

HK stocks on fire; Pop Mart launches 'After-school Merodi' | Daily News Recap

---

GJALIBA@EP2609A(25135.HK)

UBS: If China successfully moves towards "re-inflation," the stock market could potentially rise by 20%, and reduce holdings in the internet sector

Hong Kong Stock Market Update | The Hang Seng Index fell 0.95%, Alibaba dropped 2.9%, while the communication equipment sector surged against the trend

U.S. stock night market volatility: Alibaba fell 3.16% in the night market, pressured by large transactions and market caution!

Hong Kong Stock Market Mid-Review | Hang Seng Tech Index fell 1.65%, communication equipment stocks rose against the trend, Changfei Fiber increased by 4.65%, Alibaba dropped by 2.09%

Hong Kong stock market intraday | Hang Seng Tech Index down 1.57%, Alibaba down 2.43%, CONCH CEMENT down 7.19%