Understanding the Market | Alibaba-W rose over 3%, continuing to hit a nearly four-year high, with a cumulative increase of nearly 35% in stock price this month
Alibaba-W's stock price rose over 3% again, reaching HKD 156.8, a nearly four-year high, with a cumulative increase of nearly 35% this month. The company released its next-generation foundational model architecture Qwen3-Next and open-sourced the related models, demonstrating technological progress. At the same time, Alibaba has begun using self-designed chips to train AI models, partially replacing NVIDIA chips. Changcheng Securities maintains a "Buy" rating, believing that Alibaba has significant technological and ecological advantages in the AI field
According to Zhitong Finance APP, Alibaba-W (09988) has risen over 3% again, reaching a high of HKD 156.8, continuing to set a nearly four-year high. The stock price has accumulated a nearly 35% increase this month. As of the time of writing, it is up 3.38%, priced at HKD 156.2, with a transaction volume of HKD 12.705 billion.
In terms of news, on September 12, Alibaba's Tongyi Qianwen released the next-generation foundational model architecture Qwen3-Next and open-sourced the Qwen3-Next-80B-A3B based on this architecture. Compared to the MoE model structure of Qwen3, this architecture has achieved several core improvements, including a hybrid attention mechanism, a highly sparse MoE structure, a series of optimization measures conducive to training stability, and a multi-token prediction mechanism that enhances inference efficiency. Additionally, it was previously reported that Alibaba has begun using self-designed chips to train its AI models, partially replacing chips produced by Nvidia.
On September 10, Alibaba's Amap announced the launch of the "Amap Street Scanning List," fully supporting offline dining and service consumption. It is reported that on the day of launch, over 40 million users utilized the Amap Street Scanning List. Great Wall Securities believes that Alibaba has a comprehensive layout in chips, cloud computing, large models, and downstream application AI, with significant technological and ecological advantages. The company's instant retail and e-commerce main site have significant synergy effects, further intensifying the layout of the "big consumption platform." Meanwhile, the cloud business is expected to continue benefiting from AI applications and the commercialization of AIAgent, combining technology and consumption attributes, maintaining a "buy" rating
