Alibaba's Positive News Unfolds; Kling 2.5Turbo Model Goes Live | Today's important news recap

0924｜Dolphin Research Key Focus:

🐬 Macro/Industry

1. The State Administration for Market Regulation has organized the drafting of the "Basic Requirements for Food Delivery Platform Service Management (Draft for Comments)", which is officially open for public comments starting today. It proposes systematic regulations on the qualification review of food delivery merchants, rider rights protection, and data security. In the short term, this may increase platform review and social security costs, but in the long term, it helps reduce regulatory uncertainty, benefiting leading platforms to expand market share with compliance advantages.

🐬 Individual Stocks

1.$BABA-W(09988.HK)

On September 24th, the Alibaba 2025 Yunqi Conference officially opened in Hangzhou and will be held from the 24th to the 26th, with the theme "Cloud Intelligence Integration · Carbon-Silicon Symbiosis". Today, Alibaba announced the launch of its largest parameter model, Qwen3-Max, and also announced that the originally planned three-year AI infrastructure capital expenditure of 380 billion will be further increased. You can review Dolphin Research's commentary "Is Alibaba "Tiger" Again? A Serious Discussion on the Second Wave of Cognitive Revaluation in Chinese Technology".

Additionally, at the Yunqi Conference today, Alibaba Cloud announced a collaboration with NVIDIA in the field of Physical AI, with Alibaba Cloud's AI platform PAI integrating NVIDIA's Physical AI software stack. Alibaba's pre-market stock rose over 9%.

2.$Taiwan Semiconductor(TSM.US)

According to reports, the price of TSMC's last-generation 3nm process CPUs has increased by about 20% compared to the previous generation, and the price of the 2nm process next year will increase by more than 50%. The price increase reflects the completion of the 3nm yield ramp-up, capacity scarcity, and TSMC's strong pricing power in capturing the value of advanced processes. TSMC's revenue growth rate in 2025 is expected to rise again, but in the long term, it is also necessary to be wary of customer diversification risks.

3.$KUAISHOU-W(01024.HK)

The Keling AI base model has been upgraded again, with the video generation launching the Keling2.5 Turbo model, further improving effects, supporting multi-camera consistency, complex motion capture, and physical light and shadow simulation, and opening API for metered billing. This is expected to further increase the AI replacement rate of short video ads and e-commerce display materials, initially benefiting MCN and marketing service providers. If a 4K version is launched later, it may directly benchmark against Runway and Pika, promoting domestic AI video tools to enter the "affordable high-quality" stage.

4. Dolphin Research Focus on Earnings Reports and Conference Calls

Micron: "Micron: AI Capex Frenzy, Finally Pulling Up the Storage Super Cycle?", "Micron (Minutes): Comprehensive Guidance Pull, AI Wind Finally Blows to Traditional Semiconductors?"

🐬 Leading Sectors

Shanghai and Shenzhen: Semiconductor Materials and Snake, Industrial Enterprise Groups, Industrial Gases;

Hong Kong Stocks: Retailers, Diversified Capital Markets, Semiconductor Manufacturers;

U.S. Stocks: Medical Product Distributors, Real Estate Operating Companies, Energy Equipment and Services.

🐬 Focus for Tomorrow

1. U.S. Real GDP Annualized Quarterly Rate Final Value, U.S. Core PCE Price Index Annualized Quarterly Rate Final Value, U.S. Real Personal Consumption Expenditure Quarterly Rate Final Value.

Risk Disclosure and Statement of this Article: Dolphin Research Disclaimer and General Disclosure