HK Stock Market Move | BABA-W(09988) rises more than 3%, hitting a new high in nearly four years, with the stock price up nearly 35% so far this month.

Baba-W (09988) rose over 3% again, reaching a high of 156.8 Hong Kong dollars, continuing to set a new high for nearly four years. The stock price has increased by nearly 35% this month. As of the time of writing, it has risen by 3.38% to 156.2 Hong Kong dollars, with a turnover of 12.705 billion Hong Kong dollars. On the news front, on September 12, Alibaba Taotongyi Qianwen released the next generation basic model architecture Qwen3-Next, and open sourced the Qwen3-Next-80B-A3B based on this architecture. Compared to Qwen3's MoE model structure, this architecture has achieved multiple core improvements, including hybrid attention mechanism, high sparsity MoE structure, a series of optimization measures conducive to stable training, and a multi-token prediction mechanism that can improve inference efficiency. In addition, it was reported earlier that Alibaba has started using self-designed chips to train its AI models, partially replacing chips produced by NVIDIA. On September 10, Alibaba's high-end map announced the launch of "Gaode Saotie Bang", fully supporting offline catering and service consumption. It is reported that on the day of its launch, the number of users using the Gaode Saotie Bang exceeded 40 million. China Great Wall believes that Alibaba has a comprehensive layout in AI, including chips, cloud computing, large models, and downstream applications, with obvious technological and ecological advantages. The synergy between the company's instant retail and e-commerce main station is significant, further reinforcing the layout of the "Big Consumption Platform". The cloud business is expected to continue benefiting from AI applications and the commercialization of AIAgent, which combines technology and consumption attributes. The company maintains a "buy" rating.