禅108 personal page - To The Moon

禅108

禅108

No personal profile

8Follow

0Followers

0Topic

0Badge

03-19

But still down after ER.... 🚨 😐

Alibaba Cloud Announces Price Hikes Up to 34%; Morgan Stanley Forecasts Profit Margin Surge Beyond 12%

2025-11-20

$Tiger Brokers(TIGR)$ wow, what's happening? Didn't saw any material or significant News at all

2025-11-14

Big "reward" indeed for BILIBILI. Loss for words. 🫨

2025-11-14

$Bilibili Inc.(BILI)$ positive results, good metrics, pre-market +6%, and exploded in market trading. What a joke 😡

2025-10-17

I would say that my losses have made me a more educated investor. Personally, I find that by journaling our trades, we would know more about our “blind” spots, further our knowledge and experience, and improve from there on. 😃

2025-10-16

$Lemonade, Inc.(LMND)$ What is happening? Why the dropping out of nowhere? Any major or significant news?

2025-09-30

$KUAISHOU-W(01024)$ Break the 80s with a strong green bar on the 4th try. Wonderful. Resistance to become support. 🫶🏻

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3558022296864998","uuid":"3558022296864998","gmtCreate":1594932727124,"gmtModify":1652296849877,"name":"禅108","pinyin":"c108chan108","introduction":"","introductionEn":null,"signature":"","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":8,"tweetSize":7,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":2,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-4","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Tiger Star","description":"Join the tiger community for 2000 days","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.01.08","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.04.13","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":544317655605280,"gmtCreate":1773917709712,"gmtModify":1773917713581,"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558022296864998","authorIdStr":"3558022296864998"},"themes":[],"title":"","htmlText":"But still down after ER.... 🚨 😐","listText":"But still down after ER.... 🚨 😐","text":"But still down after ER.... 🚨 😐","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/544317655605280","repostId":"1148097608","repostType":2,"repost":{"id":"1148097608","kind":"news","weMediaInfo":{"introduction":"Global Stock Market Deep Analysis","home_visible":1,"media_name":"Deep News","id":"1039043262","head_image":"https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922"},"pubTimestamp":1773917068,"share":"https://ttm.financial/m/news/1148097608?lang=en_US&edition=fundamental","pubTime":"2026-03-19 18:44","market":"hk","language":"en","title":"Alibaba Cloud Announces Price Hikes Up to 34%; Morgan Stanley Forecasts Profit Margin Surge Beyond 12%","url":"https://stock-news.laohu8.com/highlight/detail?id=1148097608","media":"Deep News","summary":"Alibaba Cloud has issued a price adjustment notice on its official website, drawing significant market attention. Due to the global surge in AI demand and rising supply chain costs, the company is...","content":"<p>Alibaba Cloud has issued a price adjustment notice on its official website, drawing significant market attention. Due to the global surge in AI demand and rising supply chain costs, the company is increasing prices for core products such as AI computing power and storage, with the highest increase reaching 34%. Notably, the cost of the in-house developed \"Zhenwu\" series computing cards by T-Head has risen by 5% to 34%, with the upper limit of the increase even surpassing that of overseas products like NVIDIA's H-series.</p>\n<p>An analysis of industry trends, research data, and Alibaba's organizational restructuring reveals that this price adjustment is not an isolated move. Instead, it signifies Alibaba Cloud's strategic shift from being an infrastructure provider to an AI service provider. Morgan Stanley analysts suggest this is not merely a cost pass-through but a crucial trigger to activate its \"bull market valuation model.\"</p>\n<p>Global computing power shortages are forcing a restructuring of pricing mechanisms. Since the beginning of this year, cloud providers both internationally and domestically, including Amazon, Google, and Baidu, have successively raised prices for their core cloud products. However, Alibaba Cloud's maximum increase of 34% significantly exceeds that of its peers. This reflects a fundamental reversal in the global supply and demand dynamics for AI computing power. In its latest research report, Morgan Stanley points out that inference demand is replacing training as the primary engine for AI computing power growth. As AI applications shift from training large models to large-scale inference, Token usage is experiencing exponential growth.</p>\n<p>According to informed sources, applications involving AI Agents saw rapid growth during the Spring Festival period. Alibaba Cloud's MaaS (Model-as-a-Service) business, \"Bailian,\" recorded its highest-ever growth rate from January to March this year. This explosion in demand has directly led to a shift from a surplus to a shortage of computing resources. More critically, upstream supply chain costs continue to climb. Prices for core components like memory, CPUs, and GPUs are rising across the board, with AWS and Google Cloud having already implemented price increases of 15% to 100% earlier this year. Industry experts analyze that Alibaba Cloud's price adjustment is a reflection of this broader industry trend. However, unlike its overseas counterparts, Alibaba Cloud's more substantial price hikes signal confidence in its own technological advantages.</p>\n<p>Amid widespread price increases by global cloud providers, Alibaba Cloud's 34% hike still captures market attention. What underpins this confidence? In the past, cloud providers primarily relied on selling IaaS infrastructure, earning thin margins in an industry plagued by price-cutting competition for market share. Now, with the proliferation of AI applications, the billing unit for cloud services is shifting towards Tokens, allowing computing power consumption to be directly converted into recurring revenue streams.</p>\n<p>It is worth noting that organizational changes support this strategy. On March 16, Alibaba established the Alibaba Token Hub (ATH) business group, integrating the Tongyi Lab, MaaS business line, and Qianwen business unit. Alibaba Group CEO Eddie Wu stated in an internal memo that a significant amount of digital work will be supported by AI Agents, which will, in turn, be powered by Tokens generated by models. This signifies that Alibaba Cloud is undergoing a comprehensive upgrade from selling low-margin IaaS infrastructure to selling high-margin MaaS and intelligence.</p>\n<p>The financial implications of this model upgrade are clear. Morgan Stanley calculates that assuming a 20% annual contract renewal rate, every 10% increase in overall contract prices would lead to a full 4 percentage point expansion in EBITA margin. Driven by these price increases, Alibaba Cloud's revenue growth is projected to reach 50% by F27, with its EBITA margin soaring to over 12%. Concurrently, valuation multiples are expected to expand, with the EV/Sales ratio for the cloud business increasing from 5.5x to 7x, and the per-share contribution value jumping from $91 to $127. This factor alone could push Alibaba's target price to $260.</p>\n<p>Of particular interest is the role of in-house developed chips, which Alibaba Cloud views as a key advantage enabling its pricing power. From an industry perspective, while competitors may be forced to raise prices due to cost pressures, the cost advantages derived from proprietary chips allow Alibaba Cloud to expand its profit margins, creating a widening profit differential. According to Morgan Stanley analysis, Alibaba's self-developed T-Head chips can reduce costs by more than half compared to purchasing third-party GPUs. Furthermore, the deep integration between these proprietary chips and the Qianwen large model can significantly enhance inference efficiency and lower the cost per Token.</p>\n<p>Public information indicates that the \"Zhenwu\" PPU utilizes a self-developed parallel computing architecture and inter-chip interconnect technology, paired with a full-stack proprietary software suite, achieving complete in-house development of both hardware and software. It features 96GB of HBM2e memory and an inter-chip interconnect bandwidth of 700 GB/s, making it applicable for AI training, AI inference, and autonomous driving. According to Alibaba, this chip is already being used extensively for the training and inference of the Qianwen large model and is deeply optimized in conjunction with Alibaba Cloud's comprehensive AI software stack to provide integrated products and services.</p>\n<p>Alibaba Cloud's price hike is not an isolated incident. On January 22, AWS announced a 15% price increase for EC2 instances used for large model training. On January 27, Google Cloud announced price increases for data transfer services, AI, and computing infrastructure, with hikes of up to 100%. On March 18, Baidu AI Cloud also adjusted prices for some of its AI computing products, increasing them by approximately 5% to 30%.</p>\n<p>Morgan Stanley believes that this price increase could alter the valuation logic for Alibaba, compelling the market to abandon the old habit of using weak e-commerce performance to suppress its valuation. Industry experts suggest that the deeper significance lies in the potential for this round of price increases to initiate a profitability cycle for China's AI cloud industry. The valuation logic is shifting from revenue growth to profit margins, and the transformation of computing power into high-margin Token services may reshape the industry's valuation system.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba Cloud Announces Price Hikes Up to 34%; Morgan Stanley Forecasts Profit Margin Surge Beyond 12%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba Cloud Announces Price Hikes Up to 34%; Morgan Stanley Forecasts Profit Margin Surge Beyond 12%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1039043262\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Deep News </p>\n<p class=\"h-time\">2026-03-19 18:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Alibaba Cloud has issued a price adjustment notice on its official website, drawing significant market attention. Due to the global surge in AI demand and rising supply chain costs, the company is increasing prices for core products such as AI computing power and storage, with the highest increase reaching 34%. Notably, the cost of the in-house developed \"Zhenwu\" series computing cards by T-Head has risen by 5% to 34%, with the upper limit of the increase even surpassing that of overseas products like NVIDIA's H-series.</p>\n<p>An analysis of industry trends, research data, and Alibaba's organizational restructuring reveals that this price adjustment is not an isolated move. Instead, it signifies Alibaba Cloud's strategic shift from being an infrastructure provider to an AI service provider. Morgan Stanley analysts suggest this is not merely a cost pass-through but a crucial trigger to activate its \"bull market valuation model.\"</p>\n<p>Global computing power shortages are forcing a restructuring of pricing mechanisms. Since the beginning of this year, cloud providers both internationally and domestically, including Amazon, Google, and Baidu, have successively raised prices for their core cloud products. However, Alibaba Cloud's maximum increase of 34% significantly exceeds that of its peers. This reflects a fundamental reversal in the global supply and demand dynamics for AI computing power. In its latest research report, Morgan Stanley points out that inference demand is replacing training as the primary engine for AI computing power growth. As AI applications shift from training large models to large-scale inference, Token usage is experiencing exponential growth.</p>\n<p>According to informed sources, applications involving AI Agents saw rapid growth during the Spring Festival period. Alibaba Cloud's MaaS (Model-as-a-Service) business, \"Bailian,\" recorded its highest-ever growth rate from January to March this year. This explosion in demand has directly led to a shift from a surplus to a shortage of computing resources. More critically, upstream supply chain costs continue to climb. Prices for core components like memory, CPUs, and GPUs are rising across the board, with AWS and Google Cloud having already implemented price increases of 15% to 100% earlier this year. Industry experts analyze that Alibaba Cloud's price adjustment is a reflection of this broader industry trend. However, unlike its overseas counterparts, Alibaba Cloud's more substantial price hikes signal confidence in its own technological advantages.</p>\n<p>Amid widespread price increases by global cloud providers, Alibaba Cloud's 34% hike still captures market attention. What underpins this confidence? In the past, cloud providers primarily relied on selling IaaS infrastructure, earning thin margins in an industry plagued by price-cutting competition for market share. Now, with the proliferation of AI applications, the billing unit for cloud services is shifting towards Tokens, allowing computing power consumption to be directly converted into recurring revenue streams.</p>\n<p>It is worth noting that organizational changes support this strategy. On March 16, Alibaba established the Alibaba Token Hub (ATH) business group, integrating the Tongyi Lab, MaaS business line, and Qianwen business unit. Alibaba Group CEO Eddie Wu stated in an internal memo that a significant amount of digital work will be supported by AI Agents, which will, in turn, be powered by Tokens generated by models. This signifies that Alibaba Cloud is undergoing a comprehensive upgrade from selling low-margin IaaS infrastructure to selling high-margin MaaS and intelligence.</p>\n<p>The financial implications of this model upgrade are clear. Morgan Stanley calculates that assuming a 20% annual contract renewal rate, every 10% increase in overall contract prices would lead to a full 4 percentage point expansion in EBITA margin. Driven by these price increases, Alibaba Cloud's revenue growth is projected to reach 50% by F27, with its EBITA margin soaring to over 12%. Concurrently, valuation multiples are expected to expand, with the EV/Sales ratio for the cloud business increasing from 5.5x to 7x, and the per-share contribution value jumping from $91 to $127. This factor alone could push Alibaba's target price to $260.</p>\n<p>Of particular interest is the role of in-house developed chips, which Alibaba Cloud views as a key advantage enabling its pricing power. From an industry perspective, while competitors may be forced to raise prices due to cost pressures, the cost advantages derived from proprietary chips allow Alibaba Cloud to expand its profit margins, creating a widening profit differential. According to Morgan Stanley analysis, Alibaba's self-developed T-Head chips can reduce costs by more than half compared to purchasing third-party GPUs. Furthermore, the deep integration between these proprietary chips and the Qianwen large model can significantly enhance inference efficiency and lower the cost per Token.</p>\n<p>Public information indicates that the \"Zhenwu\" PPU utilizes a self-developed parallel computing architecture and inter-chip interconnect technology, paired with a full-stack proprietary software suite, achieving complete in-house development of both hardware and software. It features 96GB of HBM2e memory and an inter-chip interconnect bandwidth of 700 GB/s, making it applicable for AI training, AI inference, and autonomous driving. According to Alibaba, this chip is already being used extensively for the training and inference of the Qianwen large model and is deeply optimized in conjunction with Alibaba Cloud's comprehensive AI software stack to provide integrated products and services.</p>\n<p>Alibaba Cloud's price hike is not an isolated incident. On January 22, AWS announced a 15% price increase for EC2 instances used for large model training. On January 27, Google Cloud announced price increases for data transfer services, AI, and computing infrastructure, with hikes of up to 100%. On March 18, Baidu AI Cloud also adjusted prices for some of its AI computing products, increasing them by approximately 5% to 30%.</p>\n<p>Morgan Stanley believes that this price increase could alter the valuation logic for Alibaba, compelling the market to abandon the old habit of using weak e-commerce performance to suppress its valuation. Industry experts suggest that the deeper significance lies in the potential for this round of price increases to initiate a profitability cycle for China's AI cloud industry. The valuation logic is shifting from revenue growth to profit margins, and the transformation of computing power into high-margin Token services may reshape the industry's valuation system.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89988":"阿里巴巴-WR","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","SG9999001051.SGD":"United Asia Fund SGD","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU0106831901.USD":"贝莱德世界金融基金A2","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","BK1584":"蚂蚁金服概念","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0823426308.USD":"法巴中国股票基金","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU0228659784.USD":"施罗德金砖四国基金","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0862451837.USD":"JPM EMERGING MARKETS DIVIDEND \"A\" (USD) INC (M)","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","BK4127":"投资银行业与经纪业","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","MS":"摩根士丹利","LU0651946864.USD":"贝莱德新兴市场股票收益A2","BK4504":"桥水持仓","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0557290698.USD":"施罗德环球可持续增长基金","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","09988":"阿里巴巴-W","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU0396098781.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (USD) ACC","LU0048580855.USD":"富达大中华区A","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","BK4516":"特朗普概念","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU1548497426.USD":"安联环球人工智能AT Acc","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","IE0008368304.USD":"STEWART INVESTORS WORLDWIDE LEADERS SUSTAINABILITY FUND \"I\" (USD) ACC","SGXZ86797644.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) INC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","SGXZ62798434.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) ACC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0048597586.USD":"富达亚洲焦点A","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","BK1517":"云办公","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0630378429.USD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (USD) INC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0359201612.USD":"贝莱德中国基金A2","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","BK1618":"Manus概念股","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU0762541174.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM2\" (USD) INC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","BK1615":"港股-互联网","BK4581":"高盛持仓","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU0197773160.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AC\" ACC","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU0608807946.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" Q (USD) INC","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","BK1591":"就地过年概念","SG9999001689.USD":"施罗德亚洲成长股票","BK1521":"挪威政府全球养老基金持仓","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","BABA":"阿里巴巴","LU0051755006.USD":"摩根大通中国A (dist)","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU0971096721.USD":"富达环球金融服务 A","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0762542818.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM\" (HKD) INC","LU0882574139.USD":"富达环球消费行业基金A ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0823426480.USD":"法巴中国股票经典Dis","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","SG9999014674.SGD":"Nikko AM All China Equity A SGD","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","BK1502":"双十一","LU1720050803.USD":"安联全方位中国股票基金","BK1501":"阿里概念股","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0594300419.USD":"富达中国消费基金A","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","BK1608":"元宇宙概念","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","BK4585":"ETF&股票定投概念","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","HBBD.SI":"Alibaba HK SDR 5to1","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","BK4588":"碎股","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","BK1610":"ETF&股票定投概念","LU0084288322.USD":"Natixis Asia Equity RD USD","BK1575":"同股不同权","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","BK1142":"互联网与直销零售","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","BK1588":"回港中概股","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","BK4534":"瑞士信贷持仓","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","BK1586":"云计算","BK1249":"综合零售","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0173614495.USD":"富达中国焦点A","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148097608","content_text":"Alibaba Cloud has issued a price adjustment notice on its official website, drawing significant market attention. Due to the global surge in AI demand and rising supply chain costs, the company is increasing prices for core products such as AI computing power and storage, with the highest increase reaching 34%. Notably, the cost of the in-house developed \"Zhenwu\" series computing cards by T-Head has risen by 5% to 34%, with the upper limit of the increase even surpassing that of overseas products like NVIDIA's H-series.\nAn analysis of industry trends, research data, and Alibaba's organizational restructuring reveals that this price adjustment is not an isolated move. Instead, it signifies Alibaba Cloud's strategic shift from being an infrastructure provider to an AI service provider. Morgan Stanley analysts suggest this is not merely a cost pass-through but a crucial trigger to activate its \"bull market valuation model.\"\nGlobal computing power shortages are forcing a restructuring of pricing mechanisms. Since the beginning of this year, cloud providers both internationally and domestically, including Amazon, Google, and Baidu, have successively raised prices for their core cloud products. However, Alibaba Cloud's maximum increase of 34% significantly exceeds that of its peers. This reflects a fundamental reversal in the global supply and demand dynamics for AI computing power. In its latest research report, Morgan Stanley points out that inference demand is replacing training as the primary engine for AI computing power growth. As AI applications shift from training large models to large-scale inference, Token usage is experiencing exponential growth.\nAccording to informed sources, applications involving AI Agents saw rapid growth during the Spring Festival period. Alibaba Cloud's MaaS (Model-as-a-Service) business, \"Bailian,\" recorded its highest-ever growth rate from January to March this year. This explosion in demand has directly led to a shift from a surplus to a shortage of computing resources. More critically, upstream supply chain costs continue to climb. Prices for core components like memory, CPUs, and GPUs are rising across the board, with AWS and Google Cloud having already implemented price increases of 15% to 100% earlier this year. Industry experts analyze that Alibaba Cloud's price adjustment is a reflection of this broader industry trend. However, unlike its overseas counterparts, Alibaba Cloud's more substantial price hikes signal confidence in its own technological advantages.\nAmid widespread price increases by global cloud providers, Alibaba Cloud's 34% hike still captures market attention. What underpins this confidence? In the past, cloud providers primarily relied on selling IaaS infrastructure, earning thin margins in an industry plagued by price-cutting competition for market share. Now, with the proliferation of AI applications, the billing unit for cloud services is shifting towards Tokens, allowing computing power consumption to be directly converted into recurring revenue streams.\nIt is worth noting that organizational changes support this strategy. On March 16, Alibaba established the Alibaba Token Hub (ATH) business group, integrating the Tongyi Lab, MaaS business line, and Qianwen business unit. Alibaba Group CEO Eddie Wu stated in an internal memo that a significant amount of digital work will be supported by AI Agents, which will, in turn, be powered by Tokens generated by models. This signifies that Alibaba Cloud is undergoing a comprehensive upgrade from selling low-margin IaaS infrastructure to selling high-margin MaaS and intelligence.\nThe financial implications of this model upgrade are clear. Morgan Stanley calculates that assuming a 20% annual contract renewal rate, every 10% increase in overall contract prices would lead to a full 4 percentage point expansion in EBITA margin. Driven by these price increases, Alibaba Cloud's revenue growth is projected to reach 50% by F27, with its EBITA margin soaring to over 12%. Concurrently, valuation multiples are expected to expand, with the EV/Sales ratio for the cloud business increasing from 5.5x to 7x, and the per-share contribution value jumping from $91 to $127. This factor alone could push Alibaba's target price to $260.\nOf particular interest is the role of in-house developed chips, which Alibaba Cloud views as a key advantage enabling its pricing power. From an industry perspective, while competitors may be forced to raise prices due to cost pressures, the cost advantages derived from proprietary chips allow Alibaba Cloud to expand its profit margins, creating a widening profit differential. According to Morgan Stanley analysis, Alibaba's self-developed T-Head chips can reduce costs by more than half compared to purchasing third-party GPUs. Furthermore, the deep integration between these proprietary chips and the Qianwen large model can significantly enhance inference efficiency and lower the cost per Token.\nPublic information indicates that the \"Zhenwu\" PPU utilizes a self-developed parallel computing architecture and inter-chip interconnect technology, paired with a full-stack proprietary software suite, achieving complete in-house development of both hardware and software. It features 96GB of HBM2e memory and an inter-chip interconnect bandwidth of 700 GB/s, making it applicable for AI training, AI inference, and autonomous driving. According to Alibaba, this chip is already being used extensively for the training and inference of the Qianwen large model and is deeply optimized in conjunction with Alibaba Cloud's comprehensive AI software stack to provide integrated products and services.\nAlibaba Cloud's price hike is not an isolated incident. On January 22, AWS announced a 15% price increase for EC2 instances used for large model training. On January 27, Google Cloud announced price increases for data transfer services, AI, and computing infrastructure, with hikes of up to 100%. On March 18, Baidu AI Cloud also adjusted prices for some of its AI computing products, increasing them by approximately 5% to 30%.\nMorgan Stanley believes that this price increase could alter the valuation logic for Alibaba, compelling the market to abandon the old habit of using weak e-commerce performance to suppress its valuation. Industry experts suggest that the deeper significance lies in the potential for this round of price increases to initiate a profitability cycle for China's AI cloud industry. The valuation logic is shifting from revenue growth to profit margins, and the transformation of computing power into high-margin Token services may reshape the industry's valuation system.","news_type":1,"symbols_score_info":{"89988":1,"MS":1,"HBBD.SI":1,"09988":1,"BABA":1,"ALBmain":1}},"isVote":1,"tweetType":1,"viewCount":1022,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":502047220482536,"gmtCreate":1763579755221,"gmtModify":1763579758735,"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558022296864998","authorIdStr":"3558022296864998"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a> wow, what's happening? Didn't saw any material or significant News at all","listText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a> wow, what's happening? Didn't saw any material or significant News at all","text":"$Tiger Brokers(TIGR)$ wow, what's happening? Didn't saw any material or significant News at all","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":4,"repostSize":22,"link":"https://ttm.financial/post/502047220482536","isVote":1,"tweetType":1,"viewCount":5252,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4174510766373602","authorId":"4174510766373602","name":"IF International","avatar":"https://community-static.tradeup.com/news/bab28f7499538f70a57890ac6dfb63e1","crmLevel":12,"crmLevelSwitch":0,"idStr":"4174510766373602","authorIdStr":"4174510766373602"},"content":"Very shorted stock. Players taking advantage of an overvalued tech market. Due to report earnings pre-mkt December-4. Interesting stock to watch the next few weeks, expect more volatility.","text":"Very shorted stock. Players taking advantage of an overvalued tech market. Due to report earnings pre-mkt December-4. Interesting stock to watch the next few weeks, expect more volatility.","html":"Very shorted stock. Players taking advantage of an overvalued tech market. Due to report earnings pre-mkt December-4. Interesting stock to watch the next few weeks, expect more volatility."},{"author":{"id":"4088707402306530","authorId":"4088707402306530","name":"druvaciam","avatar":"https://static.tigerbbs.com/5c3fb456a34258529f2ed7b7f945e0e8","crmLevel":12,"crmLevelSwitch":1,"idStr":"4088707402306530","authorIdStr":"4088707402306530"},"content":"They missed earning report for some reasons. FUTU report is out, TIGR don't have date even","text":"They missed earning report for some reasons. FUTU report is out, TIGR don't have date even","html":"They missed earning report for some reasons. FUTU report is out, TIGR don't have date even"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":499879252751000,"gmtCreate":1763065815443,"gmtModify":1763065819478,"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558022296864998","authorIdStr":"3558022296864998"},"themes":[],"title":"","htmlText":"Big \"reward\" indeed for BILIBILI. Loss for words. 🫨","listText":"Big \"reward\" indeed for BILIBILI. Loss for words. 🫨","text":"Big \"reward\" indeed for BILIBILI. Loss for words. 🫨","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/499879252751000","isVote":1,"tweetType":1,"viewCount":2987,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":499847867433440,"gmtCreate":1763058260843,"gmtModify":1763070968551,"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558022296864998","authorIdStr":"3558022296864998"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/BILI\">$Bilibili Inc.(BILI)$&nbsp;</a> positive results, good metrics, pre-market +6%, and exploded in market trading. What a joke 😡","listText":"<a href=\"https://ttm.financial/S/BILI\">$Bilibili Inc.(BILI)$&nbsp;</a> positive results, good metrics, pre-market +6%, and exploded in market trading. What a joke 😡","text":"$Bilibili Inc.(BILI)$ positive results, good metrics, pre-market +6%, and exploded in market trading. What a joke 😡","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/499847867433440","isVote":1,"tweetType":1,"viewCount":2722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":490207026168280,"gmtCreate":1760702732340,"gmtModify":1760706106527,"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558022296864998","authorIdStr":"3558022296864998"},"themes":[],"title":"","htmlText":"I would say that my losses have made me a more educated investor. Personally, I find that by journaling our trades, we would know more about our “blind” spots, further our knowledge and experience, and improve from there on. 😃","listText":"I would say that my losses have made me a more educated investor. Personally, I find that by journaling our trades, we would know more about our “blind” spots, further our knowledge and experience, and improve from there on. 😃","text":"I would say that my losses have made me a more educated investor. Personally, I find that by journaling our trades, we would know more about our “blind” spots, further our knowledge and experience, and improve from there on. 😃","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/490207026168280","isVote":1,"tweetType":1,"viewCount":2242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":489905101496936,"gmtCreate":1760629021100,"gmtModify":1760630493685,"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558022296864998","authorIdStr":"3558022296864998"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/LMND\">$Lemonade, Inc.(LMND)$&nbsp;</a> What is happening? Why the dropping out of nowhere? Any major or significant news?&nbsp;","listText":"<a href=\"https://ttm.financial/S/LMND\">$Lemonade, Inc.(LMND)$&nbsp;</a> What is happening? Why the dropping out of nowhere? Any major or significant news?&nbsp;","text":"$Lemonade, Inc.(LMND)$ What is happening? Why the dropping out of nowhere? Any major or significant news?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/489905101496936","isVote":1,"tweetType":1,"viewCount":2326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":484249675891240,"gmtCreate":1759217589423,"gmtModify":1759218462940,"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558022296864998","authorIdStr":"3558022296864998"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/01024\">$KUAISHOU-W(01024)$&nbsp;</a>&nbsp; Break the 80s with a strong green bar on the 4th try. Wonderful. Resistance to become support. 🫶🏻","listText":"<a href=\"https://ttm.financial/S/01024\">$KUAISHOU-W(01024)$&nbsp;</a>&nbsp; Break the 80s with a strong green bar on the 4th try. Wonderful. Resistance to become support. 🫶🏻","text":"$KUAISHOU-W(01024)$ Break the 80s with a strong green bar on the 4th try. Wonderful. Resistance to become support. 🫶🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/484249675891240","isVote":1,"tweetType":1,"viewCount":3543,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"idStr":"3558022296864998","authorIdStr":"3558022296864998"},"content":"Retest $80 prior breakout, average up, reload and LFG 🚀","text":"Retest $80 prior breakout, average up, reload and LFG 🚀","html":"Retest $80 prior breakout, average up, reload and LFG 🚀"}],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":502047220482536,"gmtCreate":1763579755221,"gmtModify":1763579758735,"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558022296864998","idStr":"3558022296864998"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a> wow, what's happening? Didn't saw any material or significant News at all","listText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a> wow, what's happening? Didn't saw any material or significant News at all","text":"$Tiger Brokers(TIGR)$ wow, what's happening? Didn't saw any material or significant News at all","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":4,"repostSize":22,"link":"https://ttm.financial/post/502047220482536","isVote":1,"tweetType":1,"viewCount":5252,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4174510766373602","authorId":"4174510766373602","name":"IF International","avatar":"https://community-static.tradeup.com/news/bab28f7499538f70a57890ac6dfb63e1","crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"4174510766373602","idStr":"4174510766373602"},"content":"Very shorted stock. Players taking advantage of an overvalued tech market. Due to report earnings pre-mkt December-4. Interesting stock to watch the next few weeks, expect more volatility.","text":"Very shorted stock. Players taking advantage of an overvalued tech market. Due to report earnings pre-mkt December-4. Interesting stock to watch the next few weeks, expect more volatility.","html":"Very shorted stock. Players taking advantage of an overvalued tech market. Due to report earnings pre-mkt December-4. Interesting stock to watch the next few weeks, expect more volatility."},{"author":{"id":"4088707402306530","authorId":"4088707402306530","name":"druvaciam","avatar":"https://static.tigerbbs.com/5c3fb456a34258529f2ed7b7f945e0e8","crmLevel":12,"crmLevelSwitch":1,"authorIdStr":"4088707402306530","idStr":"4088707402306530"},"content":"They missed earning report for some reasons. FUTU report is out, TIGR don't have date even","text":"They missed earning report for some reasons. FUTU report is out, TIGR don't have date even","html":"They missed earning report for some reasons. FUTU report is out, TIGR don't have date even"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":484249675891240,"gmtCreate":1759217589423,"gmtModify":1759218462940,"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558022296864998","idStr":"3558022296864998"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/01024\">$KUAISHOU-W(01024)$&nbsp;</a>&nbsp; Break the 80s with a strong green bar on the 4th try. Wonderful. Resistance to become support. 🫶🏻","listText":"<a href=\"https://ttm.financial/S/01024\">$KUAISHOU-W(01024)$&nbsp;</a>&nbsp; Break the 80s with a strong green bar on the 4th try. Wonderful. Resistance to become support. 🫶🏻","text":"$KUAISHOU-W(01024)$ Break the 80s with a strong green bar on the 4th try. Wonderful. Resistance to become support. 🫶🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/484249675891240","isVote":1,"tweetType":1,"viewCount":3543,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3558022296864998","idStr":"3558022296864998"},"content":"Retest $80 prior breakout, average up, reload and LFG 🚀","text":"Retest $80 prior breakout, average up, reload and LFG 🚀","html":"Retest $80 prior breakout, average up, reload and LFG 🚀"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":544317655605280,"gmtCreate":1773917709712,"gmtModify":1773917713581,"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558022296864998","idStr":"3558022296864998"},"themes":[],"title":"","htmlText":"But still down after ER.... 🚨 😐","listText":"But still down after ER.... 🚨 😐","text":"But still down after ER.... 🚨 😐","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/544317655605280","repostId":"1148097608","repostType":2,"repost":{"id":"1148097608","kind":"news","weMediaInfo":{"introduction":"Global Stock Market Deep Analysis","home_visible":1,"media_name":"Deep News","id":"1039043262","head_image":"https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922"},"pubTimestamp":1773917068,"share":"https://ttm.financial/m/news/1148097608?lang=en_US&edition=fundamental","pubTime":"2026-03-19 18:44","market":"hk","language":"en","title":"Alibaba Cloud Announces Price Hikes Up to 34%; Morgan Stanley Forecasts Profit Margin Surge Beyond 12%","url":"https://stock-news.laohu8.com/highlight/detail?id=1148097608","media":"Deep News","summary":"Alibaba Cloud has issued a price adjustment notice on its official website, drawing significant market attention. Due to the global surge in AI demand and rising supply chain costs, the company is...","content":"<p>Alibaba Cloud has issued a price adjustment notice on its official website, drawing significant market attention. Due to the global surge in AI demand and rising supply chain costs, the company is increasing prices for core products such as AI computing power and storage, with the highest increase reaching 34%. Notably, the cost of the in-house developed \"Zhenwu\" series computing cards by T-Head has risen by 5% to 34%, with the upper limit of the increase even surpassing that of overseas products like NVIDIA's H-series.</p>\n<p>An analysis of industry trends, research data, and Alibaba's organizational restructuring reveals that this price adjustment is not an isolated move. Instead, it signifies Alibaba Cloud's strategic shift from being an infrastructure provider to an AI service provider. Morgan Stanley analysts suggest this is not merely a cost pass-through but a crucial trigger to activate its \"bull market valuation model.\"</p>\n<p>Global computing power shortages are forcing a restructuring of pricing mechanisms. Since the beginning of this year, cloud providers both internationally and domestically, including Amazon, Google, and Baidu, have successively raised prices for their core cloud products. However, Alibaba Cloud's maximum increase of 34% significantly exceeds that of its peers. This reflects a fundamental reversal in the global supply and demand dynamics for AI computing power. In its latest research report, Morgan Stanley points out that inference demand is replacing training as the primary engine for AI computing power growth. As AI applications shift from training large models to large-scale inference, Token usage is experiencing exponential growth.</p>\n<p>According to informed sources, applications involving AI Agents saw rapid growth during the Spring Festival period. Alibaba Cloud's MaaS (Model-as-a-Service) business, \"Bailian,\" recorded its highest-ever growth rate from January to March this year. This explosion in demand has directly led to a shift from a surplus to a shortage of computing resources. More critically, upstream supply chain costs continue to climb. Prices for core components like memory, CPUs, and GPUs are rising across the board, with AWS and Google Cloud having already implemented price increases of 15% to 100% earlier this year. Industry experts analyze that Alibaba Cloud's price adjustment is a reflection of this broader industry trend. However, unlike its overseas counterparts, Alibaba Cloud's more substantial price hikes signal confidence in its own technological advantages.</p>\n<p>Amid widespread price increases by global cloud providers, Alibaba Cloud's 34% hike still captures market attention. What underpins this confidence? In the past, cloud providers primarily relied on selling IaaS infrastructure, earning thin margins in an industry plagued by price-cutting competition for market share. Now, with the proliferation of AI applications, the billing unit for cloud services is shifting towards Tokens, allowing computing power consumption to be directly converted into recurring revenue streams.</p>\n<p>It is worth noting that organizational changes support this strategy. On March 16, Alibaba established the Alibaba Token Hub (ATH) business group, integrating the Tongyi Lab, MaaS business line, and Qianwen business unit. Alibaba Group CEO Eddie Wu stated in an internal memo that a significant amount of digital work will be supported by AI Agents, which will, in turn, be powered by Tokens generated by models. This signifies that Alibaba Cloud is undergoing a comprehensive upgrade from selling low-margin IaaS infrastructure to selling high-margin MaaS and intelligence.</p>\n<p>The financial implications of this model upgrade are clear. Morgan Stanley calculates that assuming a 20% annual contract renewal rate, every 10% increase in overall contract prices would lead to a full 4 percentage point expansion in EBITA margin. Driven by these price increases, Alibaba Cloud's revenue growth is projected to reach 50% by F27, with its EBITA margin soaring to over 12%. Concurrently, valuation multiples are expected to expand, with the EV/Sales ratio for the cloud business increasing from 5.5x to 7x, and the per-share contribution value jumping from $91 to $127. This factor alone could push Alibaba's target price to $260.</p>\n<p>Of particular interest is the role of in-house developed chips, which Alibaba Cloud views as a key advantage enabling its pricing power. From an industry perspective, while competitors may be forced to raise prices due to cost pressures, the cost advantages derived from proprietary chips allow Alibaba Cloud to expand its profit margins, creating a widening profit differential. According to Morgan Stanley analysis, Alibaba's self-developed T-Head chips can reduce costs by more than half compared to purchasing third-party GPUs. Furthermore, the deep integration between these proprietary chips and the Qianwen large model can significantly enhance inference efficiency and lower the cost per Token.</p>\n<p>Public information indicates that the \"Zhenwu\" PPU utilizes a self-developed parallel computing architecture and inter-chip interconnect technology, paired with a full-stack proprietary software suite, achieving complete in-house development of both hardware and software. It features 96GB of HBM2e memory and an inter-chip interconnect bandwidth of 700 GB/s, making it applicable for AI training, AI inference, and autonomous driving. According to Alibaba, this chip is already being used extensively for the training and inference of the Qianwen large model and is deeply optimized in conjunction with Alibaba Cloud's comprehensive AI software stack to provide integrated products and services.</p>\n<p>Alibaba Cloud's price hike is not an isolated incident. On January 22, AWS announced a 15% price increase for EC2 instances used for large model training. On January 27, Google Cloud announced price increases for data transfer services, AI, and computing infrastructure, with hikes of up to 100%. On March 18, Baidu AI Cloud also adjusted prices for some of its AI computing products, increasing them by approximately 5% to 30%.</p>\n<p>Morgan Stanley believes that this price increase could alter the valuation logic for Alibaba, compelling the market to abandon the old habit of using weak e-commerce performance to suppress its valuation. Industry experts suggest that the deeper significance lies in the potential for this round of price increases to initiate a profitability cycle for China's AI cloud industry. The valuation logic is shifting from revenue growth to profit margins, and the transformation of computing power into high-margin Token services may reshape the industry's valuation system.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba Cloud Announces Price Hikes Up to 34%; Morgan Stanley Forecasts Profit Margin Surge Beyond 12%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba Cloud Announces Price Hikes Up to 34%; Morgan Stanley Forecasts Profit Margin Surge Beyond 12%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1039043262\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Deep News </p>\n<p class=\"h-time\">2026-03-19 18:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Alibaba Cloud has issued a price adjustment notice on its official website, drawing significant market attention. Due to the global surge in AI demand and rising supply chain costs, the company is increasing prices for core products such as AI computing power and storage, with the highest increase reaching 34%. Notably, the cost of the in-house developed \"Zhenwu\" series computing cards by T-Head has risen by 5% to 34%, with the upper limit of the increase even surpassing that of overseas products like NVIDIA's H-series.</p>\n<p>An analysis of industry trends, research data, and Alibaba's organizational restructuring reveals that this price adjustment is not an isolated move. Instead, it signifies Alibaba Cloud's strategic shift from being an infrastructure provider to an AI service provider. Morgan Stanley analysts suggest this is not merely a cost pass-through but a crucial trigger to activate its \"bull market valuation model.\"</p>\n<p>Global computing power shortages are forcing a restructuring of pricing mechanisms. Since the beginning of this year, cloud providers both internationally and domestically, including Amazon, Google, and Baidu, have successively raised prices for their core cloud products. However, Alibaba Cloud's maximum increase of 34% significantly exceeds that of its peers. This reflects a fundamental reversal in the global supply and demand dynamics for AI computing power. In its latest research report, Morgan Stanley points out that inference demand is replacing training as the primary engine for AI computing power growth. As AI applications shift from training large models to large-scale inference, Token usage is experiencing exponential growth.</p>\n<p>According to informed sources, applications involving AI Agents saw rapid growth during the Spring Festival period. Alibaba Cloud's MaaS (Model-as-a-Service) business, \"Bailian,\" recorded its highest-ever growth rate from January to March this year. This explosion in demand has directly led to a shift from a surplus to a shortage of computing resources. More critically, upstream supply chain costs continue to climb. Prices for core components like memory, CPUs, and GPUs are rising across the board, with AWS and Google Cloud having already implemented price increases of 15% to 100% earlier this year. Industry experts analyze that Alibaba Cloud's price adjustment is a reflection of this broader industry trend. However, unlike its overseas counterparts, Alibaba Cloud's more substantial price hikes signal confidence in its own technological advantages.</p>\n<p>Amid widespread price increases by global cloud providers, Alibaba Cloud's 34% hike still captures market attention. What underpins this confidence? In the past, cloud providers primarily relied on selling IaaS infrastructure, earning thin margins in an industry plagued by price-cutting competition for market share. Now, with the proliferation of AI applications, the billing unit for cloud services is shifting towards Tokens, allowing computing power consumption to be directly converted into recurring revenue streams.</p>\n<p>It is worth noting that organizational changes support this strategy. On March 16, Alibaba established the Alibaba Token Hub (ATH) business group, integrating the Tongyi Lab, MaaS business line, and Qianwen business unit. Alibaba Group CEO Eddie Wu stated in an internal memo that a significant amount of digital work will be supported by AI Agents, which will, in turn, be powered by Tokens generated by models. This signifies that Alibaba Cloud is undergoing a comprehensive upgrade from selling low-margin IaaS infrastructure to selling high-margin MaaS and intelligence.</p>\n<p>The financial implications of this model upgrade are clear. Morgan Stanley calculates that assuming a 20% annual contract renewal rate, every 10% increase in overall contract prices would lead to a full 4 percentage point expansion in EBITA margin. Driven by these price increases, Alibaba Cloud's revenue growth is projected to reach 50% by F27, with its EBITA margin soaring to over 12%. Concurrently, valuation multiples are expected to expand, with the EV/Sales ratio for the cloud business increasing from 5.5x to 7x, and the per-share contribution value jumping from $91 to $127. This factor alone could push Alibaba's target price to $260.</p>\n<p>Of particular interest is the role of in-house developed chips, which Alibaba Cloud views as a key advantage enabling its pricing power. From an industry perspective, while competitors may be forced to raise prices due to cost pressures, the cost advantages derived from proprietary chips allow Alibaba Cloud to expand its profit margins, creating a widening profit differential. According to Morgan Stanley analysis, Alibaba's self-developed T-Head chips can reduce costs by more than half compared to purchasing third-party GPUs. Furthermore, the deep integration between these proprietary chips and the Qianwen large model can significantly enhance inference efficiency and lower the cost per Token.</p>\n<p>Public information indicates that the \"Zhenwu\" PPU utilizes a self-developed parallel computing architecture and inter-chip interconnect technology, paired with a full-stack proprietary software suite, achieving complete in-house development of both hardware and software. It features 96GB of HBM2e memory and an inter-chip interconnect bandwidth of 700 GB/s, making it applicable for AI training, AI inference, and autonomous driving. According to Alibaba, this chip is already being used extensively for the training and inference of the Qianwen large model and is deeply optimized in conjunction with Alibaba Cloud's comprehensive AI software stack to provide integrated products and services.</p>\n<p>Alibaba Cloud's price hike is not an isolated incident. On January 22, AWS announced a 15% price increase for EC2 instances used for large model training. On January 27, Google Cloud announced price increases for data transfer services, AI, and computing infrastructure, with hikes of up to 100%. On March 18, Baidu AI Cloud also adjusted prices for some of its AI computing products, increasing them by approximately 5% to 30%.</p>\n<p>Morgan Stanley believes that this price increase could alter the valuation logic for Alibaba, compelling the market to abandon the old habit of using weak e-commerce performance to suppress its valuation. Industry experts suggest that the deeper significance lies in the potential for this round of price increases to initiate a profitability cycle for China's AI cloud industry. The valuation logic is shifting from revenue growth to profit margins, and the transformation of computing power into high-margin Token services may reshape the industry's valuation system.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89988":"阿里巴巴-WR","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","SG9999001051.SGD":"United Asia Fund SGD","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU0106831901.USD":"贝莱德世界金融基金A2","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","BK1584":"蚂蚁金服概念","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0823426308.USD":"法巴中国股票基金","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU0228659784.USD":"施罗德金砖四国基金","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0862451837.USD":"JPM EMERGING MARKETS DIVIDEND \"A\" (USD) INC (M)","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","BK4127":"投资银行业与经纪业","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","MS":"摩根士丹利","LU0651946864.USD":"贝莱德新兴市场股票收益A2","BK4504":"桥水持仓","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0557290698.USD":"施罗德环球可持续增长基金","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","09988":"阿里巴巴-W","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU0396098781.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (USD) ACC","LU0048580855.USD":"富达大中华区A","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","BK4516":"特朗普概念","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU1548497426.USD":"安联环球人工智能AT Acc","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","IE0008368304.USD":"STEWART INVESTORS WORLDWIDE LEADERS SUSTAINABILITY FUND \"I\" (USD) ACC","SGXZ86797644.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) INC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","SGXZ62798434.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) ACC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0048597586.USD":"富达亚洲焦点A","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","BK1517":"云办公","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0630378429.USD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (USD) INC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0359201612.USD":"贝莱德中国基金A2","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","BK1618":"Manus概念股","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU0762541174.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM2\" (USD) INC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","BK1615":"港股-互联网","BK4581":"高盛持仓","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU0197773160.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AC\" ACC","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU0608807946.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" Q (USD) INC","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","BK1591":"就地过年概念","SG9999001689.USD":"施罗德亚洲成长股票","BK1521":"挪威政府全球养老基金持仓","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","BABA":"阿里巴巴","LU0051755006.USD":"摩根大通中国A (dist)","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU0971096721.USD":"富达环球金融服务 A","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0762542818.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM\" (HKD) INC","LU0882574139.USD":"富达环球消费行业基金A ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0823426480.USD":"法巴中国股票经典Dis","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","SG9999014674.SGD":"Nikko AM All China Equity A SGD","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","BK1502":"双十一","LU1720050803.USD":"安联全方位中国股票基金","BK1501":"阿里概念股","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0594300419.USD":"富达中国消费基金A","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","BK1608":"元宇宙概念","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","BK4585":"ETF&股票定投概念","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","HBBD.SI":"Alibaba HK SDR 5to1","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","BK4588":"碎股","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","BK1610":"ETF&股票定投概念","LU0084288322.USD":"Natixis Asia Equity RD USD","BK1575":"同股不同权","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","BK1142":"互联网与直销零售","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","BK1588":"回港中概股","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","BK4534":"瑞士信贷持仓","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","BK1586":"云计算","BK1249":"综合零售","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0173614495.USD":"富达中国焦点A","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148097608","content_text":"Alibaba Cloud has issued a price adjustment notice on its official website, drawing significant market attention. Due to the global surge in AI demand and rising supply chain costs, the company is increasing prices for core products such as AI computing power and storage, with the highest increase reaching 34%. Notably, the cost of the in-house developed \"Zhenwu\" series computing cards by T-Head has risen by 5% to 34%, with the upper limit of the increase even surpassing that of overseas products like NVIDIA's H-series.\nAn analysis of industry trends, research data, and Alibaba's organizational restructuring reveals that this price adjustment is not an isolated move. Instead, it signifies Alibaba Cloud's strategic shift from being an infrastructure provider to an AI service provider. Morgan Stanley analysts suggest this is not merely a cost pass-through but a crucial trigger to activate its \"bull market valuation model.\"\nGlobal computing power shortages are forcing a restructuring of pricing mechanisms. Since the beginning of this year, cloud providers both internationally and domestically, including Amazon, Google, and Baidu, have successively raised prices for their core cloud products. However, Alibaba Cloud's maximum increase of 34% significantly exceeds that of its peers. This reflects a fundamental reversal in the global supply and demand dynamics for AI computing power. In its latest research report, Morgan Stanley points out that inference demand is replacing training as the primary engine for AI computing power growth. As AI applications shift from training large models to large-scale inference, Token usage is experiencing exponential growth.\nAccording to informed sources, applications involving AI Agents saw rapid growth during the Spring Festival period. Alibaba Cloud's MaaS (Model-as-a-Service) business, \"Bailian,\" recorded its highest-ever growth rate from January to March this year. This explosion in demand has directly led to a shift from a surplus to a shortage of computing resources. More critically, upstream supply chain costs continue to climb. Prices for core components like memory, CPUs, and GPUs are rising across the board, with AWS and Google Cloud having already implemented price increases of 15% to 100% earlier this year. Industry experts analyze that Alibaba Cloud's price adjustment is a reflection of this broader industry trend. However, unlike its overseas counterparts, Alibaba Cloud's more substantial price hikes signal confidence in its own technological advantages.\nAmid widespread price increases by global cloud providers, Alibaba Cloud's 34% hike still captures market attention. What underpins this confidence? In the past, cloud providers primarily relied on selling IaaS infrastructure, earning thin margins in an industry plagued by price-cutting competition for market share. Now, with the proliferation of AI applications, the billing unit for cloud services is shifting towards Tokens, allowing computing power consumption to be directly converted into recurring revenue streams.\nIt is worth noting that organizational changes support this strategy. On March 16, Alibaba established the Alibaba Token Hub (ATH) business group, integrating the Tongyi Lab, MaaS business line, and Qianwen business unit. Alibaba Group CEO Eddie Wu stated in an internal memo that a significant amount of digital work will be supported by AI Agents, which will, in turn, be powered by Tokens generated by models. This signifies that Alibaba Cloud is undergoing a comprehensive upgrade from selling low-margin IaaS infrastructure to selling high-margin MaaS and intelligence.\nThe financial implications of this model upgrade are clear. Morgan Stanley calculates that assuming a 20% annual contract renewal rate, every 10% increase in overall contract prices would lead to a full 4 percentage point expansion in EBITA margin. Driven by these price increases, Alibaba Cloud's revenue growth is projected to reach 50% by F27, with its EBITA margin soaring to over 12%. Concurrently, valuation multiples are expected to expand, with the EV/Sales ratio for the cloud business increasing from 5.5x to 7x, and the per-share contribution value jumping from $91 to $127. This factor alone could push Alibaba's target price to $260.\nOf particular interest is the role of in-house developed chips, which Alibaba Cloud views as a key advantage enabling its pricing power. From an industry perspective, while competitors may be forced to raise prices due to cost pressures, the cost advantages derived from proprietary chips allow Alibaba Cloud to expand its profit margins, creating a widening profit differential. According to Morgan Stanley analysis, Alibaba's self-developed T-Head chips can reduce costs by more than half compared to purchasing third-party GPUs. Furthermore, the deep integration between these proprietary chips and the Qianwen large model can significantly enhance inference efficiency and lower the cost per Token.\nPublic information indicates that the \"Zhenwu\" PPU utilizes a self-developed parallel computing architecture and inter-chip interconnect technology, paired with a full-stack proprietary software suite, achieving complete in-house development of both hardware and software. It features 96GB of HBM2e memory and an inter-chip interconnect bandwidth of 700 GB/s, making it applicable for AI training, AI inference, and autonomous driving. According to Alibaba, this chip is already being used extensively for the training and inference of the Qianwen large model and is deeply optimized in conjunction with Alibaba Cloud's comprehensive AI software stack to provide integrated products and services.\nAlibaba Cloud's price hike is not an isolated incident. On January 22, AWS announced a 15% price increase for EC2 instances used for large model training. On January 27, Google Cloud announced price increases for data transfer services, AI, and computing infrastructure, with hikes of up to 100%. On March 18, Baidu AI Cloud also adjusted prices for some of its AI computing products, increasing them by approximately 5% to 30%.\nMorgan Stanley believes that this price increase could alter the valuation logic for Alibaba, compelling the market to abandon the old habit of using weak e-commerce performance to suppress its valuation. Industry experts suggest that the deeper significance lies in the potential for this round of price increases to initiate a profitability cycle for China's AI cloud industry. The valuation logic is shifting from revenue growth to profit margins, and the transformation of computing power into high-margin Token services may reshape the industry's valuation system.","news_type":1,"symbols_score_info":{"89988":1,"MS":1,"HBBD.SI":1,"09988":1,"BABA":1,"ALBmain":1}},"isVote":1,"tweetType":1,"viewCount":1022,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":499879252751000,"gmtCreate":1763065815443,"gmtModify":1763065819478,"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558022296864998","idStr":"3558022296864998"},"themes":[],"title":"","htmlText":"Big \"reward\" indeed for BILIBILI. Loss for words. 🫨","listText":"Big \"reward\" indeed for BILIBILI. Loss for words. 🫨","text":"Big \"reward\" indeed for BILIBILI. Loss for words. 🫨","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/499879252751000","isVote":1,"tweetType":1,"viewCount":2987,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":499847867433440,"gmtCreate":1763058260843,"gmtModify":1763070968551,"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558022296864998","idStr":"3558022296864998"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/BILI\">$Bilibili Inc.(BILI)$&nbsp;</a> positive results, good metrics, pre-market +6%, and exploded in market trading. What a joke 😡","listText":"<a href=\"https://ttm.financial/S/BILI\">$Bilibili Inc.(BILI)$&nbsp;</a> positive results, good metrics, pre-market +6%, and exploded in market trading. What a joke 😡","text":"$Bilibili Inc.(BILI)$ positive results, good metrics, pre-market +6%, and exploded in market trading. What a joke 😡","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/499847867433440","isVote":1,"tweetType":1,"viewCount":2722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":490207026168280,"gmtCreate":1760702732340,"gmtModify":1760706106527,"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558022296864998","idStr":"3558022296864998"},"themes":[],"title":"","htmlText":"I would say that my losses have made me a more educated investor. Personally, I find that by journaling our trades, we would know more about our “blind” spots, further our knowledge and experience, and improve from there on. 😃","listText":"I would say that my losses have made me a more educated investor. Personally, I find that by journaling our trades, we would know more about our “blind” spots, further our knowledge and experience, and improve from there on. 😃","text":"I would say that my losses have made me a more educated investor. Personally, I find that by journaling our trades, we would know more about our “blind” spots, further our knowledge and experience, and improve from there on. 😃","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/490207026168280","isVote":1,"tweetType":1,"viewCount":2242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":489905101496936,"gmtCreate":1760629021100,"gmtModify":1760630493685,"author":{"id":"3558022296864998","authorId":"3558022296864998","name":"禅108","avatar":"https://community-static.tradeup.com/news/725bc7059126824b8ab7e470c32883f7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558022296864998","idStr":"3558022296864998"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/LMND\">$Lemonade, Inc.(LMND)$&nbsp;</a> What is happening? Why the dropping out of nowhere? Any major or significant news?&nbsp;","listText":"<a href=\"https://ttm.financial/S/LMND\">$Lemonade, Inc.(LMND)$&nbsp;</a> What is happening? Why the dropping out of nowhere? Any major or significant news?&nbsp;","text":"$Lemonade, Inc.(LMND)$ What is happening? Why the dropping out of nowhere? Any major or significant news?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/489905101496936","isVote":1,"tweetType":1,"viewCount":2326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}