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,"redirectLink":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}],"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,"redirectLink":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},"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":"other","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","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","BK4534":"瑞士信贷持仓","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","BK1249":"综合零售","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0594300419.USD":"富达中国消费基金A","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","BK1591":"就地过年概念","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","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","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","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","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","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","LU0084288322.USD":"Natixis Asia Equity RD USD","BK4127":"投资银行业与经纪业","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","BK4504":"桥水持仓","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","MS":"摩根士丹利","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU0197773160.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AC\" ACC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","BK4516":"特朗普概念","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","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","LU0173614495.USD":"富达中国焦点A","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU0608807946.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" Q (USD) INC","SG9999001051.SGD":"United Asia Fund SGD","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","SG9999001689.USD":"施罗德亚洲成长股票","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU0051755006.USD":"摩根大通中国A (dist)","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","BK1575":"同股不同权","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU0971096721.USD":"富达环球金融服务 A","LU0882574139.USD":"富达环球消费行业基金A 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","LU0140636845.USD":"施罗德大中华区股票A Acc","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0048580855.USD":"富达大中华区A","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","BK1618":"Manus概念股","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","BK1588":"回港中概股","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","BK4581":"高盛持仓","BK1615":"港股-互联网","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","BABA":"阿里巴巴","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","BK1586":"云计算","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU0072462343.USD":"贝莱德亚洲巨龙基金","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","BK1584":"蚂蚁金服概念","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","IE0008368304.USD":"STEWART INVESTORS WORLDWIDE LEADERS SUSTAINABILITY FUND \"I\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","SGXZ86797644.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) INC","SGXZ62798434.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) ACC","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU0048597586.USD":"富达亚洲焦点A","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU0630378429.USD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (USD) INC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","BK1502":"双十一","BK1501":"阿里概念股","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU0359201612.USD":"贝莱德中国基金A2","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU0762541174.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM2\" (USD) INC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","BK1608":"元宇宙概念","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","HBBD.SI":"Alibaba HK SDR 5to1","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","BK4585":"ETF&股票定投概念","LU0106831901.USD":"贝莱德世界金融基金A2","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","BK4588":"碎股","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0823426308.USD":"法巴中国股票基金","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) 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","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","BK1610":"ETF&股票定投概念","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0762542818.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM\" (HKD) INC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0823426480.USD":"法巴中国股票经典Dis","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU0557290698.USD":"施罗德环球可持续增长基金","BK1517":"云办公","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) 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","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","09988":"阿里巴巴-W","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","BK1142":"互联网与直销零售","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU1720050803.USD":"安联全方位中国股票基金"},"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,"09988":1,"BABA":1,"HBBD.SI":1,"MS":1,"ALBmain":1}},"isVote":1,"tweetType":1,"viewCount":161,"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":3820,"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":1429,"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":1452,"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":[],"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":1230,"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":[],"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":1322,"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":[],"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":1820,"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":3820,"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":[],"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":1820,"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":"other","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","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","BK4534":"瑞士信贷持仓","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","BK1249":"综合零售","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0594300419.USD":"富达中国消费基金A","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","BK1591":"就地过年概念","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","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","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","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","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","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","LU0084288322.USD":"Natixis Asia Equity RD USD","BK4127":"投资银行业与经纪业","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","BK4504":"桥水持仓","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","MS":"摩根士丹利","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU0197773160.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AC\" ACC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","BK4516":"特朗普概念","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","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","LU0173614495.USD":"富达中国焦点A","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU0608807946.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" Q (USD) INC","SG9999001051.SGD":"United Asia Fund SGD","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","SG9999001689.USD":"施罗德亚洲成长股票","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU0051755006.USD":"摩根大通中国A (dist)","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","BK1575":"同股不同权","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU0971096721.USD":"富达环球金融服务 A","LU0882574139.USD":"富达环球消费行业基金A 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","LU0140636845.USD":"施罗德大中华区股票A Acc","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0048580855.USD":"富达大中华区A","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","BK1618":"Manus概念股","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","BK1588":"回港中概股","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","BK4581":"高盛持仓","BK1615":"港股-互联网","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","BABA":"阿里巴巴","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","BK1586":"云计算","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU0072462343.USD":"贝莱德亚洲巨龙基金","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","BK1584":"蚂蚁金服概念","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","IE0008368304.USD":"STEWART INVESTORS WORLDWIDE LEADERS SUSTAINABILITY FUND \"I\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","SGXZ86797644.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) INC","SGXZ62798434.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) ACC","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU0048597586.USD":"富达亚洲焦点A","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU0630378429.USD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (USD) INC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","BK1502":"双十一","BK1501":"阿里概念股","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU0359201612.USD":"贝莱德中国基金A2","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU0762541174.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM2\" (USD) INC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","BK1608":"元宇宙概念","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","HBBD.SI":"Alibaba HK SDR 5to1","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","BK4585":"ETF&股票定投概念","LU0106831901.USD":"贝莱德世界金融基金A2","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","BK4588":"碎股","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0823426308.USD":"法巴中国股票基金","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) 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","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","BK1610":"ETF&股票定投概念","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0762542818.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM\" (HKD) INC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0823426480.USD":"法巴中国股票经典Dis","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU0557290698.USD":"施罗德环球可持续增长基金","BK1517":"云办公","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) 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","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","09988":"阿里巴巴-W","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","BK1142":"互联网与直销零售","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU1720050803.USD":"安联全方位中国股票基金"},"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,"09988":1,"BABA":1,"HBBD.SI":1,"MS":1,"ALBmain":1}},"isVote":1,"tweetType":1,"viewCount":161,"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":1429,"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":1452,"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":[],"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":1230,"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":[],"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":1322,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}