MYrocket personal page - To The Moon

MYrocket

MYrocket

No personal profile

21Follow

0Followers

0Topic

0Badge

04-12

With the above consideration, what is the highest value of CRWV sharw in the next 2 weeks

IREN, NBIS, and CRWV: The Rise of Neoclouds in the AI Infrastructure Boom

2021-07-22

Is the housing market in China bursting?

China Evergrande jumps on solving legal disputes with Guangfa Bank

2021-05-03

$PING AN(02318)$ why kept sliding downwards? The valuation is higher right?

09-03

Cool idea

2025-12-07

Nice read

Options -- The Striking Price: Are You a Crypto Believer? Here Are 2 Ways to Play It. -- Barron's

2025-10-16

Great article

Chinese Large Model Public Cloud Market: A Dual Championship Landscape Leading Future Development

2025-10-02

With stable coins initiative which HK listed companies will benefit with stock price growth?

Find out more here: With stable coins initiative which HK listed companies will benefit with stock price growth? The introduction of stablecoin initiatives in Hong Kong could benefit several HK-listed companies, particularly those in the fintech, banking, and digital asset sectors. Here’s an analysis of potential beneficiaries and their growth prospects:

With stable coins initiative which HK listed companies will benefit with stock price growth?

2025-10-02

Indeed very impressive technology stack produced

JPMorgan Significantly Raises Alibaba Target Price, Optimistic About New Flywheel: "Converting AI Cloud Tokens into E-commerce Commission Rates"

2025-09-21

Reminder

@Isleigh:💰 What's Really Keeping You From Taking Profits? It’s Not Just Greed — It's the Macro Noise

2025-09-09

interesting ageing trend

After Retirement, They Return to Work: "The Pay Isn't High, But It Brings Joy"

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3581736647111231","uuid":"3581736647111231","gmtCreate":1618643333417,"gmtModify":1618648244018,"name":"MYrocket","pinyin":"myrocket","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":21,"tweetSize":34,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":2,"name":"无畏虎","nameTw":"無畏虎","represent":"初生牛犊","factor":"发布3条非转发主帖,1条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":1,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.05.27","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.15","exceedPercentage":"80.70%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Executive Tiger","description":"The transaction amount of the securities account reaches $300,000","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"80.13%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.05.10","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":1,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":5,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":603532614370704,"gmtCreate":1788383822128,"gmtModify":1788383825217,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Cool idea","listText":"Cool idea","text":"Cool idea","images":[{"img":"https://community-static.tradeup.com/news/4584e2b974fe97e8d75bc363b3a80828","width":"860","height":"18666"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/603532614370704","isVote":1,"tweetType":1,"viewCount":56,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":552841499640440,"gmtCreate":1775981964352,"gmtModify":1775981968209,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"With the above consideration, what is the highest value of CRWV sharw in the next 2 weeks","listText":"With the above consideration, what is the highest value of CRWV sharw in the next 2 weeks","text":"With the above consideration, what is the highest value of CRWV sharw in the next 2 weeks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/552841499640440","repostId":"2623137412","repostType":2,"repost":{"id":"2623137412","kind":"highlight","weMediaInfo":{"introduction":"Your One-Stop Financial Markets Platform","home_visible":1,"media_name":"TradingKey","id":"1041236214","head_image":"https://community-static.tradeup.com/news/e2a333e9d84c06e89a63420211f0f9bb"},"pubTimestamp":1774928121,"share":"https://ttm.financial/m/news/2623137412?lang=en_US&edition=fundamental","pubTime":"2026-03-31 11:35","market":"hk","language":"en","title":"IREN, NBIS, and CRWV: The Rise of Neoclouds in the AI Infrastructure Boom","url":"https://stock-news.laohu8.com/highlight/detail?id=2623137412","media":"TradingKey","summary":"Iris Energy (IREN), Nebius (NBIS) and Coreweave (CRWV) are frequently grouped due to their shared focus on AI infrastructure","content":"<html><body><p dir=\"ltr\"><span>Iris Energy (IREN), <a href=\"https://laohu8.com/S/NBIS\">Nebius</a> (NBIS) and Coreweave (CRWV) are frequently grouped due to their shared focus on AI infrastructure, yet they differ significantly in origins, business models, operational strategies, and risk profiles.</span></p><p dir=\"ltr\"><span>This is not a deep dive into the Neocloud business model, but more of a general overview and comparison of the three</span></p><h2>So, let’s Start With the Similarities.</h2><p dir=\"ltr\"><span>The cloud industry has long been dominated by major players like AWS, Azure and Google Cloud (we can also add Oracle and Alibaba in that group, but they don’t have the scale of the top three, yet).</span></p><p dir=\"ltr\"><span>In recent years, the explosive growth of artificial intelligence has created an unprecedented demand for specialized computing power, particularly high-performance GPUs capable of handling massive training and inference workloads.</span></p><p dir=\"ltr\"><span>Traditional cloud giants like AWS, Azure, and Google Cloud are dominant in general-purpose services, but building specialized computing power from scratch takes a significant amount of time and capital, as the demand is quite urgent. Here, the neoclouds step in to fill the gap.</span></p><p dir=\"ltr\"><span>Neoclouds share several core similarities that distinguish them from the incumbent cloud providers. Unlike the traditional clouds, which offer hundreds of managed services across a broad spectrum of computing, storage, and networking, neoclouds are highly specialized in GPU-centric infrastructure for AI workloads. Their primary clients include the hyperscalers (the traditional cloud providers themselves - Microsoft, Google, Amazon), <a href=\"https://laohu8.com/S/META\">Meta</a> (not a cloud provider, but a hyperscaler), as well as large AI startups like OpenAI, xAI, etc. Emerging customer segments, such as sovereign AI initiatives and traditional large enterprises, are also beginning to appear.</span></p><p dir=\"ltr\"><span>At their essence, neoclouds procure GPUs, house them in data centers, and sell access to the raw computing power, supported by high-speed networking and optimized software layers for AI tasks.</span></p><p dir=\"ltr\"><span>Clients often prefer them for \"bare metal\" access and potentially lower pricing compared to traditional platforms' overhead. Importantly, neoclouds are infrastructure-first - they supply the \"shovels\" for the AI gold rush without directly competing against their customers by developing rival consumer-facing AI models.</span></p><h2>Metrics to Look for in the Neoclouds Space</h2><p dir=\"ltr\"><span>Like electricity companies, power here is everything. When people talk about these three companies, they often mention capacity in terms of MW and GW. Roughly, 100 MW of capacity can translate to about $1 billion in annual revenue at maturity, and for newer GPUs, it can even reach $1.2-1.3 billion.</span></p><p dir=\"ltr\"><span>It is important to distinguish </span><b><strong>contracted capacity</strong></b><span> (future power under agreement, basically the backlog) from </span><b><strong>connected capacity</strong></b><span> (power ready for GPU deployment), and </span><b><strong>monetized capacity</strong></b><span> (actual revenue-generating GPUs). Gaps between these metrics often stem from delays in GPU delivery, cooling systems, or legacy operations.</span></p><div><table><colgroup><col/><col/><col/><col/><col/><col/></colgroup><tbody><tr><td><p dir=\"ltr\"><b><strong>Company</strong></b></p></td><td><p dir=\"ltr\"><b><strong>Total Power Pipeline</strong></b></p></td><td><p dir=\"ltr\"><b><strong>Total Op. MW</strong></b></p></td><td><p dir=\"ltr\"><b><strong>AI-Monetized MW</strong></b></p></td><td><p dir=\"ltr\"><b><strong>AI Capacity Utilization</strong></b></p></td><td><p dir=\"ltr\"><b><strong>Why the <a href=\"https://laohu8.com/S/GAP\">Gap</a>?</strong></b></p></td></tr><tr><td><p dir=\"ltr\"><b><strong>IREN</strong></b></p></td><td><p dir=\"ltr\"><span>4.5 GW</span></p></td><td><p dir=\"ltr\"><span>810 MW</span></p></td><td><p dir=\"ltr\"><b><strong>~60 MW</strong></b></p></td><td><p><b><strong>~7%</strong></b></p></td><td><p dir=\"ltr\"><span>~90% of power is still tied to legacy Bitcoin mining.</span></p></td></tr><tr><td><p dir=\"ltr\"><b><strong>CRWV</strong></b></p></td><td><p dir=\"ltr\"><span>5.0 GW</span></p></td><td><p dir=\"ltr\"><span>850+ MW</span></p></td><td><p dir=\"ltr\"><b><strong>~550 MW</strong></b></p></td><td><p><b><strong>~65%</strong></b></p></td><td><p dir=\"ltr\"><span>~35% of power is \"Ready\" but waiting for GPU delivery/setup.</span></p></td></tr><tr><td rowspan=\"2\"><p dir=\"ltr\"><b><strong>NBIS</strong></b></p></td><td rowspan=\"2\"><p dir=\"ltr\"><span>4.5 GW</span></p></td><td rowspan=\"2\"><p dir=\"ltr\"><span>170 MW</span></p></td><td rowspan=\"2\"><p dir=\"ltr\"><b><strong>~170 MW</strong></b></p></td><td rowspan=\"2\"><p><b><strong>~98%</strong></b></p></td><td rowspan=\"2\"><p dir=\"ltr\"><span>100% \"Pure Play.\" Almost zero idle power or legacy business.</span></p></td></tr><tr></tr></tbody></table></div><p dir=\"ltr\"><span> Revenue per GPU hour further differentiates them, reflecting pricing power, efficiency, and service sophistication. For H100/H200 rates, the pricing varies:</span></p><ul><li value=\"1\"><span>Nebius: $3.00 – $3.50 (the highest because it includes a software element to its services);</span></li><li value=\"2\"><span><a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a>: $2.40 – $2.90 (mass volume);</span></li><li value=\"3\"><span>IREN: $1.90 – $2.50 (they charge the lowest, due to their pure “bare metal” service and cost advantages).</span></li></ul><h2>Iris Energy (IREN): The Asset-Heavy Defensive Play with Bitcoin Roots</h2><p dir=\"ltr\"><span>IREN started as a Bitcoin miner and still derives most of its current revenue from mining, though it is aggressively transitioning towards AI. Its mining capacity has scaled to 57 EH/s with the potential to generate around $1 billion in annual revenue from its legacy business. However, the management does not plan significant further expansion of mining beyond this level, instead channeling focus toward AI cloud services.</span></p><p dir=\"ltr\"><span>IREN sells 100% of its mined Bitcoins rather than holding them, providing a certain cash flow backing, but the volatility in BTC prices brings a large degree of uncertainty to this revenue line. Recent guidance targets AI-related annualised run-rate revenue (ARR) of around $3.4 billion by the end of 2026, potentially expanding further, with some projections reaching over $3.7 billion supported by a 150,000 GPU fleet.</span></p><p dir=\"ltr\"><span>IREN’s legacy business works on ASICs, so the company is also in the process of replacing ASICS with GPU infrastructure, which causes one-off impairments.</span></p><p dir=\"ltr\"><span>IREB is the most asset-heavy among the trio, owning its data centers outright. Not only that, but the data centers are also located in remote areas, primarily, with a surplus of energy procured at ultra-low costs (~$0.033 per kWh). This vertical integration eliminates co-location fees and supports lower GPU-hour pricing, a potential long-term competitive advantage.</span></p><p dir=\"ltr\"><span>Financially, IREN exhibits high shareholder dilution, perhaps being their greatest sin, with shares outstanding growing from 20.6 million in June 2021 to 298.2 million recently.</span></p><p dir=\"ltr\"><span>Margins benefit from asset ownership and Bitcoin as a cash cow, though aggressive depreciation (over 5 years) makes operating profit margins appear weaker. This approach is more conservative than CoreWeave's but less so than Nebius's. Software capabilities remain light; IREN focuses primarily on physical infrastructure rather than advanced managed services.</span></p><h2>CoreWeave (CRWV): The Aggressive Scale Leader with Debt-Fueled Growth</h2><p dir=\"ltr\"><span>CRWV is basically the poster child of the neoclouds. Similar to IREN, CRWV also has cryptocurrency origins, having mined Ethereum, but unlike IREN, CRWV has fully exited crypto mining. It entered space with existing GPU expertise and has become the largest by operations and market capitalization.</span></p><p dir=\"ltr\"><span>Reported revenue reached $5.12 billion for 2025 (up significantly from prior years), with guidance for at least $12-13 billion in 2026, with the potential of this number to go even higher. The revenue backlog stands at a massive $66.8 billion.</span></p><p dir=\"ltr\"><span>To become the largest neocloud out there, CRWV fueled its ascent with a solid amount of debt ($30 billion in debt and quarterly interest expenses of $388 million, eating a huge chunk of its income statement). Much of this debt is collateralized by GPUs, but that holds risks. Furthermore, CoreWeave employs an asset-light model, leasing space from operators like Equinix and Digital Realty rather than building outright, a contributing factor to the high leverage (lease liabilities). This contrasts with IREN's ownership approach, where they hold the assets and also IREN’s preferred equity financing strategy.</span></p><p dir=\"ltr\"><span>Data centre locations are near major cities, incurring higher electricity costs but reducing latency for end users, which can also be an overhang for margins. Overall, profitability remains challenging due to rent, high interest, and elevated power expenses.</span></p><p dir=\"ltr\"><span>The accounting is the most aggressive of the three, with GPUs depreciated over 6 years (vs. IREN's 5 and Nebius's 4). This can flatter short-term metrics but raises questions about prudence. On the software side, CRWV utilizes Kubernetes orchestration for coordinating large GPU clusters, though its software capabilities are less sophisticated than Nebius's stack.</span></p><p dir=\"ltr\"><span>NVIDIA holds strategic ownership (~9%, similar to its stake in Nebius), granting preferential GPU access and underscoring industry ties.</span></p><p dir=\"ltr\"><span>Share dilution has occurred (from 180 million in 2022 to 436 million in 2025), but at a lower scale than IREN, though still quite massive.</span></p><h2>Nebius (NBIS): The Efficient Software-Driven Pure Play</h2><p dir=\"ltr\"><span>Nebius lacks the crypto mining history the other two have, emerging instead as a spin-off from Yandex (Russia's tech giant, equivalent of Google/Uber) following the 2022 Ukraine invasion. The international assets—including a major Finnish data center, cash, and engineering talent—formed the core assets of the company. This gives Nebius a clean, non-crypto foundation and strong European presence, with expansion into North America for global reach. It also gives them a relatively clean balance sheet with some cash in hand.</span></p><p dir=\"ltr\"><span>Revenue for 2025 was approximately $529.8-530 million (479% growth), with 2026 expectations around $3-3.4 billion and ARR guidance of $7-9 billion by year-end. A recent Meta deal has boosted the backlog to around $49 billion (including prior agreements), with up to $27 billion from Meta alone over five years, starting significant revenue in 2027 (dedicated $12 billion tranche plus up to $15 billion optional). Microsoft also features prominently, contributing to customer concentration (~80% of booked capacity from Meta and Microsoft combined).</span></p><p dir=\"ltr\"><span>NBIS operates a hybrid data center model—owning key sites like Finland while leasing others—resulting in co-location fees higher than IREN but lower than CRWV.</span></p><p dir=\"ltr\"><span>Its architecture reportedly delivers 3x more compute per MW than peers, thanks to a proprietary software stack (Aether platform managing full-stack from silicon, Token Factory for optimized low-latency token-based billing). This enables higher revenue per GPU hour and functionalities like efficient data flow management, disruption fixing, and preventing data starvation. NBIS also designs its own cooling systems, reducing reliance on third parties like <a href=\"https://laohu8.com/S/DELL\">Dell</a> or Supermicro. Non-AI businesses (data labelling, robotics, edtech) contribute only ~10%.</span></p><p dir=\"ltr\"><span>The balance sheet is relatively healthy: lower debt (~$4.9 billion total, net ~$1.2 billion; debt/assets 39%, net debt/assets 10%) and limited historical dilution, funded partly by Yandex spin-off cash and customer prepayments. Recent capital raises (including</span><b><strong> </strong></b><span>convertible notes post-Meta deal) and NVIDIA's strategic ~8-9% investment (plus launch partnership for Vera Rubin platform) provide support.</span></p><p dir=\"ltr\"><span>Depreciation is the most aggressive (4 years), signalling prudence. Profitability faces pressure from sales hiring and R&amp;D on software, with less contract transparency than peers. NVIDIA's involvement mirrors its CoreWeave stake, enhancing credibility.</span></p><h2>Risks and Comparative Moats</h2><p dir=\"ltr\"><span>All three face sector-wide risks.</span></p><p dir=\"ltr\"><span>The biggest risk is, of course, a potential AI winter, reducing demand and GPU pricing. Another risk is space-based data centers disrupting terrestrial models, but that’s more of a worry in the not-so-near future. Other issues are related to accounting, especially around depreciation and circular economies. This fear can be reinforced by the excessive customer concentration: IREN with Microsoft (55% of 2026 revenue), NBIS with Meta/Microsoft (80%), CRWV with OpenAI/Meta (~55% of backlog).</span></p><p dir=\"ltr\"><span>Company-specific vulnerabilities differ.</span></p><div><table><colgroup><col/><col/><col/><col/></colgroup><tbody><tr><td></td><td><p dir=\"ltr\"><b><strong>NBIS</strong></b></p></td><td><p dir=\"ltr\"><b><strong>CRWV</strong></b></p></td><td><p dir=\"ltr\"><b><strong>IRIS</strong></b></p></td></tr><tr><td><p dir=\"ltr\"><span>Total Debt (USDm)</span></p></td><td><p><span> $    4,888.20</span></p></td><td><p><span> $    29,823.00</span></p></td><td><p><span> $  3,842.50</span></p></td></tr><tr><td><p dir=\"ltr\"><span>Net Debt (USDm)</span></p></td><td><p><span> $    1,210.10</span></p></td><td><p><span> $    18,234.60</span></p></td><td><p><span> $     582.00</span></p></td></tr><tr><td><p dir=\"ltr\"><span>Total Assets (USDm)</span></p></td><td><p><span> $  12,449.80</span></p></td><td><p><span> $    49,302.00</span></p></td><td><p><span> $  7,027.60</span></p></td></tr><tr><td><p dir=\"ltr\"><span>Debt/Assets</span></p></td><td><p><span>39%</span></p></td><td><p><span>60%</span></p></td><td><p><span>55%</span></p></td></tr><tr><td><p dir=\"ltr\"><span>net Debt/Assets</span></p></td><td><p><span>10%</span></p></td><td><p><span>37%</span></p></td><td><p><span>8%</span></p></td></tr></tbody></table></div><p dir=\"ltr\"><span>CRWV's leveraged balance sheet (highest debt/assets at 60%, net at 37%) poses bankruptcy risk in a downturn, with aggressive accounting and high interest amplifying pressure, making CRWV the stock with the greatest downside here.</span></p><p dir=\"ltr\"><span>NBIS and IREN, despite being in a healthier situation, still need funding, and there is a high chance they will tap the capital markets for further funding (read “stock dilution”).</span></p><p dir=\"ltr\"><span>But as much as there are risks, there are also advantages. IREN's infrastructure ownership and low-cost power create cost leadership and defensiveness, while NBIS's software stack delivers efficiency and differentiation (higher pricing, optimization).</span></p><p dir=\"ltr\"><span>From a risk/reward lens, all offer high upside in the AI infrastructure supercycle, but downsides vary. CRWV represents the aggressive play—scale and backlog promise hypergrowth ($12-13B+ revenue in 2026), yet debt and accounting warrant caution; an AI winter could severely impact equity.</span></p><p dir=\"ltr\"><span>NBIS is the efficiency play, with a software moat, pure-play focus, and strong utilization driving potentially superior long-term margins, though execution on global expansion and customer reliance introduces risks.</span></p><p dir=\"ltr\"><span>IREN emerges as a safe option, blending Bitcoin cash flow, asset ownership for margins, and vast power runway, tempered by dilution and slower AI monetization.</span></p><p dir=\"ltr\"><span>Execution on capacity ramp, utilization, and customer diversification will ultimately determine which neocloud captures the most value from the AI boom. With hyperscalers still capacity-constrained, these \"shovels\" providers are positioned for substantial, if volatile, growth through 2026 and beyond. The differences in their approaches—asset-heavy vs. software-enhanced vs. scale-leveraged—ensure they will shape the neocloud landscape in complementary yet competitive ways.  </span></p><p>Find out more</p></body></html>","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>IREN, NBIS, and CRWV: The Rise of Neoclouds in the AI Infrastructure Boom</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\">\nIREN, NBIS, and CRWV: The Rise of Neoclouds in the AI Infrastructure Boom\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1041236214\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/e2a333e9d84c06e89a63420211f0f9bb);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">TradingKey </p>\n<p class=\"h-time\">2026-03-31 11:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p dir=\"ltr\"><span>Iris Energy (IREN), <a href=\"https://laohu8.com/S/NBIS\">Nebius</a> (NBIS) and Coreweave (CRWV) are frequently grouped due to their shared focus on AI infrastructure, yet they differ significantly in origins, business models, operational strategies, and risk profiles.</span></p><p dir=\"ltr\"><span>This is not a deep dive into the Neocloud business model, but more of a general overview and comparison of the three</span></p><h2>So, let’s Start With the Similarities.</h2><p dir=\"ltr\"><span>The cloud industry has long been dominated by major players like AWS, Azure and Google Cloud (we can also add Oracle and Alibaba in that group, but they don’t have the scale of the top three, yet).</span></p><p dir=\"ltr\"><span>In recent years, the explosive growth of artificial intelligence has created an unprecedented demand for specialized computing power, particularly high-performance GPUs capable of handling massive training and inference workloads.</span></p><p dir=\"ltr\"><span>Traditional cloud giants like AWS, Azure, and Google Cloud are dominant in general-purpose services, but building specialized computing power from scratch takes a significant amount of time and capital, as the demand is quite urgent. Here, the neoclouds step in to fill the gap.</span></p><p dir=\"ltr\"><span>Neoclouds share several core similarities that distinguish them from the incumbent cloud providers. Unlike the traditional clouds, which offer hundreds of managed services across a broad spectrum of computing, storage, and networking, neoclouds are highly specialized in GPU-centric infrastructure for AI workloads. Their primary clients include the hyperscalers (the traditional cloud providers themselves - Microsoft, Google, Amazon), <a href=\"https://laohu8.com/S/META\">Meta</a> (not a cloud provider, but a hyperscaler), as well as large AI startups like OpenAI, xAI, etc. Emerging customer segments, such as sovereign AI initiatives and traditional large enterprises, are also beginning to appear.</span></p><p dir=\"ltr\"><span>At their essence, neoclouds procure GPUs, house them in data centers, and sell access to the raw computing power, supported by high-speed networking and optimized software layers for AI tasks.</span></p><p dir=\"ltr\"><span>Clients often prefer them for \"bare metal\" access and potentially lower pricing compared to traditional platforms' overhead. Importantly, neoclouds are infrastructure-first - they supply the \"shovels\" for the AI gold rush without directly competing against their customers by developing rival consumer-facing AI models.</span></p><h2>Metrics to Look for in the Neoclouds Space</h2><p dir=\"ltr\"><span>Like electricity companies, power here is everything. When people talk about these three companies, they often mention capacity in terms of MW and GW. Roughly, 100 MW of capacity can translate to about $1 billion in annual revenue at maturity, and for newer GPUs, it can even reach $1.2-1.3 billion.</span></p><p dir=\"ltr\"><span>It is important to distinguish </span><b><strong>contracted capacity</strong></b><span> (future power under agreement, basically the backlog) from </span><b><strong>connected capacity</strong></b><span> (power ready for GPU deployment), and </span><b><strong>monetized capacity</strong></b><span> (actual revenue-generating GPUs). Gaps between these metrics often stem from delays in GPU delivery, cooling systems, or legacy operations.</span></p><div><table><colgroup><col/><col/><col/><col/><col/><col/></colgroup><tbody><tr><td><p dir=\"ltr\"><b><strong>Company</strong></b></p></td><td><p dir=\"ltr\"><b><strong>Total Power Pipeline</strong></b></p></td><td><p dir=\"ltr\"><b><strong>Total Op. MW</strong></b></p></td><td><p dir=\"ltr\"><b><strong>AI-Monetized MW</strong></b></p></td><td><p dir=\"ltr\"><b><strong>AI Capacity Utilization</strong></b></p></td><td><p dir=\"ltr\"><b><strong>Why the <a href=\"https://laohu8.com/S/GAP\">Gap</a>?</strong></b></p></td></tr><tr><td><p dir=\"ltr\"><b><strong>IREN</strong></b></p></td><td><p dir=\"ltr\"><span>4.5 GW</span></p></td><td><p dir=\"ltr\"><span>810 MW</span></p></td><td><p dir=\"ltr\"><b><strong>~60 MW</strong></b></p></td><td><p><b><strong>~7%</strong></b></p></td><td><p dir=\"ltr\"><span>~90% of power is still tied to legacy Bitcoin mining.</span></p></td></tr><tr><td><p dir=\"ltr\"><b><strong>CRWV</strong></b></p></td><td><p dir=\"ltr\"><span>5.0 GW</span></p></td><td><p dir=\"ltr\"><span>850+ MW</span></p></td><td><p dir=\"ltr\"><b><strong>~550 MW</strong></b></p></td><td><p><b><strong>~65%</strong></b></p></td><td><p dir=\"ltr\"><span>~35% of power is \"Ready\" but waiting for GPU delivery/setup.</span></p></td></tr><tr><td rowspan=\"2\"><p dir=\"ltr\"><b><strong>NBIS</strong></b></p></td><td rowspan=\"2\"><p dir=\"ltr\"><span>4.5 GW</span></p></td><td rowspan=\"2\"><p dir=\"ltr\"><span>170 MW</span></p></td><td rowspan=\"2\"><p dir=\"ltr\"><b><strong>~170 MW</strong></b></p></td><td rowspan=\"2\"><p><b><strong>~98%</strong></b></p></td><td rowspan=\"2\"><p dir=\"ltr\"><span>100% \"Pure Play.\" Almost zero idle power or legacy business.</span></p></td></tr><tr></tr></tbody></table></div><p dir=\"ltr\"><span> Revenue per GPU hour further differentiates them, reflecting pricing power, efficiency, and service sophistication. For H100/H200 rates, the pricing varies:</span></p><ul><li value=\"1\"><span>Nebius: $3.00 – $3.50 (the highest because it includes a software element to its services);</span></li><li value=\"2\"><span><a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a>: $2.40 – $2.90 (mass volume);</span></li><li value=\"3\"><span>IREN: $1.90 – $2.50 (they charge the lowest, due to their pure “bare metal” service and cost advantages).</span></li></ul><h2>Iris Energy (IREN): The Asset-Heavy Defensive Play with Bitcoin Roots</h2><p dir=\"ltr\"><span>IREN started as a Bitcoin miner and still derives most of its current revenue from mining, though it is aggressively transitioning towards AI. Its mining capacity has scaled to 57 EH/s with the potential to generate around $1 billion in annual revenue from its legacy business. However, the management does not plan significant further expansion of mining beyond this level, instead channeling focus toward AI cloud services.</span></p><p dir=\"ltr\"><span>IREN sells 100% of its mined Bitcoins rather than holding them, providing a certain cash flow backing, but the volatility in BTC prices brings a large degree of uncertainty to this revenue line. Recent guidance targets AI-related annualised run-rate revenue (ARR) of around $3.4 billion by the end of 2026, potentially expanding further, with some projections reaching over $3.7 billion supported by a 150,000 GPU fleet.</span></p><p dir=\"ltr\"><span>IREN’s legacy business works on ASICs, so the company is also in the process of replacing ASICS with GPU infrastructure, which causes one-off impairments.</span></p><p dir=\"ltr\"><span>IREB is the most asset-heavy among the trio, owning its data centers outright. Not only that, but the data centers are also located in remote areas, primarily, with a surplus of energy procured at ultra-low costs (~$0.033 per kWh). This vertical integration eliminates co-location fees and supports lower GPU-hour pricing, a potential long-term competitive advantage.</span></p><p dir=\"ltr\"><span>Financially, IREN exhibits high shareholder dilution, perhaps being their greatest sin, with shares outstanding growing from 20.6 million in June 2021 to 298.2 million recently.</span></p><p dir=\"ltr\"><span>Margins benefit from asset ownership and Bitcoin as a cash cow, though aggressive depreciation (over 5 years) makes operating profit margins appear weaker. This approach is more conservative than CoreWeave's but less so than Nebius's. Software capabilities remain light; IREN focuses primarily on physical infrastructure rather than advanced managed services.</span></p><h2>CoreWeave (CRWV): The Aggressive Scale Leader with Debt-Fueled Growth</h2><p dir=\"ltr\"><span>CRWV is basically the poster child of the neoclouds. Similar to IREN, CRWV also has cryptocurrency origins, having mined Ethereum, but unlike IREN, CRWV has fully exited crypto mining. It entered space with existing GPU expertise and has become the largest by operations and market capitalization.</span></p><p dir=\"ltr\"><span>Reported revenue reached $5.12 billion for 2025 (up significantly from prior years), with guidance for at least $12-13 billion in 2026, with the potential of this number to go even higher. The revenue backlog stands at a massive $66.8 billion.</span></p><p dir=\"ltr\"><span>To become the largest neocloud out there, CRWV fueled its ascent with a solid amount of debt ($30 billion in debt and quarterly interest expenses of $388 million, eating a huge chunk of its income statement). Much of this debt is collateralized by GPUs, but that holds risks. Furthermore, CoreWeave employs an asset-light model, leasing space from operators like Equinix and Digital Realty rather than building outright, a contributing factor to the high leverage (lease liabilities). This contrasts with IREN's ownership approach, where they hold the assets and also IREN’s preferred equity financing strategy.</span></p><p dir=\"ltr\"><span>Data centre locations are near major cities, incurring higher electricity costs but reducing latency for end users, which can also be an overhang for margins. Overall, profitability remains challenging due to rent, high interest, and elevated power expenses.</span></p><p dir=\"ltr\"><span>The accounting is the most aggressive of the three, with GPUs depreciated over 6 years (vs. IREN's 5 and Nebius's 4). This can flatter short-term metrics but raises questions about prudence. On the software side, CRWV utilizes Kubernetes orchestration for coordinating large GPU clusters, though its software capabilities are less sophisticated than Nebius's stack.</span></p><p dir=\"ltr\"><span>NVIDIA holds strategic ownership (~9%, similar to its stake in Nebius), granting preferential GPU access and underscoring industry ties.</span></p><p dir=\"ltr\"><span>Share dilution has occurred (from 180 million in 2022 to 436 million in 2025), but at a lower scale than IREN, though still quite massive.</span></p><h2>Nebius (NBIS): The Efficient Software-Driven Pure Play</h2><p dir=\"ltr\"><span>Nebius lacks the crypto mining history the other two have, emerging instead as a spin-off from Yandex (Russia's tech giant, equivalent of Google/Uber) following the 2022 Ukraine invasion. The international assets—including a major Finnish data center, cash, and engineering talent—formed the core assets of the company. This gives Nebius a clean, non-crypto foundation and strong European presence, with expansion into North America for global reach. It also gives them a relatively clean balance sheet with some cash in hand.</span></p><p dir=\"ltr\"><span>Revenue for 2025 was approximately $529.8-530 million (479% growth), with 2026 expectations around $3-3.4 billion and ARR guidance of $7-9 billion by year-end. A recent Meta deal has boosted the backlog to around $49 billion (including prior agreements), with up to $27 billion from Meta alone over five years, starting significant revenue in 2027 (dedicated $12 billion tranche plus up to $15 billion optional). Microsoft also features prominently, contributing to customer concentration (~80% of booked capacity from Meta and Microsoft combined).</span></p><p dir=\"ltr\"><span>NBIS operates a hybrid data center model—owning key sites like Finland while leasing others—resulting in co-location fees higher than IREN but lower than CRWV.</span></p><p dir=\"ltr\"><span>Its architecture reportedly delivers 3x more compute per MW than peers, thanks to a proprietary software stack (Aether platform managing full-stack from silicon, Token Factory for optimized low-latency token-based billing). This enables higher revenue per GPU hour and functionalities like efficient data flow management, disruption fixing, and preventing data starvation. NBIS also designs its own cooling systems, reducing reliance on third parties like <a href=\"https://laohu8.com/S/DELL\">Dell</a> or Supermicro. Non-AI businesses (data labelling, robotics, edtech) contribute only ~10%.</span></p><p dir=\"ltr\"><span>The balance sheet is relatively healthy: lower debt (~$4.9 billion total, net ~$1.2 billion; debt/assets 39%, net debt/assets 10%) and limited historical dilution, funded partly by Yandex spin-off cash and customer prepayments. Recent capital raises (including</span><b><strong> </strong></b><span>convertible notes post-Meta deal) and NVIDIA's strategic ~8-9% investment (plus launch partnership for Vera Rubin platform) provide support.</span></p><p dir=\"ltr\"><span>Depreciation is the most aggressive (4 years), signalling prudence. Profitability faces pressure from sales hiring and R&amp;D on software, with less contract transparency than peers. NVIDIA's involvement mirrors its CoreWeave stake, enhancing credibility.</span></p><h2>Risks and Comparative Moats</h2><p dir=\"ltr\"><span>All three face sector-wide risks.</span></p><p dir=\"ltr\"><span>The biggest risk is, of course, a potential AI winter, reducing demand and GPU pricing. Another risk is space-based data centers disrupting terrestrial models, but that’s more of a worry in the not-so-near future. Other issues are related to accounting, especially around depreciation and circular economies. This fear can be reinforced by the excessive customer concentration: IREN with Microsoft (55% of 2026 revenue), NBIS with Meta/Microsoft (80%), CRWV with OpenAI/Meta (~55% of backlog).</span></p><p dir=\"ltr\"><span>Company-specific vulnerabilities differ.</span></p><div><table><colgroup><col/><col/><col/><col/></colgroup><tbody><tr><td></td><td><p dir=\"ltr\"><b><strong>NBIS</strong></b></p></td><td><p dir=\"ltr\"><b><strong>CRWV</strong></b></p></td><td><p dir=\"ltr\"><b><strong>IRIS</strong></b></p></td></tr><tr><td><p dir=\"ltr\"><span>Total Debt (USDm)</span></p></td><td><p><span> $    4,888.20</span></p></td><td><p><span> $    29,823.00</span></p></td><td><p><span> $  3,842.50</span></p></td></tr><tr><td><p dir=\"ltr\"><span>Net Debt (USDm)</span></p></td><td><p><span> $    1,210.10</span></p></td><td><p><span> $    18,234.60</span></p></td><td><p><span> $     582.00</span></p></td></tr><tr><td><p dir=\"ltr\"><span>Total Assets (USDm)</span></p></td><td><p><span> $  12,449.80</span></p></td><td><p><span> $    49,302.00</span></p></td><td><p><span> $  7,027.60</span></p></td></tr><tr><td><p dir=\"ltr\"><span>Debt/Assets</span></p></td><td><p><span>39%</span></p></td><td><p><span>60%</span></p></td><td><p><span>55%</span></p></td></tr><tr><td><p dir=\"ltr\"><span>net Debt/Assets</span></p></td><td><p><span>10%</span></p></td><td><p><span>37%</span></p></td><td><p><span>8%</span></p></td></tr></tbody></table></div><p dir=\"ltr\"><span>CRWV's leveraged balance sheet (highest debt/assets at 60%, net at 37%) poses bankruptcy risk in a downturn, with aggressive accounting and high interest amplifying pressure, making CRWV the stock with the greatest downside here.</span></p><p dir=\"ltr\"><span>NBIS and IREN, despite being in a healthier situation, still need funding, and there is a high chance they will tap the capital markets for further funding (read “stock dilution”).</span></p><p dir=\"ltr\"><span>But as much as there are risks, there are also advantages. IREN's infrastructure ownership and low-cost power create cost leadership and defensiveness, while NBIS's software stack delivers efficiency and differentiation (higher pricing, optimization).</span></p><p dir=\"ltr\"><span>From a risk/reward lens, all offer high upside in the AI infrastructure supercycle, but downsides vary. CRWV represents the aggressive play—scale and backlog promise hypergrowth ($12-13B+ revenue in 2026), yet debt and accounting warrant caution; an AI winter could severely impact equity.</span></p><p dir=\"ltr\"><span>NBIS is the efficiency play, with a software moat, pure-play focus, and strong utilization driving potentially superior long-term margins, though execution on global expansion and customer reliance introduces risks.</span></p><p dir=\"ltr\"><span>IREN emerges as a safe option, blending Bitcoin cash flow, asset ownership for margins, and vast power runway, tempered by dilution and slower AI monetization.</span></p><p dir=\"ltr\"><span>Execution on capacity ramp, utilization, and customer diversification will ultimately determine which neocloud captures the most value from the AI boom. With hyperscalers still capacity-constrained, these \"shovels\" providers are positioned for substantial, if volatile, growth through 2026 and beyond. The differences in their approaches—asset-heavy vs. software-enhanced vs. scale-leveraged—ensure they will shape the neocloud landscape in complementary yet competitive ways.  </span></p><p>Find out more</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://resource.tradingkey.com/uploads/20260311/nbis-f85db7afacab449fa0646856df0c792b.jpg","relate_stocks":{"LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU2095319765.USD":"Natixis Thematics Subscription Economy R/A USD","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU2210150020.SGD":"Natixis Thematics Subscription Economy R/A SGD","CWVX":"2倍做多CRWV ETF-Tradr","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU2210149790.SGD":"Natixis Thematics Subscription Economy R/A SGD-H","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","NEBX":"2倍做多NBIS ETF-Tradr","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","BK4612":"AI芯片","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","BK4609":"英伟达持仓股","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0871640123.AUD":"BGF GLOBAL MULTI-ASSET INC \"A8\" (AUD HDG) INC","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","LU1228905540.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) INC 2","LU2063271972.USD":"富兰克林创新领域基金","LU1989773731.SGD":"CPR Invest - Education A2 Acc SGD-H","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1121112475.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USDHDG) ACC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","BK4598":"佩洛西持仓","LU2092937221.SGD":"Blackrock Circular Economy A2 SGD-H","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU1235295455.SGD":"Fidelity Global Multi Asset Growth & Income A-ACC-SGD","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","BK4600":"加密货币概念","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0323240290.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AD\" INC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","MSFD":"1倍做空MSFT ETF-Direxion","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","MSFL":"2倍做多MSFT ETF-GraniteShares","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU1564329628.SGD":"Blackrock Dynamic High Income A2 SGD-H","LU0994945656.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC 2","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","MSFO":"MSFT期权收益策略ETF-YieldMax","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","MSFU":"2倍做多MSFT ETF-Direxion","MSFW":"Roundhill MSFT WeeklyPay ETF","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","BK4595":"比特币概念","MSFX":"2倍做多MSFT ETF-T-Rex","MSFY":"Kurv Yield Premium Strategy Microsoft (MSFT) ETF","LU0329931090.USD":"HSBC GIF RUSSIA EQUITY \"AC\" ACC","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","BK4592":"伊斯兰概念","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU2041044095.USD":"Blackrock Circular Economy A2 USD","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0426412945.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) ACC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","SG9999002232.USD":"Allianz Global High Payout USD","NBIS":"NEBIUS","SG9999002224.SGD":"Allianz Global High Payout SGD","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","LU0345774391.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) ACC","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","LU1046421795.USD":"富达环球科技A-ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU0238689110.USD":"贝莱德环球动力股票基金","LU0171293334.USD":"贝莱德英国基金A2","LU0345774631.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) INC","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0072462426.USD":"贝莱德全球配置 A2","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","AIYY":"YIELDMAX AI OPTION INCOME STRATEGY ETF","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU0894486033.HKD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (HKD) INC MF","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0894485498.HKD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (HKD) ACC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","IE00BYQQ9H92.USD":"BNY MELLON GLOBAL LEADERS \"A\" (USD) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU1188199696.SGD":"Schroder ISF Global Multi-Asset Income A Dis SGD","LU1564329032.USD":"BGF DYNAMIC HIGH INCOME \"A2\" (USD) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","BK4535":"淡马锡持仓","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","BK4538":"云计算","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU0545562505.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1582986359.USD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (USDHDG) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0444971666.USD":"天利全球科技基金","LU2275660780.HKD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" (HKD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","BK4097":"系统软件","LU0960925559.SGD":"Schroder ISF Global Multi-Asset Income A Acc SGD","BK4023":"应用软件","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU0879622024.SGD":"Schroder ISF Global Multi-Asset Income A Dis SGD-H","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU1670711040.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) ACC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","LU0823417737.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU0823431647.USD":"BNP PARIBAS RUSSIA EQUITY \"CLASSIC\" (USD) INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0950375773.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC A","LU0950373646.USD":"BNP PARIBAS RUSSIA EQUITY \"C\" (USD) INC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU0149725797.USD":"汇丰美国股市经济规模基金","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","LU2413666426.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (HKD) ACC","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","LU0882574139.USD":"富达环球消费行业基金A ACC","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU1228905037.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","SG9999015978.USD":"利安颠覆性创新基金A","BK4567":"ESG概念","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU0323239441.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AC\" ACC","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","LU0072461881.USD":"BGF US BASIC VALUE \"A2\" ACC","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","BK4503":"景林资产持仓","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU2506951875.HKD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (HKDHDG) ACC","BK4566":"资本集团","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","CRWG":"2倍做多CRWV ETF-Leverage Shares","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU2506952097.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (USDHDG) ACC","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","BK4504":"桥水持仓","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU2506951958.HKD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (HKDHDG) INC","CRWU":"2倍做多CRWV ETF-T-Rex","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU0557290698.USD":"施罗德环球可持续增长基金","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU2298321311.HKD":"BGF CIRCULAR ECONOMY \"A\" (HKDHDG) ACC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU2506952170.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (USDHDG) INC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU1043141396.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) ACC","LU1032466523.USD":"高盛全球多资产收益组合Acc","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","SG9999001424.SGD":"United E-Commerce Fund SGD","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU1236620750.USD":"HSBC GIF GLOBAL SUSTAINABLE LONG TERM DIVIDEND \"AM2\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1043141123.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) INC 2","LU1236620834.HKD":"HSBC GIF GLOBAL SUSTAINABLE LONG TERM DIVIDEND \"AM2\" (HKD) INC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","SG9999014559.SGD":"United Income Focus Trust Dis SGD","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","CORD":"T-REX 2X INVERSE CRWV DAILY TARGET ETF","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU1989763005.USD":"东方汇理教育基金A2 Acc","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","BK4543":"AI","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0080751232.USD":"富达环球多元动力基金A","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","BK4516":"特朗普概念","LU2764263203.CNY":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (CNYHDG) ACC","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","SG9999001077.SGD":"United International Growth Fund SGD","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","CRWV":"CoreWeave, Inc.","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1181866309.USD":"摩根大通环球策略总报酬基金A (acc)","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0757359368.USD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (USD)  ACC","LU2279689827.SGD":"JPMorgan Investment Funds - Global Income Sustainable A (mth) SGD-H","LU0095938881.EUR":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) EUR","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","LU1803068623.USD":"TEMPLETON GLOBAL CLIMATE CHANGE \"AH1\" (USDHDG) ACC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU1340139317.AUD":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) AUD-H","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","BK4554":"元宇宙及AR概念","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","BK4077":"互动媒体与服务","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU1334329650.SGD":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) SGD-H","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","LU1582986433.USD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (USDHDG) INC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","BK4587":"ChatGPT概念","LU0823431563.USD":"BNP PARIBAS RUSSIA EQUITY \"C\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2360108059.USD":"BGF CIRCULAR ECONOMY \"A4\" (USD) INC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","BK4550":"红杉资本持仓","BK4588":"碎股","LU0757359954.USD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (USD) INC MF","IREZ":"Tradr 2X Short IREN Daily ETF","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","LU0347712357.USD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (USD) ACC","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","BK4551":"寇图资本持仓","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","IREX":"2倍做多IREN ETF-Tradr","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU0079474960.USD":"联博美国增长基金A","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","IREG":"2倍做多IREN ETF-Leverage Shares","BK4116":"互联网服务与基础架构","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU1221951046.USD":"NORDEA 1 STABLE RETURN \"HM\" (USDHDG) INC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","BK7095":"多种金属与采矿","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IRE":"2倍做多IREN ETF-Defiance","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU1221951129.SGD":"NORDEA 1 STABLE RETURN \"HM\" (SGDHDG) INC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","BK4528":"SaaS概念","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU1670710588.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) ACC","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU1670710661.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) INC","BK4110":"抵押房地产投资信托","LU1196500208.SGD":"NORDEA STABLE RETURN \"HB\" (SGDHDG) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","IREN":"IREN Ltd","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU1670711123.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) INC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","BK4525":"远程办公概念","LU0823417653.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) ACC","LU1582987324.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) ACC","LU0329931173.USD":"HSBC GIF RUSSIA EQUITY \"AD\" (USD) INC","LU1582987597.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) INC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","BK4527":"明星科技股","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU0531971165.HKD":"HSBC GIF RUSSIA EQUITY \"AD\" (HKD) INC","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","LU1032955483.USD":"NORDEA 1 STABLE RETURN \"HB\" (USDHDG) ACC","LU1697837992.HKD":"BGF DYNAMIC HIGH INCOME \"A6\" (HKDHDG) INC","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","BK4576":"AR","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU0302445910.USD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" ACC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","NBIG":"Leverage Shares 2X Long NBIS Daily ETF","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","BK4577":"网络游戏","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","NBIL":"GraniteShares 2x Long NBIS Daily ETF","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","NBIZ":"Tradr 2X Short NBIS Daily ETF","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","BK4579":"人工智能","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1564329115.USD":"Blackrock Dynamic High Income A6 USD","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU1564329461.SGD":"Blackrock Dynamic High Income A6 SGD-H","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU0426417589.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC","BK4532":"文艺复兴科技持仓","BK4581":"高盛持仓","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","BK4534":"瑞士信贷持仓","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0861579265.USD":"联博低波幅策略股票基金A","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU2413666699.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"CRH\" (HKDHDG) INC","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU0109392836.USD":"富兰克林科技股A"},"source_url":"https://www.tradingkey.com/analysis/stocks/us-stocks/261736101-the-rice-of-neoclouds-in-ai","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2623137412","content_text":"Iris Energy (IREN), Nebius (NBIS) and Coreweave (CRWV) are frequently grouped due to their shared focus on AI infrastructure, yet they differ significantly in origins, business models, operational strategies, and risk profiles.This is not a deep dive into the Neocloud business model, but more of a general overview and comparison of the threeSo, let’s Start With the Similarities.The cloud industry has long been dominated by major players like AWS, Azure and Google Cloud (we can also add Oracle and Alibaba in that group, but they don’t have the scale of the top three, yet).In recent years, the explosive growth of artificial intelligence has created an unprecedented demand for specialized computing power, particularly high-performance GPUs capable of handling massive training and inference workloads.Traditional cloud giants like AWS, Azure, and Google Cloud are dominant in general-purpose services, but building specialized computing power from scratch takes a significant amount of time and capital, as the demand is quite urgent. Here, the neoclouds step in to fill the gap.Neoclouds share several core similarities that distinguish them from the incumbent cloud providers. Unlike the traditional clouds, which offer hundreds of managed services across a broad spectrum of computing, storage, and networking, neoclouds are highly specialized in GPU-centric infrastructure for AI workloads. Their primary clients include the hyperscalers (the traditional cloud providers themselves - Microsoft, Google, Amazon), Meta (not a cloud provider, but a hyperscaler), as well as large AI startups like OpenAI, xAI, etc. Emerging customer segments, such as sovereign AI initiatives and traditional large enterprises, are also beginning to appear.At their essence, neoclouds procure GPUs, house them in data centers, and sell access to the raw computing power, supported by high-speed networking and optimized software layers for AI tasks.Clients often prefer them for \"bare metal\" access and potentially lower pricing compared to traditional platforms' overhead. Importantly, neoclouds are infrastructure-first - they supply the \"shovels\" for the AI gold rush without directly competing against their customers by developing rival consumer-facing AI models.Metrics to Look for in the Neoclouds SpaceLike electricity companies, power here is everything. When people talk about these three companies, they often mention capacity in terms of MW and GW. Roughly, 100 MW of capacity can translate to about $1 billion in annual revenue at maturity, and for newer GPUs, it can even reach $1.2-1.3 billion.It is important to distinguish contracted capacity (future power under agreement, basically the backlog) from connected capacity (power ready for GPU deployment), and monetized capacity (actual revenue-generating GPUs). Gaps between these metrics often stem from delays in GPU delivery, cooling systems, or legacy operations.CompanyTotal Power PipelineTotal Op. MWAI-Monetized MWAI Capacity UtilizationWhy the Gap?IREN4.5 GW810 MW~60 MW~7%~90% of power is still tied to legacy Bitcoin mining.CRWV5.0 GW850+ MW~550 MW~65%~35% of power is \"Ready\" but waiting for GPU delivery/setup.NBIS4.5 GW170 MW~170 MW~98%100% \"Pure Play.\" Almost zero idle power or legacy business. Revenue per GPU hour further differentiates them, reflecting pricing power, efficiency, and service sophistication. For H100/H200 rates, the pricing varies:Nebius: $3.00 – $3.50 (the highest because it includes a software element to its services);CoreWeave: $2.40 – $2.90 (mass volume);IREN: $1.90 – $2.50 (they charge the lowest, due to their pure “bare metal” service and cost advantages).Iris Energy (IREN): The Asset-Heavy Defensive Play with Bitcoin RootsIREN started as a Bitcoin miner and still derives most of its current revenue from mining, though it is aggressively transitioning towards AI. Its mining capacity has scaled to 57 EH/s with the potential to generate around $1 billion in annual revenue from its legacy business. However, the management does not plan significant further expansion of mining beyond this level, instead channeling focus toward AI cloud services.IREN sells 100% of its mined Bitcoins rather than holding them, providing a certain cash flow backing, but the volatility in BTC prices brings a large degree of uncertainty to this revenue line. Recent guidance targets AI-related annualised run-rate revenue (ARR) of around $3.4 billion by the end of 2026, potentially expanding further, with some projections reaching over $3.7 billion supported by a 150,000 GPU fleet.IREN’s legacy business works on ASICs, so the company is also in the process of replacing ASICS with GPU infrastructure, which causes one-off impairments.IREB is the most asset-heavy among the trio, owning its data centers outright. Not only that, but the data centers are also located in remote areas, primarily, with a surplus of energy procured at ultra-low costs (~$0.033 per kWh). This vertical integration eliminates co-location fees and supports lower GPU-hour pricing, a potential long-term competitive advantage.Financially, IREN exhibits high shareholder dilution, perhaps being their greatest sin, with shares outstanding growing from 20.6 million in June 2021 to 298.2 million recently.Margins benefit from asset ownership and Bitcoin as a cash cow, though aggressive depreciation (over 5 years) makes operating profit margins appear weaker. This approach is more conservative than CoreWeave's but less so than Nebius's. Software capabilities remain light; IREN focuses primarily on physical infrastructure rather than advanced managed services.CoreWeave (CRWV): The Aggressive Scale Leader with Debt-Fueled GrowthCRWV is basically the poster child of the neoclouds. Similar to IREN, CRWV also has cryptocurrency origins, having mined Ethereum, but unlike IREN, CRWV has fully exited crypto mining. It entered space with existing GPU expertise and has become the largest by operations and market capitalization.Reported revenue reached $5.12 billion for 2025 (up significantly from prior years), with guidance for at least $12-13 billion in 2026, with the potential of this number to go even higher. The revenue backlog stands at a massive $66.8 billion.To become the largest neocloud out there, CRWV fueled its ascent with a solid amount of debt ($30 billion in debt and quarterly interest expenses of $388 million, eating a huge chunk of its income statement). Much of this debt is collateralized by GPUs, but that holds risks. Furthermore, CoreWeave employs an asset-light model, leasing space from operators like Equinix and Digital Realty rather than building outright, a contributing factor to the high leverage (lease liabilities). This contrasts with IREN's ownership approach, where they hold the assets and also IREN’s preferred equity financing strategy.Data centre locations are near major cities, incurring higher electricity costs but reducing latency for end users, which can also be an overhang for margins. Overall, profitability remains challenging due to rent, high interest, and elevated power expenses.The accounting is the most aggressive of the three, with GPUs depreciated over 6 years (vs. IREN's 5 and Nebius's 4). This can flatter short-term metrics but raises questions about prudence. On the software side, CRWV utilizes Kubernetes orchestration for coordinating large GPU clusters, though its software capabilities are less sophisticated than Nebius's stack.NVIDIA holds strategic ownership (~9%, similar to its stake in Nebius), granting preferential GPU access and underscoring industry ties.Share dilution has occurred (from 180 million in 2022 to 436 million in 2025), but at a lower scale than IREN, though still quite massive.Nebius (NBIS): The Efficient Software-Driven Pure PlayNebius lacks the crypto mining history the other two have, emerging instead as a spin-off from Yandex (Russia's tech giant, equivalent of Google/Uber) following the 2022 Ukraine invasion. The international assets—including a major Finnish data center, cash, and engineering talent—formed the core assets of the company. This gives Nebius a clean, non-crypto foundation and strong European presence, with expansion into North America for global reach. It also gives them a relatively clean balance sheet with some cash in hand.Revenue for 2025 was approximately $529.8-530 million (479% growth), with 2026 expectations around $3-3.4 billion and ARR guidance of $7-9 billion by year-end. A recent Meta deal has boosted the backlog to around $49 billion (including prior agreements), with up to $27 billion from Meta alone over five years, starting significant revenue in 2027 (dedicated $12 billion tranche plus up to $15 billion optional). Microsoft also features prominently, contributing to customer concentration (~80% of booked capacity from Meta and Microsoft combined).NBIS operates a hybrid data center model—owning key sites like Finland while leasing others—resulting in co-location fees higher than IREN but lower than CRWV.Its architecture reportedly delivers 3x more compute per MW than peers, thanks to a proprietary software stack (Aether platform managing full-stack from silicon, Token Factory for optimized low-latency token-based billing). This enables higher revenue per GPU hour and functionalities like efficient data flow management, disruption fixing, and preventing data starvation. NBIS also designs its own cooling systems, reducing reliance on third parties like Dell or Supermicro. Non-AI businesses (data labelling, robotics, edtech) contribute only ~10%.The balance sheet is relatively healthy: lower debt (~$4.9 billion total, net ~$1.2 billion; debt/assets 39%, net debt/assets 10%) and limited historical dilution, funded partly by Yandex spin-off cash and customer prepayments. Recent capital raises (including convertible notes post-Meta deal) and NVIDIA's strategic ~8-9% investment (plus launch partnership for Vera Rubin platform) provide support.Depreciation is the most aggressive (4 years), signalling prudence. Profitability faces pressure from sales hiring and R&D on software, with less contract transparency than peers. NVIDIA's involvement mirrors its CoreWeave stake, enhancing credibility.Risks and Comparative MoatsAll three face sector-wide risks.The biggest risk is, of course, a potential AI winter, reducing demand and GPU pricing. Another risk is space-based data centers disrupting terrestrial models, but that’s more of a worry in the not-so-near future. Other issues are related to accounting, especially around depreciation and circular economies. This fear can be reinforced by the excessive customer concentration: IREN with Microsoft (55% of 2026 revenue), NBIS with Meta/Microsoft (80%), CRWV with OpenAI/Meta (~55% of backlog).Company-specific vulnerabilities differ.NBISCRWVIRISTotal Debt (USDm) $    4,888.20 $    29,823.00 $  3,842.50Net Debt (USDm) $    1,210.10 $    18,234.60 $     582.00Total Assets (USDm) $  12,449.80 $    49,302.00 $  7,027.60Debt/Assets39%60%55%net Debt/Assets10%37%8%CRWV's leveraged balance sheet (highest debt/assets at 60%, net at 37%) poses bankruptcy risk in a downturn, with aggressive accounting and high interest amplifying pressure, making CRWV the stock with the greatest downside here.NBIS and IREN, despite being in a healthier situation, still need funding, and there is a high chance they will tap the capital markets for further funding (read “stock dilution”).But as much as there are risks, there are also advantages. IREN's infrastructure ownership and low-cost power create cost leadership and defensiveness, while NBIS's software stack delivers efficiency and differentiation (higher pricing, optimization).From a risk/reward lens, all offer high upside in the AI infrastructure supercycle, but downsides vary. CRWV represents the aggressive play—scale and backlog promise hypergrowth ($12-13B+ revenue in 2026), yet debt and accounting warrant caution; an AI winter could severely impact equity.NBIS is the efficiency play, with a software moat, pure-play focus, and strong utilization driving potentially superior long-term margins, though execution on global expansion and customer reliance introduces risks.IREN emerges as a safe option, blending Bitcoin cash flow, asset ownership for margins, and vast power runway, tempered by dilution and slower AI monetization.Execution on capacity ramp, utilization, and customer diversification will ultimately determine which neocloud captures the most value from the AI boom. With hyperscalers still capacity-constrained, these \"shovels\" providers are positioned for substantial, if volatile, growth through 2026 and beyond. The differences in their approaches—asset-heavy vs. software-enhanced vs. scale-leveraged—ensure they will shape the neocloud landscape in complementary yet competitive ways.  Find out more","news_type":1,"symbols_score_info":{"NEBX":0.6,"IREG":0.6,"IRE":0.6,"NBIZ":0.6,"MSFY":0.6,"MSFL":0.6,"CORD":0.6,"MSFD":0.6,"MSFW":0.6,"IREN":1.98,"IREZ":0.6,"NBIS":1.96,"CWVX":0.6,"CRWG":0.6,"MSFO":0.6,"CRWU":0.6,"IREX":0.6,"MSFX":0.6,"AIYY":0.6,"CRWV":1.97,"NBIL":0.6,"NBIG":0.6,"MSFU":0.6}},"isVote":1,"tweetType":1,"viewCount":1358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":508309617086784,"gmtCreate":1765120720016,"gmtModify":1765120723707,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Nice read","listText":"Nice read","text":"Nice read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/508309617086784","repostId":"2589492068","repostType":2,"repost":{"id":"2589492068","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1764988200,"share":"https://ttm.financial/m/news/2589492068?lang=en_US&edition=fundamental","pubTime":"2025-12-06 10:30","market":"hk","language":"en","title":"Options -- The Striking Price: Are You a Crypto Believer? Here Are 2 Ways to Play It. -- Barron's","url":"https://stock-news.laohu8.com/highlight/detail?id=2589492068","media":"Dow Jones","summary":"If you believe that Bitcoin and other cryptocurrencies are a permanent part of financial markets, their recent weakness is a buying opportunity.The crypto complex is under extreme pressure, and investor sentiment is verging on apocalyptic. The apparent cause of the distress is surreal.The Bank of Japan reportedly might raise interest rates, which impacts crypto because many traders are said to borrow in yen to buy the assets. If rates rise in Japan, investors will presumably sell crypto to cover their yen loans.Borrowing in one country with low rates to buy risk assets in another country is common among sophisticated investors, such as bank trading desks and hedge funds, but it's surprising to see the strategy cited for crypto's weakness.While this dynamic plays out, aggressive investors who want to wager that fear turns to greed if Bitcoin prices keep declining can focus on Strategy and Coinbase Global. The trade's warning label: It's hard to know if buyers will step into the maw at s","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Steven M. Sears \n</p>\n<p>\n  If you believe that Bitcoin and other cryptocurrencies are a permanent part of financial markets, their recent weakness is a buying opportunity. \n</p>\n<p>\n  The crypto complex is under extreme pressure, and investor sentiment is verging on apocalyptic. The apparent cause of the distress is surreal. \n</p>\n<p>\n  The Bank of Japan reportedly might raise interest rates, which impacts crypto because many traders are said to borrow in yen to buy the assets. If rates rise in Japan, investors will presumably sell crypto to cover their yen loans. \n</p>\n<p>\n  Borrowing in one country with low rates to buy risk assets in another country is common among sophisticated investors, such as bank trading desks and hedge funds, but it's surprising to see the strategy cited for crypto's weakness. \n</p>\n<p>\n  While this dynamic plays out, aggressive investors who want to wager that fear turns to greed if Bitcoin prices keep declining can focus on <a href=\"https://laohu8.com/S/MSTR\">Strategy</a> and <a href=\"https://laohu8.com/S/COIN\">Coinbase</a> Global. The trade's warning label: It's hard to know if buyers will step into the maw at sharply lower prices, let alone current levels. \n</p>\n<p>\n  The easiest way to add exposure to <a href=\"https://laohu8.com/S/STRF\">Strategy</a> or Coinbase is by buying their stock. In volatile situations, consider \"scaling\" into positions, which means buying shares at different stages. If you want to buy 1,500 shares, buy 500 shares at market, another 500 at 5% lower, and another 500 at 10% lower. \n</p>\n<p>\n  An arguably smarter way to establish positions during the selloff, however, is in the options market. Here, investors can get paid just for agreeing to buy stocks at lower prices. And because Strategy and Coinbase options are priced with intense fear premiums, anyone who buys puts to hedge these stocks is paying top dollar. Aggressive investors who want to own the stocks can take advantage of that fact and sell puts to panicked investors. \n</p>\n<p>\n  Consider Strategy as a template for monetizing fear during the crypto decline. With the stock around $182, aggressive traders can sell the January $158 put for about $9.60, and the January $150 put for about $7.50. \n</p>\n<p>\n  If the stock rebounds, the put premium can be kept. If the stock is below the strike price at expiration, investors must buy the stock. During the past 52 weeks, Strategy has ranged from $166.01 to $457.22. \n</p>\n<p>\n  Puts increase in value when stock prices decline. But selling puts on stocks you want to own is a time-honored way to buy stocks at lower prices. Because the implied volatility of weak stocks is often elevated -- and crypto equities are outrageously high -- put sellers get paid a lot of money for taking on the risk. \n</p>\n<p>\n  We chose Strategy and Coinbase for simple reasons. \n</p>\n<p>\n  Michael Saylor, who runs Strategy, likely knows more than most people about Bitcoin. His company owns about 650,000 Bitcoin. \n</p>\n<p>\n  Coinbase, meanwhile, is a top crypto exchange. Exchanges typically benefit from volatility as fear and greed drive trading volumes, which generates money for exchanges. \n</p>\n<p>\n  The stocks have something else in common: They are technically broken. Both are trading below their 20-, 50-, 100-, and 200-day simple moving averages. Stocks trading below their 200-day moving average are considered to be \"dead money.\" \n</p>\n<p>\n  Selling puts on either stock is out of sync with market sentiment. The trade expresses a view that the technical damage will be fixed if prices reach a level that attracts buyers. \n</p>\n<p>\n  If you're a believer in crypto, the options market will pay you to jump into the center of the crypto storm. \n</p>\n<p>\n  Email: editors@barrons.com \n</p>\n<p>\n  To subscribe to Barron's, visit http://www.barrons.com/subscribe \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 05, 2025 21:30 ET (02:30 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","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>Options -- The Striking Price: Are You a Crypto Believer? Here Are 2 Ways to Play It. -- Barron's</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\">\nOptions -- The Striking Price: Are You a Crypto Believer? Here Are 2 Ways to Play It. -- Barron's\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-12-06 10:30</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Steven M. Sears \n</p>\n<p>\n  If you believe that Bitcoin and other cryptocurrencies are a permanent part of financial markets, their recent weakness is a buying opportunity. \n</p>\n<p>\n  The crypto complex is under extreme pressure, and investor sentiment is verging on apocalyptic. The apparent cause of the distress is surreal. \n</p>\n<p>\n  The Bank of Japan reportedly might raise interest rates, which impacts crypto because many traders are said to borrow in yen to buy the assets. If rates rise in Japan, investors will presumably sell crypto to cover their yen loans. \n</p>\n<p>\n  Borrowing in one country with low rates to buy risk assets in another country is common among sophisticated investors, such as bank trading desks and hedge funds, but it's surprising to see the strategy cited for crypto's weakness. \n</p>\n<p>\n  While this dynamic plays out, aggressive investors who want to wager that fear turns to greed if Bitcoin prices keep declining can focus on <a href=\"https://laohu8.com/S/MSTR\">Strategy</a> and <a href=\"https://laohu8.com/S/COIN\">Coinbase</a> Global. The trade's warning label: It's hard to know if buyers will step into the maw at sharply lower prices, let alone current levels. \n</p>\n<p>\n  The easiest way to add exposure to <a href=\"https://laohu8.com/S/STRF\">Strategy</a> or Coinbase is by buying their stock. In volatile situations, consider \"scaling\" into positions, which means buying shares at different stages. If you want to buy 1,500 shares, buy 500 shares at market, another 500 at 5% lower, and another 500 at 10% lower. \n</p>\n<p>\n  An arguably smarter way to establish positions during the selloff, however, is in the options market. Here, investors can get paid just for agreeing to buy stocks at lower prices. And because Strategy and Coinbase options are priced with intense fear premiums, anyone who buys puts to hedge these stocks is paying top dollar. Aggressive investors who want to own the stocks can take advantage of that fact and sell puts to panicked investors. \n</p>\n<p>\n  Consider Strategy as a template for monetizing fear during the crypto decline. With the stock around $182, aggressive traders can sell the January $158 put for about $9.60, and the January $150 put for about $7.50. \n</p>\n<p>\n  If the stock rebounds, the put premium can be kept. If the stock is below the strike price at expiration, investors must buy the stock. During the past 52 weeks, Strategy has ranged from $166.01 to $457.22. \n</p>\n<p>\n  Puts increase in value when stock prices decline. But selling puts on stocks you want to own is a time-honored way to buy stocks at lower prices. Because the implied volatility of weak stocks is often elevated -- and crypto equities are outrageously high -- put sellers get paid a lot of money for taking on the risk. \n</p>\n<p>\n  We chose Strategy and Coinbase for simple reasons. \n</p>\n<p>\n  Michael Saylor, who runs Strategy, likely knows more than most people about Bitcoin. His company owns about 650,000 Bitcoin. \n</p>\n<p>\n  Coinbase, meanwhile, is a top crypto exchange. Exchanges typically benefit from volatility as fear and greed drive trading volumes, which generates money for exchanges. \n</p>\n<p>\n  The stocks have something else in common: They are technically broken. Both are trading below their 20-, 50-, 100-, and 200-day simple moving averages. Stocks trading below their 200-day moving average are considered to be \"dead money.\" \n</p>\n<p>\n  Selling puts on either stock is out of sync with market sentiment. The trade expresses a view that the technical damage will be fixed if prices reach a level that attracts buyers. \n</p>\n<p>\n  If you're a believer in crypto, the options market will pay you to jump into the center of the crypto storm. \n</p>\n<p>\n  Email: editors@barrons.com \n</p>\n<p>\n  To subscribe to Barron's, visit http://www.barrons.com/subscribe \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 05, 2025 21:30 ET (02:30 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4600":"加密货币概念","BK4588":"碎股","BK4516":"特朗普概念","BK4585":"ETF&股票定投概念","COIN":"Coinbase Global, Inc.","BK4023":"应用软件","STRK":"MICROSTRATEGY 8.00% SERIES A PERPETUAL STRIKE PFD","MSTR":"Strategy","BK4595":"比特币概念","BK4596":"哈里斯概念"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2589492068","content_text":"By Steven M. Sears \n\n\n  If you believe that Bitcoin and other cryptocurrencies are a permanent part of financial markets, their recent weakness is a buying opportunity. \n\n\n  The crypto complex is under extreme pressure, and investor sentiment is verging on apocalyptic. The apparent cause of the distress is surreal. \n\n\n  The Bank of Japan reportedly might raise interest rates, which impacts crypto because many traders are said to borrow in yen to buy the assets. If rates rise in Japan, investors will presumably sell crypto to cover their yen loans. \n\n\n  Borrowing in one country with low rates to buy risk assets in another country is common among sophisticated investors, such as bank trading desks and hedge funds, but it's surprising to see the strategy cited for crypto's weakness. \n\n\n  While this dynamic plays out, aggressive investors who want to wager that fear turns to greed if Bitcoin prices keep declining can focus on Strategy and Coinbase Global. The trade's warning label: It's hard to know if buyers will step into the maw at sharply lower prices, let alone current levels. \n\n\n  The easiest way to add exposure to Strategy or Coinbase is by buying their stock. In volatile situations, consider \"scaling\" into positions, which means buying shares at different stages. If you want to buy 1,500 shares, buy 500 shares at market, another 500 at 5% lower, and another 500 at 10% lower. \n\n\n  An arguably smarter way to establish positions during the selloff, however, is in the options market. Here, investors can get paid just for agreeing to buy stocks at lower prices. And because Strategy and Coinbase options are priced with intense fear premiums, anyone who buys puts to hedge these stocks is paying top dollar. Aggressive investors who want to own the stocks can take advantage of that fact and sell puts to panicked investors. \n\n\n  Consider Strategy as a template for monetizing fear during the crypto decline. With the stock around $182, aggressive traders can sell the January $158 put for about $9.60, and the January $150 put for about $7.50. \n\n\n  If the stock rebounds, the put premium can be kept. If the stock is below the strike price at expiration, investors must buy the stock. During the past 52 weeks, Strategy has ranged from $166.01 to $457.22. \n\n\n  Puts increase in value when stock prices decline. But selling puts on stocks you want to own is a time-honored way to buy stocks at lower prices. Because the implied volatility of weak stocks is often elevated -- and crypto equities are outrageously high -- put sellers get paid a lot of money for taking on the risk. \n\n\n  We chose Strategy and Coinbase for simple reasons. \n\n\n  Michael Saylor, who runs Strategy, likely knows more than most people about Bitcoin. His company owns about 650,000 Bitcoin. \n\n\n  Coinbase, meanwhile, is a top crypto exchange. Exchanges typically benefit from volatility as fear and greed drive trading volumes, which generates money for exchanges. \n\n\n  The stocks have something else in common: They are technically broken. Both are trading below their 20-, 50-, 100-, and 200-day simple moving averages. Stocks trading below their 200-day moving average are considered to be \"dead money.\" \n\n\n  Selling puts on either stock is out of sync with market sentiment. The trade expresses a view that the technical damage will be fixed if prices reach a level that attracts buyers. \n\n\n  If you're a believer in crypto, the options market will pay you to jump into the center of the crypto storm. \n\n\n  Email: editors@barrons.com \n\n\n  To subscribe to Barron's, visit http://www.barrons.com/subscribe \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 05, 2025 21:30 ET (02:30 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","news_type":1,"symbols_score_info":{"STRK":0.6,"COIN":1.91,"MSTR":1.93}},"isVote":1,"tweetType":1,"viewCount":1838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":489907044332120,"gmtCreate":1760629612818,"gmtModify":1760629616357,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Great article&nbsp;","listText":"Great article&nbsp;","text":"Great article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/489907044332120","repostId":"1117371458","repostType":2,"repost":{"id":"1117371458","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":1760525464,"share":"https://ttm.financial/m/news/1117371458?lang=en_US&edition=fundamental","pubTime":"2025-10-15 18:51","market":"nz","language":"en","title":"Chinese Large Model Public Cloud Market: A Dual Championship Landscape Leading Future Development","url":"https://stock-news.laohu8.com/highlight/detail?id=1117371458","media":"Deep News","summary":"Recently, IDC's report on the \"China Large Model Public Cloud Service Market Analysis, 2025H1\" (calculated based on external customer Tokens usage under the MaaS layer, excluding vendor-owned...","content":"<p>Recently, IDC's report on the \"China Large Model Public Cloud Service Market Analysis, 2025H1\" (calculated based on external customer Tokens usage under the MaaS layer, excluding vendor-owned businesses) revealed that Volcano Engine leads with a 49.2% market share, while Alibaba Cloud follows at 27%. The market has seen an almost 400% increase compared to the entirety of 2024. Previously, Omdia's report on \"China AI Cloud Market, 1H25\" (calculated across the entire \"IaaS+PaaS+MaaS\" revenue chain) indicated that Alibaba Cloud held the top position with a 35.8% market share, with Volcano Engine at 14.8%, illustrating a \"dual landscape\" of China's large model public cloud market. This ranking variance reflects the transitional characteristics of China's AI cloud market moving from infrastructure competition to deeper model application cultivation, emerging a dual champion pattern involving Volcano Engine and Alibaba Cloud.</p>\n<p>The difference in market reporting reflects various statistical dimensions but accurately portrays the developmental phases of the market. According to Omdia's data, the AI cloud market in China reached 22.3 billion yuan in the first half of 2025, covering the entire cloud computing chain, highlighting the traditional cloud providers' accumulated strengths in infrastructure. Alibaba Cloud, as the oldest and largest cloud service provider in China, ensures revenue leadership through its globally positioned computational foundation and the comprehensive service capability formed by its artificial intelligence platform, PAI.</p>\n<p>The IDC report focuses more on the actual applications within the MaaS layer. Data shows that in the first half of 2025, the scale of China's large model public cloud service market (measured by external customer Tokens usage within the MaaS layer) reached 5.367 trillion Tokens, representing nearly a 400% growth compared to the entirety of 2024; among them, Volcano Engine topped the chart with a 49.2% share, holding nearly half of the market.</p>\n<p>Tan Dai, president of Volcano Engine, previously stated, “A large usage volume is essential to refine large models.” The Tokens usage volume, as a vital indicator of the actual depth of model usage, supports this philosophy—real feedback produced from extensive usage can continuously optimize models across throughput, latency, and cost, promoting a positive cycle between technological iteration and market applications.</p>\n<p>**Alibaba Cloud: The \"Guardian\" of a Full-Stack Ecosystem**  \nDespite competition from emerging vendors, Alibaba Cloud has maintained its leading position through its comprehensive capabilities and ecological advantages. As a pioneer in China's cloud computing market, Alibaba Cloud has a large customer base and a solid industry foundation. It has long held the lead in total revenue under the comprehensive income statistical dimension that includes IaaS and PaaS. At the 2025 Cloud Habitat Conference, Alibaba Group CEO Wu Yongming compared \"tokens\" to future \"electricity,\" stating that by 2032, in preparation for the arrival of the Super Artificial Intelligence era (ASI), Alibaba Cloud’s global data center energy consumption will increase tenfold compared to 2022, signaling exponential growth in its computational investment.</p>\n<p>Alibaba Cloud’s full-stack capabilities stand out in the AI cloud market. Its \"Tongyi\" large model family spans over 170,000 derivative models and can provide comprehensive services from model training to application deployment, combined with a globally leading computational backbone. This \"IaaS+PaaS+MaaS\" collaborative capability gives an advantage in catering to complex enterprise AI needs, supporting its remarkable market share in Omdia's reporting.</p>\n<p>Additionally, Alibaba Cloud is accelerating its progress in the MaaS space. Through iterations of its \"Tongyi Qianwen\" series of models, its competitive edge in the MaaS layer is continuously enhancing. The IDC report shows a significant increase in its 27% share of Tokens usage compared to 2024. Its vast customer base provides a natural reservoir for the MaaS business, with potential customer conversions becoming a critical growth support.</p>\n<p>**Volcano Engine: The \"Overtaking Challenger\" in the MaaS Race**  \nAs an emerging cloud provider, Volcano Engine's large model business has become the fastest-growing force in the industry. In terms of market landscape, Volcano Engine maintains a clear advantage in external customer model usage, further expanding its lead this year following a strong performance in 2024, where its market share was 46.4%. Volcano Engine possesses irreplaceable core competitiveness in scenario deployment, technological breakthroughs, and cost control.</p>\n<p>As a cloud and AI service platform under ByteDance, Volcano Engine's large model development benefits from the extensive validation of rich internal business scenarios. The long-term, large-scale Tokens usage provides ample data support for model optimization, resulting in significant technological advantages in the multimodal large model field.</p>\n<p>In model performance, according to the \"SuperCLUE\" evaluation report released by the Chinese large model benchmarking, the Doupiao large model ranked first in \"model fidelity\" with approximately 4% illusory rate. Its multimodal models, Seedream and Seedance, also achieved excellent results in related assessments. In commercial applications, Volcano Engine has optimized its Doupiao model's inference costs by employing sparse MoE architecture, achieving breakthroughs from \"per-unit pricing\" to \"per-tenth pricing,\" significantly lowering usage thresholds.</p>\n<p>Regarding client coverage, Volcano Engine's large model services are particularly advantageous among leading clients in various industries. As of the first half of 2025, its services have expanded to sectors including automotive, consumer goods, education, and smart terminals, with key partnership clients including Tesla, Luckin Coffee, Tsinghua University, Xiaomi, and Samsung.</p>\n<p>Additionally, Volcano Engine is supported by an \"AI cloud-native infrastructure,\" optimized for systematic end-to-end inference leveraging a GPU-centric architecture. Coupled with the scale advantages of its domestic business under ByteDance, it achieves a competitive pricing edge. Furthermore, through self-developed firewalls, it ensures the security and compliance of scenarios in finance and government sectors, bolstering its market competitiveness.</p>\n<p>**The Future Market Under the Dual Champion Landscape**  \nThe competition between Volcano Engine and Alibaba Cloud embodies the clash of two distinct development paths for AI cloud: Volcano Engine represents the \"model-first\" logic of a new force, rapidly rising with its technological and cost advantages in the MaaS layer; Alibaba Cloud reflects the \"ecosystem-first\" strategy of a traditional giant, consolidating its market position through comprehensive capabilities and customer foundations.</p>\n<p>Regarding competitive strategies, both sides are deepening industry collaborations—Volcano Engine has recently focused on cooperation in the smart terminal and automotive sectors, while Alibaba Cloud is strengthening full-stack service ties through joint construction of intelligent cockpit ecosystems with automotive manufacturers. IDC predicts that China's generative AI software will continue to grow rapidly, with the market size expected to reach 48.24 billion yuan by 2028, driven by continuous innovations in foundational models, the improvement of model development tools, and the emergence of intelligent agents.</p>\n<p>As the market shifts from \"model availability\" to \"application usability,\" the competitive focus for these two giants will move towards comprehensive capability comparisons: Volcano Engine needs to address its IaaS layer shortfalls to meet large-scale customer demands, while Alibaba Cloud must accelerate its model iteration speed to enhance the user experience in the MaaS layer. Data from the National Data Bureau shows that as of the end of June this year, daily Token consumption has exceeded 30 trillion, growing over 300 times in just a year and a half. In this Token-driven AI cloud revolution, the duel between Volcano Engine and Alibaba Cloud will propel the Chinese large model public cloud market towards a more mature ecological structure.</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>Chinese Large Model Public Cloud Market: A Dual Championship Landscape Leading Future Development</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\">\nChinese Large Model Public Cloud Market: A Dual Championship Landscape Leading Future Development\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\">2025-10-15 18:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Recently, IDC's report on the \"China Large Model Public Cloud Service Market Analysis, 2025H1\" (calculated based on external customer Tokens usage under the MaaS layer, excluding vendor-owned businesses) revealed that Volcano Engine leads with a 49.2% market share, while Alibaba Cloud follows at 27%. The market has seen an almost 400% increase compared to the entirety of 2024. Previously, Omdia's report on \"China AI Cloud Market, 1H25\" (calculated across the entire \"IaaS+PaaS+MaaS\" revenue chain) indicated that Alibaba Cloud held the top position with a 35.8% market share, with Volcano Engine at 14.8%, illustrating a \"dual landscape\" of China's large model public cloud market. This ranking variance reflects the transitional characteristics of China's AI cloud market moving from infrastructure competition to deeper model application cultivation, emerging a dual champion pattern involving Volcano Engine and Alibaba Cloud.</p>\n<p>The difference in market reporting reflects various statistical dimensions but accurately portrays the developmental phases of the market. According to Omdia's data, the AI cloud market in China reached 22.3 billion yuan in the first half of 2025, covering the entire cloud computing chain, highlighting the traditional cloud providers' accumulated strengths in infrastructure. Alibaba Cloud, as the oldest and largest cloud service provider in China, ensures revenue leadership through its globally positioned computational foundation and the comprehensive service capability formed by its artificial intelligence platform, PAI.</p>\n<p>The IDC report focuses more on the actual applications within the MaaS layer. Data shows that in the first half of 2025, the scale of China's large model public cloud service market (measured by external customer Tokens usage within the MaaS layer) reached 5.367 trillion Tokens, representing nearly a 400% growth compared to the entirety of 2024; among them, Volcano Engine topped the chart with a 49.2% share, holding nearly half of the market.</p>\n<p>Tan Dai, president of Volcano Engine, previously stated, “A large usage volume is essential to refine large models.” The Tokens usage volume, as a vital indicator of the actual depth of model usage, supports this philosophy—real feedback produced from extensive usage can continuously optimize models across throughput, latency, and cost, promoting a positive cycle between technological iteration and market applications.</p>\n<p>**Alibaba Cloud: The \"Guardian\" of a Full-Stack Ecosystem**  \nDespite competition from emerging vendors, Alibaba Cloud has maintained its leading position through its comprehensive capabilities and ecological advantages. As a pioneer in China's cloud computing market, Alibaba Cloud has a large customer base and a solid industry foundation. It has long held the lead in total revenue under the comprehensive income statistical dimension that includes IaaS and PaaS. At the 2025 Cloud Habitat Conference, Alibaba Group CEO Wu Yongming compared \"tokens\" to future \"electricity,\" stating that by 2032, in preparation for the arrival of the Super Artificial Intelligence era (ASI), Alibaba Cloud’s global data center energy consumption will increase tenfold compared to 2022, signaling exponential growth in its computational investment.</p>\n<p>Alibaba Cloud’s full-stack capabilities stand out in the AI cloud market. Its \"Tongyi\" large model family spans over 170,000 derivative models and can provide comprehensive services from model training to application deployment, combined with a globally leading computational backbone. This \"IaaS+PaaS+MaaS\" collaborative capability gives an advantage in catering to complex enterprise AI needs, supporting its remarkable market share in Omdia's reporting.</p>\n<p>Additionally, Alibaba Cloud is accelerating its progress in the MaaS space. Through iterations of its \"Tongyi Qianwen\" series of models, its competitive edge in the MaaS layer is continuously enhancing. The IDC report shows a significant increase in its 27% share of Tokens usage compared to 2024. Its vast customer base provides a natural reservoir for the MaaS business, with potential customer conversions becoming a critical growth support.</p>\n<p>**Volcano Engine: The \"Overtaking Challenger\" in the MaaS Race**  \nAs an emerging cloud provider, Volcano Engine's large model business has become the fastest-growing force in the industry. In terms of market landscape, Volcano Engine maintains a clear advantage in external customer model usage, further expanding its lead this year following a strong performance in 2024, where its market share was 46.4%. Volcano Engine possesses irreplaceable core competitiveness in scenario deployment, technological breakthroughs, and cost control.</p>\n<p>As a cloud and AI service platform under ByteDance, Volcano Engine's large model development benefits from the extensive validation of rich internal business scenarios. The long-term, large-scale Tokens usage provides ample data support for model optimization, resulting in significant technological advantages in the multimodal large model field.</p>\n<p>In model performance, according to the \"SuperCLUE\" evaluation report released by the Chinese large model benchmarking, the Doupiao large model ranked first in \"model fidelity\" with approximately 4% illusory rate. Its multimodal models, Seedream and Seedance, also achieved excellent results in related assessments. In commercial applications, Volcano Engine has optimized its Doupiao model's inference costs by employing sparse MoE architecture, achieving breakthroughs from \"per-unit pricing\" to \"per-tenth pricing,\" significantly lowering usage thresholds.</p>\n<p>Regarding client coverage, Volcano Engine's large model services are particularly advantageous among leading clients in various industries. As of the first half of 2025, its services have expanded to sectors including automotive, consumer goods, education, and smart terminals, with key partnership clients including Tesla, Luckin Coffee, Tsinghua University, Xiaomi, and Samsung.</p>\n<p>Additionally, Volcano Engine is supported by an \"AI cloud-native infrastructure,\" optimized for systematic end-to-end inference leveraging a GPU-centric architecture. Coupled with the scale advantages of its domestic business under ByteDance, it achieves a competitive pricing edge. Furthermore, through self-developed firewalls, it ensures the security and compliance of scenarios in finance and government sectors, bolstering its market competitiveness.</p>\n<p>**The Future Market Under the Dual Champion Landscape**  \nThe competition between Volcano Engine and Alibaba Cloud embodies the clash of two distinct development paths for AI cloud: Volcano Engine represents the \"model-first\" logic of a new force, rapidly rising with its technological and cost advantages in the MaaS layer; Alibaba Cloud reflects the \"ecosystem-first\" strategy of a traditional giant, consolidating its market position through comprehensive capabilities and customer foundations.</p>\n<p>Regarding competitive strategies, both sides are deepening industry collaborations—Volcano Engine has recently focused on cooperation in the smart terminal and automotive sectors, while Alibaba Cloud is strengthening full-stack service ties through joint construction of intelligent cockpit ecosystems with automotive manufacturers. IDC predicts that China's generative AI software will continue to grow rapidly, with the market size expected to reach 48.24 billion yuan by 2028, driven by continuous innovations in foundational models, the improvement of model development tools, and the emergence of intelligent agents.</p>\n<p>As the market shifts from \"model availability\" to \"application usability,\" the competitive focus for these two giants will move towards comprehensive capability comparisons: Volcano Engine needs to address its IaaS layer shortfalls to meet large-scale customer demands, while Alibaba Cloud must accelerate its model iteration speed to enhance the user experience in the MaaS layer. Data from the National Data Bureau shows that as of the end of June this year, daily Token consumption has exceeded 30 trillion, growing over 300 times in just a year and a half. In this Token-driven AI cloud revolution, the duel between Volcano Engine and Alibaba Cloud will propel the Chinese large model public cloud market towards a more mature ecological structure.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89988":"阿里巴巴-WR","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","BK1591":"就地过年概念","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0823426308.USD":"法巴中国股票基金","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0228659784.USD":"施罗德金砖四国基金","SG9999001093.SGD":"United Greater China Fund A Acc 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","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0823426480.USD":"法巴中国股票经典Dis","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","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","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0396098781.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (USD) ACC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU0594300419.USD":"富达中国消费基金A","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","BK4585":"ETF&股票定投概念","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","BK4587":"ChatGPT概念","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","BK4588":"碎股","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","BK1610":"ETF&股票定投概念","LU0084288322.USD":"Natixis Asia Equity RD USD","BK1575":"同股不同权","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","09988":"阿里巴巴-W","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0048597586.USD":"富达亚洲焦点A","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","HBBD.SI":"Alibaba HK SDR 5to1","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0359201612.USD":"贝莱德中国基金A2","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","BK1588":"回港中概股","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","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","BK1586":"云计算","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","BK1249":"综合零售","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0608807946.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" Q (USD) INC","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","BK4023":"应用软件","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","BK1584":"蚂蚁金服概念","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","SG9999001689.USD":"施罗德亚洲成长股票","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","BK1521":"挪威政府全球养老基金持仓","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","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","BK1502":"双十一","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","BK1501":"阿里概念股","LU1720050803.USD":"安联全方位中国股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","BK4543":"AI","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","AI":"C3.ai, Inc.","BK1608":"元宇宙概念","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","IE0008368304.USD":"STEWART INVESTORS WORLDWIDE LEADERS SUSTAINABILITY FUND \"I\" (USD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","BK4551":"寇图资本持仓","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","BK4528":"SaaS概念","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","BK1517":"云办公","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","SG9999001051.SGD":"United Asia Fund SGD","BK1142":"互联网与直销零售","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","BK1618":"Manus概念股","BABA":"阿里巴巴","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","BK1615":"港股-互联网","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0173614495.USD":"富达中国焦点A","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117371458","content_text":"Recently, IDC's report on the \"China Large Model Public Cloud Service Market Analysis, 2025H1\" (calculated based on external customer Tokens usage under the MaaS layer, excluding vendor-owned businesses) revealed that Volcano Engine leads with a 49.2% market share, while Alibaba Cloud follows at 27%. The market has seen an almost 400% increase compared to the entirety of 2024. Previously, Omdia's report on \"China AI Cloud Market, 1H25\" (calculated across the entire \"IaaS+PaaS+MaaS\" revenue chain) indicated that Alibaba Cloud held the top position with a 35.8% market share, with Volcano Engine at 14.8%, illustrating a \"dual landscape\" of China's large model public cloud market. This ranking variance reflects the transitional characteristics of China's AI cloud market moving from infrastructure competition to deeper model application cultivation, emerging a dual champion pattern involving Volcano Engine and Alibaba Cloud.\nThe difference in market reporting reflects various statistical dimensions but accurately portrays the developmental phases of the market. According to Omdia's data, the AI cloud market in China reached 22.3 billion yuan in the first half of 2025, covering the entire cloud computing chain, highlighting the traditional cloud providers' accumulated strengths in infrastructure. Alibaba Cloud, as the oldest and largest cloud service provider in China, ensures revenue leadership through its globally positioned computational foundation and the comprehensive service capability formed by its artificial intelligence platform, PAI.\nThe IDC report focuses more on the actual applications within the MaaS layer. Data shows that in the first half of 2025, the scale of China's large model public cloud service market (measured by external customer Tokens usage within the MaaS layer) reached 5.367 trillion Tokens, representing nearly a 400% growth compared to the entirety of 2024; among them, Volcano Engine topped the chart with a 49.2% share, holding nearly half of the market.\nTan Dai, president of Volcano Engine, previously stated, “A large usage volume is essential to refine large models.” The Tokens usage volume, as a vital indicator of the actual depth of model usage, supports this philosophy—real feedback produced from extensive usage can continuously optimize models across throughput, latency, and cost, promoting a positive cycle between technological iteration and market applications.\n**Alibaba Cloud: The \"Guardian\" of a Full-Stack Ecosystem**  \nDespite competition from emerging vendors, Alibaba Cloud has maintained its leading position through its comprehensive capabilities and ecological advantages. As a pioneer in China's cloud computing market, Alibaba Cloud has a large customer base and a solid industry foundation. It has long held the lead in total revenue under the comprehensive income statistical dimension that includes IaaS and PaaS. At the 2025 Cloud Habitat Conference, Alibaba Group CEO Wu Yongming compared \"tokens\" to future \"electricity,\" stating that by 2032, in preparation for the arrival of the Super Artificial Intelligence era (ASI), Alibaba Cloud’s global data center energy consumption will increase tenfold compared to 2022, signaling exponential growth in its computational investment.\nAlibaba Cloud’s full-stack capabilities stand out in the AI cloud market. Its \"Tongyi\" large model family spans over 170,000 derivative models and can provide comprehensive services from model training to application deployment, combined with a globally leading computational backbone. This \"IaaS+PaaS+MaaS\" collaborative capability gives an advantage in catering to complex enterprise AI needs, supporting its remarkable market share in Omdia's reporting.\nAdditionally, Alibaba Cloud is accelerating its progress in the MaaS space. Through iterations of its \"Tongyi Qianwen\" series of models, its competitive edge in the MaaS layer is continuously enhancing. The IDC report shows a significant increase in its 27% share of Tokens usage compared to 2024. Its vast customer base provides a natural reservoir for the MaaS business, with potential customer conversions becoming a critical growth support.\n**Volcano Engine: The \"Overtaking Challenger\" in the MaaS Race**  \nAs an emerging cloud provider, Volcano Engine's large model business has become the fastest-growing force in the industry. In terms of market landscape, Volcano Engine maintains a clear advantage in external customer model usage, further expanding its lead this year following a strong performance in 2024, where its market share was 46.4%. Volcano Engine possesses irreplaceable core competitiveness in scenario deployment, technological breakthroughs, and cost control.\nAs a cloud and AI service platform under ByteDance, Volcano Engine's large model development benefits from the extensive validation of rich internal business scenarios. The long-term, large-scale Tokens usage provides ample data support for model optimization, resulting in significant technological advantages in the multimodal large model field.\nIn model performance, according to the \"SuperCLUE\" evaluation report released by the Chinese large model benchmarking, the Doupiao large model ranked first in \"model fidelity\" with approximately 4% illusory rate. Its multimodal models, Seedream and Seedance, also achieved excellent results in related assessments. In commercial applications, Volcano Engine has optimized its Doupiao model's inference costs by employing sparse MoE architecture, achieving breakthroughs from \"per-unit pricing\" to \"per-tenth pricing,\" significantly lowering usage thresholds.\nRegarding client coverage, Volcano Engine's large model services are particularly advantageous among leading clients in various industries. As of the first half of 2025, its services have expanded to sectors including automotive, consumer goods, education, and smart terminals, with key partnership clients including Tesla, Luckin Coffee, Tsinghua University, Xiaomi, and Samsung.\nAdditionally, Volcano Engine is supported by an \"AI cloud-native infrastructure,\" optimized for systematic end-to-end inference leveraging a GPU-centric architecture. Coupled with the scale advantages of its domestic business under ByteDance, it achieves a competitive pricing edge. Furthermore, through self-developed firewalls, it ensures the security and compliance of scenarios in finance and government sectors, bolstering its market competitiveness.\n**The Future Market Under the Dual Champion Landscape**  \nThe competition between Volcano Engine and Alibaba Cloud embodies the clash of two distinct development paths for AI cloud: Volcano Engine represents the \"model-first\" logic of a new force, rapidly rising with its technological and cost advantages in the MaaS layer; Alibaba Cloud reflects the \"ecosystem-first\" strategy of a traditional giant, consolidating its market position through comprehensive capabilities and customer foundations.\nRegarding competitive strategies, both sides are deepening industry collaborations—Volcano Engine has recently focused on cooperation in the smart terminal and automotive sectors, while Alibaba Cloud is strengthening full-stack service ties through joint construction of intelligent cockpit ecosystems with automotive manufacturers. IDC predicts that China's generative AI software will continue to grow rapidly, with the market size expected to reach 48.24 billion yuan by 2028, driven by continuous innovations in foundational models, the improvement of model development tools, and the emergence of intelligent agents.\nAs the market shifts from \"model availability\" to \"application usability,\" the competitive focus for these two giants will move towards comprehensive capability comparisons: Volcano Engine needs to address its IaaS layer shortfalls to meet large-scale customer demands, while Alibaba Cloud must accelerate its model iteration speed to enhance the user experience in the MaaS layer. Data from the National Data Bureau shows that as of the end of June this year, daily Token consumption has exceeded 30 trillion, growing over 300 times in just a year and a half. In this Token-driven AI cloud revolution, the duel between Volcano Engine and Alibaba Cloud will propel the Chinese large model public cloud market towards a more mature ecological structure.","news_type":1,"symbols_score_info":{"89988":1,"09988":1,"HBBD.SI":1,"BABA":1,"AI":1,"ALBmain":1}},"isVote":1,"tweetType":1,"viewCount":2049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":484786254975808,"gmtCreate":1759386355484,"gmtModify":1759386361373,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"With stable coins initiative which HK listed companies will benefit with stock price growth?","htmlText":"Find out more here: <a href=\"https://ttm.financial/gpt/share/6a7f5eb28a574758871efa10e265f938?utm_medium=tiger_community&amp;platform=iOS&amp;shareID=e9add0652c42c54ad7f73b09c58a0977&amp;invite=15S8R5&amp;lang=en_US\">With stable coins initiative which HK listed companies will benefit with stock price growth?</a> The introduction of stablecoin initiatives in Hong Kong could benefit several HK-listed companies, particularly those in the fintech, banking, and digital asset sectors. Here’s an analysis of potential beneficiaries and their growth prospects:","listText":"Find out more here: <a href=\"https://ttm.financial/gpt/share/6a7f5eb28a574758871efa10e265f938?utm_medium=tiger_community&amp;platform=iOS&amp;shareID=e9add0652c42c54ad7f73b09c58a0977&amp;invite=15S8R5&amp;lang=en_US\">With stable coins initiative which HK listed companies will benefit with stock price growth?</a> The introduction of stablecoin initiatives in Hong Kong could benefit several HK-listed companies, particularly those in the fintech, banking, and digital asset sectors. Here’s an analysis of potential beneficiaries and their growth prospects:","text":"Find out more here: With stable coins initiative which HK listed companies will benefit with stock price growth? The introduction of stablecoin initiatives in Hong Kong could benefit several HK-listed companies, particularly those in the fintech, banking, and digital asset sectors. Here’s an analysis of potential beneficiaries and their growth prospects:","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/484786254975808","isVote":1,"tweetType":1,"viewCount":1839,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":484779975529216,"gmtCreate":1759384811731,"gmtModify":1759384815685,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Indeed very impressive technology stack produced","listText":"Indeed very impressive technology stack produced","text":"Indeed very impressive technology stack produced","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/484779975529216","repostId":"1129842037","repostType":2,"repost":{"id":"1129842037","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":1759372722,"share":"https://ttm.financial/m/news/1129842037?lang=en_US&edition=fundamental","pubTime":"2025-10-02 10:38","market":"hk","language":"en","title":"JPMorgan Significantly Raises Alibaba Target Price, Optimistic About New Flywheel: \"Converting AI Cloud Tokens into E-commerce Commission Rates\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1129842037","media":"Deep News","summary":"JPMorgan has substantially increased its price target for Alibaba, with analysts highlighting how the company is creating an unprecedented business flywheel by transforming AI token revenue from its...","content":"<p>JPMorgan has substantially increased its price target for Alibaba, with analysts highlighting how the company is creating an unprecedented business flywheel by transforming AI token revenue from its cloud operations into commission rate advantages on its e-commerce platforms. Over the past three months, Alibaba's stock has outperformed Chinese internet ETFs by 364 basis points, yet analysts believe this is merely the beginning.</p>\n<p>According to trading desk sources, JPMorgan stated in its October 1st report that based on comprehensive research of Alibaba's Cloud Conference, the adoption rate of generative AI in China is expected to surpass the previous SaaS wave. Alibaba, leveraging its distinctive \"full-stack + open\" strategy, is positioned to establish robust value capture points across computing, platform, and application layers.</p>\n<p>JPMorgan elevated Alibaba's US stock and Hong Kong stock price targets from $170/HK$165 to $245/HK$240 respectively. Analysts emphasized that Alibaba's narrative has shifted from \"domestic e-commerce market share loser\" to \"China's tier-one internet asset,\" with AI services directly enhancing merchant operational efficiency and consumer experience, providing Alibaba opportunities to reprice advertising and tool services.</p>\n<p>**AI Cloud Business Revenue Prospects Exceed Expectations**</p>\n<p>Alibaba's cloud division has previously demonstrated remarkable growth momentum. In Q2 FY2025, Alibaba Cloud revenue grew 26% year-over-year, marking the eighth consecutive quarter of accelerating growth rates. JPMorgan noted this strong performance was primarily driven by generative AI demand, currently concentrated in internet, autonomous driving, and embodied intelligence sectors.</p>\n<p>More significantly, other industries are rapidly adopting generative AI technology. JPMorgan anticipates China's generative AI adoption will exceed the previous SaaS wave because it enables broader efficiency improvements—language, vision, and agent-based workflows touch virtually all functions, while deployment friction is minimal, achievable through APIs/agents rather than complete process redesign.</p>\n<p>Analysts predict that within 12-36 months, marketing, service, coding, finance departments, and supply chain applications will transition from tool testing to comprehensive agent automation. This transformation will drive steady service cost reductions and improve conversion rates and throughput for most consumer-facing funnels.</p>\n<p>**Generative AI and E-commerce Synergy Effects Emerge**</p>\n<p>Analysts indicated that Alibaba's unique advantage lies in the deep integration between its AI capabilities and massive e-commerce ecosystem. At the 2025 Cloud Conference, Alibaba showcased a comprehensive suite of powerful AI models and applications, many directly applicable to its vast merchant ecosystem.</p>\n<p>Core AI tools include: Tongyi Wanxiang AI image and video generation platform, Tongyi Qianwen 3 image editing model, Tongyi Qianwen 3-Omni multimodal large model, and Lingyang AgentOne enterprise AI application platform. These tools enable merchants to achieve automation and optimization across content creation to customer service.</p>\n<p>By mid-2025, Alibaba disclosed that over 800,000 AI agents have been built on the ModelScope platform with continuous upgrades. These specific applications save labor hours, shorten listing cycles, improve CTR/GMV conversion rates, and reduce customer service workload. For international business, Alibaba launched task-specific Accio agents to handle automatic procurement, translation, and compliance matters for cross-border merchants.</p>\n<p>**Three-Year 380 Billion Yuan Investment Demonstrates Strategic Commitment**</p>\n<p>Alibaba exhibits unwavering investment determination in AI/cloud infrastructure. The company has provided guidance for at least 380 billion yuan (52-53 billion USD) investment over three years, reflecting the capital intensity core to its \"full-stack + open\" strategy.</p>\n<p>In technology stack depth, Alibaba matches hyperscale cloud and databases (IaaS/PaaS) with self-developed inference silicon chips (Hanguang 800 and new inference chip development) and rapidly iterating model layers (Tongyi Qianwen/Tongyi Wanxiang). Regarding openness, Tongyi Qianwen continues open-sourcing in multiple scales while operating one of China's largest model communities (ModelScope/Bailian), converting into genuine developer and enterprise applications.</p>\n<p>These factors collectively create a complete funnel from computing to models to applications, forming strong value \"capture\" points at each layer. JPMorgan believes Alibaba is positioned to disproportionately capture generative AI value in IaaS, PaaS, and applications within the Chinese market.</p>\n<p>**Efficiency Dividend Distribution Mechanism Reshapes Business Model**</p>\n<p>JPMorgan states that theory and history demonstrate consumers typically receive the largest share of technology-driven efficiency gains through lower prices, richer selections, and better matching, while producers/platforms maintain value through scale, commission rates/pricing power, and new markets.</p>\n<p>Within Alibaba's business ecosystem, efficiency dividends from AI technology mean merchants will see operational expense savings and higher conversion rates; consumers will benefit from better recommendations, content, and pricing; Alibaba gains space to reprice services (advertising, tools, agent platforms), particularly in lead generation/traffic quality where value-based pricing can be protected.</p>\n<p>JPMorgan expects consumers to remain the largest beneficiaries, but Alibaba can monetize portions of incremental surplus through higher efficiency/advertising ROI and agent workflow subscriptions. This mechanism not only enhances overall platform efficiency but provides Alibaba with sustained revenue growth momentum.</p>\n<p>JPMorgan raised Alibaba's US stock and Hong Kong stock price targets from $170/HK$165 to $245/HK$240. Analysts believe that as AI-driven cloud business monetization, merchant cost savings, and domestic e-commerce incremental monetization materialize, Alibaba's equity narrative will return from \"domestic e-commerce market share loser\" to \"China's tier-one internet asset.\" This positioning change corresponds to 15-20x P/E multiples, significantly higher than current levels.</p>\n<p>Due to food delivery and instant retail investments distorting FY2027 financial outlook, JPMorgan recommends investors value Alibaba based on FY2028. According to analyst earnings forecasts, the current stock price corresponds to 12x FY2028 expected P/E ratio, providing substantial room for valuation upgrades.</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>JPMorgan Significantly Raises Alibaba Target Price, Optimistic About New Flywheel: \"Converting AI Cloud Tokens into E-commerce Commission Rates\"</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\">\nJPMorgan Significantly Raises Alibaba Target Price, Optimistic About New Flywheel: \"Converting AI Cloud Tokens into E-commerce Commission Rates\"\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\">2025-10-02 10:38</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>JPMorgan has substantially increased its price target for Alibaba, with analysts highlighting how the company is creating an unprecedented business flywheel by transforming AI token revenue from its cloud operations into commission rate advantages on its e-commerce platforms. Over the past three months, Alibaba's stock has outperformed Chinese internet ETFs by 364 basis points, yet analysts believe this is merely the beginning.</p>\n<p>According to trading desk sources, JPMorgan stated in its October 1st report that based on comprehensive research of Alibaba's Cloud Conference, the adoption rate of generative AI in China is expected to surpass the previous SaaS wave. Alibaba, leveraging its distinctive \"full-stack + open\" strategy, is positioned to establish robust value capture points across computing, platform, and application layers.</p>\n<p>JPMorgan elevated Alibaba's US stock and Hong Kong stock price targets from $170/HK$165 to $245/HK$240 respectively. Analysts emphasized that Alibaba's narrative has shifted from \"domestic e-commerce market share loser\" to \"China's tier-one internet asset,\" with AI services directly enhancing merchant operational efficiency and consumer experience, providing Alibaba opportunities to reprice advertising and tool services.</p>\n<p>**AI Cloud Business Revenue Prospects Exceed Expectations**</p>\n<p>Alibaba's cloud division has previously demonstrated remarkable growth momentum. In Q2 FY2025, Alibaba Cloud revenue grew 26% year-over-year, marking the eighth consecutive quarter of accelerating growth rates. JPMorgan noted this strong performance was primarily driven by generative AI demand, currently concentrated in internet, autonomous driving, and embodied intelligence sectors.</p>\n<p>More significantly, other industries are rapidly adopting generative AI technology. JPMorgan anticipates China's generative AI adoption will exceed the previous SaaS wave because it enables broader efficiency improvements—language, vision, and agent-based workflows touch virtually all functions, while deployment friction is minimal, achievable through APIs/agents rather than complete process redesign.</p>\n<p>Analysts predict that within 12-36 months, marketing, service, coding, finance departments, and supply chain applications will transition from tool testing to comprehensive agent automation. This transformation will drive steady service cost reductions and improve conversion rates and throughput for most consumer-facing funnels.</p>\n<p>**Generative AI and E-commerce Synergy Effects Emerge**</p>\n<p>Analysts indicated that Alibaba's unique advantage lies in the deep integration between its AI capabilities and massive e-commerce ecosystem. At the 2025 Cloud Conference, Alibaba showcased a comprehensive suite of powerful AI models and applications, many directly applicable to its vast merchant ecosystem.</p>\n<p>Core AI tools include: Tongyi Wanxiang AI image and video generation platform, Tongyi Qianwen 3 image editing model, Tongyi Qianwen 3-Omni multimodal large model, and Lingyang AgentOne enterprise AI application platform. These tools enable merchants to achieve automation and optimization across content creation to customer service.</p>\n<p>By mid-2025, Alibaba disclosed that over 800,000 AI agents have been built on the ModelScope platform with continuous upgrades. These specific applications save labor hours, shorten listing cycles, improve CTR/GMV conversion rates, and reduce customer service workload. For international business, Alibaba launched task-specific Accio agents to handle automatic procurement, translation, and compliance matters for cross-border merchants.</p>\n<p>**Three-Year 380 Billion Yuan Investment Demonstrates Strategic Commitment**</p>\n<p>Alibaba exhibits unwavering investment determination in AI/cloud infrastructure. The company has provided guidance for at least 380 billion yuan (52-53 billion USD) investment over three years, reflecting the capital intensity core to its \"full-stack + open\" strategy.</p>\n<p>In technology stack depth, Alibaba matches hyperscale cloud and databases (IaaS/PaaS) with self-developed inference silicon chips (Hanguang 800 and new inference chip development) and rapidly iterating model layers (Tongyi Qianwen/Tongyi Wanxiang). Regarding openness, Tongyi Qianwen continues open-sourcing in multiple scales while operating one of China's largest model communities (ModelScope/Bailian), converting into genuine developer and enterprise applications.</p>\n<p>These factors collectively create a complete funnel from computing to models to applications, forming strong value \"capture\" points at each layer. JPMorgan believes Alibaba is positioned to disproportionately capture generative AI value in IaaS, PaaS, and applications within the Chinese market.</p>\n<p>**Efficiency Dividend Distribution Mechanism Reshapes Business Model**</p>\n<p>JPMorgan states that theory and history demonstrate consumers typically receive the largest share of technology-driven efficiency gains through lower prices, richer selections, and better matching, while producers/platforms maintain value through scale, commission rates/pricing power, and new markets.</p>\n<p>Within Alibaba's business ecosystem, efficiency dividends from AI technology mean merchants will see operational expense savings and higher conversion rates; consumers will benefit from better recommendations, content, and pricing; Alibaba gains space to reprice services (advertising, tools, agent platforms), particularly in lead generation/traffic quality where value-based pricing can be protected.</p>\n<p>JPMorgan expects consumers to remain the largest beneficiaries, but Alibaba can monetize portions of incremental surplus through higher efficiency/advertising ROI and agent workflow subscriptions. This mechanism not only enhances overall platform efficiency but provides Alibaba with sustained revenue growth momentum.</p>\n<p>JPMorgan raised Alibaba's US stock and Hong Kong stock price targets from $170/HK$165 to $245/HK$240. Analysts believe that as AI-driven cloud business monetization, merchant cost savings, and domestic e-commerce incremental monetization materialize, Alibaba's equity narrative will return from \"domestic e-commerce market share loser\" to \"China's tier-one internet asset.\" This positioning change corresponds to 15-20x P/E multiples, significantly higher than current levels.</p>\n<p>Due to food delivery and instant retail investments distorting FY2027 financial outlook, JPMorgan recommends investors value Alibaba based on FY2028. According to analyst earnings forecasts, the current stock price corresponds to 12x FY2028 expected P/E ratio, providing substantial room for valuation upgrades.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","BK4543":"AI","BK4531":"中概回港概念","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","BK4535":"淡马锡持仓","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","BK4538":"云计算","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","BK4548":"巴美列捷福持仓","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","BK4554":"元宇宙及AR概念","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","BK4585":"ETF&股票定投概念","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","BK4558":"双十一","BK4587":"ChatGPT概念","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","BABA":"阿里巴巴","BK4588":"碎股","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","BK4565":"NFT概念","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","LU1046421795.USD":"富达环球科技A-ACC","BK4503":"景林资产持仓","BK4502":"阿里概念","09988":"阿里巴巴-W","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","BK4505":"高瓴资本持仓","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","BK4504":"桥水持仓","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","BK4607":"DeepSeek概念股","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","BK4524":"宅经济概念","BK4220":"综合零售","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","BK4527":"明星科技股","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","BK4526":"热门中概股","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU1046422090.SGD":"Fidelity Pacific A-SGD","BK4122":"互联网与直销零售","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4575":"芯片概念","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","BK4579":"人工智能","BK4614":"Manus概念股","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","BK4581":"高盛持仓"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129842037","content_text":"JPMorgan has substantially increased its price target for Alibaba, with analysts highlighting how the company is creating an unprecedented business flywheel by transforming AI token revenue from its cloud operations into commission rate advantages on its e-commerce platforms. Over the past three months, Alibaba's stock has outperformed Chinese internet ETFs by 364 basis points, yet analysts believe this is merely the beginning.\nAccording to trading desk sources, JPMorgan stated in its October 1st report that based on comprehensive research of Alibaba's Cloud Conference, the adoption rate of generative AI in China is expected to surpass the previous SaaS wave. Alibaba, leveraging its distinctive \"full-stack + open\" strategy, is positioned to establish robust value capture points across computing, platform, and application layers.\nJPMorgan elevated Alibaba's US stock and Hong Kong stock price targets from $170/HK$165 to $245/HK$240 respectively. Analysts emphasized that Alibaba's narrative has shifted from \"domestic e-commerce market share loser\" to \"China's tier-one internet asset,\" with AI services directly enhancing merchant operational efficiency and consumer experience, providing Alibaba opportunities to reprice advertising and tool services.\n**AI Cloud Business Revenue Prospects Exceed Expectations**\nAlibaba's cloud division has previously demonstrated remarkable growth momentum. In Q2 FY2025, Alibaba Cloud revenue grew 26% year-over-year, marking the eighth consecutive quarter of accelerating growth rates. JPMorgan noted this strong performance was primarily driven by generative AI demand, currently concentrated in internet, autonomous driving, and embodied intelligence sectors.\nMore significantly, other industries are rapidly adopting generative AI technology. JPMorgan anticipates China's generative AI adoption will exceed the previous SaaS wave because it enables broader efficiency improvements—language, vision, and agent-based workflows touch virtually all functions, while deployment friction is minimal, achievable through APIs/agents rather than complete process redesign.\nAnalysts predict that within 12-36 months, marketing, service, coding, finance departments, and supply chain applications will transition from tool testing to comprehensive agent automation. This transformation will drive steady service cost reductions and improve conversion rates and throughput for most consumer-facing funnels.\n**Generative AI and E-commerce Synergy Effects Emerge**\nAnalysts indicated that Alibaba's unique advantage lies in the deep integration between its AI capabilities and massive e-commerce ecosystem. At the 2025 Cloud Conference, Alibaba showcased a comprehensive suite of powerful AI models and applications, many directly applicable to its vast merchant ecosystem.\nCore AI tools include: Tongyi Wanxiang AI image and video generation platform, Tongyi Qianwen 3 image editing model, Tongyi Qianwen 3-Omni multimodal large model, and Lingyang AgentOne enterprise AI application platform. These tools enable merchants to achieve automation and optimization across content creation to customer service.\nBy mid-2025, Alibaba disclosed that over 800,000 AI agents have been built on the ModelScope platform with continuous upgrades. These specific applications save labor hours, shorten listing cycles, improve CTR/GMV conversion rates, and reduce customer service workload. For international business, Alibaba launched task-specific Accio agents to handle automatic procurement, translation, and compliance matters for cross-border merchants.\n**Three-Year 380 Billion Yuan Investment Demonstrates Strategic Commitment**\nAlibaba exhibits unwavering investment determination in AI/cloud infrastructure. The company has provided guidance for at least 380 billion yuan (52-53 billion USD) investment over three years, reflecting the capital intensity core to its \"full-stack + open\" strategy.\nIn technology stack depth, Alibaba matches hyperscale cloud and databases (IaaS/PaaS) with self-developed inference silicon chips (Hanguang 800 and new inference chip development) and rapidly iterating model layers (Tongyi Qianwen/Tongyi Wanxiang). Regarding openness, Tongyi Qianwen continues open-sourcing in multiple scales while operating one of China's largest model communities (ModelScope/Bailian), converting into genuine developer and enterprise applications.\nThese factors collectively create a complete funnel from computing to models to applications, forming strong value \"capture\" points at each layer. JPMorgan believes Alibaba is positioned to disproportionately capture generative AI value in IaaS, PaaS, and applications within the Chinese market.\n**Efficiency Dividend Distribution Mechanism Reshapes Business Model**\nJPMorgan states that theory and history demonstrate consumers typically receive the largest share of technology-driven efficiency gains through lower prices, richer selections, and better matching, while producers/platforms maintain value through scale, commission rates/pricing power, and new markets.\nWithin Alibaba's business ecosystem, efficiency dividends from AI technology mean merchants will see operational expense savings and higher conversion rates; consumers will benefit from better recommendations, content, and pricing; Alibaba gains space to reprice services (advertising, tools, agent platforms), particularly in lead generation/traffic quality where value-based pricing can be protected.\nJPMorgan expects consumers to remain the largest beneficiaries, but Alibaba can monetize portions of incremental surplus through higher efficiency/advertising ROI and agent workflow subscriptions. This mechanism not only enhances overall platform efficiency but provides Alibaba with sustained revenue growth momentum.\nJPMorgan raised Alibaba's US stock and Hong Kong stock price targets from $170/HK$165 to $245/HK$240. Analysts believe that as AI-driven cloud business monetization, merchant cost savings, and domestic e-commerce incremental monetization materialize, Alibaba's equity narrative will return from \"domestic e-commerce market share loser\" to \"China's tier-one internet asset.\" This positioning change corresponds to 15-20x P/E multiples, significantly higher than current levels.\nDue to food delivery and instant retail investments distorting FY2027 financial outlook, JPMorgan recommends investors value Alibaba based on FY2028. According to analyst earnings forecasts, the current stock price corresponds to 12x FY2028 expected P/E ratio, providing substantial room for valuation upgrades.","news_type":1,"symbols_score_info":{"09988":1,"ALBmain":1,"BABA":1}},"isVote":1,"tweetType":1,"viewCount":1999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":481015180608136,"gmtCreate":1758469049100,"gmtModify":1758469052655,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Reminder","listText":"Reminder","text":"Reminder","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/481015180608136","repostId":"480952190615968","repostType":1,"repost":{"id":480952190615968,"gmtCreate":1758442422792,"gmtModify":1758509476510,"author":{"id":"4147681045299222","authorId":"4147681045299222","name":"Isleigh","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4147681045299222","idStr":"4147681045299222"},"themes":[],"title":"💰 What's Really Keeping You From Taking Profits? It’s Not Just Greed — It's the Macro Noise","htmlText":"We've all been there: you're in green territory, up 30%, 50%, maybe more... but you freeze.“What if the Fed cuts rates next week? What if this is just the start?” Then the rally stalls. News drops. You're back to breakeven — or worse. 📉 Macro Confusion → Profit Paralysis The desire for more is amplified when macro headlines paint a bullish picture. Rate cut optimism, a cooling CPI, or dovish Fed talk—these make us believe there's \"room to run.\" But here's the truth: markets move ahead of the news. By the time macro tailwinds are priced in, the smart money is already trimming. 🔬 Micro Signals Often Say“Take the Bag” Look at the individual names. If volume wanes, insiders sell, or earnings beat but forward guidance dips—that's your sign. Yet many ignore these micro signals while clinging to","listText":"We've all been there: you're in green territory, up 30%, 50%, maybe more... but you freeze.“What if the Fed cuts rates next week? What if this is just the start?” Then the rally stalls. News drops. You're back to breakeven — or worse. 📉 Macro Confusion → Profit Paralysis The desire for more is amplified when macro headlines paint a bullish picture. Rate cut optimism, a cooling CPI, or dovish Fed talk—these make us believe there's \"room to run.\" But here's the truth: markets move ahead of the news. By the time macro tailwinds are priced in, the smart money is already trimming. 🔬 Micro Signals Often Say“Take the Bag” Look at the individual names. If volume wanes, insiders sell, or earnings beat but forward guidance dips—that's your sign. Yet many ignore these micro signals while clinging to","text":"We've all been there: you're in green territory, up 30%, 50%, maybe more... but you freeze.“What if the Fed cuts rates next week? What if this is just the start?” Then the rally stalls. News drops. You're back to breakeven — or worse. 📉 Macro Confusion → Profit Paralysis The desire for more is amplified when macro headlines paint a bullish picture. Rate cut optimism, a cooling CPI, or dovish Fed talk—these make us believe there's \"room to run.\" But here's the truth: markets move ahead of the news. By the time macro tailwinds are priced in, the smart money is already trimming. 🔬 Micro Signals Often Say“Take the Bag” Look at the individual names. If volume wanes, insiders sell, or earnings beat but forward guidance dips—that's your sign. Yet many ignore these micro signals while clinging to","images":[{"img":"https://community-static.tradeup.com/news/da5576862b9f876cda513b5a0630f291","width":"1024","height":"1536"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/480952190615968","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1966,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":476873632313344,"gmtCreate":1757430629864,"gmtModify":1757430641021,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"interesting ageing trend","listText":"interesting ageing trend","text":"interesting ageing trend","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/476873632313344","repostId":"1103288970","repostType":2,"repost":{"id":"1103288970","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":1756637561,"share":"https://ttm.financial/m/news/1103288970?lang=en_US&edition=fundamental","pubTime":"2025-08-31 18:52","market":"sg","language":"en","title":"After Retirement, They Return to Work: \"The Pay Isn't High, But It Brings Joy\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1103288970","media":"Deep News","summary":"Ms. Zheng, born in 1969 with a high school education, left her state-owned enterprise during the downsizing wave and switched to sales. Now in her sixth year of receiving retirement benefits, she...","content":"<p>Ms. Zheng, born in 1969 with a high school education, left her state-owned enterprise during the downsizing wave and switched to sales. Now in her sixth year of receiving retirement benefits, she collects a stable monthly pension of 2,473 yuan. Her daughter, born in 1996, briefly worked at a consulting firm after graduating with a master's degree in Hong Kong and is now in Shanghai seeking employment in the financial sector, paying a monthly rent of 3,700 yuan. While her daughter prepares for second-round interviews by studying materials from dawn to dusk, Ms. Zheng has quietly started working at the supermarket downstairs: 7 AM to 3 PM shifts, earning 4,500 yuan monthly, and she can even bring home spare ribs to make soup for her daughter after work. She even received multiple job offers: \"Sister Wang downstairs recommended me for a cleaning job, but I declined because it seemed too tiring.\"</p>\n<p>With sufficient social and work experience coupled with more flexible employment arrangements, younger elderly individuals actually have considerable market value in the job sector. Multiple interviewees confirmed that finding work has been easier than they anticipated.</p>\n<p>The heated elderly employment market is set to gain new momentum with the implementation of new social security judicial interpretations scheduled for September 1st.</p>\n<p>The Supreme Court recently issued guidance stating that from September 1st, any agreement to \"not pay social security\" will be deemed invalid, and employers must provide economic compensation, sparking discussions about \"mandatory social security.\" While many business owners remain cautious, large enterprises have already begun competing for retired talent.</p>\n<p>McDonald's, which first drew attention, responded that the company employs flexible and diverse employment methods and has been recruiting retired employees since 2022. Beijing Universal Studios recently posted job openings for retail service personnel, specifically requiring formal retirees (those with retirement certificates). Shanghai establishments like Xiao Yang Sheng Jian and Kiessling have also posted notices recruiting retired personnel.</p>\n<p>Given China's complex social security structure, will labor relations represented by \"retirement rehiring\" become a future employment trend? How should we balance flexibility and protection?</p>\n<p>**\"Converting Employees to Partners\"**</p>\n<p>Xu Xia once had a highly successful career. As the first college graduate from her village, she entered the banking system after graduation and worked her way up to deputy branch manager at a local branch. Due to organizational adjustments, Xu Xia processed early retirement six months ahead of schedule.</p>\n<p>What should have been a happy occasion became disorienting as she suddenly transitioned from busy to idle retirement life. Her husband and friends hadn't reached retirement age yet, her children working in other cities had stable lives, and her parents remained healthy. All time became her own.</p>\n<p>\"I've never had this experience before - having so much personal time with no mandatory tasks, being able to arrange everything according to my wishes,\" Xu Xia explained.</p>\n<p>After graduation, she found work, married, and had children, raising kids and handling household duties while building her career, only beginning to travel in recent years. On her first day of retirement, she woke at seven as usual, then spent the entire day playing mahjong at the community card room.</p>\n<p>She traveled extensively with her father to Anhui, Shanxi, and Xinjiang, joined tour groups to Southeast Asia, researched Xinjiang-Ningbo transportation business, tried to convince community friends to open a group buying store together, attended senior university classes in \"Happiness Psychology,\" and began introducing dating prospects to her daughter while eagerly anticipating grandchildren.</p>\n<p>Still, she felt restless.</p>\n<p>A friend introduced her to an insurance company position, and Xu Xia decided to try it. Before retirement, her annual salary was several hundred thousand yuan; after retirement, her monthly pension exceeded 10,000 yuan. Not needing money, Xu Xia chose to return to work \"mainly to continue contributing value.\"</p>\n<p>Family members questioned the insurance company's credentials and urged her to enjoy retirement and \"live peacefully.\" But she applied her newly learned \"Happiness Psychology\": \"I'm happy to join the insurance company, and I hope you'll support me. Mutual family support is most important.\"</p>\n<p>Xu Xia didn't need the insurance company to provide social security. In fact, the company doesn't provide social security for most employees - they sign agency contracts, essentially establishing service relationships.</p>\n<p>\"Service contract relationships and labor contract relationships differ by only one character, but have vastly different legal implications,\" explained Chen Wenming, director of Zhejiang Xiaode Law Firm. Service relationships primarily involve property and economic relations between equal, independent parties, while labor contract relationships are fundamentally different.</p>\n<p>He noted that service relationships primarily fall under Civil Code regulations, while labor contract relationships are governed by Labor Contract Law and Labor Law.</p>\n<p>Xu Xia's agency model resembles the online joke about \"converting employees to partners.\" A restaurant owner in Yunnan confirmed he's considering the feasibility of converting employees to partners.</p>\n<p>\"I have three stores with about twenty employees. Staff turnover is high, and not providing social security is common industry practice,\" he admitted. According to his calculations, providing social security for everyone would cost over 1,000 yuan more per person monthly.</p>\n<p>\"Restaurant profit margins are extremely thin; everyone's practically losing money for publicity. If we must provide social security, I'd probably have to close at least two of my three stores.\"</p>\n<p>Regarding the partner conversion model, he sees it as risk mitigation to avoid closure, and hiring retired workers is also under consideration while he \"observes the situation.\"</p>\n<p>However, lawyer Zhang Xiuhong from Beijing Zhongdun Law Firm emphasized that labor relationships and partnership relationships are fundamentally different legally.</p>\n<p>\"Labor relationships emphasize 'subordination' - attendance management, performance evaluation, fixed salaries. Partnership relationships are based on 'equality.' If companies still require so-called partners to clock in, accept management, and receive monthly pay, the relationship remains essentially a labor relationship. Simply calling employees 'partners' doesn't eliminate social security obligations.\"</p>\n<p>She explained that during disputes, labor arbitration and courts focus on actual employment practices rather than contract terminology. Companies may face recognition of de facto labor relationships, required social security back payments with penalties, plus work injury, overtime, and wrongful termination compensation risks.</p>\n<p>\"More seriously, if this model becomes widespread, workers' basic protections will be undermined, and the social insurance system will lose stability. 'Flexible employment' that becomes 'employment avoidance' actually erodes workers' security and social trust.\"</p>\n<p>After ten days, facing strong family opposition, Xu Xia ended her insurance company employment - after purchasing a 100,000 yuan insurance policy for herself. At least the departure was flexible and easy.</p>\n<p>After helping her father harvest peanuts back home, the self-described \"workaholic\" Xu Xia resumed her community group buying store business plan. She plans to recruit retired friends to operate together after opening: \"We'd be idle at home anyway. Our wages won't be high, but everyone working together happily - how joyful!\"</p>\n<p>**534 Million Employee Pension Insurance Contributors**</p>\n<p>Liu Qing's experience differs from Xu Xia's - she lacks traditional workplace experience. She and her husband operated a toy store for over twenty years. In 2019, they transferred management rights to others, and she enjoyed two years of home rest, renovating their house.</p>\n<p>According to her plan, after two years' rest, her nearly thirty-year-old son would marry, and after arranging the wedding, she'd help raise grandchildren - a perfect life.</p>\n<p>\"I especially love children,\" Liu Qing shared.</p>\n<p>But events didn't unfold as expected. Last year, Liu Qing received her first pension payment of just over 2,000 yuan, which \"covers family porridge\" according to her, though previous store savings prevented major financial problems. However, her son's marriage plans remain uncertain, and grandchild care remains distant.</p>\n<p>\"Square dancing friends constantly complain about being 'exhausted' caring for grandchildren, but their tone actually contains some boasting,\" Liu Qing confided. Young people have their own ideas.</p>\n<p>During one argument, her son said: \"If you love caring for children so much, go work at a kindergarten.\"</p>\n<p>A nearby private kindergarten was indeed hiring women under sixty for 2,000 yuan monthly. Half in defiance, half for household income, \"plus staying home just means scrolling phones,\" Liu Qing became the kindergarten's life assistant, mainly helping children with naps and meals.</p>\n<p>\"Social security definitely isn't provided - no questions asked. Here, everyone pays their own pension insurance, several thousand yearly, choosing their own tier,\" Liu Qing explained.</p>\n<p>Her pension insurance is formally called Urban-Rural Residents Basic Pension Insurance, differing from the Employee Pension Insurance that Xu Xia and most company employees pay. Urban-rural pension contribution amounts vary by location.</p>\n<p>In Zhejiang, starting January 1, 2024, Urban-Rural Residents Basic Pension Insurance offers eight contribution tiers ranging from 200-7,000 yuan annually, with the 200 yuan tier government-subsidized for low-income households, impoverished individuals, disabled persons, and other disadvantaged groups.</p>\n<p>Employee pension insurance is paid monthly based on income ratios. Also in Zhejiang, contributions are based on the previous year's average monthly wage, adjusted within 60%-300% of local social average wages. Employer contributions are 16%, individual contributions 8%.</p>\n<p>Medical insurance also differs. China integrated Urban Residents Basic Medical Insurance and New Rural Cooperative Medical Care in 2016, implementing combined individual contributions and fiscal subsidies. The 2025 New Rural Cooperative individual contribution standard is 400 yuan per person annually, plus at least 670 yuan in fiscal subsidies, totaling 1,070 yuan yearly. Urban Employee Medical Insurance is paid monthly based on the previous year's average monthly wage, with employers paying 10% and individuals 2%.</p>\n<p>Recent data shows 534 million people participate in Urban Employee Basic Pension Insurance and 538 million in Urban-Rural Residents Basic Pension Insurance. For medical insurance, resident insurance participants significantly outnumber employee insurance participants: 950 million versus 380 million respectively.</p>\n<p>Liu Qing noted that colleagues include several non-retired life assistants and cleaning staff who also don't receive employer-provided social security.</p>\n<p>\"People here basically buy their own pension insurance and New Rural Cooperative insurance rather than having employers pay. Getting wages directly feels more practical. Some talk about transferring between systems, but it's too complicated for us.\"</p>\n<p>While common in practice, this approach exists in a legal gray area. According to Social Insurance Law and Labor Contract Law provisions, participating in social insurance and legally contributing social insurance fees is employers' statutory obligation, which cannot be modified or waived through employer-employee agreements, nor exempted because employees personally contribute to resident insurance.</p>\n<p>Regarding transfer \"complications,\" pension insurance account balances can actually be seamlessly transferred between systems, with online applications available through electronic social security cards.</p>\n<p>Liu Qing shared tutorial videos her son sent with non-retired colleagues, but received no replies.</p>\n<p>**Balancing Flexibility and Protection**</p>\n<p>As population aging accelerates, more \"new elderly\" like Ms. Zheng, Xu Xia, and Liu Qing are re-entering workplaces, representing both flexible employment and testing existing social security systems.</p>\n<p>Lawyers warn that hiring retired personnel or using \"partner\" or \"service agreement\" arrangements doesn't eliminate legal responsibilities. Zhang Xiuhong noted that while retired personnel receive pensions and aren't required to contribute to pension insurance, if companies provide unified management, attendance monitoring, and fixed compensation during rehiring, they may still be recognized as de facto labor relationships. Companies remain liable for work injuries or labor disputes.</p>\n<p>\"'Service agreements' aren't immunity certificates. Arbitration and courts focus on substance over form. While employment costs seem reduced, compliance risks multiply,\" Zhang Xiuhong explained.</p>\n<p>According to National Bureau of Statistics data, flexible employment now exceeds 200 million people, including many retirement-age elderly. As flexible employment rapidly expands and retirement rehiring gains popularity, social security systems and labor regulations urgently need adaptation to new employment realities.</p>\n<p>Chen Wenming views gig work as non-full-time employment under Labor Contract Law Article 68. While differing significantly from full-time employment in forms and rights/obligations, it still constitutes labor relations with worker protections. Current laws provide comprehensive protection regarding employment establishment/termination, working hours, and social insurance benefits. Workers should actively exercise their rights.</p>\n<p>This website content (including but not limited to text, images, and audio/video), except reprints, is copyrighted. Unauthorized reproduction, linking, reposting, or other uses are prohibited. Violators will face legal action. For media, website, or individual reprint use, please contact news@time-weekly.com</p>\n<p>Massive information and precise analysis available on Sina Finance APP</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>After Retirement, They Return to Work: \"The Pay Isn't High, But It Brings Joy\"</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\">\nAfter Retirement, They Return to Work: \"The Pay Isn't High, But It Brings Joy\"\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\">2025-08-31 18:52</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Ms. Zheng, born in 1969 with a high school education, left her state-owned enterprise during the downsizing wave and switched to sales. Now in her sixth year of receiving retirement benefits, she collects a stable monthly pension of 2,473 yuan. Her daughter, born in 1996, briefly worked at a consulting firm after graduating with a master's degree in Hong Kong and is now in Shanghai seeking employment in the financial sector, paying a monthly rent of 3,700 yuan. While her daughter prepares for second-round interviews by studying materials from dawn to dusk, Ms. Zheng has quietly started working at the supermarket downstairs: 7 AM to 3 PM shifts, earning 4,500 yuan monthly, and she can even bring home spare ribs to make soup for her daughter after work. She even received multiple job offers: \"Sister Wang downstairs recommended me for a cleaning job, but I declined because it seemed too tiring.\"</p>\n<p>With sufficient social and work experience coupled with more flexible employment arrangements, younger elderly individuals actually have considerable market value in the job sector. Multiple interviewees confirmed that finding work has been easier than they anticipated.</p>\n<p>The heated elderly employment market is set to gain new momentum with the implementation of new social security judicial interpretations scheduled for September 1st.</p>\n<p>The Supreme Court recently issued guidance stating that from September 1st, any agreement to \"not pay social security\" will be deemed invalid, and employers must provide economic compensation, sparking discussions about \"mandatory social security.\" While many business owners remain cautious, large enterprises have already begun competing for retired talent.</p>\n<p>McDonald's, which first drew attention, responded that the company employs flexible and diverse employment methods and has been recruiting retired employees since 2022. Beijing Universal Studios recently posted job openings for retail service personnel, specifically requiring formal retirees (those with retirement certificates). Shanghai establishments like Xiao Yang Sheng Jian and Kiessling have also posted notices recruiting retired personnel.</p>\n<p>Given China's complex social security structure, will labor relations represented by \"retirement rehiring\" become a future employment trend? How should we balance flexibility and protection?</p>\n<p>**\"Converting Employees to Partners\"**</p>\n<p>Xu Xia once had a highly successful career. As the first college graduate from her village, she entered the banking system after graduation and worked her way up to deputy branch manager at a local branch. Due to organizational adjustments, Xu Xia processed early retirement six months ahead of schedule.</p>\n<p>What should have been a happy occasion became disorienting as she suddenly transitioned from busy to idle retirement life. Her husband and friends hadn't reached retirement age yet, her children working in other cities had stable lives, and her parents remained healthy. All time became her own.</p>\n<p>\"I've never had this experience before - having so much personal time with no mandatory tasks, being able to arrange everything according to my wishes,\" Xu Xia explained.</p>\n<p>After graduation, she found work, married, and had children, raising kids and handling household duties while building her career, only beginning to travel in recent years. On her first day of retirement, she woke at seven as usual, then spent the entire day playing mahjong at the community card room.</p>\n<p>She traveled extensively with her father to Anhui, Shanxi, and Xinjiang, joined tour groups to Southeast Asia, researched Xinjiang-Ningbo transportation business, tried to convince community friends to open a group buying store together, attended senior university classes in \"Happiness Psychology,\" and began introducing dating prospects to her daughter while eagerly anticipating grandchildren.</p>\n<p>Still, she felt restless.</p>\n<p>A friend introduced her to an insurance company position, and Xu Xia decided to try it. Before retirement, her annual salary was several hundred thousand yuan; after retirement, her monthly pension exceeded 10,000 yuan. Not needing money, Xu Xia chose to return to work \"mainly to continue contributing value.\"</p>\n<p>Family members questioned the insurance company's credentials and urged her to enjoy retirement and \"live peacefully.\" But she applied her newly learned \"Happiness Psychology\": \"I'm happy to join the insurance company, and I hope you'll support me. Mutual family support is most important.\"</p>\n<p>Xu Xia didn't need the insurance company to provide social security. In fact, the company doesn't provide social security for most employees - they sign agency contracts, essentially establishing service relationships.</p>\n<p>\"Service contract relationships and labor contract relationships differ by only one character, but have vastly different legal implications,\" explained Chen Wenming, director of Zhejiang Xiaode Law Firm. Service relationships primarily involve property and economic relations between equal, independent parties, while labor contract relationships are fundamentally different.</p>\n<p>He noted that service relationships primarily fall under Civil Code regulations, while labor contract relationships are governed by Labor Contract Law and Labor Law.</p>\n<p>Xu Xia's agency model resembles the online joke about \"converting employees to partners.\" A restaurant owner in Yunnan confirmed he's considering the feasibility of converting employees to partners.</p>\n<p>\"I have three stores with about twenty employees. Staff turnover is high, and not providing social security is common industry practice,\" he admitted. According to his calculations, providing social security for everyone would cost over 1,000 yuan more per person monthly.</p>\n<p>\"Restaurant profit margins are extremely thin; everyone's practically losing money for publicity. If we must provide social security, I'd probably have to close at least two of my three stores.\"</p>\n<p>Regarding the partner conversion model, he sees it as risk mitigation to avoid closure, and hiring retired workers is also under consideration while he \"observes the situation.\"</p>\n<p>However, lawyer Zhang Xiuhong from Beijing Zhongdun Law Firm emphasized that labor relationships and partnership relationships are fundamentally different legally.</p>\n<p>\"Labor relationships emphasize 'subordination' - attendance management, performance evaluation, fixed salaries. Partnership relationships are based on 'equality.' If companies still require so-called partners to clock in, accept management, and receive monthly pay, the relationship remains essentially a labor relationship. Simply calling employees 'partners' doesn't eliminate social security obligations.\"</p>\n<p>She explained that during disputes, labor arbitration and courts focus on actual employment practices rather than contract terminology. Companies may face recognition of de facto labor relationships, required social security back payments with penalties, plus work injury, overtime, and wrongful termination compensation risks.</p>\n<p>\"More seriously, if this model becomes widespread, workers' basic protections will be undermined, and the social insurance system will lose stability. 'Flexible employment' that becomes 'employment avoidance' actually erodes workers' security and social trust.\"</p>\n<p>After ten days, facing strong family opposition, Xu Xia ended her insurance company employment - after purchasing a 100,000 yuan insurance policy for herself. At least the departure was flexible and easy.</p>\n<p>After helping her father harvest peanuts back home, the self-described \"workaholic\" Xu Xia resumed her community group buying store business plan. She plans to recruit retired friends to operate together after opening: \"We'd be idle at home anyway. Our wages won't be high, but everyone working together happily - how joyful!\"</p>\n<p>**534 Million Employee Pension Insurance Contributors**</p>\n<p>Liu Qing's experience differs from Xu Xia's - she lacks traditional workplace experience. She and her husband operated a toy store for over twenty years. In 2019, they transferred management rights to others, and she enjoyed two years of home rest, renovating their house.</p>\n<p>According to her plan, after two years' rest, her nearly thirty-year-old son would marry, and after arranging the wedding, she'd help raise grandchildren - a perfect life.</p>\n<p>\"I especially love children,\" Liu Qing shared.</p>\n<p>But events didn't unfold as expected. Last year, Liu Qing received her first pension payment of just over 2,000 yuan, which \"covers family porridge\" according to her, though previous store savings prevented major financial problems. However, her son's marriage plans remain uncertain, and grandchild care remains distant.</p>\n<p>\"Square dancing friends constantly complain about being 'exhausted' caring for grandchildren, but their tone actually contains some boasting,\" Liu Qing confided. Young people have their own ideas.</p>\n<p>During one argument, her son said: \"If you love caring for children so much, go work at a kindergarten.\"</p>\n<p>A nearby private kindergarten was indeed hiring women under sixty for 2,000 yuan monthly. Half in defiance, half for household income, \"plus staying home just means scrolling phones,\" Liu Qing became the kindergarten's life assistant, mainly helping children with naps and meals.</p>\n<p>\"Social security definitely isn't provided - no questions asked. Here, everyone pays their own pension insurance, several thousand yearly, choosing their own tier,\" Liu Qing explained.</p>\n<p>Her pension insurance is formally called Urban-Rural Residents Basic Pension Insurance, differing from the Employee Pension Insurance that Xu Xia and most company employees pay. Urban-rural pension contribution amounts vary by location.</p>\n<p>In Zhejiang, starting January 1, 2024, Urban-Rural Residents Basic Pension Insurance offers eight contribution tiers ranging from 200-7,000 yuan annually, with the 200 yuan tier government-subsidized for low-income households, impoverished individuals, disabled persons, and other disadvantaged groups.</p>\n<p>Employee pension insurance is paid monthly based on income ratios. Also in Zhejiang, contributions are based on the previous year's average monthly wage, adjusted within 60%-300% of local social average wages. Employer contributions are 16%, individual contributions 8%.</p>\n<p>Medical insurance also differs. China integrated Urban Residents Basic Medical Insurance and New Rural Cooperative Medical Care in 2016, implementing combined individual contributions and fiscal subsidies. The 2025 New Rural Cooperative individual contribution standard is 400 yuan per person annually, plus at least 670 yuan in fiscal subsidies, totaling 1,070 yuan yearly. Urban Employee Medical Insurance is paid monthly based on the previous year's average monthly wage, with employers paying 10% and individuals 2%.</p>\n<p>Recent data shows 534 million people participate in Urban Employee Basic Pension Insurance and 538 million in Urban-Rural Residents Basic Pension Insurance. For medical insurance, resident insurance participants significantly outnumber employee insurance participants: 950 million versus 380 million respectively.</p>\n<p>Liu Qing noted that colleagues include several non-retired life assistants and cleaning staff who also don't receive employer-provided social security.</p>\n<p>\"People here basically buy their own pension insurance and New Rural Cooperative insurance rather than having employers pay. Getting wages directly feels more practical. Some talk about transferring between systems, but it's too complicated for us.\"</p>\n<p>While common in practice, this approach exists in a legal gray area. According to Social Insurance Law and Labor Contract Law provisions, participating in social insurance and legally contributing social insurance fees is employers' statutory obligation, which cannot be modified or waived through employer-employee agreements, nor exempted because employees personally contribute to resident insurance.</p>\n<p>Regarding transfer \"complications,\" pension insurance account balances can actually be seamlessly transferred between systems, with online applications available through electronic social security cards.</p>\n<p>Liu Qing shared tutorial videos her son sent with non-retired colleagues, but received no replies.</p>\n<p>**Balancing Flexibility and Protection**</p>\n<p>As population aging accelerates, more \"new elderly\" like Ms. Zheng, Xu Xia, and Liu Qing are re-entering workplaces, representing both flexible employment and testing existing social security systems.</p>\n<p>Lawyers warn that hiring retired personnel or using \"partner\" or \"service agreement\" arrangements doesn't eliminate legal responsibilities. Zhang Xiuhong noted that while retired personnel receive pensions and aren't required to contribute to pension insurance, if companies provide unified management, attendance monitoring, and fixed compensation during rehiring, they may still be recognized as de facto labor relationships. Companies remain liable for work injuries or labor disputes.</p>\n<p>\"'Service agreements' aren't immunity certificates. Arbitration and courts focus on substance over form. While employment costs seem reduced, compliance risks multiply,\" Zhang Xiuhong explained.</p>\n<p>According to National Bureau of Statistics data, flexible employment now exceeds 200 million people, including many retirement-age elderly. As flexible employment rapidly expands and retirement rehiring gains popularity, social security systems and labor regulations urgently need adaptation to new employment realities.</p>\n<p>Chen Wenming views gig work as non-full-time employment under Labor Contract Law Article 68. While differing significantly from full-time employment in forms and rights/obligations, it still constitutes labor relations with worker protections. Current laws provide comprehensive protection regarding employment establishment/termination, working hours, and social insurance benefits. Workers should actively exercise their rights.</p>\n<p>This website content (including but not limited to text, images, and audio/video), except reprints, is copyrighted. Unauthorized reproduction, linking, reposting, or other uses are prohibited. Violators will face legal action. For media, website, or individual reprint use, please contact news@time-weekly.com</p>\n<p>Massive information and precise analysis available on Sina Finance APP</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIDIY":"DiDi Global Inc.","BK4022":"陆运","BK4230":"旅客陆运"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103288970","content_text":"Ms. Zheng, born in 1969 with a high school education, left her state-owned enterprise during the downsizing wave and switched to sales. Now in her sixth year of receiving retirement benefits, she collects a stable monthly pension of 2,473 yuan. Her daughter, born in 1996, briefly worked at a consulting firm after graduating with a master's degree in Hong Kong and is now in Shanghai seeking employment in the financial sector, paying a monthly rent of 3,700 yuan. While her daughter prepares for second-round interviews by studying materials from dawn to dusk, Ms. Zheng has quietly started working at the supermarket downstairs: 7 AM to 3 PM shifts, earning 4,500 yuan monthly, and she can even bring home spare ribs to make soup for her daughter after work. She even received multiple job offers: \"Sister Wang downstairs recommended me for a cleaning job, but I declined because it seemed too tiring.\"\nWith sufficient social and work experience coupled with more flexible employment arrangements, younger elderly individuals actually have considerable market value in the job sector. Multiple interviewees confirmed that finding work has been easier than they anticipated.\nThe heated elderly employment market is set to gain new momentum with the implementation of new social security judicial interpretations scheduled for September 1st.\nThe Supreme Court recently issued guidance stating that from September 1st, any agreement to \"not pay social security\" will be deemed invalid, and employers must provide economic compensation, sparking discussions about \"mandatory social security.\" While many business owners remain cautious, large enterprises have already begun competing for retired talent.\nMcDonald's, which first drew attention, responded that the company employs flexible and diverse employment methods and has been recruiting retired employees since 2022. Beijing Universal Studios recently posted job openings for retail service personnel, specifically requiring formal retirees (those with retirement certificates). Shanghai establishments like Xiao Yang Sheng Jian and Kiessling have also posted notices recruiting retired personnel.\nGiven China's complex social security structure, will labor relations represented by \"retirement rehiring\" become a future employment trend? How should we balance flexibility and protection?\n**\"Converting Employees to Partners\"**\nXu Xia once had a highly successful career. As the first college graduate from her village, she entered the banking system after graduation and worked her way up to deputy branch manager at a local branch. Due to organizational adjustments, Xu Xia processed early retirement six months ahead of schedule.\nWhat should have been a happy occasion became disorienting as she suddenly transitioned from busy to idle retirement life. Her husband and friends hadn't reached retirement age yet, her children working in other cities had stable lives, and her parents remained healthy. All time became her own.\n\"I've never had this experience before - having so much personal time with no mandatory tasks, being able to arrange everything according to my wishes,\" Xu Xia explained.\nAfter graduation, she found work, married, and had children, raising kids and handling household duties while building her career, only beginning to travel in recent years. On her first day of retirement, she woke at seven as usual, then spent the entire day playing mahjong at the community card room.\nShe traveled extensively with her father to Anhui, Shanxi, and Xinjiang, joined tour groups to Southeast Asia, researched Xinjiang-Ningbo transportation business, tried to convince community friends to open a group buying store together, attended senior university classes in \"Happiness Psychology,\" and began introducing dating prospects to her daughter while eagerly anticipating grandchildren.\nStill, she felt restless.\nA friend introduced her to an insurance company position, and Xu Xia decided to try it. Before retirement, her annual salary was several hundred thousand yuan; after retirement, her monthly pension exceeded 10,000 yuan. Not needing money, Xu Xia chose to return to work \"mainly to continue contributing value.\"\nFamily members questioned the insurance company's credentials and urged her to enjoy retirement and \"live peacefully.\" But she applied her newly learned \"Happiness Psychology\": \"I'm happy to join the insurance company, and I hope you'll support me. Mutual family support is most important.\"\nXu Xia didn't need the insurance company to provide social security. In fact, the company doesn't provide social security for most employees - they sign agency contracts, essentially establishing service relationships.\n\"Service contract relationships and labor contract relationships differ by only one character, but have vastly different legal implications,\" explained Chen Wenming, director of Zhejiang Xiaode Law Firm. Service relationships primarily involve property and economic relations between equal, independent parties, while labor contract relationships are fundamentally different.\nHe noted that service relationships primarily fall under Civil Code regulations, while labor contract relationships are governed by Labor Contract Law and Labor Law.\nXu Xia's agency model resembles the online joke about \"converting employees to partners.\" A restaurant owner in Yunnan confirmed he's considering the feasibility of converting employees to partners.\n\"I have three stores with about twenty employees. Staff turnover is high, and not providing social security is common industry practice,\" he admitted. According to his calculations, providing social security for everyone would cost over 1,000 yuan more per person monthly.\n\"Restaurant profit margins are extremely thin; everyone's practically losing money for publicity. If we must provide social security, I'd probably have to close at least two of my three stores.\"\nRegarding the partner conversion model, he sees it as risk mitigation to avoid closure, and hiring retired workers is also under consideration while he \"observes the situation.\"\nHowever, lawyer Zhang Xiuhong from Beijing Zhongdun Law Firm emphasized that labor relationships and partnership relationships are fundamentally different legally.\n\"Labor relationships emphasize 'subordination' - attendance management, performance evaluation, fixed salaries. Partnership relationships are based on 'equality.' If companies still require so-called partners to clock in, accept management, and receive monthly pay, the relationship remains essentially a labor relationship. Simply calling employees 'partners' doesn't eliminate social security obligations.\"\nShe explained that during disputes, labor arbitration and courts focus on actual employment practices rather than contract terminology. Companies may face recognition of de facto labor relationships, required social security back payments with penalties, plus work injury, overtime, and wrongful termination compensation risks.\n\"More seriously, if this model becomes widespread, workers' basic protections will be undermined, and the social insurance system will lose stability. 'Flexible employment' that becomes 'employment avoidance' actually erodes workers' security and social trust.\"\nAfter ten days, facing strong family opposition, Xu Xia ended her insurance company employment - after purchasing a 100,000 yuan insurance policy for herself. At least the departure was flexible and easy.\nAfter helping her father harvest peanuts back home, the self-described \"workaholic\" Xu Xia resumed her community group buying store business plan. She plans to recruit retired friends to operate together after opening: \"We'd be idle at home anyway. Our wages won't be high, but everyone working together happily - how joyful!\"\n**534 Million Employee Pension Insurance Contributors**\nLiu Qing's experience differs from Xu Xia's - she lacks traditional workplace experience. She and her husband operated a toy store for over twenty years. In 2019, they transferred management rights to others, and she enjoyed two years of home rest, renovating their house.\nAccording to her plan, after two years' rest, her nearly thirty-year-old son would marry, and after arranging the wedding, she'd help raise grandchildren - a perfect life.\n\"I especially love children,\" Liu Qing shared.\nBut events didn't unfold as expected. Last year, Liu Qing received her first pension payment of just over 2,000 yuan, which \"covers family porridge\" according to her, though previous store savings prevented major financial problems. However, her son's marriage plans remain uncertain, and grandchild care remains distant.\n\"Square dancing friends constantly complain about being 'exhausted' caring for grandchildren, but their tone actually contains some boasting,\" Liu Qing confided. Young people have their own ideas.\nDuring one argument, her son said: \"If you love caring for children so much, go work at a kindergarten.\"\nA nearby private kindergarten was indeed hiring women under sixty for 2,000 yuan monthly. Half in defiance, half for household income, \"plus staying home just means scrolling phones,\" Liu Qing became the kindergarten's life assistant, mainly helping children with naps and meals.\n\"Social security definitely isn't provided - no questions asked. Here, everyone pays their own pension insurance, several thousand yearly, choosing their own tier,\" Liu Qing explained.\nHer pension insurance is formally called Urban-Rural Residents Basic Pension Insurance, differing from the Employee Pension Insurance that Xu Xia and most company employees pay. Urban-rural pension contribution amounts vary by location.\nIn Zhejiang, starting January 1, 2024, Urban-Rural Residents Basic Pension Insurance offers eight contribution tiers ranging from 200-7,000 yuan annually, with the 200 yuan tier government-subsidized for low-income households, impoverished individuals, disabled persons, and other disadvantaged groups.\nEmployee pension insurance is paid monthly based on income ratios. Also in Zhejiang, contributions are based on the previous year's average monthly wage, adjusted within 60%-300% of local social average wages. Employer contributions are 16%, individual contributions 8%.\nMedical insurance also differs. China integrated Urban Residents Basic Medical Insurance and New Rural Cooperative Medical Care in 2016, implementing combined individual contributions and fiscal subsidies. The 2025 New Rural Cooperative individual contribution standard is 400 yuan per person annually, plus at least 670 yuan in fiscal subsidies, totaling 1,070 yuan yearly. Urban Employee Medical Insurance is paid monthly based on the previous year's average monthly wage, with employers paying 10% and individuals 2%.\nRecent data shows 534 million people participate in Urban Employee Basic Pension Insurance and 538 million in Urban-Rural Residents Basic Pension Insurance. For medical insurance, resident insurance participants significantly outnumber employee insurance participants: 950 million versus 380 million respectively.\nLiu Qing noted that colleagues include several non-retired life assistants and cleaning staff who also don't receive employer-provided social security.\n\"People here basically buy their own pension insurance and New Rural Cooperative insurance rather than having employers pay. Getting wages directly feels more practical. Some talk about transferring between systems, but it's too complicated for us.\"\nWhile common in practice, this approach exists in a legal gray area. According to Social Insurance Law and Labor Contract Law provisions, participating in social insurance and legally contributing social insurance fees is employers' statutory obligation, which cannot be modified or waived through employer-employee agreements, nor exempted because employees personally contribute to resident insurance.\nRegarding transfer \"complications,\" pension insurance account balances can actually be seamlessly transferred between systems, with online applications available through electronic social security cards.\nLiu Qing shared tutorial videos her son sent with non-retired colleagues, but received no replies.\n**Balancing Flexibility and Protection**\nAs population aging accelerates, more \"new elderly\" like Ms. Zheng, Xu Xia, and Liu Qing are re-entering workplaces, representing both flexible employment and testing existing social security systems.\nLawyers warn that hiring retired personnel or using \"partner\" or \"service agreement\" arrangements doesn't eliminate legal responsibilities. Zhang Xiuhong noted that while retired personnel receive pensions and aren't required to contribute to pension insurance, if companies provide unified management, attendance monitoring, and fixed compensation during rehiring, they may still be recognized as de facto labor relationships. Companies remain liable for work injuries or labor disputes.\n\"'Service agreements' aren't immunity certificates. Arbitration and courts focus on substance over form. While employment costs seem reduced, compliance risks multiply,\" Zhang Xiuhong explained.\nAccording to National Bureau of Statistics data, flexible employment now exceeds 200 million people, including many retirement-age elderly. As flexible employment rapidly expands and retirement rehiring gains popularity, social security systems and labor regulations urgently need adaptation to new employment realities.\nChen Wenming views gig work as non-full-time employment under Labor Contract Law Article 68. While differing significantly from full-time employment in forms and rights/obligations, it still constitutes labor relations with worker protections. Current laws provide comprehensive protection regarding employment establishment/termination, working hours, and social insurance benefits. Workers should actively exercise their rights.\nThis website content (including but not limited to text, images, and audio/video), except reprints, is copyrighted. Unauthorized reproduction, linking, reposting, or other uses are prohibited. Violators will face legal action. For media, website, or individual reprint use, please contact news@time-weekly.com\nMassive information and precise analysis available on Sina Finance APP","news_type":1,"symbols_score_info":{"DIDIY":1}},"isVote":1,"tweetType":1,"viewCount":2043,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":404970712252576,"gmtCreate":1739890638957,"gmtModify":1739890641888,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Cool list to check out","listText":"Cool list to check out","text":"Cool list to check out","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/404970712252576","repostId":"1189018559","repostType":2,"repost":{"id":"1189018559","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1739771840,"share":"https://ttm.financial/m/news/1189018559?lang=en_US&edition=fundamental","pubTime":"2025-02-17 13:57","market":"hk","language":"en","title":"Goldman Sachs's List Of Chinese AI Investment Portfolios: BABA, Tencent, PDD and JD.com","url":"https://stock-news.laohu8.com/highlight/detail?id=1189018559","media":"Tiger Newspress","summary":"Goldman Sachs published a China market strategy report, showing its screened list of Chinese AI investment portfolios:Goldman Sachs raised its target price for Chinese stocks on Monday, estimating that AI adoption could boost earnings growth and potentially bring in $200 billion of inflows.Chinese tech stocks have been on a strong rally, clocking their best winning streak in over two years last week, boosted by DeepSeek's AI breakthrough, which reignited investor interest in China's technology c","content":"<html><head></head><body><p>Goldman Sachs published a China market strategy report, showing its screened list of Chinese AI investment portfolios:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/66b84e2e83a24f339f354c7159395f1e\" tg-width=\"766\" tg-height=\"2300\"/></p><p style=\"text-align: start;\">Goldman Sachs raised its target price for Chinese stocks on Monday, estimating that AI adoption could boost earnings growth and potentially bring in $200 billion of inflows.</p><p style=\"text-align: start;\">Chinese tech stocks have been on a strong rally, clocking their best winning streak in over two years last week, boosted by DeepSeek&#39;s AI breakthrough, which reignited investor interest in China&#39;s technology capabilities.</p><p style=\"text-align: start;\">On Monday, Goldman raised its 12-month target price for China&#39;s CSI300 index to 4,700 from 4,600. It also raised its price target for MSCI China to 85 from 75.</p></body></html>","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>Goldman Sachs's List Of Chinese AI Investment Portfolios: BABA, Tencent, PDD and JD.com</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\">\nGoldman Sachs's List Of Chinese AI Investment Portfolios: BABA, Tencent, PDD and JD.com\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2025-02-17 13:57</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Goldman Sachs published a China market strategy report, showing its screened list of Chinese AI investment portfolios:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/66b84e2e83a24f339f354c7159395f1e\" tg-width=\"766\" tg-height=\"2300\"/></p><p style=\"text-align: start;\">Goldman Sachs raised its target price for Chinese stocks on Monday, estimating that AI adoption could boost earnings growth and potentially bring in $200 billion of inflows.</p><p style=\"text-align: start;\">Chinese tech stocks have been on a strong rally, clocking their best winning streak in over two years last week, boosted by DeepSeek&#39;s AI breakthrough, which reignited investor interest in China&#39;s technology capabilities.</p><p style=\"text-align: start;\">On Monday, Goldman raised its 12-month target price for China&#39;s CSI300 index to 4,700 from 4,600. It also raised its price target for MSCI China to 85 from 75.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01024":"快手-W","PDD":"拼多多","JD":"京东","NTES":"网易","TAL":"好未来","00700":"腾讯控股","03690":"美团-W","EDU":"新东方","BABA":"阿里巴巴","BILI":"哔哩哔哩","BIDU":"百度"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189018559","content_text":"Goldman Sachs published a China market strategy report, showing its screened list of Chinese AI investment portfolios:Goldman Sachs raised its target price for Chinese stocks on Monday, estimating that AI adoption could boost earnings growth and potentially bring in $200 billion of inflows.Chinese tech stocks have been on a strong rally, clocking their best winning streak in over two years last week, boosted by DeepSeek's AI breakthrough, which reignited investor interest in China's technology capabilities.On Monday, Goldman raised its 12-month target price for China's CSI300 index to 4,700 from 4,600. It also raised its price target for MSCI China to 85 from 75.","news_type":1,"symbols_score_info":{"TAL":1.1,"BIDU":1.1,"NTES":1.1,"BILI":1.1,"BABA":1.1,"EDU":1.1,"00700":1.1,"01024":1.1,"PDD":1.1,"JD":1.1,"03690":1.1}},"isVote":1,"tweetType":1,"viewCount":2679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355769035264392,"gmtCreate":1727859761505,"gmtModify":1727859765067,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a> up up up...&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a> up up up...&nbsp;","text":"$Tesla Motors(TSLA)$ up up up...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355769035264392","isVote":1,"tweetType":1,"viewCount":2596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":301650662338752,"gmtCreate":1714664686590,"gmtModify":1714664690926,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/301650662338752","repostId":"2432571162","repostType":2,"isVote":1,"tweetType":1,"viewCount":3375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":256338156658784,"gmtCreate":1703601698346,"gmtModify":1703601702494,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Good analysis&nbsp;","listText":"Good analysis&nbsp;","text":"Good analysis","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/256338156658784","repostId":"2393418908","repostType":2,"repost":{"id":"2393418908","kind":"highlight","pubTimestamp":1703474443,"share":"https://ttm.financial/m/news/2393418908?lang=en_US&edition=fundamental","pubTime":"2023-12-25 11:20","market":"hk","language":"en","title":"Alibaba Plans to Unlock Value for Shareholders. Here's How","url":"https://stock-news.laohu8.com/highlight/detail?id=2393418908","media":"Motley Fool","summary":"Alibaba stock has good reasons to rise from here.","content":"<div>\n<p>Alibaba has grown revenue more than 10-fold since its IPO.Yet, its share price has remained unchanged as valuation contracted.Management has a clear plan now to unlock shareholder value.Motley Fool ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/12/22/alibaba-plans-to-unlock-value-for-shareholders/\">Source Link</a>\n\n</div>\n","source":"fool_stock","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 Plans to Unlock Value for Shareholders. Here's How</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 Plans to Unlock Value for Shareholders. Here's How\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-12-25 11:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2023/12/22/alibaba-plans-to-unlock-value-for-shareholders/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Alibaba has grown revenue more than 10-fold since its IPO.Yet, its share price has remained unchanged as valuation contracted.Management has a clear plan now to unlock shareholder value.Motley Fool ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/12/22/alibaba-plans-to-unlock-value-for-shareholders/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89988":"阿里巴巴-WR","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","BK4220":"综合零售","BK4524":"宅经济概念","BK4554":"元宇宙及AR概念","BK4581":"高盛持仓","LU0918141887.USD":"安联亚洲实际收益股票基金","BK4527":"明星科技股","09988":"阿里巴巴-W","BK4531":"中概回港概念","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","BK4526":"热门中概股","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","BK4503":"景林资产持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","LU1046422090.SGD":"Fidelity Pacific A-SGD","BK4122":"互联网与直销零售","BK4502":"阿里概念","BK4575":"芯片概念","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4558":"双十一","BK4587":"ChatGPT概念","BK4505":"高瓴资本持仓","BK4535":"淡马锡持仓","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","BABA":"阿里巴巴","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","BK4504":"桥水持仓","BK4538":"云计算","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","BK4579":"人工智能","BK4588":"碎股","LU1051768304.USD":"贝莱德新兴市场股票收益A6","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","LU1688375341.USD":"贝莱德中国灵活股票基金","BK4565":"NFT概念","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H"},"source_url":"https://www.fool.com/investing/2023/12/22/alibaba-plans-to-unlock-value-for-shareholders/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2393418908","content_text":"Alibaba has grown revenue more than 10-fold since its IPO.Yet, its share price has remained unchanged as valuation contracted.Management has a clear plan now to unlock shareholder value.Motley Fool Issues Rare “All In” Buy AlertHow low can you go? That's the question some Alibaba (BABA -0.94%) investors might be asking as the stock slips close to its lowest-ever valuation. Alibaba's price-to-sales (P/S) ratio today stands at 1.5, just a fraction of its five-year average of 5.1. Similarly, its price-to-earnings (P/E) ratio is 10.3 vs. a five-year average of about 33.Bargain hunters are sniffling around for value, but it's not a sure thing. A stock could stay cheap forever unless the company does the right thing to turn around the ship. Fortunately, it looks like Alibaba has a clear plan to unlock shareholder value.Image source: Getty Images.Delivering almost zero value to shareholdersAlibaba was at its peak when it came public in 2014. Then, it was the de facto e-commerce company in China, a leader in its technology industry rivaled only by Tencent, and its prospects for growth seemed unlimited.Today, most investors shun the company like the plague. It faces severe competition from Pinduoduo and Douyin, it's no longer among the top-two technology companies in China by market capitalization, and its future looks bleak. Above all, long-term investors have suffered with the share price sinking to around $70 today, not far from its IPO price of $68.While it may seem like the company did nothing over the years, that would be untrue. In the fiscal year ended March 31, 2015, Alibaba's revenue was 76 billion yuan ($12.3 billion) and net income totaled 24 billion yuan ($3.9 billion). But in the fiscal year ended March 31, 2023, revenue reached 869 billion yuan ($126.5 billion) while net profit touched 73 billion yuan ($10.6 billion). In other words, revenue has increased by more than 10-fold while net profit more than tripled.But unlike 2014, when investors were optimistic about Alibaba's prospects, investors today are incredibly pessimistic. The tech company failed to list its affiliate company Ant Group a few years ago, its crown jewel e-commerce divisions (Tmall and Taobao) delivered a 1% decline in revenue in the last fiscal year, and it recently axed the spinoff of its cloud computing business.All of these factors have led to a contraction in its valuation.But things could change in the futureAlibaba has not been idling when it comes to addressing its problems. It announced a breakout of its empire into a few major business units a while ago, giving each business unit its own board and management team to run the business with total autonomy. It also reshuffled its management team, replacing longtime CEO and chairman Daniel Zhang with new CEO Eddie Wu.Furthermore, in the latest earnings call, the new management team, led by CEO Eddie Wu and chairman Joe Tsai, reiterated its focus on unlocking value to improve shareholder returns. To this end, the new team shared its four priorities to create value.Firstly, it will enhance the return on invested capital of its operating businesses, raising it from single to double digits. If successful, this will improve Alibaba's profitability in the future. Next, it will continue to invest in growth, focusing mainly on the core businesses, such as e-commerce, cloud computing, and logistics.Besides, it will monetize the non-core assets, which include $67 billion of equity securities and investments on its balance, as well as other non-core operating businesses with low growth or low returns. This means investors could receive dividends or stocks as Alibaba monetizes these assets.Last but not least, Alibaba has also started paying dividends in the latest quarter and will continue repurchasing its stocks.In short, the new management team has set a clear direction to unlock shareholder value. Still, these won't happen overnight, so investors must be patient as the company executes its plan.What it means for investorsStock investing has never been easy. Investing in Alibaba, especially in the last few years, has been difficult (especially for Western investors) as it went through issues like the Chinese government crackdown, the cancellation of the Ant Group IPO, and others.Still, there is hope that the new management is trying to solve these problems to unlock shareholder value. While it's still early days, I'm cautiously optimistic about the management's plan and will closely watch the company's execution over the next few quarters.","news_type":1,"symbols_score_info":{"89988":1.1,"09988":0.6,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":2314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":208894201823432,"gmtCreate":1692023526371,"gmtModify":1692023530572,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/208894201823432","repostId":"207961762713632","repostType":1,"repost":{"id":207961762713632,"gmtCreate":1691800048257,"gmtModify":1691801423500,"author":{"id":"4141429963588842","authorId":"4141429963588842","name":"TigerAI","avatar":"https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4141429963588842","idStr":"4141429963588842"},"themes":[],"title":"Tencent Music 2023/Q2 Earnings Preview","htmlText":"【Forecast Data】 The financial forecast data for Tencent Music (TME) this quarter includes: - Earnings per share (EPS): CNY 0.98 - Total revenue: CNY 7,293,076,500 - EBIT: CNY 1,384,714,800 Comparing to the same period last year: - EPS increased by 55.56% (from CNY 0.63) - Total revenue increased by 5.62% (from CNY 6,905,000,000) - EBIT decreased by 0.52% (from CNY 1,392,000,000) These changes signify a strong growth in earnings and revenue, but a slight decrease in EBIT, which may indicate increased operating costs or other factors affecting profitability. 【Quarterly Important News】 There were no significant positive or negative news related to Tencent Music over the past quarter. 【Forecast Viewpoints】 There are no current viewpoints on the company's financial report from relevant articles","listText":"【Forecast Data】 The financial forecast data for Tencent Music (TME) this quarter includes: - Earnings per share (EPS): CNY 0.98 - Total revenue: CNY 7,293,076,500 - EBIT: CNY 1,384,714,800 Comparing to the same period last year: - EPS increased by 55.56% (from CNY 0.63) - Total revenue increased by 5.62% (from CNY 6,905,000,000) - EBIT decreased by 0.52% (from CNY 1,392,000,000) These changes signify a strong growth in earnings and revenue, but a slight decrease in EBIT, which may indicate increased operating costs or other factors affecting profitability. 【Quarterly Important News】 There were no significant positive or negative news related to Tencent Music over the past quarter. 【Forecast Viewpoints】 There are no current viewpoints on the company's financial report from relevant articles","text":"【Forecast Data】 The financial forecast data for Tencent Music (TME) this quarter includes: - Earnings per share (EPS): CNY 0.98 - Total revenue: CNY 7,293,076,500 - EBIT: CNY 1,384,714,800 Comparing to the same period last year: - EPS increased by 55.56% (from CNY 0.63) - Total revenue increased by 5.62% (from CNY 6,905,000,000) - EBIT decreased by 0.52% (from CNY 1,392,000,000) These changes signify a strong growth in earnings and revenue, but a slight decrease in EBIT, which may indicate increased operating costs or other factors affecting profitability. 【Quarterly Important News】 There were no significant positive or negative news related to Tencent Music over the past quarter. 【Forecast Viewpoints】 There are no current viewpoints on the company's financial report from relevant articles","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/207961762713632","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955140042,"gmtCreate":1675297117086,"gmtModify":1676538990411,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/CRWD\">$CrowdStrike Holdings, Inc.(CRWD)$&nbsp;</a>Potential run up","listText":"<a href=\"https://ttm.financial/S/CRWD\">$CrowdStrike Holdings, Inc.(CRWD)$&nbsp;</a>Potential run up","text":"$CrowdStrike Holdings, Inc.(CRWD)$ Potential run up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955140042","isVote":1,"tweetType":1,"viewCount":1839,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9046689044,"gmtCreate":1656339549588,"gmtModify":1676535809245,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SE\">$Sea Ltd(SE)$</a>To 100","listText":"<a href=\"https://ttm.financial/S/SE\">$Sea Ltd(SE)$</a>To 100","text":"$Sea Ltd(SE)$To 100","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9046689044","isVote":1,"tweetType":1,"viewCount":1945,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9046617021,"gmtCreate":1656339405663,"gmtModify":1676535809212,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/BABA\">$Alibaba(BABA)$</a>178","listText":"<a href=\"https://ttm.financial/S/BABA\">$Alibaba(BABA)$</a>178","text":"$Alibaba(BABA)$178","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9046617021","isVote":1,"tweetType":1,"viewCount":1655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837484842,"gmtCreate":1629905655186,"gmtModify":1676530169469,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/BHP\">$BHP Billiton(BHP)$</a>Ex right coming? What is the deal?","listText":"<a href=\"https://laohu8.com/S/BHP\">$BHP Billiton(BHP)$</a>Ex right coming? What is the deal?","text":"$BHP Billiton(BHP)$Ex right coming? What is the deal?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/837484842","isVote":1,"tweetType":1,"viewCount":1708,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808858692,"gmtCreate":1627570052216,"gmtModify":1703492642785,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Shipping rate will plunge when things go back to normal?&nbsp;","listText":"Shipping rate will plunge when things go back to normal?&nbsp;","text":"Shipping rate will plunge when things go back to normal?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808858692","repostId":"808967150","repostType":1,"repost":{"id":808967150,"gmtCreate":1627551879070,"gmtModify":1703492198331,"author":{"id":"3570081676918603","authorId":"3570081676918603","name":"市值观察","avatar":"https://static.tigerbbs.com/2ece02f8b6e557cbb0666cdb9048ec85","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570081676918603","idStr":"3570081676918603"},"themes":[],"title":"1個月暴跌29%，中遠海控怎麼了？","htmlText":"&nbsp; &nbsp; &nbsp; &nbsp;作者：楊雷 編輯：小市妹&nbsp; &nbsp; &nbsp; &nbsp;週期股永遠逃不過週期命運，中遠海控也不例外。&nbsp; &nbsp; &nbsp; &nbsp;今日，在大盤集體上漲背景下，中遠海控逆市下跌0.06%。截至發稿，這家公司股價爲18.17元，市值爲2909億元。行情數據顯示，今日主力資金淨流出超3.6億元。&nbsp; &nbsp; &nbsp; &nbsp;值得一提，自7月7日股價見頂後，中遠海控基本進入空頭趨勢--股價下跌。從股價25.69元跌到了18.17元，1個月內最高跌幅達29.27%，市值蒸發近1203億。等於說，平攤到34.63萬股東身上每人虧損達66萬。&nbsp; &nbsp; &nbsp; &nbsp;股價跌這麼多，因爲業績問題？不是。&nbsp; &nbsp; &nbsp; &nbsp;今年一季度，中遠海控實現營收648.4億，同比增長79.58%；實現歸屬淨利潤154.5億，同比增長5200.62%。這家公司還曾發佈業績預告稱，預計2021年上半年淨利潤爲370.93億元，同比增長31.6倍。&nbsp; &nbsp; &nbsp; &nbsp;因爲機構減倉？截至到6月30日，合計有130只基金持有中遠海控，環比一季度增長2.1%。中遠海控還是公募基金第196重倉股。&nbsp; &nbsp; &nbsp; &nbsp;值得一提，多家券商機構還發文看好中遠海控。7月8日，華創證券發佈研報，維持強推評級，目標價位40.01元。7月11日，中信證券又發佈研報，維持買入評級，目標價位40元。&nbsp; &nbsp; &nbsp; &nbsp;對比當前收盤價，意味着中遠海控還有120%左右漲跌幅。&nbsp; &nbsp; &nbsp; &nbsp;實際上，中遠海控的股價走勢","listText":"&nbsp; &nbsp; &nbsp; &nbsp;作者：楊雷 編輯：小市妹&nbsp; &nbsp; &nbsp; &nbsp;週期股永遠逃不過週期命運，中遠海控也不例外。&nbsp; &nbsp; &nbsp; &nbsp;今日，在大盤集體上漲背景下，中遠海控逆市下跌0.06%。截至發稿，這家公司股價爲18.17元，市值爲2909億元。行情數據顯示，今日主力資金淨流出超3.6億元。&nbsp; &nbsp; &nbsp; &nbsp;值得一提，自7月7日股價見頂後，中遠海控基本進入空頭趨勢--股價下跌。從股價25.69元跌到了18.17元，1個月內最高跌幅達29.27%，市值蒸發近1203億。等於說，平攤到34.63萬股東身上每人虧損達66萬。&nbsp; &nbsp; &nbsp; &nbsp;股價跌這麼多，因爲業績問題？不是。&nbsp; &nbsp; &nbsp; &nbsp;今年一季度，中遠海控實現營收648.4億，同比增長79.58%；實現歸屬淨利潤154.5億，同比增長5200.62%。這家公司還曾發佈業績預告稱，預計2021年上半年淨利潤爲370.93億元，同比增長31.6倍。&nbsp; &nbsp; &nbsp; &nbsp;因爲機構減倉？截至到6月30日，合計有130只基金持有中遠海控，環比一季度增長2.1%。中遠海控還是公募基金第196重倉股。&nbsp; &nbsp; &nbsp; &nbsp;值得一提，多家券商機構還發文看好中遠海控。7月8日，華創證券發佈研報，維持強推評級，目標價位40.01元。7月11日，中信證券又發佈研報，維持買入評級，目標價位40元。&nbsp; &nbsp; &nbsp; &nbsp;對比當前收盤價，意味着中遠海控還有120%左右漲跌幅。&nbsp; &nbsp; &nbsp; &nbsp;實際上，中遠海控的股價走勢","text":"作者：楊雷 編輯：小市妹 週期股永遠逃不過週期命運，中遠海控也不例外。 今日，在大盤集體上漲背景下，中遠海控逆市下跌0.06%。截至發稿，這家公司股價爲18.17元，市值爲2909億元。行情數據顯示，今日主力資金淨流出超3.6億元。 值得一提，自7月7日股價見頂後，中遠海控基本進入空頭趨勢--股價下跌。從股價25.69元跌到了18.17元，1個月內最高跌幅達29.27%，市值蒸發近1203億。等於說，平攤到34.63萬股東身上每人虧損達66萬。 股價跌這麼多，因爲業績問題？不是。 今年一季度，中遠海控實現營收648.4億，同比增長79.58%；實現歸屬淨利潤154.5億，同比增長5200.62%。這家公司還曾發佈業績預告稱，預計2021年上半年淨利潤爲370.93億元，同比增長31.6倍。 因爲機構減倉？截至到6月30日，合計有130只基金持有中遠海控，環比一季度增長2.1%。中遠海控還是公募基金第196重倉股。 值得一提，多家券商機構還發文看好中遠海控。7月8日，華創證券發佈研報，維持強推評級，目標價位40.01元。7月11日，中信證券又發佈研報，維持買入評級，目標價位40元。 對比當前收盤價，意味着中遠海控還有120%左右漲跌幅。 實際上，中遠海控的股價走勢","images":[{"img":"https://static.tigerbbs.com/cbfea2983319160c85c47f6ed0787a60","width":"1184","height":"789"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808967150","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1826,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808826828,"gmtCreate":1627569672764,"gmtModify":1703492630238,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Become junk investments grade overnight. Reddit....&nbsp;","listText":"Become junk investments grade overnight. Reddit....&nbsp;","text":"Become junk investments grade overnight. Reddit....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808826828","repostId":"2154992258","repostType":2,"isVote":1,"tweetType":1,"viewCount":1280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801823782,"gmtCreate":1627510534946,"gmtModify":1703491202176,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Driving down margin to care for takeaway rider.&nbsp;","listText":"Driving down margin to care for takeaway rider.&nbsp;","text":"Driving down margin to care for takeaway rider.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/801823782","repostId":"803574479","repostType":1,"isVote":1,"tweetType":1,"viewCount":798,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":552841499640440,"gmtCreate":1775981964352,"gmtModify":1775981968209,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"With the above consideration, what is the highest value of CRWV sharw in the next 2 weeks","listText":"With the above consideration, what is the highest value of CRWV sharw in the next 2 weeks","text":"With the above consideration, what is the highest value of CRWV sharw in the next 2 weeks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/552841499640440","repostId":"2623137412","repostType":2,"repost":{"id":"2623137412","kind":"highlight","weMediaInfo":{"introduction":"Your One-Stop Financial Markets Platform","home_visible":1,"media_name":"TradingKey","id":"1041236214","head_image":"https://community-static.tradeup.com/news/e2a333e9d84c06e89a63420211f0f9bb"},"pubTimestamp":1774928121,"share":"https://ttm.financial/m/news/2623137412?lang=en_US&edition=fundamental","pubTime":"2026-03-31 11:35","market":"hk","language":"en","title":"IREN, NBIS, and CRWV: The Rise of Neoclouds in the AI Infrastructure Boom","url":"https://stock-news.laohu8.com/highlight/detail?id=2623137412","media":"TradingKey","summary":"Iris Energy (IREN), Nebius (NBIS) and Coreweave (CRWV) are frequently grouped due to their shared focus on AI infrastructure","content":"<html><body><p dir=\"ltr\"><span>Iris Energy (IREN), <a href=\"https://laohu8.com/S/NBIS\">Nebius</a> (NBIS) and Coreweave (CRWV) are frequently grouped due to their shared focus on AI infrastructure, yet they differ significantly in origins, business models, operational strategies, and risk profiles.</span></p><p dir=\"ltr\"><span>This is not a deep dive into the Neocloud business model, but more of a general overview and comparison of the three</span></p><h2>So, let’s Start With the Similarities.</h2><p dir=\"ltr\"><span>The cloud industry has long been dominated by major players like AWS, Azure and Google Cloud (we can also add Oracle and Alibaba in that group, but they don’t have the scale of the top three, yet).</span></p><p dir=\"ltr\"><span>In recent years, the explosive growth of artificial intelligence has created an unprecedented demand for specialized computing power, particularly high-performance GPUs capable of handling massive training and inference workloads.</span></p><p dir=\"ltr\"><span>Traditional cloud giants like AWS, Azure, and Google Cloud are dominant in general-purpose services, but building specialized computing power from scratch takes a significant amount of time and capital, as the demand is quite urgent. Here, the neoclouds step in to fill the gap.</span></p><p dir=\"ltr\"><span>Neoclouds share several core similarities that distinguish them from the incumbent cloud providers. Unlike the traditional clouds, which offer hundreds of managed services across a broad spectrum of computing, storage, and networking, neoclouds are highly specialized in GPU-centric infrastructure for AI workloads. Their primary clients include the hyperscalers (the traditional cloud providers themselves - Microsoft, Google, Amazon), <a href=\"https://laohu8.com/S/META\">Meta</a> (not a cloud provider, but a hyperscaler), as well as large AI startups like OpenAI, xAI, etc. Emerging customer segments, such as sovereign AI initiatives and traditional large enterprises, are also beginning to appear.</span></p><p dir=\"ltr\"><span>At their essence, neoclouds procure GPUs, house them in data centers, and sell access to the raw computing power, supported by high-speed networking and optimized software layers for AI tasks.</span></p><p dir=\"ltr\"><span>Clients often prefer them for \"bare metal\" access and potentially lower pricing compared to traditional platforms' overhead. Importantly, neoclouds are infrastructure-first - they supply the \"shovels\" for the AI gold rush without directly competing against their customers by developing rival consumer-facing AI models.</span></p><h2>Metrics to Look for in the Neoclouds Space</h2><p dir=\"ltr\"><span>Like electricity companies, power here is everything. When people talk about these three companies, they often mention capacity in terms of MW and GW. Roughly, 100 MW of capacity can translate to about $1 billion in annual revenue at maturity, and for newer GPUs, it can even reach $1.2-1.3 billion.</span></p><p dir=\"ltr\"><span>It is important to distinguish </span><b><strong>contracted capacity</strong></b><span> (future power under agreement, basically the backlog) from </span><b><strong>connected capacity</strong></b><span> (power ready for GPU deployment), and </span><b><strong>monetized capacity</strong></b><span> (actual revenue-generating GPUs). Gaps between these metrics often stem from delays in GPU delivery, cooling systems, or legacy operations.</span></p><div><table><colgroup><col/><col/><col/><col/><col/><col/></colgroup><tbody><tr><td><p dir=\"ltr\"><b><strong>Company</strong></b></p></td><td><p dir=\"ltr\"><b><strong>Total Power Pipeline</strong></b></p></td><td><p dir=\"ltr\"><b><strong>Total Op. MW</strong></b></p></td><td><p dir=\"ltr\"><b><strong>AI-Monetized MW</strong></b></p></td><td><p dir=\"ltr\"><b><strong>AI Capacity Utilization</strong></b></p></td><td><p dir=\"ltr\"><b><strong>Why the <a href=\"https://laohu8.com/S/GAP\">Gap</a>?</strong></b></p></td></tr><tr><td><p dir=\"ltr\"><b><strong>IREN</strong></b></p></td><td><p dir=\"ltr\"><span>4.5 GW</span></p></td><td><p dir=\"ltr\"><span>810 MW</span></p></td><td><p dir=\"ltr\"><b><strong>~60 MW</strong></b></p></td><td><p><b><strong>~7%</strong></b></p></td><td><p dir=\"ltr\"><span>~90% of power is still tied to legacy Bitcoin mining.</span></p></td></tr><tr><td><p dir=\"ltr\"><b><strong>CRWV</strong></b></p></td><td><p dir=\"ltr\"><span>5.0 GW</span></p></td><td><p dir=\"ltr\"><span>850+ MW</span></p></td><td><p dir=\"ltr\"><b><strong>~550 MW</strong></b></p></td><td><p><b><strong>~65%</strong></b></p></td><td><p dir=\"ltr\"><span>~35% of power is \"Ready\" but waiting for GPU delivery/setup.</span></p></td></tr><tr><td rowspan=\"2\"><p dir=\"ltr\"><b><strong>NBIS</strong></b></p></td><td rowspan=\"2\"><p dir=\"ltr\"><span>4.5 GW</span></p></td><td rowspan=\"2\"><p dir=\"ltr\"><span>170 MW</span></p></td><td rowspan=\"2\"><p dir=\"ltr\"><b><strong>~170 MW</strong></b></p></td><td rowspan=\"2\"><p><b><strong>~98%</strong></b></p></td><td rowspan=\"2\"><p dir=\"ltr\"><span>100% \"Pure Play.\" Almost zero idle power or legacy business.</span></p></td></tr><tr></tr></tbody></table></div><p dir=\"ltr\"><span> Revenue per GPU hour further differentiates them, reflecting pricing power, efficiency, and service sophistication. For H100/H200 rates, the pricing varies:</span></p><ul><li value=\"1\"><span>Nebius: $3.00 – $3.50 (the highest because it includes a software element to its services);</span></li><li value=\"2\"><span><a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a>: $2.40 – $2.90 (mass volume);</span></li><li value=\"3\"><span>IREN: $1.90 – $2.50 (they charge the lowest, due to their pure “bare metal” service and cost advantages).</span></li></ul><h2>Iris Energy (IREN): The Asset-Heavy Defensive Play with Bitcoin Roots</h2><p dir=\"ltr\"><span>IREN started as a Bitcoin miner and still derives most of its current revenue from mining, though it is aggressively transitioning towards AI. Its mining capacity has scaled to 57 EH/s with the potential to generate around $1 billion in annual revenue from its legacy business. However, the management does not plan significant further expansion of mining beyond this level, instead channeling focus toward AI cloud services.</span></p><p dir=\"ltr\"><span>IREN sells 100% of its mined Bitcoins rather than holding them, providing a certain cash flow backing, but the volatility in BTC prices brings a large degree of uncertainty to this revenue line. Recent guidance targets AI-related annualised run-rate revenue (ARR) of around $3.4 billion by the end of 2026, potentially expanding further, with some projections reaching over $3.7 billion supported by a 150,000 GPU fleet.</span></p><p dir=\"ltr\"><span>IREN’s legacy business works on ASICs, so the company is also in the process of replacing ASICS with GPU infrastructure, which causes one-off impairments.</span></p><p dir=\"ltr\"><span>IREB is the most asset-heavy among the trio, owning its data centers outright. Not only that, but the data centers are also located in remote areas, primarily, with a surplus of energy procured at ultra-low costs (~$0.033 per kWh). This vertical integration eliminates co-location fees and supports lower GPU-hour pricing, a potential long-term competitive advantage.</span></p><p dir=\"ltr\"><span>Financially, IREN exhibits high shareholder dilution, perhaps being their greatest sin, with shares outstanding growing from 20.6 million in June 2021 to 298.2 million recently.</span></p><p dir=\"ltr\"><span>Margins benefit from asset ownership and Bitcoin as a cash cow, though aggressive depreciation (over 5 years) makes operating profit margins appear weaker. This approach is more conservative than CoreWeave's but less so than Nebius's. Software capabilities remain light; IREN focuses primarily on physical infrastructure rather than advanced managed services.</span></p><h2>CoreWeave (CRWV): The Aggressive Scale Leader with Debt-Fueled Growth</h2><p dir=\"ltr\"><span>CRWV is basically the poster child of the neoclouds. Similar to IREN, CRWV also has cryptocurrency origins, having mined Ethereum, but unlike IREN, CRWV has fully exited crypto mining. It entered space with existing GPU expertise and has become the largest by operations and market capitalization.</span></p><p dir=\"ltr\"><span>Reported revenue reached $5.12 billion for 2025 (up significantly from prior years), with guidance for at least $12-13 billion in 2026, with the potential of this number to go even higher. The revenue backlog stands at a massive $66.8 billion.</span></p><p dir=\"ltr\"><span>To become the largest neocloud out there, CRWV fueled its ascent with a solid amount of debt ($30 billion in debt and quarterly interest expenses of $388 million, eating a huge chunk of its income statement). Much of this debt is collateralized by GPUs, but that holds risks. Furthermore, CoreWeave employs an asset-light model, leasing space from operators like Equinix and Digital Realty rather than building outright, a contributing factor to the high leverage (lease liabilities). This contrasts with IREN's ownership approach, where they hold the assets and also IREN’s preferred equity financing strategy.</span></p><p dir=\"ltr\"><span>Data centre locations are near major cities, incurring higher electricity costs but reducing latency for end users, which can also be an overhang for margins. Overall, profitability remains challenging due to rent, high interest, and elevated power expenses.</span></p><p dir=\"ltr\"><span>The accounting is the most aggressive of the three, with GPUs depreciated over 6 years (vs. IREN's 5 and Nebius's 4). This can flatter short-term metrics but raises questions about prudence. On the software side, CRWV utilizes Kubernetes orchestration for coordinating large GPU clusters, though its software capabilities are less sophisticated than Nebius's stack.</span></p><p dir=\"ltr\"><span>NVIDIA holds strategic ownership (~9%, similar to its stake in Nebius), granting preferential GPU access and underscoring industry ties.</span></p><p dir=\"ltr\"><span>Share dilution has occurred (from 180 million in 2022 to 436 million in 2025), but at a lower scale than IREN, though still quite massive.</span></p><h2>Nebius (NBIS): The Efficient Software-Driven Pure Play</h2><p dir=\"ltr\"><span>Nebius lacks the crypto mining history the other two have, emerging instead as a spin-off from Yandex (Russia's tech giant, equivalent of Google/Uber) following the 2022 Ukraine invasion. The international assets—including a major Finnish data center, cash, and engineering talent—formed the core assets of the company. This gives Nebius a clean, non-crypto foundation and strong European presence, with expansion into North America for global reach. It also gives them a relatively clean balance sheet with some cash in hand.</span></p><p dir=\"ltr\"><span>Revenue for 2025 was approximately $529.8-530 million (479% growth), with 2026 expectations around $3-3.4 billion and ARR guidance of $7-9 billion by year-end. A recent Meta deal has boosted the backlog to around $49 billion (including prior agreements), with up to $27 billion from Meta alone over five years, starting significant revenue in 2027 (dedicated $12 billion tranche plus up to $15 billion optional). Microsoft also features prominently, contributing to customer concentration (~80% of booked capacity from Meta and Microsoft combined).</span></p><p dir=\"ltr\"><span>NBIS operates a hybrid data center model—owning key sites like Finland while leasing others—resulting in co-location fees higher than IREN but lower than CRWV.</span></p><p dir=\"ltr\"><span>Its architecture reportedly delivers 3x more compute per MW than peers, thanks to a proprietary software stack (Aether platform managing full-stack from silicon, Token Factory for optimized low-latency token-based billing). This enables higher revenue per GPU hour and functionalities like efficient data flow management, disruption fixing, and preventing data starvation. NBIS also designs its own cooling systems, reducing reliance on third parties like <a href=\"https://laohu8.com/S/DELL\">Dell</a> or Supermicro. Non-AI businesses (data labelling, robotics, edtech) contribute only ~10%.</span></p><p dir=\"ltr\"><span>The balance sheet is relatively healthy: lower debt (~$4.9 billion total, net ~$1.2 billion; debt/assets 39%, net debt/assets 10%) and limited historical dilution, funded partly by Yandex spin-off cash and customer prepayments. Recent capital raises (including</span><b><strong> </strong></b><span>convertible notes post-Meta deal) and NVIDIA's strategic ~8-9% investment (plus launch partnership for Vera Rubin platform) provide support.</span></p><p dir=\"ltr\"><span>Depreciation is the most aggressive (4 years), signalling prudence. Profitability faces pressure from sales hiring and R&amp;D on software, with less contract transparency than peers. NVIDIA's involvement mirrors its CoreWeave stake, enhancing credibility.</span></p><h2>Risks and Comparative Moats</h2><p dir=\"ltr\"><span>All three face sector-wide risks.</span></p><p dir=\"ltr\"><span>The biggest risk is, of course, a potential AI winter, reducing demand and GPU pricing. Another risk is space-based data centers disrupting terrestrial models, but that’s more of a worry in the not-so-near future. Other issues are related to accounting, especially around depreciation and circular economies. This fear can be reinforced by the excessive customer concentration: IREN with Microsoft (55% of 2026 revenue), NBIS with Meta/Microsoft (80%), CRWV with OpenAI/Meta (~55% of backlog).</span></p><p dir=\"ltr\"><span>Company-specific vulnerabilities differ.</span></p><div><table><colgroup><col/><col/><col/><col/></colgroup><tbody><tr><td></td><td><p dir=\"ltr\"><b><strong>NBIS</strong></b></p></td><td><p dir=\"ltr\"><b><strong>CRWV</strong></b></p></td><td><p dir=\"ltr\"><b><strong>IRIS</strong></b></p></td></tr><tr><td><p dir=\"ltr\"><span>Total Debt (USDm)</span></p></td><td><p><span> $    4,888.20</span></p></td><td><p><span> $    29,823.00</span></p></td><td><p><span> $  3,842.50</span></p></td></tr><tr><td><p dir=\"ltr\"><span>Net Debt (USDm)</span></p></td><td><p><span> $    1,210.10</span></p></td><td><p><span> $    18,234.60</span></p></td><td><p><span> $     582.00</span></p></td></tr><tr><td><p dir=\"ltr\"><span>Total Assets (USDm)</span></p></td><td><p><span> $  12,449.80</span></p></td><td><p><span> $    49,302.00</span></p></td><td><p><span> $  7,027.60</span></p></td></tr><tr><td><p dir=\"ltr\"><span>Debt/Assets</span></p></td><td><p><span>39%</span></p></td><td><p><span>60%</span></p></td><td><p><span>55%</span></p></td></tr><tr><td><p dir=\"ltr\"><span>net Debt/Assets</span></p></td><td><p><span>10%</span></p></td><td><p><span>37%</span></p></td><td><p><span>8%</span></p></td></tr></tbody></table></div><p dir=\"ltr\"><span>CRWV's leveraged balance sheet (highest debt/assets at 60%, net at 37%) poses bankruptcy risk in a downturn, with aggressive accounting and high interest amplifying pressure, making CRWV the stock with the greatest downside here.</span></p><p dir=\"ltr\"><span>NBIS and IREN, despite being in a healthier situation, still need funding, and there is a high chance they will tap the capital markets for further funding (read “stock dilution”).</span></p><p dir=\"ltr\"><span>But as much as there are risks, there are also advantages. IREN's infrastructure ownership and low-cost power create cost leadership and defensiveness, while NBIS's software stack delivers efficiency and differentiation (higher pricing, optimization).</span></p><p dir=\"ltr\"><span>From a risk/reward lens, all offer high upside in the AI infrastructure supercycle, but downsides vary. CRWV represents the aggressive play—scale and backlog promise hypergrowth ($12-13B+ revenue in 2026), yet debt and accounting warrant caution; an AI winter could severely impact equity.</span></p><p dir=\"ltr\"><span>NBIS is the efficiency play, with a software moat, pure-play focus, and strong utilization driving potentially superior long-term margins, though execution on global expansion and customer reliance introduces risks.</span></p><p dir=\"ltr\"><span>IREN emerges as a safe option, blending Bitcoin cash flow, asset ownership for margins, and vast power runway, tempered by dilution and slower AI monetization.</span></p><p dir=\"ltr\"><span>Execution on capacity ramp, utilization, and customer diversification will ultimately determine which neocloud captures the most value from the AI boom. With hyperscalers still capacity-constrained, these \"shovels\" providers are positioned for substantial, if volatile, growth through 2026 and beyond. The differences in their approaches—asset-heavy vs. software-enhanced vs. scale-leveraged—ensure they will shape the neocloud landscape in complementary yet competitive ways.  </span></p><p>Find out more</p></body></html>","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>IREN, NBIS, and CRWV: The Rise of Neoclouds in the AI Infrastructure Boom</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\">\nIREN, NBIS, and CRWV: The Rise of Neoclouds in the AI Infrastructure Boom\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1041236214\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/e2a333e9d84c06e89a63420211f0f9bb);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">TradingKey </p>\n<p class=\"h-time\">2026-03-31 11:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p dir=\"ltr\"><span>Iris Energy (IREN), <a href=\"https://laohu8.com/S/NBIS\">Nebius</a> (NBIS) and Coreweave (CRWV) are frequently grouped due to their shared focus on AI infrastructure, yet they differ significantly in origins, business models, operational strategies, and risk profiles.</span></p><p dir=\"ltr\"><span>This is not a deep dive into the Neocloud business model, but more of a general overview and comparison of the three</span></p><h2>So, let’s Start With the Similarities.</h2><p dir=\"ltr\"><span>The cloud industry has long been dominated by major players like AWS, Azure and Google Cloud (we can also add Oracle and Alibaba in that group, but they don’t have the scale of the top three, yet).</span></p><p dir=\"ltr\"><span>In recent years, the explosive growth of artificial intelligence has created an unprecedented demand for specialized computing power, particularly high-performance GPUs capable of handling massive training and inference workloads.</span></p><p dir=\"ltr\"><span>Traditional cloud giants like AWS, Azure, and Google Cloud are dominant in general-purpose services, but building specialized computing power from scratch takes a significant amount of time and capital, as the demand is quite urgent. Here, the neoclouds step in to fill the gap.</span></p><p dir=\"ltr\"><span>Neoclouds share several core similarities that distinguish them from the incumbent cloud providers. Unlike the traditional clouds, which offer hundreds of managed services across a broad spectrum of computing, storage, and networking, neoclouds are highly specialized in GPU-centric infrastructure for AI workloads. Their primary clients include the hyperscalers (the traditional cloud providers themselves - Microsoft, Google, Amazon), <a href=\"https://laohu8.com/S/META\">Meta</a> (not a cloud provider, but a hyperscaler), as well as large AI startups like OpenAI, xAI, etc. Emerging customer segments, such as sovereign AI initiatives and traditional large enterprises, are also beginning to appear.</span></p><p dir=\"ltr\"><span>At their essence, neoclouds procure GPUs, house them in data centers, and sell access to the raw computing power, supported by high-speed networking and optimized software layers for AI tasks.</span></p><p dir=\"ltr\"><span>Clients often prefer them for \"bare metal\" access and potentially lower pricing compared to traditional platforms' overhead. Importantly, neoclouds are infrastructure-first - they supply the \"shovels\" for the AI gold rush without directly competing against their customers by developing rival consumer-facing AI models.</span></p><h2>Metrics to Look for in the Neoclouds Space</h2><p dir=\"ltr\"><span>Like electricity companies, power here is everything. When people talk about these three companies, they often mention capacity in terms of MW and GW. Roughly, 100 MW of capacity can translate to about $1 billion in annual revenue at maturity, and for newer GPUs, it can even reach $1.2-1.3 billion.</span></p><p dir=\"ltr\"><span>It is important to distinguish </span><b><strong>contracted capacity</strong></b><span> (future power under agreement, basically the backlog) from </span><b><strong>connected capacity</strong></b><span> (power ready for GPU deployment), and </span><b><strong>monetized capacity</strong></b><span> (actual revenue-generating GPUs). Gaps between these metrics often stem from delays in GPU delivery, cooling systems, or legacy operations.</span></p><div><table><colgroup><col/><col/><col/><col/><col/><col/></colgroup><tbody><tr><td><p dir=\"ltr\"><b><strong>Company</strong></b></p></td><td><p dir=\"ltr\"><b><strong>Total Power Pipeline</strong></b></p></td><td><p dir=\"ltr\"><b><strong>Total Op. MW</strong></b></p></td><td><p dir=\"ltr\"><b><strong>AI-Monetized MW</strong></b></p></td><td><p dir=\"ltr\"><b><strong>AI Capacity Utilization</strong></b></p></td><td><p dir=\"ltr\"><b><strong>Why the <a href=\"https://laohu8.com/S/GAP\">Gap</a>?</strong></b></p></td></tr><tr><td><p dir=\"ltr\"><b><strong>IREN</strong></b></p></td><td><p dir=\"ltr\"><span>4.5 GW</span></p></td><td><p dir=\"ltr\"><span>810 MW</span></p></td><td><p dir=\"ltr\"><b><strong>~60 MW</strong></b></p></td><td><p><b><strong>~7%</strong></b></p></td><td><p dir=\"ltr\"><span>~90% of power is still tied to legacy Bitcoin mining.</span></p></td></tr><tr><td><p dir=\"ltr\"><b><strong>CRWV</strong></b></p></td><td><p dir=\"ltr\"><span>5.0 GW</span></p></td><td><p dir=\"ltr\"><span>850+ MW</span></p></td><td><p dir=\"ltr\"><b><strong>~550 MW</strong></b></p></td><td><p><b><strong>~65%</strong></b></p></td><td><p dir=\"ltr\"><span>~35% of power is \"Ready\" but waiting for GPU delivery/setup.</span></p></td></tr><tr><td rowspan=\"2\"><p dir=\"ltr\"><b><strong>NBIS</strong></b></p></td><td rowspan=\"2\"><p dir=\"ltr\"><span>4.5 GW</span></p></td><td rowspan=\"2\"><p dir=\"ltr\"><span>170 MW</span></p></td><td rowspan=\"2\"><p dir=\"ltr\"><b><strong>~170 MW</strong></b></p></td><td rowspan=\"2\"><p><b><strong>~98%</strong></b></p></td><td rowspan=\"2\"><p dir=\"ltr\"><span>100% \"Pure Play.\" Almost zero idle power or legacy business.</span></p></td></tr><tr></tr></tbody></table></div><p dir=\"ltr\"><span> Revenue per GPU hour further differentiates them, reflecting pricing power, efficiency, and service sophistication. For H100/H200 rates, the pricing varies:</span></p><ul><li value=\"1\"><span>Nebius: $3.00 – $3.50 (the highest because it includes a software element to its services);</span></li><li value=\"2\"><span><a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a>: $2.40 – $2.90 (mass volume);</span></li><li value=\"3\"><span>IREN: $1.90 – $2.50 (they charge the lowest, due to their pure “bare metal” service and cost advantages).</span></li></ul><h2>Iris Energy (IREN): The Asset-Heavy Defensive Play with Bitcoin Roots</h2><p dir=\"ltr\"><span>IREN started as a Bitcoin miner and still derives most of its current revenue from mining, though it is aggressively transitioning towards AI. Its mining capacity has scaled to 57 EH/s with the potential to generate around $1 billion in annual revenue from its legacy business. However, the management does not plan significant further expansion of mining beyond this level, instead channeling focus toward AI cloud services.</span></p><p dir=\"ltr\"><span>IREN sells 100% of its mined Bitcoins rather than holding them, providing a certain cash flow backing, but the volatility in BTC prices brings a large degree of uncertainty to this revenue line. Recent guidance targets AI-related annualised run-rate revenue (ARR) of around $3.4 billion by the end of 2026, potentially expanding further, with some projections reaching over $3.7 billion supported by a 150,000 GPU fleet.</span></p><p dir=\"ltr\"><span>IREN’s legacy business works on ASICs, so the company is also in the process of replacing ASICS with GPU infrastructure, which causes one-off impairments.</span></p><p dir=\"ltr\"><span>IREB is the most asset-heavy among the trio, owning its data centers outright. Not only that, but the data centers are also located in remote areas, primarily, with a surplus of energy procured at ultra-low costs (~$0.033 per kWh). This vertical integration eliminates co-location fees and supports lower GPU-hour pricing, a potential long-term competitive advantage.</span></p><p dir=\"ltr\"><span>Financially, IREN exhibits high shareholder dilution, perhaps being their greatest sin, with shares outstanding growing from 20.6 million in June 2021 to 298.2 million recently.</span></p><p dir=\"ltr\"><span>Margins benefit from asset ownership and Bitcoin as a cash cow, though aggressive depreciation (over 5 years) makes operating profit margins appear weaker. This approach is more conservative than CoreWeave's but less so than Nebius's. Software capabilities remain light; IREN focuses primarily on physical infrastructure rather than advanced managed services.</span></p><h2>CoreWeave (CRWV): The Aggressive Scale Leader with Debt-Fueled Growth</h2><p dir=\"ltr\"><span>CRWV is basically the poster child of the neoclouds. Similar to IREN, CRWV also has cryptocurrency origins, having mined Ethereum, but unlike IREN, CRWV has fully exited crypto mining. It entered space with existing GPU expertise and has become the largest by operations and market capitalization.</span></p><p dir=\"ltr\"><span>Reported revenue reached $5.12 billion for 2025 (up significantly from prior years), with guidance for at least $12-13 billion in 2026, with the potential of this number to go even higher. The revenue backlog stands at a massive $66.8 billion.</span></p><p dir=\"ltr\"><span>To become the largest neocloud out there, CRWV fueled its ascent with a solid amount of debt ($30 billion in debt and quarterly interest expenses of $388 million, eating a huge chunk of its income statement). Much of this debt is collateralized by GPUs, but that holds risks. Furthermore, CoreWeave employs an asset-light model, leasing space from operators like Equinix and Digital Realty rather than building outright, a contributing factor to the high leverage (lease liabilities). This contrasts with IREN's ownership approach, where they hold the assets and also IREN’s preferred equity financing strategy.</span></p><p dir=\"ltr\"><span>Data centre locations are near major cities, incurring higher electricity costs but reducing latency for end users, which can also be an overhang for margins. Overall, profitability remains challenging due to rent, high interest, and elevated power expenses.</span></p><p dir=\"ltr\"><span>The accounting is the most aggressive of the three, with GPUs depreciated over 6 years (vs. IREN's 5 and Nebius's 4). This can flatter short-term metrics but raises questions about prudence. On the software side, CRWV utilizes Kubernetes orchestration for coordinating large GPU clusters, though its software capabilities are less sophisticated than Nebius's stack.</span></p><p dir=\"ltr\"><span>NVIDIA holds strategic ownership (~9%, similar to its stake in Nebius), granting preferential GPU access and underscoring industry ties.</span></p><p dir=\"ltr\"><span>Share dilution has occurred (from 180 million in 2022 to 436 million in 2025), but at a lower scale than IREN, though still quite massive.</span></p><h2>Nebius (NBIS): The Efficient Software-Driven Pure Play</h2><p dir=\"ltr\"><span>Nebius lacks the crypto mining history the other two have, emerging instead as a spin-off from Yandex (Russia's tech giant, equivalent of Google/Uber) following the 2022 Ukraine invasion. The international assets—including a major Finnish data center, cash, and engineering talent—formed the core assets of the company. This gives Nebius a clean, non-crypto foundation and strong European presence, with expansion into North America for global reach. It also gives them a relatively clean balance sheet with some cash in hand.</span></p><p dir=\"ltr\"><span>Revenue for 2025 was approximately $529.8-530 million (479% growth), with 2026 expectations around $3-3.4 billion and ARR guidance of $7-9 billion by year-end. A recent Meta deal has boosted the backlog to around $49 billion (including prior agreements), with up to $27 billion from Meta alone over five years, starting significant revenue in 2027 (dedicated $12 billion tranche plus up to $15 billion optional). Microsoft also features prominently, contributing to customer concentration (~80% of booked capacity from Meta and Microsoft combined).</span></p><p dir=\"ltr\"><span>NBIS operates a hybrid data center model—owning key sites like Finland while leasing others—resulting in co-location fees higher than IREN but lower than CRWV.</span></p><p dir=\"ltr\"><span>Its architecture reportedly delivers 3x more compute per MW than peers, thanks to a proprietary software stack (Aether platform managing full-stack from silicon, Token Factory for optimized low-latency token-based billing). This enables higher revenue per GPU hour and functionalities like efficient data flow management, disruption fixing, and preventing data starvation. NBIS also designs its own cooling systems, reducing reliance on third parties like <a href=\"https://laohu8.com/S/DELL\">Dell</a> or Supermicro. Non-AI businesses (data labelling, robotics, edtech) contribute only ~10%.</span></p><p dir=\"ltr\"><span>The balance sheet is relatively healthy: lower debt (~$4.9 billion total, net ~$1.2 billion; debt/assets 39%, net debt/assets 10%) and limited historical dilution, funded partly by Yandex spin-off cash and customer prepayments. Recent capital raises (including</span><b><strong> </strong></b><span>convertible notes post-Meta deal) and NVIDIA's strategic ~8-9% investment (plus launch partnership for Vera Rubin platform) provide support.</span></p><p dir=\"ltr\"><span>Depreciation is the most aggressive (4 years), signalling prudence. Profitability faces pressure from sales hiring and R&amp;D on software, with less contract transparency than peers. NVIDIA's involvement mirrors its CoreWeave stake, enhancing credibility.</span></p><h2>Risks and Comparative Moats</h2><p dir=\"ltr\"><span>All three face sector-wide risks.</span></p><p dir=\"ltr\"><span>The biggest risk is, of course, a potential AI winter, reducing demand and GPU pricing. Another risk is space-based data centers disrupting terrestrial models, but that’s more of a worry in the not-so-near future. Other issues are related to accounting, especially around depreciation and circular economies. This fear can be reinforced by the excessive customer concentration: IREN with Microsoft (55% of 2026 revenue), NBIS with Meta/Microsoft (80%), CRWV with OpenAI/Meta (~55% of backlog).</span></p><p dir=\"ltr\"><span>Company-specific vulnerabilities differ.</span></p><div><table><colgroup><col/><col/><col/><col/></colgroup><tbody><tr><td></td><td><p dir=\"ltr\"><b><strong>NBIS</strong></b></p></td><td><p dir=\"ltr\"><b><strong>CRWV</strong></b></p></td><td><p dir=\"ltr\"><b><strong>IRIS</strong></b></p></td></tr><tr><td><p dir=\"ltr\"><span>Total Debt (USDm)</span></p></td><td><p><span> $    4,888.20</span></p></td><td><p><span> $    29,823.00</span></p></td><td><p><span> $  3,842.50</span></p></td></tr><tr><td><p dir=\"ltr\"><span>Net Debt (USDm)</span></p></td><td><p><span> $    1,210.10</span></p></td><td><p><span> $    18,234.60</span></p></td><td><p><span> $     582.00</span></p></td></tr><tr><td><p dir=\"ltr\"><span>Total Assets (USDm)</span></p></td><td><p><span> $  12,449.80</span></p></td><td><p><span> $    49,302.00</span></p></td><td><p><span> $  7,027.60</span></p></td></tr><tr><td><p dir=\"ltr\"><span>Debt/Assets</span></p></td><td><p><span>39%</span></p></td><td><p><span>60%</span></p></td><td><p><span>55%</span></p></td></tr><tr><td><p dir=\"ltr\"><span>net Debt/Assets</span></p></td><td><p><span>10%</span></p></td><td><p><span>37%</span></p></td><td><p><span>8%</span></p></td></tr></tbody></table></div><p dir=\"ltr\"><span>CRWV's leveraged balance sheet (highest debt/assets at 60%, net at 37%) poses bankruptcy risk in a downturn, with aggressive accounting and high interest amplifying pressure, making CRWV the stock with the greatest downside here.</span></p><p dir=\"ltr\"><span>NBIS and IREN, despite being in a healthier situation, still need funding, and there is a high chance they will tap the capital markets for further funding (read “stock dilution”).</span></p><p dir=\"ltr\"><span>But as much as there are risks, there are also advantages. IREN's infrastructure ownership and low-cost power create cost leadership and defensiveness, while NBIS's software stack delivers efficiency and differentiation (higher pricing, optimization).</span></p><p dir=\"ltr\"><span>From a risk/reward lens, all offer high upside in the AI infrastructure supercycle, but downsides vary. CRWV represents the aggressive play—scale and backlog promise hypergrowth ($12-13B+ revenue in 2026), yet debt and accounting warrant caution; an AI winter could severely impact equity.</span></p><p dir=\"ltr\"><span>NBIS is the efficiency play, with a software moat, pure-play focus, and strong utilization driving potentially superior long-term margins, though execution on global expansion and customer reliance introduces risks.</span></p><p dir=\"ltr\"><span>IREN emerges as a safe option, blending Bitcoin cash flow, asset ownership for margins, and vast power runway, tempered by dilution and slower AI monetization.</span></p><p dir=\"ltr\"><span>Execution on capacity ramp, utilization, and customer diversification will ultimately determine which neocloud captures the most value from the AI boom. With hyperscalers still capacity-constrained, these \"shovels\" providers are positioned for substantial, if volatile, growth through 2026 and beyond. The differences in their approaches—asset-heavy vs. software-enhanced vs. scale-leveraged—ensure they will shape the neocloud landscape in complementary yet competitive ways.  </span></p><p>Find out more</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://resource.tradingkey.com/uploads/20260311/nbis-f85db7afacab449fa0646856df0c792b.jpg","relate_stocks":{"LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU2095319765.USD":"Natixis Thematics Subscription Economy R/A USD","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU2210150020.SGD":"Natixis Thematics Subscription Economy R/A SGD","CWVX":"2倍做多CRWV ETF-Tradr","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU2210149790.SGD":"Natixis Thematics Subscription Economy R/A SGD-H","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","NEBX":"2倍做多NBIS ETF-Tradr","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","BK4612":"AI芯片","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","BK4609":"英伟达持仓股","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0871640123.AUD":"BGF GLOBAL MULTI-ASSET INC \"A8\" (AUD HDG) INC","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","LU1228905540.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) INC 2","LU2063271972.USD":"富兰克林创新领域基金","LU1989773731.SGD":"CPR Invest - Education A2 Acc SGD-H","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1121112475.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USDHDG) ACC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","BK4598":"佩洛西持仓","LU2092937221.SGD":"Blackrock Circular Economy A2 SGD-H","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU1235295455.SGD":"Fidelity Global Multi Asset Growth & Income A-ACC-SGD","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","BK4600":"加密货币概念","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0323240290.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AD\" INC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","MSFD":"1倍做空MSFT ETF-Direxion","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","MSFL":"2倍做多MSFT ETF-GraniteShares","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU1564329628.SGD":"Blackrock Dynamic High Income A2 SGD-H","LU0994945656.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC 2","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","MSFO":"MSFT期权收益策略ETF-YieldMax","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","MSFU":"2倍做多MSFT ETF-Direxion","MSFW":"Roundhill MSFT WeeklyPay ETF","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","BK4595":"比特币概念","MSFX":"2倍做多MSFT ETF-T-Rex","MSFY":"Kurv Yield Premium Strategy Microsoft (MSFT) ETF","LU0329931090.USD":"HSBC GIF RUSSIA EQUITY \"AC\" ACC","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","BK4592":"伊斯兰概念","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU2041044095.USD":"Blackrock Circular Economy A2 USD","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0426412945.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) ACC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","SG9999002232.USD":"Allianz Global High Payout USD","NBIS":"NEBIUS","SG9999002224.SGD":"Allianz Global High Payout SGD","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","LU0345774391.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) ACC","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","LU1046421795.USD":"富达环球科技A-ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU0238689110.USD":"贝莱德环球动力股票基金","LU0171293334.USD":"贝莱德英国基金A2","LU0345774631.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) INC","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0072462426.USD":"贝莱德全球配置 A2","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","AIYY":"YIELDMAX AI OPTION INCOME STRATEGY ETF","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU0894486033.HKD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (HKD) INC MF","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0894485498.HKD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (HKD) ACC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","IE00BYQQ9H92.USD":"BNY MELLON GLOBAL LEADERS \"A\" (USD) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU1188199696.SGD":"Schroder ISF Global Multi-Asset Income A Dis SGD","LU1564329032.USD":"BGF DYNAMIC HIGH INCOME \"A2\" (USD) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","BK4535":"淡马锡持仓","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","BK4538":"云计算","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU0545562505.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1582986359.USD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (USDHDG) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0444971666.USD":"天利全球科技基金","LU2275660780.HKD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" (HKD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","BK4097":"系统软件","LU0960925559.SGD":"Schroder ISF Global Multi-Asset Income A Acc SGD","BK4023":"应用软件","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU0879622024.SGD":"Schroder ISF Global Multi-Asset Income A Dis SGD-H","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU1670711040.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) ACC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","LU0823417737.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU0823431647.USD":"BNP PARIBAS RUSSIA EQUITY \"CLASSIC\" (USD) INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0950375773.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC A","LU0950373646.USD":"BNP PARIBAS RUSSIA EQUITY \"C\" (USD) INC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU0149725797.USD":"汇丰美国股市经济规模基金","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","LU2413666426.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (HKD) ACC","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","LU0882574139.USD":"富达环球消费行业基金A ACC","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU1228905037.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","SG9999015978.USD":"利安颠覆性创新基金A","BK4567":"ESG概念","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU0323239441.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AC\" ACC","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","LU0072461881.USD":"BGF US BASIC VALUE \"A2\" ACC","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","BK4503":"景林资产持仓","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU2506951875.HKD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (HKDHDG) ACC","BK4566":"资本集团","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","CRWG":"2倍做多CRWV ETF-Leverage Shares","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU2506952097.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (USDHDG) ACC","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","BK4504":"桥水持仓","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU2506951958.HKD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (HKDHDG) INC","CRWU":"2倍做多CRWV ETF-T-Rex","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU0557290698.USD":"施罗德环球可持续增长基金","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU2298321311.HKD":"BGF CIRCULAR ECONOMY \"A\" (HKDHDG) ACC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU2506952170.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (USDHDG) INC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU1043141396.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) ACC","LU1032466523.USD":"高盛全球多资产收益组合Acc","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","SG9999001424.SGD":"United E-Commerce Fund SGD","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU1236620750.USD":"HSBC GIF GLOBAL SUSTAINABLE LONG TERM DIVIDEND \"AM2\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1043141123.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) INC 2","LU1236620834.HKD":"HSBC GIF GLOBAL SUSTAINABLE LONG TERM DIVIDEND \"AM2\" (HKD) INC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","SG9999014559.SGD":"United Income Focus Trust Dis SGD","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","CORD":"T-REX 2X INVERSE CRWV DAILY TARGET ETF","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU1989763005.USD":"东方汇理教育基金A2 Acc","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","BK4543":"AI","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0080751232.USD":"富达环球多元动力基金A","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","BK4516":"特朗普概念","LU2764263203.CNY":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (CNYHDG) ACC","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","SG9999001077.SGD":"United International Growth Fund SGD","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","CRWV":"CoreWeave, Inc.","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1181866309.USD":"摩根大通环球策略总报酬基金A (acc)","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0757359368.USD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (USD)  ACC","LU2279689827.SGD":"JPMorgan Investment Funds - Global Income Sustainable A (mth) SGD-H","LU0095938881.EUR":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) EUR","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","LU1803068623.USD":"TEMPLETON GLOBAL CLIMATE CHANGE \"AH1\" (USDHDG) ACC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU1340139317.AUD":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) AUD-H","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","BK4554":"元宇宙及AR概念","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","BK4077":"互动媒体与服务","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU1334329650.SGD":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) SGD-H","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","LU1582986433.USD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (USDHDG) INC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","BK4587":"ChatGPT概念","LU0823431563.USD":"BNP PARIBAS RUSSIA EQUITY \"C\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2360108059.USD":"BGF CIRCULAR ECONOMY \"A4\" (USD) INC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","BK4550":"红杉资本持仓","BK4588":"碎股","LU0757359954.USD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (USD) INC MF","IREZ":"Tradr 2X Short IREN Daily ETF","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","LU0347712357.USD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (USD) ACC","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","BK4551":"寇图资本持仓","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","IREX":"2倍做多IREN ETF-Tradr","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU0079474960.USD":"联博美国增长基金A","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","IREG":"2倍做多IREN ETF-Leverage Shares","BK4116":"互联网服务与基础架构","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU1221951046.USD":"NORDEA 1 STABLE RETURN \"HM\" (USDHDG) INC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","BK7095":"多种金属与采矿","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IRE":"2倍做多IREN ETF-Defiance","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU1221951129.SGD":"NORDEA 1 STABLE RETURN \"HM\" (SGDHDG) INC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","BK4528":"SaaS概念","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU1670710588.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) ACC","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU1670710661.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) INC","BK4110":"抵押房地产投资信托","LU1196500208.SGD":"NORDEA STABLE RETURN \"HB\" (SGDHDG) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","IREN":"IREN Ltd","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU1670711123.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) INC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","BK4525":"远程办公概念","LU0823417653.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) ACC","LU1582987324.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) ACC","LU0329931173.USD":"HSBC GIF RUSSIA EQUITY \"AD\" (USD) INC","LU1582987597.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) INC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","BK4527":"明星科技股","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU0531971165.HKD":"HSBC GIF RUSSIA EQUITY \"AD\" (HKD) INC","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","LU1032955483.USD":"NORDEA 1 STABLE RETURN \"HB\" (USDHDG) ACC","LU1697837992.HKD":"BGF DYNAMIC HIGH INCOME \"A6\" (HKDHDG) INC","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","BK4576":"AR","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU0302445910.USD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" ACC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","NBIG":"Leverage Shares 2X Long NBIS Daily ETF","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","BK4577":"网络游戏","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","NBIL":"GraniteShares 2x Long NBIS Daily ETF","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","NBIZ":"Tradr 2X Short NBIS Daily ETF","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","BK4579":"人工智能","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1564329115.USD":"Blackrock Dynamic High Income A6 USD","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU1564329461.SGD":"Blackrock Dynamic High Income A6 SGD-H","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU0426417589.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC","BK4532":"文艺复兴科技持仓","BK4581":"高盛持仓","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","BK4534":"瑞士信贷持仓","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0861579265.USD":"联博低波幅策略股票基金A","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU2413666699.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"CRH\" (HKDHDG) INC","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU0109392836.USD":"富兰克林科技股A"},"source_url":"https://www.tradingkey.com/analysis/stocks/us-stocks/261736101-the-rice-of-neoclouds-in-ai","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2623137412","content_text":"Iris Energy (IREN), Nebius (NBIS) and Coreweave (CRWV) are frequently grouped due to their shared focus on AI infrastructure, yet they differ significantly in origins, business models, operational strategies, and risk profiles.This is not a deep dive into the Neocloud business model, but more of a general overview and comparison of the threeSo, let’s Start With the Similarities.The cloud industry has long been dominated by major players like AWS, Azure and Google Cloud (we can also add Oracle and Alibaba in that group, but they don’t have the scale of the top three, yet).In recent years, the explosive growth of artificial intelligence has created an unprecedented demand for specialized computing power, particularly high-performance GPUs capable of handling massive training and inference workloads.Traditional cloud giants like AWS, Azure, and Google Cloud are dominant in general-purpose services, but building specialized computing power from scratch takes a significant amount of time and capital, as the demand is quite urgent. Here, the neoclouds step in to fill the gap.Neoclouds share several core similarities that distinguish them from the incumbent cloud providers. Unlike the traditional clouds, which offer hundreds of managed services across a broad spectrum of computing, storage, and networking, neoclouds are highly specialized in GPU-centric infrastructure for AI workloads. Their primary clients include the hyperscalers (the traditional cloud providers themselves - Microsoft, Google, Amazon), Meta (not a cloud provider, but a hyperscaler), as well as large AI startups like OpenAI, xAI, etc. Emerging customer segments, such as sovereign AI initiatives and traditional large enterprises, are also beginning to appear.At their essence, neoclouds procure GPUs, house them in data centers, and sell access to the raw computing power, supported by high-speed networking and optimized software layers for AI tasks.Clients often prefer them for \"bare metal\" access and potentially lower pricing compared to traditional platforms' overhead. Importantly, neoclouds are infrastructure-first - they supply the \"shovels\" for the AI gold rush without directly competing against their customers by developing rival consumer-facing AI models.Metrics to Look for in the Neoclouds SpaceLike electricity companies, power here is everything. When people talk about these three companies, they often mention capacity in terms of MW and GW. Roughly, 100 MW of capacity can translate to about $1 billion in annual revenue at maturity, and for newer GPUs, it can even reach $1.2-1.3 billion.It is important to distinguish contracted capacity (future power under agreement, basically the backlog) from connected capacity (power ready for GPU deployment), and monetized capacity (actual revenue-generating GPUs). Gaps between these metrics often stem from delays in GPU delivery, cooling systems, or legacy operations.CompanyTotal Power PipelineTotal Op. MWAI-Monetized MWAI Capacity UtilizationWhy the Gap?IREN4.5 GW810 MW~60 MW~7%~90% of power is still tied to legacy Bitcoin mining.CRWV5.0 GW850+ MW~550 MW~65%~35% of power is \"Ready\" but waiting for GPU delivery/setup.NBIS4.5 GW170 MW~170 MW~98%100% \"Pure Play.\" Almost zero idle power or legacy business. Revenue per GPU hour further differentiates them, reflecting pricing power, efficiency, and service sophistication. For H100/H200 rates, the pricing varies:Nebius: $3.00 – $3.50 (the highest because it includes a software element to its services);CoreWeave: $2.40 – $2.90 (mass volume);IREN: $1.90 – $2.50 (they charge the lowest, due to their pure “bare metal” service and cost advantages).Iris Energy (IREN): The Asset-Heavy Defensive Play with Bitcoin RootsIREN started as a Bitcoin miner and still derives most of its current revenue from mining, though it is aggressively transitioning towards AI. Its mining capacity has scaled to 57 EH/s with the potential to generate around $1 billion in annual revenue from its legacy business. However, the management does not plan significant further expansion of mining beyond this level, instead channeling focus toward AI cloud services.IREN sells 100% of its mined Bitcoins rather than holding them, providing a certain cash flow backing, but the volatility in BTC prices brings a large degree of uncertainty to this revenue line. Recent guidance targets AI-related annualised run-rate revenue (ARR) of around $3.4 billion by the end of 2026, potentially expanding further, with some projections reaching over $3.7 billion supported by a 150,000 GPU fleet.IREN’s legacy business works on ASICs, so the company is also in the process of replacing ASICS with GPU infrastructure, which causes one-off impairments.IREB is the most asset-heavy among the trio, owning its data centers outright. Not only that, but the data centers are also located in remote areas, primarily, with a surplus of energy procured at ultra-low costs (~$0.033 per kWh). This vertical integration eliminates co-location fees and supports lower GPU-hour pricing, a potential long-term competitive advantage.Financially, IREN exhibits high shareholder dilution, perhaps being their greatest sin, with shares outstanding growing from 20.6 million in June 2021 to 298.2 million recently.Margins benefit from asset ownership and Bitcoin as a cash cow, though aggressive depreciation (over 5 years) makes operating profit margins appear weaker. This approach is more conservative than CoreWeave's but less so than Nebius's. Software capabilities remain light; IREN focuses primarily on physical infrastructure rather than advanced managed services.CoreWeave (CRWV): The Aggressive Scale Leader with Debt-Fueled GrowthCRWV is basically the poster child of the neoclouds. Similar to IREN, CRWV also has cryptocurrency origins, having mined Ethereum, but unlike IREN, CRWV has fully exited crypto mining. It entered space with existing GPU expertise and has become the largest by operations and market capitalization.Reported revenue reached $5.12 billion for 2025 (up significantly from prior years), with guidance for at least $12-13 billion in 2026, with the potential of this number to go even higher. The revenue backlog stands at a massive $66.8 billion.To become the largest neocloud out there, CRWV fueled its ascent with a solid amount of debt ($30 billion in debt and quarterly interest expenses of $388 million, eating a huge chunk of its income statement). Much of this debt is collateralized by GPUs, but that holds risks. Furthermore, CoreWeave employs an asset-light model, leasing space from operators like Equinix and Digital Realty rather than building outright, a contributing factor to the high leverage (lease liabilities). This contrasts with IREN's ownership approach, where they hold the assets and also IREN’s preferred equity financing strategy.Data centre locations are near major cities, incurring higher electricity costs but reducing latency for end users, which can also be an overhang for margins. Overall, profitability remains challenging due to rent, high interest, and elevated power expenses.The accounting is the most aggressive of the three, with GPUs depreciated over 6 years (vs. IREN's 5 and Nebius's 4). This can flatter short-term metrics but raises questions about prudence. On the software side, CRWV utilizes Kubernetes orchestration for coordinating large GPU clusters, though its software capabilities are less sophisticated than Nebius's stack.NVIDIA holds strategic ownership (~9%, similar to its stake in Nebius), granting preferential GPU access and underscoring industry ties.Share dilution has occurred (from 180 million in 2022 to 436 million in 2025), but at a lower scale than IREN, though still quite massive.Nebius (NBIS): The Efficient Software-Driven Pure PlayNebius lacks the crypto mining history the other two have, emerging instead as a spin-off from Yandex (Russia's tech giant, equivalent of Google/Uber) following the 2022 Ukraine invasion. The international assets—including a major Finnish data center, cash, and engineering talent—formed the core assets of the company. This gives Nebius a clean, non-crypto foundation and strong European presence, with expansion into North America for global reach. It also gives them a relatively clean balance sheet with some cash in hand.Revenue for 2025 was approximately $529.8-530 million (479% growth), with 2026 expectations around $3-3.4 billion and ARR guidance of $7-9 billion by year-end. A recent Meta deal has boosted the backlog to around $49 billion (including prior agreements), with up to $27 billion from Meta alone over five years, starting significant revenue in 2027 (dedicated $12 billion tranche plus up to $15 billion optional). Microsoft also features prominently, contributing to customer concentration (~80% of booked capacity from Meta and Microsoft combined).NBIS operates a hybrid data center model—owning key sites like Finland while leasing others—resulting in co-location fees higher than IREN but lower than CRWV.Its architecture reportedly delivers 3x more compute per MW than peers, thanks to a proprietary software stack (Aether platform managing full-stack from silicon, Token Factory for optimized low-latency token-based billing). This enables higher revenue per GPU hour and functionalities like efficient data flow management, disruption fixing, and preventing data starvation. NBIS also designs its own cooling systems, reducing reliance on third parties like Dell or Supermicro. Non-AI businesses (data labelling, robotics, edtech) contribute only ~10%.The balance sheet is relatively healthy: lower debt (~$4.9 billion total, net ~$1.2 billion; debt/assets 39%, net debt/assets 10%) and limited historical dilution, funded partly by Yandex spin-off cash and customer prepayments. Recent capital raises (including convertible notes post-Meta deal) and NVIDIA's strategic ~8-9% investment (plus launch partnership for Vera Rubin platform) provide support.Depreciation is the most aggressive (4 years), signalling prudence. Profitability faces pressure from sales hiring and R&D on software, with less contract transparency than peers. NVIDIA's involvement mirrors its CoreWeave stake, enhancing credibility.Risks and Comparative MoatsAll three face sector-wide risks.The biggest risk is, of course, a potential AI winter, reducing demand and GPU pricing. Another risk is space-based data centers disrupting terrestrial models, but that’s more of a worry in the not-so-near future. Other issues are related to accounting, especially around depreciation and circular economies. This fear can be reinforced by the excessive customer concentration: IREN with Microsoft (55% of 2026 revenue), NBIS with Meta/Microsoft (80%), CRWV with OpenAI/Meta (~55% of backlog).Company-specific vulnerabilities differ.NBISCRWVIRISTotal Debt (USDm) $    4,888.20 $    29,823.00 $  3,842.50Net Debt (USDm) $    1,210.10 $    18,234.60 $     582.00Total Assets (USDm) $  12,449.80 $    49,302.00 $  7,027.60Debt/Assets39%60%55%net Debt/Assets10%37%8%CRWV's leveraged balance sheet (highest debt/assets at 60%, net at 37%) poses bankruptcy risk in a downturn, with aggressive accounting and high interest amplifying pressure, making CRWV the stock with the greatest downside here.NBIS and IREN, despite being in a healthier situation, still need funding, and there is a high chance they will tap the capital markets for further funding (read “stock dilution”).But as much as there are risks, there are also advantages. IREN's infrastructure ownership and low-cost power create cost leadership and defensiveness, while NBIS's software stack delivers efficiency and differentiation (higher pricing, optimization).From a risk/reward lens, all offer high upside in the AI infrastructure supercycle, but downsides vary. CRWV represents the aggressive play—scale and backlog promise hypergrowth ($12-13B+ revenue in 2026), yet debt and accounting warrant caution; an AI winter could severely impact equity.NBIS is the efficiency play, with a software moat, pure-play focus, and strong utilization driving potentially superior long-term margins, though execution on global expansion and customer reliance introduces risks.IREN emerges as a safe option, blending Bitcoin cash flow, asset ownership for margins, and vast power runway, tempered by dilution and slower AI monetization.Execution on capacity ramp, utilization, and customer diversification will ultimately determine which neocloud captures the most value from the AI boom. With hyperscalers still capacity-constrained, these \"shovels\" providers are positioned for substantial, if volatile, growth through 2026 and beyond. The differences in their approaches—asset-heavy vs. software-enhanced vs. scale-leveraged—ensure they will shape the neocloud landscape in complementary yet competitive ways.  Find out more","news_type":1,"symbols_score_info":{"NEBX":0.6,"IREG":0.6,"IRE":0.6,"NBIZ":0.6,"MSFY":0.6,"MSFL":0.6,"CORD":0.6,"MSFD":0.6,"MSFW":0.6,"IREN":1.98,"IREZ":0.6,"NBIS":1.96,"CWVX":0.6,"CRWG":0.6,"MSFO":0.6,"CRWU":0.6,"IREX":0.6,"MSFX":0.6,"AIYY":0.6,"CRWV":1.97,"NBIL":0.6,"NBIG":0.6,"MSFU":0.6}},"isVote":1,"tweetType":1,"viewCount":1358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172077517,"gmtCreate":1626924378139,"gmtModify":1703480693291,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Is the housing&nbsp;market in China bursting?&nbsp;","listText":"Is the housing&nbsp;market in China bursting?&nbsp;","text":"Is the housing market in China bursting?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/172077517","repostId":"2153626524","repostType":4,"repost":{"id":"2153626524","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1626921202,"share":"https://ttm.financial/m/news/2153626524?lang=en_US&edition=fundamental","pubTime":"2021-07-22 10:33","market":"hk","language":"en","title":"China Evergrande jumps on solving legal disputes with Guangfa Bank","url":"https://stock-news.laohu8.com/highlight/detail?id=2153626524","media":"Reuters","summary":"** Shares of China Evergrande Group , the country's most indebted developer, rise as much as 9.7% to","content":"<p>** Shares of <a href=\"https://laohu8.com/S/EGRNF\">China Evergrande Group</a> , the country's most indebted developer, rise as much as 9.7% to HK$7.94, on track to snap three straight sessions of decline</p>\n<p>** Stock last up 6.8% at HK$7.73; biggest percentage gainer in the Hang Seng China Enterprises Index and among the 15 most actively traded by turnover</p>\n<p>** Stock down 19.6% so far this week, heading for the worst week since May 2015</p>\n<p>** Co says it has solved legal disputes with China Guangfa Bank and that the two sides will deepen business cooperation</p>\n<p>** HSBC and Standard Chartered are declining loans to buyers of property in two uncompleted Hong Kong residential projects developed by China Evergrande, three mortgage brokers said on Wednesday</p>\n<p>** One of the brokers said Bank of East Asia had taken a similar step</p>\n<p>** Evergrande's unit China Evergrande New Energy Vehicle Group surges 17.9% to HK$15.56 after eight straight sessions of decline</p>\n<p>** The Hang Seng Composite Index rises 1.2%</p>\n<p>** Both the Hang Seng China Enterprises Index and the benchmark index rises 1.3%</p>\n<p>** As of last close, China Evergrande Group stock had dropped 51.4% this year</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>China Evergrande jumps on solving legal disputes with Guangfa Bank</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\">\nChina Evergrande jumps on solving legal disputes with Guangfa Bank\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-22 10:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>** Shares of <a href=\"https://laohu8.com/S/EGRNF\">China Evergrande Group</a> , the country's most indebted developer, rise as much as 9.7% to HK$7.94, on track to snap three straight sessions of decline</p>\n<p>** Stock last up 6.8% at HK$7.73; biggest percentage gainer in the Hang Seng China Enterprises Index and among the 15 most actively traded by turnover</p>\n<p>** Stock down 19.6% so far this week, heading for the worst week since May 2015</p>\n<p>** Co says it has solved legal disputes with China Guangfa Bank and that the two sides will deepen business cooperation</p>\n<p>** HSBC and Standard Chartered are declining loans to buyers of property in two uncompleted Hong Kong residential projects developed by China Evergrande, three mortgage brokers said on Wednesday</p>\n<p>** One of the brokers said Bank of East Asia had taken a similar step</p>\n<p>** Evergrande's unit China Evergrande New Energy Vehicle Group surges 17.9% to HK$15.56 after eight straight sessions of decline</p>\n<p>** The Hang Seng Composite Index rises 1.2%</p>\n<p>** Both the Hang Seng China Enterprises Index and the benchmark index rises 1.3%</p>\n<p>** As of last close, China Evergrande Group stock had dropped 51.4% this year</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00708":"恒大汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153626524","content_text":"** Shares of China Evergrande Group , the country's most indebted developer, rise as much as 9.7% to HK$7.94, on track to snap three straight sessions of decline\n** Stock last up 6.8% at HK$7.73; biggest percentage gainer in the Hang Seng China Enterprises Index and among the 15 most actively traded by turnover\n** Stock down 19.6% so far this week, heading for the worst week since May 2015\n** Co says it has solved legal disputes with China Guangfa Bank and that the two sides will deepen business cooperation\n** HSBC and Standard Chartered are declining loans to buyers of property in two uncompleted Hong Kong residential projects developed by China Evergrande, three mortgage brokers said on Wednesday\n** One of the brokers said Bank of East Asia had taken a similar step\n** Evergrande's unit China Evergrande New Energy Vehicle Group surges 17.9% to HK$15.56 after eight straight sessions of decline\n** The Hang Seng Composite Index rises 1.2%\n** Both the Hang Seng China Enterprises Index and the benchmark index rises 1.3%\n** As of last close, China Evergrande Group stock had dropped 51.4% this year","news_type":1,"symbols_score_info":{"00708":0.9,"03333":0.9}},"isVote":1,"tweetType":1,"viewCount":1001,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108283776,"gmtCreate":1620030568495,"gmtModify":1704337596534,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/02318\">$PING AN(02318)$</a>&nbsp;why kept sliding downwards? The valuation is higher right?&nbsp;","listText":"<a href=\"https://laohu8.com/S/02318\">$PING AN(02318)$</a>&nbsp;why kept sliding downwards? The valuation is higher right?&nbsp;","text":"$PING AN(02318)$ why kept sliding downwards? The valuation is higher right?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/108283776","isVote":1,"tweetType":1,"viewCount":1083,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":603532614370704,"gmtCreate":1788383822128,"gmtModify":1788383825217,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Cool idea","listText":"Cool idea","text":"Cool idea","images":[{"img":"https://community-static.tradeup.com/news/4584e2b974fe97e8d75bc363b3a80828","width":"860","height":"18666"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/603532614370704","isVote":1,"tweetType":1,"viewCount":56,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":508309617086784,"gmtCreate":1765120720016,"gmtModify":1765120723707,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Nice read","listText":"Nice read","text":"Nice read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/508309617086784","repostId":"2589492068","repostType":2,"repost":{"id":"2589492068","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1764988200,"share":"https://ttm.financial/m/news/2589492068?lang=en_US&edition=fundamental","pubTime":"2025-12-06 10:30","market":"hk","language":"en","title":"Options -- The Striking Price: Are You a Crypto Believer? Here Are 2 Ways to Play It. -- Barron's","url":"https://stock-news.laohu8.com/highlight/detail?id=2589492068","media":"Dow Jones","summary":"If you believe that Bitcoin and other cryptocurrencies are a permanent part of financial markets, their recent weakness is a buying opportunity.The crypto complex is under extreme pressure, and investor sentiment is verging on apocalyptic. The apparent cause of the distress is surreal.The Bank of Japan reportedly might raise interest rates, which impacts crypto because many traders are said to borrow in yen to buy the assets. If rates rise in Japan, investors will presumably sell crypto to cover their yen loans.Borrowing in one country with low rates to buy risk assets in another country is common among sophisticated investors, such as bank trading desks and hedge funds, but it's surprising to see the strategy cited for crypto's weakness.While this dynamic plays out, aggressive investors who want to wager that fear turns to greed if Bitcoin prices keep declining can focus on Strategy and Coinbase Global. The trade's warning label: It's hard to know if buyers will step into the maw at s","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Steven M. Sears \n</p>\n<p>\n  If you believe that Bitcoin and other cryptocurrencies are a permanent part of financial markets, their recent weakness is a buying opportunity. \n</p>\n<p>\n  The crypto complex is under extreme pressure, and investor sentiment is verging on apocalyptic. The apparent cause of the distress is surreal. \n</p>\n<p>\n  The Bank of Japan reportedly might raise interest rates, which impacts crypto because many traders are said to borrow in yen to buy the assets. If rates rise in Japan, investors will presumably sell crypto to cover their yen loans. \n</p>\n<p>\n  Borrowing in one country with low rates to buy risk assets in another country is common among sophisticated investors, such as bank trading desks and hedge funds, but it's surprising to see the strategy cited for crypto's weakness. \n</p>\n<p>\n  While this dynamic plays out, aggressive investors who want to wager that fear turns to greed if Bitcoin prices keep declining can focus on <a href=\"https://laohu8.com/S/MSTR\">Strategy</a> and <a href=\"https://laohu8.com/S/COIN\">Coinbase</a> Global. The trade's warning label: It's hard to know if buyers will step into the maw at sharply lower prices, let alone current levels. \n</p>\n<p>\n  The easiest way to add exposure to <a href=\"https://laohu8.com/S/STRF\">Strategy</a> or Coinbase is by buying their stock. In volatile situations, consider \"scaling\" into positions, which means buying shares at different stages. If you want to buy 1,500 shares, buy 500 shares at market, another 500 at 5% lower, and another 500 at 10% lower. \n</p>\n<p>\n  An arguably smarter way to establish positions during the selloff, however, is in the options market. Here, investors can get paid just for agreeing to buy stocks at lower prices. And because Strategy and Coinbase options are priced with intense fear premiums, anyone who buys puts to hedge these stocks is paying top dollar. Aggressive investors who want to own the stocks can take advantage of that fact and sell puts to panicked investors. \n</p>\n<p>\n  Consider Strategy as a template for monetizing fear during the crypto decline. With the stock around $182, aggressive traders can sell the January $158 put for about $9.60, and the January $150 put for about $7.50. \n</p>\n<p>\n  If the stock rebounds, the put premium can be kept. If the stock is below the strike price at expiration, investors must buy the stock. During the past 52 weeks, Strategy has ranged from $166.01 to $457.22. \n</p>\n<p>\n  Puts increase in value when stock prices decline. But selling puts on stocks you want to own is a time-honored way to buy stocks at lower prices. Because the implied volatility of weak stocks is often elevated -- and crypto equities are outrageously high -- put sellers get paid a lot of money for taking on the risk. \n</p>\n<p>\n  We chose Strategy and Coinbase for simple reasons. \n</p>\n<p>\n  Michael Saylor, who runs Strategy, likely knows more than most people about Bitcoin. His company owns about 650,000 Bitcoin. \n</p>\n<p>\n  Coinbase, meanwhile, is a top crypto exchange. Exchanges typically benefit from volatility as fear and greed drive trading volumes, which generates money for exchanges. \n</p>\n<p>\n  The stocks have something else in common: They are technically broken. Both are trading below their 20-, 50-, 100-, and 200-day simple moving averages. Stocks trading below their 200-day moving average are considered to be \"dead money.\" \n</p>\n<p>\n  Selling puts on either stock is out of sync with market sentiment. The trade expresses a view that the technical damage will be fixed if prices reach a level that attracts buyers. \n</p>\n<p>\n  If you're a believer in crypto, the options market will pay you to jump into the center of the crypto storm. \n</p>\n<p>\n  Email: editors@barrons.com \n</p>\n<p>\n  To subscribe to Barron's, visit http://www.barrons.com/subscribe \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 05, 2025 21:30 ET (02:30 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","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>Options -- The Striking Price: Are You a Crypto Believer? Here Are 2 Ways to Play It. -- Barron's</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\">\nOptions -- The Striking Price: Are You a Crypto Believer? Here Are 2 Ways to Play It. -- Barron's\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-12-06 10:30</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Steven M. Sears \n</p>\n<p>\n  If you believe that Bitcoin and other cryptocurrencies are a permanent part of financial markets, their recent weakness is a buying opportunity. \n</p>\n<p>\n  The crypto complex is under extreme pressure, and investor sentiment is verging on apocalyptic. The apparent cause of the distress is surreal. \n</p>\n<p>\n  The Bank of Japan reportedly might raise interest rates, which impacts crypto because many traders are said to borrow in yen to buy the assets. If rates rise in Japan, investors will presumably sell crypto to cover their yen loans. \n</p>\n<p>\n  Borrowing in one country with low rates to buy risk assets in another country is common among sophisticated investors, such as bank trading desks and hedge funds, but it's surprising to see the strategy cited for crypto's weakness. \n</p>\n<p>\n  While this dynamic plays out, aggressive investors who want to wager that fear turns to greed if Bitcoin prices keep declining can focus on <a href=\"https://laohu8.com/S/MSTR\">Strategy</a> and <a href=\"https://laohu8.com/S/COIN\">Coinbase</a> Global. The trade's warning label: It's hard to know if buyers will step into the maw at sharply lower prices, let alone current levels. \n</p>\n<p>\n  The easiest way to add exposure to <a href=\"https://laohu8.com/S/STRF\">Strategy</a> or Coinbase is by buying their stock. In volatile situations, consider \"scaling\" into positions, which means buying shares at different stages. If you want to buy 1,500 shares, buy 500 shares at market, another 500 at 5% lower, and another 500 at 10% lower. \n</p>\n<p>\n  An arguably smarter way to establish positions during the selloff, however, is in the options market. Here, investors can get paid just for agreeing to buy stocks at lower prices. And because Strategy and Coinbase options are priced with intense fear premiums, anyone who buys puts to hedge these stocks is paying top dollar. Aggressive investors who want to own the stocks can take advantage of that fact and sell puts to panicked investors. \n</p>\n<p>\n  Consider Strategy as a template for monetizing fear during the crypto decline. With the stock around $182, aggressive traders can sell the January $158 put for about $9.60, and the January $150 put for about $7.50. \n</p>\n<p>\n  If the stock rebounds, the put premium can be kept. If the stock is below the strike price at expiration, investors must buy the stock. During the past 52 weeks, Strategy has ranged from $166.01 to $457.22. \n</p>\n<p>\n  Puts increase in value when stock prices decline. But selling puts on stocks you want to own is a time-honored way to buy stocks at lower prices. Because the implied volatility of weak stocks is often elevated -- and crypto equities are outrageously high -- put sellers get paid a lot of money for taking on the risk. \n</p>\n<p>\n  We chose Strategy and Coinbase for simple reasons. \n</p>\n<p>\n  Michael Saylor, who runs Strategy, likely knows more than most people about Bitcoin. His company owns about 650,000 Bitcoin. \n</p>\n<p>\n  Coinbase, meanwhile, is a top crypto exchange. Exchanges typically benefit from volatility as fear and greed drive trading volumes, which generates money for exchanges. \n</p>\n<p>\n  The stocks have something else in common: They are technically broken. Both are trading below their 20-, 50-, 100-, and 200-day simple moving averages. Stocks trading below their 200-day moving average are considered to be \"dead money.\" \n</p>\n<p>\n  Selling puts on either stock is out of sync with market sentiment. The trade expresses a view that the technical damage will be fixed if prices reach a level that attracts buyers. \n</p>\n<p>\n  If you're a believer in crypto, the options market will pay you to jump into the center of the crypto storm. \n</p>\n<p>\n  Email: editors@barrons.com \n</p>\n<p>\n  To subscribe to Barron's, visit http://www.barrons.com/subscribe \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 05, 2025 21:30 ET (02:30 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4600":"加密货币概念","BK4588":"碎股","BK4516":"特朗普概念","BK4585":"ETF&股票定投概念","COIN":"Coinbase Global, Inc.","BK4023":"应用软件","STRK":"MICROSTRATEGY 8.00% SERIES A PERPETUAL STRIKE PFD","MSTR":"Strategy","BK4595":"比特币概念","BK4596":"哈里斯概念"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2589492068","content_text":"By Steven M. Sears \n\n\n  If you believe that Bitcoin and other cryptocurrencies are a permanent part of financial markets, their recent weakness is a buying opportunity. \n\n\n  The crypto complex is under extreme pressure, and investor sentiment is verging on apocalyptic. The apparent cause of the distress is surreal. \n\n\n  The Bank of Japan reportedly might raise interest rates, which impacts crypto because many traders are said to borrow in yen to buy the assets. If rates rise in Japan, investors will presumably sell crypto to cover their yen loans. \n\n\n  Borrowing in one country with low rates to buy risk assets in another country is common among sophisticated investors, such as bank trading desks and hedge funds, but it's surprising to see the strategy cited for crypto's weakness. \n\n\n  While this dynamic plays out, aggressive investors who want to wager that fear turns to greed if Bitcoin prices keep declining can focus on Strategy and Coinbase Global. The trade's warning label: It's hard to know if buyers will step into the maw at sharply lower prices, let alone current levels. \n\n\n  The easiest way to add exposure to Strategy or Coinbase is by buying their stock. In volatile situations, consider \"scaling\" into positions, which means buying shares at different stages. If you want to buy 1,500 shares, buy 500 shares at market, another 500 at 5% lower, and another 500 at 10% lower. \n\n\n  An arguably smarter way to establish positions during the selloff, however, is in the options market. Here, investors can get paid just for agreeing to buy stocks at lower prices. And because Strategy and Coinbase options are priced with intense fear premiums, anyone who buys puts to hedge these stocks is paying top dollar. Aggressive investors who want to own the stocks can take advantage of that fact and sell puts to panicked investors. \n\n\n  Consider Strategy as a template for monetizing fear during the crypto decline. With the stock around $182, aggressive traders can sell the January $158 put for about $9.60, and the January $150 put for about $7.50. \n\n\n  If the stock rebounds, the put premium can be kept. If the stock is below the strike price at expiration, investors must buy the stock. During the past 52 weeks, Strategy has ranged from $166.01 to $457.22. \n\n\n  Puts increase in value when stock prices decline. But selling puts on stocks you want to own is a time-honored way to buy stocks at lower prices. Because the implied volatility of weak stocks is often elevated -- and crypto equities are outrageously high -- put sellers get paid a lot of money for taking on the risk. \n\n\n  We chose Strategy and Coinbase for simple reasons. \n\n\n  Michael Saylor, who runs Strategy, likely knows more than most people about Bitcoin. His company owns about 650,000 Bitcoin. \n\n\n  Coinbase, meanwhile, is a top crypto exchange. Exchanges typically benefit from volatility as fear and greed drive trading volumes, which generates money for exchanges. \n\n\n  The stocks have something else in common: They are technically broken. Both are trading below their 20-, 50-, 100-, and 200-day simple moving averages. Stocks trading below their 200-day moving average are considered to be \"dead money.\" \n\n\n  Selling puts on either stock is out of sync with market sentiment. The trade expresses a view that the technical damage will be fixed if prices reach a level that attracts buyers. \n\n\n  If you're a believer in crypto, the options market will pay you to jump into the center of the crypto storm. \n\n\n  Email: editors@barrons.com \n\n\n  To subscribe to Barron's, visit http://www.barrons.com/subscribe \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 05, 2025 21:30 ET (02:30 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","news_type":1,"symbols_score_info":{"STRK":0.6,"COIN":1.91,"MSTR":1.93}},"isVote":1,"tweetType":1,"viewCount":1838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":489907044332120,"gmtCreate":1760629612818,"gmtModify":1760629616357,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Great article&nbsp;","listText":"Great article&nbsp;","text":"Great article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/489907044332120","repostId":"1117371458","repostType":2,"repost":{"id":"1117371458","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":1760525464,"share":"https://ttm.financial/m/news/1117371458?lang=en_US&edition=fundamental","pubTime":"2025-10-15 18:51","market":"nz","language":"en","title":"Chinese Large Model Public Cloud Market: A Dual Championship Landscape Leading Future Development","url":"https://stock-news.laohu8.com/highlight/detail?id=1117371458","media":"Deep News","summary":"Recently, IDC's report on the \"China Large Model Public Cloud Service Market Analysis, 2025H1\" (calculated based on external customer Tokens usage under the MaaS layer, excluding vendor-owned...","content":"<p>Recently, IDC's report on the \"China Large Model Public Cloud Service Market Analysis, 2025H1\" (calculated based on external customer Tokens usage under the MaaS layer, excluding vendor-owned businesses) revealed that Volcano Engine leads with a 49.2% market share, while Alibaba Cloud follows at 27%. The market has seen an almost 400% increase compared to the entirety of 2024. Previously, Omdia's report on \"China AI Cloud Market, 1H25\" (calculated across the entire \"IaaS+PaaS+MaaS\" revenue chain) indicated that Alibaba Cloud held the top position with a 35.8% market share, with Volcano Engine at 14.8%, illustrating a \"dual landscape\" of China's large model public cloud market. This ranking variance reflects the transitional characteristics of China's AI cloud market moving from infrastructure competition to deeper model application cultivation, emerging a dual champion pattern involving Volcano Engine and Alibaba Cloud.</p>\n<p>The difference in market reporting reflects various statistical dimensions but accurately portrays the developmental phases of the market. According to Omdia's data, the AI cloud market in China reached 22.3 billion yuan in the first half of 2025, covering the entire cloud computing chain, highlighting the traditional cloud providers' accumulated strengths in infrastructure. Alibaba Cloud, as the oldest and largest cloud service provider in China, ensures revenue leadership through its globally positioned computational foundation and the comprehensive service capability formed by its artificial intelligence platform, PAI.</p>\n<p>The IDC report focuses more on the actual applications within the MaaS layer. Data shows that in the first half of 2025, the scale of China's large model public cloud service market (measured by external customer Tokens usage within the MaaS layer) reached 5.367 trillion Tokens, representing nearly a 400% growth compared to the entirety of 2024; among them, Volcano Engine topped the chart with a 49.2% share, holding nearly half of the market.</p>\n<p>Tan Dai, president of Volcano Engine, previously stated, “A large usage volume is essential to refine large models.” The Tokens usage volume, as a vital indicator of the actual depth of model usage, supports this philosophy—real feedback produced from extensive usage can continuously optimize models across throughput, latency, and cost, promoting a positive cycle between technological iteration and market applications.</p>\n<p>**Alibaba Cloud: The \"Guardian\" of a Full-Stack Ecosystem**  \nDespite competition from emerging vendors, Alibaba Cloud has maintained its leading position through its comprehensive capabilities and ecological advantages. As a pioneer in China's cloud computing market, Alibaba Cloud has a large customer base and a solid industry foundation. It has long held the lead in total revenue under the comprehensive income statistical dimension that includes IaaS and PaaS. At the 2025 Cloud Habitat Conference, Alibaba Group CEO Wu Yongming compared \"tokens\" to future \"electricity,\" stating that by 2032, in preparation for the arrival of the Super Artificial Intelligence era (ASI), Alibaba Cloud’s global data center energy consumption will increase tenfold compared to 2022, signaling exponential growth in its computational investment.</p>\n<p>Alibaba Cloud’s full-stack capabilities stand out in the AI cloud market. Its \"Tongyi\" large model family spans over 170,000 derivative models and can provide comprehensive services from model training to application deployment, combined with a globally leading computational backbone. This \"IaaS+PaaS+MaaS\" collaborative capability gives an advantage in catering to complex enterprise AI needs, supporting its remarkable market share in Omdia's reporting.</p>\n<p>Additionally, Alibaba Cloud is accelerating its progress in the MaaS space. Through iterations of its \"Tongyi Qianwen\" series of models, its competitive edge in the MaaS layer is continuously enhancing. The IDC report shows a significant increase in its 27% share of Tokens usage compared to 2024. Its vast customer base provides a natural reservoir for the MaaS business, with potential customer conversions becoming a critical growth support.</p>\n<p>**Volcano Engine: The \"Overtaking Challenger\" in the MaaS Race**  \nAs an emerging cloud provider, Volcano Engine's large model business has become the fastest-growing force in the industry. In terms of market landscape, Volcano Engine maintains a clear advantage in external customer model usage, further expanding its lead this year following a strong performance in 2024, where its market share was 46.4%. Volcano Engine possesses irreplaceable core competitiveness in scenario deployment, technological breakthroughs, and cost control.</p>\n<p>As a cloud and AI service platform under ByteDance, Volcano Engine's large model development benefits from the extensive validation of rich internal business scenarios. The long-term, large-scale Tokens usage provides ample data support for model optimization, resulting in significant technological advantages in the multimodal large model field.</p>\n<p>In model performance, according to the \"SuperCLUE\" evaluation report released by the Chinese large model benchmarking, the Doupiao large model ranked first in \"model fidelity\" with approximately 4% illusory rate. Its multimodal models, Seedream and Seedance, also achieved excellent results in related assessments. In commercial applications, Volcano Engine has optimized its Doupiao model's inference costs by employing sparse MoE architecture, achieving breakthroughs from \"per-unit pricing\" to \"per-tenth pricing,\" significantly lowering usage thresholds.</p>\n<p>Regarding client coverage, Volcano Engine's large model services are particularly advantageous among leading clients in various industries. As of the first half of 2025, its services have expanded to sectors including automotive, consumer goods, education, and smart terminals, with key partnership clients including Tesla, Luckin Coffee, Tsinghua University, Xiaomi, and Samsung.</p>\n<p>Additionally, Volcano Engine is supported by an \"AI cloud-native infrastructure,\" optimized for systematic end-to-end inference leveraging a GPU-centric architecture. Coupled with the scale advantages of its domestic business under ByteDance, it achieves a competitive pricing edge. Furthermore, through self-developed firewalls, it ensures the security and compliance of scenarios in finance and government sectors, bolstering its market competitiveness.</p>\n<p>**The Future Market Under the Dual Champion Landscape**  \nThe competition between Volcano Engine and Alibaba Cloud embodies the clash of two distinct development paths for AI cloud: Volcano Engine represents the \"model-first\" logic of a new force, rapidly rising with its technological and cost advantages in the MaaS layer; Alibaba Cloud reflects the \"ecosystem-first\" strategy of a traditional giant, consolidating its market position through comprehensive capabilities and customer foundations.</p>\n<p>Regarding competitive strategies, both sides are deepening industry collaborations—Volcano Engine has recently focused on cooperation in the smart terminal and automotive sectors, while Alibaba Cloud is strengthening full-stack service ties through joint construction of intelligent cockpit ecosystems with automotive manufacturers. IDC predicts that China's generative AI software will continue to grow rapidly, with the market size expected to reach 48.24 billion yuan by 2028, driven by continuous innovations in foundational models, the improvement of model development tools, and the emergence of intelligent agents.</p>\n<p>As the market shifts from \"model availability\" to \"application usability,\" the competitive focus for these two giants will move towards comprehensive capability comparisons: Volcano Engine needs to address its IaaS layer shortfalls to meet large-scale customer demands, while Alibaba Cloud must accelerate its model iteration speed to enhance the user experience in the MaaS layer. Data from the National Data Bureau shows that as of the end of June this year, daily Token consumption has exceeded 30 trillion, growing over 300 times in just a year and a half. In this Token-driven AI cloud revolution, the duel between Volcano Engine and Alibaba Cloud will propel the Chinese large model public cloud market towards a more mature ecological structure.</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>Chinese Large Model Public Cloud Market: A Dual Championship Landscape Leading Future Development</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\">\nChinese Large Model Public Cloud Market: A Dual Championship Landscape Leading Future Development\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\">2025-10-15 18:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Recently, IDC's report on the \"China Large Model Public Cloud Service Market Analysis, 2025H1\" (calculated based on external customer Tokens usage under the MaaS layer, excluding vendor-owned businesses) revealed that Volcano Engine leads with a 49.2% market share, while Alibaba Cloud follows at 27%. The market has seen an almost 400% increase compared to the entirety of 2024. Previously, Omdia's report on \"China AI Cloud Market, 1H25\" (calculated across the entire \"IaaS+PaaS+MaaS\" revenue chain) indicated that Alibaba Cloud held the top position with a 35.8% market share, with Volcano Engine at 14.8%, illustrating a \"dual landscape\" of China's large model public cloud market. This ranking variance reflects the transitional characteristics of China's AI cloud market moving from infrastructure competition to deeper model application cultivation, emerging a dual champion pattern involving Volcano Engine and Alibaba Cloud.</p>\n<p>The difference in market reporting reflects various statistical dimensions but accurately portrays the developmental phases of the market. According to Omdia's data, the AI cloud market in China reached 22.3 billion yuan in the first half of 2025, covering the entire cloud computing chain, highlighting the traditional cloud providers' accumulated strengths in infrastructure. Alibaba Cloud, as the oldest and largest cloud service provider in China, ensures revenue leadership through its globally positioned computational foundation and the comprehensive service capability formed by its artificial intelligence platform, PAI.</p>\n<p>The IDC report focuses more on the actual applications within the MaaS layer. Data shows that in the first half of 2025, the scale of China's large model public cloud service market (measured by external customer Tokens usage within the MaaS layer) reached 5.367 trillion Tokens, representing nearly a 400% growth compared to the entirety of 2024; among them, Volcano Engine topped the chart with a 49.2% share, holding nearly half of the market.</p>\n<p>Tan Dai, president of Volcano Engine, previously stated, “A large usage volume is essential to refine large models.” The Tokens usage volume, as a vital indicator of the actual depth of model usage, supports this philosophy—real feedback produced from extensive usage can continuously optimize models across throughput, latency, and cost, promoting a positive cycle between technological iteration and market applications.</p>\n<p>**Alibaba Cloud: The \"Guardian\" of a Full-Stack Ecosystem**  \nDespite competition from emerging vendors, Alibaba Cloud has maintained its leading position through its comprehensive capabilities and ecological advantages. As a pioneer in China's cloud computing market, Alibaba Cloud has a large customer base and a solid industry foundation. It has long held the lead in total revenue under the comprehensive income statistical dimension that includes IaaS and PaaS. At the 2025 Cloud Habitat Conference, Alibaba Group CEO Wu Yongming compared \"tokens\" to future \"electricity,\" stating that by 2032, in preparation for the arrival of the Super Artificial Intelligence era (ASI), Alibaba Cloud’s global data center energy consumption will increase tenfold compared to 2022, signaling exponential growth in its computational investment.</p>\n<p>Alibaba Cloud’s full-stack capabilities stand out in the AI cloud market. Its \"Tongyi\" large model family spans over 170,000 derivative models and can provide comprehensive services from model training to application deployment, combined with a globally leading computational backbone. This \"IaaS+PaaS+MaaS\" collaborative capability gives an advantage in catering to complex enterprise AI needs, supporting its remarkable market share in Omdia's reporting.</p>\n<p>Additionally, Alibaba Cloud is accelerating its progress in the MaaS space. Through iterations of its \"Tongyi Qianwen\" series of models, its competitive edge in the MaaS layer is continuously enhancing. The IDC report shows a significant increase in its 27% share of Tokens usage compared to 2024. Its vast customer base provides a natural reservoir for the MaaS business, with potential customer conversions becoming a critical growth support.</p>\n<p>**Volcano Engine: The \"Overtaking Challenger\" in the MaaS Race**  \nAs an emerging cloud provider, Volcano Engine's large model business has become the fastest-growing force in the industry. In terms of market landscape, Volcano Engine maintains a clear advantage in external customer model usage, further expanding its lead this year following a strong performance in 2024, where its market share was 46.4%. Volcano Engine possesses irreplaceable core competitiveness in scenario deployment, technological breakthroughs, and cost control.</p>\n<p>As a cloud and AI service platform under ByteDance, Volcano Engine's large model development benefits from the extensive validation of rich internal business scenarios. The long-term, large-scale Tokens usage provides ample data support for model optimization, resulting in significant technological advantages in the multimodal large model field.</p>\n<p>In model performance, according to the \"SuperCLUE\" evaluation report released by the Chinese large model benchmarking, the Doupiao large model ranked first in \"model fidelity\" with approximately 4% illusory rate. Its multimodal models, Seedream and Seedance, also achieved excellent results in related assessments. In commercial applications, Volcano Engine has optimized its Doupiao model's inference costs by employing sparse MoE architecture, achieving breakthroughs from \"per-unit pricing\" to \"per-tenth pricing,\" significantly lowering usage thresholds.</p>\n<p>Regarding client coverage, Volcano Engine's large model services are particularly advantageous among leading clients in various industries. As of the first half of 2025, its services have expanded to sectors including automotive, consumer goods, education, and smart terminals, with key partnership clients including Tesla, Luckin Coffee, Tsinghua University, Xiaomi, and Samsung.</p>\n<p>Additionally, Volcano Engine is supported by an \"AI cloud-native infrastructure,\" optimized for systematic end-to-end inference leveraging a GPU-centric architecture. Coupled with the scale advantages of its domestic business under ByteDance, it achieves a competitive pricing edge. Furthermore, through self-developed firewalls, it ensures the security and compliance of scenarios in finance and government sectors, bolstering its market competitiveness.</p>\n<p>**The Future Market Under the Dual Champion Landscape**  \nThe competition between Volcano Engine and Alibaba Cloud embodies the clash of two distinct development paths for AI cloud: Volcano Engine represents the \"model-first\" logic of a new force, rapidly rising with its technological and cost advantages in the MaaS layer; Alibaba Cloud reflects the \"ecosystem-first\" strategy of a traditional giant, consolidating its market position through comprehensive capabilities and customer foundations.</p>\n<p>Regarding competitive strategies, both sides are deepening industry collaborations—Volcano Engine has recently focused on cooperation in the smart terminal and automotive sectors, while Alibaba Cloud is strengthening full-stack service ties through joint construction of intelligent cockpit ecosystems with automotive manufacturers. IDC predicts that China's generative AI software will continue to grow rapidly, with the market size expected to reach 48.24 billion yuan by 2028, driven by continuous innovations in foundational models, the improvement of model development tools, and the emergence of intelligent agents.</p>\n<p>As the market shifts from \"model availability\" to \"application usability,\" the competitive focus for these two giants will move towards comprehensive capability comparisons: Volcano Engine needs to address its IaaS layer shortfalls to meet large-scale customer demands, while Alibaba Cloud must accelerate its model iteration speed to enhance the user experience in the MaaS layer. Data from the National Data Bureau shows that as of the end of June this year, daily Token consumption has exceeded 30 trillion, growing over 300 times in just a year and a half. In this Token-driven AI cloud revolution, the duel between Volcano Engine and Alibaba Cloud will propel the Chinese large model public cloud market towards a more mature ecological structure.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89988":"阿里巴巴-WR","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","BK1591":"就地过年概念","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0823426308.USD":"法巴中国股票基金","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0228659784.USD":"施罗德金砖四国基金","SG9999001093.SGD":"United Greater China Fund A Acc 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","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0823426480.USD":"法巴中国股票经典Dis","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","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","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0396098781.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (USD) ACC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU0594300419.USD":"富达中国消费基金A","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU1810669033.SGD":"FTIF - Templeton Emerging Markets Dynamic Income A (Mdis) SGD-H1","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","BK4585":"ETF&股票定投概念","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","BK4587":"ChatGPT概念","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","BK4588":"碎股","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","BK1610":"ETF&股票定投概念","LU0084288322.USD":"Natixis Asia Equity RD USD","BK1575":"同股不同权","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","09988":"阿里巴巴-W","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0048597586.USD":"富达亚洲焦点A","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","HBBD.SI":"Alibaba HK SDR 5to1","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0359201612.USD":"贝莱德中国基金A2","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","BK1588":"回港中概股","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0128522744.USD":"TEMPLETON EMERGING MARKETS \"A\" ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","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","BK1586":"云计算","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","BK1249":"综合零售","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0608807946.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" Q (USD) INC","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","BK4023":"应用软件","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","BK1584":"蚂蚁金服概念","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","SG9999001689.USD":"施罗德亚洲成长股票","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","BK1521":"挪威政府全球养老基金持仓","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","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","BK1502":"双十一","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","BK1501":"阿里概念股","LU1720050803.USD":"安联全方位中国股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","BK4543":"AI","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","LU1439103000.SGD":"Fidelity Greater China Multi Asset Growth & Income A-MINCOME(G)-SGD","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","IE00B0169N27.USD":"STEWARD INVESTORS GLOBAL EMERGING MARKETS LEADERS \"I\" (USD) ACC","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","AI":"C3.ai, Inc.","BK1608":"元宇宙概念","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0608807433.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) ACC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","IE0008368304.USD":"STEWART INVESTORS WORLDWIDE LEADERS SUSTAINABILITY FUND \"I\" (USD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","BK4551":"寇图资本持仓","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","BK4528":"SaaS概念","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","BK1517":"云办公","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0708995153.HKD":"TEMPLETON EMERGING MARKETS \"A\" (HKD) ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","SG9999001051.SGD":"United Asia Fund SGD","BK1142":"互联网与直销零售","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","BK1618":"Manus概念股","BABA":"阿里巴巴","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","BK1615":"港股-互联网","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0543330566.HKD":"TEMPLETON BRIC \"A\" (HKD) ACC","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0173614495.USD":"富达中国焦点A","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117371458","content_text":"Recently, IDC's report on the \"China Large Model Public Cloud Service Market Analysis, 2025H1\" (calculated based on external customer Tokens usage under the MaaS layer, excluding vendor-owned businesses) revealed that Volcano Engine leads with a 49.2% market share, while Alibaba Cloud follows at 27%. The market has seen an almost 400% increase compared to the entirety of 2024. Previously, Omdia's report on \"China AI Cloud Market, 1H25\" (calculated across the entire \"IaaS+PaaS+MaaS\" revenue chain) indicated that Alibaba Cloud held the top position with a 35.8% market share, with Volcano Engine at 14.8%, illustrating a \"dual landscape\" of China's large model public cloud market. This ranking variance reflects the transitional characteristics of China's AI cloud market moving from infrastructure competition to deeper model application cultivation, emerging a dual champion pattern involving Volcano Engine and Alibaba Cloud.\nThe difference in market reporting reflects various statistical dimensions but accurately portrays the developmental phases of the market. According to Omdia's data, the AI cloud market in China reached 22.3 billion yuan in the first half of 2025, covering the entire cloud computing chain, highlighting the traditional cloud providers' accumulated strengths in infrastructure. Alibaba Cloud, as the oldest and largest cloud service provider in China, ensures revenue leadership through its globally positioned computational foundation and the comprehensive service capability formed by its artificial intelligence platform, PAI.\nThe IDC report focuses more on the actual applications within the MaaS layer. Data shows that in the first half of 2025, the scale of China's large model public cloud service market (measured by external customer Tokens usage within the MaaS layer) reached 5.367 trillion Tokens, representing nearly a 400% growth compared to the entirety of 2024; among them, Volcano Engine topped the chart with a 49.2% share, holding nearly half of the market.\nTan Dai, president of Volcano Engine, previously stated, “A large usage volume is essential to refine large models.” The Tokens usage volume, as a vital indicator of the actual depth of model usage, supports this philosophy—real feedback produced from extensive usage can continuously optimize models across throughput, latency, and cost, promoting a positive cycle between technological iteration and market applications.\n**Alibaba Cloud: The \"Guardian\" of a Full-Stack Ecosystem**  \nDespite competition from emerging vendors, Alibaba Cloud has maintained its leading position through its comprehensive capabilities and ecological advantages. As a pioneer in China's cloud computing market, Alibaba Cloud has a large customer base and a solid industry foundation. It has long held the lead in total revenue under the comprehensive income statistical dimension that includes IaaS and PaaS. At the 2025 Cloud Habitat Conference, Alibaba Group CEO Wu Yongming compared \"tokens\" to future \"electricity,\" stating that by 2032, in preparation for the arrival of the Super Artificial Intelligence era (ASI), Alibaba Cloud’s global data center energy consumption will increase tenfold compared to 2022, signaling exponential growth in its computational investment.\nAlibaba Cloud’s full-stack capabilities stand out in the AI cloud market. Its \"Tongyi\" large model family spans over 170,000 derivative models and can provide comprehensive services from model training to application deployment, combined with a globally leading computational backbone. This \"IaaS+PaaS+MaaS\" collaborative capability gives an advantage in catering to complex enterprise AI needs, supporting its remarkable market share in Omdia's reporting.\nAdditionally, Alibaba Cloud is accelerating its progress in the MaaS space. Through iterations of its \"Tongyi Qianwen\" series of models, its competitive edge in the MaaS layer is continuously enhancing. The IDC report shows a significant increase in its 27% share of Tokens usage compared to 2024. Its vast customer base provides a natural reservoir for the MaaS business, with potential customer conversions becoming a critical growth support.\n**Volcano Engine: The \"Overtaking Challenger\" in the MaaS Race**  \nAs an emerging cloud provider, Volcano Engine's large model business has become the fastest-growing force in the industry. In terms of market landscape, Volcano Engine maintains a clear advantage in external customer model usage, further expanding its lead this year following a strong performance in 2024, where its market share was 46.4%. Volcano Engine possesses irreplaceable core competitiveness in scenario deployment, technological breakthroughs, and cost control.\nAs a cloud and AI service platform under ByteDance, Volcano Engine's large model development benefits from the extensive validation of rich internal business scenarios. The long-term, large-scale Tokens usage provides ample data support for model optimization, resulting in significant technological advantages in the multimodal large model field.\nIn model performance, according to the \"SuperCLUE\" evaluation report released by the Chinese large model benchmarking, the Doupiao large model ranked first in \"model fidelity\" with approximately 4% illusory rate. Its multimodal models, Seedream and Seedance, also achieved excellent results in related assessments. In commercial applications, Volcano Engine has optimized its Doupiao model's inference costs by employing sparse MoE architecture, achieving breakthroughs from \"per-unit pricing\" to \"per-tenth pricing,\" significantly lowering usage thresholds.\nRegarding client coverage, Volcano Engine's large model services are particularly advantageous among leading clients in various industries. As of the first half of 2025, its services have expanded to sectors including automotive, consumer goods, education, and smart terminals, with key partnership clients including Tesla, Luckin Coffee, Tsinghua University, Xiaomi, and Samsung.\nAdditionally, Volcano Engine is supported by an \"AI cloud-native infrastructure,\" optimized for systematic end-to-end inference leveraging a GPU-centric architecture. Coupled with the scale advantages of its domestic business under ByteDance, it achieves a competitive pricing edge. Furthermore, through self-developed firewalls, it ensures the security and compliance of scenarios in finance and government sectors, bolstering its market competitiveness.\n**The Future Market Under the Dual Champion Landscape**  \nThe competition between Volcano Engine and Alibaba Cloud embodies the clash of two distinct development paths for AI cloud: Volcano Engine represents the \"model-first\" logic of a new force, rapidly rising with its technological and cost advantages in the MaaS layer; Alibaba Cloud reflects the \"ecosystem-first\" strategy of a traditional giant, consolidating its market position through comprehensive capabilities and customer foundations.\nRegarding competitive strategies, both sides are deepening industry collaborations—Volcano Engine has recently focused on cooperation in the smart terminal and automotive sectors, while Alibaba Cloud is strengthening full-stack service ties through joint construction of intelligent cockpit ecosystems with automotive manufacturers. IDC predicts that China's generative AI software will continue to grow rapidly, with the market size expected to reach 48.24 billion yuan by 2028, driven by continuous innovations in foundational models, the improvement of model development tools, and the emergence of intelligent agents.\nAs the market shifts from \"model availability\" to \"application usability,\" the competitive focus for these two giants will move towards comprehensive capability comparisons: Volcano Engine needs to address its IaaS layer shortfalls to meet large-scale customer demands, while Alibaba Cloud must accelerate its model iteration speed to enhance the user experience in the MaaS layer. Data from the National Data Bureau shows that as of the end of June this year, daily Token consumption has exceeded 30 trillion, growing over 300 times in just a year and a half. In this Token-driven AI cloud revolution, the duel between Volcano Engine and Alibaba Cloud will propel the Chinese large model public cloud market towards a more mature ecological structure.","news_type":1,"symbols_score_info":{"89988":1,"09988":1,"HBBD.SI":1,"BABA":1,"AI":1,"ALBmain":1}},"isVote":1,"tweetType":1,"viewCount":2049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":484786254975808,"gmtCreate":1759386355484,"gmtModify":1759386361373,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"With stable coins initiative which HK listed companies will benefit with stock price growth?","htmlText":"Find out more here: <a href=\"https://ttm.financial/gpt/share/6a7f5eb28a574758871efa10e265f938?utm_medium=tiger_community&amp;platform=iOS&amp;shareID=e9add0652c42c54ad7f73b09c58a0977&amp;invite=15S8R5&amp;lang=en_US\">With stable coins initiative which HK listed companies will benefit with stock price growth?</a> The introduction of stablecoin initiatives in Hong Kong could benefit several HK-listed companies, particularly those in the fintech, banking, and digital asset sectors. Here’s an analysis of potential beneficiaries and their growth prospects:","listText":"Find out more here: <a href=\"https://ttm.financial/gpt/share/6a7f5eb28a574758871efa10e265f938?utm_medium=tiger_community&amp;platform=iOS&amp;shareID=e9add0652c42c54ad7f73b09c58a0977&amp;invite=15S8R5&amp;lang=en_US\">With stable coins initiative which HK listed companies will benefit with stock price growth?</a> The introduction of stablecoin initiatives in Hong Kong could benefit several HK-listed companies, particularly those in the fintech, banking, and digital asset sectors. Here’s an analysis of potential beneficiaries and their growth prospects:","text":"Find out more here: With stable coins initiative which HK listed companies will benefit with stock price growth? The introduction of stablecoin initiatives in Hong Kong could benefit several HK-listed companies, particularly those in the fintech, banking, and digital asset sectors. Here’s an analysis of potential beneficiaries and their growth prospects:","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/484786254975808","isVote":1,"tweetType":1,"viewCount":1839,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":484779975529216,"gmtCreate":1759384811731,"gmtModify":1759384815685,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Indeed very impressive technology stack produced","listText":"Indeed very impressive technology stack produced","text":"Indeed very impressive technology stack produced","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/484779975529216","repostId":"1129842037","repostType":2,"repost":{"id":"1129842037","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":1759372722,"share":"https://ttm.financial/m/news/1129842037?lang=en_US&edition=fundamental","pubTime":"2025-10-02 10:38","market":"hk","language":"en","title":"JPMorgan Significantly Raises Alibaba Target Price, Optimistic About New Flywheel: \"Converting AI Cloud Tokens into E-commerce Commission Rates\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1129842037","media":"Deep News","summary":"JPMorgan has substantially increased its price target for Alibaba, with analysts highlighting how the company is creating an unprecedented business flywheel by transforming AI token revenue from its...","content":"<p>JPMorgan has substantially increased its price target for Alibaba, with analysts highlighting how the company is creating an unprecedented business flywheel by transforming AI token revenue from its cloud operations into commission rate advantages on its e-commerce platforms. Over the past three months, Alibaba's stock has outperformed Chinese internet ETFs by 364 basis points, yet analysts believe this is merely the beginning.</p>\n<p>According to trading desk sources, JPMorgan stated in its October 1st report that based on comprehensive research of Alibaba's Cloud Conference, the adoption rate of generative AI in China is expected to surpass the previous SaaS wave. Alibaba, leveraging its distinctive \"full-stack + open\" strategy, is positioned to establish robust value capture points across computing, platform, and application layers.</p>\n<p>JPMorgan elevated Alibaba's US stock and Hong Kong stock price targets from $170/HK$165 to $245/HK$240 respectively. Analysts emphasized that Alibaba's narrative has shifted from \"domestic e-commerce market share loser\" to \"China's tier-one internet asset,\" with AI services directly enhancing merchant operational efficiency and consumer experience, providing Alibaba opportunities to reprice advertising and tool services.</p>\n<p>**AI Cloud Business Revenue Prospects Exceed Expectations**</p>\n<p>Alibaba's cloud division has previously demonstrated remarkable growth momentum. In Q2 FY2025, Alibaba Cloud revenue grew 26% year-over-year, marking the eighth consecutive quarter of accelerating growth rates. JPMorgan noted this strong performance was primarily driven by generative AI demand, currently concentrated in internet, autonomous driving, and embodied intelligence sectors.</p>\n<p>More significantly, other industries are rapidly adopting generative AI technology. JPMorgan anticipates China's generative AI adoption will exceed the previous SaaS wave because it enables broader efficiency improvements—language, vision, and agent-based workflows touch virtually all functions, while deployment friction is minimal, achievable through APIs/agents rather than complete process redesign.</p>\n<p>Analysts predict that within 12-36 months, marketing, service, coding, finance departments, and supply chain applications will transition from tool testing to comprehensive agent automation. This transformation will drive steady service cost reductions and improve conversion rates and throughput for most consumer-facing funnels.</p>\n<p>**Generative AI and E-commerce Synergy Effects Emerge**</p>\n<p>Analysts indicated that Alibaba's unique advantage lies in the deep integration between its AI capabilities and massive e-commerce ecosystem. At the 2025 Cloud Conference, Alibaba showcased a comprehensive suite of powerful AI models and applications, many directly applicable to its vast merchant ecosystem.</p>\n<p>Core AI tools include: Tongyi Wanxiang AI image and video generation platform, Tongyi Qianwen 3 image editing model, Tongyi Qianwen 3-Omni multimodal large model, and Lingyang AgentOne enterprise AI application platform. These tools enable merchants to achieve automation and optimization across content creation to customer service.</p>\n<p>By mid-2025, Alibaba disclosed that over 800,000 AI agents have been built on the ModelScope platform with continuous upgrades. These specific applications save labor hours, shorten listing cycles, improve CTR/GMV conversion rates, and reduce customer service workload. For international business, Alibaba launched task-specific Accio agents to handle automatic procurement, translation, and compliance matters for cross-border merchants.</p>\n<p>**Three-Year 380 Billion Yuan Investment Demonstrates Strategic Commitment**</p>\n<p>Alibaba exhibits unwavering investment determination in AI/cloud infrastructure. The company has provided guidance for at least 380 billion yuan (52-53 billion USD) investment over three years, reflecting the capital intensity core to its \"full-stack + open\" strategy.</p>\n<p>In technology stack depth, Alibaba matches hyperscale cloud and databases (IaaS/PaaS) with self-developed inference silicon chips (Hanguang 800 and new inference chip development) and rapidly iterating model layers (Tongyi Qianwen/Tongyi Wanxiang). Regarding openness, Tongyi Qianwen continues open-sourcing in multiple scales while operating one of China's largest model communities (ModelScope/Bailian), converting into genuine developer and enterprise applications.</p>\n<p>These factors collectively create a complete funnel from computing to models to applications, forming strong value \"capture\" points at each layer. JPMorgan believes Alibaba is positioned to disproportionately capture generative AI value in IaaS, PaaS, and applications within the Chinese market.</p>\n<p>**Efficiency Dividend Distribution Mechanism Reshapes Business Model**</p>\n<p>JPMorgan states that theory and history demonstrate consumers typically receive the largest share of technology-driven efficiency gains through lower prices, richer selections, and better matching, while producers/platforms maintain value through scale, commission rates/pricing power, and new markets.</p>\n<p>Within Alibaba's business ecosystem, efficiency dividends from AI technology mean merchants will see operational expense savings and higher conversion rates; consumers will benefit from better recommendations, content, and pricing; Alibaba gains space to reprice services (advertising, tools, agent platforms), particularly in lead generation/traffic quality where value-based pricing can be protected.</p>\n<p>JPMorgan expects consumers to remain the largest beneficiaries, but Alibaba can monetize portions of incremental surplus through higher efficiency/advertising ROI and agent workflow subscriptions. This mechanism not only enhances overall platform efficiency but provides Alibaba with sustained revenue growth momentum.</p>\n<p>JPMorgan raised Alibaba's US stock and Hong Kong stock price targets from $170/HK$165 to $245/HK$240. Analysts believe that as AI-driven cloud business monetization, merchant cost savings, and domestic e-commerce incremental monetization materialize, Alibaba's equity narrative will return from \"domestic e-commerce market share loser\" to \"China's tier-one internet asset.\" This positioning change corresponds to 15-20x P/E multiples, significantly higher than current levels.</p>\n<p>Due to food delivery and instant retail investments distorting FY2027 financial outlook, JPMorgan recommends investors value Alibaba based on FY2028. According to analyst earnings forecasts, the current stock price corresponds to 12x FY2028 expected P/E ratio, providing substantial room for valuation upgrades.</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>JPMorgan Significantly Raises Alibaba Target Price, Optimistic About New Flywheel: \"Converting AI Cloud Tokens into E-commerce Commission Rates\"</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\">\nJPMorgan Significantly Raises Alibaba Target Price, Optimistic About New Flywheel: \"Converting AI Cloud Tokens into E-commerce Commission Rates\"\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\">2025-10-02 10:38</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>JPMorgan has substantially increased its price target for Alibaba, with analysts highlighting how the company is creating an unprecedented business flywheel by transforming AI token revenue from its cloud operations into commission rate advantages on its e-commerce platforms. Over the past three months, Alibaba's stock has outperformed Chinese internet ETFs by 364 basis points, yet analysts believe this is merely the beginning.</p>\n<p>According to trading desk sources, JPMorgan stated in its October 1st report that based on comprehensive research of Alibaba's Cloud Conference, the adoption rate of generative AI in China is expected to surpass the previous SaaS wave. Alibaba, leveraging its distinctive \"full-stack + open\" strategy, is positioned to establish robust value capture points across computing, platform, and application layers.</p>\n<p>JPMorgan elevated Alibaba's US stock and Hong Kong stock price targets from $170/HK$165 to $245/HK$240 respectively. Analysts emphasized that Alibaba's narrative has shifted from \"domestic e-commerce market share loser\" to \"China's tier-one internet asset,\" with AI services directly enhancing merchant operational efficiency and consumer experience, providing Alibaba opportunities to reprice advertising and tool services.</p>\n<p>**AI Cloud Business Revenue Prospects Exceed Expectations**</p>\n<p>Alibaba's cloud division has previously demonstrated remarkable growth momentum. In Q2 FY2025, Alibaba Cloud revenue grew 26% year-over-year, marking the eighth consecutive quarter of accelerating growth rates. JPMorgan noted this strong performance was primarily driven by generative AI demand, currently concentrated in internet, autonomous driving, and embodied intelligence sectors.</p>\n<p>More significantly, other industries are rapidly adopting generative AI technology. JPMorgan anticipates China's generative AI adoption will exceed the previous SaaS wave because it enables broader efficiency improvements—language, vision, and agent-based workflows touch virtually all functions, while deployment friction is minimal, achievable through APIs/agents rather than complete process redesign.</p>\n<p>Analysts predict that within 12-36 months, marketing, service, coding, finance departments, and supply chain applications will transition from tool testing to comprehensive agent automation. This transformation will drive steady service cost reductions and improve conversion rates and throughput for most consumer-facing funnels.</p>\n<p>**Generative AI and E-commerce Synergy Effects Emerge**</p>\n<p>Analysts indicated that Alibaba's unique advantage lies in the deep integration between its AI capabilities and massive e-commerce ecosystem. At the 2025 Cloud Conference, Alibaba showcased a comprehensive suite of powerful AI models and applications, many directly applicable to its vast merchant ecosystem.</p>\n<p>Core AI tools include: Tongyi Wanxiang AI image and video generation platform, Tongyi Qianwen 3 image editing model, Tongyi Qianwen 3-Omni multimodal large model, and Lingyang AgentOne enterprise AI application platform. These tools enable merchants to achieve automation and optimization across content creation to customer service.</p>\n<p>By mid-2025, Alibaba disclosed that over 800,000 AI agents have been built on the ModelScope platform with continuous upgrades. These specific applications save labor hours, shorten listing cycles, improve CTR/GMV conversion rates, and reduce customer service workload. For international business, Alibaba launched task-specific Accio agents to handle automatic procurement, translation, and compliance matters for cross-border merchants.</p>\n<p>**Three-Year 380 Billion Yuan Investment Demonstrates Strategic Commitment**</p>\n<p>Alibaba exhibits unwavering investment determination in AI/cloud infrastructure. The company has provided guidance for at least 380 billion yuan (52-53 billion USD) investment over three years, reflecting the capital intensity core to its \"full-stack + open\" strategy.</p>\n<p>In technology stack depth, Alibaba matches hyperscale cloud and databases (IaaS/PaaS) with self-developed inference silicon chips (Hanguang 800 and new inference chip development) and rapidly iterating model layers (Tongyi Qianwen/Tongyi Wanxiang). Regarding openness, Tongyi Qianwen continues open-sourcing in multiple scales while operating one of China's largest model communities (ModelScope/Bailian), converting into genuine developer and enterprise applications.</p>\n<p>These factors collectively create a complete funnel from computing to models to applications, forming strong value \"capture\" points at each layer. JPMorgan believes Alibaba is positioned to disproportionately capture generative AI value in IaaS, PaaS, and applications within the Chinese market.</p>\n<p>**Efficiency Dividend Distribution Mechanism Reshapes Business Model**</p>\n<p>JPMorgan states that theory and history demonstrate consumers typically receive the largest share of technology-driven efficiency gains through lower prices, richer selections, and better matching, while producers/platforms maintain value through scale, commission rates/pricing power, and new markets.</p>\n<p>Within Alibaba's business ecosystem, efficiency dividends from AI technology mean merchants will see operational expense savings and higher conversion rates; consumers will benefit from better recommendations, content, and pricing; Alibaba gains space to reprice services (advertising, tools, agent platforms), particularly in lead generation/traffic quality where value-based pricing can be protected.</p>\n<p>JPMorgan expects consumers to remain the largest beneficiaries, but Alibaba can monetize portions of incremental surplus through higher efficiency/advertising ROI and agent workflow subscriptions. This mechanism not only enhances overall platform efficiency but provides Alibaba with sustained revenue growth momentum.</p>\n<p>JPMorgan raised Alibaba's US stock and Hong Kong stock price targets from $170/HK$165 to $245/HK$240. Analysts believe that as AI-driven cloud business monetization, merchant cost savings, and domestic e-commerce incremental monetization materialize, Alibaba's equity narrative will return from \"domestic e-commerce market share loser\" to \"China's tier-one internet asset.\" This positioning change corresponds to 15-20x P/E multiples, significantly higher than current levels.</p>\n<p>Due to food delivery and instant retail investments distorting FY2027 financial outlook, JPMorgan recommends investors value Alibaba based on FY2028. According to analyst earnings forecasts, the current stock price corresponds to 12x FY2028 expected P/E ratio, providing substantial room for valuation upgrades.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","BK4543":"AI","BK4531":"中概回港概念","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","BK4535":"淡马锡持仓","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","BK4538":"云计算","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","BK4548":"巴美列捷福持仓","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","BK4554":"元宇宙及AR概念","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","BK4585":"ETF&股票定投概念","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","BK4558":"双十一","BK4587":"ChatGPT概念","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","BABA":"阿里巴巴","BK4588":"碎股","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","BK4565":"NFT概念","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","LU1046421795.USD":"富达环球科技A-ACC","BK4503":"景林资产持仓","BK4502":"阿里概念","09988":"阿里巴巴-W","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","BK4505":"高瓴资本持仓","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","BK4504":"桥水持仓","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","BK4607":"DeepSeek概念股","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","BK4524":"宅经济概念","BK4220":"综合零售","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","BK4527":"明星科技股","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","BK4526":"热门中概股","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU1046422090.SGD":"Fidelity Pacific A-SGD","BK4122":"互联网与直销零售","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4575":"芯片概念","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","BK4579":"人工智能","BK4614":"Manus概念股","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","BK4581":"高盛持仓"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129842037","content_text":"JPMorgan has substantially increased its price target for Alibaba, with analysts highlighting how the company is creating an unprecedented business flywheel by transforming AI token revenue from its cloud operations into commission rate advantages on its e-commerce platforms. Over the past three months, Alibaba's stock has outperformed Chinese internet ETFs by 364 basis points, yet analysts believe this is merely the beginning.\nAccording to trading desk sources, JPMorgan stated in its October 1st report that based on comprehensive research of Alibaba's Cloud Conference, the adoption rate of generative AI in China is expected to surpass the previous SaaS wave. Alibaba, leveraging its distinctive \"full-stack + open\" strategy, is positioned to establish robust value capture points across computing, platform, and application layers.\nJPMorgan elevated Alibaba's US stock and Hong Kong stock price targets from $170/HK$165 to $245/HK$240 respectively. Analysts emphasized that Alibaba's narrative has shifted from \"domestic e-commerce market share loser\" to \"China's tier-one internet asset,\" with AI services directly enhancing merchant operational efficiency and consumer experience, providing Alibaba opportunities to reprice advertising and tool services.\n**AI Cloud Business Revenue Prospects Exceed Expectations**\nAlibaba's cloud division has previously demonstrated remarkable growth momentum. In Q2 FY2025, Alibaba Cloud revenue grew 26% year-over-year, marking the eighth consecutive quarter of accelerating growth rates. JPMorgan noted this strong performance was primarily driven by generative AI demand, currently concentrated in internet, autonomous driving, and embodied intelligence sectors.\nMore significantly, other industries are rapidly adopting generative AI technology. JPMorgan anticipates China's generative AI adoption will exceed the previous SaaS wave because it enables broader efficiency improvements—language, vision, and agent-based workflows touch virtually all functions, while deployment friction is minimal, achievable through APIs/agents rather than complete process redesign.\nAnalysts predict that within 12-36 months, marketing, service, coding, finance departments, and supply chain applications will transition from tool testing to comprehensive agent automation. This transformation will drive steady service cost reductions and improve conversion rates and throughput for most consumer-facing funnels.\n**Generative AI and E-commerce Synergy Effects Emerge**\nAnalysts indicated that Alibaba's unique advantage lies in the deep integration between its AI capabilities and massive e-commerce ecosystem. At the 2025 Cloud Conference, Alibaba showcased a comprehensive suite of powerful AI models and applications, many directly applicable to its vast merchant ecosystem.\nCore AI tools include: Tongyi Wanxiang AI image and video generation platform, Tongyi Qianwen 3 image editing model, Tongyi Qianwen 3-Omni multimodal large model, and Lingyang AgentOne enterprise AI application platform. These tools enable merchants to achieve automation and optimization across content creation to customer service.\nBy mid-2025, Alibaba disclosed that over 800,000 AI agents have been built on the ModelScope platform with continuous upgrades. These specific applications save labor hours, shorten listing cycles, improve CTR/GMV conversion rates, and reduce customer service workload. For international business, Alibaba launched task-specific Accio agents to handle automatic procurement, translation, and compliance matters for cross-border merchants.\n**Three-Year 380 Billion Yuan Investment Demonstrates Strategic Commitment**\nAlibaba exhibits unwavering investment determination in AI/cloud infrastructure. The company has provided guidance for at least 380 billion yuan (52-53 billion USD) investment over three years, reflecting the capital intensity core to its \"full-stack + open\" strategy.\nIn technology stack depth, Alibaba matches hyperscale cloud and databases (IaaS/PaaS) with self-developed inference silicon chips (Hanguang 800 and new inference chip development) and rapidly iterating model layers (Tongyi Qianwen/Tongyi Wanxiang). Regarding openness, Tongyi Qianwen continues open-sourcing in multiple scales while operating one of China's largest model communities (ModelScope/Bailian), converting into genuine developer and enterprise applications.\nThese factors collectively create a complete funnel from computing to models to applications, forming strong value \"capture\" points at each layer. JPMorgan believes Alibaba is positioned to disproportionately capture generative AI value in IaaS, PaaS, and applications within the Chinese market.\n**Efficiency Dividend Distribution Mechanism Reshapes Business Model**\nJPMorgan states that theory and history demonstrate consumers typically receive the largest share of technology-driven efficiency gains through lower prices, richer selections, and better matching, while producers/platforms maintain value through scale, commission rates/pricing power, and new markets.\nWithin Alibaba's business ecosystem, efficiency dividends from AI technology mean merchants will see operational expense savings and higher conversion rates; consumers will benefit from better recommendations, content, and pricing; Alibaba gains space to reprice services (advertising, tools, agent platforms), particularly in lead generation/traffic quality where value-based pricing can be protected.\nJPMorgan expects consumers to remain the largest beneficiaries, but Alibaba can monetize portions of incremental surplus through higher efficiency/advertising ROI and agent workflow subscriptions. This mechanism not only enhances overall platform efficiency but provides Alibaba with sustained revenue growth momentum.\nJPMorgan raised Alibaba's US stock and Hong Kong stock price targets from $170/HK$165 to $245/HK$240. Analysts believe that as AI-driven cloud business monetization, merchant cost savings, and domestic e-commerce incremental monetization materialize, Alibaba's equity narrative will return from \"domestic e-commerce market share loser\" to \"China's tier-one internet asset.\" This positioning change corresponds to 15-20x P/E multiples, significantly higher than current levels.\nDue to food delivery and instant retail investments distorting FY2027 financial outlook, JPMorgan recommends investors value Alibaba based on FY2028. According to analyst earnings forecasts, the current stock price corresponds to 12x FY2028 expected P/E ratio, providing substantial room for valuation upgrades.","news_type":1,"symbols_score_info":{"09988":1,"ALBmain":1,"BABA":1}},"isVote":1,"tweetType":1,"viewCount":1999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":481015180608136,"gmtCreate":1758469049100,"gmtModify":1758469052655,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"Reminder","listText":"Reminder","text":"Reminder","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/481015180608136","repostId":"480952190615968","repostType":1,"repost":{"id":480952190615968,"gmtCreate":1758442422792,"gmtModify":1758509476510,"author":{"id":"4147681045299222","authorId":"4147681045299222","name":"Isleigh","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4147681045299222","idStr":"4147681045299222"},"themes":[],"title":"💰 What's Really Keeping You From Taking Profits? It’s Not Just Greed — It's the Macro Noise","htmlText":"We've all been there: you're in green territory, up 30%, 50%, maybe more... but you freeze.“What if the Fed cuts rates next week? What if this is just the start?” Then the rally stalls. News drops. You're back to breakeven — or worse. 📉 Macro Confusion → Profit Paralysis The desire for more is amplified when macro headlines paint a bullish picture. Rate cut optimism, a cooling CPI, or dovish Fed talk—these make us believe there's \"room to run.\" But here's the truth: markets move ahead of the news. By the time macro tailwinds are priced in, the smart money is already trimming. 🔬 Micro Signals Often Say“Take the Bag” Look at the individual names. If volume wanes, insiders sell, or earnings beat but forward guidance dips—that's your sign. Yet many ignore these micro signals while clinging to","listText":"We've all been there: you're in green territory, up 30%, 50%, maybe more... but you freeze.“What if the Fed cuts rates next week? What if this is just the start?” Then the rally stalls. News drops. You're back to breakeven — or worse. 📉 Macro Confusion → Profit Paralysis The desire for more is amplified when macro headlines paint a bullish picture. Rate cut optimism, a cooling CPI, or dovish Fed talk—these make us believe there's \"room to run.\" But here's the truth: markets move ahead of the news. By the time macro tailwinds are priced in, the smart money is already trimming. 🔬 Micro Signals Often Say“Take the Bag” Look at the individual names. If volume wanes, insiders sell, or earnings beat but forward guidance dips—that's your sign. Yet many ignore these micro signals while clinging to","text":"We've all been there: you're in green territory, up 30%, 50%, maybe more... but you freeze.“What if the Fed cuts rates next week? What if this is just the start?” Then the rally stalls. News drops. You're back to breakeven — or worse. 📉 Macro Confusion → Profit Paralysis The desire for more is amplified when macro headlines paint a bullish picture. Rate cut optimism, a cooling CPI, or dovish Fed talk—these make us believe there's \"room to run.\" But here's the truth: markets move ahead of the news. By the time macro tailwinds are priced in, the smart money is already trimming. 🔬 Micro Signals Often Say“Take the Bag” Look at the individual names. If volume wanes, insiders sell, or earnings beat but forward guidance dips—that's your sign. Yet many ignore these micro signals while clinging to","images":[{"img":"https://community-static.tradeup.com/news/da5576862b9f876cda513b5a0630f291","width":"1024","height":"1536"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/480952190615968","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1966,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":476873632313344,"gmtCreate":1757430629864,"gmtModify":1757430641021,"author":{"id":"3581736647111231","authorId":"3581736647111231","name":"MYrocket","avatar":"https://static.tigerbbs.com/cd0bde4772d2934a09fe0d71f75dbe43","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581736647111231","idStr":"3581736647111231"},"themes":[],"title":"","htmlText":"interesting ageing trend","listText":"interesting ageing trend","text":"interesting ageing trend","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/476873632313344","repostId":"1103288970","repostType":2,"repost":{"id":"1103288970","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":1756637561,"share":"https://ttm.financial/m/news/1103288970?lang=en_US&edition=fundamental","pubTime":"2025-08-31 18:52","market":"sg","language":"en","title":"After Retirement, They Return to Work: \"The Pay Isn't High, But It Brings Joy\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1103288970","media":"Deep News","summary":"Ms. Zheng, born in 1969 with a high school education, left her state-owned enterprise during the downsizing wave and switched to sales. Now in her sixth year of receiving retirement benefits, she...","content":"<p>Ms. Zheng, born in 1969 with a high school education, left her state-owned enterprise during the downsizing wave and switched to sales. Now in her sixth year of receiving retirement benefits, she collects a stable monthly pension of 2,473 yuan. Her daughter, born in 1996, briefly worked at a consulting firm after graduating with a master's degree in Hong Kong and is now in Shanghai seeking employment in the financial sector, paying a monthly rent of 3,700 yuan. While her daughter prepares for second-round interviews by studying materials from dawn to dusk, Ms. Zheng has quietly started working at the supermarket downstairs: 7 AM to 3 PM shifts, earning 4,500 yuan monthly, and she can even bring home spare ribs to make soup for her daughter after work. She even received multiple job offers: \"Sister Wang downstairs recommended me for a cleaning job, but I declined because it seemed too tiring.\"</p>\n<p>With sufficient social and work experience coupled with more flexible employment arrangements, younger elderly individuals actually have considerable market value in the job sector. Multiple interviewees confirmed that finding work has been easier than they anticipated.</p>\n<p>The heated elderly employment market is set to gain new momentum with the implementation of new social security judicial interpretations scheduled for September 1st.</p>\n<p>The Supreme Court recently issued guidance stating that from September 1st, any agreement to \"not pay social security\" will be deemed invalid, and employers must provide economic compensation, sparking discussions about \"mandatory social security.\" While many business owners remain cautious, large enterprises have already begun competing for retired talent.</p>\n<p>McDonald's, which first drew attention, responded that the company employs flexible and diverse employment methods and has been recruiting retired employees since 2022. Beijing Universal Studios recently posted job openings for retail service personnel, specifically requiring formal retirees (those with retirement certificates). Shanghai establishments like Xiao Yang Sheng Jian and Kiessling have also posted notices recruiting retired personnel.</p>\n<p>Given China's complex social security structure, will labor relations represented by \"retirement rehiring\" become a future employment trend? How should we balance flexibility and protection?</p>\n<p>**\"Converting Employees to Partners\"**</p>\n<p>Xu Xia once had a highly successful career. As the first college graduate from her village, she entered the banking system after graduation and worked her way up to deputy branch manager at a local branch. Due to organizational adjustments, Xu Xia processed early retirement six months ahead of schedule.</p>\n<p>What should have been a happy occasion became disorienting as she suddenly transitioned from busy to idle retirement life. Her husband and friends hadn't reached retirement age yet, her children working in other cities had stable lives, and her parents remained healthy. All time became her own.</p>\n<p>\"I've never had this experience before - having so much personal time with no mandatory tasks, being able to arrange everything according to my wishes,\" Xu Xia explained.</p>\n<p>After graduation, she found work, married, and had children, raising kids and handling household duties while building her career, only beginning to travel in recent years. On her first day of retirement, she woke at seven as usual, then spent the entire day playing mahjong at the community card room.</p>\n<p>She traveled extensively with her father to Anhui, Shanxi, and Xinjiang, joined tour groups to Southeast Asia, researched Xinjiang-Ningbo transportation business, tried to convince community friends to open a group buying store together, attended senior university classes in \"Happiness Psychology,\" and began introducing dating prospects to her daughter while eagerly anticipating grandchildren.</p>\n<p>Still, she felt restless.</p>\n<p>A friend introduced her to an insurance company position, and Xu Xia decided to try it. Before retirement, her annual salary was several hundred thousand yuan; after retirement, her monthly pension exceeded 10,000 yuan. Not needing money, Xu Xia chose to return to work \"mainly to continue contributing value.\"</p>\n<p>Family members questioned the insurance company's credentials and urged her to enjoy retirement and \"live peacefully.\" But she applied her newly learned \"Happiness Psychology\": \"I'm happy to join the insurance company, and I hope you'll support me. Mutual family support is most important.\"</p>\n<p>Xu Xia didn't need the insurance company to provide social security. In fact, the company doesn't provide social security for most employees - they sign agency contracts, essentially establishing service relationships.</p>\n<p>\"Service contract relationships and labor contract relationships differ by only one character, but have vastly different legal implications,\" explained Chen Wenming, director of Zhejiang Xiaode Law Firm. Service relationships primarily involve property and economic relations between equal, independent parties, while labor contract relationships are fundamentally different.</p>\n<p>He noted that service relationships primarily fall under Civil Code regulations, while labor contract relationships are governed by Labor Contract Law and Labor Law.</p>\n<p>Xu Xia's agency model resembles the online joke about \"converting employees to partners.\" A restaurant owner in Yunnan confirmed he's considering the feasibility of converting employees to partners.</p>\n<p>\"I have three stores with about twenty employees. Staff turnover is high, and not providing social security is common industry practice,\" he admitted. According to his calculations, providing social security for everyone would cost over 1,000 yuan more per person monthly.</p>\n<p>\"Restaurant profit margins are extremely thin; everyone's practically losing money for publicity. If we must provide social security, I'd probably have to close at least two of my three stores.\"</p>\n<p>Regarding the partner conversion model, he sees it as risk mitigation to avoid closure, and hiring retired workers is also under consideration while he \"observes the situation.\"</p>\n<p>However, lawyer Zhang Xiuhong from Beijing Zhongdun Law Firm emphasized that labor relationships and partnership relationships are fundamentally different legally.</p>\n<p>\"Labor relationships emphasize 'subordination' - attendance management, performance evaluation, fixed salaries. Partnership relationships are based on 'equality.' If companies still require so-called partners to clock in, accept management, and receive monthly pay, the relationship remains essentially a labor relationship. Simply calling employees 'partners' doesn't eliminate social security obligations.\"</p>\n<p>She explained that during disputes, labor arbitration and courts focus on actual employment practices rather than contract terminology. Companies may face recognition of de facto labor relationships, required social security back payments with penalties, plus work injury, overtime, and wrongful termination compensation risks.</p>\n<p>\"More seriously, if this model becomes widespread, workers' basic protections will be undermined, and the social insurance system will lose stability. 'Flexible employment' that becomes 'employment avoidance' actually erodes workers' security and social trust.\"</p>\n<p>After ten days, facing strong family opposition, Xu Xia ended her insurance company employment - after purchasing a 100,000 yuan insurance policy for herself. At least the departure was flexible and easy.</p>\n<p>After helping her father harvest peanuts back home, the self-described \"workaholic\" Xu Xia resumed her community group buying store business plan. She plans to recruit retired friends to operate together after opening: \"We'd be idle at home anyway. Our wages won't be high, but everyone working together happily - how joyful!\"</p>\n<p>**534 Million Employee Pension Insurance Contributors**</p>\n<p>Liu Qing's experience differs from Xu Xia's - she lacks traditional workplace experience. She and her husband operated a toy store for over twenty years. In 2019, they transferred management rights to others, and she enjoyed two years of home rest, renovating their house.</p>\n<p>According to her plan, after two years' rest, her nearly thirty-year-old son would marry, and after arranging the wedding, she'd help raise grandchildren - a perfect life.</p>\n<p>\"I especially love children,\" Liu Qing shared.</p>\n<p>But events didn't unfold as expected. Last year, Liu Qing received her first pension payment of just over 2,000 yuan, which \"covers family porridge\" according to her, though previous store savings prevented major financial problems. However, her son's marriage plans remain uncertain, and grandchild care remains distant.</p>\n<p>\"Square dancing friends constantly complain about being 'exhausted' caring for grandchildren, but their tone actually contains some boasting,\" Liu Qing confided. Young people have their own ideas.</p>\n<p>During one argument, her son said: \"If you love caring for children so much, go work at a kindergarten.\"</p>\n<p>A nearby private kindergarten was indeed hiring women under sixty for 2,000 yuan monthly. Half in defiance, half for household income, \"plus staying home just means scrolling phones,\" Liu Qing became the kindergarten's life assistant, mainly helping children with naps and meals.</p>\n<p>\"Social security definitely isn't provided - no questions asked. Here, everyone pays their own pension insurance, several thousand yearly, choosing their own tier,\" Liu Qing explained.</p>\n<p>Her pension insurance is formally called Urban-Rural Residents Basic Pension Insurance, differing from the Employee Pension Insurance that Xu Xia and most company employees pay. Urban-rural pension contribution amounts vary by location.</p>\n<p>In Zhejiang, starting January 1, 2024, Urban-Rural Residents Basic Pension Insurance offers eight contribution tiers ranging from 200-7,000 yuan annually, with the 200 yuan tier government-subsidized for low-income households, impoverished individuals, disabled persons, and other disadvantaged groups.</p>\n<p>Employee pension insurance is paid monthly based on income ratios. Also in Zhejiang, contributions are based on the previous year's average monthly wage, adjusted within 60%-300% of local social average wages. Employer contributions are 16%, individual contributions 8%.</p>\n<p>Medical insurance also differs. China integrated Urban Residents Basic Medical Insurance and New Rural Cooperative Medical Care in 2016, implementing combined individual contributions and fiscal subsidies. The 2025 New Rural Cooperative individual contribution standard is 400 yuan per person annually, plus at least 670 yuan in fiscal subsidies, totaling 1,070 yuan yearly. Urban Employee Medical Insurance is paid monthly based on the previous year's average monthly wage, with employers paying 10% and individuals 2%.</p>\n<p>Recent data shows 534 million people participate in Urban Employee Basic Pension Insurance and 538 million in Urban-Rural Residents Basic Pension Insurance. For medical insurance, resident insurance participants significantly outnumber employee insurance participants: 950 million versus 380 million respectively.</p>\n<p>Liu Qing noted that colleagues include several non-retired life assistants and cleaning staff who also don't receive employer-provided social security.</p>\n<p>\"People here basically buy their own pension insurance and New Rural Cooperative insurance rather than having employers pay. Getting wages directly feels more practical. Some talk about transferring between systems, but it's too complicated for us.\"</p>\n<p>While common in practice, this approach exists in a legal gray area. According to Social Insurance Law and Labor Contract Law provisions, participating in social insurance and legally contributing social insurance fees is employers' statutory obligation, which cannot be modified or waived through employer-employee agreements, nor exempted because employees personally contribute to resident insurance.</p>\n<p>Regarding transfer \"complications,\" pension insurance account balances can actually be seamlessly transferred between systems, with online applications available through electronic social security cards.</p>\n<p>Liu Qing shared tutorial videos her son sent with non-retired colleagues, but received no replies.</p>\n<p>**Balancing Flexibility and Protection**</p>\n<p>As population aging accelerates, more \"new elderly\" like Ms. Zheng, Xu Xia, and Liu Qing are re-entering workplaces, representing both flexible employment and testing existing social security systems.</p>\n<p>Lawyers warn that hiring retired personnel or using \"partner\" or \"service agreement\" arrangements doesn't eliminate legal responsibilities. Zhang Xiuhong noted that while retired personnel receive pensions and aren't required to contribute to pension insurance, if companies provide unified management, attendance monitoring, and fixed compensation during rehiring, they may still be recognized as de facto labor relationships. Companies remain liable for work injuries or labor disputes.</p>\n<p>\"'Service agreements' aren't immunity certificates. Arbitration and courts focus on substance over form. While employment costs seem reduced, compliance risks multiply,\" Zhang Xiuhong explained.</p>\n<p>According to National Bureau of Statistics data, flexible employment now exceeds 200 million people, including many retirement-age elderly. As flexible employment rapidly expands and retirement rehiring gains popularity, social security systems and labor regulations urgently need adaptation to new employment realities.</p>\n<p>Chen Wenming views gig work as non-full-time employment under Labor Contract Law Article 68. While differing significantly from full-time employment in forms and rights/obligations, it still constitutes labor relations with worker protections. Current laws provide comprehensive protection regarding employment establishment/termination, working hours, and social insurance benefits. Workers should actively exercise their rights.</p>\n<p>This website content (including but not limited to text, images, and audio/video), except reprints, is copyrighted. Unauthorized reproduction, linking, reposting, or other uses are prohibited. Violators will face legal action. For media, website, or individual reprint use, please contact news@time-weekly.com</p>\n<p>Massive information and precise analysis available on Sina Finance APP</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>After Retirement, They Return to Work: \"The Pay Isn't High, But It Brings Joy\"</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\">\nAfter Retirement, They Return to Work: \"The Pay Isn't High, But It Brings Joy\"\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\">2025-08-31 18:52</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Ms. Zheng, born in 1969 with a high school education, left her state-owned enterprise during the downsizing wave and switched to sales. Now in her sixth year of receiving retirement benefits, she collects a stable monthly pension of 2,473 yuan. Her daughter, born in 1996, briefly worked at a consulting firm after graduating with a master's degree in Hong Kong and is now in Shanghai seeking employment in the financial sector, paying a monthly rent of 3,700 yuan. While her daughter prepares for second-round interviews by studying materials from dawn to dusk, Ms. Zheng has quietly started working at the supermarket downstairs: 7 AM to 3 PM shifts, earning 4,500 yuan monthly, and she can even bring home spare ribs to make soup for her daughter after work. She even received multiple job offers: \"Sister Wang downstairs recommended me for a cleaning job, but I declined because it seemed too tiring.\"</p>\n<p>With sufficient social and work experience coupled with more flexible employment arrangements, younger elderly individuals actually have considerable market value in the job sector. Multiple interviewees confirmed that finding work has been easier than they anticipated.</p>\n<p>The heated elderly employment market is set to gain new momentum with the implementation of new social security judicial interpretations scheduled for September 1st.</p>\n<p>The Supreme Court recently issued guidance stating that from September 1st, any agreement to \"not pay social security\" will be deemed invalid, and employers must provide economic compensation, sparking discussions about \"mandatory social security.\" While many business owners remain cautious, large enterprises have already begun competing for retired talent.</p>\n<p>McDonald's, which first drew attention, responded that the company employs flexible and diverse employment methods and has been recruiting retired employees since 2022. Beijing Universal Studios recently posted job openings for retail service personnel, specifically requiring formal retirees (those with retirement certificates). Shanghai establishments like Xiao Yang Sheng Jian and Kiessling have also posted notices recruiting retired personnel.</p>\n<p>Given China's complex social security structure, will labor relations represented by \"retirement rehiring\" become a future employment trend? How should we balance flexibility and protection?</p>\n<p>**\"Converting Employees to Partners\"**</p>\n<p>Xu Xia once had a highly successful career. As the first college graduate from her village, she entered the banking system after graduation and worked her way up to deputy branch manager at a local branch. Due to organizational adjustments, Xu Xia processed early retirement six months ahead of schedule.</p>\n<p>What should have been a happy occasion became disorienting as she suddenly transitioned from busy to idle retirement life. Her husband and friends hadn't reached retirement age yet, her children working in other cities had stable lives, and her parents remained healthy. All time became her own.</p>\n<p>\"I've never had this experience before - having so much personal time with no mandatory tasks, being able to arrange everything according to my wishes,\" Xu Xia explained.</p>\n<p>After graduation, she found work, married, and had children, raising kids and handling household duties while building her career, only beginning to travel in recent years. On her first day of retirement, she woke at seven as usual, then spent the entire day playing mahjong at the community card room.</p>\n<p>She traveled extensively with her father to Anhui, Shanxi, and Xinjiang, joined tour groups to Southeast Asia, researched Xinjiang-Ningbo transportation business, tried to convince community friends to open a group buying store together, attended senior university classes in \"Happiness Psychology,\" and began introducing dating prospects to her daughter while eagerly anticipating grandchildren.</p>\n<p>Still, she felt restless.</p>\n<p>A friend introduced her to an insurance company position, and Xu Xia decided to try it. Before retirement, her annual salary was several hundred thousand yuan; after retirement, her monthly pension exceeded 10,000 yuan. Not needing money, Xu Xia chose to return to work \"mainly to continue contributing value.\"</p>\n<p>Family members questioned the insurance company's credentials and urged her to enjoy retirement and \"live peacefully.\" But she applied her newly learned \"Happiness Psychology\": \"I'm happy to join the insurance company, and I hope you'll support me. Mutual family support is most important.\"</p>\n<p>Xu Xia didn't need the insurance company to provide social security. In fact, the company doesn't provide social security for most employees - they sign agency contracts, essentially establishing service relationships.</p>\n<p>\"Service contract relationships and labor contract relationships differ by only one character, but have vastly different legal implications,\" explained Chen Wenming, director of Zhejiang Xiaode Law Firm. Service relationships primarily involve property and economic relations between equal, independent parties, while labor contract relationships are fundamentally different.</p>\n<p>He noted that service relationships primarily fall under Civil Code regulations, while labor contract relationships are governed by Labor Contract Law and Labor Law.</p>\n<p>Xu Xia's agency model resembles the online joke about \"converting employees to partners.\" A restaurant owner in Yunnan confirmed he's considering the feasibility of converting employees to partners.</p>\n<p>\"I have three stores with about twenty employees. Staff turnover is high, and not providing social security is common industry practice,\" he admitted. According to his calculations, providing social security for everyone would cost over 1,000 yuan more per person monthly.</p>\n<p>\"Restaurant profit margins are extremely thin; everyone's practically losing money for publicity. If we must provide social security, I'd probably have to close at least two of my three stores.\"</p>\n<p>Regarding the partner conversion model, he sees it as risk mitigation to avoid closure, and hiring retired workers is also under consideration while he \"observes the situation.\"</p>\n<p>However, lawyer Zhang Xiuhong from Beijing Zhongdun Law Firm emphasized that labor relationships and partnership relationships are fundamentally different legally.</p>\n<p>\"Labor relationships emphasize 'subordination' - attendance management, performance evaluation, fixed salaries. Partnership relationships are based on 'equality.' If companies still require so-called partners to clock in, accept management, and receive monthly pay, the relationship remains essentially a labor relationship. Simply calling employees 'partners' doesn't eliminate social security obligations.\"</p>\n<p>She explained that during disputes, labor arbitration and courts focus on actual employment practices rather than contract terminology. Companies may face recognition of de facto labor relationships, required social security back payments with penalties, plus work injury, overtime, and wrongful termination compensation risks.</p>\n<p>\"More seriously, if this model becomes widespread, workers' basic protections will be undermined, and the social insurance system will lose stability. 'Flexible employment' that becomes 'employment avoidance' actually erodes workers' security and social trust.\"</p>\n<p>After ten days, facing strong family opposition, Xu Xia ended her insurance company employment - after purchasing a 100,000 yuan insurance policy for herself. At least the departure was flexible and easy.</p>\n<p>After helping her father harvest peanuts back home, the self-described \"workaholic\" Xu Xia resumed her community group buying store business plan. She plans to recruit retired friends to operate together after opening: \"We'd be idle at home anyway. Our wages won't be high, but everyone working together happily - how joyful!\"</p>\n<p>**534 Million Employee Pension Insurance Contributors**</p>\n<p>Liu Qing's experience differs from Xu Xia's - she lacks traditional workplace experience. She and her husband operated a toy store for over twenty years. In 2019, they transferred management rights to others, and she enjoyed two years of home rest, renovating their house.</p>\n<p>According to her plan, after two years' rest, her nearly thirty-year-old son would marry, and after arranging the wedding, she'd help raise grandchildren - a perfect life.</p>\n<p>\"I especially love children,\" Liu Qing shared.</p>\n<p>But events didn't unfold as expected. Last year, Liu Qing received her first pension payment of just over 2,000 yuan, which \"covers family porridge\" according to her, though previous store savings prevented major financial problems. However, her son's marriage plans remain uncertain, and grandchild care remains distant.</p>\n<p>\"Square dancing friends constantly complain about being 'exhausted' caring for grandchildren, but their tone actually contains some boasting,\" Liu Qing confided. Young people have their own ideas.</p>\n<p>During one argument, her son said: \"If you love caring for children so much, go work at a kindergarten.\"</p>\n<p>A nearby private kindergarten was indeed hiring women under sixty for 2,000 yuan monthly. Half in defiance, half for household income, \"plus staying home just means scrolling phones,\" Liu Qing became the kindergarten's life assistant, mainly helping children with naps and meals.</p>\n<p>\"Social security definitely isn't provided - no questions asked. Here, everyone pays their own pension insurance, several thousand yearly, choosing their own tier,\" Liu Qing explained.</p>\n<p>Her pension insurance is formally called Urban-Rural Residents Basic Pension Insurance, differing from the Employee Pension Insurance that Xu Xia and most company employees pay. Urban-rural pension contribution amounts vary by location.</p>\n<p>In Zhejiang, starting January 1, 2024, Urban-Rural Residents Basic Pension Insurance offers eight contribution tiers ranging from 200-7,000 yuan annually, with the 200 yuan tier government-subsidized for low-income households, impoverished individuals, disabled persons, and other disadvantaged groups.</p>\n<p>Employee pension insurance is paid monthly based on income ratios. Also in Zhejiang, contributions are based on the previous year's average monthly wage, adjusted within 60%-300% of local social average wages. Employer contributions are 16%, individual contributions 8%.</p>\n<p>Medical insurance also differs. China integrated Urban Residents Basic Medical Insurance and New Rural Cooperative Medical Care in 2016, implementing combined individual contributions and fiscal subsidies. The 2025 New Rural Cooperative individual contribution standard is 400 yuan per person annually, plus at least 670 yuan in fiscal subsidies, totaling 1,070 yuan yearly. Urban Employee Medical Insurance is paid monthly based on the previous year's average monthly wage, with employers paying 10% and individuals 2%.</p>\n<p>Recent data shows 534 million people participate in Urban Employee Basic Pension Insurance and 538 million in Urban-Rural Residents Basic Pension Insurance. For medical insurance, resident insurance participants significantly outnumber employee insurance participants: 950 million versus 380 million respectively.</p>\n<p>Liu Qing noted that colleagues include several non-retired life assistants and cleaning staff who also don't receive employer-provided social security.</p>\n<p>\"People here basically buy their own pension insurance and New Rural Cooperative insurance rather than having employers pay. Getting wages directly feels more practical. Some talk about transferring between systems, but it's too complicated for us.\"</p>\n<p>While common in practice, this approach exists in a legal gray area. According to Social Insurance Law and Labor Contract Law provisions, participating in social insurance and legally contributing social insurance fees is employers' statutory obligation, which cannot be modified or waived through employer-employee agreements, nor exempted because employees personally contribute to resident insurance.</p>\n<p>Regarding transfer \"complications,\" pension insurance account balances can actually be seamlessly transferred between systems, with online applications available through electronic social security cards.</p>\n<p>Liu Qing shared tutorial videos her son sent with non-retired colleagues, but received no replies.</p>\n<p>**Balancing Flexibility and Protection**</p>\n<p>As population aging accelerates, more \"new elderly\" like Ms. Zheng, Xu Xia, and Liu Qing are re-entering workplaces, representing both flexible employment and testing existing social security systems.</p>\n<p>Lawyers warn that hiring retired personnel or using \"partner\" or \"service agreement\" arrangements doesn't eliminate legal responsibilities. Zhang Xiuhong noted that while retired personnel receive pensions and aren't required to contribute to pension insurance, if companies provide unified management, attendance monitoring, and fixed compensation during rehiring, they may still be recognized as de facto labor relationships. Companies remain liable for work injuries or labor disputes.</p>\n<p>\"'Service agreements' aren't immunity certificates. Arbitration and courts focus on substance over form. While employment costs seem reduced, compliance risks multiply,\" Zhang Xiuhong explained.</p>\n<p>According to National Bureau of Statistics data, flexible employment now exceeds 200 million people, including many retirement-age elderly. As flexible employment rapidly expands and retirement rehiring gains popularity, social security systems and labor regulations urgently need adaptation to new employment realities.</p>\n<p>Chen Wenming views gig work as non-full-time employment under Labor Contract Law Article 68. While differing significantly from full-time employment in forms and rights/obligations, it still constitutes labor relations with worker protections. Current laws provide comprehensive protection regarding employment establishment/termination, working hours, and social insurance benefits. Workers should actively exercise their rights.</p>\n<p>This website content (including but not limited to text, images, and audio/video), except reprints, is copyrighted. Unauthorized reproduction, linking, reposting, or other uses are prohibited. Violators will face legal action. For media, website, or individual reprint use, please contact news@time-weekly.com</p>\n<p>Massive information and precise analysis available on Sina Finance APP</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIDIY":"DiDi Global Inc.","BK4022":"陆运","BK4230":"旅客陆运"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103288970","content_text":"Ms. Zheng, born in 1969 with a high school education, left her state-owned enterprise during the downsizing wave and switched to sales. Now in her sixth year of receiving retirement benefits, she collects a stable monthly pension of 2,473 yuan. Her daughter, born in 1996, briefly worked at a consulting firm after graduating with a master's degree in Hong Kong and is now in Shanghai seeking employment in the financial sector, paying a monthly rent of 3,700 yuan. While her daughter prepares for second-round interviews by studying materials from dawn to dusk, Ms. Zheng has quietly started working at the supermarket downstairs: 7 AM to 3 PM shifts, earning 4,500 yuan monthly, and she can even bring home spare ribs to make soup for her daughter after work. She even received multiple job offers: \"Sister Wang downstairs recommended me for a cleaning job, but I declined because it seemed too tiring.\"\nWith sufficient social and work experience coupled with more flexible employment arrangements, younger elderly individuals actually have considerable market value in the job sector. Multiple interviewees confirmed that finding work has been easier than they anticipated.\nThe heated elderly employment market is set to gain new momentum with the implementation of new social security judicial interpretations scheduled for September 1st.\nThe Supreme Court recently issued guidance stating that from September 1st, any agreement to \"not pay social security\" will be deemed invalid, and employers must provide economic compensation, sparking discussions about \"mandatory social security.\" While many business owners remain cautious, large enterprises have already begun competing for retired talent.\nMcDonald's, which first drew attention, responded that the company employs flexible and diverse employment methods and has been recruiting retired employees since 2022. Beijing Universal Studios recently posted job openings for retail service personnel, specifically requiring formal retirees (those with retirement certificates). Shanghai establishments like Xiao Yang Sheng Jian and Kiessling have also posted notices recruiting retired personnel.\nGiven China's complex social security structure, will labor relations represented by \"retirement rehiring\" become a future employment trend? How should we balance flexibility and protection?\n**\"Converting Employees to Partners\"**\nXu Xia once had a highly successful career. As the first college graduate from her village, she entered the banking system after graduation and worked her way up to deputy branch manager at a local branch. Due to organizational adjustments, Xu Xia processed early retirement six months ahead of schedule.\nWhat should have been a happy occasion became disorienting as she suddenly transitioned from busy to idle retirement life. Her husband and friends hadn't reached retirement age yet, her children working in other cities had stable lives, and her parents remained healthy. All time became her own.\n\"I've never had this experience before - having so much personal time with no mandatory tasks, being able to arrange everything according to my wishes,\" Xu Xia explained.\nAfter graduation, she found work, married, and had children, raising kids and handling household duties while building her career, only beginning to travel in recent years. On her first day of retirement, she woke at seven as usual, then spent the entire day playing mahjong at the community card room.\nShe traveled extensively with her father to Anhui, Shanxi, and Xinjiang, joined tour groups to Southeast Asia, researched Xinjiang-Ningbo transportation business, tried to convince community friends to open a group buying store together, attended senior university classes in \"Happiness Psychology,\" and began introducing dating prospects to her daughter while eagerly anticipating grandchildren.\nStill, she felt restless.\nA friend introduced her to an insurance company position, and Xu Xia decided to try it. Before retirement, her annual salary was several hundred thousand yuan; after retirement, her monthly pension exceeded 10,000 yuan. Not needing money, Xu Xia chose to return to work \"mainly to continue contributing value.\"\nFamily members questioned the insurance company's credentials and urged her to enjoy retirement and \"live peacefully.\" But she applied her newly learned \"Happiness Psychology\": \"I'm happy to join the insurance company, and I hope you'll support me. Mutual family support is most important.\"\nXu Xia didn't need the insurance company to provide social security. In fact, the company doesn't provide social security for most employees - they sign agency contracts, essentially establishing service relationships.\n\"Service contract relationships and labor contract relationships differ by only one character, but have vastly different legal implications,\" explained Chen Wenming, director of Zhejiang Xiaode Law Firm. Service relationships primarily involve property and economic relations between equal, independent parties, while labor contract relationships are fundamentally different.\nHe noted that service relationships primarily fall under Civil Code regulations, while labor contract relationships are governed by Labor Contract Law and Labor Law.\nXu Xia's agency model resembles the online joke about \"converting employees to partners.\" A restaurant owner in Yunnan confirmed he's considering the feasibility of converting employees to partners.\n\"I have three stores with about twenty employees. Staff turnover is high, and not providing social security is common industry practice,\" he admitted. According to his calculations, providing social security for everyone would cost over 1,000 yuan more per person monthly.\n\"Restaurant profit margins are extremely thin; everyone's practically losing money for publicity. If we must provide social security, I'd probably have to close at least two of my three stores.\"\nRegarding the partner conversion model, he sees it as risk mitigation to avoid closure, and hiring retired workers is also under consideration while he \"observes the situation.\"\nHowever, lawyer Zhang Xiuhong from Beijing Zhongdun Law Firm emphasized that labor relationships and partnership relationships are fundamentally different legally.\n\"Labor relationships emphasize 'subordination' - attendance management, performance evaluation, fixed salaries. Partnership relationships are based on 'equality.' If companies still require so-called partners to clock in, accept management, and receive monthly pay, the relationship remains essentially a labor relationship. Simply calling employees 'partners' doesn't eliminate social security obligations.\"\nShe explained that during disputes, labor arbitration and courts focus on actual employment practices rather than contract terminology. Companies may face recognition of de facto labor relationships, required social security back payments with penalties, plus work injury, overtime, and wrongful termination compensation risks.\n\"More seriously, if this model becomes widespread, workers' basic protections will be undermined, and the social insurance system will lose stability. 'Flexible employment' that becomes 'employment avoidance' actually erodes workers' security and social trust.\"\nAfter ten days, facing strong family opposition, Xu Xia ended her insurance company employment - after purchasing a 100,000 yuan insurance policy for herself. At least the departure was flexible and easy.\nAfter helping her father harvest peanuts back home, the self-described \"workaholic\" Xu Xia resumed her community group buying store business plan. She plans to recruit retired friends to operate together after opening: \"We'd be idle at home anyway. Our wages won't be high, but everyone working together happily - how joyful!\"\n**534 Million Employee Pension Insurance Contributors**\nLiu Qing's experience differs from Xu Xia's - she lacks traditional workplace experience. She and her husband operated a toy store for over twenty years. In 2019, they transferred management rights to others, and she enjoyed two years of home rest, renovating their house.\nAccording to her plan, after two years' rest, her nearly thirty-year-old son would marry, and after arranging the wedding, she'd help raise grandchildren - a perfect life.\n\"I especially love children,\" Liu Qing shared.\nBut events didn't unfold as expected. Last year, Liu Qing received her first pension payment of just over 2,000 yuan, which \"covers family porridge\" according to her, though previous store savings prevented major financial problems. However, her son's marriage plans remain uncertain, and grandchild care remains distant.\n\"Square dancing friends constantly complain about being 'exhausted' caring for grandchildren, but their tone actually contains some boasting,\" Liu Qing confided. Young people have their own ideas.\nDuring one argument, her son said: \"If you love caring for children so much, go work at a kindergarten.\"\nA nearby private kindergarten was indeed hiring women under sixty for 2,000 yuan monthly. Half in defiance, half for household income, \"plus staying home just means scrolling phones,\" Liu Qing became the kindergarten's life assistant, mainly helping children with naps and meals.\n\"Social security definitely isn't provided - no questions asked. Here, everyone pays their own pension insurance, several thousand yearly, choosing their own tier,\" Liu Qing explained.\nHer pension insurance is formally called Urban-Rural Residents Basic Pension Insurance, differing from the Employee Pension Insurance that Xu Xia and most company employees pay. Urban-rural pension contribution amounts vary by location.\nIn Zhejiang, starting January 1, 2024, Urban-Rural Residents Basic Pension Insurance offers eight contribution tiers ranging from 200-7,000 yuan annually, with the 200 yuan tier government-subsidized for low-income households, impoverished individuals, disabled persons, and other disadvantaged groups.\nEmployee pension insurance is paid monthly based on income ratios. Also in Zhejiang, contributions are based on the previous year's average monthly wage, adjusted within 60%-300% of local social average wages. Employer contributions are 16%, individual contributions 8%.\nMedical insurance also differs. China integrated Urban Residents Basic Medical Insurance and New Rural Cooperative Medical Care in 2016, implementing combined individual contributions and fiscal subsidies. The 2025 New Rural Cooperative individual contribution standard is 400 yuan per person annually, plus at least 670 yuan in fiscal subsidies, totaling 1,070 yuan yearly. Urban Employee Medical Insurance is paid monthly based on the previous year's average monthly wage, with employers paying 10% and individuals 2%.\nRecent data shows 534 million people participate in Urban Employee Basic Pension Insurance and 538 million in Urban-Rural Residents Basic Pension Insurance. For medical insurance, resident insurance participants significantly outnumber employee insurance participants: 950 million versus 380 million respectively.\nLiu Qing noted that colleagues include several non-retired life assistants and cleaning staff who also don't receive employer-provided social security.\n\"People here basically buy their own pension insurance and New Rural Cooperative insurance rather than having employers pay. Getting wages directly feels more practical. Some talk about transferring between systems, but it's too complicated for us.\"\nWhile common in practice, this approach exists in a legal gray area. According to Social Insurance Law and Labor Contract Law provisions, participating in social insurance and legally contributing social insurance fees is employers' statutory obligation, which cannot be modified or waived through employer-employee agreements, nor exempted because employees personally contribute to resident insurance.\nRegarding transfer \"complications,\" pension insurance account balances can actually be seamlessly transferred between systems, with online applications available through electronic social security cards.\nLiu Qing shared tutorial videos her son sent with non-retired colleagues, but received no replies.\n**Balancing Flexibility and Protection**\nAs population aging accelerates, more \"new elderly\" like Ms. Zheng, Xu Xia, and Liu Qing are re-entering workplaces, representing both flexible employment and testing existing social security systems.\nLawyers warn that hiring retired personnel or using \"partner\" or \"service agreement\" arrangements doesn't eliminate legal responsibilities. Zhang Xiuhong noted that while retired personnel receive pensions and aren't required to contribute to pension insurance, if companies provide unified management, attendance monitoring, and fixed compensation during rehiring, they may still be recognized as de facto labor relationships. Companies remain liable for work injuries or labor disputes.\n\"'Service agreements' aren't immunity certificates. Arbitration and courts focus on substance over form. While employment costs seem reduced, compliance risks multiply,\" Zhang Xiuhong explained.\nAccording to National Bureau of Statistics data, flexible employment now exceeds 200 million people, including many retirement-age elderly. As flexible employment rapidly expands and retirement rehiring gains popularity, social security systems and labor regulations urgently need adaptation to new employment realities.\nChen Wenming views gig work as non-full-time employment under Labor Contract Law Article 68. While differing significantly from full-time employment in forms and rights/obligations, it still constitutes labor relations with worker protections. Current laws provide comprehensive protection regarding employment establishment/termination, working hours, and social insurance benefits. Workers should actively exercise their rights.\nThis website content (including but not limited to text, images, and audio/video), except reprints, is copyrighted. Unauthorized reproduction, linking, reposting, or other uses are prohibited. Violators will face legal action. For media, website, or individual reprint use, please contact news@time-weekly.com\nMassive information and precise analysis available on Sina Finance APP","news_type":1,"symbols_score_info":{"DIDIY":1}},"isVote":1,"tweetType":1,"viewCount":2043,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}