BABA-W (09988) surged over 4% in early trading, reaching a high of HK$147.9, marking a new peak since November 2021. At the time of writing, the stock was up 1.27% to HK$143.7 with trading volume of HK$13.737 billion.

On the news front, Alibaba's subsidiary Amap announced on September 10 the launch of the world's first user behavior-based ranking system called "Amap Street Scanning Ranking." Simultaneously, Amap initiated the "Fireworks Good Store Support Plan," distributing over 1 billion yuan in subsidies and other measures to encourage users to visit physical stores, aiming to generate an additional 10 million daily customer visits to offline dining and other service businesses.

According to disclosed information, Amap covers over 7 million restaurant locations nationwide, currently handling 120 million daily life service-related searches and providing navigation to 13 million life service destinations.

Additionally, Alibaba recently launched its new-generation Qwen3-Max-Preview large language model, with parameters exceeding 1 trillion. Jefferies believes that following DeepSeek's industry disruption in January 2025, Alibaba's latest upgrade marks the official beginning of a new cycle for the AI theme. Market attention is shifting toward the industry penetration of intelligent agent-type AI, the commercialization speed of different models, the growth potential of Alibaba Cloud's business revenue, and the demand for AI across various industries along with capital expenditure trends.