BABA-W (09988) continued its upward momentum, rising over 3% again and accumulating gains of more than 20% for the month. As of press time, the stock was up 2.4% to HK$140.6 with a turnover of HK$18.12 billion.

On the news front, according to media reports, Alibaba will hold a press conference in Hangzhou on September 10, featuring a "major business announcement." Numerous media outlets have received invitations to attend the event in Hangzhou. The report cited staff sources indicating that the specific project details remain undisclosed, only noting that it is related to Gaode. Other reports suggest that Alibaba will officially announce the launch of a new group buying product and rating system in the coming days.

Notably, Tongyi Qianwen, Alibaba's AI subsidiary, announced the launch of the Qwen3-Max-Preview model. According to the official website description, this model represents the most powerful language model in the Tongyi Qianwen series.

Changjiang Securities commented that with continuous performance improvements, domestic large model companies have entered the global first tier in the foundation model space. With synchronized commercial advancement, AI is expected to continue driving the development of Alibaba Cloud's business.