Changes in Hong Kong stocks | Alibaba-W (09988) rose nearly 3% and released Qwen 3.8 as an important step in model iteration to show strength. The company will benefit from AI cloud business development

The Zhitong Finance App learned that Alibaba-W (09988) rose by nearly 3%. As of press release, it had risen 2.77% to HK$1,151, with a turnover of HK$4.986 billion.

According to the news, Haitong International released a research report stating that Ali released Qwen 3.8-Max-Preview this month, a sparse hybrid expert AI model with 2.4 trillion parameters. According to user feedback, Qwen 3.8 has obvious advantages in model capabilities, reasoning efficiency, and deployment costs, and has made significant improvements in complex reasoning, code generation, long text processing, and AI proxy applications. The bank believes that Qwen 3.8 is an important step for Ali to show strength in recent iterations of various vendor models, reduce loss forecasts for takeout businesses, and raise profit margin forecasts for cloud businesses.

Haitong International added that due to poor overall market retail sales growth in May and the less-than-ideal performance of the 618 shopping festival, it is expected that Alibaba's core CMR will slow down, but it is believed that market concerns about Alibaba Cloud's slowing revenue and shrinking profit margins have been largely eliminated, and the profit margin of the cloud business will benefit from the higher average profit margin of the AI cloud business.