Core Viewpoint - Alibaba is accelerating its divestment from the platform chip company Aojie Technology, reducing its stake from 13.99% to 12.69% through the sale of 5,439,008 shares [1] Group 1: Shareholding Changes - Alibaba's recent share reduction is part of a series of divestments, with the last reduction occurring just over two weeks prior [1] - The total shares sold by Alibaba from October 9 to December 1 amount to 11,490,515, representing a significant exit strategy [7] - The cumulative divestment during this period corresponds to a market value exceeding 1 billion yuan [7] Group 2: Historical Investment - Alibaba was a key early investor in Aojie Technology, contributing approximately 650 million yuan across two funding rounds between 2017 and 2018 [5][6] - In 2020, after Aojie Technology transitioned to a joint-stock company, Alibaba held 64.56 million shares, making it the largest shareholder with a 17.15% stake [6] - Following Aojie Technology's IPO in January 2022, Alibaba's shareholding was 15.43%, significantly higher than the actual controlling shareholder [6] Group 3: Market Context - The timing of Alibaba's divestment coincides with a period of declining stock prices for Aojie Technology, which has seen its shares drop below the initial offering price [6] - The stock price on the day of Alibaba's initial divestment announcement was at a yearly high of 112.15 yuan, indicating a strategic decision to sell at a favorable price [6]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1][9]. Core Viewpoints - The electronic sector is expected to benefit from high growth in overseas AI computing demand, with a focus on innovative products such as AI smartphones, AI glasses, and foldable screens anticipated to drive market activity in early 2026 [2][3]. - The report emphasizes the importance of patience in investment strategy, suggesting that time can create space for better opportunities in the sector [2]. - The report highlights the potential for domestic companies in the ASIC market, particularly with Google's plans to expand its TPU business, which could enhance market size for cloud inference solutions [4]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.40%, while the electronic sector increased by 6.05% over the past week, with components up by 8.10% and electronic chemicals up by 3.93% [2][10]. - The report notes that the electronic sector's recent underperformance was primarily due to the reduction of national subsidies, export rush in Q2, and price increases in memory shortages [2]. Key Company Recommendations - The report recommends several companies for investment, including: - Aojie Technology - Jiangbolong - Demingli - Lens Technology - Luxshare Precision - Lantech Optical - Hengxuan Technology - Lanke Technology - SMIC - Saiwei Electronics - Tianyue Advanced [2]. Product Innovations - Quark's smart glasses S1 were officially launched, featuring a dual-chip architecture and advanced optical solutions, indicating a significant opportunity in the AR glasses market [3]. - Longxin Storage showcased new DDR5 and LPDDR5X products, with expectations for growth driven by domestic production and price recovery in the storage sector [4]. Global Smartphone Market Outlook - The global smartphone shipment is projected to grow by 3.3% in 2025, with Apple expected to capture a 19.4% market share, making it the leading smartphone brand for the first time since 2011 [5][7]. - The report continues to recommend companies within Apple's supply chain, including Luxshare Precision and Industrial Fulian [7]. Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for key companies, with most rated as "Outperform" and showing positive EPS growth projections for 2025 and 2026 [9].

Group 1 - The core point of the news is the performance of the Galaxy Innovation Growth Mixed Fund A and C, which experienced declines in November 2025, with A falling by 6.71% and C by 6.75% [1][2] - As of the end of the third quarter of 2025, Galaxy Innovation Growth Mixed Fund A had a scale of 13.875 billion yuan [1] - The fund primarily invests in the semiconductor industry chain, with its top ten holdings including companies like SMIC, Zhaoyi Innovation, and Cambrian [1] Group 2 - Galaxy Innovation Mixed Fund C was established on November 22, 2021, and has a cumulative return of -0.23% as of December 1, 2025, due to its launch during a market peak [1] - The current fund manager, Zheng Weishan, has a background in investment and research, having worked at various financial institutions before joining Galaxy Fund Management in October 2018 [1]

Core Viewpoint - Alibaba's recent share reduction in Aojie Technology reflects its strategic focus shift towards AI and cloud sectors, despite still being the largest shareholder with a 12.69% stake after the reduction [1][2]. Group 1: Shareholding Changes - Alibaba reduced its stake in Aojie Technology by 5.439 million shares from November 24 to December 1, 2023, bringing its ownership down to 12.69% [1]. - The total market value of the shares sold during this period is approximately 500 million yuan, calculated at an average price of 89.90 yuan per share [2]. - This marks the second reduction in shares by Alibaba within the month, having previously sold about 4.2392 million shares from November 6 to November 17 [2]. Group 2: Future Reduction Plans - Alibaba has announced plans to further reduce its holdings by up to 12.549 million shares over the next three months, which represents 3% of the total share capital [2]. - As of the announcement date, Alibaba has 1.0585 million shares remaining that can be sold, all of which were acquired before the IPO [2]. Group 3: Financial Performance of Aojie Technology - Aojie Technology has not achieved profitability since its listing, with projected net losses of 252 million yuan, 506 million yuan, and 693 million yuan for the years 2022 to 2024, respectively [3]. - Despite the losses, the company's revenue has shown steady growth, increasing from 2.14 billion yuan in 2022 to an expected 3.386 billion yuan in 2024 [3]. - In the first three quarters of this year, Aojie Technology reported revenue of 2.88 billion yuan, a year-on-year increase of 13.42%, while the net loss narrowed to 327 million yuan [3]. Group 4: Business Segment Performance - Sales of various cellular baseband chip products experienced slight growth in Q3, with smartphone SoC chip sales continuing to rise and initial shipments of 5G RedCap recorded [3]. - The core business of cellular baseband chips saw a revenue increase of 25% year-on-year, contributing to an overall gross margin rise of 4.71% to 26.65% [3].

Core Viewpoint - Alibaba has reduced its stake in Aojie Technology (688220) from 13.99% to 12.69% by selling 5,439,008 shares through centralized bidding and block trading from November 24 to December 1, 2025 [1][4]. Summary by Relevant Sections Shareholding Changes - Alibaba's shareholding in Aojie Technology decreased from 13.99% to 12.69% after the sale of 5,439,008 shares [1][4]. - Prior to this reduction, Alibaba had announced a plan to sell up to 12.549 million shares, representing a maximum of 3% of the total share capital [4]. Financial Performance of Aojie Technology - Aojie Technology reported a revenue of 2.88 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 13.42% [5]. - The company recorded a net profit attributable to shareholders of -327 million yuan during the same period [5]. Alibaba Group's Financial Performance - For the second quarter of fiscal year 2026, Alibaba Group reported revenues of 247.795 billion yuan, with a year-on-year growth of 15% after excluding the impact of divested businesses [5][6]. - The cloud computing segment saw a significant revenue increase of 34% year-on-year, marking a new high [6]. - Alibaba's CEO highlighted the ongoing investments in AI technology and infrastructure, which are expected to create long-term strategic value [6].

Core Points - Alibaba has reduced its stake in Aojie Technology (688220) from 13.99% to 12.69% by selling 5,439,008 shares between November 24 and December 1, 2025 [2] - Aojie Technology had previously announced a share reduction plan on August 29, allowing Alibaba to sell up to 12.549 million shares, representing a maximum of 3% of the total share capital [4] - As of the latest announcement, Alibaba has sold a total of 11.4905 million shares, leaving a remaining sellable quantity of 1.0585 million shares [5] Company Overview - Aojie Technology is a platform-based chip enterprise specializing in wireless communication and large-scale chips, with capabilities in developing full-standard cellular baseband chips and non-cellular IoT chips [6] - For the first three quarters of the year, Aojie Technology reported revenue of 2.88 billion yuan, a year-on-year increase of 13.42%, but recorded a net loss of 327 million yuan [6] Alibaba's Financial Performance - In the second quarter of fiscal year 2026, Alibaba Group reported revenue of 247.795 billion yuan, with a year-on-year growth of 15% after excluding the impact of divested businesses [6] - The company has seen strong growth in its core businesses, particularly in AI and cloud services, with cloud revenue accelerating by 34% year-on-year [7] - Alibaba's CEO highlighted ongoing investments in AI technology and infrastructure, which are expected to create long-term strategic value [7]

Core Viewpoint - Alibaba has reduced its stake in Aojie Technology (688220) from 13.99% to 12.69% by selling 5,439,008 shares, as part of a planned divestment strategy [1][2]. Group 1: Shareholding Changes - Aojie Technology announced that Alibaba Network has notified them of a reduction in shareholding, with the reduction occurring between November 24 and December 1, 2025 [1]. - Alibaba Network had previously announced a plan to reduce its holdings by up to 12.549 million shares, representing a maximum of 3% of the total share capital [1]. Group 2: Financial Performance of Aojie Technology - For the first three quarters of the year, Aojie Technology reported revenue of 2.88 billion yuan, reflecting a year-on-year growth of 13.42% [2]. - The company recorded a net loss attributable to shareholders of 327 million yuan during the same period [2]. Group 3: Alibaba's Strategic Focus - Alibaba's CEO stated that the company is in an investment phase, focusing on building AI technology and infrastructure platforms, as well as integrating life services with e-commerce to create long-term strategic value [2]. - The company reported a 34% year-on-year revenue growth in its cloud intelligence group, driven by strong demand for AI, with AI-related product revenue achieving triple-digit growth for the ninth consecutive quarter [2].

Core Viewpoint - Alibaba has reduced its stake in Aojie Technology (688220) from 13.99% to 12.69% by selling 5,439,008 shares through various trading methods [1][4]. Summary by Sections Shareholding Changes - On December 1, Aojie Technology announced that Alibaba Network has notified them of a reduction in shareholding, decreasing its stake from 13.99% to 12.69% [1]. - Alibaba's total share reduction amounts to 11,490,500 shares, with 1,058,500 shares remaining available for sale [5]. Company Performance - Aojie Technology reported a revenue of 2.88 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 13.42%. However, the company recorded a net loss of 327 million yuan [5]. - Aojie Technology specializes in wireless communication and large-scale chip platforms, with capabilities in developing cellular baseband chips and IoT chips [5]. Alibaba's Financial Results - Alibaba Group reported a revenue of 247.795 billion yuan for the second quarter of fiscal year 2026, with a year-on-year growth of 15% after excluding the impact of sold businesses [5][6]. - The cloud computing segment saw a significant revenue increase of 34% year-on-year, driven by strong demand for AI-related products [6].

Core Viewpoint - Alibaba (China) Network Technology Co., Ltd. will reduce its stake in Aojie Technology (688220.SH) from 13.99% to 12.69% through centralized bidding and block trading between November 24 and December 1, 2025, involving 5.439 million shares [1][2]. Company Overview - Aojie Technology focuses on the research, design, and technological innovation of wireless communication chips, with cellular baseband technology as its core [3]. - Alibaba is the largest shareholder of Aojie Technology [3]. Shareholder Changes - The reduction in shareholding by Alibaba does not trigger a mandatory bid and will not lead to a change in the actual controller of the company, nor will it significantly impact the company's governance structure or ongoing operations [2]. - After the reduction, Alibaba will hold 53,066,925 shares, representing a decrease of 9.30% [4]. Stock Performance - Aojie Technology's stock price closed at 92.18 yuan, with a total market capitalization of 38.6 billion yuan, and has seen an increase of over 70% this year [4][5].

智通财经APP讯，翱捷科技(688220.SH)发布公告，公司于2025年12月1日收到股东阿里巴巴(中国)网络 技术有限公司出具的《关于股东权益变动比例触及1%刻度的通知》，2025年11月24日至2025年12月1 日，阿里巴巴(中国)网络技术有限公司通过集中竞价及大宗交易方式减持公司股份543.9万股，占公司总 股本的比例由13.99%减少至12.69%。 ...