$PDD Holdings Inc(PDD)$ Although Alibaba did not disclose the GMV growth for the first quarter, I estimate the actual GMV growth to be approximately 5%, slightly lower than the overall market growth rate of 5.7%. JD.com's GMV grew by around 12%, making it the most direct beneficiary of the national subsidy policy, with its growth outperforming the market. The impact of national subsidies on Alibaba is actually limited, as they only affect 20% of Alibaba's GMV. If the above disclosures and speculations are accurate, then the GMV growth of Pinduoduo and Douyin E-commerce in the first quarter was only 3.3%. Of course, each e-commerce platform has different statistical criteria. In terms of the detail of financial report disc
$Alibaba(BABA)$ Buying Alibaba is about buying its AI and cloud computing businesses. For flash sales and retail, it's sufficient to maintain an average growth rate. Alibaba is the strongest AI leader among Chinese concept stocks. Currently, the domestic AI industry is still in its initial stage. It's a long slope with thick snow (a long-term promising market), and I plan to hold on until AI truly achieves a major boom.
$PDD Holdings Inc(PDD)$ Hot projects come and go every year, but Pinduoduo stays laser-focused on its own direction. It doesn’t chase trends like large language models, food delivery, or flash sales. Instead, it’s obsessed with delivering high-quality e-commerce services, zeroing in on four core pillars: **good quality, low prices, convenience, and service**—pouring resources into whichever area isn’t measuring up. With this kind of focus, it’d be a top performer anywhere. Even in the U.S., it’d likely climb into the top two eventually. Taking the number one spot? That’s tougher. After all, Amazon’s Jeff Bezos is a once-in-a-generation business genius—not easy to outcompete.
$Alibaba(BABA)$Bridgewater Associates increased its holdings of Alibaba shares by over 5.4 million shares at an average price of about $115 per share in the first quarter, bringing its total holdings to over 5.66 million shares. This is Bridgewater's largest single - stock position - building in the first quarter, and Alibaba has now become the stock with the largest position in its investment portfolio.
$PDD Holdings Inc(PDD)$I was sharply criticized by group members who are fully invested in Pinduoduo and have "earned a lot of money" recently. They said that I "lack the right cognition" and that's why I think one shouldn't go all-in on Pinduoduo. Well, I simply can't be that confident. It's necessary for me to have a bit of self-doubt. Although I do acknowledge that Pinduoduo is undervalued and I myself hold a significant amount of its stocks, I still feel that the level of certainty and transparency isn't sufficient to justify a full position. Also, I reflected on the fact that pouring cold water on others when they show off their achievements can easily make me the target of a group "attack".
$Alibaba(BABA)$Alibaba has proven that it doesn't need DeepSeek to be open-sourced, while Baidu, Doubao, etc. haven't proven themselves in this regard. It's possible that they could develop it even without DeepSeek, but they haven't demonstrated it. I'm just being conservative. I don't look at academic papers; I only focus on the actual results. I've interacted with people from these big companies and know that there's a huge gap between academic papers and actual technology.
$PDD Holdings Inc(PDD)$When reading this sentence: "In Amazon's retail business, we know that consumers will want products at lower prices, and that will still be the case in 10 years." What first came to my mind was actually PDD. Among the three major e - commerce platforms in China, the one that thinks, acts, and perseveres in this way is precisely Pinduoduo.
$Alibaba(BABA)$Here's an update on Alibaba. Currently, it's difficult to quantitatively assess its cloud business. It may sound high - end to outsiders, but essentially it's a tough business, especially in China. It reminds me of large - scale manufacturing industries like Dell and Lenovo. It's important, but as long as the profit margin is a bit higher, others will come to compete for a share, and there's not much bargaining power. Despite this, qualitatively speaking, some shares were bought back at 4.2. It was purely from the perspective of odds. Today, I further reduced some of my positions. Currently, Alibaba is like a patient who hasn't fully recovered from a serious illness and already has to face multi - front ba
$PDD Holdings Inc(PDD)$I searched for the median monthly salary in China and was shocked. Looking at the current decline in prices, this is not a downgrade in consumption. Instead, it is a return of prices to levels that match people's incomes. Pinduoduo is truly a blessing for the Chinese people!
$Alibaba(BABA)$In multiple standard question-and-answer tests, the retrieval score of Alibaba's 14-billion-parameter model has simply exceeded that of Google. This is not a minor optimization, but a complete reconstruction of the underlying technology. ZeroSearch can achieve this not just by "saving money", but by completely overhauling the entire technical architecture.It enables AI not to rely on search but to master the ability to search on its own. It's like teaching a child to walk independently instead of carrying them for a lifetime.At this moment, Alibaba is not a chaser but a leader.And the story of ZeroSearch has just begun.