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[Hong Kong Stock Connect] Alibaba (09988) rose by 8.29%, Citigroup raised its target price by 17%, anticipating that mainland policies will indeed help boost consumer sentiment.
Jingu Financial News | Alibaba (09988) fluctuated and strengthened, as of the time of publication, rose by 8.29%, at 111 Hong Kong dollars, with a turnover of 22.094 billion Hong Kong dollars. On the news front, Citigroup released research reports indicating that the central government has introduced a series of monetary and fiscal support measures, believing it will help improve wealth effects, boost consumer sentiment, and expects Alibaba to strengthen investment and marketing promotion during the singles' day sales period, thereby increasing GMV on its e-commerce platform. It is predicted that Alibaba's CMR growth in the coming quarters will gradually align with GMV growth. The bank maintains its unchanged forecast for Alibaba, looking forward to the real help of the mainland policy 'combination punches'.
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