JPMorgan published a report stating that it expects Alibaba to show positive development trends for the last quarter, including an improvement in Commodity trading volume (GMV) growth on a quarterly basis, mainly due to strong growth in GMV during Singles' Day Sales on Taobao and Tmall; the growth in Core Customer Management Revenue (CMR) accelerated from 2.5% in the third quarter to 6% in the fourth quarter, mainly due to Taobao charging a 0.6% basic software service fee to platform sellers since last September. The Taotian Group's adjusted EBITA returned to positive growth (the firm expects a 6% year-on-year increase), mainly due to incremental monetization and rational investment. The firm reiterated its 'Shareholding' rating on Alibaba, with a Target Price of 120 Hong Kong dollars, and expects Alibaba's fourth-quarter revenue to grow by 8% year-on-year, 1% higher than market expectations, compared to a year-on-year growth of 5% in the third quarter; it also expects adjusted net profit to rise by 14% year-on-year, exceeding market expectations by 15%.