Jefferies financial released a report on July 29th, maintaining its "buy" rating for Alibaba (9988.HK) with a target price of HKD 112 unchanged. Although there is macro uncertainty, the company can still have more catalytic tools. The report pointed out that recent industry trends show that some numbers are more important than low stock prices. Alibaba focuses on user experience. Some new measures include traffic allocation and free refunds. In addition, service fees, including Tmall's fixed annual fee waiver, also attract attention. In addition, the bank previously reported that the 0.6% software service fee of Taobao Tmall has a positive impact on customer management revenue (CMR). Jefferies also pointed out that Alibaba is expected to complete the double primary listing on August 24th. There is a potential opportunity for inclusion in the "Hong Kong Stock Connect" on September 24th, which is expected to have a positive impact on the stock price. On the other hand, the company has repurchased US$10.6 billion in shares in the first half of the fiscal year, with a remaining repurchase amount of US$26.1 billion, indicating that there is still a significant proportion of investment to be made. The bank maintains its "buy" rating for Alibaba (BABA.US) with a target price of USD 116.