King's Wealth News | CITIC Securities Lionele mentioned that, affected by the policy of trading in old for new, China's retail trade in August/September has slightly improved, but macroeconomic conditions remain challenging. The bank has set a target price of HKD 124 for Alibaba (09988), expecting a 4.8% year-on-year increase in total revenue for the group in the third quarter to 235.5 billion RMB, with GMV growing by around 6% and CMR increasing by about 2% year-on-year. International retail trade is expected to maintain a year-on-year growth of around 30%, while cloud computing is projected to increase by 8% year-on-year. However, due to continued investments, the group's adjusted EBITDA may decrease by 5% year-on-year. The bank expects revenue growth and profitability to improve starting from next quarter, focusing on increasing the utilization rate of non-commercial businesses and reducing losses. Share buybacks and inclusion in the Shanghai-Hong Kong Stock Connect are also expected to support the stock price in the short term.