Summary of Alibaba Group Holding Conference Call Company Overview - **Company**: Alibaba Group Holding (BABA.N) - **Industry**: China Internet and Other Services - **Market Cap**: US$289,721 million - **Current Share Price**: US$121.98 (as of March 30, 2026) - **Price Target**: US$180.00, indicating a potential upside of 48% [7][69] Key Points Cloud Services - **Price Increase**: A cloud price hike is expected to drive near-term growth, with long-term margins projected to remain at 20% [1][10] - **Revenue Growth**: The cloud segment is projected to achieve a revenue of US$100 billion over five years, implying a compound annual growth rate (CAGR) of over 44% [10] - **Market Share**: The company aims for Managed as a Service (MaaS) to constitute more than 50% of cloud revenue, as it has higher margins than Infrastructure as a Service (IaaS) [10] - **Component Costs**: The price hike is primarily due to increases in component costs, effective from April 2026 [10] AI and Applications - **Investment Priority**: AI remains the highest priority for investments, with a total addressable market (TAM) for AI projected to reach US$6 trillion, representing 30% of China's GDP [10] - **Qwen App**: The Qwen app has achieved 44 million daily active users (DAU), peaking at 77 million after promotions during the Chinese New Year [10][12] - **Monetization Strategy**: Building a consumer-facing agent is deemed strategically important for future monetization, with a current combined take rate from ads and commissions in the mid to high single digits [10][12] Quick Commerce - **Loss Reduction**: Quick commerce losses are narrowing quarter-over-quarter for both Alibaba and Meituan, with March quarter losses expected to be lower than December [5][12] - **Focus on Growth**: The company will continue to drive gross merchandise volume (GMV) growth and market share by increasing average order value (AOV) [5] Financial Performance - **Earnings Projections**: - EPS for FY 2026 is projected at RMB 41.72, down from RMB 53.59 in FY 2025 [7] - Revenue is expected to grow from RMB 996 billion in FY 2025 to RMB 1,024 billion in FY 2026 [7] - Net income is projected to decrease from RMB 129 billion in FY 2025 to RMB 99 billion in FY 2026 [7] Risks and Challenges - **Market Competition**: Increased competition and higher-than-expected reinvestment costs pose risks to growth [15] - **Regulatory Scrutiny**: Ongoing regulatory scrutiny of internet platforms could impact operations [15] - **Economic Conditions**: Weaker consumption and a slower post-COVID recovery may hinder growth [15] Investment Outlook - **Stock Rating**: The stock is rated as "Overweight," indicating a favorable outlook compared to the industry [7] - **Valuation Methodology**: The valuation is based on a discounted cash flow model with a 10% weighted average cost of capital (WACC) and a 3% terminal growth rate [13] Additional Insights - **International Revenue**: Currently, less than 20% of Alicloud revenue comes from overseas, but this is expected to increase [10] - **Production Capacity**: A key hurdle for growth is production capacity from fabs, with costs lower than competitors like NVIDIA [10] This summary encapsulates the critical insights from the conference call, highlighting Alibaba's strategic focus on cloud services, AI, and quick commerce, while also addressing potential risks and financial projections.

证券研究报告 行业研究 / 行业深度 2026 年 04 月 01 日 电子 / 消费电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 范林泉 S0820525020001 021-32229888-25516 fanlinquan@ajzq.com 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 行业及产业 从技术融合到生态构建，把握穿戴智能化新浪潮 ——AI 眼镜行业深度报告 - 行业 2023 年以来迎来爆发式增长，但仍处培育期，增长空间广阔。AI 眼镜是技术融合下的 智能穿戴新形态，相较 AR、VR、XR 智能眼镜，是当前最具大众普及潜力的近眼终端，2023 年以来行业迎来爆发式增长，2023-2025 年全球销量从 24 万台暴增至 766 万台，核心驱动 力源于端侧大模型落地、硬件技术升级以及巨头入局。当前行业仍处培育期，定价集中于中 高端区间，未覆盖大众消费群体，海外市场占主导地位，中国市场仍处于产品导入与用户教 育的早期阶段，渗透率低，但增长强劲，未来随着供应链成熟与价格带下 ...

Core Insights - The four major e-commerce companies, Alibaba, JD.com, Pinduoduo, and Meituan, reported their 2025 financial results, showcasing a mix of revenue growth and profit declines, with some companies opting for long-term strategies over immediate profits [1][20][21]. Revenue Performance - JD.com led in revenue with 1.3091 trillion yuan, a year-on-year increase of 12.97%, followed by Alibaba at 1.0167 trillion yuan, growing approximately 3.56%. Pinduoduo reported 431.8 billion yuan, up 9.65%, while Meituan reached 364.9 billion yuan, growing 8.08% [2][22][24]. - JD.com demonstrated the highest revenue growth rate, indicating strong growth momentum, while Alibaba's slower growth reflects competitive pressures in its core e-commerce business [25]. Profitability Trends - All four companies experienced a decline in net profits. Alibaba's net profit fell by 23.78% to 92.164 billion yuan, Pinduoduo's decreased by 11.62% to 99.4 billion yuan, JD.com reported a 52.54% drop to 19.6 billion yuan, and Meituan shifted from a profit of 35.8 billion yuan to a net loss of 23.5 billion yuan, marking the most significant deterioration [2][27][26]. Marketing Expenditures - Alibaba's marketing expenses surged to 191.6 billion yuan, a 77.67% increase, making it the highest among the four companies. Meituan's marketing costs reached 102.9 billion yuan, up 60.9%, while JD.com spent 83.95 billion yuan, increasing by 75.07%. Pinduoduo's marketing expenses were 125.3 billion yuan, with a more moderate growth of 12.57% [8][28][29]. - The significant rise in marketing expenses reflects the competitive landscape, with companies engaging in aggressive strategies to maintain market share [30]. Strategic Focus for 2026 - Alibaba is focusing on "AI + Instant Retail" to enhance user engagement and retention, leveraging its full-stack AI capabilities [36]. - JD.com aims to maintain double-digit growth in its core retail business while reducing losses in its new ventures, emphasizing international expansion and AI integration [37]. - Pinduoduo is shifting its strategy towards upgrading the Chinese supply chain, focusing on long-term value creation rather than immediate user growth [38]. - Meituan is transitioning from aggressive expansion to defending market share, prioritizing high-quality growth and AI investments [39]. Industry Outlook - The e-commerce sector is moving away from the "subsidy for growth" model towards a focus on technology-driven, efficiency-first competition, with an emphasis on sustainable long-term strategies [39].

在无人驾驶汽车还无法普及的情况下，AI打车是AI技术全面介 入日常生活的一个试验场。长期来看，随着自动驾驶技术的成 熟和法规框架的完善，AI打车与自动驾驶的合流有可能重构整 个出行生态。 作者：濮振宇 封图：滴滴 3月24日，北京一位用户打开滴滴出行App，对着新上线的"滴滴AI叫车"说："我现在要从家去北 京南站，还有一个老人和一个孩子，一定要空气清新。"几秒钟后，系统便匹配出多辆带有"车内 宽敞""驾驶平稳""无异味"等服务标签的车辆。 3月26日，杭州一位用户对阿里旗下千问App说："帮我打车去灵隐寺，但我要先去宋城门口接个 朋友。"系统自动理解了两个地点的先后顺序，一次性生成了包含途经点的网约车订单。 最近半个月，中国出行市场发生两件类似的事情，一是滴滴AI出行助手小滴v1.0版本正式上线， 覆盖扶老携幼、商务接待等更复杂的出行场景，二是阿里旗下千问上线AI打车功能，可一句话完成 选车型、添加途经点、预约时间等操作。 在点外卖、订酒店之后，打车——这个高频、刚需、低容错的物理世界服务场景，成为大厂AI竞赛 的新战场。 AI打车靠什么吸引用户 滴滴这样的网约车平台为什么要做AI打车？从表面上看，这是一次 ...

最近，我们被一组数据刷屏了。 随着2025年财报的出炉，几大即时零售平台，数据如下：美团亏234亿、京东新业务亏466亿、阿里单季 亏超376亿。 马云、刘强东、王兴，在这一场战争里，烧掉了上千亿。 有的人慌了，觉得连巨头都亏成这样，普通商家还能活吗？ 有的人笑了，谁让她们烧钱，活该。 但我想说：这1000亿，不是白烧的。 01 先看明白：他们在争什么 有人说这是内卷。是，但也不全是。 这么大一块蛋糕，你多吃一口，我就少一口。但即时零售不是这样。 2025年，这个市场已经达到9714亿，还在以24%的速度往上涨。蛋糕还在变大，只是方式变了。 以前比的是，谁钱烧的狠，谁的货铺得满。现在比的是，谁能在快的基础上，兼顾好和稳。 美团守擂 它守着600多万骑手织成的网络，日均活跃稳定在200万以上，守着用户'吃饭就上美团'的习惯。代价是 69亿亏损，换来市场50%以上份额。规模，就是护城河。 阿里攻擂 它想用外卖这个高频场景，去撬动用户，把流量导入淘宝这个低频生意里。代价是单季376亿亏损，换 来日均1.2亿次的订单规模。 它在试一件事：高频，能不能带的动低频？ 京东破垒 为了避免跟美团正面硬刚，所以换个赛道，打品质 ...

11 and 1 E 资料 图。本文来源：澎湃新闻 记 者 丁欣晴 易方达基金张坤旗下三只产品遭自家员工减持 2025年下半年，张坤首次建仓了多只"潜力股"。 3月31日，"顶流"基金经理、易方达基金张坤披露了在管基金2025年报，其隐形重仓股也随之曝光。 具体来看，张坤旗下几只基金首次建仓新产业、网易云音乐、摩尔线程-U、沐曦股份、亚朵等多只标的；并大手笔增持了香港交易所。与此同时，部分海外半导体标的遭到明 显减持，SK海力士、阿斯麦、科天半导体均在减仓行列。 除基金经理调仓动作外，澎湃新闻记者注意到，产品年报中还显现了另一关键信号：对比 2025年年中时披露的基金份额持有人数据，易方达基金内部从业人员在去年下半 年，对张坤管理的易方达亚洲精选、易方达蓝筹精选、易方达优质企业三年持有三只产品，均实施不同比例减持，其中单只产品最高减持份额超905万份。 | | | 张坤旗下4只基金员工持有份额对比 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | [报告期] 2025 年报 | 管理人员工持有份额 管理人员工持有份额 [报告期] 2025 中报 | 减 ...

Group 1 - Huawei's development of its own AI chip has not yet resulted in significant revenue growth compared to its competitors, as the company aims to close the gap with U.S. firms in the AI sector [1] - Revenue from external cloud computing customers decreased by 3.5% in 2025, totaling 32.16 billion yuan ($4.6 billion) [1] - Huawei remains the second-largest cloud provider in mainland China despite the decline in external cloud revenue [1] Group 2 - Overall cloud revenue, including internal customers, increased by 4.8% to 72.8 billion yuan, indicating some growth in the broader cloud segment [2] - The ICT infrastructure segment, which includes Huawei's Ascend AI chip solutions, experienced a slowdown in revenue growth to 2.6%, down from 4.9% in 2024 [2] - Huawei's total ICT revenue for 2025 reached 375.01 billion yuan, reflecting the company's overall performance in the technology sector [2]

 Receives OJEP Funding for 50% of 2025 Exploration Costs. Vancouver, British Columbia – TheNewswire - March 31, 2026. Cascade Copper Corp. (CSE: “CASC”/FRA: 91O) (“Cascade” or the “Corporation”) is pleased to announce that it has received approval for its maiden drilling program at its Centrefire Copper and Gold Project (the “Project”) located ~40 kilometres northeast of Dryden, Ontario, Canada.Jeffrey Ackert, President and CEO of Cascade Copper comments “Cascade’s team has done their homework and we are n ...

Core Insights - Alibaba (BABA) is aggressively scaling its quick commerce business, which is logistics-heavy and focuses on speed and fulfillment density, leading to deeper user engagement but lower margin potential [1][2] - The shift towards quick commerce is reshaping growth quality within Alibaba's core commerce segment, increasing traffic and order frequency but attracting lower-spend users and increasing reliance on incentives [2][3] - Quick commerce revenues grew 56% year-over-year in Q3 of fiscal 2026, but this growth was accompanied by a 57% decline in adjusted EBITA and a 74% contraction in operating income, highlighting the costs associated with scaling [3][4] Financial Performance - The Zacks Consensus Estimate for Alibaba's fiscal 2026 revenues is $148.66 billion, indicating a 7.62% year-over-year growth, but the risk lies in margin persistence as quick commerce grows [4][9] - Alibaba's adjusted EBITA for China commerce fell 43%, with sales and marketing expenses rising to 25.3% of revenues, reflecting high user acquisition and retention costs [3][4] Competitive Landscape - Alibaba competes with Amazon and JD.com in the quick commerce space, where delivery speed increases structural cost pressures [5] - Amazon benefits from a diversified model that includes AWS and advertising, allowing it to offset fulfillment-heavy investments and protect margins [6] - JD.com operates a logistics-first model with full control over its logistics network, ensuring delivery reliability and better inventory control, but remains capital-intensive [6][7] Stock Performance and Valuation - Alibaba's shares have declined 32.8% over the past six months, compared to declines of 15.7% for the Zacks Internet – Commerce industry and 7.2% for the Zacks Retail-Wholesale sector [7] - The stock is currently trading at a trailing 12-month EV/EBITDA ratio of 14.35X, higher than the Zacks Internet – Commerce industry's 10.16X, indicating a lower valuation score [10] - The Zacks Consensus Estimate for fiscal 2026 earnings is $5.26 per share, implying a 41.62% year-over-year decline, with a Zacks Rank of 5 (Strong Sell) [12]

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1][44] Core Insights - The supernode has become the new norm for AI infrastructure, characterized by its technical complexity and rapid iteration, which builds a wide moat for OEM manufacturers and drives their profitability [6][44] - Domestic CSP capital expenditure outlook is optimistic, with significant growth in capacity and orders for wafer fabs and computing rental companies [7][35] - The report highlights the increasing demand for AI capabilities in China, with domestic models surpassing U.S. models in usage [7][35] Summary by Sections Recent Performance - The computer industry has shown a relative performance of -13.7% over 1 month, -5.5% over 3 months, and +2.7% over 12 months, compared to the CSI 300 index which is at -4.6%, -3.4%, and +14.7% respectively [4] Investment Highlights - Supernodes are designed for building large-scale AI computing clusters, integrating multiple GPUs or AI chips into a unified system for high bandwidth and low latency [6][10] - The supernode architecture is not merely hardware assembly but a cohesive system that allows for collaborative computing, enhancing efficiency significantly [10][15] - Major companies like NVIDIA, AMD, Huawei, and Sugon are continuously launching related products, indicating a robust market for supernodes [19][30] Domestic CSP AI Capital Expenditure Outlook - The overall capital expenditure for computing power in China is in a catch-up phase, with optimistic projections for 2026 [7][35] - Demand-side advantages include a large user base and diverse application scenarios, with domestic models leading in usage [35][40] Complexity and Profitability of Supernode Solutions - Supernodes offer advantages over traditional GPU clusters in terms of communication latency, computing density, and total cost of ownership [8][41] - The high technical complexity and rapid iteration of supernode systems create a significant barrier to entry, enhancing the profitability of capable OEM manufacturers [41][42] Investment Strategy - The report suggests that supernode OEM manufacturers will be the primary beneficiaries in the context of optimistic capital expenditure outlooks and the international expansion of domestic tokens [44] - Key companies mentioned include Sugon, Inspur, and Huawei in the server/supernode OEM space, as well as various AI chip and cloud computing firms [44]