Alibaba stock is being outshone by MiniMax and Zhipu in China but its earnings could be an opportunity to point to its own AI strengths. ...

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20260318 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 AI 算力与存储产品迎来涨价潮，北证 50 上 涨 0.69% 2026 年 03 月 18 日 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 相关研究： 《财政部：2026 年继续实施更加积极 的财政政策》 2026-03-17 《个贷息费迎来严格监管，北证 50 下 跌 0.35%》 2026-03-16 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：1）中方回应特朗普称推迟访华，中美双方将保持沟通。 20 ...

公司深度研究 | 阿里巴巴-W AI 赋能成长提速，大消费平台再启航 阿里巴巴（9988.HK）首次覆盖报告 【核心结论】我们预测 FY2026-2028 年公司营收分别为 10377.3 亿元/11853.8 亿元/13308.6 亿元，同比+4.2%/+14.2%/+12.3%，同期归母净利润分别为 977.5 亿元/1225.1 亿元/1444.8 亿元，同比-24.5%/+25.3%/+17.9%，首次覆 盖，给予"买入"评级。 【报告亮点】本次研究我们重点聚焦阿里三大业务：（1）中国电商集团：AI 赋能效率升级，即时零售 UE 持续改善。FY2026H1 国内电商收入同比+9%， Take rate 提升带动 CMR 增长+10%，AI 驱动的全栈推广工具在提升商家 ROI 的同时撬动广告预算，推动营销收入增长；即时零售业务同比+37%。 淘宝闪购由拼规模转向拼效率，通过整合饿了么、飞猪、盒马会员权益、优 化订单结构及放大物流规模效应，亏损显著收窄。（2）AIDC：减亏路径清晰。 FY26Q2 经调整 EBITA 实现 1.62 亿元盈利，国际电商零售业务通过引入 本地商家与合作伙伴、叠加阿里生态的 ...

水皮杂谈 一家之言 兼听则明 偏听则暗 见钱眼开 盘面消息 A股三大指数今日集体上涨，截止收盘，沪指涨0.32%，收报4062.98点；深证成指涨 1.05%，收报14187.80点；创业板指涨2.02%，收报3346.37点。 沪深京三市成交额2.06 万亿，较昨日缩量1635亿。 老水看盘 一石激起千层浪。 阿里巴巴 中午 官宣阿里云产品涨价的消息，不仅推动阿里自身股价直线拉升， 也 带动 了 恒生指数由跌转升，更引燃深 证 市场以 " 易中天 " 为代表的 CP O 、半导体芯片、算力及 云概念板块集体上行，深成指因此走势持续走强，最终收涨 1.05%；上证指数同样走出探底 回升行情，盘中 指数 一度下探至 4023 点，4000 点关口岌岌可危，午后随市场同步回升， 收盘涨 0.32%。 编辑：柴多多 排版：刘雪影 3月18日 19：10 （今晚） 将进行公开直播， 主题是《4000点保卫战》， 本次 直 播 仅 在 抖 音 平 台 【 水 皮 more 】 账 号 进 行 ， 欢 迎 大 家 关 注 抖 音 【 水 皮 more 】 账 号， 点 击 [ 直 播 动 态]预约直播 ，届时准时收看！ ...

Group 1 - Alibaba has officially launched its recruitment for 2027 interns on March 18, involving 16 business groups and companies, with over 80% of the positions related to AI [1] - The recruitment includes a new program aimed at top global young scientific talents, covering five cutting-edge fields: foundational models, AI infrastructure, large model applications, industrial AI, and computing architecture [1] - Graduates can apply through the upgraded Alibaba campus recruitment website, the Alibaba Group recruitment WeChat account, or internal referrals, with the opportunity to apply for multiple positions [3] Group 2 - The recruitment process begins with online applications or internal referrals starting March 18, followed by assessments and written tests in late March [4] - Offer letters are expected to be issued in late April, with campus presentations and business fairs scheduled at various universities from March 26 to April 9 [4]

Roughly one month ago, on Feb. 17, institutional investors with at least $100 million in assets under management were required to file Form 13F with the Securities and Exchange Commission. This formal-sounding filing provides investors with a way to track which stocks Wall Street's savviest money managers bought and sold in the latest quarter (in this case, the fourth quarter).Billionaire David Tepper of Appaloosa is among the most-followed and successful fund managers. During the fourth quarter, Tepper tri ...

Core Insights - Alibaba is shifting its AI strategy to focus on agents that connect its various business units, indicating a significant restructuring within the company [1][2]. Business Strategy - Alibaba has separated its AI businesses from its cloud computing division, creating the Alibaba Token Hub business group to enhance its focus on AI-driven digital assistants [2][3]. - The company is integrating AI agents into its ecosystem, which spans e-commerce, logistics, and other services, potentially transforming consumer behavior [7][9][10]. Financial Performance - Analysts predict a 3.8% increase in Alibaba's third-quarter revenue, while net income is expected to decline by 42.5%, influenced by the recent Singles' Day shopping festival [3]. Market Context - The company is responding to a prolonged slump in consumer confidence and a weak macroeconomic outlook by exploring new business models to stimulate consumption [4]. - Alibaba's AI chatbot, Qwen, is evolving from a Q&A tool to a platform that facilitates direct purchases through chat interactions [5]. Competitive Landscape - Alibaba's ecosystem offers a unique advantage over competitors like Tencent and ByteDance, as it integrates various consumer-facing functions and logistics within its platform [9][10]. - The launch of the Wukong platform aims to automate complex business tasks, further enhancing Alibaba's capabilities in enterprise solutions [11]. Talent and Leadership - Recent departures of key AI leadership, including Lin Junyang, have raised concerns about Alibaba's ability to retain talent and maintain its competitive edge in AI [13][14]. - Despite these challenges, the company has a robust talent pool within its AliCloud division to address leadership gaps [14].

导语：横空出世的悟空，打响了阿里AI toB的第一枪。 "我们把钉钉打碎了" 。 3月17日，杭州发布会现场，钉钉 创始人 &CEO 陈航扔出一句石破天惊的话 。 全场先是安静了两秒，随后掌声四起。 一个服务 8000万企业、8亿真实用户的国民级产品， 被阿里自己从底层代码开始全部推倒重来： 图形界面（ GUI）彻底废弃，所有产品能力转向命令行接口（CLI），确保 都 能够被 AI调用和操作。 显然，这 不是一次 常规的 产品 升级 ， 而是 一 场 自我 革命 。 为什么阿里会如此大刀阔斧的变革？ 这和 发布会上亮相的核心产品 " 悟空 " 有直接关系。 它是阿里面向全球推出的企业级 AI原生工作平台 ， 核心是 "能办事而非只会聊天" 的 企 业智能体。 正如西游记里的孙悟空，最鲜明的能力是解决麻烦，阿里以 "悟空"取意，某种程度上也写出了它的野心：把 AI"龙虾"从个人玩具，炼成企业级的 AI生产力军团。 但 更值得关注的，不是悟空本身，而是它背后那张更大的牌桌。 钉钉 创始人 &CEO 陈航 阿里打 响 AI toB 发令枪 而悟空，就是这条链条上最能 "烧掉Token"、也最能把Token转化成真金 ...

Tencent in just the past week introduced several signature products aimed at tapping a national enthusiasm for AI agents like OpenClaw — automated services that perform real-world tasks. They underscore an initial advantage for the WeChat operator: it’s grouped China’s entire universe of apps onto a single platform with 1.4 billion users. The company is now working to integrate its own AI agent into WeChat, automating tasks like hailing a ride or booking restaurants, according to a person familiar with the ...

· 2026 年 3 月 18 日 国都港股操作导航 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 46993.26 | 0.10 | | 标普 500 指数 | 6716.09 | 0.25 | | 纳斯达克综合指数 | 22479.53 | 0.47 | | 英国富时 100 指数 | 10403.6 | 0.83 | | 德国 DAX 指数 | 23730.92 | 0.71 | | 日经 225 指数 | 53700.39 | -0.09 | | 台湾加权指数 | 33836.57 | 1.48 | | 内地股市 | | | | 上证指数 | 4049.91 | -0.85 | | 深证成指 | 14039.73 | -1.87 | | 香港股市 | | | | 恒生指数 | 25868.54 | 0.13 | | 国企指数 | 8826.73 | 0.12 | | 红筹指数 | 4312.14 | -0.08 | | 恒生科技指数 | 5107.64 | -0.08 | | AH 股溢价指数 | 121.1 | 0.61 | | 恒生期 ...