据科创板日报 ， 阿里巴巴达摩院明日或将发布重要芯片产品，或直指今年爆发的AI Agent算力需求。 公开信息显示，达摩院明日将在上海举行一年一度的2026玄铁RISC-V生态大会，去年曾发布行业内首款服务器级RISC-V CPU。 ...

大摩闭门会-新经济板块热点-20260320-30分钟_导读 2026年03月22日 21:02 关键词 中国云市场 AI云 阿里巴巴 字节跳动 腾讯 生成式AI 云收入 资本开支 利润率 CIO调查 公有云 GPU 模型能力 算力 供给 市场份额 涨价周期 应用生态 阿里云 AI 毛利率 在线直播会议聚焦中国云市场与AI云市场前景，预测AI云至2029年规模超2000亿人民币，年复合增长率高达 72%，驱动力为算力需求与生成式AI快速渗透。报告同时评估了阿里巴巴与字节跳动在AI时代的竞争潜力，预示 云市场或迎来首个涨价周期。会议深入分析了阿里巴巴与腾讯的最新业绩，强调云业务增长与利润率提升的预 期，特别指出阿里巴巴作为AI基础设施的首选，以及腾讯在AI应用与收入增长方面的潜力。 大摩闭门会-新经济板块热点-20260320-30分钟_导读 2026年03月22日 21:02 关键词 中国云市场 AI云 阿里巴巴 字节跳动 腾讯 生成式AI 云收入 资本开支 利润率 CIO调查 公有云 GPU 模型能力 算力 供给 市场份额 涨价周期 应用生态 阿里云 AI 毛利率 全文摘要 在线直播会议聚焦中国云市场与AI ...

Group 1 - The core viewpoint of the report highlights significant growth in core net profit for 2025, driven by high-end product offerings and export expansion for Geely Automobile [4][5] - Geely's total delivery volume reached 3.025 million units in 2025, a year-on-year increase of 39.0%, with total revenue of 345.23 billion yuan, up 25.1% [4] - The company expects to launch multiple new models in 2026, including the Zeekr 8X, which has shown strong pre-sale performance [5][6] Group 2 - The report indicates a substantial increase in overseas sales for Geely, with exports reaching 121,000 units in January-February 2026, a year-on-year increase of 129.4% [6] - Geely aims to expand its overseas channels to over 2,000 and has set an annual export target of 640,000 units for 2026 [6] - The company is advancing its AI strategy, integrating AI technology into core automotive functions, and has announced a partnership with NVIDIA to enhance AI capabilities [6] Group 3 - The report projects Geely's revenue to grow to 421.8 billion yuan in 2026, with net profit expected to reach 215 billion yuan, reflecting a growth rate of 27% [7] - The company's earnings per share (EPS) is forecasted to be 1.98 yuan in 2026, with a price-to-earnings (PE) ratio of 8.2 times [7] - The report maintains a "buy" rating for Geely, citing the company's strong growth potential driven by new energy products and high-end brand sales [7] Group 4 - The report on Blukoo indicates a significant increase in revenue, reaching 2.913 billion yuan in 2025, a year-on-year growth of 30.0% [8][9] - The adjusted net profit for Blukoo was 675 million yuan, up 15.5% from the previous year, despite a decline in gross margin due to rising costs [8] - The company has seen a notable increase in adult-targeted products, with a significant rise in the number of SKUs aimed at consumers aged 16 and above [10] Group 5 - The report on Xiechuang Data shows a remarkable revenue growth of 93.77% year-on-year in Q4 2025, reaching 3.905 billion yuan [13] - The net profit for the same quarter was 466 million yuan, reflecting a year-on-year increase of 246.15% [13] - The company has diversified its revenue streams, with intelligent computing products becoming a significant contributor to overall income [13] Group 6 - The report on SF Holding indicates a 9.44% year-on-year increase in business volume for January-February 2026, with revenue from express logistics reaching 36.817 billion yuan [18] - The average revenue per package has slightly decreased by 0.79%, but the company expects stabilization in pricing as it adjusts its market strategy [18] - The long-term outlook for SF Holding remains positive, with expectations for growth in international business and supply chain services [19] Group 7 - Tencent Music's revenue for 2025 was 32.9 billion yuan, a year-on-year increase of 15.8%, with net profit rising by 66.4% to 11.06 billion yuan [22][24] - The company has seen strong growth in its online music subscription business, with a notable increase in both user payment rates and average revenue per paying user (ARPPU) [26] - The report highlights the potential for AI to enhance music creation and consumption, driving further growth in the industry [28] Group 8 - The report on the electric power ETF indicates a significant opportunity for asset revaluation in the power sector, driven by the increasing demand for electricity from data centers [30][31] - The report emphasizes the importance of the new pricing mechanisms for electricity generation, which are expected to enhance the profitability of power assets [32] - The electric power sector is positioned as a defensive investment, with strong cash flow and dividend capabilities, making it attractive for long-term investors [34]

以下文章来源于XuanTie玄铁 ，作者玄铁 XuanTie玄铁 . XuanTie玄铁 是阿里巴巴达摩院旗下品牌。团队持续深耕 RISC-V 架构的前沿技术创新及开源生态建设，致力于为数字化时代提供强大、智能、安全、开 放的新型计算架构和安全可靠的IP。 当 AI 浪潮席卷全球，算力需求指数级爆发，全球计算基础设施正经历从芯片到应用的重构。前沿技术驱动计算体系加速向"高性能、高效能、智 能协同"的融合算力新范式演进。在这场变革中，开放灵活的 RISC-V 架构，正成为推动智能时代的关键力量。 自 2023 年起，以 "开放·连接" 为主题的玄铁 RISC-V 生态大会，已先后在上海、深圳、北京一同见证 RISC-V 的蓬勃生机。 今年春天，我们 初心不改，再次从上海启航。 2026 年 3 月 24 日， 由浦东新区人民政府科经委指导，达摩院主办，上海开放处理器产业创新中心、RISC-V 工作委员会、中国开放指令 （RISC-V）生态联盟联合协办 的本届玄铁 RISC-V 生态大会，将在 上海世博桐森酒店 盛大启幕。 院 | XUANTIE | 09:00 - 09:30 | 入场签到 | | --- | ...

Investment Rating - The report maintains a "Buy" rating for Alibaba-W (9988.HK) [6] Core Views - Alibaba's AI and cloud segments are in an accelerated growth phase, with the integration of the ATH business group enhancing its full-stack AI capabilities [6] - The company achieved revenue of 284.8 billion RMB in FY26Q3, a year-over-year increase of 1.7%, but adjusted EBITA fell by 57.3% year-over-year, missing Bloomberg consensus estimates by 26% [6] - The management expects a significant recovery in e-commerce and CMR growth in Q1 2026, driven by improving consumer trends [6] Financial Forecasts - Revenue projections for FY2026 to FY2028 are 1,029.93 billion RMB, 1,163.2 billion RMB, and 1,329.26 billion RMB, reflecting growth rates of 3.4%, 12.9%, and 14.3% respectively [2] - Adjusted net profit is forecasted to be 79.31 billion RMB in FY2026, with a significant decline of 49.8% year-over-year, followed by recoveries of 44.3% and 34.8% in FY2027 and FY2028 [2] - The adjusted EPS is expected to be 4.15 RMB in FY2026, with a P/E ratio of 26 [2] Segment Performance - The e-commerce segment generated 159.3 billion RMB in revenue in FY26Q3, a year-over-year increase of 6%, while adjusted EBITA decreased by 43% due to investments in instant retail and user experience [6] - Instant retail revenue grew by 56% year-over-year, contributing to an increase in active buyers on the platform [6] - Alibaba Cloud's revenue reached 43.3 billion RMB in FY26Q3, a year-over-year increase of 36%, with expectations for annual revenue to grow to 100 billion USD within five years [6]

中国电商集团：受大盘影响电商表现疲软，即时零售 UE 持续改善。1）收入 端：FY26Q3 电商 CMR 收入同比+1%。环比降速明显，主要是货币化率提升的 基数效应显现以及大盘表现疲软（本季度实物商品网上零售额同比+2.2%）。 即时零售收入 208 亿元，同比+56%。假设日均 7400 万单情况下，对应单均 收入约 3.1 元。在即时零售业务的带动下，25 年平台年度活跃买家新增约 1.5 亿，其中实物电商年度活跃买家新增约 1 亿。2）利润端：FY26Q3 中国 电商集团经调整 EBITA 346 亿，同比-43%，经调整 EBITA 率 22%，同比下滑 19pct，主要是即时零售业务的投入导致，环比改善明显。我们测算本季度 即时零售业务亏损约 208 亿元，假设日均 7400 万单，则单均亏损约 3.1 元。 公司持续通过履约和物流效率提升、商业化能力改善以及订单结构优化改善 UE。中长期来看，公司维持即时零售业务 FY28 实现超过 1 万亿 GMV 的目标， 同时实现规模化的正向现金流，并预计 FY29 实现业务的盈利。 证券研究报告 | 2026年03月22日 阿里巴巴-SW（09988.H ...

证券研究报告·海外公司点评·软件服务(HS) 阿里巴巴-W（09988.HK） FY2026Q3 季报点评：业绩不及市场预期，云 与 AI 继续加速 买入（维持） | Table_EPS] [盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 941,168 | 996,347 | 1,067,738 | 1,170,281 | 1,278,732 | | 同比（%） | 8.34 | 5.86 | 7.17 | 9.60 | 9.27 | | 归母净利润（百万元） | 79,741 | 129,470 | 89,118 | 92,581 | 131,713 | | 同比（%） | 9.93 | 62.62 | (31.01) | 3.86 | 41.98 | | Non-GAAP 净利润（百万元） | 157,479 | 158,122 | 78,875 | 105,395 | 138,448 | | 同比（%） | 11.39 | 0 ...

Core Viewpoint - The article discusses insights from industry leaders on the future of emerging industries and technological innovation in China, emphasizing the importance of a complete industrial ecosystem for growth and the role of AI in societal benefits. Group 1: Xiaomi's Perspective - Xiaomi's founder Lei Jun highlights that China's complete industrial ecosystem will serve as fertile ground for future industry growth, with the current year marking the beginning of the "14th Five-Year Plan" [2] - He emphasizes that the depth and breadth of existing industries directly influence the speed and height of future industry development, citing Xiaomi's focus on embodied intelligence and robotics as an example [2][3] - Lei Jun believes that embracing uncertainty is crucial for cultivating future industries, with China's vast market providing the necessary drive and validation space for technological optimization and commercial implementation [2] Group 2: Alibaba's Perspective - Alibaba's chairman Jack Ma states that China's technological development is based on independent innovation and a philosophy of openness and mutual benefit, marking a transition from a period of accumulation to one of explosive growth [4] - He asserts that the ultimate goal of AI is to make its applications widespread and beneficial to society, with Alibaba committed to continuous innovation across various sectors [4] - Ma expresses confidence in China's market and economy, emphasizing the importance of AI in personal consumption, enterprise, healthcare, and finance [4] Group 3: TCL's Perspective - TCL's founder Li Dongsheng discusses the need for a modern industrial system that requires both hard support (technological breakthroughs and capital investment) and soft environments (institutional innovation and open collaboration) [5] - He points out that emerging industries like integrated circuits and new energy are characterized by high technology, heavy assets, and long cycles, necessitating a dual drive of technology and capital [5] - Li emphasizes the importance of direct financing, particularly equity financing, for the advanced manufacturing sector, advocating for regulatory easing to facilitate capital market access for leading enterprises [5][6]

通信周观点： 1）NV 本周顺利召开 GTC 大会：黄仁勋表示 2027 年至少有 1 万亿美元的高置信度需求。AI 算力需求的景气周期将至 少延续至 2027 年且规模远超预期；英伟达联合 Groq 发布了 Groq 3 LPU，将其作为新一代 Vera Rubin AI 平台的关 键组件，应对 AI 产业从"训练"向"推理"的范式转移；黄仁勋展示全球首款量产的共封装光学（CPO）交换机 Spectrum X，并表示下一代计算架构 Feynman，将首次实现铜线与 CPO 的共同水平扩展。2）OFC 大会乐观指引光模块行业需求， 2026 年市场规模预计将有 1.5-2 倍增长，2027 年在此基础上继续倍增；Arista 正式宣布成立 XPO MSA，推出 12.8Tbps 液冷可插拔光模块，面板密度达 204.8Tbps/OCP 机架单元，是现有 1.6T OSFP 方案的 4 倍，提供了延长可插拔光模块 生态系统生命周期的路径；Lumentum 预测磷化铟芯片 2026-2030 年 CAGR 达 85%，利好上游光芯片产业。3）阿里发布 4Q25 业绩，吴泳铭判断未来 3-5 年全球 AI 算力将严 ...

36氪出海 . 36氪出海（letschuhai.com）是关注出海的行业媒体，为企业跨境提供海外咨询及专业服务，同时运营着超万人的出海生态社群。 以下文章来源于36氪出海 ，作者36氪出海 来源｜ 36氪出海（ID：wow36krchuhai） 封面来源 ｜ Unsplash TikTok Shop加速拓展欧洲市场，计划进军荷兰、比利时、瑞典、波兰四国 3月17日消息，TikTok Shop正在加速拓展其在欧洲的市场布局，计划进入荷兰、比利时、瑞典和波兰四个新市场。若该计划顺利 推进，TikTok Shop将在欧洲十个国家开展业务。数据显示，TikTok Shop的全球交易总额（GMV）预计到2025年将增长93.9%， 并在2026年继续增长52.6%。然而，欧洲市场对TikTok Shop来说仍然充满挑战，目前欧洲市场的销售额仅占其全球总收入的 5.4%。欧洲消费者相对保守的消费习惯以及Temu等强劲的竞争对手，仍然是TikTok Shop扩展业务的一大制约因素。（亿邦动 力） 速卖通与YouTube在韩国市场达成合作 3月17日消息，阿里旗下跨境电商平台速卖通（AliExpress）与YouTube达 ...