据了解，阿里巴巴(09988)正持续加码硬科技与AI产业。9月8日，阿里巴巴集团宣布领投机器人科技企 业"自变量机器人"1.4亿美元融资。本轮融资将用于加速其在全球范围内的人工智能与机器人核心技术 研发、产品迭代及商业化落地。此次领投，除资本注入外，阿里巴巴亦有望在云计算、AI平台、供应 链、全球化渠道等方面与自变量机器人展开深度协同，助力其技术产品快速规模化。未来，双方或将在 智能制造、仓储物流、家庭服务机器人等场景率先落地合作项目。 另外，在此前的2025云栖大会上，阿里巴巴CEO吴泳铭亦表示，未来五年全球AI投资总额将加速增长 到4万亿美元，阿里必须保持同步。除了2月公布的未来三年为云和AI硬件基础设施投入3800亿元外， 阿里还计划追加投入。 10月8日，阿里通义千问大语言模型负责人林俊旸在社交媒体X上发文称，已组建机器人和具身智能的 小型团队。他表示，多模态基础模型正转变为基础智能体(agents)，这些智能体可以利用工具和记忆通 过强化学习进行长视野(long-horizon:需要多个步骤完成的大型任务或复杂操作序列)推理，"它们绝对应 该从虚拟世界走向物理世界"。这意味着，阿里正在探索让通义千问 ...

港股互联网板块今日震荡，截至14:40，中证港股通互联网指数下跌0.7%。Wind数据显示，相关ETF 中，港股通互联网ETF（513040）已连续37个交易日获资金净流入，合计超33亿元，规模再创历史新 高。 中国银河证券研报表示，随着底层大模型能力的不断迭代，当前AI应用已经初步具备发展基础；AI在 各个行业不断展开试水，AI应用落地将对多数行业产生变革性的影响。 中证港股通互联网指数聚焦AI应用，由港股通范围内30家涉及互联网相关业务的股票组成，前四大成 分股为腾讯控股、阿里巴巴、小米集团、美团，合计占比超50%。指数当前滚动市盈率为26.7倍，处于 2021年发布以来34.1%分位处，配置价值值得关注。投资者可借道港股通互联网ETF（513040）便捷布 局AI应用发展机遇。 近日，OpenAI发布Sora2，实现音视频同步生成、物理一致性与可控性显著提升，AI应用预期随之提 升。国产模型也加速迭代，腾讯"混元图像3.0"在LMArena文生图榜单"盲测"登顶、智谱发布并开源 GLM-4.6、阿里通义千问开源Qwen3-VL-30B-A3B并推出FP8版本，显示国内开源与国产化协同强化。 ...

Core Viewpoint - Citic Securities has given Alibaba-W (09988) a "Buy" rating, projecting revenue growth rates of 3.30% and 11.11% for FY2026 and FY2027 respectively, with Non-GAAP net profits expected to be 121.73 billion yuan and 162.61 billion yuan, reflecting year-on-year growth rates of -23.02% and 33.58% [1] Group 1: Financial Projections - For FY2Q2026, the Chinese e-commerce group's revenue growth is expected to be approximately 11.55%, with CMR growth around 10.04%, driven by cross-selling from flash sales and improved advertising efficiency due to AI [2] - The adjusted EBITA for the e-commerce segment is projected to decline by 72.58% to 12.21 billion yuan, primarily due to investments in flash sales, which are expected to incur losses of about 35 billion yuan [2] - Excluding flash sales, the e-commerce business's EBITA is expected to show positive year-on-year growth [2] Group 2: Cloud Intelligence Group - The Cloud Intelligence Group is anticipated to see a revenue growth rate of about 30% for the quarter, with an adjusted EBITA margin of approximately 9%, remaining stable year-on-year [2] - Capital expenditures (CapEx) are expected to remain at a high level as Alibaba actively advances its 380 billion yuan AI infrastructure development [2] - By 2032, the energy consumption of Alibaba Cloud's global data centers is projected to increase tenfold compared to 2022, indicating a significant escalation in computing power investments [2]

Group 1 - Core viewpoint: CITIC Securities has given Alibaba Group (09988) a "Buy" rating, forecasting revenue growth rates of 3.30% and 11.11% for FY2026 and FY2027 respectively, with Non-GAAP net profits of 121.73 billion yuan and 162.61 billion yuan, reflecting year-on-year changes of -23.02% and 33.58% [1] - Valuation method: The company employs a segmented valuation approach, estimating the value per ADS for the China e-commerce group and the Cloud Intelligence group at $145.67 and $71.04 respectively, leading to a target price of $216.72 per ADS, equivalent to HKD 210.76 per share [1] Group 2 - FY2Q2026 outlook for China e-commerce group: Revenue growth is expected to be around 11.55%, with CMR growth at approximately 10.04%, driven by cross-selling from flash sales and improved advertising efficiency due to AI [2] - Profit expectations: Adjusted EBITA is projected to decline by 72.58% to 12.21 billion yuan, primarily due to investments in flash sales, which are expected to incur losses of about 35 billion yuan; however, excluding flash sales, the e-commerce business's EBITA is expected to show positive year-on-year growth [2] - Cloud Intelligence group outlook: Revenue growth is anticipated to be around 30%, with an adjusted EBITA margin of approximately 9%, remaining stable year-on-year; capital expenditures are expected to remain high as Alibaba actively advances its 380 billion yuan AI infrastructure development [2] - Future capacity growth: By 2032, the energy consumption of Alibaba Cloud's global data centers is projected to increase tenfold compared to 2022, indicating an exponential rise in computing power investments [2]

Core Insights - Qwen, a leading open-source model, is transitioning into robotics by forming a dedicated team for embodied intelligence, indicating a shift from virtual to physical applications [1][7] - The establishment of this team aligns with Alibaba Cloud's broader strategy to support the embodied intelligence sector, which is gaining traction among global tech giants [7][11] Group 1: Qwen's Development and Market Position - Qwen's internal team formation for robotics is a significant step towards applying their models in real-world scenarios, enhancing their capabilities in perception, planning, and execution [7] - The Qwen series models, particularly Qwen-VL, are being widely adopted by over 30 companies for their strengths in spatial understanding and long-context memory, making them a preferred foundational model in the embodied intelligence field [5][7] - The recent launch of Qwen3-VL has optimized capabilities for fine-grained visual understanding and 3D perception, further solidifying its role in supporting embodied intelligence applications [5][7] Group 2: Industry Trends and Investments - The robotics sector is experiencing significant investment, with SoftBank's recent $5.4 billion acquisition of ABB's robotics business highlighting strategic moves in the "physical AI" domain [9][10] - Citigroup projects that the global robotics market could reach $7 trillion by 2050, attracting substantial capital from various sources, including government funds [11] - The integration of generative AI with robotics is expected to fundamentally change human-machine interaction, with major companies like NVIDIA identifying this as a core growth opportunity [8][11]

Core Insights - Jefferies analysts indicate that Alibaba's growth momentum in the September quarter is expected to be robust, with a projected 10% year-over-year increase in customer management revenue [1] - The growth is attributed to increased traffic in the on-demand delivery business [1] - Alibaba Cloud's revenue growth is anticipated to accelerate, driven by strong AI demand supported by its full-stack AI infrastructure [1] - Jefferies reaffirms Alibaba as its "preferred stock" for 2026, highlighting opportunities in AI, cloud computing, and consumer sectors [1] - The firm maintains a "buy" rating with a target price of $230 for its American Depositary Receipts [1]

Core Points - NBA China and Alibaba Cloud have announced a long-term partnership, with Alibaba Cloud becoming the official cloud computing and AI partner for NBA China, aimed at enhancing the viewing and interactive experience for Chinese NBA fans [2][5] - The collaboration will leverage Alibaba Cloud's AI and cloud computing services to support various digital fan engagement initiatives, including the development of a dedicated AI model based on the Tongyi Qianwen model [2][3] - The partnership was announced ahead of the 2025 NBA China Games, featuring the Brooklyn Nets and Phoenix Suns, scheduled for October 10 and 12 in Macau [2] Group 1 - Alibaba Cloud will introduce advanced AI technologies during the NBA China Games, including 360-degree real-time replay technology to provide enhanced highlights of key moments [3] - NBA China will utilize Alibaba Cloud's infrastructure to support its digital platforms, including the NBA App and official website, while employing smart analytics tools for data insights [3][4] Group 2 - Fans will have the opportunity to engage with various interactive features powered by the Tongyi Qianwen model, such as creating personalized NBA-themed avatars and generating commentary clips using their own voices [4] - Alibaba Cloud's AI technology has previously been utilized in sports events, such as the "Bullet Time" multi-angle replay system during the Paris Olympics, showcasing its capability to enhance viewer experience [4] Group 3 - The partnership reflects NBA's commitment to using the latest technology to creatively engage with millions of Chinese fans, with expectations to transform the way they watch and experience games in the coming years [5]

同时，NBA中国还将采用阿里云的基础设施，以承载其包括NBA App、NBA中国官网和NBA中国小程 序在内的数字平台。NBA中国将利用阿里云的智能分析工具生成数据洞察，加强与球迷的互动。 今年的NBA中国赛上，还将率先展示多项由阿里云为NBA中国引入的前沿AI技术，为球迷带来前所未 有的感官冲击和个性化体验。阿里云将首次展示其360度实时回放技术，为球迷提供关键比赛时刻的增 强版回放。该系统运用阿里的AI算法，能精准捕捉球员动作，并以360度环绕视角生成高质量的回放画 面，让关键回合的呈现更加突出。 球迷还可通过NBA线上渠道和线下展会，体验由通义千问大模型支持的多种互动玩法。通过上传自己 的照片，球迷可以创建个性化的NBA主题虚拟形象，还可以利用自己的声音，生成一段模仿其音色的 经典比赛解说片段。阿里巴巴旗下面向消费者的AI应用——夸克和通义App，也将成为NBA中国官方市 场合作伙伴，与中国球迷展开互动。 阿里巴巴集团主席、布鲁克林篮网队主席蔡崇信表示："体育与科技的交融，正处在一个激动人心的时 代。人工智能与云是绝佳的连接器，不仅连接着球员与球迷、品牌与消费者，也将全球视野与本土文化 紧密相连。通过与 ...

Group 1 - The core viewpoint of the report is that Citigroup maintains its revenue growth forecast for Alibaba's cloud business, expecting growth rates of 30%, 32%, and 25% for the fiscal years 2026 to 2028 [1] - Alibaba is positioned favorably to capture the evolution of ASI, which will help translate into sustainable revenue growth for its cloud business [1] - Following the revised forecast, Citigroup slightly raised its target price for Alibaba's H-shares from HKD 215 to HKD 216, while maintaining a "Buy" rating [1]

格隆汇10月9日｜摩根大通：将阿里巴巴(BABA.US)目标价从245美元下调至240美元。 ...