蔡崇信与韩歆毅共话AI发展与挑战。 日前，在中国发展高层论坛上，阿里巴巴集团主席蔡崇信与蚂蚁集团CEO韩歆毅分别围绕人工智能的发展与挑 战发表了专题分享。 两人均强调，AI的发展最终应服务于人、造福社会，并呼吁产业界在创新中承担起相应的责任。 阿里集团主席：AI终极目标是造福社会 蔡崇信在发言中指出，中国科技的发展一直基于自主创新，并秉持开放、开源、互利共赢的理念，致力于与世 界各国共享发展成果。他认为，如果说过去几十年是中国科技的"积累期"，那么今天则进入"百花齐放"的爆发 期。 从新能源、电动汽车、高端制造，到机器人和人工智能的突破，中国正处于与世界共享科技发展和成果的最佳 时刻。 "中国AI突破取决于我们基于共赢互利的开源信念。"蔡崇信强调，"2025年，中国开源模型的全球下载量领先 世界，让全球各地的开发者都能免费获取、微调并部署这些强大的模型，大大降低了全球使用AI的门槛，让 智能技术真正成了全人类的公共产品。" 他进一步表示，AI的终极目标是让AI的应用普及、造福社会，而阿里巴巴唯一的方向就是不断创新，"我们正 在积极推动个人消费、企业、医疗和金融领域应用的落地，进军由智能体AI驱动的时代。" 目 ...

Group 1 - The core viewpoint is that Alibaba's employee count is projected to drop to 128,197 by December 31, 2025, a significant decrease of 66,123 employees or 34% compared to the end of 2024 [2] - The reduction in workforce is not due to mass layoffs but rather a strategic decision to streamline operations by divesting non-core assets, including the full sale of Sun Art Retail and exiting all shares in Intime Retail [2] - The sale of Sun Art Retail alone resulted in approximately 85,000 employees no longer being included in Alibaba's consolidated reports, indicating a shift towards focusing on high-growth areas like AI and cloud computing [2] Group 2 - Alibaba's AI and cloud business revenue saw a year-on-year increase of 36%, reflecting the company's strategic pivot towards these high-growth sectors [2] - The company also added 1,536 employees in Q4 of 2025, indicating a selective hiring approach in line with its new strategic direction [3]

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：9988（港幣櫃台）及89988（人民幣櫃台）） 公告 根據2024年計劃授出獎勵 我們只有單一類別的股份，每一股份對應一份表決權。由於阿里巴巴合夥的董事提名權在 《香港聯交所證券上市規則》（「香港上市規則」）項下被歸類為不同投票權架構（「不同投票權架 構」），我們被視為一家有不同投票權架構的公司。股東及有意投資者應注意投資具有不同投 票權架構的公司的潛在風險。我們的美國存託股份（每股美國存託股份代表八股普通股）於紐 約證券交易所上市，股份代號為BABA。 Alibaba Group Holding Limited 阿里巴巴集團控股有限公司 （於開曼群島註冊成立的有限責任公司） 根據香港上市規則第17.06A條，董事會宣佈，本公司於2026年3月21日，根據 2024年計劃的條款向若干員工授予涉及5,902,553股相關股份的獎勵（佔本公告日 期已發行股份總數（不包括庫存股份 ...

Investment Rating - The report maintains a "Buy" rating for Alibaba with a target price of HKD 196 (USD 200) [7][26]. Core Insights - The report highlights the acceleration of Alibaba Cloud's revenue growth to 36% in the December quarter, with a future five-year target for AI and cloud revenue to exceed USD 100 billion, implying a compound annual growth rate (CAGR) of over 40% [1][3]. - The report emphasizes the importance of considering Alibaba's business and valuation from the perspective of China's AI infrastructure, expressing optimism about its full-stack AI capabilities driving business prospects [1][26]. Financial Performance Summary - In the December quarter, total revenue increased by 1.7% year-on-year to CNY 284.8 billion, slightly below Bloomberg consensus estimates. Excluding certain retail segments, total revenue grew by 9% year-on-year, with the Chinese e-commerce group's revenue up by 6%, cloud intelligence up by 36%, and international digital commerce up by 4% [2][23]. - Adjusted net profit for the December quarter was CNY 16.7 billion, a decline of 67% year-on-year, which was below Bloomberg consensus estimates of CNY 29.6 billion, primarily reflecting the impact of investments in instant retail [2][17]. Segment Analysis - The report indicates that Alibaba Cloud's external revenue grew by 35% year-on-year in the December quarter, accelerating from 29% in the September quarter, with AI-related product revenue experiencing triple-digit growth for ten consecutive quarters [3][13]. - The Chinese e-commerce segment is expected to see a rebound in CMR (Customer Management Revenue) growth in the March quarter, with management guidance indicating significant improvements in GMV (Gross Merchandise Volume), CMR revenue, and profits for January-February [4][23]. Financial Forecasts and Valuation - The report adjusts revenue forecasts for FY2026 and FY2027, projecting a 9.7% and 6.3% increase in Chinese e-commerce group revenue, respectively, and a 35% and 43% increase in cloud intelligence revenue [5][24]. - The report employs a sum-of-the-parts (SOTP) valuation method, adjusting the target price to HKD 196 (USD 200), based on various segment valuations and competitive advantages [5][26].

Core Insights - The ongoing conflict in the Middle East, particularly the U.S.-Israel-Iran tensions, has led to increased risks in global energy supply and market volatility, resulting in a dual logic of "risk aversion" and "stagflation trading" in capital markets [5][7] - Brent crude oil prices surged to $108.65 per barrel, an increase of 8.15% from the previous week and 53.37% since the onset of the conflict [5][7] - Major global stock indices have faced downward pressure, with the U.S. dollar strengthening and gold prices declining by 10.49% [8] Global Capital Market Overview A-shares and Hong Kong Market Review - The Shanghai Composite Index closed at 3957.05, down 3.38% for the week, while the Hang Seng Index fell by 0.74% to 25277.32 [15][21] - The Shenzhen Component Index decreased by 2.90%, closing at 13866.20 [15] Overseas Market Review - The Dow Jones Industrial Average fell by 2.11% to 45577.47, while the S&P 500 and Nasdaq Composite dropped by 1.90% and 2.07%, respectively [23] - European indices such as the DAX and CAC40 saw declines of 4.55% and 3.11% [24] Global Bond Market Dynamics - The yield on the 10-year U.S. Treasury bond rose to 4.39%, reflecting market concerns over inflation driven by rising oil prices and geopolitical tensions [27] Major Currency Exchange Rates - The U.S. dollar strengthened against the Japanese yen, closing at 159.25, while the dollar to Chinese yuan exchange rate was 6.89 [29] Major Commodity Prices - Brent crude oil prices increased significantly, while gold prices fell to $4491.67 per ounce, down 10.49% from the previous week [30] Important Policy Developments - The People's Bank of China emphasized the need for high-level financial market openness, aiming to enhance investment convenience and cross-border regulatory cooperation [31] - The China Securities Regulatory Commission is working on improving the stability of the capital market, focusing on long-term capital inflows and enhancing the quality of listed companies [32] - A new liquidity support mechanism for non-bank financial institutions is being explored to prevent systemic financial risks [33] - Hong Kong's regulatory body has tightened controls on investment banking practices, limiting the number of active projects for sponsors to enhance project quality [37] - South Korea announced a ban on the spin-off of subsidiaries by listed companies to protect shareholder interests and improve market valuation [38]

Investment Rating - The report maintains a "Buy" rating for Alibaba Group [4][6] Core Views - Alibaba's total revenue for FY2026 Q3 reached 284.8 billion yuan, a year-on-year increase of 2%. However, the non-GAAP net profit decreased by 67% to approximately 17.1 billion yuan [1] - The Chinese e-commerce segment generated 159.3 billion yuan in revenue, growing by 6%, while the adjusted EBITA fell by 43% to about 34.6 billion yuan. Instant retail revenue surged by 56% to 20.8 billion yuan [1] - Alibaba Cloud's revenue grew by 36% year-on-year to 43.3 billion yuan, with an adjusted EBITA increase of 25% to approximately 3.9 billion yuan [1] - The report highlights the ongoing strategic investments in AI, aiming for over 100 billion USD in cloud and AI commercialization revenue over the next five years [3] Financial Summary - Revenue projections for Alibaba are estimated at 1,029.5 billion yuan for FY2026, 1,136.5 billion yuan for FY2027, and 1,248.5 billion yuan for FY2028, with expected non-GAAP net profits of 86.6 billion yuan, 128.8 billion yuan, and 169.3 billion yuan respectively [4][5] - The report anticipates a recovery in e-commerce and customer management revenue in Q1 FY2026, driven by improved logistics efficiency and customer retention [2] - The adjusted EBITA for FY2026 is projected to be 87.3 billion yuan, with a profit margin of 8% [13]

Core Viewpoint - The article discusses the rising interest in AI agents, particularly in the context of the "养虾" (shrimp farming) concept, which utilizes the OpenClaw framework. Major Chinese tech companies are entering this space with their own products and hardware solutions [3][4]. Group 1: Industry Developments - In March, AI agents became a focal point in the AI sector, with various companies launching products based on the OpenClaw framework [3]. - WeChat introduced the "ClawBot" plugin on March 22, while Alibaba launched JVS Claw on March 13, and ByteDance's Volcano Engine released the cloud-based SaaS version ArkClaw on the same day [3]. - Alibaba is set to release hardware products like JVS Book (a notebook terminal) and JVS Box (a mini workstation), both designed to enhance the AI agent experience [3]. Group 2: Competitive Landscape - The competition in the AI agent space is categorized into three main paths: 1. Infrastructure providers, represented by Baidu, focus on offering foundational computing power and deployment tools [4]. 2. Platform ecosystem players, like ByteDance and WeChat, aim to simplify the use of OpenClaw through SaaS services and plugins, transforming user traffic into ecosystem traffic [5]. 3. Integrated software and hardware solutions, led by Alibaba, extend their software platforms into hardware products to create a comprehensive AI agent experience [6]. Group 3: Challenges in AI Agent Development - Despite the growing interest in AI agents, several core challenges remain: 1. Stability and reliability issues, where complex tasks may be interrupted or lead to inaccuracies [6]. 2. Difficulty in breaking down information silos across applications due to inconsistent API interfaces and permission barriers [6]. 3. Hardware positioning challenges, where if the hardware does not offer a differentiated interaction experience, it may struggle to provide real value [6].

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - Tencent's core business shows healthy growth with AI support, and its investment in AI products is expected to double in 2026. Tencent's total revenue for 2025 reached 751.8 billion yuan, a year-on-year increase of 14%, with a gross profit of 422.6 billion yuan, up 21% [2][5][6] - Alibaba's cloud computing business experienced strong growth of 36% in Q3 2026, driven by the adoption of AI-related products. The company's total revenue for Q3 2026 was 284.84 billion yuan, with a year-on-year growth of 2% [2][10][12] Summary by Sections Tencent's Performance - Tencent's total revenue for 2025 was 751.8 billion yuan, with a gross profit of 422.6 billion yuan and a gross margin of 56.2%, up 3.3 percentage points from 2024. Operating profit reached 280.7 billion yuan, a growth of 18% year-on-year [2][5] - In Q4 2025, Tencent's revenue was 194.4 billion yuan, with a gross profit of 108.3 billion yuan and a gross margin of 55.7% [5][6] - The company invested 70 billion yuan in AI products in Q4 2025, with total annual investment reaching 180 billion yuan, and plans to double this investment in 2026 [7] Alibaba's Performance - Alibaba's Q3 2026 revenue was 284.84 billion yuan, with a year-on-year growth of 2%. Adjusted EBITA was 233.97 billion yuan, down 57% due to investments in instant retail and technology [10][11] - The cloud computing segment generated 43.28 billion yuan in revenue, with a year-on-year growth of 36%, and AI-related product revenue saw triple-digit growth for the tenth consecutive quarter [12] Investment Recommendations - The report recommends focusing on AI-related investment opportunities, highlighting companies such as Haiguang Information, Longxin Zhongke, and Industrial Fulian for AI computing power, and strong recommendations for companies like Hengsheng Electronics and Zhongke Chuangda for AI algorithms and applications [20]

Core Insights - The article highlights significant developments in the AI industry, including major funding rounds, product launches, and strategic shifts among key players in the market. Group 1: Major AI Developments - Xiaomi launched its flagship model "Hunter Alpha," which is part of its MiMo-V2-Pro model, indicating a strong commitment to the AI agent era [8] - Kimi's valuation surged to $18 billion after completing three funding rounds in less than three months, marking a record for rapid valuation growth in the domestic AI sector [8] - Meta plans to lay off 20% of its workforce to offset rising AI infrastructure costs, indicating a strategic shift in response to financial pressures [9] Group 2: Product Launches and Innovations - Amazon introduced its smart assistant Alexa+ in the UK as part of a "sneak peek" program, which will be free for Prime members [11] - ZhiMi Auto unveiled its AI super agent IM Ultra Agent, integrating advanced AI capabilities into its vehicles [11] - Tencent's new HY 3.0 model is undergoing internal testing and is expected to launch in April, showcasing significant improvements over its predecessor [13] Group 3: Funding and Financial Insights - The global AI financing events decreased to 33, with a total disclosed financing amount of 5.646 billion RMB, averaging 269 million RMB per event [41] - In the domestic market, the highest funding was reported by DiGua Robotics, which raised 830 million RMB in its B1 round [45] - Xbow, an AI security startup, raised $120 million in its latest funding round, achieving a valuation exceeding $1 billion [30] Group 4: Market Trends and Strategic Moves - Baidu reported that AI business revenue accounted for 43% of its total revenue in Q4 2025, exceeding market expectations [30] - The article notes a growing trend of companies integrating AI tools into their operations, with Alibaba encouraging employees to use advanced AI models [38] - The German government plans to significantly increase AI computing power by 2030, aiming to quadruple the capacity dedicated to AI [31]

Investment Rating - The report maintains a "Buy" rating for Alibaba Group [4][6] Core Views - Alibaba's total revenue for FY2026 Q3 reached 284.8 billion yuan, a year-on-year increase of 2%. However, the non-GAAP net profit decreased by 67% to approximately 17.1 billion yuan [1] - The report highlights the strategic investments in AI and the restructuring of the AI matrix, which are expected to enhance long-term profitability [3] - The company aims for a significant growth in its instant retail segment, targeting an overall transaction scale exceeding 1 trillion yuan by FY2028 [2] Financial Performance Summary - **Revenue Breakdown**: - Chinese e-commerce generated 159.3 billion yuan, up 6% year-on-year, with adjusted EBITA down 43% to approximately 34.6 billion yuan [1] - International commerce recorded 39.2 billion yuan, a 4% increase, with adjusted EBITA losses narrowing by 59% [1] - Alibaba Cloud achieved 43.3 billion yuan in revenue, growing 36% year-on-year, with adjusted EBITA increasing by 25% to about 3.9 billion yuan [1] - Other businesses saw a revenue decline of 25% to 67.3 billion yuan, with adjusted EBITA losses widening by 208% [1] - **Future Revenue Projections**: - Expected revenues for FY2026, FY2027, and FY2028 are projected at 1,029.5 billion yuan, 1,136.5 billion yuan, and 1,248.5 billion yuan respectively [4] - Non-GAAP net profits are forecasted to be 86.6 billion yuan, 128.8 billion yuan, and 169.3 billion yuan for FY2026, FY2027, and FY2028 respectively [4] - **Valuation Metrics**: - The report assigns a target price of 168 HKD for Alibaba (9988.HK) and 172 USD for Alibaba (BABA.N), based on various valuation multiples [4]