今天来聊聊最近科技圈最火的一个词——Token。 大家还记得吗？过去一两年，国内的云厂商为了抢客户，价格战打得一塌糊涂。但是就在这个 月，画风突变。腾讯云、阿里云、百度云，像约好了一样，集体官宣涨价。阿里云AI算力、存 储等产品最高涨了34%，百度智能云AI算力相关产品服务也上调约5%-30%。 为什么？因为Token消耗太大了。智能体每执行一个任务，消耗的Token量是普通聊天的几十 倍甚至上百倍。云厂商手里的算力突然变成了稀缺资源，他们自然就重新掌握了定价权。 同样受益的还有中国大模型企业。 这一波Token消耗的爆发，主要靠的是"龙虾"这类智能体带 动的推理需求。而在这个赛道上，中国的大模型公司手里握着一张王牌——性价比。 巴克莱银行的数据显示，咱们国产模型的API定价，普遍不到OpenAI GPT的同类的20%，有 的甚至只有10%。跑同样的任务，换成MiniMax或者Kimi，效果不差，价格却便宜得多。 "OpenClaw"这个开源AI智能体火了，带动智能体加速落地，Token需求大涨。有数据显示， 最近每周的Token使用量相比今年1月翻了三倍。 3月份，英伟达GTC大会，黄仁勋站在台上提出了一个 ...

Core Viewpoint - Alibaba Group Holding Ltd. is under investigation by Glancy Prongay Wolke & Rotter LLP for potential violations of federal securities laws, which may impact investors who have incurred losses [1] Group 1 - The law firm is representing investors of Alibaba who may have lost money and is encouraging them to inquire about pursuing claims to recover their losses [1] - The investigation was announced on November 14, indicating a recent development in the legal scrutiny surrounding the company [1]

Core Viewpoint - Alibaba Group Holding Limited's shares fell by 7% following the release of its third fiscal quarter earnings, which did not meet analyst expectations [1]. Financial Performance - The earnings report indicated that Alibaba's performance was below analyst forecasts, leading to a significant drop in stock price [1].

Key Takeaways BABA reported fiscal Q3 EPS of $1.01, missing estimates, while revenues rose 2% year over year.Cloud Intelligence revenues jumped 36%, driven by AI demand and public cloud growth.Heavy spending on AI, tech and quick commerce cut margins and reduced cash flow.Alibaba Group (BABA) reported non-GAAP diluted earnings of $1.01 per ADS in the third quarter of fiscal 2026, which missed the Zacks Consensus Estimate by 47.12%. In domestic currency, the company reported non-GAAP diluted earnings of RMB ...

Wall Street Stays Bullish on Alibaba Despite Profit Drop: Key Analyst Price Targets Today - 24/7 Wall St. S&P 5006,561.30 -1.02% Dow Jones45,861.00 -0.66% Nasdaq 10024,112.00 -1.32% Russell 20002,465.25 -1.48% FTSE 1009,951.60 -1.28% Nikkei 22552,295.50 -1.88% Stock Market Live March 20, 2026: S&P 500 (SPY) Lower on Higher Oil Prices Again Investing Wall Street Stays Bullish on Alibaba Despite Profit Drop: Key Analyst Price Targets Today By Joel SouthPublished Mar 20, 11:12AM EDT Quick Read Alibaba (BABA) r ...

Alibaba reported Q3 FY2026 earnings on Thursday. 3Q26 revenue was RMB284.8bn, up 1.7% YoY, missing estimates (RMB 289.8bn, +2% YoY). Adj. net profit for the quarter was RMB16.7bn, down 67% YoY and underperforming consensus of RMB29.6bn, driven by continuous marketing expenses in quick commerce andA long-term investor passionate about Equity Research. My investment objective is to identify market asymmetries with positive reward-to-risk. I invest in high-quality, wide-moat companies that generate strong cash ...

业绩简评 2026 年 3 月 19 日公司披露 FY26Q3（截至 2025 年 12 月季度）业 绩，实现总收入 2848.43 亿元，yoy+2%（不考虑处置高鑫零售&银 泰，yoy+9%）；经调整 EBITA 233.97 亿元，yoy-57%；经调整归母 净利润 171.12 亿元，yoy-67%。 经营分析 FY26Q3（四季度）国内电商受大盘影响表现相对较弱，闪购环比 减亏，国际电商增长及盈利表现偏弱。2025 年四季度开始电商面 临 24Q4 国补的高基数，春节偏晚年货节备货错期，以及 2025 年 10 月起更为严格的电商征税政策等多重负面因素影响，淘天 GMV 受多重因素压制，同时 2024 年 9 月起加收 0.6%服务费和广告全站 推工具的拉动利好周期在 FY26Q3 逐步消化完成，导致整体 FY26Q3 CMR 收入增长仅 1%，表现相对较弱。闪购方面，中国电商集团 FY26Q3 经调整 EBITA 为 346 亿元，同比减少 258 亿元，如果假设 电商收入微增而电商利润率有所下降，预计闪购亏损 200-250 亿 区间，UE 改善带动亏损环比减少。国际电商方面，FY26Q3 国际 ...

Core Viewpoint - Alibaba Group Holding Ltd. reported weak fiscal third-quarter results, with revenue and earnings falling short of analyst expectations [1][2]. Financial Performance - Quarterly revenue was $40.73 billion, a 2% year-over-year increase, but below the analyst consensus estimate of $41.26 billion [1]. - On a like-for-like basis, excluding revenue from divested businesses, revenue growth would have been 9% year-over-year [1]. - Adjusted earnings per American Depositary Share (ADS) were $1.01, missing the consensus estimate of $1.73 [1]. Strategic Focus - CEO Eddie Wu emphasized continued heavy investment in AI and consumer businesses, identifying AI as a key long-term growth driver [2]. - Cloud Intelligence revenue increased by 36%, with AI-related products achieving triple-digit growth for the tenth consecutive quarter [2]. - The Model-as-a-Service platform is recognized as a new growth engine for the company [2]. Analyst Reactions - Following the earnings announcement, analysts adjusted their price targets for Alibaba stock [3]. - Baird analyst Colin Sebastian maintained an Outperform rating, lowering the price target from $174 to $164 [4]. - Barclays analyst Jiong Shao kept an Overweight rating, reducing the price target from $195 to $190 [4]. - Mizuho analyst Jason Helfstein also maintained an Outperform rating, cutting the price target from $195 to $190 [4].

中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 3 月 20 日 阿里巴巴 BABA US 本文内容由 Alex Wu (吴俊豪) 提供 中信证券财富管理(香港) 看涨 AI 云业务前景 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 3 月 20 日发布的题为《Bullish AI cloud outlook》的报告，阿里巴巴第三季度业绩未达预期，但管理层给出乐观的云业务增长指引。总收入同比增长 1.7% （剔除高鑫零售后同比增 9%）至 2,848 亿元。调整后 Ebita 同比下降 57.3%至 234 亿元。电商业务表现疲软，但云 收入同比增长 36%。公司预计外部云业务将加速增长，五年内达到 1,000 亿美元规模，年复合增长率 40%，其中模 型即服务（MaaS）将成为最大驱动力。客户管理收入（CMR ...

整理 | 美股研究社 在这个快速 变 化的 时代， 人工 智能技术正以前所未有的速度发展，带来了广泛的机会 。 《AI日 报 》致力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行 业 洞察和 价 值 分析。 A I 快 报 【豆包开启AI购物内测，电商平台加码"一句话购】 打开豆包，说出你的需求："预算100元左右，推荐一款好用的办公鼠标"，豆包便立即匹配商 品、生成选购建议并附带商品链接，你可直达下单页，购物链路简单清晰。这便是正在做灰度 测试的豆包AI电商功能，简称"一句话购物"。事实上，阿里、京东、美团、拼多多等头部平台 此前已纷纷加码AI购物，持续投入资源推进生态建设与场景落地。 【英伟达黄仁勋敦促AI领导者避免散布恐慌】 英伟达公司首席执行官黄仁勋表示，科技领袖们在谈论人工智能时需要谨慎，避免引起公众恐 慌。 黄仁勋认为，人工智能给美国国家安全带来的最大风险在于：如果美国民众因愤怒、恐惧或偏 执而抵触该技术，导致其采用速度慢于竞争对手，那将是致命的。 黄仁勋指出，人工智能"不是生物体"、"不是外星人"、"没有意识"，它仅仅是"计算机软 件"，宣称其具有极端性或灾难性后果可能会造成损害。 ...