Core Viewpoint - Citigroup maintains a "Buy" rating for Alibaba and raises the price target from $218 to $225, indicating confidence in the company's future performance [2][5]. Company Overview - Alibaba Group Holding Limited is a leading e-commerce and technology company based in China, competing with tech giants like Amazon and Tencent [1]. - The company's market capitalization is approximately $364.06 billion, reflecting its significant presence in the tech industry [4][5]. - Alibaba has a trading volume of 27.06 million shares on the NYSE, highlighting its active market participation [4][5]. Stock Performance - Despite a recent decrease of 2.31% or $3.72, Alibaba's stock has shown resilience, trading between $156.15 and $166.37 [2]. - Over the past year, the stock has fluctuated between a high of $192.67 and a low of $80.06 [2]. Strategic Initiatives - Alibaba's CEO, Eddie Wu, expresses optimism about the AI market, noting that demand for AI is outpacing the global supply of chips [3]. - In response to the growing AI demand, Alibaba plans to invest aggressively in AI, which aligns with Citigroup's positive outlook and increased price target [3][5].

Core Viewpoint - The Federal Reserve's recent interest rate cut and the halt of quantitative tightening have positively impacted the U.S. stock market, particularly the tech sector, leading to significant increases in the market capitalizations of major tech companies [1] Group 1: U.S. Tech Companies Performance - The Nasdaq index reached a new high of 24019.99, with major tech stocks like Nvidia, Apple, Google, and Microsoft collectively valued at approximately $4 trillion, surpassing the total market capitalization of A-shares [1] - Other notable tech companies such as Amazon, Broadcom, Meta, TSMC, and Tesla have also reached market capitalizations of around $2 trillion [1][2] Group 2: Chinese Tech Companies Performance - Chinese tech companies have shown significant stock price increases, with Alibaba's market cap reaching $379.9 billion after a 92.42% rise, while other companies like Xpeng and SMIC have also seen substantial gains [4] - The emergence of the CNQQ ETF, which focuses on high-quality Chinese tech companies, indicates a growing interest from global investors in the Chinese tech sector [5][12] Group 3: Investment Trends and Market Sentiment - The trend of investing in tech sectors rather than individual companies is gaining traction, with the CNQQ ETF allowing global investors to access a diversified portfolio of Chinese tech stocks [16] - Global investors are increasingly optimistic about Chinese tech companies, with significant investments being made in firms like Alibaba, which is transitioning into an AI-focused company [17][18] Group 4: AI and Future Prospects - The AI sector is seen as a key growth driver for Chinese tech companies, with firms like Baidu and Alibaba making significant advancements in AI technologies [19] - The potential for Chinese tech companies to emerge as global leaders in AI is highlighted, with a focus on their ability to innovate and meet real customer needs [19][20]

上 市 公 司 互联网电商 2025 年 11 月 26 日 阿里巴巴 (BABA) ——云增速再创新高，全栈式 AI 能力再加码 报告原因：有业绩公布需要点评 买入（维持） | 投资要点： | | --- | 市场数据： 2025 年 11 月 25 日 收盘价（美元） 157 纳斯达克指数 23025.59 52 周最高/最低（美元） 192.67/78.73 美股市值（亿美元） 3746 流通股（亿股） 1.91 一年内股价与基准指数对比走势： -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 2024-11-28 2024-12-28 2025-01-28 2025-02-28 2025-03-31 2025-04-30 2025-05-31 2025-06-30 2025-07-31 2025-08-31 2025-09-30 2025-10-31 IXIC.GI BABA.N 资料来源：Bloomberg 相关研究 财务数据及盈利预测 | | FY24 | FY25 | FY26E | FY27E | FY28E | | --- | ...

Andrii Yalanskyi/iStock via Getty Images The following segment was excerpted from the Wasatch International Value Fund Q3 2025 Commentary. Details Of The Quarter The top contributor to the Fund’s performance was Chinese e-commerce giant Alibaba Group Holding Ltd. ( ...

谷歌真的很强。数日前，谷歌发布Gemini3模型，Gemini3 Pro刷新了几乎所有榜单，是目前综合实力最 强，且数学推理、视频生成、代码等单项能力大幅领先的大模型。此外，Nano Banana Pro 是 Google 推 出的由 Gemini 3 驱动的升级版图像生成模型。它具有 4K 分辨率输出，从生成效果上看，目前几乎已经 以假乱真。 11月25日，阿里巴巴财报公布，云业务超预期。阿里云整体收入同比增长34%，其中AI相关产品收入连 续9个季度实现三位数同比增长。过去四个季度，阿里在AI+云基础设施的资本开支约1200亿元。阿里 巴巴表示，将"积极"投资于人工智能能力的提升，不排除在已承诺的三年3800亿元人民币投资之外进行 额外投资。此外，据新加坡媒体报道，新加坡国家人工智能计划（AISG）正在进行一次重大战略调 整，在其最新的东南亚语言大模型项目中，放弃了Meta模型，转向阿里巴巴的通义千问Qwen开源架 构，标志着中国开源AI模型在全球影响力版图中的一次关键扩张。 AI需求方面，中金公司指出，AI应用已经带来了明显的成本节省。麦肯锡调查表示，受访者认为使用 AI可减少9-11%的成本，并涉及到 ...

再谈谷歌链和阿里链 20251125 摘要 Gemini 3 采用 Mind 模式动态分配算力，擅长解决复杂问题，但稳定性 较差，响应速度慢，简单问题处理能力有待提高。其屏幕理解能力使其 能充当智能代理，辅助用户完成任务。 Gemini 3 的代码处理能力相对较弱，不如 Anthropic 公司的 Claude 模型，后者在代码编写、纠错和修复方面表现更优，在需要高精度代码 处理的场景中更具优势。 谷歌链产业链中，光通信和液冷是两大投资关注点。中际旭创在谷歌光 模块市场占据主导地位，新易盛等公司也有突破。OCS 交换机市场正加 速发展，预计 2026 年业绩将逐步兑现。 OCS 交换机因其谷歌辨识度及与 AI 训练的关联性而备受关注，预计 2026 年市场规模将显著增长。中国企业已开始受益，未来增长潜力巨 大，为投资者提供广阔空间。 液冷技术在谷歌产业链中至关重要，英维克等公司通过参与机房式 CDU 及机柜侧液冷环节，提供高效散热解决方案，并有望随着光波导等新技 术的推广而扩大应用范围。 Q&A 谷歌最近发布的 Gemini 3 模型有哪些显著特点和优势？ 谷歌最新发布的 Gemini 3 模型目前被认为是全 ...

25 November 2025 | 8:08PM HKT Equity Research Alibaba Group (BABA): 2QFY26 First Take: Solid Cloud/CapEx beat; In-line eCommerce with eyes on quick commerce; Buy Alibaba reported a solid beat in cloud growth (+34% yoy) and AI capex intensity (+80% yoy), while delivered broadly in-line eCommerce CMR (+10% yoy) and group EBITA (-78% yoy) on the back of (peak) quick commerce investments over the last quarter. Key positive surprises came from cloud revenue growth (+34% yoy overall/+29% from external, vs. GSe: + ...

November 25, 2025 10:52 PM GMT Alibaba Group Holding | Asia Pacific Alicloud Thesis Remains Intact We expect F3Q cloud growth to remain solid at 35%, supported by robust industry demand, while CMR could slow to 7.5% as a weak macro environment offsets take rate improvement. We estimate a F3Q QC loss of Rmb25bn, which should be in line with market expectations. OW. Alicloud thesis intact: Although management did not commit to cloud acceleration as in previous quarters, we expect the Alicloud thesis to remain ...

阿里巴巴 20251125 摘要 阿里云受益于 AI 需求和公有云使用量上升，混合云同比增长超 20%， 金融云市场份额持续提升，AI 相关产品连续 9 个季度实现三位数增长， 显示出强劲的增长势头。 中国电商 GMV 同比增长 10%，客户管理年度收益率（CMAR）增长 10%，快消业务显著改善，淘宝 App 月活用户数快速增加，表明消费领 域呈现复苏态势。 阿里巴巴集团总收入同比增长 15%至 2,478 亿元人民币，但净收入同 比下降 53%至 206 亿元人民币，经营现金流和自由现金流均下降，反 映出在快速商务、AI 和云基础设施上的大量投入。 中国电商业务收入同比增长 16%至 1,326 亿元人民币，快消业务收入 大幅增长 60%，AIDC 通过优化物流和投资效率提升，实现经调整毛利 1.62 亿人民币。 快速商务业务通过优化订单结构和物流成本，每单亏损相比 7 月、8 月 下降 50%，高单价订单占比提升，平均订单价值实现两位数增长，用户 保留率和购买频率超出预期。 Q&A 阿里巴巴集团在 2025 年 9 月季度的财报中，云业务表现如何？未来增长前景 如何？ 在 2025 年 9 月季度，阿里 ...

BUY Ronald Keung, CFA +852-2978-0856 | ronald.keung@gs.com Goldman Sachs (Asia) L.L.C. Steve Qiu 26 November 2025 | 4:25AM HKT Equity Research Alibaba Group (BABA) 2QFY26 review: Cloud/CapEx beat reinforces the AI-driven narrative despite slower eCommerce; Buy | BABA | 12m Price Target: $197.00 | Price: $160.73 | Upside: 22.6% | | --- | --- | --- | --- | | 9988.HK | 12m Price Target: HK$192.00 | Price: HK$157.80 | Upside: 21.7% | Alibaba reported a solid beat in cloud growth (+34% yoy) and AI capex intensit ...