澳门特别行政区政府旅游局局长文绮华表示，"一键智慧游澳门"是澳门推动可持续旅游发展的实践，旅 游局将继续拓展更多科技创新应用场景，提升旅客的旅游体验，向世界展现澳门独特的活力与魅力，丰 富世界旅游休闲中心的内涵。 澳门特别行政区2025年施政报告提出，提升综合旅游休闲业优势，深化"旅游+"跨界融合发展，开拓国 际客源等目标。澳门特别行政区政府旅游局积极联动业界，拓展旅游与美食、会展、盛事、体育等元素 的深度融合，持续加强全球推广，澳门旅游业呈现出魅力独特、活力迸发、动力十足的良好发展趋势。 数据显示，今年1月至10月，澳门入境旅客累计3300万人次，同比增长14.1%。 本报电（记者刘发为）11月26日，澳门特别行政区政府旅游局与阿里巴巴集团旗下高德正式达成战略合 作，共同打造沉浸式数字孪生文旅平台——"一键智慧游澳门"。 据了解，"一键智慧游澳门"平台现已上线，用户只需在高德APP首页搜索"澳门"即可找到入口，开启智 能化、个性化、沉浸式的澳门之旅，可在手机上以360度视角沉浸式鸟瞰澳门特区全貌。 该平台还同步接入AI助手，可根据用户需求，智能生成涵盖景点、餐饮、交通、活动的个性化行程方 案，并在目的地页面 ...

来源：电商天下 作者 | 文韬 如果把今年形容为"阿里的重启年"，一点都不夸张。 11月25日晚，阿里公布了2026财年中期成绩单。 乍一看，这份财报并不好看：实现营收2477.95亿元，同比增长5%；经营利润53.65亿元，同比下降85%；归属于普通股股东的净利润为209.9亿 元，同比下降52%。 | | | 截至9月30日止三個月 | | | | --- | --- | --- | --- | --- | | | 2024 | 2025 | | | | | 人民幣 | 人民幣 | 美元 | %同比雙動 | | | | (以百萬計,百分比及每股數據除外) | | | | 收人 | 236,503 | 247.795 | 34.808 | 5% | | 經營利潤 | 35.246 | 5.365 | 754 | (85)%(2) | | 經營利潤率 | 15% | 2% | | | | 經調整 EBITDA(1) | 47,327 | 17,256 | 2.424 | (64)%(2) | | 經調整 EBITDA 利潤率(1) | 20% | 7% | | | | 經調整 EBITA(1) | 40.56 ...

Group 1: JD Discount Supermarket - JD Discount Supermarket in Shuyang opened on November 26, attracting nearly 50,000 visitors on its first day. The store features a two-level design with an area of approximately 5,000 square meters and over 200 free parking spaces [7] - The fresh produce section became a consumer hotspot, with durians priced at 18.9 yuan per pound and fresh eggs at 9.9 yuan per tray, leading to significant sales, including over 4 tons of durians sold in one day [7] - The store's opening signifies JD's complete coverage of Suqian, leveraging supply chain advantages to offer "everyday low prices" [7] Group 2: Happy Monkey Supermarket - Meituan's hard discount supermarket brand "Happy Monkey" opened its third store in northern China on November 28, accelerating its national expansion to six stores [10] - The new store emphasizes "good products at low prices," offering tested vegetables and fruits, fresh pork, and self-branded products [10] - Happy Monkey's rapid market capture is attributed to supply chain optimization and high-cost performance strategies, focusing on community core business districts [10] Group 3: Sam's Club Controversy - Sam's Club faced criticism for introducing two products from Xueji Fried Goods, with some consumers questioning the frequency of common product introductions in a membership-based store [11] - A staff member clarified that the products were priced lower than at Xueji's stores and were conveniently packaged for transport [11] Group 4: Alibaba's Cross-Border AI Tool - Alibaba's 1688 platform launched a cross-border e-commerce AI tool named "Ao Xia," which provides one-stop supply chain services for small and medium-sized businesses [11] - The tool enhances product selection efficiency to the top 20% of human buyers and boasts an 80% inquiry task resolution rate [11] Group 5: Tehai International Q3 Performance - Tehai International reported a 7.8% year-on-year revenue increase to $214 million in Q3 2025, with same-store sales up 2.3% to $182 million [12] - However, operating profit fell by 15.4% to $12.6 million, with a profit margin of 5.9%, primarily due to increased foreign exchange losses [12] Group 6: Hema Fresh Store Expansion - Hema Fresh signed a contract to open its first store in Shunde, Foshan, expanding its presence in Guangdong [14] Group 7: Wahaha Leadership Change - Zong Fuli has stepped down as chairman of Wahaha, with Xu Simin taking over the role, while Zong retains a 29.40% stake in the company [16] Group 8: JD Express Service Upgrade - JD Express upgraded its one-stop ski equipment delivery service in response to the early start of the ice and snow season, offering customized packaging and free storage for seven days [16] Group 9: Taobao Double 12 Festival - The 2025 Taobao Double 12 Festival's promotional rules were released, with the event scheduled from December 8 to December 12, featuring official discounts [17] Group 10: Cainiao's Black Friday Performance - Cainiao's overseas warehouses experienced a three-digit percentage increase in daily shipping volume during Black Friday, with order processing capacity nearly tripling [18] Group 11: Fuling Mustard's Market Strategy - Fuling Mustard plans to expand its product matrix and channels while continuing to develop overseas markets to drive overall sales [20] Group 12: Encountering Small Noodles IPO - Guangzhou Encountering Small Noodles began its IPO process, planning to list on the Hong Kong Stock Exchange on December 5, with a share price range of 5.64 to 7.04 HKD [21] Group 13: China Resources' Emergency Relief - China Resources initiated an emergency relief plan to support the Dapu community in Hong Kong, providing over 5,000 essential supplies to residents affected by recent disasters [22]

Like China, Alibaba isn’t firing on all cylinders, writes @julianaliu, with a stark split between the cloud and e-commerce arms (via @opinion) https://t.co/TPyQwVON2l ...

Core Insights - Alibaba reported FY2026Q2 (corresponding to calendar year Q3 2025) revenue of 247.8 billion yuan, a 5% year-on-year increase, slightly exceeding market expectations, with a same-store revenue growth of 15% when excluding Gaoxin Retail and Intime [1] - Adjusted EBITA was 9.1 billion yuan, while Non-GAAP net profit attributable to shareholders was 10.5 billion yuan, falling short of the market expectation of 13.5 billion yuan [1] E-commerce Performance - The core e-commerce segment TR led growth, with Q3 2025 revenue from the China e-commerce group increasing by 15.5% year-on-year, maintaining stable market share for Taotian GMV [2] - Customer management revenue (CMR) grew by 10% year-on-year, aligning with market expectations, contributing to a 0.2 percentage point increase in TR [2] - EBITA for the quarter declined by 76% to 10.5 billion yuan due to investments in instant retail, resulting in a 31 percentage point drop in EBITA margin [2] - Excluding flash purchase impacts, adjusted EBITA for China e-commerce showed low single-digit year-on-year growth, with estimated flash purchase losses around 36 billion yuan [2] AI and Cloud Growth - The Cloud Intelligence Group's revenue grew by 34% year-on-year in Q3 2025, surpassing Bloomberg's expectation of 28%, with internal and external cloud revenues increasing by 34% and 29% respectively [2] - AI-related revenue maintained triple-digit year-on-year growth, with Alibaba Cloud holding the largest market share in China's AI cloud market at 35.8% as of H1 2025 [2] - Adjusted EBITA margin for Alibaba Cloud was 9%, meeting expectations, with planned capital expenditures exceeding 380 billion yuan over the next three years [2] Investment Outlook - As a leading player in e-commerce and cloud computing, Alibaba is expected to strengthen its competitive advantage driven by AI [2] - Revenue forecasts for fiscal years 2026-2028 are projected at 1,039.9 billion yuan, 1,137.3 billion yuan, and 1,262.7 billion yuan respectively, with Non-GAAP net profits of 110.9 billion yuan, 167.9 billion yuan, and 206.5 billion yuan [2]

Core Viewpoint - The company is optimistic about long-term ecological synergy and strong demand for cloud services, while actively investing in AI infrastructure. Short-term losses from flash sales are being mitigated, but there are pressures from the e-commerce base. The adjusted net profit forecasts for FY2026-2028 have been lowered, but the long-term outlook remains positive with a "buy" rating maintained [1][2]. Group 1: Financial Performance - For FY2026 Q2, the company's revenue reached 247.8 billion yuan, a year-over-year increase of 5%, slightly above Bloomberg's consensus estimate of 245.2 billion yuan. Cloud business revenue exceeded expectations [1]. - The non-GAAP net profit was 10.35 billion yuan, a year-over-year decrease of 72%, falling short of Bloomberg's consensus estimate of 13.51 billion yuan [1]. - The adjusted EBITA for the Chinese e-commerce group was below expectations, with customer management revenue increasing by 10% year-over-year, driven by enhanced technology service fees and improved penetration rates [1]. Group 2: Business Segments - In the Chinese e-commerce segment, flash sales are expected to drive traffic growth on the main site, improving order density and average transaction value, which may help reduce losses and lower customer acquisition costs [2]. - The international digital commerce segment reported a year-over-year revenue increase of 10%, with adjusted EBITA turning profitable [1]. - The cloud intelligence group saw a year-over-year revenue growth of 34%, with public cloud services continuing to expand and an adjusted EBITA margin of 9.0%, remaining stable quarter-over-quarter [1]. Group 3: Strategic Initiatives - The company plans to prioritize stabilizing market share in the short term, with flash sales expected to enhance main site traffic and improve overall efficiency [2]. - There is a strong commitment to AI capabilities and investments, with potential additional investments beyond the planned 380 billion yuan over three years, which may further expand cloud market share [2]. - The company has a remaining share buyback program of 19.1 billion USD, approximately 5.1% of the current market value, effective until March 2027 [2].

机构：中信建投证券 研究员：崔世峰/于伯韬 云业务维持高景气。本季度阿里云智能集团收入同比增长34.5%至约398.24 亿元，高于市场乐观预期， 其中对外收入增速29%，AI 相关产品收入已连续第九个季度实现三位数同比增长。AI 需求的爆发不仅 拉动算力、存储、网络等基础云资源使用率提升，同样带动数据库、中间件等高附加值产品放量，通义 大模型及行业解决方案加速在电商、本地生活、企业服务等场景落地，形成"云+AI+应用"的闭环。与 此同时，公司继续在AI算力与云基础设施上大手笔投入，本季度资本开支达315 亿元，过去四个季度在 AI+云基础设施上的资本开支累计约1,200 亿元。 盈利预测和估值：预计FY2026-2027 阿里巴巴的收入增速分别为3.60%和12.04%，Non-GAAP 净利润分 别为1142.01 亿元和1599.60 亿元，同比增速分别为-27.78%和40.07%。采用分部估值法，对应中国电商 集团、云智能集团每ADS 估值分别为125.64 美元和73.54 美元，目标价为199.18 美元/ADS，对应港股 193.71 港币/股。 风险提示：闪购减亏低预期，闪购单量和市占低预期 ...

闪购UE 改善，份额基本稳定。我们测算2QFY26 淘宝闪购EBITA 亏损367 亿元，系7、8 月份扩充单量 的过程中投入较大，公司表示10 月以来，闪购在订单份额稳定的情况下，单均UE 较峰值减亏一半，主 要来自订单结构优化、客单价提升和履约效率优化，我们预计3QFY26 闪购EBITA 亏损190 亿元。 电商客户管理收入（CMR）承压。本季度CMR 同增10%，不含闪购的中国电商EBITA 同增中个位数。 考虑4Q 以来消费相对疲软、国补影响退坡以及技术服务费的高基数，我们预计阿里3QFY26 CMR 同增 6%，电商GMV 和CMR 均有一定压力。 研究员：白洋/徐卓楠/吴维佳/王秋婷/刘泓蔚 2QFY26 收入和调整EBITA 高于我们预期 公司公布2QFY26（3Q25）业绩：收入同增4.8%至2,478 亿元，剔除资产出表影响后可比口径同增 15%，高于我们预期系中国电商表现较优；调整EBITA 同比下滑77.6%至91 亿元，主要系淘宝闪购投入 加大，高于我们预期主要系云和国际业务较优。 发展趋势 云收入同比增长加速。2QFY26 云计算收入同增34%，其中内外部客户收入分别同增29%和5 ...

Core Viewpoint - Alibaba's FY2026 Q2 performance shows a revenue of 247.8 billion yuan, a 5% increase, but a Non-GAAP net profit of 10.4 billion yuan, a 72% decrease, indicating challenges in profitability despite revenue growth [1] E-commerce - Alibaba's China e-commerce group achieved revenue of 132.6 billion yuan, a 16% increase, with customer management revenue at 78.9 billion yuan, a 10% increase, reflecting a steady improvement in monetization rates [1] - Adjusted EBITA for the e-commerce group was 10.5 billion yuan, a 76% year-on-year decline, primarily due to investments in new instant retail businesses, but excluding these impacts, the core e-commerce EBITA showed single-digit growth [1] Instant Retail - The order structure for instant retail improved, with the loss per order (UE) halving since the peak in July and August, driven by a higher proportion of high-value orders and reduced logistics costs [2] - Non-food categories also saw rapid growth, with orders from Hema and other platforms increasing by 30% month-on-month [2] - The company plans to enhance user experience and focus on high-value customer management, indicating a commitment to long-term investment in instant retail [2] Cloud and AI - The cloud intelligence group reported revenue growth of 28%, exceeding expectations, with AI-related product revenue maintaining triple-digit growth [3] - Adjusted EBITA was 3.6 billion yuan, a 35% increase, with an EBITA margin of 9%, indicating strong profitability in the cloud segment [3] - The company anticipates further capital expenditure beyond the previously set target of 380 billion yuan over three years, driven by robust customer demand [3] Investment Recommendations - The company maintains a strong outlook for its e-commerce core competitiveness, growth potential in instant retail, and long-term growth in cloud and AI businesses, projecting Non-GAAP net profits of 106.9 billion, 166.6 billion, and 201.8 billion yuan for FY2026-2028 [3] - A target price of 185 HKD per share is set, with a "strong buy" rating maintained [3]

Core Insights - Alibaba reported total revenue of 247.8 billion yuan for FY2026 Q2, a year-on-year increase of 5% [1] - Non-GAAP net profit for the quarter was approximately 10.5 billion yuan, a significant decline of 71% year-on-year [1] Revenue Breakdown - **China E-commerce**: Revenue reached 132.6 billion yuan, up 16% year-on-year; adjusted EBITA was about 10.5 billion yuan, down 76% [1] - **International Commerce**: Revenue was 34.8 billion yuan, a 10% increase year-on-year; adjusted EBITA turned positive at approximately 200 million yuan [1] - **Alibaba Cloud**: Revenue grew to 39.8 billion yuan, with a year-on-year growth rate of 34%; adjusted EBITA was about 3.6 billion yuan, up 35% [1] - **Other Businesses**: Revenue totaled 63 billion yuan, down 25% year-on-year; adjusted EBITA was -3.4 billion yuan, with losses widening by 84% [1] Operational Highlights - Instant retail business showed significant growth, leading to a rapid increase in monthly active consumers on the Taobao app; management reported a 50% reduction in losses for Taobao Flash Purchase compared to July-August [2] - AI and cloud services are gaining traction in both B2B and B2C sectors; Alibaba Cloud's market share in China's AI cloud market reached 35.8% in H1 2025 [2] - The Qwen3 model underpins the newly launched Qianwen app, which has seen over 10 million downloads in its first week of public testing [2] Capital Expenditure and Future Outlook - Capital expenditure exceeded 31.5 billion yuan this quarter; management indicated a potential increase in the three-year capex target of 380 billion yuan due to high demand for server orders [3] - The company maintains a "Buy" rating, projecting revenues of 1,053.7 billion yuan, 1,143.6 billion yuan, and 1,269.8 billion yuan for fiscal years 2026-2028, with non-GAAP net profits of 97.4 billion yuan, 133.2 billion yuan, and 170.7 billion yuan respectively [3]