Core Viewpoint - Nomura's report indicates that Alibaba's revenue for the second quarter of the fiscal year 2026, ending September, increased by 5% year-on-year, surpassing market consensus by 1% [1] - The adjusted earnings before interest, taxes, and amortization (EBITA) reached 9.1 billion yuan, exceeding Nomura's expectations by 35% [1] - Management highlighted strong ongoing demand for AI cloud services across various industries, contributing to rapid growth in cloud contract backlog [1] Summary by Relevant Sections - **Financial Performance** - Alibaba's revenue growth of 5% year-on-year for Q2 FY2026 is above market expectations [1] - Adjusted EBITA of 9.1 billion yuan is 35% higher than Nomura's forecast [1] - **Market Demand and Outlook** - Management observed sustained strong demand for AI cloud services, which supports the rapid growth of cloud contract backlog [1] - Alibaba noted that investment in China's AI sector is struggling to meet strong demand, predicting this supply-demand imbalance may persist for the next three years [1] - Management does not believe there is an investment bubble in China's AI industry [1] - **Investment Rating** - Based on the optimistic outlook from Alibaba's management, Nomura maintains a "Buy" rating for Alibaba's U.S. stock with a target price of $215 [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$ 180 [1][6]. Core Insights - The company reported FY2026 Q2 revenue of RMB 247.8 billion, a year-on-year increase of 5%. Excluding disposed businesses, the revenue growth was 15%. Operating profit decreased by 85% to RMB 5.4 billion, while net profit attributable to shareholders fell by 53% to RMB 21 billion, aligning with market expectations [7]. - The core e-commerce business remains stable, with customer management revenue increasing by 10% to RMB 78.9 billion, driven by the improved penetration of the service fee model and a significant rise in monthly active consumers on the Taobao app [9]. - The timely retail business experienced rapid growth, with revenue up 60%, and losses are expected to decrease in line with market forecasts [9]. - Cloud business revenue exceeded market expectations, reaching RMB 39.8 billion, a 34% year-on-year increase, primarily due to growth in public cloud services and increased adoption of AI-related products [9]. - Capital expenditures remain high at RMB 31.4 billion, with a potential increase in the three-year total spending guidance to RMB 380 billion, reflecting continued strong investment in AI [9]. Summary by Sections Financial Performance - For FY2026, the company is projected to achieve a net profit of RMB 116.3 billion, a decrease of 10.6% year-on-year, with EPS of RMB 6.12, corresponding to a P/E ratio of 23.58 [11]. - The company’s net profit for FY2024 and FY2025 is expected to be RMB 80.0 billion and RMB 130.1 billion, respectively, with significant growth in FY2025 [11]. Market Position - The company holds a market capitalization of HK$ 175.3 billion, with a share price of HK$ 157.80 as of November 25, 2025 [2]. - The stock has shown a significant increase of 85.92% over the past month, although it has decreased by 9.10% over the past year [2]. Shareholder Information - Major shareholders include JPMorgan Chase & Co., holding 3.57% of the shares [2].

Core Insights - Alibaba's Qianwen project is accelerating its comprehensive coverage of C-end scenarios through deep integration with the new Quark AI browser, positioning the browser as the core carrier of Qianwen's capabilities [1][2] - The Quark AI browser has achieved an installation volume of 110 million on computers, indicating a significant user base for AI capabilities [1] - The global AI browser market is competitive but lacks a clear leader, with Google's Chrome being conservative in its AI integration, while Qianwen serves as the "system base" for the Quark AI browser [1] - Qianwen's integration transforms it from a mere web browsing assistant to a system-level task assistant, enhancing user experience beyond the traditional "AI plugin model" [1][2] Product Features - Users can choose to keep Qianwen "always on the desktop," allowing direct access to six key "Qianwen smart suite" capabilities without opening the Quark AI browser [2] - The IDC report predicts that by 2028, the annual shipment of PCs equipped with AI features in China will be 60 times that of 2024, highlighting strong demand for AI functionalities on PCs [2] - Qianwen is viewed by Alibaba as a critical component in the "future battle of the AI era," with the Qianwen app surpassing 10 million downloads within a week of public testing [2] - The deep integration with the Quark AI browser signifies Qianwen's evolution from a standalone app to a core AI engine for Alibaba's C-end products, fundamentally reshaping the underlying capabilities of its offerings [2]

招银国际发表报告指，阿里巴巴2026财年第二季度营收达2478亿元，按年增长4.8%，分别较该行及市 场预期高出2.7%、1.1%。期内云业务营收按年增长34%，增速好于该行预期及市场预期的30%、28%。 管理层强调当前客户需求旺盛，认为这一态势有望支撑未来多个季度云业务保持高速营收增长。该行看 好阿里作为人工智能赛道的核心受益企业之一，维持"买入"评级，美股目标价206.4美元。 ...

Core Insights - Alibaba's Qianwen project has announced a deep integration with the new Quark AI browser, positioning it as a desktop-level intelligent assistant [1] - The goal is to establish the browser as the core platform for the next phase of Qianwen's capabilities [1] Integration Details - The Quark AI browser has reached an installation volume of 110 million on computers [1] - This integration is not merely an "AI plugin" but positions Qianwen as the "system foundation" of the Quark AI browser [1] - Users will have the ability to keep Qianwen "resident on the desktop" for easy access [1] Strategic Implications - This marks a significant shift for Qianwen, moving beyond a single app dimension to become the core AI engine for Alibaba's consumer-facing services [1]

Core Insights - AI computing hardware continues to show a rebound, with strong performance in optical modules, CPO, and PCB concepts [1] - Alibaba's Q2 FY2026 earnings report highlights a 34% year-on-year increase in cloud revenue and triple-digit growth in AI-related product revenue for nine consecutive quarters [1] - CITIC Securities indicates that Alibaba's ongoing investment in AI infrastructure signifies a steady advancement in domestic computing capabilities, suggesting an industry turning point for domestic computing [1] Group 1: Market Performance - The AI computing hardware sector is experiencing a strong rebound, with companies like Zhongji Xuchuang, Hudian Co., Xinyisheng, and Guangku Technology showing significant gains [1] - The lowest fee rate AI ETF, Huaxia (159381), and the 5G communication ETF (515050) both surged over 4%, with trading volumes reaching 348 million yuan and 299 million yuan respectively [1] - The cloud computing 50 ETF (516630), focusing on AI hardware and software, increased by 2.70% [1] Group 2: Company Developments - Alibaba's capital expenditure for the quarter was 31.5 billion yuan, with a total of approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [1] - The sustained investment in AI infrastructure by Alibaba is viewed as a critical step in the development of domestic computing capabilities [1] Group 3: Industry Outlook - CITIC Jiantou emphasizes the need for a long-term perspective on the ongoing AI industrial revolution, comparing its impact to that of the industrial revolution [1] - The firm expresses optimism regarding the demand for computing power and applications driven by AI [1]

花旗发表研报指，阿里巴巴公布9月底止2026财年第二季业绩，总营收年增5%至2478亿元，分别较该行 及市场预测高2.1%、1.1%。总体而言，花旗视此为一份稳健的业绩，云端业务营收胜预期，电子商务 业务及总EBITA也优于市场原先所忧虑情境。花旗予阿里美股目标价218美元，评级"买入"。 ...

中美AI博弈已经进入到白热化阶段，尤其进入2025年后，火药味更浓了。为了阻止中国AI的发展，从芯片到算力，美西方对国内科技企业严防死守，能卡 的几乎都卡了。 但随着AI竞争越来越激烈，令人意外的是，这场博弈背后的底层逻辑已经发生了改变，中美AI博弈的重心也变了。从傲娇、霸道到恐慌，美国究竟经历了 什么？中国又做对了哪些事情？ 众所周知，美国在AI技术方面，毋庸置疑扮演了绝对"领跑者"的角色，包括Meta、OpenAI等美科技巨头也稳居全球AI第一梯队，技术优势很明显。但奇怪 的现象出现了，越来越多的国家和科技巨头开始弃美选中，美AI逐渐成为了被放弃的一方，这才是美国最担忧、最恐慌的。那么问题来了，技术领先的美 国，为何会被放弃呢？ 聚焦AI领域，行业有"西谷歌东阿里"的说话，阿里作为中国AI领域的绝对主力企业，责任重大。而在过去这些年里，阿里做得最对的一件事情就是——坚定 投入未来。从阿里刚发布的财报可以看到，其AI+云整体营收强势增长34%，且与AI相关的产品的收入，这一指标，连续9个季度实现了三位数的增长，这 就太牛了！但聚焦净利润，却出现了一定程度的下滑。 很多人看到这个数据会说，阿里在走下坡路了，但 ...

创业板50指数选取创业板指市值前100只流动性靠前的前50股票，代表了创业板大盘公司，精选市值较 高、流动性较好的龙头公司，指数具备较强的成长潜力。指数集中覆盖电池、证券、通信设备等行业， 主要体现为"三创（创新、创造、创意）四新（新技术、新产业、新业态、新模式）"。 创业板50ETF华夏（159367），该产品具备两大核心优势：一是20%涨跌幅限制，相较于传统宽基指 数，交易弹性更强；二是管理费0.15%、托管费0.05%，处于同类产品最低费率档，有效降低投资成 本。 （文章来源：每日经济新闻） 2025年11月26日，A股三大指数集体走强，创业板50ETF华夏（159367）上涨3.30%，持仓股中际旭创 涨超15%，新易盛涨超11%，长盈精密涨超10%。 阿里巴巴发布FY2026Q2业绩，本季度集团实现营业收入2478亿元/+5%，Non-gaap净利润104亿 元/-72%。云业务收入及利润超预期，当前AI云市场需求旺盛。 西部证券认为，长期看好AI云产业链发展，认为大模型正重塑云厂商的技术架构、服务模式等。像 Deepseek多场景部署推进了这一重塑进程，既调整了云厂商算力服务重心，又拓展了下游需求 ...

Investment Rating - The report maintains a "Buy" rating for Alibaba Group [6] Core Insights - Alibaba's cloud revenue continues to accelerate, and the flash purchase business is reducing losses, indicating a positive trajectory for the company [1] - The management expresses confidence in the growth of AI demand and plans to invest further in AI and cloud services to enhance synergies [3] - The company has adjusted its profit forecasts for FY26, FY27, and FY28, reflecting better-than-expected performance in Q2 FY26 and improvements in the flash purchase business [4][17] Financial Performance - Alibaba's total revenue for Q2 FY26 was 247.8 billion yuan, a year-on-year increase of 4.8%, surpassing market expectations [1] - The adjusted EBITA for Q2 FY26 was 9.1 billion yuan, down 77.6% year-on-year, but better than the forecasted 7.7 billion yuan [1] - The cloud segment's revenue grew by 34.5% year-on-year, exceeding the expected growth rate of 28% [3] Business Segments - The Chinese e-commerce group's revenue increased by 15.5% to 132.6 billion yuan in Q2 FY26, driven by improved monetization rates [2] - The flash purchase business has shown a significant reduction in losses, with management indicating that losses per order have halved since October [2] - AI-related revenue has been growing at a triple-digit rate for nine consecutive quarters, now accounting for over 20% of external commercial revenue [3] Profit Forecasts and Valuation - The adjusted non-GAAP net profit forecasts for FY26, FY27, and FY28 are set at 105.8 billion yuan, 131.0 billion yuan, and 159.7 billion yuan, respectively [4][17] - The target price for Alibaba's stock is set at 214.9 USD for US shares and 209.0 HKD for Hong Kong shares, corresponding to PE ratios of 36.3, 29.3, and 24.1 for FY26, FY27, and FY28 [4][19]