11月25日晚间，阿里发布2026财年第二季度（即自然年2025年三季度）财报，即时零售与云业务成了拉动阿里的两驾"马车"。其中，即时零售业务以六成收 入增速撑起了阿里国内电商大盘的增长。当然，阿里的利润表现也付出了代价，经营利润下滑超过八成。 今年以来，阿里与京东、美团在本地生活战场鏖战半年多。尽管战役投入巨大，但各家似乎都没有收手的意愿。很显然，巨头在意的不是短期的利润得失， 而是电商新叙事的可持续性。 即时零售一跃成为阿里电商攻势最猛的业务。2026财年第二季度，阿里即时零售业务收入达229亿元，同比增长60%，增速首次超过国际电商业务。阿里认 为，这主要是得益于今年4月底上线的淘宝闪购带来的订单增长。 阿里国内电商的客户管理收入、批发业务增速则与上一季度的增速保持了一致。其中，客户管理收入同比增长10%，为789.3亿元。而批发业务收入同比增 长13%。这也意味着，本季度阿里国内电商大盘收入能同比增长16%，还是得益于即时零售的显著拉动作用。 | | | 截至９月 30 日 | | --- | --- | --- | | | 2024 | | | | 人民幣 | 人民幣 | | | | (以直萬 | ...

Group 1: Market Overview - The report indicates a recent market adjustment characterized by a "style switch + adjustment" during the ongoing bull market, with technology and cyclical sectors undergoing a phase of rebalancing driven by dual forces [3][8][11] - The report highlights that from the last week of October, both technology and cyclical sectors showed synchronized performance in Q3, suggesting a dual growth trajectory [3][8] - Historical analysis reveals that during previous bull markets, significant style switches accompanied by adjustments have occurred, with a higher probability of style continuation compared to switching [9][10] Group 2: Industry Insights - In the communication sector, Alibaba Cloud reported a revenue of 39.824 billion yuan for Q2 FY2026, marking a 34% year-on-year increase, significantly surpassing the previous quarter's growth rate of 26% [4][14] - Alibaba's capital expenditure for Q2 FY2026 reached 31.501 billion yuan, reflecting an 80.1% year-on-year increase, with a substantial portion allocated to property and equipment [4][14] - The report emphasizes the growth of AI-driven services within Alibaba Cloud, which has seen a continuous increase in AI-related product adoption, contributing to a robust revenue growth trajectory [15][16] Group 3: Electric Vehicle Market - In October 2025, the sales of new energy vehicles in nine European countries reached 257,000 units, representing a year-on-year increase of 39%, with a penetration rate of 31.5% [18][19] - The report notes that the sales of battery electric vehicles (BEVs) in France surged by 63.2% year-on-year, driven by the implementation of a social leasing plan [19] - Investment recommendations include key players in the lithium battery sector such as CATL and Yiwei Lithium Energy, as well as various companies involved in lithium materials and components [20] Group 4: Nvidia Insights - Nvidia has reaffirmed its visibility of $500 billion in orders, with a strong demand for AI and a long lifecycle for GPUs, which counters concerns about a potential bubble in the AI sector [22][24] - The company reported a revenue of $57.006 billion for FY2026Q3, a 62.5% year-on-year increase, with its data center business contributing significantly to this growth [23] - The report projects Nvidia's GAAP net profit for FY2026-2028 to be $115.48 billion, $170.93 billion, and $214.43 billion respectively, indicating substantial growth rates [22][24]

How did Baba do it, Tom. Where did it where did it exceed expectations. Yeah.Vonnie, an interesting time because we talk about those tensions between Japan and China and the moves by President Trump to secure the lead that the US currently has when it comes to A. I. because Alibaba really is a litmus test in terms of how far and how effectively China is particularly pushing the adoption, as well as the innovation around AI's.The top lines of revenue. Yes, it was a beat. E-commerce was also a big for Alibaba ...

How did Baba do it, Tom. Where did it where did it exceed expectations. Yeah.Vonnie, an interesting time because we talk about those tensions between Japan and China and the moves by President Trump to secure the lead that the US currently has when it comes to A. I. because Alibaba really is a litmus test in terms of how far and how effectively China is particularly pushing the adoption, as well as the innovation around AI's.The top lines of revenue. Yes, it was a beat. E-commerce was also a big for Alibaba ...

Market Overview - U.S. stocks showed mixed performance with the Dow Jones increasing by over 250 points, up 0.61% to 46,729.44, while NASDAQ fell by 0.28% to 22,808.72 and S&P 500 rose by 0.08% to 6,710.34 [1] - Communication services sector saw a rise of 1.4% [1] - Information technology stocks experienced a decline of 1.1% [2] Company Performance - Alibaba Group Holding reported quarterly revenue of $34.81 billion, a 5% year-over-year increase, exceeding analyst expectations of $34.43 billion [3] - Adjusted earnings per American Depositary Share (ADS) for Alibaba were 61 cents, surpassing the analyst consensus estimate of 49 cents [3] Commodity Market - Oil prices decreased by 2.1% to $57.59, while gold prices increased by 1.1% to $4,140.50 [5] - Silver rose by 1.7% to $51.185, and copper increased by 3.8% to $5.1545 [5] International Markets - European shares showed positive movement with the eurozone's STOXX 600 rising by 0.6% and Spain's IBEX 35 Index increasing by 0.8% [6] - Asian markets closed mostly higher, with Japan's Nikkei gaining 0.07%, Hong Kong's Hang Seng up by 0.69%, and China's Shanghai Composite rising by 0.87% [7] Notable Stock Movements - Rubico Inc shares surged by 67% to $0.26 after extending tanker charters [9] - Clean Energy Technologies Inc shares increased by 75% to $1.87 following a $10 million battery energy storage project announcement [9] - Barnes & Noble Education Inc shares rose by 37% to $9.18 after announcing preliminary financial results [9] - MingZhu Logistics Holdings Ltd shares dropped by 84% to $0.17 due to an $8 million registered direct offering [9]

Market Overview - U.S. stocks showed mixed performance with the Dow Jones increasing by over 250 points, up 0.61% to 46,729.44, while NASDAQ fell by 0.28% to 22,808.72 and S&P 500 rose by 0.08% to 6,710.34 [1] - Communication services sector saw a rise of 1.4% [1] - Information technology stocks experienced a decline of 1.1% [2] Company Performance - Alibaba Group Holding reported quarterly revenue of $34.81 billion, a 5% year-over-year increase, exceeding analyst expectations of $34.43 billion [3] - Adjusted earnings per American Depositary Share (ADS) for Alibaba were 61 cents, surpassing the consensus estimate of 49 cents [3] Commodity Market - Oil prices decreased by 2.1% to $57.59, while gold prices increased by 1.1% to $4,140.50 [5] - Silver rose by 1.7% to $51.185 and copper increased by 3.8% to $5.1545 [5] European Market - European shares showed positive movement with the eurozone's STOXX 600 rising by 0.6% and Spain's IBEX 35 Index increasing by 0.8% [6] Asian Market - Asian markets closed mostly higher, with Japan's Nikkei gaining 0.07%, Hong Kong's Hang Seng up by 0.69%, and China's Shanghai Composite increasing by 0.87% [7] Notable Stock Movements - Rubico Inc shares surged by 67% to $0.26 after extending tanker charters [9] - Clean Energy Technologies Inc shares rose by 75% to $1.87 following a $10 million battery energy storage project announcement [9] - Barnes & Noble Education Inc shares increased by 37% to $9.18 after announcing preliminary financial results [9] - MingZhu Logistics Holdings Ltd shares dropped by 84% to $0.17 due to an $8 million registered direct offering [9] - GreenPower Motor Company Inc shares fell by 34% to $0.8500, and K Wave Media Ltd shares decreased by 24% to $0.68 [9] Economic Indicators - The S&P CoreLogic Case-Shiller Home Price Index rose by 1.4% year-over-year in September, marking the eighth consecutive month of slowing growth [11] - The FHFA house price index remained flat for September [11] - U.S. producer prices increased by 0.3% month-over-month in September, following a 0.1% decline in the previous month [11] - U.S. retail sales rose by 0.2% month-over-month in September, compared to a 0.6% gain in August [11]

Market Overview - On November 25, U.S. stock indices opened mixed, with the Dow Jones up 0.28%, the S&P 500 down 0.09%, and the Nasdaq down 0.41% [1] Company News - Alibaba reported its Q2 FY2026 revenue at 247.8 billion yuan, a year-on-year increase of 4.8%, surpassing the estimated 245.2 billion yuan; adjusted earnings per ADS were 4.36 yuan, below the expected 6.34 yuan; the Chinese e-commerce segment generated 132.58 billion yuan, with adjusted net profit at 10.35 billion yuan, also below the forecast of 16.8 billion yuan [2] - X-energy, a nuclear reactor developer supported by Amazon, completed nearly $700 million in oversubscribed Series D financing, led by Jeneration Capital, with new investors including Ark Invest, Galvanize, Hood River Capital Management, Point72, Reaves Asset Management, and XTX Ventures [5] - Pony.ai reported Q3 2025 revenue of 181 million yuan, a 72% year-on-year increase; Robotaxi business generated 47.7 million yuan, up 89.5% year-on-year, with passenger fare revenue increasing over 200%; Robotruck revenue was 72.5 million yuan, and technology licensing and application revenue was 61 million yuan; the seventh-generation Robotaxi began fully autonomous commercial operations in Beijing, Guangzhou, and Shenzhen in November [7][8] Stock Performance - Alibaba's stock rose over 2% in pre-market trading [3] - Pony.ai's stock surged over 13% in pre-market trading [9] Legal Matters - TSMC filed a lawsuit against former senior vice president Luo Wei-ren, alleging potential leakage of trade secrets to Intel after his retirement and subsequent employment with the company [4] Regulatory Actions - Singapore's Ministry of Home Affairs issued directives to Google and Apple to implement measures by November 30, 2025, to prevent fraud through their messaging platforms [6]

Core Viewpoint - Alibaba's second fiscal quarter revenue reached 247.8 billion yuan, showing a year-on-year growth of 5%, slightly exceeding market expectations, but adjusted net profit plummeted 72% to 10.35 billion yuan, indicating significant pressure on profitability [1] Group 1: Financial Performance - Revenue for the second fiscal quarter was 247.8 billion yuan, a 5% year-on-year increase, slightly above market expectations [1] - Adjusted net profit fell 72% year-on-year to 10.35 billion yuan, highlighting a substantial decline in profitability [1] Group 2: Business Segments - The Cloud Intelligence Group emerged as a performance highlight, with revenue soaring 34% year-on-year to 39.82 billion yuan, surpassing market estimates of 37.99 billion yuan [1] - Instant retail business revenue reached 22.906 billion yuan, a 60% year-on-year increase, primarily driven by the order volume growth from the launch of "Taobao Flash Purchase" in April 2025 [1] Group 3: Investment Strategy - The company has invested approximately 120 billion yuan in AI and cloud infrastructure over the past four quarters [1] - Alibaba plans to "actively" invest in enhancing its artificial intelligence capabilities and may consider additional investments beyond the previously committed 380 billion yuan over three years, as the initial investment may appear small given customer demand [1]

【#阿里云在手订单数量持续扩大##吴泳铭称阿里正处于投入阶段#】阿里巴巴CEO吴泳铭在财报电话会 上表示，阿里看到的AI客户需求还是非常旺盛的。阿里云AI服务器等产品的上架节奏严重跟不上客户 订单的增长速度，阿里云在手订单数量还在持续扩大。 ...

| | | 截至9月30日止三個月 | | | | --- | --- | --- | --- | --- | | | 2024 | 2025 | | | | | 人民幣 | 人民幣 | 英元 | %同比變動 | | | | (以百萬計,百分比除外) | | | | 阿里巴巴中國電商集團: | | | | | | 電商美粉 | | | | | | 客户管理 | 71.667 | 78.927 | 11.087 | 10% | | 直觉、物流及其他(4) | 22,799 | 24,006 | 3,372 | 5% | | | 94.466 | 102.933 | 14.459 | 9% | | 目11年公里(3) | 14.321 | 22,906 | 3.217 | 60% | | 中國批發商業 | 5.986 | 6.739 | 947 | 13% | | 阿里巴巴中國電商集團合計 | 114.773 | 132,578 | 18.623 | 16% | | 阿里國際數字商業集團: | | | | | | 國際零售商業 | 25.618 | 28.068 | 3.943 | 10% | | 國際批發商業 ...