Core Viewpoint - Alibaba Group is positioned to capitalize on significant growth opportunities in the artificial intelligence (AI) sector, despite facing challenges in its overall revenue growth [1][2]. Financial Performance - Alibaba's total revenue for the period ending September 30 rose by 5% to $34.8 billion, but excluding recently disposed businesses, the growth rate increases to 15% [3][4]. - AI-related product revenue has experienced triple-digit growth for nine consecutive periods, indicating strong performance in this segment [4]. Market Position and Valuation - Alibaba's market capitalization stands at $355 billion, with shares up approximately 87% year-to-date as of November 28 [6][7]. - The stock trades at a price-to-earnings ratio of 21, which is attractive compared to the average of 41 for the Technology Select Sector SPDR [8]. Growth Segments - The cloud intelligence business, one of Alibaba's fastest-growing segments, reported a growth rate of 34% in the last quarter, highlighting the potential for AI investments to drive further growth [6]. Strategic Initiatives - Alibaba is actively developing its own AI chip and has partnered with Apple to create AI tools for iPhones, showcasing its commitment to innovation in the AI space [7]. Long-term Outlook - Despite a 40% decline over the past five years, Alibaba remains a significant player in e-commerce and is expanding its AI capabilities, suggesting potential for future growth [10][11].

AI焦虑已经从大厂渗透进了大学这座象牙塔。在一片"被替代"的忧惧声中，一群来自非北上广深、非985高校的大学生，主动跳进了这股浪潮——他们不 是来做实习的，是来兼职"拧螺丝"的，拧的是AI大模型的螺丝。 在"AI将替代99%的岗位"和"拿AI offer月入3万"两种声音的共同影响下，这批不容易挤进大厂实习队伍的大学生，走进了大厂数据标注的流水线，成为新 的AI工人。他们每天在大厂提供的兼职平台上抢单、标注、纠错、优化，月收入大多在1000到2000元之间。在这条看不见的AI流水线上，他们既是训练 者，也是被挑选的对象。 对于大厂来说，大学生群体兼具垂直领域的专业知识和充足的参与热情，是完成最基础的AI数据标注、AI回复纠错、AI声音识别等最合适的人群。通过 向大学生伸出兼职橄榄枝，他们不仅能高效率地找到符合大模型训练要求的人，还能减轻雇佣正职员工的成本。 这成了一场"双向奔赴"，甚至由于供不应求，大厂AI数据标注的兼职还需要抢单。只是，这份兼职真的能成为大学生们通往AI大厂的一条曲径吗？ 大学生进"厂"，拧大模型的螺丝 郑州某高校大学教室里，刚刚结束一堂课，学生们鱼贯而出，只有大三学生张莹立刻打开手机。她要 ...

（原标题：AI手机遭"抵抗"，便利和安全起冲突了？） 21世纪经济报道记者孔海丽 北京报道 科技圈大事件，"AI手机"火了，安全性问题也吵翻了。 字节冲锋，腾讯、阿里、网银开团。 简单说，中兴通讯旗下的努比亚手机，里头装了"豆包手机助手"，它能直接替我们操作其他APP，替用 户回微信、代刷淘宝。 AI手机一面世就售罄，二手市场加价疯抢。 并且，有技术人员透露，努比亚手机用自己的系统私钥签名，把豆包手机助手设置成了操作系统的一部 分，单独开设了属于上帝之手级别的操作系统高危权限，让AI体验更丝滑。 不过，这个权限一旦交出，就等于把手机控制权，交给了这个"数字替身"。 12月3日，豆包手机助手回应了"侵犯隐私"问题，称豆包手机助手确实获得了系统级权限，但是，都需 要用户主动授权才能进行操作，支付、身份验证登敏感操作需要人工接管，不会在云端存储用户屏幕内 容并用于大模型训练。并且特意强调，这款AI手机不面向普通消费者。 抖音集团副总裁李亮也在微博强调，只要是用户许可就不存在侵犯隐私的行为。 一款探索性产品，遇到市场这么大的反应，有人说是大厂之间的生态壁垒，是商战。实际上，面对AI 新物种，大厂和公众都是既兴奋，又恐 ...

公司名稱: 阿里巴巴集團控股有限公司 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09988 | | 說明 | | | | | | | | 多櫃檯證券代號 | 89988 | RMB | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | | 32,000,000,000 | USD | | 0.000003125 USD | | 100,000 | | 增加 / 減少 (-) | | | | 0 | | | USD | | 0 | | 本月底結存 | | | | 32,000,000,000 | USD | | 0.000003125 USD | | 100,000 | 本月底法定/註冊股本總額： USD 100,000 股份發行 ...

Core Insights - Alibaba's 1688 cross-border business has launched an AI-powered product named "Ao Xia," aimed at addressing challenges faced by cross-border sellers in product selection, supplier communication, and content generation [1][10] - The platform has already seen positive feedback from thousands of seed users, with reported monthly profits increasing from 300,000 to 400,000 yuan after using the product [1][10] Group 1: Product Features and Benefits - "Ao Xia" integrates image recognition, link analysis, and natural language processing to intelligently match sellers with quality factories, simplifying cross-border trade [1][10] - The platform can automatically generate sales data, new product ratios, and brand monopoly rates based on mainstream e-commerce platform data, enhancing product selection efficiency [2][11] - It utilizes real transaction data from Alibaba's ecosystem to provide accurate insights, reducing the risk of blind following trends and misjudging demand [4][13] - The system can match sellers with suppliers based on cross-border service capabilities and generate evaluation reports, significantly shortening the supplier selection process [4][13] Group 2: Market Potential and Target Users - The annual cross-border transaction volume on the 1688 platform has surpassed 200 billion yuan, indicating a substantial market opportunity [2][11] - The target users for "Ao Xia" include small to medium-sized cross-border sellers on platforms like Amazon and TikTok, as well as inexperienced newcomers in the cross-border trade space [6][16] - The product aims to help domestic sellers expand into international markets, addressing the growing demand for efficient connections to quality Chinese supply chains [6][16] Group 3: Future Developments and Business Model - "Ao Xia" is positioned as an essential tool for sellers, akin to a toothbrush, rather than a mere toy, emphasizing its daily utility [9][18] - The platform plans to adopt a charging model in the future, with pricing based on actual token consumption costs, while maintaining low prices due to its backing by Alibaba Cloud [9][18] - The goal is to provide small and medium-sized businesses with equal information advantages in the global market, thereby leveling the playing field against larger companies [9][18]

Group 1: Industry Overview - The computer industry index increased by 18.54% from January 1, 2025, to November 28, 2025, outperforming the CSI 300 index by 3.50 percentage points [3][17] - In the first three quarters of 2025, the computer industry generated revenue of 935.84 billion yuan, a year-on-year increase of 9.14%, while net profit attributable to shareholders was 23.14 billion yuan, up 31.95% year-on-year [3][24] - The third quarter of 2025 saw revenue of 324.49 billion yuan, a 4.75% year-on-year growth, with net profit increasing by 23.30% to 10.26 billion yuan [3][24] Group 2: AI Computing Power - AI computing power demand is driving growth in the global data center market, which is expected to reach 652.01 billion dollars by 2030, growing at a CAGR of 8.53% from 2018 [35] - China's data center market is projected to grow from 68.01 billion yuan in 2018 to 261.33 billion yuan by 2024, with a CAGR of 25.15% [35] - The introduction of supernode technology is expected to break through computing power bottlenecks, enhancing efficiency and scalability in AI applications [62][66] Group 3: AI Models - Global large model iterations are accelerating, with domestic manufacturers focusing on open-source models to narrow the gap with overseas closed-source models [69] - Domestic open-source models are gaining traction, with eight out of the top ten in the global open-source model intelligence index being Chinese [73][76] - The performance gap between domestic open-source models and international top-tier closed-source models is narrowing, with domestic models offering better cost-performance ratios [76] Group 4: AI Applications - AI applications are transitioning towards intelligent agents, with major internet companies accelerating the commercialization of C-end applications [82] - Alibaba's Qwen App, based on open-source models, aims to become a comprehensive AI life portal, achieving over 10 million downloads shortly after launch [83] - The development of AI agents is expected to enhance user engagement and create a complete AI business ecosystem [83] Group 5: Investment Strategy - The report suggests focusing on opportunities in AI applications and self-control developments for 2026, with a positive outlook on the AI computing power sector [84][85] - Continuous growth in capital expenditure from major cloud computing firms supports the high prosperity of the AI computing power industry [84] - The competition in the global large model field is intensifying, which is likely to drive technological innovation and accelerate application deployment [84]

Investment Rating - The report assigns a "Buy" rating for Alibaba Group, with a target market value of 3.36 trillion RMB and a target price of 192.48 HKD for FY2026 [5]. Core Insights - Alibaba has restructured its organization to focus on "e-commerce, cloud + AI," enhancing resource allocation and competitive response [2][25]. - The company is actively participating in the instant retail market, which is expected to exceed 2 trillion RMB by 2030, thus defending its market share [16]. - Alibaba Cloud is positioned as a top-tier player in AI and cloud computing, with significant investments in self-developed capabilities [4]. Summary by Sections Company Overview - Alibaba Group is a leading global e-commerce and internet technology group that has recently restructured its business into four main segments: China E-commerce Group, International Digital Commerce Group, Cloud Intelligence Group, and Others [2]. Investment Logic - Instant retail is crucial for maintaining e-commerce traffic advantages, with a notable increase in daily active users (DAU) and order volumes since May [3]. - The company has seen a significant rise in order volume, with peak orders reaching 120 million in July, and a substantial increase in market share in the food delivery sector [3][19]. - Alibaba's investment in user experience (UE) is expected to improve as scale and efficiency increase, with current losses narrowing significantly [3]. Financial Forecasts, Valuation, and Rating - The adjusted net profit forecasts for FY2026-2028 are 107.9 billion, 149.4 billion, and 175.8 billion RMB, respectively, with corresponding adjusted P/E ratios of 24.8, 17.9, and 15.2 [5]. - The e-commerce business (excluding instant retail) is valued at 11 times earnings, while the cloud business is valued at 7 times sales [5]. - The report anticipates stable market share for Alibaba's traditional e-commerce business and significant growth potential for its cloud services driven by AI [5]. Additional Insights - The report highlights the competitive landscape in the instant retail market, with Alibaba's aggressive strategies to boost user engagement and order fulfillment capabilities [19][39]. - Alibaba's cash reserves are the highest among competitors, providing a strong foundation for sustaining long-term investments in the instant retail sector [51][52]. - The introduction of the "High De" street ranking by Amap aims to synergize online and offline services, indicating potential growth in the in-store business [58].

Core Viewpoint - Alibaba is refocusing its strategy around e-commerce and AI cloud services, with significant investments planned for infrastructure and product development, aiming to reclaim its market position and enhance user engagement [2][3][31]. Investment and Strategic Focus - CEO Wu Yongming announced an investment of over 380 billion yuan in cloud and AI hardware infrastructure over the next three years, exceeding the total investment of the past decade [3]. - The company is prioritizing long-term investment in core businesses while seeking to monetize non-profitable segments quickly [2]. E-commerce Developments - In April, Alibaba launched "Taobao Flash Purchase," integrating various categories into a "30-minute delivery" system, marking its entry into the competitive food delivery market [4]. - By Q3 2025, the average daily order volume for Alibaba's delivery services surged to 28-30 million, increasing its market share from 18% to 32% [9][11]. AI and Technology Advancements - Alibaba's Qwen series of AI models has achieved over 600 million downloads globally, establishing itself as a leading choice for developers [4][17]. - The "Qwen" API offers competitive pricing, significantly lower than alternatives like GPT-4, enhancing its attractiveness in the market [16]. Product Launches and User Engagement - The "Qianwen" app, launched in November 2025, became the fastest-growing AI application, surpassing 10 million downloads in just one week [4][14]. - The introduction of Quark AI glasses represents a significant step in integrating AI into everyday life, allowing users to access various services seamlessly [5][27]. Market Position and Future Outlook - Alibaba's strategic shift is reflected in the rebranding of Ele.me to "Taobao Flash Purchase," emphasizing its integration into the broader Taobao ecosystem [29][30]. - The company aims to leverage both e-commerce and AI as dual engines for growth, signaling a return to its core strategic focus [31][32].

图源：阿里公告截图 公开信息显示，Trendyol GO是土耳其电商巨头Trendyol旗下的即时配送品牌，由阿里旗下Trendyol全资 持有，主打食品、生鲜的分钟级配送服务，2024年全年完成超2亿笔订单，交易额达20亿美元，是土耳 其即时零售市场的核心参与者。 12月4日，阿里巴巴在2026财务年度中期报告中披露，今年5月，阿里订立买卖协议，向全球出行巨头 Uber出售Trendyol GO 85%的股权，以约7亿美元（折合人民币49.49亿元）的现金对价完成交易，出售 事项产生的收益约60亿元，该笔收益已计入2025年上半年投资净收益。此次交易于截至2025年9月30日 的六个月内完成。 阿里巴巴2026财年第二季度财报（自然年2025年第三季度）显示，阿里巴巴营收为2477.95亿元，同比 增长5%。净利润为206.12亿元，同比下滑53%。阿里巴巴即时零售业务收入达到229.06亿元人民币，较 上年同期的143.21亿元增长60%。 招商证券分析称，未来看好阿里巴巴电商主业稳固竞争力、外卖业务成长空间以及云与AI业务长期增 长潜力，预计FY2026-2028年Non-GAAP归母净利润，分别能达到 ...

Core Viewpoint - Alibaba has sold 85% of its stake in Trendyol GO to Uber for approximately $700 million, generating a profit of about 6 billion yuan, which has been included in the investment net income for the first half of FY2025 [1][4]. Group 1: Financial Performance - For the second quarter of FY2026, Alibaba reported revenue of 247.795 billion yuan, a year-on-year increase of 5% [4]. - The net profit for the same period was 20.612 billion yuan, reflecting a 53% decline compared to the previous year [4]. - Revenue from Alibaba's instant retail business reached 22.906 billion yuan, a significant increase of 60% from 14.321 billion yuan in the same quarter last year [4]. Group 2: Strategic Direction - Alibaba has established "AI-driven, cloud-first" as its core strategy, with CEO Wu Yongming indicating a critical investment phase in building AI technology infrastructure and a consumer platform combining life services and e-commerce [4]. - The company does not rule out additional investments beyond the previously committed 380 billion yuan for AI and cloud initiatives over the next three years [4]. Group 3: Market Position and Future Outlook - Trendyol GO, a key player in Turkey's instant retail market, completed over 200 million orders in 2024, with a transaction volume of $2 billion [4]. - Alibaba's recent divestments from physical retail, including the full sale of Intime Retail and Hema, indicate a strategic shift away from offline retail formats [4]. - Analysts from招商证券 express optimism about Alibaba's e-commerce competitiveness, growth potential in the food delivery sector, and long-term growth prospects in cloud and AI businesses, projecting Non-GAAP net profits of 106.9 billion yuan, 166.6 billion yuan, and 201.8 billion yuan for FY2026-2028 [5].