Investment Rating - The report maintains a "Buy" rating for Alibaba (9988.HK) with a target price of 98 HKD for FY2025 [57]. Core Insights - Alibaba's revenue for FY2024Q4 exceeded expectations, with a year-on-year growth of 3.7% to 93.2 billion RMB, driven by healthy growth in the Taobao Group and international commerce [11][57]. - The report highlights significant investments in various business segments, particularly in international commerce and cloud services, which are expected to drive future growth [57]. - Adjusted net profit for FY2025E is projected at 153.5 billion RMB, reflecting a slight increase from previous estimates [57]. Summary by Sections 1. Performance Overview - Revenue exceeded expectations, while profits were slightly below expectations [15]. - FY2024Q4 revenue reached 93.2 billion RMB, with a year-on-year growth of 3.7% [57]. - Adjusted net profit for FY2024 was reported at 136.4 billion RMB, a decrease of 11% year-on-year [11][57]. 2. Business Segment Performance 2.1 Taobao Group - Revenue for Taobao Group increased by 3.7% to 93.2 billion RMB, with customer management revenue growing by 5% [57]. - The group continues to invest heavily in supply, pricing power, and service quality, leading to double-digit growth in GMV and transaction volume [57]. 2.2 International Commerce - Revenue for international commerce grew by 45% to 27.4 billion RMB, driven by strong performance in the AliExpress platform [57]. - The adjusted EBITA margin decreased by 3 percentage points to -15% due to continued investments [57]. 2.3 Cloud Intelligence - Cloud revenue increased by 3% to 25.6 billion RMB, with core public cloud products experiencing double-digit growth [57]. - AI-related revenue saw a three-digit percentage increase, indicating strong demand [57]. 3. Investment Recommendations - The report projects revenue for FY2025E at 1,027.8 billion RMB, with adjusted net profit expected to reach 153.5 billion RMB [57]. - The valuation table indicates a target price of 98 HKD for Alibaba's stock based on a sum-of-the-parts (SOTP) valuation method [57].

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 8] [评Tab级le_：Inv est] 增持 上次评级: 增持 再论实物和金融供需 [细Ta分bl行e_业su评bI级nd ustry] 行 ——对中央再贷款收储现房的点评 业 谢皓宇(分析师) 白淑媛(分析师) 黄可意(研究助理) 事 010-83939826 021-38675923 010-83939815 件 xiehaoyu@gtjas.com baishuyuan@gtjas.com huangkeyi028691@gtjas.com 证书编号 S0880518010002 S0880518010004 S0880123070129 快 评 本报告导读： 我们反复强调，2024 年的关键变量是房价，定价模式的变化是最重要的变化，而背 [相Ta关ble报_D告oc Report] 后隐含的是对通胀和无风险利率的预期，金融供需决定价格的过程被拉长。 房地产《2014还是2016，都来自金融创新》 摘要： 2024.05.18 [T a ...

股 票 研 究 [Table_industryInfo] 批发零售业 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 8] [评Tab级le_：Inv est] 增持 上次评级： 增持 四月社零增速环比回落，限额以下更优 [细Ta分bl行e_业su评bI级nd ustry] 行 ——2024 年 4 月社零数据点评 业 刘越男(分析师) 于清泰(分析师) 宋小寒(研究助理) 专 021-38677706 021-38022689 010-83939087 题 liuyuenan@gtjas.com yuqingtai@gtjas.com songxiaohan026736@gtjas.co 研 证书编号 S0880516030003 S0880519100001 mS0 880122070054 究 本报告导读： 4月社零增速低于一致预期，黄金珠宝高基数下同比略降。 [相Ta关ble报_D告oc Report] 批发零售业《五一节后机票价格下跌，天猫 摘要： “618”取消官方预售》 2024.05.12 [T abl投e_资Su建mm议a：ry继] 续重点 ...

股 票 研 究 [Table_industryInfo] 商业银行 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 9] [评Tab级le_：Inv est] 增持 上次评级: 增持 稳地产政策持续发力，板块估值修复进行时 [细Ta分bl行e_业su评bI级nd ustry] 行 业 刘源(分析师) 事 021-38677818 件 liuyuan023804@gtjas.com 证书编号 S0880521060001 快 评 本报告导读： 在延续一贯政策取向的基础上，本次住房政策调整力度较大，明确传导了稳地产的坚 [相Ta关ble报_D告oc Report] 定态度，有助于提振信心和预期，利好银行股估值进一步修复。 商业银行《景气承压，后续聚焦负债及信 摘要： 用成本改善幅度》 2024.05.05 [T abl事e_件Su：mm5a月ry]1 7 日国新办举行国务院政策例行吹风会，介绍切实做好 商业银行《专注小微的互联网银行》 保交房工作配套政策有关情况，其中央行方面发布四项重大政策。 2024.04.25  在保交房的底线上，从供需两侧围绕“消化存量 ...

股 票 研 究 [Table_industryInfo] 基础化工 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 9] [评Tab级le_：Inv est] 增持 上次评级: 增持 政策边际放宽背景下，关注地产链品种的潜在涨价趋势 [细T分ab行le_业s评ub级In dustry] 行 ——基础化工行业周报 业 钟浩(分析师) 沈唯(分析师) 王瑞健(研究助理) 周 021-38038445 0755-23976795 021-38031022 报 zhonghao027638@gtjas.com shenwei024936@gtjas.com wangruijian028700@gtjas.co 证书编号 S0880522120008 S0880523080006 mS0 880123070136 本报告导读： 房贷政策边际放松，叠加美联储降息预期升温，关注相关产品的潜在涨价趋势。推荐 [相Ta关bl报e_告Do cReport] 处于估值底部的龙头白马，同时关注在先进制造方面与强链、补链相关的新材料标的。 《重点化工品价格每日跟踪数据库》 摘要： 20 ...

Investment Rating - The report maintains an "Overweight" rating for the lithium and cobalt industry [2][3]. Core Viewpoints - The lithium sector is experiencing increased supply, leading to downward pressure on lithium prices. The willingness of manufacturers to hold prices is weakening, while downstream material manufacturers are facing low-price purchasing opportunities, resulting in a decline in market transaction focus [3][8]. - The report highlights that the domestic lithium salt supply has significantly increased, with April's lithium carbonate production rising by 32% month-on-month. The average price of battery-grade lithium carbonate has decreased by 3.10% compared to the previous week [3][8]. - The cobalt sector is facing reduced purchasing willingness from downstream buyers, leading to a strong price-cutting mentality. Cobalt companies are extending their reach into the electric new energy downstream manufacturing sector, creating a cost advantage through integration [3][9]. Summary by Sections 1. Cycle Assessment - The lithium and cobalt industry maintains an "Overweight" rating. The lithium segment is seeing an increase in upstream lithium salt supply, with prices under pressure due to competitive dynamics among battery manufacturers [3][8]. - The report notes that the average price of battery-grade lithium carbonate is now between 104,000-110,000 CNY/ton, reflecting a 3.10% decrease from the previous week [3][8]. 2. Company and Industry Dynamics Tracking - Recent announcements include that Shengxin Lithium Energy has begun receiving lithium ore from the Sabi Star mine for production, with a planned annual output of 60,000 tons of lithium salt expected to commence in mid-2024 [10]. - The report mentions that the Inner Mongolia government has set a target for lithium concentrate production capacity to reach 50,000 tons/year by 2025, with a projected industry chain output value exceeding 200 billion CNY by 2030 [10]. 3. Key Data: New Energy Material Production, Imports and Exports, and Metal Prices - The report provides data showing that lithium carbonate production increased by 32% month-on-month and 43% year-on-year. The import volume of lithium carbonate rose by 64% month-on-month [19][23]. - The average price of lithium hydroxide (coarse particles) has decreased by 1.47% compared to the previous week, now ranging from 96,000 to 100,500 CNY/ton [3][9].

股 票 研 究 [Table_industryInfo] 公用事业 [ Table_Main[ 2IT 0naf 2bo 4l]e . _ 0T 5i .t 1le 8] [评Tab级le_：Inv est] 增持 上次评级: 增持 用电增速放缓，火电维持低增 [细Ta分bl行e_s业ub评In级du stry] ——公用事业行业周报（2024.5.13-2024.5.17） 行 业 于鸿光(分析师) 孙辉贤(研究助理) 汪玥(研究助理) 周 021-38031730 021-38038670 021-38031030 yuhongguang025906@gtjas.c sunhuixian026739@gtjas.co wangyue028681@gtjas.com 报 证书编号 o Sm 08 80522020001 m S0 880122070052 S0880123070143 [Table_DocReport] 本报告导读： 相关报告 2024 年 4 月电量增速放缓或受基数效应扰动；水电增速加快，风光增速分化，火电 《电量增速放缓，水电增速加快》 2024.05.18 维持低增。 《理解电能需求： ...

股 票 研 究 [Table_industryInfo] 有色金属 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 8] [评Tab级le_：Inv est] 增持 上次评级： 增持 内需复苏预期升温，地产链再迎机遇 [细Ta分bl行e_业su评bI级nd ustry] 行 ——工业金属周报 业 于嘉懿(分析师) 兰洋(研究助理) 更 021-38038404 021-38031027 新 yujiayi@gtjas.com lanyang028684@gtjas.com 证书编号 S0880522080001 S0880123070158 本报告导读： 美国 4 月通胀增速环比回落，零售数据亦有走弱，而国内地产政策密集出台提振信 [相Ta关ble报_D告oc Report] 心，海外降息预期回升&国内预期企稳共同推涨工业金属价格。海外降息预期暂稳， 有色金属《降息预期博弈，或加剧价格波 动》 市场边际关注转向国内，地产需求复苏预期升温，地产链相关品种或再迎机遇。 2024.05.12 摘要： 有色金属《【国君有色】工业金属周度数据 [T abl周e_期Su ...

股 票 研 究 [Table_industryInfo] 家居 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 8] [评Tab级le_：Inv est] 增持 上次评级： 增持 短期扰动不改复苏向好趋势 [细Ta分bl行e_业su评bI级nd ustry] 行 ——家居行业 2023 年及 2024 年一季报综述 业 刘佳昆(分析师) 毛宇翔(研究助理) 王佳(分析师) 更 021-38038184 0755-23976668 010-83939781 新 liujiakun029641@gtjas.com maoyuxiang029547@gtjas.co wangjia025750@gtjas.com 证书编号 S0880524040004 Sm0 880124030007 S0880524010001 本报告导读： 家居板块业绩分化，龙头多元发展彰显更强渠道运营水平和盈利能力，预计伴随地产 [相Ta关ble报_D告oc Report] 政策效果逐步释放，板块有望持续复苏。 家居《关注核心资产的基本面改善和投资 摘要： 性价比》 2024.05.06 [ ...

股 票 研 究 [Table_industryInfo] 贵金属 [ Table_Main[2TI 0na2fbo 4le] . _0T5i.t1le8] [评Tab级le_：Inv est] 增持 上次评级： 增持 内需强化全球滞涨，贵金属长牛持续 行 ——贵金属周报 业 于嘉懿(分析师) 刘小华(分析师) 更 021-38038404 021-38038434 新 yujiayi@gtjas.com liuxiaohua027843@gtjas.com 证书编号 S0880522080001 S0880523120003 [Table_DocRepo相rt关] 报告 本报告导读： 贵金属《软着陆难度加大，金价主升延 美国4月CPI数据显示通胀有所缓解，且零售销售数据疲软，市场降息预期升温，推 续》 2024.05.12、 动贵金属价格上行。然美联储官员近期接连发表鹰派观点，表示降息还需等待“高利 率抑制通胀”的更多证据。但美国经济韧性正在减退，高利率维持过长时间，令经济 软着陆难度增大、甚至激化危机暴露，此背景下，金银也将有亮眼表现。 0517收盘价 周涨跌 摘要： （元/克，元/千克 [T abl周e ...