阿里港股涨超18%，云和AI业务持续增长，芯片有“后备方案”

Core Viewpoint - Alibaba's stock price surged by 18.50% to HKD 137.1 per share following the release of its latest financial report, which, despite a decline in net profit, highlighted strong performance in its core business segments, particularly cloud services and instant retail [1][3]. Financial Performance - Alibaba's Q2 Non-GAAP net profit decreased by 18% year-on-year, but cloud business revenue grew by 26%, reaching a three-year high [3][5]. - The total revenue for Alibaba's China e-commerce group was RMB 127.67 billion, reflecting a 10% year-on-year increase, while the international digital commerce group reported a revenue of RMB 29.29 billion, up 19% [4]. - Cloud computing revenue was RMB 33.398 billion, marking a 26% increase compared to the previous year, significantly accelerating from the 18% growth in the prior quarter [5]. AI and Cloud Business - AI-related product revenue has maintained triple-digit growth for eight consecutive quarters, contributing over 20% to external commercial revenue [6]. - Alibaba plans to invest over RMB 380 billion in cloud and AI hardware infrastructure over the next three years, with over RMB 100 billion already spent on AI infrastructure and product development in the past four quarters [6]. - The company has established a backup plan for AI chip supply, ensuring a diversified supply chain to mitigate risks associated with global supply chain fluctuations [6]. Market Outlook - CICC's latest report indicates that Alibaba's cloud computing capital expenditure is on the rise, with accelerated revenue growth. The target price for Alibaba's stock has been raised to HKD 147, reflecting a 27% upside potential [6]. - CITIC's report suggests that Alibaba's investments in consumer platforms and AI will drive the stock into a new upward cycle, with target prices set at USD 167 for US ADRs and HKD 172 for Hong Kong shares [7].