阿里涨超18%，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 highlighted strong performance in its core business despite a decline in net profit [1][4]. Financial Performance - Alibaba's Q2 Non-GAAP net profit decreased by 18% year-on-year, but its core business showed resilience with cloud revenue growing by 26%, reaching a three-year high [4][6]. - 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 total revenue of RMB 29.29 billion, also up by 19% [5]. Cloud Business Highlights - Alibaba Cloud's revenue reached RMB 33.398 billion, marking a 26% year-on-year increase, significantly accelerating from the previous quarter's 18% growth [6]. - AI-related product revenue has maintained triple-digit growth for eight consecutive quarters, contributing over 20% to external commercial revenue [7]. Investment and Future Outlook - 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 [7]. - Analysts from CICC and CITIC have raised their target prices for Alibaba's stock, indicating a potential upside of 27% and suggesting that the company's investments in consumer platforms and AI will drive a new upward cycle for its stock price [8].