Zhi Tong Cai Jing·2025-09-12 02:19Core Viewpoint - CITIC Securities has issued a "buy" rating for Alibaba-W (09988), highlighting the company's significant financial advantages and the expectation of a duopoly competition landscape in the medium term [1] Group 1: Financial Projections - The firm anticipates that Alibaba's dual-mode development across all categories could contribute an additional 1 trillion GMV from FY2026 to FY2028 [1] - With an emphasis on improving efficiency after scaling, the company expects stable profitability from its flash purchase business to reach 18.3 billion [1] - In an optimistic valuation scenario, the potential market value increase for Alibaba by 2026 could be nearly 200 billion [1] Group 2: Strategic Developments - Since February 2025, the three major platforms have upgraded their layouts, entering the instant retail sector through food delivery [1] - The food delivery business serves as a high-frequency necessity, effectively driving local life and e-commerce operations, positioning the platform to capture future retail competition [1] - Alibaba's "One Taobao" strategy has been upgraded, with organizational adjustments and comprehensive integration of member benefits [1] Group 3: Market Positioning - The launch of the flash purchase service has significantly improved user acquisition and retention, leveraging the advantages of e-commerce merchants in differentiated competition across clothing, electronics, and beauty sectors [1] - The rapid replenishment of delivery personnel enhances operational capacity [1]