智通财经网·2025-09-23 06:48Core Viewpoint - CITIC Securities has issued a "buy" rating for Alibaba-W (09988), highlighting the company's strategic upgrades and potential for growth in the retail sector [1] Group 1: Business Strategy - Alibaba has upgraded its three major platform layouts since February 2025, entering the instant retail market through its food delivery service [1] - The food delivery business serves as a high-frequency traffic entry point, effectively driving local life and e-commerce operations, positioning the platform to capture future retail competition [1] - The "One Taobao" strategy has been upgraded, with organizational adjustments and comprehensive integration of member benefits [1] Group 2: Market Position and Competition - The launch of flash purchase services has significantly improved user acquisition and retention, with differentiated competition in categories such as apparel, electronics, and beauty products [1] - The rapid replenishment of delivery personnel enhances operational capacity [1] - The report anticipates a dual oligopoly market structure centered around Alibaba and Meituan, driven by a dual-model approach to develop a full range of services [1] Group 3: Financial Projections - The firm estimates that Alibaba could contribute an additional 1 trillion GMV from FY2026 to FY2028 [1] - With a focus on scaling and efficiency optimization, the flash purchase business is projected to achieve stable profitability contributing up to 18.3 billion yuan [1] - In an optimistic valuation scenario, the potential market value increase for Alibaba could reach nearly 200 billion yuan by 2026 [1]