Zhi Tong Cai Jing·2025-09-25 02:37Group 1 - The core viewpoint of the report is that the target price for Alibaba-W (09988) has been raised from HKD 159 to HKD 195, maintaining a "Buy" rating [1] - The Alibaba Cloud Conference held on September 24 showcased multiple models, including Qwen3-Max, visual language model Qwen3-VL, and multimodal model Qwen3-Omni, highlighting breakthroughs in AI technology and ecosystem layout [1] - Alibaba is actively advancing its previously announced investment of RMB 380 billion in AI infrastructure and plans to increase investment, expecting a tenfold increase in global data center energy consumption by 2032 [1] Group 2 - The report suggests that Alibaba has established a comprehensive layout in chip computing power, applications, and services, which will accelerate the implementation of AI applications in China [1]