Zhi Tong Cai Jing·2025-09-29 06:08Group 1 - The core viewpoint of the report is that Guosen Securities maintains an "outperform" rating for Alibaba Group (09988) and slightly raises revenue and profit forecasts for the fiscal years 2026-2028, reflecting a more optimistic outlook on cloud revenue growth, with projected revenues of 1,066.1 billion, 1,188.8 billion, and 1,301.4 billion yuan, and adjusted net profits of 126.7 billion, 167.2 billion, and 196.0 billion yuan respectively [1][2] Group 2 - At the Cloud Summit, Alibaba's CEO discussed three stages of AI development: intelligent emergence, autonomous action, and self-iteration, predicting that AI will evolve towards super artificial intelligence (ASI) and positioning Alibaba Cloud as a full-stack AI service provider [1][2] - Alibaba introduced several new models at the conference, including Qwen3-Max, which ranks third globally, and the next-generation Qwen model architecture, Qwen3-Next, showcasing its comprehensive AI technology capabilities from hardware to AI platform services [2] - The company plans to accelerate its international expansion by establishing data centers in Brazil, France, and the Netherlands, while also expanding operations in Mexico, Japan, South Korea, Malaysia, and Dubai [2] - The commitment to achieving the ultimate goal of ASI is evident, with a projected tenfold increase in energy consumption by 2032 indicating sustained capital expenditure (CAPEX) investments, which will open up growth opportunities in AI-related revenues [2] - The comprehensive self-developed AI capabilities across infrastructure, including chips, servers, and networks, suggest that Alibaba Cloud's market share will continue to grow, and the increase in overseas operations is expected to improve profit margins in the long term [2]