Zhi Tong Cai Jing·2025-11-18 07:24Group 1 - The core viewpoint of the report is that Alibaba's strong execution, business synergy, and comprehensive technology product system position it as a key beneficiary in the AI sector, reaffirming it as a preferred stock with a "buy" rating [1] - Alibaba has launched its flagship AI application "Qianwen APP," which serves as its official AI assistant, featuring dialogue Q&A, intelligent writing, and multi-modal camera functions, providing a competitive advantage over ChatGPT's third-party application integration [1] - According to Omdia, the AI cloud market in China reached 22.3 billion RMB in the first half of this year, with Alibaba holding a 35.8% market share, indicating that new consumer initiatives will drive long-term revenue growth [1] Group 2 - Alibaba is set to announce its Q2 2026 earnings on November 25, with expectations of a 3.6% year-on-year revenue growth, primarily driven by incremental contributions from instant retail [2] - Customer management revenue (CMR) is projected to grow by 10% year-on-year, remaining consistent with the previous quarter [2] - Instant retail revenue is expected to reach 26.9 billion RMB, reflecting an 83% year-on-year increase, while cloud and international e-commerce businesses are anticipated to grow by 26% and 19% year-on-year, respectively [2] - The adjusted EBITDA for the group is expected to decline by 61% year-on-year to 15.9 billion RMB, with non-GAAP net profit projected to decrease by 54% to 16.8 billion RMB [2]