大行评级丨海通国际：首予阿里“优于大市”评级 憧憬公司进入AI引领的复苏阶段

Core Viewpoint - Haitong International has initiated coverage on Alibaba's H-shares with an "Outperform" rating, setting a target price of HKD 200, which corresponds to a non-GAAP P/E ratio of approximately 28 times for the fiscal year 2026 and about 20 times for fiscal year 2027 [1] Group 1 - The report anticipates that Alibaba is entering a recovery phase driven by AI, with overall revenue growth expected to accelerate [1]