Zhi Tong Cai Jing·2025-11-26 13:00Group 1 - The core viewpoint of the report is that 招银国际 has lowered Alibaba's (BABA.US) target price by 1.4% to $206.4 while maintaining a "Buy" rating, indicating continued optimism about the company's prospects in the artificial intelligence sector [1] - Alibaba's cloud business revenue grew by 34% in the second fiscal quarter, surpassing both the bank's and market expectations, suggesting strong customer demand that is likely to support high revenue growth in the coming quarters [1] - For the third fiscal quarter, management anticipates some fluctuations in Customer Management Revenue (CMR) due to a high base effect, but the bank believes the plan to significantly reduce losses in the instant retail business aligns with market expectations, although there may still be concerns regarding the progress of synergies from this business [1]