智通财经网·2026-01-09 07:05Group 1 - Morgan Stanley maintains an optimistic outlook on Alibaba's (09988) trading prospects for the next 6 to 12 months, recommending to overweight the stock as it is expected to overcome short-term profit pressures [1] - The target price for Alibaba's US stock is lowered from $230 to $215, based on a 16x price-to-earnings ratio for the fiscal year 2028, while the Hong Kong target price is adjusted from HKD 225 to HKD 210 [1] - Despite short-term profit margin pressures due to increased investments in food delivery, instant retail, and generative AI applications, these negative factors are gradually being understood by the market, with investment pace largely dependent on management's self-regulation [1] Group 2 - Earnings per share forecasts for Alibaba for 2027 and 2028 are reduced by 15% and 7% respectively, reflecting increased investment in user acquisition for food delivery, instant retail, and generative AI applications, alongside weakened monetization capabilities in the domestic e-commerce sector due to soft consumer demand [2] - It is anticipated that profit margins may have further downside potential in the coming quarters as these adverse factors continue to unfold, leading to a more differentiated and potentially volatile trading style [2]