Xin Lang Cai Jing·2026-01-14 02:57Core Viewpoint - Alibaba's stock price increased by 4.38% to HKD 166.90, with a trading volume of HKD 15.029 billion, indicating positive market sentiment towards the company following a report from CICC [1] Group 1: Financial Performance - Alibaba Cloud's revenue for Q3 FY26 accelerated year-on-year growth to 36%, with external revenue increasing by 32%, reflecting strong performance in the cloud computing segment [1] - The company's e-commerce CMR growth slowed to 2%, while flash sales EBITA losses narrowed to HKD 24 billion, indicating pressure on overall profitability but a clear strategic investment rhythm [1] Group 2: Strategic Initiatives - CICC highlighted that Alibaba is significantly increasing its capital expenditure budget, focusing on self-developed core hardware and leveraging a global infrastructure network with 29 regions and 92 availability zones for scalable deployment [1] - The forecast for Alibaba Cloud's revenue suggests a compound annual growth rate (CAGR) exceeding 30% over the next three years, driven by ongoing investments in AI infrastructure [1] Group 3: Investment Outlook - CICC maintains a "Buy" rating for Alibaba, emphasizing the long-term growth potential driven by the dual engines of "consumption + AI" [1]