机构：阿里巴巴利润率应会逐步回升

Core Viewpoint - Analysts from Daiwa Capital Markets predict that Alibaba's performance for the third fiscal quarter of 2026 may be lackluster, but profit margins are expected to gradually improve as investments in the highly competitive instant delivery sector slow down [1] E-commerce Business - Analysts maintain a cautiously optimistic outlook on Alibaba's core e-commerce business, which faces challenges from high base effects and competition [1] Cloud Business - Daiwa forecasts a significant increase in Alibaba's cloud business revenue, projecting a 36% rise [1] Financial Projections - The firm estimates that quarterly customer management revenue will grow by 3.5% year-on-year, while non-GAAP net profit is expected to decline by 45% [1] Investment Rating - Daiwa maintains a "Buy" rating on Alibaba's H-shares with a target price of HKD 206, highlighting that Alibaba is the only publicly listed company in China with full-stack AI capabilities [1]