中信证券：维持阿里巴巴(09988,BABA.US)“买入”评级 目标价234港元

Core Viewpoint - Citic Securities reports that Alibaba (09988, BABA.US) demonstrated robust operational performance in Q4 2025, with AI deeply integrated across all scenarios, showcasing sustained growth resilience [1] Group 1: Business Performance - The gaming segment continues to drive growth through a dual strategy of "classic IP long-term operation + new game global expansion" [1] - AI technology is embedded throughout the research, gameplay, and operational processes, enhancing efficiency and player engagement [1] Group 2: Non-Gaming Business - The non-gaming business shows differentiation, with Youdao's AI-native strategy yielding significant results [1] Group 3: Future Outlook - The company has a strong pipeline with high-quality titles such as "Forgotten Sea" and "Infinite" [1] - The synergistic advantages of globalization, multi-platform, and AI integration highlight the long-term growth potential [1] Group 4: Investment Rating - Citic Securities maintains a "Buy" rating, projecting a 2026 Non-GAAP PE of 16x, corresponding to a target price of $150 per ADR and HKD 234 per share [1]