阿里巴巴集团（BABA）：买入核心商业收入前景改善

Alibaba Group (BABA US) Buy: Improved outlook on CMR CMR monetization is going strong, accelerating to 12% in the March quarter (from 9% in December), beating expectations. We raise our FY26 CMR estimate to 8% (from 7%) as we think this trajectory has room to go as BABA continues to lift service fee exemptions to SMEs and further roll out the full-platform ad tool in coming quarters. We are confident that cloud revenue can continue to accelerate to meet our 20% y-o-y growth in FY26e. Robust AI demand has li ...