高盛：阿里巴巴-TechNet China 2025-云业务持续加速；淘宝天猫客户管理收入稳健增长；买入
高盛·2025-05-25 14:09
23 May 2025 | 5:31PM HKT Alibaba Group (BABA): TechNet China 2025 — Key Takeaways: Continued cloud acceleration; healthy Taobao-Tmall CMR growth; Buy We hosted Alibaba's Investor Relations team at our GS TechNet China in Shanghai. Key investor focuses/topics discussed include: 1) Cloud: Strong visibility in revenue acceleration on the back of AI computing demand (strong growth in inference, MaaS, and AI agent in the long-term), with unchanged AI capex target of Rmb380bn through its one cloud multiple chips ...