BABA(US:BABA) Ping An Securities·2025-12-01 04:59Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - Alibaba's Q2 FY2026 report shows significant growth in capital expenditure and AI-related product revenue, with a 80.1% year-on-year increase in capital expenditure to 31.5 billion yuan [2][7] - The AI-related product revenue continues to demonstrate strong momentum, achieving a triple-digit year-on-year growth for another quarter [6] - The competitive landscape in the global AI large model sector remains intense, driving the adoption and application of large models, which will boost the AI computing power market [21] Summary by Sections Industry News and Commentary - Alibaba's Q2 FY2026 report indicates a revenue of 247.8 billion yuan, a 5% year-on-year increase, with a 15% increase when excluding disposed businesses [5] - The cloud intelligence business of Alibaba shows robust growth, with revenue reaching 39.8 billion yuan, a year-on-year growth of 34% [5][6] - Kuaishou's new multimodal model Keye-VL-671B-A37B has been released, showcasing superior performance in various benchmarks, which is expected to enhance the application of domestic large models [10][13] Weekly Market Review - The computer industry index rose by 3.08%, outperforming the CSI 300 index by 1.44 percentage points [15] - As of the last trading day of the week, the overall P/E ratio for the computer industry was 54.2 times, with 304 out of 360 A-share component stocks rising [18] Investment Recommendations - The report recommends focusing on AI-related investment opportunities, particularly in AI computing power and algorithms [21] - Specific stock recommendations include HaiGuang Information, Industrial Fulian, Inspur Information, and others in the AI computing power sector, as well as strong recommendations for companies like Hengsheng Electronics and Zhongke Chuangda in AI algorithms and applications [21]