BABA(US:BABA) 硬AI·2025-09-01 08:49Core Viewpoint - Morgan Stanley has named Alibaba as "China's Best AI Enabler" and raised its target price for the company to $165, driven by strong growth in Alibaba Cloud and AI-related revenues [2][3]. Group 1: AI-Driven Cloud Business Acceleration - Alibaba Cloud achieved a 26% year-over-year growth in the first fiscal quarter, exceeding market expectations, supported by AI-related revenues that have seen triple-digit growth for eight consecutive quarters [6][7]. - AI-related revenues now account for over 20% of Alibaba Cloud's total revenue, placing it among the highest globally [6]. - The growth momentum for Alibaba Cloud is expected to continue, driven by strong industry demand, upgraded product offerings, and strategic partnerships with companies like SAP [6][7]. Group 2: Short-Term Pain from Instant E-commerce Investments - Alibaba is incurring significant short-term costs due to its investments in instant e-commerce, with estimated investments of approximately 110 billion RMB in the first fiscal quarter [9]. - The projected loss for the instant e-commerce segment in the second fiscal quarter has been revised from 20 billion RMB to 35 billion RMB, indicating a peak in investment [10]. - The total investment forecast for instant e-commerce for the current fiscal year has been increased from 50 billion RMB to 80 billion RMB, impacting profit forecasts for fiscal years 2026 and 2027 [11]. Group 3: Maintaining a Positive Long-Term Outlook - Despite short-term profit pressures, Morgan Stanley remains optimistic about Alibaba's long-term value, raising the valuation of its cloud business from $60 per share to $67 to reflect growth potential in the AI era [12]. - The revised target price of $165 indicates confidence in Alibaba's long-term profitability, supported by its position as a major player in capturing AI-related demand growth in China [12].