加大投入核心业务，阿里持续进击

Core Viewpoint - Alibaba is at a pivotal moment in 2025, with significant opportunities arising from the convergence of AI and large-scale consumption, leading to renewed attention from the capital markets [1]. Financial Performance - In Q2 of FY2026, Alibaba reported revenues of 247.795 billion yuan, exceeding market expectations, with a year-on-year growth of 15% after excluding the impact of divested businesses [2]. - The cloud computing segment, driven by AI, saw a remarkable revenue growth of 34%, with AI-related product revenues achieving triple-digit growth for the ninth consecutive quarter [2]. - Adjusted net profit for the quarter was 10.352 billion yuan, reflecting a 72% year-on-year decline, as the company invests heavily in future growth [3]. Strategic Investments - Alibaba's management is committed to maintaining high-intensity strategic investments in AI and large consumption, aiming to seize future growth opportunities [3]. - The company plans to enhance its AI and cloud infrastructure investments, with capital expenditures reaching 31.5 billion yuan in Q3 and approximately 120 billion yuan over the past four quarters [7]. - Goldman Sachs projects Alibaba's total capital expenditures from FY2026 to FY2028 to reach 460 billion yuan, significantly higher than the previously set target of 380 billion yuan [8]. AI Development - Alibaba's AI capabilities have gained widespread market recognition, with the self-developed Qwen model achieving global influence and surpassing competitors in open-source model downloads [9][11]. - The Qwen model has been adopted by significant projects, such as Singapore's national AI initiative, further solidifying its global presence [11]. - Alibaba Cloud's revenue from AI-related services grew by 34% to 39.824 billion yuan, driven by increased demand for AI-integrated cloud products [12]. Large Consumption Strategy - Alibaba launched the "Taobao Flash Sale" business in April, integrating various services to create a unified large consumption platform [18]. - By August, the new Taobao membership system was introduced, enhancing cross-business member benefits and achieving a peak of 1.2 billion daily orders for Taobao Flash Sale [22]. - The integration of online and offline services is expected to generate an additional 1 trillion yuan in transactions over the next three years [25]. Market Response - Alibaba's stock price has surged over 90% this year, with a market capitalization nearing 3 trillion HKD, reflecting investor confidence in the company's new strategic direction [5]. - The company's efforts in AI infrastructure and large consumption strategies have resulted in strong internal morale and positive market sentiment [30].