Group 1 - The core viewpoint of the report is that Alibaba's traditional e-commerce has a strong advantage and is expected to maintain market share stability, while its cloud business has significant growth potential driven by AI [1] - The adjusted net profit estimates for Alibaba for FY2026-2028 are projected to be 107.9 billion, 149.4 billion, and 175.8 billion RMB, with corresponding adjusted PE ratios of 24.8, 17.9, and 15.2 times [1] - The target market capitalization is set at 3.36 trillion RMB, with a target price of 192.48 HKD, and the report initiates coverage with a "Buy" rating [1] Group 2 - Alibaba's entry into instant retail through food delivery has led to a recovery in user activity, with DAU increasing by 3% to 19% from May to October [2] - The order volume peaked at 120 million in July, with market share in the mainstream food delivery sector rising from 29.4% in Q4 2024 to 42.8% in Q3 2025 [2] - The number of delivery personnel increased by over 240% from April to August 2025, indicating improved fulfillment capabilities [2] Group 3 - Alibaba Cloud is recognized as a "full-stack AI company," pursuing top-tier self-research capabilities in AI chips, cloud computing platforms, and foundational large model capabilities [3] - The cloud service operates in 29 public cloud regions and 92 availability zones globally, with over 3,200 edge nodes [3] - Alibaba's annual capital expenditure exceeds 100 billion RMB, with significant advancements in its Qwen series large models and leading technology in its PPU chip [3]

【 导读 】饿了么正式更名为"淘宝闪购" 中国基金报记者 曹雯璟 经过过去半年快速增长后，站在全新市场格局下的淘宝闪购，迈出新阶段的重要步伐。 12月5日上午，淘宝闪购官方正式宣布：即日起"饿了么"App在更新至最新版本后将全面焕新为"淘宝闪购"。 淘宝闪购 方面向记者 表示 ：" 更新是为了更好，更好也激励我们常新。 " 这是饿了么多年沉淀的服务和履约能力、产品技术、用户信任 与组织韧性的全面检验和焕新升级，由此将更深度融入阿里集团 " 大消费平台 " 战略，释放更大价值，在服务用户、商家、骑士的道路上 迈出更关键的一步。 从"蓝"到"橙",更新是为了更好,更好也激励我们常新。 未来,我们会继续守护好每个即时送达的需求,更将继续 带来更丰富的商品选择、更惊喜的优惠权益。不断让每一 位新老朋友,都体验到更多更新更好的服务。 淘宝闪购, 与你一起继续SHINE GO! 过去这些年,"饿了么"这个名字,有幸出现在很多人生活里 很珍贵的瞬间: 大学宿舍楼口的午餐, 清晨通勤中的飘香 咖啡, 加班格子间的宵夜, 世界杯中的炸鸡啤酒, 办公室庆 生的蛋糕,求婚餐厅里的鲜花,宝宝深夜应急的退烧药, 猜 答案免单的快乐 . ...

Group 1 - The core viewpoint of the article is the rebranding of the "Ele.me" app to "Taobao Flash Purchase," indicating a strategic shift towards instant retail and deeper integration with Taobao's traffic [1][2]. - The rebranding is part of a broader strategy to transform Ele.me from an independent food delivery platform to a foundational facility for instant retail, aiming to achieve the goal of "30-minute delivery for everything" [2]. - Taobao Flash Purchase was upgraded from Taobao's "Hourly Delivery" in April 2023, with Ele.me providing supply, logistics, and technical support for this initiative [2]. Group 2 - The full rebranding of the Ele.me app is seen as a significant signal of Alibaba Group's continued investment in the consumer and service e-commerce sectors [2].

【阿里加码对即时零售长期投入新信号：饿了么App正式焕新为淘宝闪购】智通财经12月5日电，经过 过去半年快速增长后，站在全新市场格局下的淘宝闪购，迈出新阶段的重要步伐。12月5日上午，其官 方正式宣布：即日起"饿了么"App在更新至最新版本后将全面焕新为 "淘宝闪购"。 "更新是为了更好， 更好也激励我们常新。"淘宝闪购表示，"这是饿了么多年沉淀的服务和履约能力、产品技术、用户信任 与组织韧性的全面检验和焕新升级，由此将更深度融入阿里集团'大消费平台'战略，释放更大价值，在 服务用户、商家、骑士的道路上迈出更关键的一步。" 在近期财报电话会上，阿里巴巴管理层强调：淘 宝闪购在第一阶段完成了规模的快速扩张，第二阶段的经济效益优化符合预期，这为外卖业务长期可持 续发展奠定了基础，也增加了在即时零售长期投入的决心。 转自：智通财经 ...

东方甄选的野心不止是做"线上山姆"了。 近期，东方甄选正在招聘北京首家旗舰店的店长，优先有"餐饮+零售"复合业态管理经验的人才，薪资待遇15-30k。 这家旗舰店位于北京中关村，面积在400平方米左右，除了生鲜、零食、日百等便利店商品，还涵盖简餐和咖啡饮品区。 继董宇辉、孙东旭离职后，东方甄选终于走向线下，这家首店将是俞敏洪口中未来全国百家门店的第一步试点。 过去两年，东方甄选持续在供应链和品牌心智上做重投入，自营品占比提升、付费会员体系建立，但线上流量的天花板越来越清晰。要从直播电商转向新 零售品牌，线下门店是它必须补上的一块拼图。 此前，俞敏洪表示希望依托800个新东方地面教学点探索出一个线上线下相结合的模式，和全国新东方合作开设地面服务店、会员店、旗舰店。 那么，东方甄选的品牌力和用户黏性，能否支撑起一个真正意义上的零售业态？ 一、不得不走的一步棋 东方甄选迈出线下旗舰店这一步，是渠道延伸，又不只是渠道延伸。这是东方甄选在多重压力之下的一次战略调整。 布局线下的最直接推力，是线上流量生态发生了根本性逆转。 众所周知，东方甄选从抖音起家，到现在，抖音仍然是东方甄选的基本盘。但是随着直播电商模式的常态化、东 ...

Core Insights - The e-commerce landscape in November 2025 saw significant developments across various sectors, including digital retail, cross-border e-commerce, and logistics technology, as highlighted by the NetEase Research Center [1][4]. E-commerce Developments - The "Double 11" shopping festival showcased a shift towards rational consumption, with major platforms like Taobao, Meituan, and JD.com focusing on physical convenience stores as new battlegrounds [27]. - JD.com reported a 24.7% year-on-year increase in active users during the "Double 11" period, indicating strong consumer engagement [4]. - The total sales during the "Double 11" event reached 1.695 trillion yuan, with nearly 600 brands achieving over 100 million yuan in sales [4]. Cross-border E-commerce - Douyin's e-commerce GMV is projected to exceed 4 trillion yuan for the year, surpassing JD.com and closely approaching Pinduoduo and Meituan [14][15]. - A global tightening of cross-border tax policies is reshaping the industry, as many countries are eliminating or significantly reducing tax exemptions for small packages [20]. Logistics and Technology - The logistics sector processed approximately 139.38 billion packages during the "Double 11" period, setting a new record for daily processing volume [37]. - JD Logistics has enhanced its logistics capabilities in preparation for the Black Friday sales, with a significant increase in goods stored in overseas warehouses [38]. Regulatory Changes - New regulations targeting "ghost stores" and trademark infringement are being implemented to improve the online shopping environment and protect consumer rights [12]. - The Chinese government has initiated a one-year suspension of trade sanctions between the U.S. and China, which may impact e-commerce dynamics [19]. Company Performance - JD Industrial reported a revenue of 14.1 billion yuan over eight months, reflecting an 18.9% year-on-year growth [33]. - Alibaba Cloud's revenue grew by 34% year-on-year to 39.824 billion yuan, driven by strong demand for AI-related products [35].

Investment Rating - The report assigns a "Buy" rating for Alibaba Group, with a target market value of 3.36 trillion RMB and a target price of 192.48 HKD for FY2026 [5]. Core Insights - Alibaba has restructured its organization to focus on "e-commerce, cloud + AI," enhancing resource allocation and competitive response [2][25]. - The company is actively participating in the instant retail market, which is expected to exceed 2 trillion RMB by 2030, thus defending its market share [16]. - Alibaba Cloud is positioned as a top-tier player in AI and cloud computing, with significant investments in self-developed capabilities [4]. Summary by Sections Company Overview - Alibaba Group is a leading global e-commerce and internet technology group that has recently restructured its business into four main segments: China E-commerce Group, International Digital Commerce Group, Cloud Intelligence Group, and Others [2]. Investment Logic - Instant retail is crucial for maintaining e-commerce traffic advantages, with a notable increase in daily active users (DAU) and order volumes since May [3]. - The company has seen a significant rise in order volume, with peak orders reaching 120 million in July, and a substantial increase in market share in the food delivery sector [3][19]. - Alibaba's investment in user experience (UE) is expected to improve as scale and efficiency increase, with current losses narrowing significantly [3]. Financial Forecasts, Valuation, and Rating - The adjusted net profit forecasts for FY2026-2028 are 107.9 billion, 149.4 billion, and 175.8 billion RMB, respectively, with corresponding adjusted P/E ratios of 24.8, 17.9, and 15.2 [5]. - The e-commerce business (excluding instant retail) is valued at 11 times earnings, while the cloud business is valued at 7 times sales [5]. - The report anticipates stable market share for Alibaba's traditional e-commerce business and significant growth potential for its cloud services driven by AI [5]. Additional Insights - The report highlights the competitive landscape in the instant retail market, with Alibaba's aggressive strategies to boost user engagement and order fulfillment capabilities [19][39]. - Alibaba's cash reserves are the highest among competitors, providing a strong foundation for sustaining long-term investments in the instant retail sector [51][52]. - The introduction of the "High De" street ranking by Amap aims to synergize online and offline services, indicating potential growth in the in-store business [58].

随着消费者购物需求的变化和数字化浪潮的加速，即时零售作为连接线上线下、缩短时空距离的新兴业 态，已成为运动品牌深化全渠道布局的关键赛道。近日，中国领先的体育用品品牌361°宣布全面上线淘 宝闪购业务，历经精心筹备，现已完成千店同步入驻，首批业务率先落地重庆，为山城消费者带来"线 上下单、极速送达"的全新运动消费体验。后续北京、上海、广州等热门城市也将陆续解锁，让便捷运 动生活覆盖全国，消费者无需奔波门店比价，在淘宝闪购即可一键锁定专柜正品，享受与线下同等的品 质保障。 全渠道战略驱动增长：线上线下一体化激活新动能 "千店入驻是起点，全国覆盖是目标。" 作为深耕运动领域的国货标杆，361°始终以用户需求为导向， 积极拥抱数字化转型升级。此次淘宝闪购业务的启动，是品牌布局即时零售赛道、推动渠道建设创新的 又一重要举措，也将进一步巩固集团电商业务的强劲增长势头。 未来，361°将持续深化与平台的合作，加速推进全国热门城市的上线进程，让更多消费者感受国货运动 品牌的科技实力与便捷服务。同时，不断优化线上线下一体化体验，实现商品、库存、会员体系的全面 打通，为用户提供从选购、下单到售后的全链路优质服务，让运动融入生活的 ...

与此同时，国产算力持续发展。AI芯片层面，虽然仍存在性能差距，但在中国互联网公司持续的自研 投入，以及内地GPU厂商的发展推动下，性能正快速提升。系统层面，也看到积极进展，尤其是通 过"超节点"技术的采用，"超节点"技术通过扩大单机柜的GPU数量，在一定程度上弥补国产单颗GPU的 差距，实现机柜级上更好的算力表现。大模型算法层面，内地大模型开发者正在针对国产GPU进行算法 优化。 智通财经APP获悉，瑞银投资银行中国互联网行业研究主管方锦聪表示，今年中国互联网行业整体较为 有利的市场情绪推动了估值倍数提升；DeepSeek横空出世，让投资者对此板块的情绪转好；中国股票 今年开始追落后；从估值方面来看，主要互联网公司估值倍数仍然扩大约58%，至约17倍的调整后市盈 率，对应2024至2026年约10%的调整后每股盈利预测(EPS)复合增速，相较之下，美国"科技七巨头"估 值约31倍，对应18%的EPS复合增速。不难看出，中国互联网股价相对便宜。 方锦聪指，中国互联网行业展现出两大趋势。第一大趋势是，中国的互联网大厂正积极提升资本开支， 加大人工智能(AI)领域的投入。地缘不确定性让投资者担心芯片供给是否会影响中 ...

新浪科技讯 12月4日下午消息，运动品牌361°正式接入淘宝闪购。首批业务率先落地重庆，北京、上 海、广州、济南等160个城市，共1500家门店将陆续上线淘宝闪购。 新浪科技讯 12月4日下午消息，运动品牌361°正式接入淘宝闪购。首批业务率先落地重庆，北京、上 海、广州、济南等160个城市，共1500家门店将陆续上线淘宝闪购。 目前，361°接入闪购的商品已实现多品类覆盖，如年度重磅跑鞋单品飞燃4.5、应对秋冬雨水天气的防 泼水 "雨屏系列" 跑鞋等当季爆款，以及基础款鞋服、配件、及儿童产品。 "淘宝拥有庞大的电商购物流量，用户在浏览体育用品、参与平台大促或观看直播时，即时消费需求的 转化更高，有望带来显著的零售增量增长。同时对品牌的供应链和运营能力提出了更高要求。"361°品 牌新零售总监表示。 阿里巴巴9月季度财报显示，截至10月31日，约3500个天猫品牌将其线下门店接入淘宝闪购。在协同效 应下，天猫双11期间，淘宝App实现消费者同比双位数增长，天猫品牌即时零售日均订单环比9月增长 198%。 责任编辑：何俊熹 目前，361°接入闪购的商品已实现多品类覆盖，如年度重磅跑鞋单品飞燃4.5、应对秋冬雨水 ...