Investment Rating - The report maintains a "Buy" rating for Alibaba Group (9988.HK) [8] Core Views - The traditional e-commerce sector shows signs of fatigue, while instant retail continues to see significant investment. The focus is on the growth potential under the "Cloud + AI + Chip" full-stack strategy [1][4] - For FY2026Q3, total revenue is expected to reach 291 billion RMB, reflecting a year-over-year growth of 4% and a quarter-over-quarter growth of 17%. Adjusted EBITA is projected to decline by 47% to 29.1 billion RMB, with an EBITA margin of 10% [4][7] - The Chinese e-commerce group is anticipated to generate revenue of 166 billion RMB, a 10% year-over-year increase, while the international digital commerce group is expected to see a 10% revenue growth to 41.6 billion RMB [4][7] Financial Metrics - The report forecasts total revenue for FY2026-2028 to be 1,036,353 million RMB, 1,132,746 million RMB, and 1,235,222 million RMB respectively, with net profit estimates of 108,660 million RMB, 116,635 million RMB, and 149,321 million RMB [6][7] - The diluted EPS is projected to be 5.6 RMB, 6.0 RMB, and 7.7 RMB for FY2026, FY2027, and FY2028 respectively, with corresponding P/E ratios of 25.8x, 24.1x, and 18.8x [6][8] - The report highlights a long-term optimistic outlook for cloud business growth, traditional e-commerce stability, and a reduction in losses for international e-commerce operations [7]

Market Overview - The internet e-commerce sector increased by 2.17% on February 3, with Huakai Yibai leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Huakai Yibai (300592) closed at 14.59, up 5.80% with a trading volume of 241,700 shares [1] - Kuaijingtong (002640) closed at 4.08, up 4.35% with a trading volume of 996,800 shares [1] - Yiwang Yichuang (300792) closed at 46.00, up 3.58% with a trading volume of 233,400 shares [1] - Other notable stocks include Saiwei Times (301381) at 23.16, up 3.49%, and Jihong Co. (002803) at 20.00, up 3.47% [1] Capital Flow - The internet e-commerce sector saw a net inflow of 76.06 million yuan from main funds, while retail funds experienced a net outflow of 23.19 million yuan [2] - Major stocks with significant capital inflow include Kuaijingtong with 43.10 million yuan and San Tai Co. (301558) with 31.94 million yuan [3] - Huakai Yibai had a net inflow of 21.57 million yuan, while Ji Hong Co. experienced a net inflow of 16.39 million yuan [3]

Market Overview - The internet e-commerce sector experienced a decline of 1.48% on February 2, with Saiwei Times leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers included: - Yiwang Yichuang (300792) with a closing price of 44.41, up 4.03% and a trading volume of 217,400 shares, totaling 9.53 billion yuan [1] - Xinxunda (300518) closed at 20.68, up 2.73% with a trading volume of 95,200 shares, totaling 1.99 billion yuan [1] - Kaichun Co. (301001) closed at 36.13, up 2.32% with a trading volume of 76,500 shares, totaling 2.78 billion yuan [1] - Major decliners included: - Saiwei Times (301381) closed at 22.38, down 3.74% with a trading volume of 55,400 shares, totaling 1.26 billion yuan [2] - Kuaijingtong (002640) closed at 3.91, down 3.69% with a trading volume of 595,200 shares, totaling 2.35 billion yuan [2] - Jiao Dian Technology (002315) closed at 50.05, down 3.66% with a trading volume of 63,800 shares, totaling 3.25 billion yuan [2] Capital Flow - The internet e-commerce sector saw a net outflow of 25.23 million yuan from institutional investors, while retail investors contributed a net inflow of 0.61 million yuan [2] - The capital flow for key stocks showed: - Yiwang Yichuang had a net inflow of 61.81 million yuan from institutional investors, but a net outflow of 65.86 million yuan from retail investors [3] - Xinxunda experienced a net inflow of 12.76 million yuan from institutional investors, with a net outflow of 0.35 million yuan from retail investors [3] - Kaichun Co. had a net inflow of 11.32 million yuan from institutional investors, but a net outflow of 22.36 million yuan from retail investors [3]

申万宏源2026年第一期十大金股组合表现亮眼，1月单月整体上涨16.89%。 其中7只A股平均涨幅17.37%，分别跑赢上证综指、沪深300指数13.61、15.72个百分点。 3只港股平均涨幅15.77%，跑赢恒生指数8.92个百分点。 【华鲁恒升】：国内化工品 "反内卷"政策陆续出台，行业格局确定性优化；低成本核心优势不断巩固，未来规划 清晰，成长路径确定性高，有望实现量价齐升。 2月申万宏源十大金股 首推 "铁三角"： 【贵州茅台】：市场化改革理顺产品、价格、渠道体系，夯实底 申万宏源2026年第一期十大金股组合表现亮眼，1月单月整体上涨16.89%。 其中7只A股平均涨幅17.37%，分别跑赢上证综指、沪深300指数13.61、15.72个百分点。 3只港股平均涨幅15.77%，跑赢恒生指数8.92个百分点。 2月申万宏源十大金股 首推 "铁三角"： 【贵州茅台】：市场化改革理顺产品、价格、渠道体系，夯实底部并打开长期成长空间。 春节临近且 i茅台拓宽消费者触达，动销有望超预期。 【帝尔激光】：公司在主业光伏领域保持较强竞争力，新技术升级提升价值量；先进封装 / 半导体等非光伏业务 迎放量拐点，优化盈 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The report anticipates that Alibaba's cloud business will accelerate growth in FY26Q3, while e-commerce growth may slow down [5] - Total revenue for FY26Q3 is expected to reach 288.1 billion RMB, representing a year-on-year growth of 3% [5] - Adjusted EBITA margin is projected to be 11%, with adjusted EBITA declining by 43% to 31 billion RMB, primarily due to ongoing investments in the Taobao Flash Sale business [5] Financial Forecasts - For the Chinese e-commerce group, revenue is expected to be 164.3 billion RMB, with an adjusted EBITA margin of 23% [5] - The international digital commerce group is projected to generate revenue of 40.8 billion RMB, with an adjusted EBITA margin of -5% [5] - The cloud intelligence group is expected to achieve revenue of 42.9 billion RMB, with an adjusted EBITA margin of 9% [5][6] Business Segment Analysis - The Chinese e-commerce group is facing growth pressure due to a high base effect and overall industry slowdown, with revenue expected to grow by only 3% [7] - The company aims to become the market leader in the Taobao Flash Sale segment, with significant investments planned to achieve this goal [7] - The international digital commerce group is focusing on key regions to enhance operational efficiency, with revenue expected to grow by 8% [8] Profitability and Valuation - The forecasted net profit for FY2026 is 116.1 billion RMB, with a year-on-year decline of 11% [8] - The projected PE ratios for FY2026, FY2027, and FY2028 are 25, 23, and 17 times, respectively [8] - The report highlights a focus on e-commerce and cloud business segments, with the company maintaining a "Buy" rating due to its strategic initiatives [9]

北京商报讯（记者 张君花）1月30日，遥望科技发布公告称，预计2025年度归母净利润亏损5.5亿元-6.8 亿元。报告期内，公司核心直播电商业务保持稳健发展，鞋履业务进入剥离出售进程，创新业务调整初 见成效。公司预计2025年全年归属于上市公司股东的净利润仍为负值，但亏损金额同比预计大幅下降。 ...

南财智讯1月30日电，*ST返利发布业绩预亏公告，经公司财务部门初步测算，预计2025年年度实现归 属于母公司所有者的净利润为-7500万元到-5500万元，出现亏损。2025年度，公司业绩预亏的主要原因 是（1）市场费用同比增加；（2）业务团队规模增加，人力费用同比增加。本期公司非经常性损益对归 属于母公司所有者的净利润的影响主要为：（1）公司境外涉诉案件律师费；（2）公司对外投资的其他 非流动金融资产公允价值变动，导致公司净利润下降。 ...

Core Viewpoint - The internet e-commerce sector experienced a slight increase of 0.47% on January 29, with 壹网壹创 leading the gains, while the overall market showed mixed results with the Shanghai Composite Index rising by 0.16% and the Shenzhen Component Index declining by 0.3% [1]. Group 1: Market Performance - The internet e-commerce sector's performance was highlighted by 壹网壹创, which closed at 42.68 with a rise of 5.88% and a trading volume of 310,300 shares [1]. - Other notable performers included ST通葡, which increased by 2.33% to close at 3.07, and 凯淳股份, which rose by 1.65% to 36.39 [1]. - The overall trading volume for the internet e-commerce sector was significant, with individual stocks like 华凯易佰 and 焦点科技 achieving trading volumes of 327,100 and 141,200 shares respectively [1]. Group 2: Capital Flow - The net inflow of main funds into the internet e-commerce sector was 134 million yuan, while retail funds saw a net inflow of 989,400 yuan [2]. - Conversely, speculative funds experienced a net outflow of 135 million yuan, indicating a shift in investment strategies among different types of investors [2]. - The capital flow data showed that 壹网壹创 had a main fund net inflow of 125 million yuan, despite a net outflow from speculative and retail investors [3]. Group 3: Individual Stock Analysis - 壹网壹创 led the sector with a main fund net inflow of 125 million yuan, representing 9.24% of its trading volume [3]. - 焦点科技 and 青木科技 also saw significant main fund inflows of 45.09 million yuan and 26.03 million yuan respectively, indicating strong investor interest [3]. - In contrast, ST通葡 experienced a negative main fund flow of 1.20 million yuan, reflecting weaker investor confidence [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company's performance forecast for 2025 aligns with expectations, with proprietary brand revenue expected to achieve high growth [4] - Significant growth in net profit is anticipated due to rapid revenue growth from proprietary brands, strong performance in brand management, and effective cost reduction strategies [6] - The company has established a competitive advantage in various categories, including health products, maternal and infant care, beauty and personal care, and food and beverages, which may further enhance growth potential [6] Financial Summary - Revenue projections for the company are as follows: - 2023: 1,366 million RMB - 2024: 1,766 million RMB (growth of 29.26%) - 2025: 2,934 million RMB (growth of 66.14%) - 2026: 4,374 million RMB (growth of 49.11%) - 2027: 5,401 million RMB (growth of 23.47%) [5] - Net profit forecasts are as follows: - 2023: 54 million RMB - 2024: 106 million RMB (growth of 94.58%) - 2025: 190 million RMB (growth of 79.67%) - 2026: 327 million RMB (growth of 72.07%) - 2027: 459 million RMB (growth of 40.51%) [5] - Earnings per share (EPS) projections are: - 2023: 0.17 RMB - 2024: 0.34 RMB - 2025: 0.61 RMB - 2026: 1.05 RMB - 2027: 1.48 RMB [5] Business Strategy - The company is focusing on enhancing its proprietary brand business, with successful product launches contributing to revenue growth [6] - The brand management business is also expected to see significant performance improvements through deep collaborations with multiple brands [6] - The company is implementing a refined operational strategy to optimize costs across various dimensions, including supply chain management and marketing [6]

南方财经1月29日电，南财投研通数据显示，1月28日，券商给予上市公司目标价共11次，按最新收盘价 计算，目标价涨幅排名居前的公司有赣锋锂业、若羽臣，目标价涨幅分别为50.62%、48.04%，分别属 于能源金属和互联网电商行业。从券商推荐家数来看，1月28日有18家上市公司得到券商推荐，其中经 纬恒润获得3家推荐，若羽臣获得2家推荐，华电科工等获得1家推荐。查看原文：18股获推荐，赣锋锂 业目标价涨幅超50%丨券商评级观察刚刚 ...