8月29日，阿里巴巴集团发布2026财年第一季度财报，财报显示，尽管受业务调整及投入影响，公司核 心财务指标呈现"结构性增长"特征，其中总收入同比增长2%至2476.52亿元(约合345.71亿美元)，若剔除 高鑫零售、银泰等已处置业务影响，同口径收入增速达10%。 消费和AI(人工智能)+云双战略重心下，大众关注的阿里即时零售等业务表现亮眼。8月前三周带动淘宝 APP的月度活跃消费者同比增长25%。 阿里巴巴集团CEO吴泳铭在业绩会上表示：本季度(指2026财年第一季度，下同)，阿里巴巴聚焦消费、 AI+云的战略，实现增长。在持续强劲的AI需求推动下，云智能集团收入加速增长，AI收入在云外部商 业化收入占比显著。面向未来，阿里将加码大消费和AI+云两大战略重心，把握历史机遇，实现长期增 长。 净利同比增长76%，8月即时零售月度活跃买家数达3亿 财报显示，本季度，阿里巴巴归属于普通股股东的净利润为431.16亿元(约60.19亿美元)，其中净利润达 423.82亿元(约59.16亿美元)，同比增长76%。公告指出，利润增长主要得益于公司所持股权投资按市值 计价的正向变动，以及处置Trendyol本地生活服务 ...

Group 1 - Caterpillar's stock fell by 2.3% as the company raised its annual tariff cost expectations [1] - Dell's stock dropped by 7.3% due to Q3 profit forecasts falling short of expectations [1] - Autodesk's stock increased by 11.4% after reporting Q2 earnings that exceeded expectations [1] - SentinelOne's stock rose by 8.8% after the company raised its full-year revenue guidance for fiscal year 2026 [1] - Alibaba's stock gained 7.8% as its cloud business accelerated growth and it developed a more advanced AI chip [1]

证 券 研 究 报 告 计算机行业深度研究报告 推荐（维持） 国产智算芯片：需求强劲，性能生态再进阶 行业研究 计算机 2025 年 08 月 29 日 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周楚薇 邮箱：zhouchuwei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 337 | 0.04 | | 总市值(亿元) | 60,629.86 | 5.22 | | 流通市值(亿元) | 54,102.54 | 5.78 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 16.8% | 19.3% | 114.9% | | 相对表现 | 9.2% | 4.5% | 78.7% | -4% 37% 77% 117% 24/08 24/11 25/01 25/04 25/06 25/08 2024-08-29~2025-08-29 计算机 沪深300 相关研究报告 《计 ...

在大消费领域，吴泳铭表示，阿里立足于中国这个全球最大的电商市场和最有潜力的服务消费市场，电 商基础设施发达、人口密度高、服务消费需求旺盛，即时零售和电商具备融合的基础条件。近场消费与 远场电商融合，不仅能满足用户的一站式消费需求，也能满足商家多场景服务消费者的需求，更将有助 于AI时代一站式消费助理的诞生。 吴泳铭强调："阿里在即时零售领域的布局，并不是着眼于单一消费品类的竞争，而是满足10亿消费者 的一站式需求，塑造AI时代大消费平台的商业形态。"阿里在大消费领域的长期目标，是满足10亿消费 者的购物与生活消费全场景需求，创造体验最优、消费者数量最多、消费频次最高的大消费平台，引领 未来30万亿元规模的大消费市场。 "未来三年，阿里将以创业心态再出发，以驱动业务强劲增长为核心目标，对核心业务持续投入提升竞 争优势、获得长期增长充满信心。"吴泳铭说。 （编辑 郭之宸） 本报讯 （记者梁傲男）8月29日晚间，在2026财年Q1财报分析师电话会上，阿里巴巴集团控股有限公司 （以下简称"阿里"）CEO吴泳铭表示，以AI+云为核心的科技平台、购物与生活服务融合的大消费平 台，是阿里面临的两大历史性战略机遇。阿里将以驱 ...

Core Insights - The integration of AI technology in the financial sector is entering a new phase, driven by the national "Artificial Intelligence+" action plan, which is expected to inject new momentum into the high-quality development of the financial industry [1][3] Group 1: AI Applications in Finance - Experts at the forum discussed the current state, challenges, and prospects of large model technology applications in finance, highlighting the need for AI to evolve from being a "talented generalist" to a "business partner" that meets safety and compliance requirements while creating real commercial value [3] - AI is reshaping three core areas in finance: user experience, business processes, and employee roles, marking the financial sector's transition into the fourth technological revolution characterized by intelligence [3] Group 2: Implementation Strategies - China Construction Bank is advancing AI systematically, focusing on customer management and high-quality management, with applications like intelligent approval reducing report generation time from days to 15 minutes, achieving a monthly growth rate of 20% [4] - Baidu Intelligent Cloud emphasizes the transition from technical potential to business momentum, advocating for a multi-faceted support system for the rapid implementation of large models in finance, with Baidu leading in market share and bidding numbers in the past year [4] Group 3: Case Studies and Innovations - China Foreign Trade Trust has implemented a "digital employee" system that includes digital traders and financial advisors, significantly enhancing transaction processing efficiency and reducing information omission risks through intelligent assistants [5] - In agricultural finance, the company has developed a digital operations platform that improves efficiency and quality in financial services for rural areas, addressing challenges like fragmented credit systems [5] Group 4: AI Strategy and Infrastructure - Industrial and Commercial Bank of China is making comprehensive adjustments in organizational structure and collaboration mechanisms to support the development of smart banking, driven by breakthroughs in model capabilities, intelligent agents, and computing power [6]

专题：聚焦2025年第二季度美股财报 1、本季度,阿里以8.15亿美元的总价 回购了5600万股普通股(相当于700万 股美国存托股)。 2、闪购8月前三周带动淘宝app的月度 活跃消费者同比增长25%。 3、AI相关产品收入已连续8个季度实现 三位数同比增长。 责任编辑：刘明亮 四大分部营收占比 1400.72亿元 中国电商集团 同比增长10% 国际数字 347.41亿元 商业集团 同比增长19% 333.98亿元 云智能集团 同比增长26% 585.99亿元 所有其他 同比下滑28% 业务亮点 ...

阿里的AI战略始终围绕其商业生态展开，重兵布局AI，加速技术前瞻性布局，是平衡短期变现与长期竞争力的现实选择 文｜吴俊宇 编辑｜谢丽容 商业历史上穿越战略迷茫和低谷的企业不多。20世纪90年代年代IBM"大象重新起舞"、2014年之后微软成功实现"云转型"，这都是经典案例。 今天中国市场，类似的故事正在重演——阿里的AI（人工智能）转型。 过去四年，阿里的股价经历了漫长的寒冬。2020年10月阿里股价攀至历史高点后，随后四年由于政策监管压力、电商战场竞争，阿里股价逐渐下滑并徘徊 在80美元的低点。 2025年以来（1月1日-8月27日），阿里纽交所股价已上涨44%。截至8月28日，阿里收盘价120美元，总市值2896亿美元。 2月24日，阿里集团宣布未来三年投入3800亿元用于建设云和AI基础设施，超过去十年总和。这让"重估阿里"成为资本市场的主流声音。花旗、高盛、摩 根大通、摩根士丹利等国际投行都在重估阿里。在国际投资者眼中，阿里不只是一家电商公司，更有可能转型成一家AI（人工智能）公司。 （备注：阿里集团业务划分，与组织架构无关） 年初，"重估阿里"只是一种市场预期。它面临诸多变量：AI还未明显拉动阿里业 ...

Core Insights - Alibaba's Q2 revenue grew by 2% year-on-year, reaching RMB 247.65 billion, which was below the expected RMB 253.17 billion [4][3] - Net profit surged by 76% to RMB 42.38 billion, while Non-GAAP net profit decreased by 18% to RMB 33.51 billion [4][3] - Capital expenditures increased significantly from approximately RMB 119 billion in the same quarter last year to about RMB 387 billion this quarter [10][4] Revenue Breakdown - Instant retail business revenue increased by 12% year-on-year, reaching RMB 14.78 billion [6][7] - Alibaba's China e-commerce group revenue grew by 10%, with customer management revenue also up by 10% to RMB 89.25 billion [6][8] - Cloud Intelligence Group revenue accelerated by 26% to RMB 33.40 billion, driven by public cloud growth and AI-related products [9][6] Profitability and Cash Flow - Adjusted EBITA for the core Chinese e-commerce group fell by 21% to RMB 38.84 billion, primarily due to significant investments in the instant retail business [7][6] - Free cash flow turned negative, recording a net outflow of RMB 18.8 billion compared to a net inflow of RMB 17.4 billion in the same period last year [10][4] Investment and Future Outlook - The company is heavily investing in AI infrastructure and new business initiatives, as reflected in the substantial increase in capital expenditures [10][4] - Despite the pressure on profitability, the company continues to execute its shareholder return plan, having repurchased approximately 7 million ADS for $815 million [10][4]

Core Insights - Alibaba Group reported a 10% year-on-year revenue growth for Q1 FY2026, with a net profit increase of 76% [1] - The strong performance is attributed to investments in AI and cloud services, as well as the growth in the e-commerce sector [1] Group 1: Financial Performance - The overall revenue of Alibaba Group reached 1400.72 billion yuan, with the Chinese e-commerce group's customer management revenue at 892.52 billion yuan, both showing a 10% year-on-year increase [3] - Alibaba Cloud revenue grew by 26% year-on-year, marking the highest growth rate in three years, driven by AI demand [2] - The international digital commerce group's revenue increased by 19%, nearing breakeven [5] Group 2: Strategic Investments - Alibaba announced a capital expenditure of 386 billion yuan for AI and cloud infrastructure, a 220% year-on-year increase [2] - The company plans to invest 500 billion yuan in the consumer sector to capitalize on growth opportunities in AI and consumption [1] Group 3: E-commerce Growth - The monthly active users of the Taobao app increased by 25% year-on-year in the first three weeks of August, driven by the rapid growth of instant retail [3] - The number of 88VIP members grew by double digits year-on-year, reaching 53 million, following the launch of a new membership system [3] Group 4: Business Integration - The strategic integration of Taotian Group, Ele.me, and Fliggy into Alibaba's Chinese e-commerce group has created a comprehensive consumption platform [4] - The integration has led to positive business synergies, with continuous breakthroughs in monthly active consumers and daily order volumes [4] Group 5: Future Outlook - Alibaba's CEO emphasized the focus on consumption and AI+cloud strategies for strong growth, indicating a commitment to long-term investments in these areas [5]

Core Insights - Alibaba Group reported a revenue of 247.65 billion yuan for Q1 of fiscal year 2026, reflecting a 10% year-over-year growth after excluding the impact of divested businesses [2] - The net profit for the quarter was 42.38 billion yuan, representing a 76% increase compared to the previous year, exceeding market expectations [2] Group Performance - The strong growth in core business revenue is attributed to successful investments in the AI and cloud sectors, with Alibaba Cloud revenue increasing by 26%, marking a three-year high [3][5] - AI-related product revenue has achieved triple-digit year-over-year growth for eight consecutive quarters [3][5] Strategic Focus - CEO Wu Yongming emphasized the focus on consumer and AI+cloud strategies, which have led to significant growth and consumer engagement [4] - The company is committed to investing in AI and cloud infrastructure, with capital expenditures reaching 38.6 billion yuan, a 220% year-over-year increase [5] AI Development - Alibaba has established a comprehensive technology stack for AI, supporting various industries and driving long-term growth [5] - Recent advancements include the launch of new AI models and applications, such as the AI-native application in Amap and upgrades in DingTalk [6] E-commerce Growth - The instant retail business has significantly contributed to the growth of monthly active consumers on the Taobao app, which increased by 25% year-over-year in the first three weeks of August [7][9] - The integration of various platforms under Alibaba's Chinese e-commerce group has enhanced user experience and operational efficiency [8][9] Membership and Customer Management - The 88VIP membership program continues to grow, with over 53 million members, reflecting a double-digit year-over-year increase [9] - Customer management revenue has also seen a 10% year-over-year growth, indicating improved operational efficiency across Alibaba's business segments [9]