京津冀地区集聚了大量的高端人才和优质资源，拥有良好的营商环境和区位优势。多年来，京津冀与长 三角在招商引资、资源对接、人才交流等领域密切合作、亮点纷呈。本次大赛以赛为媒，配套举办了跨 境电商招商推介会，为京津冀和长三角搭建了电商"双创"交流的舞台，聚合两地区域资源共享共建，推 动两地互联互促融合发展。 今年"之江创客"大赛自启动以来，受到了京津冀区域创业团队的热烈响应，涌现出了众多高质量的创业 项目。最终入围决赛的10个优质项目涉及电子商务、数字生活、AI等热门领域，体现了京津冀地区电 商创业创新的强大活力。"清蓝智能"项目获得一等奖并晋级全球总决赛。 "之江创客"全球电子商务创业创新大赛京津冀赛区于8月25日在北京顺利举办。浙江省商务厅、绍兴市 上虞区商务局等有关负责人出席活动，相关电商协会、园区、企业、创投机构等150余人参加活动。 "之江创客"全球电子商务创业创新大赛由商务部中国国际电子商务中心指导，浙江省商务厅联合省委组 织部、省委宣传部、省委网信办、省发展改革委、省教育厅、省科技厅、省财政厅、省人力社保厅、省 总工会、团省委、省妇联等12个部门共同主办，至今已成功举办九届。后续，"之江创客"将持续推 ...

招银国际发表研究报告，基于总和估值法(SOTP)，将阿里巴巴的目标价从141.2美元上调至158.8美元， 反映中国电商集团(ACEG)更乐观的业务发展前景，及云智能集团(CIG)因收入增长前景改善而提升的估 值，目标价相当于2026财年、2027财年非公认会计准则市盈率20倍及16倍，评级"买入"。该行对其2026 财年收入预测基本不变，但将2027、2028财年收入预测上调1%及3%，非公认会计准则净利润预测各上 调2%。 ...

Core Viewpoint - A new business model introduced by a Hong Kong-listed company through its platform "San Niu Hui Pai Pai" has disrupted traditional e-commerce by sharing capital dividends among consumers, producers, and the platform itself, leading to rapid user growth and significant sales performance [1][3]. Group 1: Market Dynamics - Traditional commercial systems suffer from an imbalance in value distribution, where consumers drive revenue growth without benefiting from stock price increases or dividends, while small producers face high costs and low profits [3]. - The "San Niu Hui Pai Pai" platform addresses this imbalance by implementing a "capital binding" logic, allowing consumers' spending to convert into "contribution value" that can be exchanged for equity in the listed company, and producers' contributions to be quantified similarly [3][5]. Group 2: Performance Metrics - The platform has seen impressive market performance, with user numbers quickly surpassing tens of thousands and daily sales exceeding 100 million, all achieved without relying on traditional large-scale subsidies [5]. - The platform's ability to incubate brands is noteworthy, as it empowers brands through digitalization and capital connection, leading to increased market share and some brands initiating capitalization plans [5]. Group 3: Technological Support - The success of this model is supported by the synergy of three technologies: digital economy, blockchain, and RWA (Real World Assets), which together enhance cost efficiency, ensure transparent rights distribution, and facilitate the digitalization of consumption and production assets [6]. Group 4: Future Trends - Industry experts predict that the "three-party sharing of listed capital dividends" will become a core logic of healthy business in the next 5-10 years, requiring consumers to develop a "shareholder consciousness" and producers to focus on consumer demand [8].

Investment Rating - The report maintains a "Buy" rating for Alibaba-W (09988.HK) [1] Core Insights - The company's revenue for FY2026Q1 reached RMB 247.65 billion, showing a year-on-year growth of 1.8% and a quarter-on-quarter growth of 4.7%, although it fell short of the consensus estimate of RMB 253.17 billion. Excluding disposed businesses, the same-caliber revenue grew by 10% year-on-year [12][29] - Adjusted net profit for the same quarter was RMB 33.51 billion, down 17.6% year-on-year but up 12.3% quarter-on-quarter, also below the consensus estimate of RMB 38.44 billion [12][29] - The Chinese e-commerce group's revenue grew by 10% year-on-year to RMB 140.07 billion, with customer management revenue reaching RMB 89.25 billion, up 11.4% year-on-year [18][29] - Alibaba Cloud's revenue significantly exceeded expectations, growing by 26% year-on-year to RMB 33.398 billion, driven by increased adoption of AI-related products [21][29] Revenue Performance - The company's revenue for FY2026Q1 was RMB 247.65 billion, with a year-on-year increase of 1.8% and a quarter-on-quarter increase of 4.7% [12] - The Chinese e-commerce group's revenue reached RMB 140.07 billion, reflecting a 10% year-on-year growth [18] - International digital commerce revenue grew by 19% year-on-year to RMB 34.741 billion, primarily driven by strong performance in cross-border business [21] Profitability Analysis - Adjusted EBITA margin for the Chinese e-commerce group was 27%, down 21% year-on-year, mainly due to investments in "Taobao Flash Sale" and user experience [18] - Adjusted net profit for FY2026Q1 was RMB 33.51 billion, down 17.6% year-on-year [12][29] Earnings Forecast and Valuation - The report adjusts the Non-GAAP net profit forecasts for FY2026, FY2027, and FY2028 to RMB 120.96 billion, RMB 173.84 billion, and RMB 222.29 billion, respectively [29] - Corresponding PE ratios (Non-GAAP) for FY2026, FY2027, and FY2028 are projected to be 17, 12, and 9 times [29]

点击蓝字，关注我们 中金发布研报称，目前阿里巴巴-W(09988,BABA.US)港股和美股交易于16/18倍FY26和13/15倍FY27非 通用准则市盈率。下调FY26收入3%至10,683亿元，系高鑫零售和银泰出表影响，下调FY26非通用准 则归母净利润29%至1,218亿元，主要系淘宝闪购投入加大;该行引入FY27收入和利润预测12,151亿元 和1,493亿元，将阿里估值切换为分部估值并将估值切换至FY27，基于电商业务13x P/E和云计算业务 3.5x P/S，主要由于电商和云业务均已独立盈利和估值中枢调整，对应美股和港股目标价151美元和14 7港币，较前次目标价上调35%，维持跑赢行业评级，较目前港股和美股股价有27%和12%的上行空 间。 中金主要观点如下： 1QFY26收入和调整EBITA低于市场预期 公司公布1QFY26(2Q25)业绩：收入同增1.8%至2,477亿元，剔除高鑫零售和银泰影响后可比口径同增 10%;调整EBITA同比下滑13.7%至388亿元， 主要系淘宝闪购投入加大，部分被国际业务减亏所抵 消。 云计算资本开支上行，收入增长加速 25年8月即时零售月活跃买家达3亿， ...

Core Viewpoint - The "Sichuan Platform Economy Industry Chain Cooperation Partner Conference" aims to promote the development of platform economy in Sichuan, highlighting its potential as a key driver for economic growth and employment stability in the region [1][2]. Group 1: Economic Scale and Growth - Sichuan's platform economy has reached 4.9 trillion yuan, ranking 6th nationally, with 1.88 million entities and 5.53 million employees [1]. - The online retail sales in Sichuan are projected to reach 8.68 trillion yuan in 2023, 9.55 trillion yuan in 2024, and 5.43 trillion yuan in the first half of 2025, with a year-on-year growth rate of 9.9% [2]. - The service-oriented online retail sales proportion increased from 43.2% to 46.2%, contributing 60% to the growth [2]. Group 2: Policy Support and Incentives - The Sichuan government plans to introduce policies to support the high-quality development of the platform economy, including financial incentives of up to 5 million yuan for qualifying e-commerce enterprises [3]. - The government aims to establish a collaborative mechanism involving various provincial departments to enhance the platform economy's development [6]. Group 3: Industry Collaboration and Development - The conference featured discussions among executives from major platforms like JD.com, Taotian, and Douyin, focusing on the integration of platform and industry development [5]. - The number of industrial belts in Sichuan with annual transaction volumes exceeding 100 million yuan is expected to reach 102 by 2024, an increase of 4 from the previous year [5]. Group 4: Technological Integration and Innovation - The platform economy is increasingly leveraging technologies such as artificial intelligence and cloud computing to enhance its operational efficiency and market competitiveness [7]. - The rise of live-streaming e-commerce has significantly boosted sales in sectors like women's footwear, with a reported GMV of over 4 billion yuan [7]. Group 5: Future Outlook - Sichuan aims to achieve a network retail sales target of over 1.1 trillion yuan by 2027, with the number of online merchants exceeding 2 million [6]. - The integration of platform resources with industrial demands is expected to enhance market competitiveness and drive further economic growth in the region [9].

Core Viewpoint - The article discusses the rise and fall of YOHO, a once-prominent consumer brand in China, highlighting the challenges faced by consumer companies in the current market environment and the implications for investment strategies in the sector [1][17]. Financing Information - YOHO's operating entities, Nanjing Xinyuli Cultural Communication Co., Ltd. and Youhuo (Jiangsu) Trading Service Co., Ltd., have collectively raised significant funding, with Xinyuli securing six rounds of financing from top-tier investment institutions [2][7]. - The last disclosed funding round for Xinyuli was in 2018, amounting to $25 million, suggesting a valuation in the tens of billions of RMB [7]. - Youhuo has completed one round of financing, a D round, with a total of $10 million, indicating a valuation close to 100 billion RMB [7][11]. Founders and Business Model - YOHO was founded by Liang Chao, who has a background in media and previously worked as a television program director [13]. - The company was known for its dual focus on media and fashion, collaborating with European designers and hosting events to promote its brand [13][14]. - The flagship store in Nanjing was designed by renowned Japanese designer Masamichi Katayama, reflecting the brand's upscale positioning [14]. Downfall - Since 2020, YOHO has faced increasing legal challenges, and by 2021, reports indicated that the company had run into financial difficulties, with its cash flow collapsing due to high inventory, long payment terms, and low margins [18][19]. - The company, which once had a valuation in the tens of billions, likely needed to generate over 1 billion RMB in revenue to sustain such a valuation [19]. Market Reflection - The article reflects on the luxurious investor backing of YOHO, including prominent firms like CDH Investments and Bertelsmann, and questions the exit strategies of these investors given the company's decline [21]. - A personal anecdote highlights the founder's ability to liquidate shares for personal gain, raising questions about governance and investor oversight during the company's peak [21].

产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 9 月 2 日 市。 环球市场动态 人 民 币 破 7 仍 需 要 更 多 催 化 股 票 中国市场 9 月开门红，A 股高开高 走，黄金股领涨大市；港股高位震 荡，阿里巴巴 (9988 HK) 业绩突出 大涨 18.5%；欧洲股市收高，防务 与医疗板块带动市场；美股周一休 外 汇 / 商 品 美国金融市场因公众假日休市，瑞 典克朗领涨 G-10 货币，日元表现 落后；石油交易员预计，OPEC+本 周末开会时将维持原油产量不变， 周一原油期货窄幅波动。 固 定 收 益 美国假期休市，市场静淡。投资者 对美联储本月降息乐观。欧洲经济 数据向好，降息暂缓预期下，欧债 收益率普涨。亚洲债市交投清淡， 中国投资级债券利差基本持平。 欧美主要指数 主要指数 指数 收盘点位 1日涨跌 (%) 道琼斯 45,544.9 (0.2) 标普 500 6,460.3 (0.6) 纳斯达克 21,455.6 (1.2) 巴西圣保罗证交所指数 141,422.3 0.3 标普墨西哥 IPC 指数 58,708 ...

Core Viewpoint - The discussion around Meituan, Alibaba, and JD.com highlights the competitive dynamics in the food delivery and e-commerce sectors, with Meituan being more focused on food delivery while Alibaba and JD.com leverage their broader business portfolios to subsidize their operations [1][3]. Group 1: Business Performance and Market Dynamics - Meituan holds a dominant position in the food delivery market with a 70% market share, but faces increasing competition from Alibaba and JD.com, who are entering the market aggressively [3][4]. - Alibaba's recent financial report indicates a significant loss in its food delivery segment, estimated at around 15 billion RMB, reflecting the high costs associated with competing in this space [4][6]. - The competition has led to a decline in Meituan's market share by at least 10%, as consumers tend to choose the cheapest option available [6][8]. Group 2: Strategic Focus and Future Outlook - Alibaba's future growth is expected to come from AI and international e-commerce, rather than just food delivery, which is seen as a means to drive overall platform engagement [3][16]. - The ongoing battle in the food delivery market is anticipated to continue into 2026, with all three companies facing significant competitive pressures [15][16]. - Meituan's resilience in operational efficiency and user engagement is highlighted as a potential advantage over Alibaba and JD.com, despite the current competitive landscape [12][16].

Group 1 - The core viewpoint highlights the short-term increase in flash purchase investments and the acceleration of cloud revenue growth, with a long-term positive outlook on ecosystem synergy [1][2] - The company has adjusted its net profit forecasts for FY2026-2028 to 140.5 billion, 162.9 billion, and 189.8 billion yuan, reflecting a year-on-year growth rate of -11.1%, +15.9%, and +16.5% respectively [1] - For FY2026 Q1, the company's revenue was 247.65 billion yuan, a year-on-year increase of 2%, while non-GAAP net profit was 33.5 billion yuan, a year-on-year decrease of 18%, slightly below Bloomberg consensus expectations [1] Group 2 - The Chinese e-commerce segment shows a year-on-year increase of 10% in customer management revenue, with technology service fees contributing to revenue growth and improved site penetration [2] - The international digital commerce segment reported a year-on-year revenue increase of 19%, with adjusted EBITA margin narrowing by 12.5 percentage points [1] - The cloud intelligence group experienced a year-on-year revenue growth of 26%, with an adjusted EBITA margin of 8.8%, indicating accelerated growth that offsets capital expenditure impacts [1][2] Group 3 - The company is focusing on improving the monetization rate of its flash purchase segment, with expectations for continued growth in order volume and main site traffic [2] - The AI strategy includes significant investments in AI and cloud computing infrastructure, with planned capital expenditures of 380 billion yuan over three years [2] - The remaining share repurchase scale is 19.3 billion USD, approximately 6% of the current market value, valid until March 2027 [2]