金十数据5月16日讯，麦格理发研究报告指，基于SOTP估值，上调阿里巴巴(09988.HK)目标价3%，由 176.3港元升至182.3港元。重申"跑赢大市"评级，并建议逢低买进。同时，该行将其截至3月底止2026财 年及2027财年度经调整EBITA预测下调1%和2%，以反映分部利润率的表现。 麦格理升阿里巴巴目标价3% 重申跑赢大市并建议逢低买进 ...

Core Insights - The JD Heartbeat Shopping Season saw a significant surge in sales for watches and eyewear, with over 300 well-known brands experiencing explosive year-on-year growth in transaction volume within the first 28 hours of the event [1]. Group 1: Watch Sales - The top five watch brands during the event were Longines, Tissot, Omega, Casio, and Lola Rose, indicating strong consumer interest in these premium brands [1][3]. - Popular Swiss men's watches included Longines Concas, Rolex "Green Submariner," and Omega Seamaster, highlighting a trend towards luxury gifting as the 520 holiday approaches [5]. - The most favored watch models in different categories included Lola Rose's Sugar Green Watch, Casio's three-eye dial, and Davena's Mermaid Watch, showcasing a diverse range of consumer preferences [5][7]. Group 2: Eyewear Sales - The top ten eyewear brands featured Zeiss, Bolon, Xiaomi, Ray-Ban, and others, reflecting a competitive market for high-quality eyewear [1][3]. - Leading eyewear products included Xiaomi polarized sunglasses, Bolon polarized sunglasses, and Jiao Xia's folding round sunglasses, indicating a growing demand for stylish and functional eyewear as temperatures rise [5][7]. - The promotion offered discounts of up to 50% on major brands, attracting consumers to explore the offerings on the JD platform [5].

Group 1: Company Performance - Alibaba's entertainment segment reported a revenue of 22.267 billion yuan for the fiscal year ending March 31, 2025, representing a 5% year-on-year increase, driven by growth in Alibaba Pictures and Youku [1] - In Q1 2025, Alibaba's entertainment segment achieved a revenue of 5.554 billion yuan, a 12% increase year-on-year, with adjusted EBITA turning profitable at 36 million yuan compared to a loss of 884 million yuan in the same period of 2024, primarily due to Youku's profitability [2] - Youku's profitability is attributed to effective cost control across its entire industry chain, despite the challenges in the long video market [4] Group 2: Industry Challenges - The long video market is facing significant growth pressure, with iQIYI reporting a revenue decline of 14% year-on-year in Q4 2024, and Mango TV also experiencing revenue drops of 3.75% and 12.76% in 2024 and Q1 2025, respectively [3] - Advertising revenue has notably decreased across the industry, with iQIYI's brand advertising revenue shrinking from over 10 billion yuan in 2018 to around 4 billion yuan last year [4] - Despite Youku's recent profitability, the company still faces challenges in sustaining growth within a contracting long video market [5]

1. 中共中央办公厅、国务院办公厅印发《关于持续推进城市更新行动的意见》提出，健全多 元化投融资方式。 2. 证监会发布《上市公司募集资金监管规则》。强调募集资金使用应专款专用，专注主业， 支持实体经济发展。 5、 记者15日从北京市召开的新闻发布会获悉， 2025年服贸会举办地点将由国家会议中心和首钢园 区"两址举办"调整为在首钢园区"一址举办 "，充分发挥首钢园3平方公里区域工业遗存场景特色优 势，优化空间布局，组织服务贸易特色活动。 6、 记者15日从工业和信息化部获悉，为进一步夯实通信建设工程安全生产工作基础，持续提升通信 建设工程质量，工业和信息化部日前印发 《通信建设工程质量提升和安全生产行动方案（2025— 2027年）》 。 行动方案主动适应通信建设领域发展新形势，从完善制度体系、提升工程设计建造质 量、夯实工程安全生产管理基础、加快工程建设标准供给、提高工程管理数字化水平、优化通信建设 领域发展环境等6个方面提出了16项任务。 行动方案明确，通过三年努力，不断提高通信建设领域安 全生产风险隐患治理水平，持续增强从业人员质量安全意识和专业能力，稳步提高监管水平，通信建 设市场发展环境持续得到优 ...

Group 1 - JD and Alibaba both reported strong financial results, with Alibaba's revenue growing by 9% year-on-year and JD's revenue reaching 301.1 billion yuan, a 15.8% increase, marking the highest growth rate in nearly three years [1][2] - Alibaba's 88VIP membership saw double-digit growth, indicating successful user experience enhancements [1] - JD's CEO attributed the growth to improved consumer sentiment, supply chain capabilities, and user experience [1] Group 2 - Both platforms are gearing up for the "618" shopping festival, with Alibaba launching its promotional activities early and introducing a straightforward discount mechanism [2] - JD announced its "618" activities will start at the end of May, offering consumers over 1,000 yuan in shopping subsidies daily [2] Group 3 - There is an acceleration in inter-platform cooperation, with Alibaba's Taobao and Xiaohongshu signing a strategic partnership to enhance brand visibility and consumer engagement [3] - JD is also reportedly collaborating with Xiaohongshu, allowing product links to redirect to JD's platform [3] Group 4 - JD is set to launch its first dining infrastructure, "Qixian Food Mall," in Harbin, featuring popular local and national food brands [4] Group 5 - In response to challenges in the international trade environment, JD announced a 200 billion yuan support plan for exporting goods to domestic markets, with thousands of companies already engaged in procurement discussions [5] - Taobao is initiating a "Foreign Trade Selection" program to simplify the entry process for foreign trade merchants, aiming to connect quality foreign products with domestic consumers [6]

"2025年度渝商风采展示"活动启动仪式现场。江北区委宣传部供图 随后发布的"2025民营经济高质量发展机会清单"，聚焦土地开发、国企民企协同发展、产业发展平台、 政府采购等多个领域，共计87个项目。所有企业家可依据机会清单，全面、深入地了解自身感兴趣的项 目，进而达成合作发展、实现共赢局面。 当天，"2025年度渝商风采展示"活动同步启动，并召开了"渝商走进江北"推动民营经济高质量发展企业 家座谈会，重庆市优秀企业家代表齐聚，为江北区产业升级、营商优化建言献策。(徐雯瑄) 5月15日，"2025民营经济高质量发展机会清单"发布暨"年度渝商风采展示"活动在重庆金融会展中心举 行。 活动现场还发布了"年度渝商""青年渝商""制造业高质量发展"年度创新企业。这些企业囊括了先进制造 业和现代服务业的绝大部分行业，有高端装备、新能源汽车、新材料、生物医药等先进制造业，电子商 务、通信、现代物流、餐饮等现代服务业等多个关键领域。 近年来，江北区坚持对民营企业高看一眼、厚爱三分，全力托举民营经济拔节生长、勇攀新高。近14万 户民营市场主体如同"满天繁星"，撑起江北经济的"半壁江山"，成就江北发展的"稳进增效"。在扎实推 ...

Core Insights - The Shanghai WoDian platform is emerging as a disruptive force in the consumer market, creating a new ecosystem that benefits consumers, merchants, and the platform itself [2] Consumer Perspective - Each transaction on the WoDian platform generates unique "value-added genes," allowing consumers to earn points equivalent to their spending, which are returned through a 36-40 period dividend system, potentially allowing a consumer who spends 1,000 yuan to receive 1,000 yuan in vouchers [4] - The platform's "accelerated dividend mechanism" rewards consumers for referring friends, enabling them to receive 5%-10% of the referral's spending as priority dividends, significantly shortening the return period [4] Merchant Perspective - Merchants can overcome traffic bottlenecks by offering reasonable discounts (typically 10%-20%), gaining access to a vast consumer base and increasing customer flow [6] - Data shows that merchants who have been on the platform for over three months experience a 40% increase in customer traffic and a 25% rise in repurchase rates, allowing them to focus on product and service upgrades rather than price wars [6] Platform Perspective - The WoDian platform acts as a core hub, integrating numerous merchants and users, creating a strong commercial siphon effect [8] - When the platform's monthly revenue reaches 1 billion yuan, it allocates 20% (approximately 40 million yuan) for ecological operation funds, which are used for technology development, marketing, and risk protection [8] Mechanism Innovation - The dual-track dividend mechanism allocates 40% of the merchant's 20% discount to a long-term dividend pool, ensuring stable returns for consumers while also providing immediate market incentives [10] - The platform has introduced a "36 provincial independent dividend model," allowing each province to have its own dividend calculation system, enhancing local consumer engagement and speeding up return on investment [11] - Instant rewards, such as "queue-free refunds" and random cash red envelopes, transform the consumer experience from passive waiting for returns to immediate gratification, increasing repurchase rates by over 30% [13] Future Outlook - The WoDian model redefines value distribution in the commercial ecosystem, positioning consumers as value sharers, merchants as value co-creators, and the platform as a robust infrastructure for connecting value and efficiency [16] - This innovative approach aims to shift commercial competition from zero-sum battles to collaborative value creation, addressing the core needs of the new consumption era [16]

5月15日晚，阿里公布2025财年第四季度及全年业绩，财报显示阿里第四季度营收同比增长7%但不及预 期，净利润同比大幅增长。其中，淘天营收同比增长9%，88VIP数量持续双位数增长，阿里云季度收入 增长18%，AI收入连续七个季度三位数增长。 在随后的财报分析师电话会上，阿里表示：云业务的营收增速提升到18%，其实最主要的是还是受益于 AI相关的需求的带动 AI相关的需求就是连续七个季度有三位数的增长，那这个增长其实大量的都是，就是有很多新的企业 都在使用AI服务。 阿里进一步表示，未来几个季度阿里云的营收增速还在处于一个上升通道： 基于传统的 CPU 的计算，在转向 AI 计算，所以就我们现在看到的情况而言，我们对未来几个季度阿里 云的营收增速还在处于一个上升通道，还是抱有一个比较强的信心。 阿里指出，推理需求的爆发尚未完全体现在本次财报中： 新的客户的需求，大部分是他的推理应用或者推理场景推动的这些需求，而实际上他们的真正的大规模 的上限可能是在后面这几个月逐渐的上线。 也许是2 月份、 3 月份，甚至 4 月份、 5 月份，所以我觉得后面几个月的增速可能看上去会更接近于预 测的正常的工作情况。因为一二三 ...

Core Insights - Alibaba Group reported Q4 and full-year financial results for FY2025, showing a revenue of 236.45 billion RMB for the quarter, a 7% year-over-year increase, and an adjusted EBITA growth of 36% to 32.62 billion RMB [1] - For the full fiscal year, Alibaba achieved a revenue of 996.35 billion RMB, a 6% year-over-year growth, with a non-GAAP net profit of 158.12 billion RMB, maintaining stability [1] - CEO Wu Yongming emphasized the effectiveness of the "user-first, AI-driven" strategy, with accelerated growth in core businesses and a significant increase in cloud revenue driven by AI demand [1] Revenue Breakdown - Taobao's customer management revenue grew by 12% year-over-year in the quarter [1] - Alibaba Cloud's revenue accelerated to an 18% growth rate, with a full-year revenue of 118 billion RMB, achieving double-digit growth [1] - International Digital Commerce Group's quarterly revenue increased by 22% to 33.58 billion RMB [1] - Local Services Group reported a Q1 revenue of 16.13 billion RMB, a 10% increase, with a full-year revenue of 67.08 billion RMB, up 12% [1] - Cainiao's quarterly revenue declined by 12% to 21.57 billion RMB, with a full-year revenue of 101.27 billion RMB [1] Shareholder Returns - Alibaba announced a dividend distribution of 4.6 billion USD and a share buyback of 1.197 billion shares for FY2025, indicating strong capital return initiatives [1]

Core Viewpoint - Alibaba's executives emphasized the company's strategy to engage with local merchants and partners through different business models tailored to various international markets [1] Summary by Relevant Categories - **International Business Strategy** - The company plans to adapt its business models to suit the specific needs and characteristics of different markets [1]