Core Viewpoint - Morgan Stanley has named Alibaba as "China's Best AI Enabler" and raised its target price for Alibaba's U.S. stock from $150 to $165, driven by strong growth in Alibaba Cloud due to AI [1][6]. Group 1: AI-Driven Cloud Business Acceleration - Alibaba Cloud is seen as the main platform for capturing AI opportunities, achieving a 26% year-on-year growth in the first fiscal quarter, exceeding market expectations [2]. - AI-related revenue has shown triple-digit growth for eight consecutive quarters and now accounts for over 20% of Alibaba Cloud's total revenue, one of the highest ratios globally [2][3]. - The growth momentum for Alibaba Cloud is expected to continue, driven by strong industry demand, upgraded product offerings, and strategic partnerships with companies like SAP [2][3]. Group 2: Short-Term Pain from Instant E-commerce Investment - Alibaba is incurring significant short-term costs due to heavy investments in the instant e-commerce sector, with an estimated investment of approximately 110 billion RMB in the first fiscal quarter [4][5]. - The report predicts that losses in the instant e-commerce segment will increase from a previous estimate of 20 billion RMB to 35 billion RMB in the second fiscal quarter, indicating a peak in investment [5]. - The total investment forecast for instant e-commerce for the current fiscal year has been raised from 50 billion RMB to 80 billion RMB, impacting profit forecasts for fiscal years 2026 and 2027 [5]. Group 3: Long-Term Value Outlook - Despite short-term profitability pressures, Morgan Stanley remains optimistic about Alibaba's long-term value, raising the valuation of Alibaba Cloud from $60 to $67 per share to reflect its growth potential in the AI era [6]. - The report emphasizes that while the market should monitor the return on investment in the instant e-commerce business, Alibaba, with the largest cloud infrastructure in China, is well-positioned to capture the growth in AI-related demand [6].

Core Viewpoint - Citigroup reports that Alibaba's entry into the instant e-commerce battle intensifies competition, raising concerns about the potential involvement of Pinduoduo in the market [1] Group 1: Alibaba's Strategy - Alibaba has upgraded its instant delivery services and increased promotional subsidies to compete with JD.com and Meituan [1] - The timing of Alibaba's move is strategic, coinciding with the upcoming May Day holiday when many Chinese consumers will be traveling, shopping, or socializing [1] Group 2: Market Impact - The report highlights that while the platform meets consumer demand and boosts merchant revenue, it may negatively impact platform profits and investor interests [1] - If Pinduoduo decides to enter the fray, the competitive landscape will become even more intense [1] Group 3: Competitors' Position - Meituan is likely to be the most affected by Alibaba's actions, followed by JD.com, due to Alibaba's higher gross margins and the relatively smaller contribution of Ele.me to its overall business [1]

饿了么继续保持高质量增长。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，阿里巴巴控股集团于11月15日公布2025财年第二季度业绩。季度内，本地生活 集团继续保持高质量增长：受饿了么和高德订单增长所驱动，本地生活集团同比收入增长14%至 177.25亿元；在单位经济效益改善和业务规模持续提升之下，本地生活集团季度经调整EBITA（经 营损益）亏损继续从去年同期的25.64亿元继续收窄至3.91亿元，超出市场预期。 新一季财报数据表明，伴随即时电商消费市场趋势的加速发展，在新管理团队对既定长期战略的稳健 执行下，饿了么"新三年"发展态势持续稳健向好。在今年夏季，饿了么除了在欧洲杯、巴黎奥运会 等社会性热点营销上表现抢眼，订单量、交易额、月活跃用户等多项关键业务指标，在季度内突破历 史峰值。 欧洲杯、奥运会带火本地消费 即时电商今夏迎来新高峰 每年7月至9月期间，各类即时到家消费需求步入年度高峰，平台和商家生态的供给和活动力度也迎 来新峰值。在今年夏季，欧洲杯和巴黎奥运会两大全球性赛事的举办，更助燃了即时电商的热度、进 一步激发了本地"宅家观赛"的消 ...