瑞银发表报告指，阿里巴巴9月底止次财季收入按年升5%至2480亿元，胜预期3%。经调整EBITA 91亿 元，胜该行预期的65亿元，受惠于电商及所有其他业务利润率优于预期。以业务划分，上季阿里中国电 商集团(淘天及实时零售)表现胜预期；在AI需求强劲支持下，云业务收入按年升34%亦胜预期。 瑞银提到，云业务展望属市场最关注地方，市场预期12月底止第三财季收入增长29%，明年3月底止全 年度增长料28%。该行予阿里美股目标价216美元，评级"买入"。 ...

Core Viewpoint - Alibaba's stock surged over 3% in pre-market trading following the release of its second fiscal quarter results, which showed mixed performance against market expectations [1] Financial Performance - Revenue for the second fiscal quarter reached 247.8 billion RMB, exceeding the forecast of 245.2 billion RMB [1] - Adjusted earnings per ADS were 4.36 RMB, below the expected 6.34 RMB [1] - Revenue from the China e-commerce segment was 132.58 billion RMB [1] - Adjusted net profit was 10.35 billion RMB, significantly lower than the anticipated 16.8 billion RMB [1] Business Growth - Alibaba reported strong growth in its core businesses, particularly in AI and cloud services, which continued to perform well during the quarter [1] - The Cloud Intelligence Group generated revenue of 39.82 billion RMB, marking a 34% year-over-year increase, surpassing the market estimate of 37.99 billion RMB [1]