报告中称，阿里巴巴即将发布2026财年第二季度财报。该行预计2QFY26收入同比+4%，经调整EBITA 利润率3.5%。2QFY26，该行预计阿里巴巴实现营收2456亿元，YoY+4%，其中国际数字商业集团/云智 能收入同比+17%/30%，中国电商集团环比-13%。2QFY26经调整EBITA为85亿元，同比-79%，经调整 EBITA利润率3.5%，同比-13.6pcts，主要由于Q3为闪购业务投入高峰，以及其他业务中模型训练、AI应 用需求算力投入增加等因素。 智通财经APP获悉，国信证券发布研报称，维持阿里巴巴-W(09988)"优于大市"评级，小幅调整公司 FY2026-FY2028收入预测至10503/11879/13050亿元，主要由于即时零售业务在投入阶段客单价较低收入 贡献有限;调整公司FY2026-FY2028经调净利预测至1084/1502/1772亿元，主要由于1)公司闪购业务投入 力度高于该行此前预期;2)所有其他业务中模型和AI应用相关的算力投入，以及高德盒马的到家到店业 务投入增加，并且具有一定持续性。 ...

Core Insights - Nanjing has transformed from an overlooked city in the tech landscape to a hotspot for major internet companies like Xiaomi and Alibaba, which are making significant investments in the region [1][2][3] - The influx of tech giants is driven by the need for talent, particularly fresh graduates, as companies shift focus from traffic and capital to technology as a core competitive advantage [3][4] - Nanjing's strategic location and lower operational costs compared to Beijing and Shanghai make it an attractive site for research and development [5][7] Xiaomi's Initiatives - Xiaomi has invested in building 566 talent apartments in Nanjing, offering rents significantly lower than market rates, which has led to rapid occupancy [1][2] - The company plans to recruit 5,000 fresh graduates this year, with a long-term goal of increasing its workforce in Nanjing to 10,000 within five years [1][4] - Xiaomi's Nanjing Technology Park, covering 365,000 square meters, has become its largest R&D center outside Beijing [1][5] Alibaba's Developments - Alibaba has opened a massive 850,000 square meter center in Nanjing, which includes office spaces and commercial facilities, with plans for additional employee housing [2][3] - Over 1,000 employees have already moved into the new center, and more than 50 ecosystem companies have established a presence in the area [2][3] - The company's strategy includes creating a dense network of tech firms in Nanjing, akin to the "Silicon Valley" model [2][7] Talent and Education - Nanjing boasts over 50 universities, providing a rich pool of potential employees, particularly in fields relevant to Xiaomi and Alibaba's R&D needs [4][5] - The city is positioned as a "fresh graduate gold mine," making it easier for companies to recruit and retain talent at lower costs [3][4] Government Support - The Nanjing government has implemented policies to support the tech industry, including land and financial incentives for companies [7][8] - The government aims to establish a complete ecosystem by 2025, with a target of over 100 companies from Alibaba's ecosystem and a revenue goal of 100 billion yuan from the digital economy [7][8] Challenges Ahead - Despite the positive developments, Nanjing faces challenges such as the need for improved infrastructure and a complete industrial chain to support the tech giants [8] - The city must also avoid becoming overly reliant on government incentives, ensuring that the growth translates into a sustainable ecosystem [8][9] Future Outlook - The success of Nanjing's transformation into a tech hub will depend on its ability to attract and retain talent, develop a supportive ecosystem, and achieve its ambitious economic targets [9][11] - The ongoing investments by major companies signal a potential shift in the tech landscape of the Yangtze River Delta, with Nanjing emerging as a third pole alongside Shanghai and Hangzhou [9][11]

Core Insights - The Nanjing Alibaba Center officially opened on July 11, marking a new phase in the development of the digital intelligence industry centered around Nanjing Hexi South [1] - The area is becoming a significant financial center and digital economy hub, with over 1,800 data industry enterprises established [1][2] - The center will focus on artificial intelligence and cross-border e-commerce, attracting emerging digital enterprises and fostering innovation [2] Group 1 - The Nanjing Alibaba Center has attracted over 50 startup projects, showcasing its role as a collaborative innovation hub [2] - The establishment of major companies like Xiaomi and Hengsheng Electronics in the area indicates a growing digital economy [2] - The Nanjing Hexi South area has a well-developed data industry supply chain, presenting both achievements and challenges for future growth [2] Group 2 - The Nanjing Hexi South area has implemented a comprehensive talent policy, offering support up to 10 million yuan to attract skilled professionals [4] - The introduction of the "Momo" afternoon tea platform facilitates resource sharing and networking among enterprises [5] - The area has been recognized for its high-quality development, ranking 36th nationally among provincial development zones [5] Group 3 - The Nanjing Hexi South area is home to various innovative enterprises, including a provincial-level demonstration scene for healthcare data [6] - The region has launched 44 application scenarios with a total investment exceeding 460 million yuan, enhancing industry supply-demand matching [7] - By 2027, the area aims to generate over 100 billion yuan in revenue from core digital economy industries and attract over 100,000 new talents [7]

Group 1 - The Nanjing Alibaba Center officially opened on July 11, marking Alibaba's first self-built and self-managed park in Jiangsu Province, and it is the largest and most diverse Alibaba center in the country, attracting 59 high-quality enterprises [1] - Alibaba has established a significant presence in Nanjing over the past eight years, with a cumulative business scale exceeding 60 billion yuan, making it one of the most cost-effective projects in the Jianye District [1] - The establishment of Alibaba in Nanjing has led to the arrival of other major companies, such as Xiaomi, which is building its largest R&D center outside of Beijing in the area [1] Group 2 - Jianye District is committed to a development philosophy that integrates industry and city, creating a livable and workable environment for talent and elite professionals [2] - The opening of the Nanjing Alibaba Center coincides with the launch of the Hexi Central Innovation Zone, which aims to become a significant hub for "Artificial Intelligence +" industries in the province [2] - The Nanjing Alibaba Center serves as an innovative ecological platform that promotes open collaboration among internet giants, enhancing the urban quality and functional facilities in the surrounding area [2]

Group 1: U.S. Stock Market - The S&P 500 ended a nine-day rally, influenced by Trump's new tariff policy targeting Hollywood, imposing a 100% tariff on overseas film productions, causing stock prices of companies like Amazon and Netflix to drop [3] - Skechers, a "delisting concept stock," surged 24% due to a $9.4 billion privatization offer from 3G Capital, representing a 28% premium [3] - Alibaba's stock rose by 0.64%, reflecting market confidence in its "cloud intelligence" transformation, while TSMC fell by 1.61% due to Intel's announcement of risk trial production for its 1.4nm process, directly challenging TSMC's 2nm technology [3] Group 2: Oil Market - OPEC+ has increased production for two consecutive months, with Saudi Arabia focusing on "price for volume," leading to a 2% drop in WTI crude oil prices, and Goldman Sachs lowering its oil price forecast to $56 for the year [4] - Asian demand remains weak, with China's April import growth primarily driven by stockpiling rather than real demand, potentially pressuring U.S. shale oil production due to higher costs [4] - The decline in oil prices may present short-term opportunities for the aviation and logistics sectors in the A-share market [4] Group 3: Gold Market - Gold prices surged over 3%, reaching $3,340 per ounce, driven by Trump's tariff policy, escalating tensions in the Middle East, and a weakening dollar with rising expectations for Fed rate cuts [4] - Goldman Sachs predicts gold prices could reach $3,700 by year-end, with extreme scenarios suggesting $4,500 [4] - Despite the rapid increase, there may be short-term corrections, but long-term factors such as geopolitical risks and central bank gold accumulation remain supportive [4] Group 4: European Stock Market - The FTSE 100 in the UK has risen for 15 consecutive days, marking its longest streak since 2021, attributed to low valuations and early interest rate cuts by the European Central Bank [5] - The Stoxx Europe 600 index has a price-to-earnings ratio of only 14, less than half that of U.S. stocks, with improving corporate earnings expectations [5] - Increased investments in renewable energy and defense sectors in Europe may become a key theme for the coming years, suggesting potential opportunities in infrastructure and energy transition-related ETFs [5] Group 5: Market Sentiment - The current market sentiment is characterized by "risk aversion" and "divergence," with U.S. stock adjustments possibly ongoing, and Chinese concept stocks facing policy risks [6] - Short-term pressure on oil prices exists, but there are long-term speculative opportunities, while gold and European stocks serve as safe havens for medium to long-term investments [6]