建银国际发布研报称，将阿里巴巴-W(09988)目标价从174港元上调15%至200.7港元。该行认为，阿里 巴巴是AI领域最有潜力利用云端业务增长机会的公司，重申"跑赢大市"评级。 该行目前预测阿里巴巴云业务在2026/27/28财年增长率分别为30%/30%/25%，而先前的预测分别为 29%/28%/15%。该行预期云端运算业务的增长率将从2026财年第一季的26%，加速至第二季/第三季/第 四季的30%/32%/32%。由于对云端业务看法乐观，该行分别上调2026/27/28财年收入和盈利预测 0.1%/0.4%/2%和0.8%/0.8%/1.5%。 该行表示，阿里巴巴2025年APSAR大会召开后，该行对公司云端运算业务的增长前景更有信心，主要 原因包括：(1)管理层计划超越其现有的3年期3800亿元人民币的人工智能计划;(2)管理层对长期AI需求 持乐观态度;(3)公司AI解决方案能力强大，最新模型和产品升级表现出色;(4)全球化策略将扩大潜在市场 规模。 ...

Core Viewpoint - Alibaba-W (09988, BABA.US) plans to issue $3.2 billion zero-coupon convertible bonds, reflecting confidence in its future prospects, with funds primarily allocated for cloud computing and international business [1] Group 1: Financial Strategy - The issuance of convertible bonds is expected to lower the cost of capital compared to existing cash reserves [1] - Jefferies sets a target price of HKD 172 for Alibaba and USD 178 for its U.S. shares [1] Group 2: Business Growth - Jefferies estimates that the dilution impact on Alibaba's market capitalization will be limited due to its size [1] - The cloud computing business is anticipated to maintain rapid growth driven by AI demand, while the pop-up store business is expected to release synergies as user experience improves [1]

Core Viewpoint - The report from Jefferies indicates that Alibaba-W (09988, BABA.US) plans to issue $3.2 billion in zero-coupon convertible bonds, reflecting confidence in its future prospects, with the funds primarily allocated for cloud computing and international business [1] Group 1 - The issuance of convertible bonds is expected to lower the cost of capital compared to existing cash reserves [1] - Jefferies sets a target price of HKD 172 for Alibaba and USD 178 for its U.S. shares [1] - The dilution impact from the bond issuance is estimated to be limited due to Alibaba's market capitalization [1] Group 2 - The cloud computing business is anticipated to maintain rapid growth driven by AI demand [1] - The pop-up store business is expected to release synergistic effects as user experience improves [1]

美股市场 块跌幅靠前；黄金股逆市走强。 1. 美联储关注的核心 PCE 物价指数 7 月上升 2.9%符 预期，投资者在美国劳动节长周末前先行获利， 美股周五下跌。英伟达(NVDA.US)股价续跌 3.4%，此前有报道阿里巴巴(BABA.US)开发出更先 进晶片，以应对美国出口限制。阿里巴巴亦同时 公布业绩，加上 AI 推动其云端运算业务加速发 展，其美股 ADR 大涨 13%。卡特彼勒(CAT.US)警 告关税将带来 15 亿至 18 亿美元冲击，股价收跌 3.7%；戴尔(DELL.US)第三季获利前景疲软，股价 跌 9%。特斯拉(TSLA.US)正式就 Autopilot 致命 碰撞事故判决提出上诉，该股跌 3.5%。以整个 8 月计，标普 500 指数升近 2%，为连续第四个月录 升。道指累积上涨逾 3%，纳指亦升逾 1%。 市场展望 8 月份原材料业指数涨幅高达 24.3%，位列十二个 行业指数表现之首。晨报于 4 月 23 号推荐的铜矿 龙头公司中国有色矿业（01258HK)已累涨 119%。 半导体及通信等科技板块在 8 月亦有良好表现， 华虹半导体（1347HK)8 月份单月大涨 32.5%。另 ...