Investment Rating - The report maintains a "Buy" rating for Alibaba (BABA) [2][12][24] Core Insights - The company is increasing investments in flash sales and instant retail, with AI driving cloud intelligence growth [1][12] - Short-term EBITA pressure is expected for Taotian due to increased investments, but this will help cultivate consumer awareness and activate local consumption [8][12] - Strong growth in cloud revenue is anticipated, driven by rising domestic AI demand and enhanced model capabilities [9][10][12] - The international business is expected to maintain healthy growth while balancing investment efficiency to improve profitability [11][12] Financial Data and Earnings Forecast - For FY26E, the revenue forecast is Rmb1,067.8 billion, with a YoY growth rate of 7.2% [15] - Non-GAAP net profit for FY26E is projected at Rmb137.2 billion, reflecting a decline of 13.4% YoY [15] - The adjusted EPS for FY26E is expected to be Rmb56.82 [15] - The target price is set at $138 per share, indicating a 33% upside potential [12][15]

目前，高德、飞猪旅行两个Agent率先接入荣耀Magic V5，用户在与YOYO对话时输入意图指令， YOYO在理解用户意图后将直接调用相关Agent执行。此外，高德、飞猪旅行Agent还接入了荣耀智能体 商店、YOYO建议、服务负一屏卡片等入口。 凤凰网科技讯 7月2日，荣耀全新年度折叠旗舰手机荣耀Magic V5正式发布，该机型搭载了阿里巴巴基 于通义千问打造的高德、飞猪旅行两个智能体（Agent）及通义千问3、VL等大模型，这也是阿里首次 整合大模型及垂直场景Agent应用于智能手机终端。 在荣耀Magic V5发布会上，荣耀展示了基于通义千问开发的"一语问屏"功能。荣耀Magic V5搭载的通义 千问3、VL等大模型，支持用户通过荣耀AI助手YOYO上传文档，进行深度思考问答和联网搜索，还支 持在语音模式下体验口语陪练等多种互动场景，视频模式可识别真实物理世界进行实时互动。 此次接入的飞猪旅行Agent由飞猪为荣耀Magic V5量身打造，支持用户完成行程规划的制定、目的地探 索发现、附近景点美食推荐等，同时也能帮助用户快速预订火车票、机票、酒店等旅行相关基础服务。 高德Agent则是由高德云图研发、 ...

6月26日晚间，阿里巴巴集团发布2025财年年报，向市场展现其"用户为先，AI驱动"战略的变革成效。 从财务数据来看，2025财年，阿里巴巴集团收入达9963.47亿元，净利润同比增长77%至1259.76亿元。在过去 的一年里，阿里继续主动变革，坚定战略聚焦，坚决业务取舍，电商、"AI+云"两大核心业务增长持续加速， 集团整体驶入发展快车道。 在当晚一同发布的致股东信中，阿里巴巴集团主席蔡崇信和首席执行官吴泳铭表示，"阿里的基因里没有守 成，只有创造。今天的阿里巴巴，正在以创业者的姿态，开启面向AI时代的全新征程。" "AI+云"成新增长引擎 围绕"AI驱动"战略，阿里持续打造全球领先的AI模型，用AI升级现有互联网业务，着力将"AI+云"塑造成阿里 巴巴面向未来的新增长引擎。回溯来看，阿里在过去的一年中发布并开源多款模型，覆盖全尺寸、全模态、多 场景。 今年4月，阿里最新发布的阿里通义Qwen3（简称"千问3"）大模型，在全球多个权威评测榜单中性能领先，开 源仅一个月千问3全球累计下载量突破1250万，成为近期最受欢迎的开源模型。截至当月底，阿里通义已开源 200余款模型，全球下载量超过3亿次，千问系列衍 ...

不过，出乎很多人意料之外的是，虽然电商受到了来自拼多多、抖音等平台的激烈竞争，但阿里电商还 是守住了自己的阵地。而在AI领域，阿里巴巴却已开辟了另一片新天地。 2024年往前数三年，我们称之为阿里巴巴失去的三年。 而进入到2025年，阿里巴巴开始全面投入AI，并在今年年初宣布了一项重大计划，未来三年要投入超 过3800亿用于云计算和人工智能硬件基础设施建设，如此大的资金投入直接打破了中国民营企业在AI 与云计算基础设施领域最大的金额投入。 一开始，大家只是觉得阿里巴巴财大气粗，其实并不看好阿里巴巴All in AI。毕竟如今的阿里巴巴已经 是一个庞大的集团公司，几乎任何大公司都免不了多多少少会有一些大公司病，阿里巴巴同样也会存在 大公司病。 AI战绩不菲 在过去的7个季度中，阿里巴巴的AI收入实现了三位数的增长，每个季度的增长率都在100%以上，显示 出强劲的增长势头。 前不久上线的阿里通义千问3，一上市就登顶了全球开源模型。在LiveCodeBench（由加州大学伯克利分 校、麻省理工学院和康奈尔大学的研究人员开发）大语言模型评测榜单中，千问3模型性能全面超越 R1、OpenAI-o1等全球顶尖模型，成为全 ...

金十数据6月18日讯，B站已接入阿里大模型通义千问3、VL等模型，用于打造数据洞察智能体 InsightAgent，帮助"花火"和"必达"等商业平台提效。据悉在618期间，花火的商单成交效率提升5倍以 上，必达的数据洞察效率提升3倍以上。 B站接入千问3，618期间商单成交效率提升5倍以上 ...

今日导读 1.记者从国务院国资委获悉，截至2025年一季度末，各中央企业、各地国有企业改革深化提 升行动重点改革任务平均完成率已超过80%。 2. 近日，阿里巴巴通义团队开源了全新的千问3量化模型，完成基于苹果硬件的MLX框架的 全系模型深度适配。 3. 天眼查显示，近日，灵心巧手（北京）科技有限公司发生工商变更，新增中金观博（上 海）私募投资基金合伙企业（有限合伙）、蚂蚁集团全资子公司上海云玚企业管理咨询有限 公司为股东。 宏观消息 1、6月17日，国家外汇管理局副局长、新闻发言人李斌就5月外汇市场形势答记者提问时表示，5月 份，境内外汇供求总体平衡，外汇市场运行平稳。一是跨境资金延续净流入。5月份企业、个人等非银 行部门跨境资金净流入330亿美元。其中，货物贸易资金净流入保持在较高水平，外资增持境内股票较 上月进一步增加，服务贸易、外商投资企业分红派息、对外直接投资等资金净流出总体保持稳定。二 是市场预期平稳。5月份银行结售汇转为顺差。企业、个人等结汇意愿稳定，购汇需求回落，市场交易 理性有序。 2、6月17日国务院国资委举行的专题推进会上，记者获悉，截至2025年一季度末，各中央企业、各地 国有企业改革 ...

Group 1: Financial Policies and Market Developments - The Lujiazui Forum has opened, with expectations for new financial policy signals from central financial authorities during the event [1] - The People's Bank of China is accelerating the preparation of policies to support the construction of Shanghai as an international financial center [1] - Shanghai and Hong Kong are set to sign the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" [1] Group 2: Market Trends and Stock Performance - International oil prices have significantly increased, with NYMEX light crude oil futures rising by $3.07 to $74.84 per barrel, a 4.28% increase [2] - The Nasdaq China Golden Dragon Index fell by 1.77%, while the Hang Seng Index ADR decreased by 0.87% [2] Group 3: Cryptocurrency Legislation - The U.S. Senate passed a landmark stablecoin bill aimed at promoting growth in the cryptocurrency industry, with a vote of 68 in favor and 30 against [3] - This legislation establishes a regulatory framework for stablecoins pegged to the U.S. dollar, marking a significant victory for digital asset companies [3] Group 4: Investment Trends - Southbound capital trading volume has reached HKD 11.52 trillion this year, surpassing the total for the entire previous year [4] - The net buying amount for Shanghai Stock Connect is HKD 493.1 billion, and for Shenzhen Stock Connect, it is HKD 193.9 billion, both significantly higher than the same period last year [4] Group 5: Central Bank Gold Reserves - Nearly 43% of central banks plan to increase their gold reserves in the next year, with over 90% of surveyed central banks expecting to continue adding gold [5] - This marks the highest level of interest in gold reserves since the survey began in 2019, reflecting a 17 percentage point increase from the previous year [5] Group 6: Coal Inventory and Production - Coal inventory at major ports in the Bohai Rim has decreased by 13.5% from previous highs, totaling 28.68 million tons [7] - Coal production from January to May reached 198.54 million tons, with a year-on-year growth rate of 6.0% [6] Group 7: Corporate Developments - Dada Group has completed its privatization and will cease trading as a public company [8] - Kingsoft Cloud has completed the issuance of 69.375 million shares, raising approximately HKD 404 million [9] - Rongchang Bio's product, Taitasip, has received orphan drug designation from the EU for the treatment of myasthenia gravis [10] Group 8: Technology and AI Developments - Tencent Yuanbao has launched an AI programming mode, significantly enhancing coding efficiency for users [11] - Alibaba's Tongyi team has open-sourced the Qianwen 3 quantization model, optimized for Apple's MLX framework [13] Group 9: Financial Forecasts - Yadea Holdings expects a net profit of no less than RMB 1.6 billion for the first half of 2025, up from RMB 1.03 billion in the same period last year [17] - Haitian Flavor Industry has set the final price for its H-shares at HKD 36.3 per share, with additional shares to be issued [15][16]

Group 1: Baidu's Digital Human Advancements - Baidu announced the creation of the industry's first super anchor digital human, Luo Yonghao, during its AI Day event [1] - The company introduced four major breakthroughs in persuasive digital humans, including the first dual digital human interactive live broadcast room, enhancing marketing conversion and consumer experience [1] - The digital human technology has made significant progress, allowing for multi-modal integration and the ability to handle complex tasks, achieving sales performance comparable to real humans [1] Group 2: Alibaba's AI Model Adaptation - Alibaba's Tongyi team has open-sourced the new Qianwen 3 quantitative model, fully adapting it to Apple's MLX framework, which is optimized for Apple hardware [2] - This adaptation injects new vitality into Apple's AI ecosystem, supporting localized AI operations on personal devices [2] - The integration of Qianwen 3 enhances Alibaba's AI capabilities and expands its application scenarios, boosting its influence in international markets [2] Group 3: Apple's AI Department Challenges - Reports indicate that John Giannandrea, Apple's Senior Vice President of AI and Machine Learning Strategy, is gradually fading from the company's core management and may soon leave [3] - Giannandrea, who joined Apple in 2018 from Google, has struggled to integrate into Apple's culture and has faced significant ideological differences with other executives [3] - The slow progress of Apple's AI projects and the failure to deliver key features on time have led to his recent demotion, highlighting the need for Apple to address internal cultural conflicts and invest more in AI infrastructure and talent [3]

2025年6月18日 星期三 ↓ 央行今日有1640亿元7天期逆回则 2 2025数据智能大会将于6月18日 召开 3 2025陆家嘴论坛将于6月18日至 办 4 2025MWC上海移动通信大会将于 20日举办 5 美国6月14日当周首次申请失业救 1 隔夜市场 美股低开低走，三大指数集体收跌。纳指跌0.91%，标普500指数跌0.84%，道指跌0.7%。大型科技股普跌，特斯拉跌近4%，苹果跌超1%，微软、英伟达、 谷歌、奈飞、亚马逊、Meta小幅下跌；英特尔小幅上涨。航空概念股跌幅居前，JetBlue跌近8%，美联航跌超6%，达美航空、阿拉斯加航空跌逾4%，美国 航空公司跌超3%，美国西南航空跌超2%。热门中概股多数收跌，纳斯达克中国金龙指数跌1.77%。禾赛跌超6%，文远知行跌超5%，理想汽车跌超4%，腾 讯音乐跌超3%，哔哩哔哩跌超2%。 COMEX黄金期货跌0.37%，报3404.8美元/盎司。COMEX白银期货涨1.97%，报37.165美元/盎司。 WTI 7月原油期货收涨3.07美元，涨幅4.28%，报74.84美元/桶。布伦特8月原油期货收涨3.22美元，涨幅4.4%，报76.45美元/桶。 ...

6月17日，南下资金净买入港股63.02亿港元。 其中，净买入建设银行11.22亿、阿里巴巴-W 5.99亿、泡泡玛特2.71亿、美团-W 2.22亿、小米集团-W 2.2亿、南京熊猫电子股份1.65亿、众安在线1.3亿； 净卖出腾讯控股7.13亿、石药集团6.17亿。 | 名称 | 流鉄幅 | 净买入额(亿) | 成交额 | 名称 | 流跌幅 | 净买入额(亿) | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | | 山东零龙 | -2.4% | -0.10 | 39.30 Z | 泡泡玛特 | -6.0% | 0.46 | 17.14亿 | | 泡泡印特 | -6.0% | 2.25 | 37.56 L | 阿里巴巴-W | 1.7% | 2.46 | 14.38 Z | | 进发展行 | -1.7% | 11.22 | 22.10亿 | 山东零龙 | -2.4% | 0.28 | 12.03 Z | | 阿里巴巴-W | 1.7% | 3.54 | 20.97 亿 | 康方生物 | -4.9% | 0.80 | 10.96 Z | | 南京 ...