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。 ...

Group 1 - The core viewpoint of the articles highlights the importance of logistics efficiency and quality in the rapidly growing instant retail industry, with a new partnership between Mibaba and Meituan's Xiaoxiang Supermarket injecting fresh vitality into their business development [1] Group 2 - Mibaba, with ten years of experience in the logistics sector, has established a mature logistics system and extensive service network, forming a solid foundation for the collaboration [3] - To meet Xiaoxiang Supermarket's diverse delivery needs for ambient food, refrigerated fresh produce, and frozen goods, Mibaba has formed a dedicated team to provide customized services, including the deployment of suitable vehicles and the development of a transportation scheduling system to enhance logistics efficiency and reduce costs [3] Group 3 - Mibaba has implemented specialized training for all drivers involved in the project, covering product handling standards, delivery time management, and customer service protocols to ensure alignment with Meituan Xiaoxiang Supermarket's operational requirements [7] - A real-time communication mechanism has been established between the project operation team and Meituan Xiaoxiang Supermarket's relevant personnel to synchronize delivery progress and respond promptly to unexpected demands, enhancing flexibility and reliability in the delivery process [7] Group 4 - Since the start of the collaboration, the synergy between the two companies has become increasingly evident, with the number of daily transport vehicles increasing from 7-8 to over 20 within two months, while maintaining a record of zero product damage and zero delivery delays, receiving high recognition from customers [8] - Mibaba and Meituan Xiaoxiang Supermarket plan to deepen their collaboration by exploring new models of synergy between instant retail and logistics services, continuously optimizing operational plans to provide consumers with a more efficient and high-quality instant shopping experience [8]

Market Performance - US stock markets collectively declined, with major indices falling on August 30, led by technology stocks like Nvidia, resulting in a drop of over 1% for the Nasdaq index [1][2] - The closing figures were as follows: Dow Jones Industrial Average at 45,544.88, down 0.20%; S&P 500 at 6,460.26, down 0.64%; and Nasdaq at 21,455.55, down 1.15% [1][2] - For the week, the Dow Jones fell 0.19%, S&P 500 down 0.1%, and Nasdaq down 0.19%, while in August, the Dow Jones rose 3.2%, S&P 500 increased by 1.91%, and Nasdaq grew by 1.58% [1] Chinese Stocks - Despite the overall decline in US markets, the Nasdaq Golden Dragon China Index rose by 1.55% [2] - Notable Chinese stocks included Alibaba, which surged nearly 13%, and Daqo New Energy, which increased by over 11% [2] - Other rising stocks included iQIYI (up over 5%) and Baidu, Huya, and JinkoSolar (each up over 4%) [2] Alibaba Financial Results - Alibaba Group reported Q1 FY2026 revenue of RMB 247.65 billion, a 2% year-over-year increase, with a 10% increase when excluding disposed businesses [3] - Net profit reached RMB 42.38 billion, marking a 76% year-over-year growth [3] - The company noted significant growth in its instant retail business, with monthly active consumers on the Taobao app increasing by 25% year-over-year [3] Inflation Indicators - The US core PCE price index rose by 2.9% year-over-year in July, indicating inflationary pressures [4][6] - The overall PCE price index increased by 2.6% year-over-year, with a month-over-month rise of 0.2% [6] - Consumer spending, which constitutes over two-thirds of US economic activity, grew by 0.5% month-over-month, reflecting consumer resilience despite rising prices [7] Oil Market - US oil prices fell nearly 1%, with WTI crude settling at $64.01 per barrel and Brent crude at $67.46 per barrel [11] - The US recorded a historic high in oil production at 13.58 million barrels per day in June, contributing to a total liquid fuel production peak of 21.1 million barrels per day [11] - President Trump indicated that oil futures prices might soon drop below $60 per barrel [12] Precious Metals - International precious metal futures saw a general increase, with COMEX gold futures rising by 1.20% to $3,516.10 per ounce and silver futures up by 2.64% to $40.75 per ounce [14] - Weak economic data in the US supported the rise in gold prices, with the Michigan consumer sentiment index falling below expectations [14]

Core Insights - Alibaba's instant retail business revenue reached 14.784 billion RMB in the first fiscal quarter of 2026, marking a 12% year-over-year growth [1] - The growth in instant retail was driven by a 25% increase in monthly active users on Taobao due to flash sales [1] Financial Performance - The e-commerce segment of Alibaba's China operations reported a total revenue of 140.072 billion RMB, reflecting a 10% increase compared to the previous year [1] - Customer management revenue grew by 10% to 89.252 billion RMB, while logistics and other services saw a 7% increase to 29.325 billion RMB [1] - The international digital commerce group generated 34.741 billion RMB, a 19% increase, with international retail business growing by 20% [1] Segment Analysis - Instant retail revenue was 14.784 billion RMB, up 12% year-over-year, contributing to the overall growth of Alibaba's e-commerce business [1] - The wholesale business in China also showed strong performance with a 13% increase, reaching 6.711 billion RMB [1] - The intelligent logistics group reported a significant 26% growth, reaching 33.398 billion RMB [1]

Core Viewpoint - Alibaba's stock price surged by 4.11% on August 22, driven by significant updates on its official website and a strategic restructuring of its business segments [1][2] Group 1: Business Restructuring - Alibaba has restructured its operations into four main divisions: Alibaba China E-commerce Group, Alibaba International Digital Commerce Group, Cloud Intelligence Group, and "All Other" businesses, marking the end of its previous "1+6+N" structure [1] - The restructuring integrates Ele.me and Taobao Deals into the Instant Retail business under the China E-commerce Group, while Cainiao Group and the Entertainment Group are categorized under "All Other" businesses [1] - This change reflects Alibaba's focus on its core businesses, particularly in e-commerce and AI, generating market optimism regarding its growth potential and achievements in intelligent transformation [1] Group 2: Strategic Initiatives - Alibaba announced plans to spin off Zhaoma Network Technology Co., Ltd., aiming for an independent listing on the Hong Kong Stock Exchange, which will allow it to gain independent valuation in the financial market [1] - Alibaba will retain over 30% ownership of Zhaoma, highlighting its strategic positioning in the smart automotive sector [1] - The company is enhancing its global market influence through continuous integration of global resources [1] Group 3: Market Opportunities and Challenges - The rapid growth of the local lifestyle service market presents an opportunity for Alibaba's Instant Retail business to achieve large-scale expansion [2] - Developments in smart automotive solutions and AI technology provide new growth avenues for the company [2] - Investors should remain aware of the changing global economic environment and competitive dynamics in the tech industry, which could significantly impact Alibaba's long-term performance [2]

Core Insights - The company has established deep partnerships with leading life service platforms such as Meituan and Ele.me to fully develop its instant retail business [1] - The company is actively exploring private domain instant retail while integrating offline store networks with online traffic resources to provide a "rapid delivery" service experience within a three-kilometer radius of stores [1] - By 2025, the company plans to focus on launching instant retail platforms in its department store sector, building on its existing instant retail operations in supermarkets [1] - The company's department store sector achieved the highest sales on Meituan's flash purchase event on May 20, and three out of the top five stores during the 618 shopping festival were under the company's brand [1] - The company is currently advancing the launch of its department store sector on Taobao Flash Purchase (Ele.me) while continuously optimizing its instant retail business [1]