中国 证券研究 2025 年 10 月 1 日 阿里巴巴 分析师声明及重要披露，包括非美国分析师披露，见第 11 页。 摩根大通与其研究报告所覆盖的公司开展业务，或寻求与这些公司开展业务。因此，投资者应意识到其中可能存 在利益冲突，进而可能会影响本报告的客观性。投资者在做出投资决策时，本报告之观点应仅作为投资者的考虑 因素之一。 jpmsc.portal.jpmorgan.com 将 token 转化为抽成率：阿里巴巴飞轮 过去三个月阿里巴巴股价跑赢以中概互联网指数基金衡量的行业平均水 平 364 个百分点，在我们看来这是因为 2025 年 2 季度云业务收入增速好 于预期以及管理层对外卖和闪购业务投资战略做出充满信心的表述。上 周在杭州参加阿里巴巴云栖大会后，我们越发看好阿里云，这源于未来 的外部客户创收机遇（即云业务收入）及其与国内电商的协同效应。我 们认为，随着阿里巴巴的叙事从"国内电商市场份额流失方"转向"中 国互联网一线资产"，云业务和中国国内电商两方面的积极发展意味着 估值倍数应上升。我们将 2027/2028 财年云业务收入预测值上调 2%/6% ，原因是我们更看好生成式人工智能的应用和阿里云的 ...

Group 1 - Cathie Wood's Ark Invest has increased its holdings in Chinese tech giants Alibaba and Baidu, indicating a renewed interest in these stocks after a four-year hiatus [1][2] - Ark Invest's flagship fund ARKK purchased 14,453 shares of Alibaba, valued at approximately $2.74 million, and has made significant investments in the company over the past week, totaling around $16.3 million [1][2] - Baidu also saw substantial purchases, with Ark acquiring 45,478 shares valued at about $6.4 million, alongside previous investments totaling $2.97 million and $6.9 million [1][2] Group 2 - The strong rebound of Chinese stocks, particularly Alibaba and Baidu, has been driven by their positioning as potential beneficiaries in the AI sector, with Alibaba's stock rising 112% and Baidu's by 57% this year [2][4] - Both companies are seen as well-positioned due to the increasing demand for domestic AI solutions amid tightening global export restrictions on high-end AI chips [4] - Despite significant stock price increases, Alibaba's dynamic P/E ratio remains at a reasonable 21, while Baidu's is even more attractive at 12, indicating strong cash flow from their core businesses supporting investments in AI and cloud computing [4][5] Group 3 - Analysts on Wall Street have responded positively, raising target prices for Alibaba to $230 and $245, citing the rapid growth of its AI cloud business as a key factor [5]

宽敞明亮的电商产业培训孵化中心里，年轻的学员们正聚精会神地聆听讲师授课，手指在键盘上飞舞， 眼神中充满对电商知识的渴望。刚刚过去的盛夏，平顺县太行电商小镇可谓热闹非凡。"创见平顺 云上 沃野"短视频大赛暨短视频实操培训班在这里举行，来自全省的120余名短视频创作者、电商从业者、乡 村创业青年等齐聚一堂，以镜头为笔、以创意为墨，开启了一场新媒体赋能乡村振兴的精彩实践。 走进平顺，太行电商小镇宛如一颗闪亮的明珠，散发着数字经济与电商产业的蓬勃活力。这里，会不定 时举办各种电商培训课程，从基础的网店运营到高级的直播带货技巧，应有尽有。"我以前一直在外面 打工，没想到现在在家门口就能学到这么专业的电商知识，还能自己创业当老板。"一位年轻的创业者 兴奋地说。 编辑：贾霄星 事实上，平顺县电商产业的发展早已取得了显著成效。2018年以来，平顺县通过品牌建设，打造"平顺 农谷""大红袍花椒"等区域公共品牌，并借助电商直播等形式，将潞党参、大红袍花椒等农产品搬上天 猫、抖音的直播间。2024年，平顺县电商零售额达6.22亿元，培育小微电商600余家、电商达人800余 名。而太行电商小镇二期项目的建设，将进一步放大这些优势，推 ...

写了很多腾讯，后台很多用户私聊我，问怎样看阿里？特别是阿里最近涨幅很猛，蒋凡执掌权柄后有了 中兴之势！ 现在已经不是零售商阿里，是AI的阿里，在云服务、芯片、大模型上三箭齐发，同时闪购+到店+高德 为主站导入海量电商流量，寻找了10年之久的流量入口，终于搭建成功了。 1. 零售电商份额持续流失。零售本质就是多、快、好、省，之前基本是淘宝+天猫独霸了，现在心智完 全分散了。 好——京东自营+天猫品牌店； 多——淘宝、拼多多，抖音、快手货架也丰富起来； 快——京东； 还有菜鸟物流，蚂蚁（支付宝），海外电商板块都是实力在线，这样看上去，阿里眉清目秀， 高大威 猛！ 综合来看，阿里就是亚马逊（电商+云服务）+OpenAI（通义）+英伟达（自研芯片），简直是六边形战 士。 涨就是必然的。 我们反过来探究一下，那为啥之前不涨，跌跌不休？除了进入GP周期而不是效率周期之外，阿里本身 面对什么问题： 省——拼多多。 2. 新的战略级别流量入口始终没有办法找到。 陆兆禧集全集团之力做"来往"失败后，阿里除了同步搞了移动端，千人千面这是电商转化端，一直也同 步寻找新的线上战略级别入口，这个入口必须自己把控的，没有新的流量入口，再 ...

Core Insights - Taobao e-commerce agency services have emerged as a vital support for merchants facing operational complexities on the platform [1][3] - There are significant operational differences between Taobao and Tmall, both of which are core platforms under Alibaba Group [1][6] Summary of Taobao E-commerce Agency Services - Taobao e-commerce agency services involve third-party companies managing and operating Taobao or Tmall stores on behalf of merchants [3] - These agencies consist of experienced e-commerce experts who handle daily operations such as product listing, store decoration, marketing, customer service, data analysis, and order processing [3][6] - The services save time and effort for merchants, particularly small and medium-sized enterprises lacking e-commerce experience [6] Comparison of Taobao and Tmall Operations - **Platform Positioning**: Taobao targets individual sellers and small businesses, emphasizing diversity and cost-effectiveness, while Tmall is a high-end B2C platform focused on brand merchants and quality [6][7] - **Entry Requirements**: Taobao has lower entry barriers, allowing individuals or businesses to register easily, whereas Tmall requires brand authorization, corporate qualifications, and financial strength, along with annual fees and service charges [6][7] - **Operational Strategies**: Taobao focuses on traffic acquisition and price competition through promotions and social marketing, while Tmall emphasizes brand building and long-term value, investing in brand image and customer loyalty [7] - **Cost Structure**: Taobao's operational costs are lower, mainly involving advertising and logistics, while Tmall incurs higher commissions and marketing fees, providing more platform resources like priority display and data analysis tools [7] - **Target Audience**: Taobao attracts price-sensitive consumers seeking variety, while Tmall appeals to quality-conscious shoppers, influencing merchants' product selection and marketing strategies [7] Conclusion - Taobao e-commerce agency services provide a convenient pathway for merchants to establish themselves in a competitive market [6] - Understanding the operational differences between Taobao and Tmall can help merchants choose the right platform based on their resources and goals [7]

（图源：阿里云栖大会） 作者丨萧哓 出品丨牛刀商业评论 "阿里的改革不是'外科手术'，而是要重塑'生长基因'。" 2025年云栖大会上，吴泳铭站在聚光灯下，这句关于阿里转型的表述，既是对其两年改革的总结，也为 外界解读这家互联网巨头的变革提供了关键钥匙。 时钟拨回到2023年秋，他临危受命执掌阿里时，这家企业正深陷 "增长失速" 与 "组织臃肿" 的双重困 局。 两年后的今天，9963.47亿元营收（同比增 5.9%）、1259.76亿元税后利润（同比增76.6%）的财报数 据，勾勒出转型的初步轮廓。 但正如吴泳铭在云栖大会上坦诚的 "改革深水区没有标准答案"，核心电商增速趋缓、业务协同不足等 问题，仍在考验着他 "拆分革命" 的成色。 在阿里的故事版图里，吴泳铭始终是那个带着独特注脚的人物。 他不仅是马云最早的技术信徒，更以 "阿里技术初代拓荒者" 的身份，在互联网浪潮中留下浓墨重彩的 一笔。 而这段影响深远的传奇，竟缘起于1996年《钱江晚报》角落一则不起眼的招聘广告。 吴泳铭的过人之处在于，他没有试图用"管理优化"修补旧体系，而是直接用"生态化重构"激活组织基 因。 这段始于招聘广告的渊源，不仅奠定了吴 ...

每经AI快讯，有投资者在投资者互动平台提问：您好，请问贵公司跟阿里巴巴及英伟达有深度合作， 都是哪些项目？ （文章来源：每日经济新闻） 新宝股份（002705.SZ）9月25日在投资者互动平台表示，公司国内自主品牌产品销售目前主要以线上销 售为主，在淘宝、天猫等平台有销售，除此以外，公司目前没有与您提到的主体开展深度合作的项目。 重大信息请以公司在指定网站发布的公告为准，注意投资风险。 ...

Group 1 - The "2025 Phoenix Star Listed Company Awards" ceremony was held in Guangzhou, recognizing companies across nine key categories including innovation, shareholder return, social responsibility, and global contribution [1][2] - The "Best Innovative Listed Company" award focuses on core technology breakthroughs and innovation ecosystems, using metrics such as R&D intensity, patent conversion rates, and the proportion of research talent [2] - Alibaba Group won the "Best Innovative Listed Company" award, highlighting its strategic focus on "user-first, AI-driven" initiatives that have led to accelerated growth in core business areas [2][4] Group 2 - Alibaba's innovation strategy is characterized by a three-dimensional evaluation framework that includes hard technology breakthroughs, model innovation, and ecological collaboration [2] - The company has made significant advancements in cloud computing and generative AI, positioning itself as a leading public cloud service provider and enhancing its role in the digital economy [6] - Alibaba's evolution from an e-commerce platform to a digital economy infrastructure service provider exemplifies the transformation of China's digital technology landscape from follower to leader [7]

Core Viewpoint - Alibaba's founder Jack Ma is making a strong return, significantly increasing his involvement in the company's strategic decisions, particularly in artificial intelligence and competition against rivals like JD.com and Meituan [2][5]. Group 1: Strategic Focus - Jack Ma's participation in Alibaba's decision-making has reached its highest level in five years, focusing on AI and direct competition with key e-commerce and local service competitors [2]. - The company is investing 500 billion yuan to subsidize instant retail and local services, aiming to capture market share from JD.com and Meituan [2][8]. - Alibaba is undergoing a strategic refocus, divesting non-core assets to concentrate resources on key business areas, including the sale of its stakes in Intime Retail and Yonghui Superstores [5][6]. Group 2: Leadership Changes - The leadership structure has been adjusted, with a reduction in the partner team from 26 to 17 members, indicating a shift in management dynamics [6]. - Jiang Fan has joined the partner committee, becoming a key figure next to CEO Wu Yongming, reflecting a significant change in the company's core management [6]. Group 3: AI and Technology Investments - Alibaba plans to invest 3.8 trillion yuan over the next three years to build cloud computing and AI hardware infrastructure [6]. - The company has signed a contract to provide 1,024 devices and 16,384 computing cards for the China Unicom Sanjiangyuan Green Power Intelligent Computing Center project, becoming the largest computing power supplier for this initiative [7]. Group 4: Market Performance - Alibaba's stock price surged over 3% on September 17, reaching a nearly four-year high, with a total market value exceeding 3 trillion HKD and a year-to-date increase of over 96% [9][10].

Core Insights - The core idea of the news is that Gaode Map is leveraging its vast navigation data to create a "Street Ranking" that reflects real user behavior, moving away from traditional review systems that rely on subjective opinions [3][4][6]. Group 1: Gaode Map's Innovations - Gaode Map's "Street Ranking" is based on navigation data from 51.32 million users, encompassing 1.3 billion navigations over 22 billion kilometers, highlighting the significance of real user behavior in determining rankings [3][5]. - The ranking system aims to transform Gaode's data into a public good, providing a trustworthy source of information that reflects actual consumer preferences rather than manipulated reviews [6][14]. - The introduction of the "Street Ranking" has resulted in a significant increase in daily active users, with 40 million users engaging with the ranking, surpassing the peak daily active users of other review platforms [3][4]. Group 2: Market Impact and User Experience - The "Street Ranking" has created a new ecosystem within Alibaba's consumer operations, enhancing the value of its services and contributing to the company's stock price recovery [4][10]. - Users have reported a more streamlined experience, combining the discovery process with navigation, thus reducing the need for multiple apps to find reliable information [7][14]. - Businesses listed in the "Street Ranking" have experienced notable increases in customer traffic and revenue, with some reporting growth in dining revenue by 17% to 29% after being featured [10][11]. Group 3: Trust and Authenticity - The ranking system emphasizes authenticity by relying solely on user behavior, eliminating the potential for fake reviews or manipulated ratings, thus establishing a trust-based mechanism [6][14][15]. - The shift from traditional review systems to behavior-based rankings addresses the issue of information asymmetry prevalent in the market, providing a more reliable gauge of consumer preferences [6][9]. - Gaode's approach reflects a broader trend towards valuing genuine consumer experiences over marketing-driven narratives, aligning with the growing demand for authenticity in the post-truth era [4][15].