智通财经APP获悉，富瑞发布研报称，阿里巴巴-W(09988,BABA.US)公布拟发行32亿美元零息可换股债 券，反映其对前景信心，集资主要用于云端运算及国际商务业务。相较现有现金储备，发行可转换债券 可降低资金成本。其对阿里巴巴的目标价为172港元，美股目标价为178美元。基于阿里巴巴的市值规 模，富瑞估计摊薄影响有限。如近期报告所述，云端运算业务在AI需求驱动下预期维持高速增长，而 快闪店业务将随着用户体验提升释放协同效应。 ...

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]