Core Insights - The company reported FY26Q1 revenue of 247.7 billion yuan, with adjusted EBITA of 38.8 billion yuan and adjusted net profit of 35.3 billion yuan, exceeding Bloomberg consensus expectations [1] - The capital expenditure for FY26Q1 was 38.6 billion yuan, also surpassing Bloomberg consensus [1] E-commerce Segment - The Chinese e-commerce group's revenue reached 140.1 billion yuan, exceeding Bloomberg consensus by 15%, with e-commerce revenue of 118.6 billion yuan [2] - Customer management revenue grew by 10% year-on-year, driven by an increase in take rate, which benefited from new software service fees and improved penetration rates [2] - The launch of "Taobao Instant Retail" in April has led to significant user engagement, with peak daily orders reaching 120 million and a weekly average of 80 million [2] - The number of 88VIP members grew by double digits year-on-year, surpassing 53 million [2] Cloud Intelligence Segment - The Cloud Intelligence Group reported revenue of 33.4 billion yuan, with adjusted EBITA of 3 billion yuan, a year-on-year increase of 6 billion yuan [3] - Revenue growth of 26% was primarily driven by public cloud services, particularly in artificial intelligence-related products, which have seen triple-digit year-on-year growth for eight consecutive quarters [3] - The company is developing a new AI chip aimed at broader AI inference tasks, currently in testing [3] AIDC Segment - AIDC reported revenue of 34.7 billion yuan, with adjusted EBITA of -0.06 billion yuan, showing a year-on-year revenue growth of 19% [3] - The strong performance in cross-border business has led to significant improvements in operational efficiency, with losses narrowing both year-on-year and quarter-on-quarter [3] Shareholder Returns - The company repurchased 56 million shares for a total of 815 million USD in the quarter, with an authorized remaining buyback amount of 19.3 billion USD as of June 30, 2025 [4] Investment Outlook - The company expects revenue for FY 2026-2028 to be 1,030.6 billion, 1,148.6 billion, and 1,279.3 billion yuan respectively, with adjusted net profit estimates of 129.3 billion, 152.1 billion, and 178.2 billion yuan [4]

阿里巴巴上周五公布的最新财报显示，二季度Non-GAAP净利润同比下降18%，但核心业务展现出强大 韧性：云业务收入同比增长26%，达到三年以来的新高；淘宝闪购则成为驱动用户增长的最大亮点。值 得注意的是，过去四个季度，阿里巴巴已在AI基础设施及AI产品研发上累计投入超过1000亿元。 另外，有消息称阿里正开发一款功能更强大的新芯片，以填补英伟达在中国销售遇阻所留下的空白。 阿里巴巴(9988.HK)高开14.95%，报133港元，创3月以来新高；美股市场阿里巴巴上周五收涨12.9%， 报135美元，折算成港股市场价格为131.53港元/股。 ...

Group 1 - US stock index futures showed mixed performance with Nasdaq futures down 0.11%, S&P 500 futures down 0.04%, and Dow futures up 0.13% [1] - European stock indices collectively rose, with Germany's DAX up 0.34%, UK's FTSE 100 up 0.35%, France's CAC up 0.95%, and the Euro Stoxx 50 up 0.75% [1] - Standard & Poor's Global Ratings confirmed the US sovereign credit rating at "AA+/A-1+" with a stable outlook [1] Group 2 - UBS raised its gold price target for March 2026 by $100 to $3,600 per ounce [1] - Reports indicate Nvidia is developing a new AI chip based on its latest Blackwell architecture for China, outperforming H20 [1] - The Trump administration is considering acquiring a 10% stake in Intel, potentially making it the largest shareholder; SoftBank agreed to invest $2 billion in Intel [1] Group 3 - Tesla launched a new six-seat electric SUV Model Y L in China, starting at 339,000 yuan, with expected delivery in September 2025 [1] - Gurman reported that India has achieved local production of the entire iPhone 17 series, including the Pro model [1] - Starbucks announced a 2% salary increase for all salaried employees in North America this year [1] Group 4 - Arm hired Amazon's AI chip director Rami Sinno to advance its plan for developing complete chips independently [2] - JD.com has provided social insurance for 150,000 full-time delivery riders and called for other platforms to fulfill their obligations [3] - iQIYI has hired an investment bank to arrange its secondary listing in Hong Kong, planning to submit the application in Q3 [4] - New Oriental issued a statement denying that CEO Zhou Chenggang is under investigation for related party transactions [5] Group 5 - Home Depot reported Q2 net sales of $45.28 billion, adjusted EPS of $4.68, and same-store sales growth of 1% [6] - BHP's FY2025 underlying profit fell over 25% year-on-year to $10.16 billion, slightly below expectations; the board announced a dividend of $0.60 per share, exceeding expectations [6] - Palo Alto Networks reported Q4 revenue growth of 16% year-on-year to $2.54 billion, with adjusted EPS of $0.95, exceeding expectations; optimistic guidance for Q1 [6] - XPeng Motors reported Q2 total revenue growth of 125.3% year-on-year to 18.27 billion yuan, with net loss narrowing to 480 million yuan and a gross margin of 17.3% [6]

Group 1 - Trump threatens to impose a 50% tariff on the EU starting June 1, leading to a decline in the US stock market, with the S&P 500 index falling for four consecutive days and Apple shares dropping by 3% [1] - Following a call with Ursula von der Leyen, Trump extends the EU tariff deadline to July 9, while von der Leyen states that Europe is ready to advance negotiations swiftly and decisively [1] - Trump warns Apple CEO Tim Cook that Apple must manufacture iPhones domestically or face a 25% tariff, with analysts deeming this approach "absurd" as it may be more feasible for Apple to absorb the tariffs than to relocate production back to the US [1] Group 2 - Japan's Prime Minister Shigeru Ishiba communicates with Trump, indicating Japan's continued efforts to eliminate additional US tariffs [1] - Reports suggest that India and the US may reach a preliminary trade agreement within the next 7-10 days [1] - The US Customs' daily tariff revenue reaches a record high of $16.5 billion [1] Group 3 - Oracle plans to purchase 400,000 of Nvidia's latest GB200 chips, with a total value of $40 billion [1] - Nvidia is reportedly set to launch a new AI chip for the Chinese market based on the Blackwell architecture, with a significantly lower price than the H20, expected to start mass production by June [1] - A major restructuring deal in China sees chip giant Haiguang Information planning to acquire supercomputer leader Zhongke Shuguang for 300 billion yuan [1]