Core Viewpoint - Alibaba is expected to increase investments in instant retail and food delivery services in the coming quarters, which will significantly impact short-term profitability, but these factors are already reflected in the stock price. The strong growth momentum in cloud computing and leading position in AI provide long-term value support [1][7]. Group 1: Investment Strategy and Market Position - HSBC maintains a "Buy" rating for Alibaba but lowers the target price from $176 to $150, indicating a potential upside of 38.9% from the current stock price of $107.99 [1]. - Since April 2024, competition in food delivery and instant retail has intensified, with Meituan launching a three-year support plan worth 100 billion RMB and JD.com initiating a one-year subsidy project worth 10 billion RMB [1][2]. - Alibaba's food delivery strategy was launched later, with a one-year subsidy plan worth 500 billion RMB starting on July 2 [2]. Group 2: Market Share and Growth - Alibaba's market share in food delivery and instant retail has rapidly increased from over 20% in 2024 to 36% by July 5, 2025, while Meituan holds 55% and JD.com 9% [2]. - This growth is attributed to the integration of Ele.me and Fliggy into Taobao and Tmall, leadership consolidation, aggressive subsidy strategies, and traffic support [2]. Group 3: Financial Projections - HSBC has raised revenue forecasts for Alibaba for FY26-28 by 3-8%, reflecting accelerated growth in instant retail and food delivery orders, but has lowered profit expectations by 7-22% [9]. - For FY26, Alibaba is expected to incur losses of 2.7 RMB per order in food delivery and 3.7 RMB per order in instant shopping, with an overall loss of 55 billion RMB in local life services [9][10]. - The peak of investment is anticipated in the September quarter, with normalization expected in the second half of FY26 [9]. Group 4: Cloud Computing and AI Outlook - HSBC remains optimistic about Alibaba's cloud computing prospects, forecasting over 20% year-on-year growth in cloud revenue for FY26, driven by strong AI demand [10][16]. - Although there may be quarterly fluctuations in cloud business gross margins, they are expected to maintain a high single-digit level [10]. - In the generative AI infrastructure as a service (GenAI IaaS) market, Alibaba ranks first with a market share of 23.5% in the second half of 2024, benefiting from its leading scale, strong product capabilities, and large enterprise customer base [16].

"外卖战"愈发激烈，阿里继续"烧钱"模式。 据追风交易台消息，汇丰最新研报显示，阿里将在未来几个季度继续加大即时零售（Insta）和外卖业务（FD）投资。虽然阿里将大幅投资外卖和即时零 售业务拖累短期盈利，但这些因素已基本反映在股价中，云计算业务保持强劲增长势头，AI领域领先地位为长期价值提供支撑。该行依然维持阿里巴巴 买入评级，但将目标价从176美元下调至150美元，较当前股价107.99美元仍有38.9%上涨空间。 自2024年4月以来，外卖配送和即时零售竞争愈发激烈。美团在4月14日推出为期三年、总额1000亿元人民币的外卖支持计划，并在5月26日宣布"不惜一切 代价赢得竞争"。京东则在4月11日启动为期一年、总额100亿元人民币的外卖补贴项目。 对比之下，阿里"外卖战"相对较晚，其7月2日推出为期一年、总额500亿元人民币的外卖补贴计划。 但阿里增长势头迅猛。根据第三方数据，阿里在外卖和即时零售市场的份额从2024年的20%以上快速提升至2025年7月5日的36%，美团为55%，京东为 9%。这一显著增长得益于饿了么和飞猪整合进入淘宝天猫、领导层整合、激进补贴策略以及流量支持。 汇丰预计阿里巴巴将在未 ...

新浪科技讯 7月1日下午消息，淘宝天猫近日正式上线商家版自助服务大厅，与商家及生态伙伴共建售 后全链路全自动解决体验，提升消费者售后问题解决体验和处理效率。 据介绍，自助服务大厅，类似于浙江政务数字平台"浙里办"，集合商家已有及新建的自动化解决能力， 简化售后处理流程，消费者进入商家客服页面，只需认准统一的"自助服务"入口，找到所需功能就能快 速处理，同时7*24小时不打烊，"办事进度"主动提醒，体验更佳。 淘宝客户运营部相关负责人介绍，自助服务大厅旨在打造一个全场景的智能服务平台，可以一站式自助 解决售后大小事，提升消费者体验，降低商家服务成本。 今年以来，围绕"扶优去劣"战略，淘宝天猫连续升级AI、店铺、营商宝等一些系列工具能力，提升商家 经营效率。其中，店小蜜AI客服持续升级，并与自助服务大厅在底层能力上共享共建，从售前AI导购 向售中后自动解决扩展。截至目前，店小蜜通过与班牛、乐其等伙伴能力协同，已在多店铺实现催物 流、改地址、退差价等场景的全链路自动化，618期间智能解决率提高了20%。（闫妍） 责任编辑：石秀珍 SF183 据某快消集团数据，今年618期间新增4个自助服务工具，包含退定金、发货后改 ...

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 ...

文 丨 管艺雯 邱豪 编辑 丨 黄俊杰 一年又一年，关于 618、双 11 购物节的讨论逐渐从购物节疲劳变成消费疲劳，到今年已经很少有人去 讨论。 但阿里巴巴集团副总裁、天猫总裁刘博说，今年 618，真实的销售额其实增长了—— 618 全周期天猫 剔除退款后的 GMV 同比增长 10%，且平台购买用户数实现双位数增长。 "真实" 是指统计口径的改变。假设一个人下单买了几件总价 1000 元的商品，其中有 200 元的订单没 付款，收货后又退掉了其中 300 元的商品。下单 GMV 是 1000 元，但支付 GMV 是 800 元，而剔除 退款后的 GMV 只有 500 元。800 元是曾经的普遍口径，而 500 元才是商家获得的收入。 "最大的改变就是要改变你以往的惯性。" 据我们了解，淘宝天猫 2025 年的北极星指标 —— 阿里内部最重要的指标——变成了剔除退款后的商 家真实成交。 电商行业过去普遍采用的都是下单 GMV 或支付 GMV，但此前没有平台主动披露剔除退款后的 GMV 情况。 淘宝天猫目标的变化可以从大促的折扣券上看出。此前多年，这个平台的大促都是凑单满减，比如付 满 5000 元减 400 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth 1.427 billion HKD on June 19, with notable purchases including Xiaomi Group-W (495 million HKD), China Construction Bank (370 million HKD), ZhongAn Online (278 million HKD), and United Energy Group (104 million HKD) [1] - Southbound funds have continuously net sold Tencent Holdings for 15 days, totaling 17.35164 billion HKD, while net buying China Construction Bank for 7 consecutive days, amounting to 4.31973 billion HKD [3] Group 2 - Xiaomi Group-W reported a record-breaking sales figure of over 35.5 billion RMB during the 618 shopping festival, marking a new high for the company [4] - ZhongAn Online benefits from the recent passing of the Stablecoin Ordinance in Hong Kong, which will take effect on August 1, 2023 [4] - United Energy Group's outlook is influenced by historical patterns indicating that Middle Eastern conflicts may have diminishing long-term effects on global oil prices [4] - Citigroup raised its target price for the Hang Seng Index, maintaining a positive outlook on Hong Kong stocks due to clearer tariff developments and anticipated earnings growth in the coming year [4] Group 3 - Pop Mart has been actively restocking its popular Labubu series ahead of the 618 shopping festival, leading to a decrease in secondary market prices for these products [5] - Alibaba's Taobao Tmall Group reported strong performance during the 618 shopping festival, with 453 brands achieving over 100 million RMB in sales, and a significant increase in user participation [5] - The prescription drug sector has shown strong performance since the beginning of the year, with a consensus forecast for EPS in 2025 being revised up by approximately 2% [5]

易观分析，整体向好的环境，大促从销售中心视角向消费中心视角转变，平台降低门槛提高效率是今年 618的重要特点。其中，淘宝天猫取消凑单满减起到示范效应，618全周期增速与第一周期增速接近，大 促爆发节点更加均衡，长线优质增长趋势明显。 6月19日，易观发布《2025年"618"大促全周期观察》，报告显示2025年618平台更开放、玩法更简单， 消费者在618全周期都保持较高活跃度，618全周期综合电商大盘（包含淘宝天猫、京东、拼多多） GMV同比增长9.4%，淘宝天猫成交额增速达9.2%，占综合电商平台62.4%市场份额。 此前，商务部公布数据显示，1-5月份，全国网上零售额60402亿元，同比增长8.5%，比1-4月份加快0.8 个百分点，与易观公布的线上交易趋势吻合，618大促作为重要消费节点，自5月13日启动，与消费品以 旧换新政策叠加，对于5月消费增长的拉动作用显著。 信息显示，2025天猫618玩法简化，有效激发了消费新增量，用户规模和活跃度创新高，品牌全周期成 交高效增长。美妆、服饰、家电家装、3C数码、运动户外、潮玩、宠物等行业成交规模及增速，蝉联 全网第一。 数据显示，今年618，淘宝天猫来访用 ...

Core Insights - Membership shopping credits are becoming a key growth accelerator for brands during the 618 shopping festival on Tmall, with some brands seeing membership transaction ratios exceed 70% for the first time [2][5] - Tmall has partnered with over 10,000 leading brands to offer straightforward shopping credit discounts to their members, enhancing customer engagement and driving repeat purchases [2][3] - The strategy emphasizes a symbiotic relationship between the platform and brands, where increased investment from merchants leads to greater platform support, ultimately benefiting both parties [3][5] Group 1: Membership Strategy - Tmall's 2025 strategy focuses on supporting quality brand growth, with significant resources allocated to merchant incentives, new product support, and member benefits [4][19] - The introduction of a "member omnichannel penetration" plan aims to extend member benefits beyond private domains to public areas like search and shopping carts, enhancing brand visibility [4][19] - The 618 shopping festival showcases the latest iteration of this strategy, with brands offering substantial discounts through shopping credits, encouraging consumers to recharge before purchasing [6][12] Group 2: Consumer Engagement - Many brands have elevated the status of membership benefits, creating tailored plans for new customers and loyal members, including exclusive offers and rewards [6][12] - The shopping credit system is designed to attract consumers by providing immediate and tangible discounts, making it more appealing for them to engage with brands [12][20] - The concept of membership economics is highlighted, where high-value users are willing to pay a premium for guaranteed benefits, transforming transaction flows into assets [12][20] Group 3: Long-term Implications - The shift in Tmall's strategy reflects a broader trend in the e-commerce industry, moving away from price wars towards building long-term customer relationships and loyalty [14][22] - The platform's focus on member engagement has resulted in significant growth metrics, with membership contributing to over 50% of transaction volumes for leading brands [19][20] - The collaborative investment model between Tmall and brands is seen as a way to break the cycle of traffic and loss, fostering a healthier ecosystem for all stakeholders involved [20][22]

曾经被视为创业致富捷径的淘宝平台，如今却因各种离谱的收费项目，让商家们苦不堪言。其中，一位广东跨境电商商家的经历颇具代表性：一笔184元的 订单竟被扣除26笔服务费。 这一现象在社交平台引发热议，商家们纷纷晒出账单，控诉淘宝收费乱象，直指平台规则不透明、费用不合理，正在侵蚀商家本就微薄的利润。 淘宝乱收费现状 当下，淘宝乱收商家费用的现状令人咋舌，尤其是对于那些做跨境业务的淘宝商家来说，更是雪上加霜。 6月12日，据《都市热报》等媒体报道，广东一家做跨境业务的商家称，一笔184元订单被扣了26笔平台服务费，扣费项目包括淘金币软件服务费、公益宝贝 捐赠、淘宝天猫跨境服务基础费等。 这些收费不仅名目繁多，而且多数商家并不清楚其含义与用途。有网友猜测，软件服务费可能包含淘金币服务费，对此商家表示"不知道，也没有报过， （这个服务）关也关不掉"。 在社交平台上，商家们的吐槽帖屡见不鲜。另一位来自浙江的商户发帖，称此前莫名其妙被扣了3000元的佣金，而诡异的是他根本没有使用淘宝的相关服 务。 这一情况并非个例，许多商家在评论区回帖表示，类似的不明扣费现象时有发生，对这些收费的来源和依据感到困惑。例如，部分商家发现，淘金 ...

1.公司实力：选择有实力的公司，可以保证更好的服务质量和效果。 2.行业经验：选择有丰富行业经验的公司，能够根据不同行业、品类特点制定出更加精准的策略。 3.成功案例：了解公司的成功案例，可以更好地了解其服务质量和效果。 如何选择天猫代运营公司？ 4.服务内容：选择提供全方位服务的公司，包括店铺设计、商品上架、推广活动等。 1、杭州铸淘电商 杭州铸淘网络科技有限公司是一家专注天猫运营以及新流量的消费品牌营销服务商。通过"品牌增长模 型+新流量打法+内容营销创意"三大核心能力为客户提供助力品牌增长的一站式营销服务；专注提供淘 宝天猫代运营，新媒体内容营销，是国内流量和内容领域的一线玩家。团队始建于2013年，由众多从事 淘宝天猫运营的优秀人员组建而成，截止目前，已与三星、华为、公牛、大益、劲酒、南极人等多家大 型集团公司实现品牌运营合作，跟如涵、微念（李子柒）、美腕（李佳琪）、构美等上百家知名MCN 机构长期战略合作。 2、百秋 百秋尚美专注于时尚奢侈品及美妆领域，是国内领军的全域数字零售服务商。服务包括:品牌战略咨 询、全渠道店铺代运营、消费者运营、商品策略、广告投放、内容营销、图文&短视频制作、直播、IT ...