近日，阿里巴巴集团发布2026财年第一季度财报，剔除已出售业务影响后，集团整体收入同比增长10%，净利润同比增长76%，超出市场预期。财报显示， 阿里云收入同比增长26%，创三年新高，AI相关产品收入连续八个季度实现三位数同比增长。即时零售业务快速取得阶段成果，8月前三周带动淘宝app的月 度活跃消费者同比增长25%，中国电商集团的月度活跃消费者和日订单量持续创新高。 阿里港股盘前集合竞价大涨15%，市值2.54万亿港元。 ...

Group 1 - The core viewpoint of the article emphasizes the significance of upcoming events, particularly the 93rd military parade and the U.S. non-farm employment data, which are expected to influence market sentiments and interest rate expectations globally [1][3]. - A-shares reported a negative growth in net profit for Q2, with a year-on-year increase of only 1.7% for all A-shares and a decline of 1.4% when excluding financial companies, indicating pressure on fundamentals due to trade tensions [7][11]. - There is a notable divergence among sectors, with the STAR Market showing a 23% increase in net profit for Q2, while the main board only achieved 0.8% [7]. Group 2 - The article discusses the implications of the Federal Reserve's potential interest rate cuts in September and the impact on the Chinese Yuan's appreciation, which is crucial for Chinese assets [13][16]. - It highlights that the U.S. dollar index has dropped nearly 10% this year, while the Yuan has appreciated about 3%, suggesting a cautious outlook for foreign exchange dynamics [15][18]. - The report from Morgan Stanley indicates that global hedge funds have increased their bets on Chinese stocks, with August expected to see the highest monthly buying since February [19]. Group 3 - Alibaba's Q2 earnings report was below expectations, with a revenue decline and a net profit drop of 18%, yet the market reacted positively, with Alibaba's stock surging nearly 13% post-announcement [20][21]. - The capital market's optimism is attributed to Alibaba's strong growth in AI-related cloud services and its competitive position in the food delivery market, which has positively impacted its overall business [22]. - Recommendations for investing in Hong Kong tech stocks suggest a diversified approach through index funds to mitigate risks associated with individual stock performance [23]. Group 4 - The article notes the recent trend of large-cap stocks outperforming small-cap stocks in A-shares, raising questions about potential style shifts in the market [24][26]. - It discusses the risks associated with small-cap stocks, including liquidity and regulatory concerns, while indicating that the current liquidity environment remains favorable [26][27]. - The potential for a shift in investor sentiment post-93rd military parade could lead to increased interest in core assets, which may attract funds away from small-cap stocks [27]. Group 5 - The article summarizes key insights from the week, including investment strategies, A-share index valuations, and sector-specific analyses such as the performance of Hong Kong innovative drugs and AI [30][32]. - It also addresses the current state of fixed income investments and the comparative analysis between real estate and equity investments [31][32].

Revenue Breakdown - The total revenue of the company is 140.072 billion yuan, with a year-on-year growth of 10% [2] - The international digital segment generated 34.741 billion yuan [2] - The commercial group achieved a revenue of 33.398 billion yuan, reflecting a year-on-year growth of 19% [2] - The cloud intelligence group reported a revenue of 58.599 billion yuan, with a year-on-year growth of 26% [2] - The "all other" category experienced a decline of 28% [2] Business Highlights - In the current quarter, the company repurchased 56 million ordinary shares at a total price of 815 million USD, equivalent to 7 million American depositary shares [3] - Flash sales in the first three weeks of August drove a 25% year-on-year increase in monthly active consumers on the Taobao app [3] - Revenue from AI-related products has seen triple-digit year-on-year growth for eight consecutive quarters [3]

Core Insights - Alibaba Group's CEO emphasizes two historic strategic opportunities: AI + Cloud technology platform and a consumer platform integrating shopping and lifestyle services [1][2] - The company plans to invest 380 billion yuan in AI + Cloud and 50 billion yuan in the consumer sector to drive strong business growth [1] - Alibaba Cloud has achieved a 26% growth rate, with AI-related revenue growing at triple digits for eight consecutive quarters, now accounting for over 20% of external commercial revenue [1] Investment in AI + Cloud - In the current quarter, Alibaba's capital expenditure (Capex) investment in AI + Cloud reached 38.6 billion yuan, with over 100 billion yuan invested in AI infrastructure and product development over the past four quarters [1] - The integration of AI technology with cloud computing is seen as the largest industry opportunity in the next decade [1] Consumer Market Strategy - Alibaba is leveraging China's position as the largest e-commerce market to create a one-stop shopping experience that meets the needs of 1 billion consumers [2] - The company aims to shape the commercial landscape of the consumer platform in the AI era, focusing on a comprehensive service that combines near-field consumption with e-commerce [2] - Alibaba's long-term goal in the consumer sector is to create the most optimal shopping experience, with the highest number of consumers and purchase frequency, targeting a market size of 30 trillion yuan [2]

Core Viewpoint - Alibaba Group reported a robust revenue growth of 10% year-on-year, excluding the impact of divested businesses, with a net profit increase of 76%, surpassing market expectations [1]. Financial Performance - For the quarter ended June 30, 2025, revenue reached RMB 247.65 billion (approximately USD 34.57 billion), reflecting a 2% year-on-year increase. On a same-store basis, revenue growth would be 10% [3]. - Operating income was RMB 34.99 billion (USD 4.88 billion), a decrease of 3% year-on-year, primarily due to a reduction in adjusted EBITA [2][3]. - Net income surged to RMB 42.38 billion (USD 6.01 billion), marking a 76% increase year-on-year, with diluted earnings per share rising by 82% to RMB 2.25 [2][3]. Segment Performance - Alibaba Cloud revenue grew by 26% year-on-year, achieving a three-year high, with AI-related product revenue experiencing triple-digit growth for eight consecutive quarters [3][4]. - The instant retail business showed significant progress, contributing to a 25% year-on-year increase in monthly active consumers on the Taobao app [3]. Cash Flow and Investments - Net cash flow from operating activities was RMB 20.67 billion (USD 2.89 billion), down 39% from RMB 33.64 billion in the same period last year [4]. - Free cash flow recorded a net outflow of RMB 18.81 billion (USD 2.63 billion), compared to a net inflow of RMB 17.37 billion in the previous year, primarily due to increased cloud infrastructure spending and investments in instant retail [4]. Strategic Focus - The CEO emphasized a focus on consumer and AI + cloud strategies, highlighting strong growth and significant investments in instant retail, which have yielded positive results [4][5]. - The CFO noted that core business revenue growth was strong, with customer management revenue increasing by 10% and the cloud intelligence group revenue up by 26% [5].

作者 | 柴旭晨 编辑 | 周智宇 AI+云和消费两大战略领域，愈发成为阿里的强大压舱石。 8月29日，阿里巴巴集团发布2026财年第一季度财报，剔除已出售业务影响，集团整体收入同比增长 10%；净利润同比增长76%，超市场预期。 阿里核心业务企稳，关键在于对AI+云、消费两大战略领域的投入持续。 据了解，阿里云收入同比增长26%，超过前一季度18%的同比增幅，创三年新高，AI相关产品收入连续 八个季度实现三位数同比增长；即时零售业务快速取得阶段成果，8月前三周带动淘宝app的月度活跃消 费者同比增长25%，中国电商集团的月度活跃消费者和日订单量持续创新高。 2月底，阿里宣布未来三年投入3800亿元建设云和AI硬件基础设施，并于4月底上线即时零售业务，7月 宣布投入500亿元用于消费领域，以把握AI和消费两大战略领域的历史性增长机遇，本季度收获阶段成 效。 "本季度，我们聚焦消费、AI+云的战略，实现强劲增长"。阿里巴巴集团CEO吴泳铭表示，阿里大力投 资即时零售业务赢得消费者心智。"我们通过整合消费平台，产生显著协同效应，带动月度活跃消费者 及日订单量创新高。在持续强劲的AI需求推动下，云智能集团收入加速增 ...

凤凰网科技讯 8月29日，阿里巴巴集团发布2026财年第一季度财报，整体表现超出市场预期。剔除已出 售业务影响后，集团收入同比增长10%，净利润同比大幅增长76%，显示出其在AI+云和消费两大战略 领域的投入正在产生实质性收益。 从技术布局来看，阿里巴巴已构建起从AI算力、云平台、AI模型到开源生态的全栈技术体系。近期通 义AI大模型在多个细分领域实现技术突破，包括基础模型、编程模型、推理模型等多个方向均获得全 球开源领域领先地位。 业务整合方面，淘天集团、饿了么与飞猪完成战略整合，组建阿里巴巴中国电商集团，88VIP会员数保 持双位数增长，突破5300万。这一平台融合策略产生了明显的协同效应，客户管理收入同比增长10%。 值得注意的是，在核心业务快速增长的同时，阿里巴巴多个业务板块的运营效率持续改善。阿里国际数 字商业集团收入同比增长19%，接近实现盈亏平衡；盒马、高德、虎鲸文娱、阿里健康等业务的经营表 现均呈现向好趋势。 从战略投入时间线看，阿里巴巴今年2月底宣布未来三年投入3800亿元建设云和AI硬件基础设施，本季 度的强劲业绩验证了这一战略布局的前瞻性。随着AI技术在各行业的深度渗透和即时零售等新业态 ...

Core Insights - Alibaba Group reported Q1 FY2026 financial results, showing significant growth driven by Taobao Flash Sales [1] Financial Performance - Customer management revenue reached 89.252 billion yuan, a year-on-year increase of 10%, surpassing Bloomberg analyst consensus expectations [1] - Monthly active users on the Taobao app increased by 25% year-on-year in the first three weeks of August, indicating strong user engagement [1] Business Growth - The e-commerce segment continues to achieve record highs in monthly active consumers and daily order volume, reflecting robust business performance [1]

Core Insights - Alibaba reported a revenue of RMB 14.784 billion for its instant retail business for the three months ending June 30, 2025, representing a year-on-year growth of 12% driven by increased order volume from the launch of Taobao Flash Purchase in late April 2025 [1] - The monthly active consumers on the Taobao app increased by 25% year-on-year during the first three weeks of August, indicating strong consumer engagement [1] Financial Performance - Instant retail business revenue: RMB 14.784 billion, up 12% year-on-year [1] - Monthly active consumers growth: 25% year-on-year in August [1]

8月29日，阿里巴巴集团发布2026财年第一季度财报，营收2476.52亿元，同比增长2%，剔除已出售业 务影响，集团整体收入同比稳健增长10%。非公认会计准则净利润335.10亿元，同比下降18%。 财报显示，由于对AI+云、消费两大战略领域的投入持续收获成效，核心业务收入增长保持强劲。阿里 云收入同比增长26%，创三年新高，AI相关产品收入连续八个季度实现三位数同比增长。即时零售业务 快速取得阶段成果，8月前三周带动淘宝app的月度活跃消费者同比增长25%，中国电商集团的月度活跃 消费者和日订单量持续创新高。（智通财经记者 吴雨欣） ...