所以前两天有个新闻，有人中秋国庆用微信处理工作，法院判定这属于加班，裁定单位要给他补偿加班 费，还引发了不小的争论。 刚刚一个朋友发了我一张不知道谁偷拍的我的"工作照"。 前景是几个朋友在打台球，远景是我抱着电脑，埋头打字。 我回忆了一下，虽然这个假期我时常掏出来电脑处理个事情，但这张台球厅的场景，应该是10月3号拍 的。因为除了公众号，公司还有公关服务的业务，那天恰逢周五，需要给客户交周报了。 "感觉这个假期，全世界都在加班。"她说。她是某4A公司的，因为服务的一家手机厂商10号和13号分 别在深圳和上海有两场活动，所以虽然在旅游途中，也得随身带着电脑，时不时就要更新下某位老师的 行程变更。 在我的记忆里，干我们这行的，几乎没有过完整的假期，总有这样那样的事情。其实不仅自媒体和公关 行业，互联网、金融、城市服务、销售等诸多行业，都是一样的情况。 此外，微信包括钉钉，是"强制提醒"的：消息会推送、会响铃、能拨打语音电话，制造了一种"立刻回 复"的紧迫感。虽然在假期不想打开它，但App上的红点，会不断给你制造焦虑。 而Slack、Teams、Email这些，是"可管理"的，通过"勿扰模式"，使用者可以在休假时， ...

Core Viewpoint - Morgan Stanley predicts Alibaba's revenue for the quarter ending September will grow by 5% year-on-year, while adjusted profit is expected to decline by 70% to 11 billion RMB [1] Financial Performance - Revenue is forecasted to increase by 5% year-on-year [1] - Adjusted profit is anticipated to drop by 70% to 11 billion RMB [1] - Cloud business revenue growth is expected to accelerate to 30% year-on-year [1] - Customer management revenue growth is projected to remain above 10% year-on-year [1] Investment Insights - The decline in adjusted profit may be driven by aggressive investments in AI and instant retail, which are expected to solidify long-term growth prospects [1] - Alibaba's H-shares target price is adjusted from 240 HKD to 235 HKD, and the US stock target price is revised from 245 USD to 240 USD, maintaining an "overweight" rating [1] Loss Projections - Significant investments in various business segments, including Tongyi Qianwen model, DingTalk, Quark, and Amap, are expected to lead to increased losses outside of e-commerce, cloud, and international business [1] - Anticipated losses for the quarter ending September are projected to reach 5 billion RMB, widening from a loss of 1.4 billion RMB in the previous quarter [1] - Losses in the instant retail segment are expected to expand to 35 billion RMB for the upcoming quarter [1]

Core Viewpoint - Morgan Stanley predicts Alibaba's revenue for the quarter ending September will grow by 5% year-on-year, while adjusted profit is expected to decline by 70% to 11 billion RMB [1] Financial Performance - Adjusted profit is forecasted to drop significantly due to investments in AI and instant retail, leading to a loss of 5 billion RMB for the quarter, compared to a loss of 1.4 billion RMB in the previous quarter [1] - Cloud business revenue is expected to accelerate with a year-on-year growth of 30%, while customer management revenue is projected to maintain a growth rate of over 10% [1] Investment Outlook - The report indicates that investments in various business models, including Tongyi Qianwen, DingTalk, Quark, and Amap, will contribute to increased losses in e-commerce, cloud, and international business outside of core operations [1] - The target price for Alibaba's H-shares has been adjusted from 240 HKD to 235 HKD, and the target price for US shares has been revised from 245 USD to 240 USD, while maintaining an "Overweight" rating [1] Loss Projections - The forecast for instant retail indicates that losses will expand to 35 billion RMB for the quarter [1] - It is anticipated that losses in other business segments will remain at similar levels in the coming quarters, with gradual improvement expected as AI monetization accelerates over the next 2 to 3 years [1]

Core Viewpoint - Alibaba-W (09988) is experiencing a decline of over 3% in stock price ahead of its upcoming quarterly earnings report, with expectations of mixed financial performance [1] Financial Performance - The company is projected to report a 5% year-on-year revenue growth for the quarter ending September, with adjusted profits expected to drop by 70% to 11 billion RMB [1] - Cloud business revenue is anticipated to accelerate with a year-on-year growth rate of 30%, while customer management revenue is expected to maintain a growth rate of over 10% [1] Investment Impact - The adjusted profit decline is attributed to significant investments in AI and instant retail, which are expected to negatively impact short-term profitability but strengthen long-term growth prospects [1] - The company is predicted to incur a loss of 5 billion RMB for the quarter, a significant increase from a loss of 1.4 billion RMB in the previous quarter, with losses in other business segments expected to remain at similar levels in the coming quarters [1] Specific Business Losses - The forecast for instant retail indicates an expected loss of 35 billion RMB for the upcoming quarter [1]

Core Viewpoint - Alibaba-W (09988) is experiencing a decline in stock price, dropping over 3% ahead of its upcoming quarterly earnings report, with a current price of 167.3 HKD and a trading volume of 12.741 billion HKD [1] Financial Performance Summary - The upcoming earnings report is expected to show a 5% year-on-year revenue growth, while adjusted profit is projected to decline by 70% to 11 billion RMB [1] - Cloud business revenue is anticipated to accelerate with a year-on-year growth rate of 30%, and customer management revenue is expected to maintain a growth rate of over 10% [1] Investment and Loss Projections - The adjusted profit decline is attributed to significant investments in AI and instant retail, which are expected to lead to a larger-than-expected drop in profits [1] - The company is projected to incur a loss of 5 billion RMB in the upcoming quarter, a significant increase from a loss of 1.4 billion RMB in the previous quarter, with losses in other business segments expected to remain at similar levels in the coming quarters [1] - For instant retail, losses are forecasted to expand to 35 billion RMB in the next quarter [1]

Investment Rating - The investment rating for Alibaba-W (09988.HK) is "Outperform the Market" (maintained) [1][6][20] Core Views - The report anticipates a 4% year-on-year revenue growth for 2QFY26, with adjusted EBITA margin at 3.5%. Revenue is expected to reach 245.6 billion yuan, driven by a 17% increase in international digital commerce and a 30% increase in cloud intelligence revenue, while the Chinese e-commerce group is projected to decline by 13% quarter-on-quarter [3][5][20] - The cloud segment is expected to continue accelerating growth with a 30% year-on-year revenue increase, while maintaining stable EBITA margins. The company is actively advancing its AI infrastructure with a planned investment of 380 billion yuan [3][11][20] - The Chinese e-commerce group is projected to achieve a GMV growth of 5% year-on-year, with a take rate increase. However, the report notes that the profit margin is expected to continue declining due to competitive pressures [3][18][20] Summary by Sections Financial Forecasts - Revenue for FY2026 is adjusted to 1,050.3 billion yuan, with a slight decrease of 1.5%. The adjusted net profit forecast for FY2026 is revised to 108.4 billion yuan, reflecting a 14% decrease due to higher-than-expected investments in flash sales and AI-related costs [4][20][23] Cloud Intelligence Group - The cloud segment is projected to achieve a revenue growth of 30% year-on-year in FY26Q2, with stable EBITA margins. The company has launched several AI models and upgraded its AI infrastructure significantly [11][12][13] Chinese E-commerce Group - The report estimates a 5% year-on-year GMV growth for FY26Q2, with a focus on maintaining market share despite competitive pressures. The adjusted EBITA loss for instant retail is expected to be 36.5 billion yuan, with a peak in losses observed in August [18][19][20] Other Segments - The AIDC segment is expected to see a slowdown in revenue growth, maintaining a near breakeven performance. Other segments are projected to incur losses of around 5 billion yuan due to increased AI application costs and investments in delivery services [19][20]

阿里巴巴 20251008 摘要 AI 云基础设施潜力巨大，预计到 2032 年能耗需求达 16 吉瓦，需新增 约 10 吉瓦设施，投资规模达万亿人民币。芯片供应紧张状况缓解，为 云厂商带来机遇，但短期内 AI 云盈利受折旧成本影响，主要通过提升收 入和订单增速稳定市场份额。 海外 AI 云市场由微软和亚马逊主导，Token 收费稳定在每百万 15 美元 左右。新兴云厂商如甲骨文、CoreWeave 通过租赁英伟达卡抢占市场 份额。国内市场字节跳动入局，对阿里构成竞争压力，其国内 AI token 消耗量已达 55%。 阿里云业务短期内利润率受规模扩张影响承压，预计三季度 EBIT margin 维持在高单位数。PaaS 层（如数据库）和 SaaS 层毛利较高， 将成为未来利润增长点，加强 PaaS 能力是关键。 软件产业发展趋势是 Agent 自主化生成，简化用户交互，增强 Agent 性能。Copilot 战略值得关注，未来每个公司可能有数千个自主生成的 Agent。钉钉可借鉴 Copilot 战略，增强产品能力应对市场变化。 阿里巴巴在提升 Agent 记忆能力方面有哪些举措？ Q&A 阿里巴巴在四季度 ...

随着教育信息化的发展，越来越多的学校开始建设智慧校园系统。在日常使用中，师生们经常需要登录各种平台和应用，传统的账号密码登录方式不仅繁 琐，还容易忘记。为了解决这个问题，现在很多智慧校园系统都集成了第三方登录功能，让师生可以使用常用的社交账号快速登录。 对于师生来说，这意味着不再需要记住多个账号和密码，只需要一键登录就可以访问所需的系统和服务。特别是在移动设备上，这种快捷登录方式更加方便 实用。 目前主流的社交平台都支持作为第三方登录方式。微信作为国内使用最广泛的社交应用，几乎每个师生都有微信账号，通过微信登录是最常用的方式之一。 第三方登录是指用户可以使用微信、QQ、钉钉等常用的社交账号，直接登录到智慧校园的各种应用中，而不需要单独注册新的账号。这种方式大大简化了 登录流程，提高了用户体验。 QQ作为老牌的社交工具，在师生群体中也有很高的普及率。钉钉则在很多学校的办公场景中被广泛使用，通过钉钉登录可以很好地整合办公和学习应用。 这些社交账号都有完善的账号体系和安全机制，使用它们进行登录既方便又安全。 集成第三方登录功能后，师生在使用智慧校园系统时会感受到明显的便利。无论是查看课表、提交作业、参与讨论，还是处 ...

云端筑梦 智在京华：科技平台她力量 ——阿里巴巴北京党委书记 刘葳 让世界看见中国科技力量：2022年，作为奥林匹克全球合作伙伴，阿里巴巴发挥自研云计算能力，服务北京冬奥成为首届"云上"奥运。刘葳同志带领团队 全力投入北京冬奥服务，阿里北京设计师李剑叶融合科技创新和传统文化理念，中标并牵头设计了北京冬奥火炬"飞扬"、火种灯、火种台外观；阿里云为 冬奥会期间的城市交通提供智能调度和预测服务，将北京全部14大类交通数据综合处理，日均新增GPS数据上亿条。 绿色科技服务首都首善：今年7月16日，联合国发布《2025全球可持续交通最佳实践案例集》，"北京MaaS城市绿色出行"案例作为中国交通绿色发展的典 范入选，正是刘葳作为核心成员参与的阿里北京落地重要政企合作项目之一。北京市自2019年11月启动国内首个绿色出行一体化服务平台（简称"北京 MaaS"），MaaS作为交通领域新理念，需要极高的技术支撑能力。刘葳协同高德团队，在北京交通委指导下，全力参与，并在2022年在高德平台率先开 启绿色出行碳普惠活动，鼓励市民绿色出行获得权益实惠，高德通过北京绿色交易所将减碳量交易给更多企业实现减排目标，也助力北京成为全球首个完 ...

面对AI时代的到来，拥抱人工智能、加速智能化转型成为象屿集团坚定的发展核心战略。象屿集团此 次与钉钉合作，不仅是AI技术平台的引入，更是双方对未来发展方向的高度共识。 通过联合钉钉打造AI驱动的一体化数字底座，以钉钉"底座＋AI＋生态"为依托，象屿集团将进一步实现 集团层面自上而下且覆盖全员的AI能力部署与应用深化，为整个集团及旗下所有子公司提供坚实的数 智化基底，确保集团战略高效传达及跨组织高效协作，将AI真正融入业务流程和管理体系，驱动运营 模式创新和核心竞争力提升。 中国经济网北京9月29日讯(记者王婉莹)9月28日，厦门象屿（600057）集团有限公司与阿里巴巴钉钉正 式达成合作协议，宣布象屿集团新一代数字化办公平台项目建设正式启动。象屿集团将基于钉钉数字底 座、以AI为核心驱动力、打造统一、智能、全球化的协同办公平台，推进全集团所有子公司、3万多名 员工大步迈入数智化转型新阶段。 ...