基于通义千问大模型和云计算基础设施，为中国NBA球迷提供全新的观赛和互动体验。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， NBA中国和阿里云 于 10月9日 宣布达成多年合作，阿里云将正式成为 NBA 中国官方云计算与人工智能合作伙伴，基于通义千问大模型和云计算基础设施，为中国NBA球迷提 供全新的观赛和互动体验。 这一合作由阿里巴巴集团主席、布鲁克林篮网队主席蔡崇信与 NBA副主席兼首席运营官马克·塔图 姆在2025年NBA中国赛前夕共同宣布。本届NBA中国赛将由布鲁克林篮网队对阵菲尼克斯太阳队， 两场比赛分别于10月10日晚8时和10月12日晚7时在澳门威尼斯人综艺馆举行。 阿里巴巴集团主席、布鲁克林篮网队主席蔡崇信表示： "体育与科技的交融，正处在一个激动人心的 时代。人工智能与云是绝佳的连接器，不仅连接着球员与球迷、品牌与消费者，也将全球视野与本土 文化紧密相连。通过与NBA中国的合作并引入阿里的最新技术，我们将为NBA球迷带来前所未有的 超凡体验，点燃他们的激情。" NBA全球副总裁兼首席运营官马克·塔图姆（Mark Tatum ...

来源：市场资讯 （来源：美股情报站） 近期，野村分析师发声力挺阿里巴巴，维持其"买入"评级，并将目标价从170美元上调至215美元。虽然 分析师对其盈利预测下调了4.7%，主要归因于对大型语言模型的投资增加会导致部分业务部门亏损扩 大，但阿里云的估值提升为目标价上调提供了支持。野村对阿里未来扩展大模型用户基础的战略持积极 态度，尽管短期内货币化效果尚未明显。 此外，中金公司也对阿里巴巴进行了重新评估，虽然下调了收入预测，但依旧认为阿里有超过11%的股 价上涨空间，并维持"跑赢行业"的评级。由于闪购及其他业务亏损的扩大，中金对非通用准则下的净利 润预测进行了调整。估值方面，中金采用了SOTP估值法，给予电商业务和云业务不同的估值倍数，显 示出其对阿里未来增长的信心。 与此同时，阿里巴巴在技术优化领域的战略布局也不断推进。阿里的SEO团队，通过对旗下平台的搜索 引擎优化，提高了自然流量的获取能力。这一优化不止步于传统站内方法，还扩展到全域SEO，以更好 地适应搜索引擎算法和用户行为的变化。这样的技术推动不仅降低了获客成本，同时也加强了用户体 验，显示出阿里在流量管理中的深谋远虑。 从投资角度来看，阿里巴巴的财务和 ...

Core Viewpoint - The competition in the "AI cloud market" between Alibaba and ByteDance is intensifying, with both companies claiming leadership in various metrics, leading to a complex landscape of market share claims and statistics [1][4][20]. Group 1: Market Share Claims - ByteDance's Volcano Engine claims a 46.4% market share in China's public cloud model market, emphasizing its dominance without using extreme terms like "first" [1]. - Different companies, including Alibaba, ByteDance, and Baidu, all assert they are "number one" in the AI cloud market, but their claims are based on different metrics and definitions [4][20]. - The statistics used by Volcano Engine focus on the Model as a Service (MaaS) segment, which may not encompass all cloud service usage, leading to questions about the comprehensiveness of their claims [3][7]. Group 2: Revenue and Service Models - Alibaba Cloud's definition of AI cloud includes a full-stack service model, covering Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and MaaS, leading to a total revenue figure that positions it as a leader in the AI cloud market [11][21]. - Baidu's claims of being the "first" in AI public cloud services include a broader range of revenue sources, including customized industry services [9][21]. - The overall market for MaaS is still relatively small compared to traditional cloud computing, with Alibaba Cloud's revenue exceeding 800 billion yuan in 2024, highlighting the disparity in scale [17][18]. Group 3: Competitive Strategies - The competition is shifting from price wars to a focus on service depth and model efficiency, as companies realize that simply lowering prices is not a sustainable strategy [23]. - Smaller AI model companies are finding it increasingly important to differentiate themselves, as they lack the resources to adopt a full-stack approach like larger competitors [24]. - The market is evolving towards valuing self-developed models and their performance, with a report indicating that Alibaba's self-developed model holds a significant market share in terms of daily token usage [22].

10月9日，NBA中国和阿里云宣布达成多年合作，阿里云将正式成为NBA中国官方云计算与人工智能合作伙伴，基于通义千问大 模型和云计算基础设施，为中国NBA球迷提供全新的观赛和互动体验。 NBA中国将利用阿里云的人工智能和云计算服务，支持一系列数字球迷互动计划。双方将基于阿里巴巴通义千问大模型，开发一 个专属AI模型。这一模型将根据NBA丰富的数字资产进行微调，为中国的NBA App用户提供引人入胜的互动内容，包括实时比赛集 锦、篮球历史数据、球员深度分析以及围绕篮球热点话题的互动讨论。 同时，NBA中国还将采用阿里云的基础设施，以承载其包括NBA App、NBA中国官网和NBA中国小程序在内的数字平台。NBA中 国将利用阿里云的智能分析工具生成数据洞察，加强球迷互动。 今年的NBA中国赛上，还将率先展示多项由阿里云为NBA中国引入的前沿AI技术，为球迷带来前所未有的感官冲击和个性化体 验。阿里云将首次展示其360度实时回放技术，为球迷提供关键比赛时刻的增强版回放。该系统运用阿里的AI算法，能精准捕捉球员动 作，并以360度环绕视角生成高质量的回放画面，让关键回合的呈现更加突出。 球迷还可通过NBA线上渠道和线 ...

Core Viewpoint - Citic Securities has given Alibaba-W (09988) a "Buy" rating, projecting revenue growth rates of 3.30% and 11.11% for FY2026 and FY2027 respectively, with Non-GAAP net profits expected to be 121.73 billion yuan and 162.61 billion yuan, reflecting year-on-year growth rates of -23.02% and 33.58% [1] Group 1: Financial Projections - For FY2Q2026, the Chinese e-commerce group's revenue growth is expected to be approximately 11.55%, with CMR growth around 10.04%, driven by cross-selling from flash sales and improved advertising efficiency due to AI [2] - The adjusted EBITA for the e-commerce segment is projected to decline by 72.58% to 12.21 billion yuan, primarily due to investments in flash sales, which are expected to incur losses of about 35 billion yuan [2] - Excluding flash sales, the e-commerce business's EBITA is expected to show positive year-on-year growth [2] Group 2: Cloud Intelligence Group - The Cloud Intelligence Group is anticipated to see a revenue growth rate of about 30% for the quarter, with an adjusted EBITA margin of approximately 9%, remaining stable year-on-year [2] - Capital expenditures (CapEx) are expected to remain at a high level as Alibaba actively advances its 380 billion yuan AI infrastructure development [2] - By 2032, the energy consumption of Alibaba Cloud's global data centers is projected to increase tenfold compared to 2022, indicating a significant escalation in computing power investments [2]

Group 1 - Core viewpoint: CITIC Securities has given Alibaba Group (09988) a "Buy" rating, forecasting revenue growth rates of 3.30% and 11.11% for FY2026 and FY2027 respectively, with Non-GAAP net profits of 121.73 billion yuan and 162.61 billion yuan, reflecting year-on-year changes of -23.02% and 33.58% [1] - Valuation method: The company employs a segmented valuation approach, estimating the value per ADS for the China e-commerce group and the Cloud Intelligence group at $145.67 and $71.04 respectively, leading to a target price of $216.72 per ADS, equivalent to HKD 210.76 per share [1] Group 2 - FY2Q2026 outlook for China e-commerce group: Revenue growth is expected to be around 11.55%, with CMR growth at approximately 10.04%, driven by cross-selling from flash sales and improved advertising efficiency due to AI [2] - Profit expectations: Adjusted EBITA is projected to decline by 72.58% to 12.21 billion yuan, primarily due to investments in flash sales, which are expected to incur losses of about 35 billion yuan; however, excluding flash sales, the e-commerce business's EBITA is expected to show positive year-on-year growth [2] - Cloud Intelligence group outlook: Revenue growth is anticipated to be around 30%, with an adjusted EBITA margin of approximately 9%, remaining stable year-on-year; capital expenditures are expected to remain high as Alibaba actively advances its 380 billion yuan AI infrastructure development [2] - Future capacity growth: By 2032, the energy consumption of Alibaba Cloud's global data centers is projected to increase tenfold compared to 2022, indicating an exponential rise in computing power investments [2]

Core Insights - Jefferies analysts indicate that Alibaba's growth momentum in the September quarter is expected to be robust, with a projected 10% year-over-year increase in customer management revenue [1] - The growth is attributed to increased traffic in the on-demand delivery business [1] - Alibaba Cloud's revenue growth is anticipated to accelerate, driven by strong AI demand supported by its full-stack AI infrastructure [1] - Jefferies reaffirms Alibaba as its "preferred stock" for 2026, highlighting opportunities in AI, cloud computing, and consumer sectors [1] - The firm maintains a "buy" rating with a target price of $230 for its American Depositary Receipts [1]

这一合作由阿里巴巴集团主席、布鲁克林篮网队主席蔡崇信与NBA副主席兼首席运营官马克·塔图姆在 2025年NBA中国赛前夕共同宣布。据悉，本届NBA中国赛将由布鲁克林篮网队对阵菲尼克斯太阳队， 两场比赛分别于10月10日晚8时和10月12日晚7时在澳门威尼斯人综艺馆举行。 在今年的NBA中国赛上，阿里云将为NBA中国引入的多项前沿AI技术，为球迷带来前所未有的个性化 体验。阿里云将首次展示360度实时回放技术，为球迷提供关键比赛时刻的增强版回放。该系统运用阿 里的AI算法，能精准捕捉球员动作，并以360度环绕视角生成高质量的回放画面，让关键回合的呈现更 加突出。 10月9日，NBA中国和阿里云官宣达成多年合作，阿里云将正式成为NBA中国官方云计算与人工智能合 作伙伴，基于通义千问大模型和云计算基础设施，为中国NBA球迷提供全新的观赛和互动体验。合作 仪式现场，阿里巴巴集团CEO、阿里云智能集团董事长兼CEO吴泳铭，阿里巴巴集团主席蔡崇信、阿里 云CTO周靖人和著名球星肖恩·马里昂等人到场参与。 具体在合作上，NBA中国将利用阿里云的人工智能和云计算服务，支持一系列数字球迷互动计划。双 方将基于通义千问大模型开发 ...

同时，NBA中国还将采用阿里云的基础设施，以承载其包括NBA App、NBA中国官网和NBA中国小程 序在内的数字平台。NBA中国将利用阿里云的智能分析工具生成数据洞察，加强与球迷的互动。 今年的NBA中国赛上，还将率先展示多项由阿里云为NBA中国引入的前沿AI技术，为球迷带来前所未 有的感官冲击和个性化体验。阿里云将首次展示其360度实时回放技术，为球迷提供关键比赛时刻的增 强版回放。该系统运用阿里的AI算法，能精准捕捉球员动作，并以360度环绕视角生成高质量的回放画 面，让关键回合的呈现更加突出。 球迷还可通过NBA线上渠道和线下展会，体验由通义千问大模型支持的多种互动玩法。通过上传自己 的照片，球迷可以创建个性化的NBA主题虚拟形象，还可以利用自己的声音，生成一段模仿其音色的 经典比赛解说片段。阿里巴巴旗下面向消费者的AI应用——夸克和通义App，也将成为NBA中国官方市 场合作伙伴，与中国球迷展开互动。 阿里巴巴集团主席、布鲁克林篮网队主席蔡崇信表示："体育与科技的交融，正处在一个激动人心的时 代。人工智能与云是绝佳的连接器，不仅连接着球员与球迷、品牌与消费者，也将全球视野与本土文化 紧密相连。通过与 ...

中国 证券研究 2025 年 10 月 1 日 阿里巴巴 分析师声明及重要披露，包括非美国分析师披露，见第 11 页。 摩根大通与其研究报告所覆盖的公司开展业务，或寻求与这些公司开展业务。因此，投资者应意识到其中可能存 在利益冲突，进而可能会影响本报告的客观性。投资者在做出投资决策时，本报告之观点应仅作为投资者的考虑 因素之一。 jpmsc.portal.jpmorgan.com 将 token 转化为抽成率：阿里巴巴飞轮 过去三个月阿里巴巴股价跑赢以中概互联网指数基金衡量的行业平均水 平 364 个百分点，在我们看来这是因为 2025 年 2 季度云业务收入增速好 于预期以及管理层对外卖和闪购业务投资战略做出充满信心的表述。上 周在杭州参加阿里巴巴云栖大会后，我们越发看好阿里云，这源于未来 的外部客户创收机遇（即云业务收入）及其与国内电商的协同效应。我 们认为，随着阿里巴巴的叙事从"国内电商市场份额流失方"转向"中 国互联网一线资产"，云业务和中国国内电商两方面的积极发展意味着 估值倍数应上升。我们将 2027/2028 财年云业务收入预测值上调 2%/6% ，原因是我们更看好生成式人工智能的应用和阿里云的 ...