11月26日，鉴于阿里云作为中国最大超大规模云服务商，业务可预见性持续强劲，高盛将阿里巴巴 (09988)ADR估值微调至54美元（基本未变），并维持"买入"评级。 阿里巴巴称其目标是显著改善外卖/即时零售的单位经济效益（9月份季度亏损达到峰值，10月份单位亏 损已较7-8月减半），但对客户管理收入增长的预期（与上季度评论相比）有所降低，因此高盛将 2026/27/28财年中国电商核心EBITA（不含即时零售）增速预测从2%/11%/9%下调至1%/5%/5%。 另外，高盛将2026-28财年调整后净利润预测修正了-12%~+4%，以反映2026财年下半年客户管理收入增 长预测下调以及电商的再投资，并将基于部分加总估值法的12个月目标价从205美元/199港元下调至197 美元/192港元，以反映中国电商业务估值的下调，但保持阿里云的估值不变，因为阿里巴巴由AI驱动的 投资主题——即成为AI+日常消费应用（淘宝+高德地图）和AI+超大规模云服务商——保持不变。 ...

阿里巴巴称其目标是显著改善外卖/即时零售的单位经济效益（9月份季度亏损达到峰值，10月份单位亏 损已较7-8月减半），但对客户管理收入增长的预期（与上季度评论相比）有所降低，因此高盛将 2026/27/28财年中国电商核心EBITA（不含即时零售）增速预测从2%/11%/9%下调至1%/5%/5%。 另外，高盛将2026-28财年调整后净利润预测修正了-12%~+4%，以反映2026财年下半年客户管理收入增 长预测下调以及电商的再投资，并将基于部分加总估值法的12个月目标价从205美元/199港元下调至197 美元/192港元，以反映中国电商业务估值的下调，但保持阿里云的估值不变，因为阿里巴巴由AI驱动的 投资主题——即成为AI+日常消费应用（淘宝+高德地图）和AI+超大规模云服务商——保持不变。 智通财经APP获悉，11月26日，鉴于阿里云作为中国最大超大规模云服务商，业务可预见性持续强劲， 高盛将阿里巴巴(09988)ADR估值微调至54美元（基本未变），并维持"买入"评级。 ...

新浪科技讯 11月26日晚间消息，在阿里巴巴集团2026财年Q2业绩电话会上，阿里巴巴集团CEO吴泳铭 表示，10月高德扫街榜日均DAU超7000万，日均评论量是去年同期的3倍多。 扫街榜之外，高德还密集连发多项组合式支持举措：启动"烟火好店支持计划"，投入超10亿元补贴鼓励 用户到店消费；为全国餐饮商家免一年入驻费，72小时内吸引超15万商家咨询入驻；发布人均83元的平 价TOP100餐厅榜，惠及普通消费者。 10月1日当天，接入扫街榜的"烟火小店"流量同比增长300%，本地生活餐饮订单量同比增加150%，为 全国线下商户带去数千万新增客流。 吴泳铭在电话会上表示："我们相信，提升消费信任一定有助于提振消费信心，让商家专心经营、消费 者放心消费，促进线下服务业更健康可持续发展。" 高德扫街榜是报告期内阿里巴巴集团重点发布的生活服务入口，主打"行为+信用"双轮驱动机制：基于 用户真实的到店行为，还引入AI进行评价的综合校准，规避传统榜单易被刷分、注水的问题。9月10日 发布当日，扫街榜用户量即突破4000万，不到一月吸引超4亿用户使用，渗透率接近高德整体月活数据 的一半。此外高德扫街榜上线后，与高德地图形成1 ...

本报讯 （记者梁傲男）11月25日晚，在阿里巴巴集团控股有限公司（以下简称"阿里"）2026财年Q2业 绩电话会上，阿里CEO吴泳铭表示，10月份高德扫街榜日均DAU（日活跃用户数）超7000万，日均评 论量是去年同期的3倍多。 其中，广西北海"越乡小厨"凭借真实口碑登顶全国TOP100美食榜榜首，国庆期间叫号超300桌；广 州"滋粥楼"、成都"康二姐串串"等老店也因上榜，迎来多年未见的排队长龙。 高德扫街榜，是报告期内阿里重点发布的生活服务入口，主打"行为+信用"双轮驱动机制：不仅基于用 户真实的到店行为，还引入AI进行评价的综合校准，有效规避传统榜单易被刷分、注水的问题，构建 了一套线下服务的全新信用体系。 吴泳铭在电话会上还表示："我们相信，提升消费信任一定有助于提振消费信心，让商家专心经营、消 费者放心消费，促进线下服务业更健康可持续发展。" 9月10日发布当日，扫街榜用户量即突破4000万，不到一个月吸引超4亿用户使用，渗透率接近高德整体 月活数据的一半。根据QuestMobile的最新数据，高德月活已超9亿。 此外高德扫街榜上线后，还很快与高德地图形成1+1>2的飞轮效应，用户规模在短时间内双双显 ...

11月25日晚，在阿里巴巴集团2026财年Q2业绩电话会上，阿里巴巴集团CEO吴泳铭表示，10月高德扫 街榜日均DAU超7000万，日均评论量是去年同期的3倍多。 高德扫街榜，是报告期内阿里巴巴集团重点发布的生活服务入口，主打"行为+信用"双轮驱动机制：不 仅基于用户真实的到店行为，还引入AI进行评价的综合校准，有效规避传统榜单易被刷分、注水的问 题，构建了一套线下服务的全新信用体系。 9月10日发布当日，扫街榜用户量即突破4000万，不到一月吸引超4亿用户使用，渗透率接近高德整体月 活数据的一半。根据QuestMobile的最新数据，高德月活已超9亿。 此外高德扫街榜上线后，还很快与高德地图形成1+1>2的飞轮效应，用户规模在短时间内双双显著上 升。10月1日，高德DAU峰值突破3.6亿，创下历史新高。 扫街榜之外，高德还密集连发多项组合式支持举措：启动"烟火好店支持计划"，投入超10亿元补贴鼓励 用户到店消费；为全国餐饮商家免一年入驻费，72小时内吸引超15万商家咨询入驻；发布人均83元的平 价TOP100餐厅榜，惠及普通消费者。 10月1日当天，接入扫街榜的"烟火小店"流量同比增长300%，本地生活餐饮 ...

Core Insights - Alibaba's cloud AI business revenue surged by 34% in Q3, driven by significant growth in instant retail, which saw a 60% year-on-year increase in revenue [1][2][3] - The company is focusing on both AI to B and AI to C strategies, with the Qwen3-Max model achieving global leadership in intelligence and tool utilization [1][2] - The management plans to continue investing in AI capabilities, potentially exceeding the previously committed investment of 380 billion RMB over three years due to strong customer demand [2][3] Financial Performance - Total revenue for Alibaba reached 247.8 billion RMB, with a 15% year-on-year growth when excluding certain retail segments [7] - The adjusted EBITDA decreased by 7% primarily due to strategic investments in instant retail, while net profit fell by 56% to 20.6 billion RMB [7][8] - The cloud business revenue growth accelerated to 34%, with external customer revenue increasing by 29%, driven by rising demand for AI-related products [9] AI and Cloud Strategy - Alibaba's flagship model Qwen2.5-Max ranks among the top globally in specific evaluations, enhancing the company's competitive edge in AI [3][4] - The company is a clear leader in the AI cloud market, with a market share greater than the combined total of its next three competitors [3] - AI-related product revenue has seen triple-digit year-on-year growth for nine consecutive quarters, indicating strong market demand [2][9] Instant Retail Growth - Instant retail business revenue increased by 60%, with significant improvements in unit economics and user retention [8][12] - The company aims to integrate instant retail with its broader ecosystem, enhancing customer experience and operational efficiency [5][14] - The goal is to achieve a transaction volume of 1 trillion RMB in three years through the instant retail model [14][15] Future Outlook - The company is committed to investing in its core strategies of "AI + Cloud" and consumer services, aiming to leverage synergies across its business units for long-term growth [5][6] - Management expressed confidence in the sustained demand for AI services, anticipating continued growth in the next three years despite supply chain challenges [10][25] - The company is actively working to optimize its unit economics and improve customer experience in the instant retail sector [12][15]

记者丨王俊 章驰 编辑丨肖潇 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求意见 稿"），明确了对大型网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿，除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、Kimi等迅速 增长的AI公司，以及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5千万或月活超1千万"等 条件，同样可能进入大型网络平台的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信息保护监 督委员会规定》一脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》对大型平台规定的 配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 AI新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创设了"守门人"制度：对于提供重要互联网平台服务、拥有巨大用户数量的企 ...

Core Insights - The event "2026 Tengyi Annual Automotive Gala and 2025 Car Market Star Awards" was held in Guangzhou, focusing on the transformation and opportunities in the automotive industry, particularly in the context of digitalization and globalization [1][2] - The establishment of the "Tengyi Local Ecosystem Alliance" aims to enhance collaboration across various stakeholders in the automotive sector, creating a comprehensive service network from vehicle selection to daily life [1][3] - The awards presented during the gala highlight the achievements of companies and individuals in the automotive industry, emphasizing the importance of resilience and innovation in marketing and distribution [3][4] Industry Developments - The automotive industry in China is at a new historical starting point, with a shift towards electrification and intelligence, necessitating an open and collaborative ecosystem [1][2] - The introduction of the "Annual Outbound Enterprise" award reflects the acceleration of globalization in the automotive sector, recognizing companies that have made significant strides in international markets [2] - The gala also acknowledged the importance of digital marketing and customer relationship management, showcasing awardees who have set industry benchmarks in these areas [3] Future Outlook - The automotive industry is entering a critical phase of intelligent development and international expansion, with Tengyi Technology leveraging its ecosystem advantages to drive high-quality growth and enhance global competitiveness [4]

Core Insights - Jack Ma's return to Alibaba has sparked significant industry attention due to several strategic moves, including the rebranding of Ele.me to Taobao Flash Purchase and the enhanced focus on Gaode Map [2][3]. Group 1: Gaode Map Developments - Gaode Map has been positioned as a key player within Alibaba, launching the world's first AI-based map and entering the Robotaxi market in collaboration with XPeng, which poses a competitive threat to Baidu [2][3][11]. - As of March 2025, Gaode Map boasts 873 million monthly active users (MAU), ranking fourth among Chinese mobile internet applications, indicating a substantial user base [4]. - Gaode's "Street Ranking" feature gained over 400 million users within 23 days of its launch, showcasing its strong user engagement and growth potential [4]. Group 2: Financial Performance and Market Impact - Alibaba's stock price has seen a significant increase, rising from HKD 115 on August 21 to HKD 156.8 by November 12, marking a 36% increase [3]. - For the first quarter of 2025, Alibaba reported revenue of CNY 247.7 billion, a year-on-year growth of 1.82%, while net profit surged by 66.66% to CNY 40.65 billion [6][7]. - The company's cash flow from operations dropped by 39%, raising concerns about the sustainability of its investments in high-cost projects like Gaode and cloud services [8]. Group 3: Instant Retail Strategy - The rebranding of Ele.me to Taobao Flash Purchase reflects Alibaba's strategic pivot towards instant retail, aiming to capture a significant share of the rapidly growing market, projected to reach CNY 1.5 trillion by 2025 [13][16]. - The integration of Ele.me with Taobao Flash Purchase is expected to enhance user experience and reduce customer acquisition costs, positioning Alibaba favorably against competitors like Meituan and JD [15][17]. - Gaode's capabilities in directing users to local services complement Alibaba's instant retail strategy, creating a comprehensive ecosystem that enhances user engagement and retention [17].

Core Viewpoint - The release of high-definition satellite images of Taiwan by the mainland commercial satellite "Jilin-1" has sparked significant attention and discussion in Taiwan, highlighting both the technological advancements of mainland China and the implications for cross-strait relations [3][4]. Group 1: Technological Strength - "Jilin-1" has completed its 31st launch as of October 11, increasing its operational satellites to 141, making it the largest sub-meter commercial remote sensing satellite constellation globally, capable of revisiting any location on Earth 38 to 40 times daily [6]. - The satellite's imaging capabilities have reached a clarity level measured in centimeters, allowing for detailed observations, including streets and alleys, which were previously indistinct [6]. - The presence of a commercial satellite with such capabilities raises concerns about military applications, as the precision of military satellites is expected to be even higher [7]. Group 2: Public Perception and Soft Power - Many ordinary Taiwanese citizens express excitement about the technological advancements from the mainland, as evidenced by comments on social media regarding the satellite images capturing their homes [8]. - The use of mainland navigation tools, such as Gaode Map, has also gained popularity in Taiwan, with users noting the high accuracy and detail provided by the BeiDou system, surpassing traditional GPS [10]. - The imagery and navigation services from the mainland are seen as enhancing cross-strait connections, fostering a sense of shared history and identity among the people of Taiwan and the mainland [11].