2026年春节，"史上最长假期"不仅点燃了民众的探亲与旅游热情，更成为线下消费需求爆发的风口。 近日，高德扫街榜启动一系列春节促消费行动，通过为全国超100万商家提供飞行街景接入服务、发布"20大年味城市指南"，并联合多地文旅部门打造特色 榜单，从技术赋能、广告流量激励和区域合作等方面，全力助推春节"烟火经济"释放新活力。 商家侧：飞行街景福利加码，开通即享最高20万元激励，超100万商家预约 为助力线下商户把握春节消费高峰，高德扫街榜在今年春节到来前加码"飞行街景"的数字化赋能，面向全国商家启动大规模激励计划。 "飞行街景"依托高德自研的世界模型，通过高拟真数字还原，实现连续、动态、与现实几乎一致的实景导航与实景探店。消费者到店前，可以直观了解店铺 周边的街道环境、观察店内的装修风格甚至用餐氛围，实现"所见即所得"的探店体验，有效提升消费决策的信心。 据高德扫街榜负责人介绍，为支持商户在春节期间降本增效，扫街榜推出了专项激励方案：新开通"飞行街景"的商户，最高可获得价值20万元的广告流量激 励及相关权益，旨在鼓励更多中小商户拥抱AI数字化经营。截至目前，全国申请预约开通该功能的商家已突破100万家。 技术赋 ...

Investment Rating - The report maintains a "Buy" rating for Alibaba (BABA) [4][5] Core Insights - Alibaba Cloud continues to accelerate growth, with a significant investment plan of 380 billion over three years, potentially exceeding expectations [3] - The AIDC strategy focuses on high-potential markets, with expected revenue growth slowing but losses significantly narrowing [3] - The report anticipates a challenging macro environment affecting e-commerce growth, with a projected revenue of 286.6 billion for Q3 FY26, reflecting a 2.3% year-on-year increase [4] - The report highlights the success of Taobao's flash purchase business, which has seen substantial growth in market share and order volume [4] - Alibaba Cloud is expected to maintain its leading position, with a projected revenue growth of 35% year-on-year for Q3 FY26 [4] - The report emphasizes the strategic direction of integrating ecosystem collaboration and deep AI empowerment, focusing resources on key areas like "AI + Cloud" technology and instant retail [4] Financial Data and Profit Forecast - Projected revenue (in million RMB) for FY24 to FY28: 941,168; 996,347; 1,023,358; 1,118,672; 1,215,861, with growth rates of 8.3%, 5.9%, 2.7%, 9.3%, and 8.7% respectively [5] - Non-GAAP net profit (in million RMB) for FY24 to FY28: 158,359; 158,393; 95,827; 122,157; 157,095, with a significant decline of 39.5% expected in FY26 [5] - Adjusted EPS (in RMB) for FY24 to FY28: 62.11; 65.59; 39.69; 50.59; 65.06, with a projected ROE of 16% for FY24 and FY25, dropping to 8% in FY26 and FY27 [5]