阿里巴巴-26 财年第一季度回顾 - 云资本支出超预期，人工智能驱动叙事重燃；买入

1 September 2025 | 6:09AM HKT We revise our FY26E-FY28E adj. net profit by -9%~ to +2% on larger quick commerce loss, part offset by faster int'l eCommerce Ronald Keung, CFA +852-2978-0856 | ronald.keung@gs.com Goldman Sachs (Asia) L.L.C. Steve Qiu Alibaba Group (BABA) 1QFY26 Review: Cloud/capex beat with a renewed AI-driven narrative; Buy | BABA | 12m Price Target: $163.00 | Price: $135.00 | Upside: 20.7% | | --- | --- | --- | --- | | 9988.HK | 12m Price Target: HK$158.00 | Price: HK$115.70 | Upside: 36.6% ...