阿里巴巴：2026 财年第二季度展望；核心业务表现略超预期

Global Research ab 8 October 2025 First Read 1) Cloud outlook: Near term, market attention would remain on the pace of AliCloud's topline growth and capex expansion. We believe its revenue growth should be largely on track (FY26F's +28%). In our view, its capex is also likely to remain high amid mgmt plans to increase investments beyond its 3-year Rmb380bn target, but could see quarterly fluctuations depending on supply chain situation and delivery cycles. 2) Quick commerce competition: Post peak summer hol ...