阿里巴巴：重塑多空叙事；构建人工智能云资本支出与收入框架；买入评级

13 October 2025 | 12:39AM HKT Equity Research Alibaba Group (BABA) Reframing the bull/bear narratives; laying out AI cloud capex-to-revenue framework; Buy | BABA | 12m Price Target: $205.00 | Price: $159.01 | Upside: 28.9% | | --- | --- | --- | --- | | 9988.HK | 12m Price Target: HK$199.00 | Price: HK$165.40 | Upside: 20.3% | We reframe the bull/bear narratives following Alibaba's share price outperformance (ADRs YTD at +87% vs. HSTECH +44%), yet with a double-digit % retreat from peaks recently on profit t ...