中国互联网调研纪要：AI、云、宏观竞争与监管-China Internet Internet Tour Takeaways AI Cloud Macro Competition Regulation-China Internet

Key highlights from BABA — As highlighted in our latest FY3Q26 preview; 1) macro and consumption willingness turned softer than expected in CY4Q25 which weighed on GMV growth; together with high base/lapse of 0.6% fee/QZT benefit, it has put pressure to CMR growth and EBITA; 2) mgmt reiterated strategic investment commitment in food delivery/quick commerce and target to further increase volume and GMV market share in CY2026 with focus on growing higher AOV orders; 3) BABA commented demand for cloud infrastr ...