External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>For 2QFY26E (March year-end), we expect Alibaba Group Holding (Alibaba) to deliver revenue growth of 2% YoY, broadly inline with Bloomberg consensus, with customer management revenue (CMR) and Cloud Intelligence Group (CIG) revenue growth standing at 10% and 30%, respectively.</li><li>Although we have baked in the RMB37.4bn impact on adjusted EBITA from investment in quick commerce (QC) business, we believe the investment should have peaked out in 2QFY26 and its impact on earnings will start to fade in 3QFY26E as QC is on track to halve unit economics loss by end-Oct 2025.</li><li>We fine-tune our target price to US$209.4 (was US$210.3) to reflect adjustments in earnings forecast. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 2QFY26E (March year-end), we expect Alibaba Group Holding (Alibaba) to deliver revenue growth of 2% YoY, broadly inline with Bloomberg consensus, with customer management revenue (CMR) and Cloud Intelligence Group (CIG) revenue growth standing at 10% and 30%, respectively.Although we have baked in the RMB37.4bn impact on adjusted EBITA from investment in quick commerce (QC) business, we believe the investment should have peaked out in 2QFY26 and its impact on earnings will start to fade in 3QFY26E as QC is on track to halve unit economics loss by end-Oct 2025.We fine-tune our target price to US$209.4 (was US$210.3) to reflect adjustments in earnings forecast. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Quick Commerce Investment Peaked Out; Accelerating AI Adoption

<ul><li>We reiterate our positive view on Alibaba, backed by: 1) strong cloud revenue growth outlook, aided by both increase in adoption of AI-related products and digitalization demand;</li><li>2) solid e-commerce business development outlook, driven by increase in penetration of Quanzhantui, and cross-sell effect brought by the rapid development of Quick Commerce (QC) business, which we believe could help improve user stickiness and drive better customer management revenue (CMR) outlook over the medium to long term.</li><li>With strong technological capability and abundant application scenario of AI, Alibaba is on track to drive its long-term revenue and earnings growth through the two strategic business pillars of “Consumption” and ”AI + Cloud”. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We reiterate our positive view on Alibaba, backed by: 1) strong cloud revenue growth outlook, aided by both increase in adoption of AI-related products and digitalization demand;2) solid e-commerce business development outlook, driven by increase in penetration of Quanzhantui, and cross-sell effect brought by the rapid development of Quick Commerce (QC) business, which we believe could help improve user stickiness and drive better customer management revenue (CMR) outlook over the medium to long term.With strong technological capability and abundant application scenario of AI, Alibaba is on track to drive its long-term revenue and earnings growth through the two strategic business pillars of “Consumption” and ”AI + Cloud”. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Cloud and E-Commerce Development Both in Good Shape; Reiterate BUY

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>US as the world’s largest service economy means artificial general intelligence (AGI) saves cost by replacing knowledge workers. </li>
<li>China’s AI monetization is today 1/3 of US but will improve to 1/2 by 2030. </li>
<li>We reiterate our TOP PICKS of Alibaba, HESAI, CATL and Kuaishou. BIDU stays as SELL.</li>
</ul>


US as the world’s largest service economy means artificial general intelligence (AGI) saves cost by replacing knowledge workers. 
China’s AI monetization is today 1/3 of US but will improve to 1/2 by 2030. 
We reiterate our TOP PICKS of Alibaba, HESAI, CATL and Kuaishou. BIDU stays as SELL.


[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Alibaba Group has announced an aggressive expansion of its artificial intelligence ambitions, earmarking over $50 billion in new AI and cloud investments over the next three years—an amount greater than its entire spending over the last decade.</li><li>This significant push is aimed at positioning the company at the forefront of Asia’s generative AI and cloud infrastructure race.</li><li>Central to this effort is the launch of its next-generation large language model, Qwen3-Max, following the success of Qwen2.5, which already has over 90,000 derivative models globally.</li></ul>

Alibaba Group has announced an aggressive expansion of its artificial intelligence ambitions, earmarking over $50 billion in new AI and cloud investments over the next three years—an amount greater than its entire spending over the last decade.This significant push is aimed at positioning the company at the forefront of Asia’s generative AI and cloud infrastructure race.Central to this effort is the launch of its next-generation large language model, Qwen3-Max, following the success of Qwen2.5, which already has over 90,000 derivative models globally.

Alibaba Goes All-In On AI: $50B+ Budget, Qwen3-Max, Global Cloud Surge, $4T Bet!

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> launched Qwen3-Max, its largest LLM to date, along with a suite of Qwen3 models and technical upgrades at its annual flagship conference, reinforcing its full-stack AI ambitions.</li>
<li>The stock has surged nearly 50% month-to-date, fueled by investor optimism over AI-related upside, since the August 29 investor call.</li>
<li>Investors now await proof that execution and performance will deliver on Alibaba’s bold technical claims and high market expectations.</li>
</ul>



Alibaba (9988 HK) launched Qwen3-Max, its largest LLM to date, along with a suite of Qwen3 models and technical upgrades at its annual flagship conference, reinforcing its full-stack AI ambitions.
The stock has surged nearly 50% month-to-date, fueled by investor optimism over AI-related upside, since the August 29 investor call.
Investors now await proof that execution and performance will deliver on Alibaba’s bold technical claims and high market expectations.


Alibaba (9988 HK): It's Raining AI at the Apsara Conference, Firing up the Stock.

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

Alibaba (BABA US) - Quick Commerce Investment Peaked Out; Accelerating AI Adoption

For 2QFY26E (March year-end), we expect Alibaba Group Holding (Alibaba) to deliver revenue growth of 2% YoY, broadly inline with Bloomberg consensus

CMB International

Alibaba (BABA US) - Cloud and E-Commerce Development Both in Good Shape; Reiterate BUY

We reiterate our positive view on Alibaba, backed by: 1) strong cloud revenue growth outlook, aided by both increase in adoption of AI-related...

CMB International

[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

AGI will replace knowledge workers in the US service economy, while China's AI monetization is on track to catch up to the US by 2030.

Blue Lotus Research Institute

Alibaba Goes All-In On AI: $50B+ Budget, Qwen3-Max, Global Cloud Surge, $4T Bet!

Alibaba Group has announced an aggressive expansion of its artificial intelligence ambitions, earmarking over $50 billion in new AI and cloud...

Baptista Research

Alibaba (9988 HK): It's Raining AI at the Apsara Conference, Firing up the Stock.

AI announcements at Alibaba’s Annual Technology Conference that have lifted the stock today. The stock has climbed nearly 50% month-to-date on...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alibaba (BABA US) - Quick Commerce Investment Peaked Out; Accelerating AI Adoption

For 2QFY26E (March year-end), we expect Alibaba Group Holding (Alibaba) to deliver revenue growth of 2% YoY, broadly inline with Bloomberg consensus

CMB International

Alibaba (BABA US) - Cloud and E-Commerce Development Both in Good Shape; Reiterate BUY

We reiterate our positive view on Alibaba, backed by: 1) strong cloud revenue growth outlook, aided by both increase in adoption of AI-related...

CMB International

[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

​AGI will replace knowledge workers in the US service economy, while China's AI monetization is on track to catch up to the US by 2030.

Blue Lotus Research Institute

Alibaba Goes All-In On AI: $50B+ Budget, Qwen3-Max, Global Cloud Surge, $4T Bet!

Alibaba Group has announced an aggressive expansion of its artificial intelligence ambitions, earmarking over $50 billion in new AI and cloud...

Baptista Research

Alibaba (9988 HK): It's Raining AI at the Apsara Conference, Firing up the Stock.

AI announcements at Alibaba’s Annual Technology Conference that have lifted the stock today. The stock has climbed nearly 50% month-to-date on...

Devi Subhakesan

AGI will replace knowledge workers in the US service economy, while China's AI monetization is on track to catch up to the US by 2030.