External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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