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大行評級丨花旗:維持阿里巴巴“買入”評級 指其為中國AI及宏觀經濟反彈的代表
格隆匯 05-19 10:54

花旗發表研究報吿指,阿里巴巴2025財年第四季客户管理收入(CMR)按年增長12%,淘天集團的EBITA增長8%,勝於預期;雲端收入按年增長18%及雲端利潤率增長8%,與該行預測一致。

該行表示,進入2026財年,阿里仍將致力於人工智能再投資、產品定價競爭力,以確保穩定的市佔率。由於各產業企業客户需求激增,公司管理層預期雲端服務收入將於2026財年逐步加快。隨着軟件費用增加及商户採用全站通廣吿工具的採用率上升,相信CMR穩健的增長趨勢將在2026財年持續。

該行維持對阿里H股及美股目標價165元及169美元,續予“買入”評級,並認為集團是中國人工智能及宏觀經濟反彈的代表。

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