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大行評級|花旗:維持阿里巴巴“買入”評級 季度CMR同比增長預測存上行風險
花旗指,阿里巴巴天貓總裁劉博關於618促銷期間商品交易總額(GMV)增長10%的評論,對2026財年第一財季客戶管理收入(CMR)增長具有正面指引。該行認爲,結合4月和5月穩健零售銷售數據,以及管理層對618銷售的評論,假設CMR與GMV增長之間仍存在一定差距,但對該行及市場共識的6月止季度CMR同比增長預測10.3%及10.6%存在上行風險。該行維持對阿里巴巴ADR“買入”評級。
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