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<Research>M Stanley: BABA-W (09988.HK)'s Qianwen Positioned to Become Super App
Recommend 24 Positive 47 Negative 10 |
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Morgan Stanley released a report on BABA-W (09988.HK), of which Qianwen, launched two months ago, already has had over 100 million monthly active users (MAUs) and fully embraces Alibaba's ecosystem. The broker expected that 2C (consumer-facing) applications and Agentic AI will become the core focus in the AI field this year. Recently, internet platforms like ByteDance and TENCENT (00700.HK) have also been actively accelerating the launch of 2C products. With Alibaba's vast ecosystem, including Taobao, Ele.me, Fliggy, Amap, and Alipay, Qianwen has a strong advantage to become an all-in-one AI super app and life assistant. TENCENT is rapidly catching up in AI model capabilities, but the official launch of its agentic products may be slightly delayed. Morgan Stanley anticipated that the growth in daily active users (DAUs) of Qianwen and further enhancements in agentic capabilities in future iterations will be another key driver for the stock price, with cloud business revenue growth remaining the key driver. However, increased marketing expenses to promote 2C user adoption may lead to a deepening of losses in other full-service areas. Morgan Stanley maintained an Overweight rating on Alibaba (BABA.US) with a target price of USD180. AASTOCKS Financial News Website: www.aastocks.com |
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