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阿里(09988.HK)高開7.8% 獲瑞銀升目標價至179元
阿里-W(09988.HK)今早(14日)高開7.76%,報143.1元,市前議價成交894.26萬股,涉資12.8億元。瑞銀發表研究報告,指出阿里3月底止第四財季業績符合預期,認為季內已為盈利低谷,但盈利前景仍面臨宏觀經濟疲弱及電商競爭加劇等挑戰。該行認為,雖然市場對人工智能(AI)的情緒仍然強烈,但阿里的投資主題已不再是圍繞盈利增長,而是作為中國AI供應...
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阿里(09988.HK)高開7.8% 獲瑞銀升目標價至179元
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阿里-W(09988.HK)  +5.100 (+3.840%)    Short selling $2.09B; Ratio 8.965%   今早(14日)高開7.76%,報143.1元,市前議價成交894.26萬股,涉資12.8億元。

瑞銀發表研究報告,指出阿里3月底止第四財季業績符合預期,認為季內已為盈利低谷,但盈利前景仍面臨宏觀經濟疲弱及電商競爭加劇等挑戰。該行認為,雖然市場對人工智能(AI)的情緒仍然強烈,但阿里的投資主題已不再是圍繞盈利增長,而是作為中國AI供應鏈的代表。

報告估算,若以同業比較方式估值,單計阿里旗下的「平頭哥」芯片業務、大語言模型「通義千問」的MaaS年度經常性收入(ARR)及剔除MaaS的外部雲端收入,這三項AI相關資產的價值已接近阿里巴巴目前市值,尚未計及核心電商業務價值、現金及AI資產整合帶來的協同效應。瑞銀預期,阿里股價未來將較受收入增長、MaaS的ARR增長勢頭及領先模型發布所影響。

瑞銀相應下調2027至2028財年每股盈利預測8%,以反映電商盈利下降及AI投資增加,但部分獲雲端利潤率改善所抵銷。該行將淘天集團(TTG)估值倍數由9倍下調至8倍,但為其AI資產增加估值,因此將港股目標價由166港元上調至179港元,阿里(BABA.US)      美股目標價由170美元上調至184美元;重申「買入」評級。(ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-14 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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