大摩给予阿里中国最佳AI赋能者评价，上调目标价至165美元_老虎社区_美港股上老虎

大摩给予阿里中国最佳AI赋能者评价，上调目标价至165美元

华尔街见闻09-01

在AI浪潮席卷全球之际，华尔街投行摩根士丹利为中国科技巨头阿里巴巴送上了一顶新的桂冠。大摩在8月31日发布的研报中，给予了阿里巴巴“中国最佳AI赋能者”（China’s Best AI Enabler）的积极评价，并将其美股目标价从150美元上调至165美元。该行的核心逻辑在于，AI正强力驱动阿里云业务加速增长，并有望帮助这家科技巨头在激烈的市场竞争中巩固优势。大摩预计，阿里云在第二财季的增长将从...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

Mediator
·09-01
收钱办事嘛，不寒碜。
回复
点赞
举报
波西米亚风起
·09-01
我挂 164
回复
1
举报

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/2564891004?lang=zh_CN&edition=full","thumbnail":"https://static.tigerbbs.com/05ddeb1f7be03fe06014ae549a8abe22","is_english":false,"pubTime":"2025-09-01 17:10","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2564891004","market":"sh","top_or_hot":-1,"title":"大摩给予阿里中国最佳AI赋能者评价，上调目标价至165美元","media":"华尔街见闻","content":"<div>\n<p>在AI浪潮席卷全球之际，华尔街投行摩根士丹利为中国科技巨头阿里巴巴送上了一顶新的桂冠。大摩在8月31日发布的研报中，给予了阿里巴巴“中国最佳AI赋能者”（China’s Best AI Enabler）的积极评价，并将其美股目标价从150美元上调至165美元。该行的核心逻辑在于，AI正强力驱动阿里云业务加速增长，并有望帮助这家科技巨头在激烈的市场竞争中巩固优势。大摩预计，阿里云在第二财季的增长将从...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3754670\">网页链接</a>\n\n</div>\n","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>大摩给予阿里中国最佳AI赋能者评价，上调目标价至165美元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n大摩给予阿里中国最佳AI赋能者评价，上调目标价至165美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-01 17:10 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3754670><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在AI浪潮席卷全球之际，华尔街投行摩根士丹利为中国科技巨头阿里巴巴送上了一顶新的桂冠。大摩在8月31日发布的研报中，给予了阿里巴巴“中国最佳AI赋能者”（China’s Best AI Enabler）的积极评价，并将其美股目标价从150美元上调至165美元。该行的核心逻辑在于，AI正强力驱动阿里云业务加速增长，并有望帮助这家科技巨头在激烈的市场竞争中巩固优势。大摩预计，阿里云在第二财季的增长将从...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3754670\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4533","symbol_name":"AQR资本管理(全球第二大对冲基金)","start_time":0,"source_url":"https://wallstreetcn.com/articles/3754670","article_id":"2564891004","we_media_id":"1084101182","thumbnails":["https://static.tigerbbs.com/05ddeb1f7be03fe06014ae549a8abe22"],"rights":{"source":null,"url":"https://wallstreetcn.com/articles/3754670","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2564891004","pubTimestamp":1756717811,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"华尔街见闻","introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"summary":"大摩将阿里巴巴称为“中国最佳AI赋能者”，并上调公司目标价至165美元。阿里云业务成为关键增长引擎，第一财季同比增长26%，其中AI相关收入贡献已超20%，预测第二财季增速将进一步加快至30%以上。该行认为，阿里云及AI业务的强劲增长和长期价值，足以抵消公司在即时零售业务上的短期亏损。","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK4533":"AQR资本管理(全球第二大对冲基金)","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","BK4502":"阿里概念","BK4505":"高瓴资本持仓","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","BK4535":"淡马锡持仓","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","BK4538":"云计算","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","BK4579":"人工智能","LU1051768304.USD":"贝莱德新兴市场股票收益A6","BK4588":"碎股","BK4548":"巴美列捷福持仓","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","BK4565":"NFT概念","BABA":"阿里巴巴","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","BK4503":"景林资产持仓","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0971096721.USD":"富达环球金融服务 A","BK4607":"DeepSeek概念股","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4220":"综合零售","09988":"阿里巴巴-W","BK4527":"明星科技股","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU0882574139.USD":"富达环球消费行业基金A ACC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","BK4526":"热门中概股","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","BK4534":"瑞士信贷持仓","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC"},"translate_title":"Morgan Stanley rated Alibaba as the best AI enabler in China and raised its target price to US $165","themeId":"94dbb6dce79697ec1541dd6562027671","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/a288bd7531ed6cd71ac16b2ed931c920","symbols_score_info":{"BABA":1,"ALBmain":1,"09988":0.6},"content_text":"在AI浪潮席卷全球之际，华尔街投行摩根士丹利为中国科技巨头阿里巴巴送上了一顶新的桂冠。大摩在8月31日发布的研报中，给予了阿里巴巴“中国最佳AI赋能者”（China’s Best AI Enabler）的积极评价，并将其美股目标价从150美元上调至165美元。该行的核心逻辑在于，AI正强力驱动阿里云业务加速增长，并有望帮助这家科技巨头在激烈的市场竞争中巩固优势。大摩预计，阿里云在第二财季的增长将从第一财季的26%进一步加速至30%以上，AI相关收入已占到阿里云总收入的20%以上。然而，这份乐观展望也伴随着对短期盈利的审慎。报告指出，阿里巴巴在即时电商领域的大规模投资将拖累近期利润，预计第二财季该业务亏损将扩大至350亿元人民币。尽管如此，该行仍上调了对阿里巴巴的长期盈利预测，显示出对其战略投资回报的信心。AI驱动云业务加速大摩将阿里云视为阿里巴巴捕捉AI机遇的“主阵地”。数据显示，阿里云第一财季实现了26%的同比增长，超出市场预期。这一强劲增长的背后，是AI相关收入连续八个季度实现三位数增长的支撑。AI相关收入贡献在云业务总收入中的占比超过20%，这一比例“在全球范围内也处于最高水平之列”。报告认为，阿里云的增长势头在未来几个季度仍将持续。其驱动力主要来自三个方面：强劲的行业需求、升级后的产品供给（如通义千问大模型升级），以及与SAP等公司的战略合作。基于这些因素，报告预测阿里云在第二财季的增速将达到30%以上，进一步巩固其市场地位。短期阵痛：即时电商投资拖累盈利在AI业务高歌猛进的同时，阿里巴巴正为另一条战线——即时电商，付出高昂的短期成本。大摩估计，公司第一财季在该领域的投资约为110亿元人民币，初步结果是，8月份峰值日订单量达到1.2亿单，美团为1.5亿单。考虑到夏季季节因素，该行进一步预估公司第二财季的亏损将从此前预测的200亿元扩大至350亿元，这可能标志着投资的峰值。报告将阿里巴巴本财年的即时电商投资总额预测从500亿元上调至800亿元。这项巨额投入也直接导致该行下调了对阿里巴巴2026和2027财年的调整后净利润预测。不过，报告也援引阿里管理层承诺，将在未来1-2个月内将单位经济效益（UE）亏损减半，并设定了到2028财年实现1万亿元商品交易总额（GMV）的长期目标。维持增持评级，看好长期价值尽管短期盈利面临压力，摩根士丹利对阿里巴巴的长期价值依然保持乐观。该行将阿里云业务的估值从每股60美元上调至67美元，以反映其在AI时代的增长潜力。报告总结称，虽然市场需要关注即时电商业务的投资回报率，但摩根士丹利依然相信，凭借中国最大的云基础设施，阿里巴巴是捕捉中国AI相关需求增长的主要渠道。上调后的165美元目标价，意味着该行看好其长期盈利能力。","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":473897098293792,"gmtCreate":1756729420641,"gmtModify":1756729422315,"author":{"id":"3498680662745699","authorId":"3498680662745699","name":"Mediator","avatar":"https://static.tigerbbs.com/ccbee84d06c97c8ea354bff2e5c20b6d","vip":1,"hat":"https://static.tigerbbs.com/e1c01e958f63198f5d9648b59135f687","crmLevel":1,"crmLevelSwitch":1,"idStr":"3498680662745699","authorIdStr":"3498680662745699"},"htmlText":"收钱办事嘛，不寒碜。","listText":"收钱办事嘛，不寒碜。","text":"收钱办事嘛，不寒碜。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/473897098293792","repostId":2564891004,"repostType":2,"repost":{"id":"2564891004","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1756717811,"share":"https://www.laohu8.com/m/news/2564891004?lang=&edition=full","pubTime":"2025-09-01 17:10","market":"sh","language":"zh","title":"大摩给予阿里中国最佳AI赋能者评价，上调目标价至165美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2564891004","media":"华尔街见闻","summary":"大摩将阿里巴巴称为“中国最佳AI赋能者”，并上调公司目标价至165美元。阿里云业务成为关键增长引擎，第一财季同比增长26%，其中AI相关收入贡献已超20%，预测第二财季增速将进一步加快至30%以上。该行认为，阿里云及AI业务的强劲增长和长期价值，足以抵消公司在即时零售业务上的短期亏损。","content":"<html><head></head><body><p>在AI浪潮席卷全球之际，华尔街投行<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>为中国科技巨头<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>送上了一顶新的桂冠。</p><p>大摩在8月31日发布的研报中，给予了<a href=\"https://laohu8.com/S/09988\">阿里巴巴</a>“中国最佳AI赋能者”（China’s Best AI Enabler）的积极评价，并将其美股目标价从150美元上调至165美元。</p><p>该行的核心逻辑在于，AI正强力驱动阿里云业务加速增长，并有望帮助这家科技巨头在激烈的市场竞争中巩固优势。</p><p>大摩预计，阿里云在第二财季的增长将从第一财季的26%进一步加速至30%以上，AI相关收入已占到阿里云总收入的20%以上。</p><p>然而，这份乐观展望也伴随着对短期盈利的审慎。报告指出，阿里巴巴在即时电商领域的大规模投资将拖累近期利润，预计第二财季该业务亏损将扩大至350亿元人民币。尽管如此，该行仍上调了对阿里巴巴的长期盈利预测，显示出对其战略投资回报的信心。</p><h2 id=\"id_1272053910\">AI驱动云业务加速</h2><p>大摩将阿里云视为阿里巴巴捕捉AI机遇的“主阵地”。</p><p>数据显示，阿里云第一财季实现了26%的同比增长，超出市场预期。这一强劲增长的背后，<strong>是AI相关收入连续八个季度实现三位数增长的支撑。AI相关收入贡献在云业务总收入中的占比超过20%，这一比例“在全球范围内也处于最高水平之列”。</strong></p><p>报告认为，阿里云的增长势头在未来几个季度仍将持续。其驱动力主要来自三个方面：强劲的行业需求、升级后的产品供给（如通义千问大模型升级），以及与<a href=\"https://laohu8.com/S/SAP\">SAP</a>等公司的战略合作。</p><p>基于这些因素，报告预测阿里云在第二财季的增速将达到30%以上，进一步巩固其市场地位。</p><h2 id=\"id_39945421\">短期阵痛：即时电商投资拖累盈利</h2><p>在AI业务高歌猛进的同时，阿里巴巴正为另一条战线——即时电商，付出高昂的短期成本。</p><p>大摩估计，<strong>公司第一财季在该领域的投资约为110亿元人民币，初步结果是，8月份峰值日订单量达到1.2亿单，<a href=\"https://laohu8.com/S/MPNGY\">美团</a>为1.5亿单。</strong></p><p>考虑到夏季季节因素，该行进一步预估公司第二财季的亏损将从此前预测的200亿元扩大至350亿元，这可能标志着投资的峰值。</p><p>报告将阿里巴巴本财年的即时电商投资总额预测从500亿元上调至800亿元。这项巨额投入也直接导致该行下调了对阿里巴巴2026和2027财年的调整后净利润预测。</p><p>不过，报告也援引阿里管理层承诺，将在未来1-2个月内将单位经济效益（UE）亏损减半，并设定了到2028财年实现1万亿元商品交易总额（GMV）的长期目标。</p><h2 id=\"id_3993653070\">维持增持评级，看好长期价值</h2><p>尽管短期盈利面临压力，摩根士丹利对阿里巴巴的长期价值依然保持乐观。该行将阿里云业务的估值从每股60美元上调至67美元，以反映其在AI时代的增长潜力。</p><p>报告总结称，虽然市场需要关注即时电商业务的投资回报率，但摩根士丹利依然相信，凭借中国最大的云基础设施，阿里巴巴是捕捉中国AI相关需求增长的主要渠道。上调后的165美元目标价，意味着该行看好其长期盈利能力。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>大摩给予阿里中国最佳AI赋能者评价，上调目标价至165美元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n大摩给予阿里中国最佳AI赋能者评价，上调目标价至165美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-01 17:10 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3754670><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在AI浪潮席卷全球之际，华尔街投行摩根士丹利为中国科技巨头阿里巴巴送上了一顶新的桂冠。大摩在8月31日发布的研报中，给予了阿里巴巴“中国最佳AI赋能者”（China’s Best AI Enabler）的积极评价，并将其美股目标价从150美元上调至165美元。该行的核心逻辑在于，AI正强力驱动阿里云业务加速增长，并有望帮助这家科技巨头在激烈的市场竞争中巩固优势。大摩预计，阿里云在第二财季的增长将从...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3754670\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/05ddeb1f7be03fe06014ae549a8abe22","relate_stocks":{"BK4533":"AQR资本管理(全球第二大对冲基金)","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","BK4502":"阿里概念","BK4505":"高瓴资本持仓","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","BK4535":"淡马锡持仓","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","BK4538":"云计算","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","BK4579":"人工智能","LU1051768304.USD":"贝莱德新兴市场股票收益A6","BK4588":"碎股","BK4548":"巴美列捷福持仓","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","BK4565":"NFT概念","BABA":"阿里巴巴","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","BK4503":"景林资产持仓","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0971096721.USD":"富达环球金融服务 A","BK4607":"DeepSeek概念股","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4220":"综合零售","09988":"阿里巴巴-W","BK4527":"明星科技股","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU0882574139.USD":"富达环球消费行业基金A ACC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","BK4526":"热门中概股","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","BK4534":"瑞士信贷持仓","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC"},"source_url":"https://wallstreetcn.com/articles/3754670","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2564891004","content_text":"在AI浪潮席卷全球之际，华尔街投行摩根士丹利为中国科技巨头阿里巴巴送上了一顶新的桂冠。大摩在8月31日发布的研报中，给予了阿里巴巴“中国最佳AI赋能者”（China’s Best AI Enabler）的积极评价，并将其美股目标价从150美元上调至165美元。该行的核心逻辑在于，AI正强力驱动阿里云业务加速增长，并有望帮助这家科技巨头在激烈的市场竞争中巩固优势。大摩预计，阿里云在第二财季的增长将从第一财季的26%进一步加速至30%以上，AI相关收入已占到阿里云总收入的20%以上。然而，这份乐观展望也伴随着对短期盈利的审慎。报告指出，阿里巴巴在即时电商领域的大规模投资将拖累近期利润，预计第二财季该业务亏损将扩大至350亿元人民币。尽管如此，该行仍上调了对阿里巴巴的长期盈利预测，显示出对其战略投资回报的信心。AI驱动云业务加速大摩将阿里云视为阿里巴巴捕捉AI机遇的“主阵地”。数据显示，阿里云第一财季实现了26%的同比增长，超出市场预期。这一强劲增长的背后，是AI相关收入连续八个季度实现三位数增长的支撑。AI相关收入贡献在云业务总收入中的占比超过20%，这一比例“在全球范围内也处于最高水平之列”。报告认为，阿里云的增长势头在未来几个季度仍将持续。其驱动力主要来自三个方面：强劲的行业需求、升级后的产品供给（如通义千问大模型升级），以及与SAP等公司的战略合作。基于这些因素，报告预测阿里云在第二财季的增速将达到30%以上，进一步巩固其市场地位。短期阵痛：即时电商投资拖累盈利在AI业务高歌猛进的同时，阿里巴巴正为另一条战线——即时电商，付出高昂的短期成本。大摩估计，公司第一财季在该领域的投资约为110亿元人民币，初步结果是，8月份峰值日订单量达到1.2亿单，美团为1.5亿单。考虑到夏季季节因素，该行进一步预估公司第二财季的亏损将从此前预测的200亿元扩大至350亿元，这可能标志着投资的峰值。报告将阿里巴巴本财年的即时电商投资总额预测从500亿元上调至800亿元。这项巨额投入也直接导致该行下调了对阿里巴巴2026和2027财年的调整后净利润预测。不过，报告也援引阿里管理层承诺，将在未来1-2个月内将单位经济效益（UE）亏损减半，并设定了到2028财年实现1万亿元商品交易总额（GMV）的长期目标。维持增持评级，看好长期价值尽管短期盈利面临压力，摩根士丹利对阿里巴巴的长期价值依然保持乐观。该行将阿里云业务的估值从每股60美元上调至67美元，以反映其在AI时代的增长潜力。报告总结称，虽然市场需要关注即时电商业务的投资回报率，但摩根士丹利依然相信，凭借中国最大的云基础设施，阿里巴巴是捕捉中国AI相关需求增长的主要渠道。上调后的165美元目标价，意味着该行看好其长期盈利能力。","news_type":1,"symbols_score_info":{"BABA":1,"ALBmain":1,"09988":0.6}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":473854917034280,"gmtCreate":1756718936264,"gmtModify":1756718938020,"author":{"id":"4106797139795800","authorId":"4106797139795800","name":"波西米亚风起","avatar":"https://static.tigerbbs.com/350fee15e85f57616840248693b72ac1","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"4106797139795800","authorIdStr":"4106797139795800"},"htmlText":"我挂 164","listText":"我挂 164","text":"我挂 164","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/473854917034280","repostId":2564891004,"repostType":2,"repost":{"id":"2564891004","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1756717811,"share":"https://www.laohu8.com/m/news/2564891004?lang=&edition=full","pubTime":"2025-09-01 17:10","market":"sh","language":"zh","title":"大摩给予阿里中国最佳AI赋能者评价，上调目标价至165美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2564891004","media":"华尔街见闻","summary":"大摩将阿里巴巴称为“中国最佳AI赋能者”，并上调公司目标价至165美元。阿里云业务成为关键增长引擎，第一财季同比增长26%，其中AI相关收入贡献已超20%，预测第二财季增速将进一步加快至30%以上。该行认为，阿里云及AI业务的强劲增长和长期价值，足以抵消公司在即时零售业务上的短期亏损。","content":"<html><head></head><body><p>在AI浪潮席卷全球之际，华尔街投行<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>为中国科技巨头<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>送上了一顶新的桂冠。</p><p>大摩在8月31日发布的研报中，给予了<a href=\"https://laohu8.com/S/09988\">阿里巴巴</a>“中国最佳AI赋能者”（China’s Best AI Enabler）的积极评价，并将其美股目标价从150美元上调至165美元。</p><p>该行的核心逻辑在于，AI正强力驱动阿里云业务加速增长，并有望帮助这家科技巨头在激烈的市场竞争中巩固优势。</p><p>大摩预计，阿里云在第二财季的增长将从第一财季的26%进一步加速至30%以上，AI相关收入已占到阿里云总收入的20%以上。</p><p>然而，这份乐观展望也伴随着对短期盈利的审慎。报告指出，阿里巴巴在即时电商领域的大规模投资将拖累近期利润，预计第二财季该业务亏损将扩大至350亿元人民币。尽管如此，该行仍上调了对阿里巴巴的长期盈利预测，显示出对其战略投资回报的信心。</p><h2 id=\"id_1272053910\">AI驱动云业务加速</h2><p>大摩将阿里云视为阿里巴巴捕捉AI机遇的“主阵地”。</p><p>数据显示，阿里云第一财季实现了26%的同比增长，超出市场预期。这一强劲增长的背后，<strong>是AI相关收入连续八个季度实现三位数增长的支撑。AI相关收入贡献在云业务总收入中的占比超过20%，这一比例“在全球范围内也处于最高水平之列”。</strong></p><p>报告认为，阿里云的增长势头在未来几个季度仍将持续。其驱动力主要来自三个方面：强劲的行业需求、升级后的产品供给（如通义千问大模型升级），以及与<a href=\"https://laohu8.com/S/SAP\">SAP</a>等公司的战略合作。</p><p>基于这些因素，报告预测阿里云在第二财季的增速将达到30%以上，进一步巩固其市场地位。</p><h2 id=\"id_39945421\">短期阵痛：即时电商投资拖累盈利</h2><p>在AI业务高歌猛进的同时，阿里巴巴正为另一条战线——即时电商，付出高昂的短期成本。</p><p>大摩估计，<strong>公司第一财季在该领域的投资约为110亿元人民币，初步结果是，8月份峰值日订单量达到1.2亿单，<a href=\"https://laohu8.com/S/MPNGY\">美团</a>为1.5亿单。</strong></p><p>考虑到夏季季节因素，该行进一步预估公司第二财季的亏损将从此前预测的200亿元扩大至350亿元，这可能标志着投资的峰值。</p><p>报告将阿里巴巴本财年的即时电商投资总额预测从500亿元上调至800亿元。这项巨额投入也直接导致该行下调了对阿里巴巴2026和2027财年的调整后净利润预测。</p><p>不过，报告也援引阿里管理层承诺，将在未来1-2个月内将单位经济效益（UE）亏损减半，并设定了到2028财年实现1万亿元商品交易总额（GMV）的长期目标。</p><h2 id=\"id_3993653070\">维持增持评级，看好长期价值</h2><p>尽管短期盈利面临压力，摩根士丹利对阿里巴巴的长期价值依然保持乐观。该行将阿里云业务的估值从每股60美元上调至67美元，以反映其在AI时代的增长潜力。</p><p>报告总结称，虽然市场需要关注即时电商业务的投资回报率，但摩根士丹利依然相信，凭借中国最大的云基础设施，阿里巴巴是捕捉中国AI相关需求增长的主要渠道。上调后的165美元目标价，意味着该行看好其长期盈利能力。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>大摩给予阿里中国最佳AI赋能者评价，上调目标价至165美元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n大摩给予阿里中国最佳AI赋能者评价，上调目标价至165美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-01 17:10 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3754670><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在AI浪潮席卷全球之际，华尔街投行摩根士丹利为中国科技巨头阿里巴巴送上了一顶新的桂冠。大摩在8月31日发布的研报中，给予了阿里巴巴“中国最佳AI赋能者”（China’s Best AI Enabler）的积极评价，并将其美股目标价从150美元上调至165美元。该行的核心逻辑在于，AI正强力驱动阿里云业务加速增长，并有望帮助这家科技巨头在激烈的市场竞争中巩固优势。大摩预计，阿里云在第二财季的增长将从...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3754670\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/05ddeb1f7be03fe06014ae549a8abe22","relate_stocks":{"BK4533":"AQR资本管理(全球第二大对冲基金)","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","BK4502":"阿里概念","BK4505":"高瓴资本持仓","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","BK4535":"淡马锡持仓","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","BK4538":"云计算","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","BK4579":"人工智能","LU1051768304.USD":"贝莱德新兴市场股票收益A6","BK4588":"碎股","BK4548":"巴美列捷福持仓","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","BK4565":"NFT概念","BABA":"阿里巴巴","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","BK4503":"景林资产持仓","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0971096721.USD":"富达环球金融服务 A","BK4607":"DeepSeek概念股","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4220":"综合零售","09988":"阿里巴巴-W","BK4527":"明星科技股","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU0882574139.USD":"富达环球消费行业基金A ACC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","BK4526":"热门中概股","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","BK4534":"瑞士信贷持仓","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC"},"source_url":"https://wallstreetcn.com/articles/3754670","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2564891004","content_text":"在AI浪潮席卷全球之际，华尔街投行摩根士丹利为中国科技巨头阿里巴巴送上了一顶新的桂冠。大摩在8月31日发布的研报中，给予了阿里巴巴“中国最佳AI赋能者”（China’s Best AI Enabler）的积极评价，并将其美股目标价从150美元上调至165美元。该行的核心逻辑在于，AI正强力驱动阿里云业务加速增长，并有望帮助这家科技巨头在激烈的市场竞争中巩固优势。大摩预计，阿里云在第二财季的增长将从第一财季的26%进一步加速至30%以上，AI相关收入已占到阿里云总收入的20%以上。然而，这份乐观展望也伴随着对短期盈利的审慎。报告指出，阿里巴巴在即时电商领域的大规模投资将拖累近期利润，预计第二财季该业务亏损将扩大至350亿元人民币。尽管如此，该行仍上调了对阿里巴巴的长期盈利预测，显示出对其战略投资回报的信心。AI驱动云业务加速大摩将阿里云视为阿里巴巴捕捉AI机遇的“主阵地”。数据显示，阿里云第一财季实现了26%的同比增长，超出市场预期。这一强劲增长的背后，是AI相关收入连续八个季度实现三位数增长的支撑。AI相关收入贡献在云业务总收入中的占比超过20%，这一比例“在全球范围内也处于最高水平之列”。报告认为，阿里云的增长势头在未来几个季度仍将持续。其驱动力主要来自三个方面：强劲的行业需求、升级后的产品供给（如通义千问大模型升级），以及与SAP等公司的战略合作。基于这些因素，报告预测阿里云在第二财季的增速将达到30%以上，进一步巩固其市场地位。短期阵痛：即时电商投资拖累盈利在AI业务高歌猛进的同时，阿里巴巴正为另一条战线——即时电商，付出高昂的短期成本。大摩估计，公司第一财季在该领域的投资约为110亿元人民币，初步结果是，8月份峰值日订单量达到1.2亿单，美团为1.5亿单。考虑到夏季季节因素，该行进一步预估公司第二财季的亏损将从此前预测的200亿元扩大至350亿元，这可能标志着投资的峰值。报告将阿里巴巴本财年的即时电商投资总额预测从500亿元上调至800亿元。这项巨额投入也直接导致该行下调了对阿里巴巴2026和2027财年的调整后净利润预测。不过，报告也援引阿里管理层承诺，将在未来1-2个月内将单位经济效益（UE）亏损减半，并设定了到2028财年实现1万亿元商品交易总额（GMV）的长期目标。维持增持评级，看好长期价值尽管短期盈利面临压力，摩根士丹利对阿里巴巴的长期价值依然保持乐观。该行将阿里云业务的估值从每股60美元上调至67美元，以反映其在AI时代的增长潜力。报告总结称，虽然市场需要关注即时电商业务的投资回报率，但摩根士丹利依然相信，凭借中国最大的云基础设施，阿里巴巴是捕捉中国AI相关需求增长的主要渠道。上调后的165美元目标价，意味着该行看好其长期盈利能力。","news_type":1,"symbols_score_info":{"BABA":1,"ALBmain":1,"09988":0.6}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":6,"commentSize":2,"repostSize":2,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}