阿里巴巴-SW(09_老虎社区_美港股上老虎

阿里巴巴-SW(09988.hk)抛开短期营销，我认为阿里的核心优势仍在电商基本盘。淘宝天猫的供应链与商家生态依然深厚，近期在内容化与价格力上持续投入。虽然面临竞争，但其作为基础设施的地位与高频的用户触点，仍是长期价值的压舱石。

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