[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fp9yYXmCJl2boJQYPStyBN1BehIiGCJMV2k2Fo5rORLw":3},{"code":4,"msg":5,"data":6},200,"操作成功",{"id":7,"title":8,"content":9,"digest":10,"source":10,"coverPath":11,"thumbsCoverPath":12,"isTop":13,"isShow":14,"baseClick":13,"clickCount":15,"createTime":16,"typeId":17,"isNewest":18,"newsInfoTypeRespVo":19,"voiceUrl":22,"voiceSize":23,"taskId":24,"releaseTime":25,"titleEn":26,"contentEn":27,"voiceUrlEn":28,"taskIdEn":29,"voiceSizeEn":30},1370,"大摩：阿里已成中国最佳AI赋能者","\u003Cp>\u003Cstrong class=\"ql-lineHeight-1-75\" style=\"font-size: 18px; color: rgb(255, 153, 0);\">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。\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">据追风交易台消息，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。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">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。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">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。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">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。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cstrong class=\"ql-lineHeight-1-75\" style=\"font-size: 18px; color: rgb(255, 153, 0);\">AI驱动云业务加速\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">大摩将阿里云视为阿里巴巴捕捉AI机遇的“主阵地”。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">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”。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">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。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">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。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cstrong class=\"ql-lineHeight-1-75\" style=\"font-size: 18px; color: rgb(255, 153, 0);\">短期阵痛：即时电商投资拖累盈利\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">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。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">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。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">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。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">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。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">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。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cstrong class=\"ql-lineHeight-1-75\" style=\"font-size: 18px; color: rgb(255, 153, 0);\">维持增持评级，看好长期价值\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">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。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">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。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp class=\"ql-align-justify\">\u003Cspan style=\"color: rgb(187, 187, 187);\">【新闻来源】华尔街见闻 \u003C\u002Fspan>\u003Ca href=\"https:\u002F\u002Fwww.hrloo.com\u002Fnews\u002F347868.html\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: rgb(187, 187, 187);\">https:\u002F\u002Fwww.hrloo.com\u002Fnews\u002F347868.html\u003C\u002Fa>\u003C\u002Fp>\u003Cp class=\"ql-align-justify\">\u003Cspan style=\"color: rgb(187, 187, 187);\">（本网转发此文章，旨在为读者提供更多的信息资讯，所涉内容不构成投资、消费建议。文章事实如有疑问，请与有关方核实，文章观点非本网观点，仅供读者参考。）\u003C\u002Fspan>\u003C\u002Fp>","","https:\u002F\u002Fimage.51xinwei.com\u002F2025\u002F09\u002Fd5719ee6357a461dae2e6fee70c689ad\u002FAI领域.jpg","https:\u002F\u002Fimage.51xinwei.com\u002F2025\u002F09\u002Fthumbs\u002Fd5719ee6357a461dae2e6fee70c689ad\u002FAI领域.jpg",0,1,42,"2025-09-17 18:48",2,false,{"id":17,"name":20,"enName":21},"芯位视野","Xinwei Vision","https:\u002F\u002Fxinwei-dev-test.oss-cn-shenzhen.aliyuncs.com\u002Fintelligent\u002Faudio%3A85edaea6-21e7-46db-842f-aef72d8ab860%3A0.wav?Expires=1758110710&OSSAccessKeyId=LTAI5tNvY2RkKjZw4LLWsrPK&Signature=bh0Dxj%2BcY1wQAcEmbemuQoMTIS4%3D",6453256,"85edaea6-21e7-46db-842f-aef72d8ab860","2025-09-17 18:42","Demo: Alibaba has become the best AI enabler in China","\u003Cp>\u003Cstrong class=\"ql-lineHeight-1-75\" style=\"font-size: 18px; color: rgb(255, 153, 0);\">Amid the global wave of AI, Wall Street investment bank Morgan Stanley has awarded Alibaba, China's tech giant, a new crown.\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">According to Zhuifeng Trading Desk, Morgan Stanley gave Alibaba a positive evaluation of \"China’s Best AI Enabler\" (China’s Best AI Enabler) in its report released on August 31, and raised its U.S. stock target price from $150 to $165.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">The core logic of this analysis is that AI is strongly driving the rapid growth of Alibaba Cloud, and is expected to help this tech giant consolidate its advantages in the fierce market competition.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">Morgan Stanley expects Alibaba Cloud's growth in the second fiscal quarter to accelerate further from 26% in the first fiscal quarter to over 30%, with AI-related revenue already accounting for more than 20% of Alibaba Cloud's total revenue.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">However, this optimistic outlook also comes with cautiousness regarding short-term profits. The report points out that Alibaba's large-scale investments in instant e-commerce will drag down recent profits, with the business expected to see an expanded loss of 35 billion yuan in the second fiscal quarter. Despite this, the firm still upgraded its long-term profit forecast for Alibaba, showing confidence in the returns of its strategic investments.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cstrong class=\"ql-lineHeight-1-75\" style=\"font-size: 18px; color: rgb(255, 153, 0);\">AI-driven cloud business acceleration\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">Morgan Stanley views Alibaba Cloud as Alibaba's \"main front\" for capturing AI opportunities.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">Data shows that Alibaba Cloud achieved a 26% year-on-year growth in the first fiscal quarter, exceeding market expectations. This strong growth is supported by continuous triple-digit growth in AI-related revenue for eight consecutive quarters. The proportion of AI-related revenue in the total revenue of the cloud business exceeds 20%, which is among the highest levels globally.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">The report believes that the growth momentum of Alibaba Cloud will continue for the next few quarters. Its drivers mainly come from three aspects: strong industry demand, upgraded product supply (such as the upgrade of the Tongyi Qianwen large model), and strategic cooperation with companies such as SAP.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">Based on these factors, the report predicts that Alibaba Cloud's growth rate in the second fiscal quarter will reach over 30%, further consolidating its market position.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cstrong class=\"ql-lineHeight-1-75\" style=\"font-size: 18px; color: rgb(255, 153, 0);\">Short-term pain: Instant e-commerce investment hampers profits\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">While AI business is advancing rapidly, Alibaba is paying a high short-term cost for another front — instant e-commerce.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">Morgan Stanley estimates that the company invested about 11 billion yuan in this area in the first fiscal quarter, and the initial result was that the peak daily order volume reached 120 million orders in August, compared to Meituan's 150 million orders.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">Considering seasonal factors, the firm further estimates that the company's losses in the second fiscal quarter will expand from the previous forecast of 20 billion yuan to 35 billion yuan, which may mark the peak of the investment.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">The report revised its forecast for Alibaba's instant e-commerce investment for the current fiscal year from 50 billion yuan to 80 billion yuan. This massive investment directly led the firm to lower its adjusted net profit forecasts for Alibaba in the 2026 and 2027 fiscal years.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">However, the report also cites Alibaba's management commitment to halve the unit economics (UE) loss within 1-2 months and set a long-term goal of achieving a GMV of 1 trillion yuan by the 2028 fiscal year.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cstrong class=\"ql-lineHeight-1-75\" style=\"font-size: 18px; color: rgb(255, 153, 0);\">Maintain Overweight Rating, Optimistic About Long-term Value\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">Despite pressure on short-term profits, Morgan Stanley remains optimistic about Alibaba's long-term value. The firm raised the valuation of Alibaba Cloud business from $60 per share to $67 per share, reflecting its growth potential in the AI era.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"font-size: 18px;\" class=\"ql-lineHeight-1-75\">The report concludes that although the market needs to pay attention to the return on investment of the instant e-commerce business, Morgan Stanley still believes that, with China's largest cloud infrastructure, Alibaba is the main channel for capturing the growth of AI-related demand in China. The revised $165 target price indicates the firm's optimism about its long-term profitability.\u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp class=\"ql-align-justify\">\u003Cspan style=\"color: rgb(187, 187, 187);\">[News source] Wall Street Observer \u003C\u002Fspan>\u003Ca href=\"https:\u002F\u002Fwww.hrloo.com\u002Fnews\u002F347868.html\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: rgb(187, 187, 187);\">https:\u002F\u002Fwww.hrloo.com\u002Fnews\u002F347868.html\u003C\u002Fa>\u003C\u002Fp>\u003Cp class=\"ql-align-justify\">\u003Cspan style=\"color: rgb(187, 187, 187);\">（This article is reprinted by this site to provide readers with more information and news. The content does not constitute investment or consumption advice. If there are any questions about the facts of the article, please verify with the relevant parties. The views expressed in the article are not the views of this site and are for reference only.）\u003C\u002Fspan>\u003C\u002Fp>","https:\u002F\u002Fxinwei-dev-test.oss-cn-shenzhen.aliyuncs.com\u002Fintelligent\u002Faudio%3Ae26ad8b0-f569-40b3-834c-c2a363908556%3A0.wav?Expires=1774838469&OSSAccessKeyId=LTAI5tNvY2RkKjZw4LLWsrPK&Signature=AaYn891cneD5SauEiYHQgcaUD9Y%3D","e26ad8b0-f569-40b3-834c-c2a363908556",8152174]