Alibaba-W (09988) saw its share price rise by 4.38% in morning trading, currently quoted at HKD 166.90, with a turnover of HKD 15.029 billion.

CICC released a research report stating that Alibaba Cloud's Tongyi series models, through an open-source strategy, continue to maintain a globally leading technological position. The group has significantly increased its capital expenditure budget for this initiative, while also developing its own core hardware. This, combined with its infrastructure network spanning 29 regions and 92 availability zones worldwide, enables relatively controllable and scalable deployment of computing power. The report currently forecasts that Alibaba Cloud's revenue could achieve a compound annual growth rate exceeding 30% over the next three years.

CICC's research report on Alibaba-SW (09988.HK) indicated that the company's cloud computing revenue accelerated year-over-year to 36% in the third quarter of fiscal year 2026, with external revenue growing 32% year-over-year, as investments in AI infrastructure continue to intensify. The growth rate of e-commerce customer management revenue slowed to 2%, while the EBITA loss for flash sales narrowed to RMB 24 billion. Overall profits are under pressure, but the strategic investment pace is clear. The report expresses optimism for long-term growth driven by the dual engines of "consumption + AI." CICC maintains a Buy rating on Alibaba.