阿里巴巴即将发布2026财年第一季度财报。1)国信互联网观点：1)整体：预计1QFY26收入同比+2%，经调整EBITA利润率16%。其中淘天/国际数字商业/云智能集团/本地生活/菜鸟/大文娱收入增速分别为9%/19%/22%/10%/-5%/5%，收入增速放缓主要受到高鑫零售和银泰剥离影响，经调整EBITA利润率同比-3pcts，主要反映闪购投入带来的影响。2)淘天集团：预计FY26Q1GMV...
Source Link阿里巴巴即将发布2026财年第一季度财报。1)国信互联网观点：1)整体：预计1QFY26收入同比+2%，经调整EBITA利润率16%。其中淘天/国际数字商业/云智能集团/本地生活/菜鸟/大文娱收入增速分别为9%/19%/22%/10%/-5%/5%，收入增速放缓主要受到高鑫零售和银泰剥离影响，经调整EBITA利润率同比-3pcts，主要反映闪购投入带来的影响。2)淘天集团：预计FY26Q1GMV...
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