阿里巴巴-W:业务重知 价值重判

华源证券
18 Jul

公司战略聚焦电商和云,新架构下目标更加明确。2024 年11 月,公司将淘天集团和阿里国际数字商业集团整合为阿里电商事业群,由蒋凡担任CEO。电商和云两大业务由两位核心管理者专注经营,目标明确,资源集中。电商行业竞争趋缓,淘天业务稳中求进。市场认为国内电商平台顺位可能发生变动,我们认为2025 年618 第一周期数据显示抖音电商、拼多多等平台增速呈放缓趋势,淘天集团通过佣金返现、AI 提效、会员...

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