东亚证券发表研究报告，预测阿里-W(09988.HK) (BABA.US) 截至今年6月底止2026财年首季度经调整EBITA将按年增长13%，预料云业务将继续成为增长亮点，阿里云收入预料按年增长23%，相信投资者将关注集团会否持续加大资本支出以支持云业务的算力需求增长。
该行目前预测阿里首财季GMV及客户管理收入(CMR)将延续上季的稳健表现，分别录得约5%及11%按年增长，主要受惠于国家消费品以旧换新补贴政策的持续支持、“全站推”渗透率提升以及天猫618等促销活动期延长的推动。
然而该行提到，集团今年5月推出闪购业务，并于6月加大对饿了么等本地生活业务平台的投资，预测首财季本地生活业务经调整EBITA亏损将超过50亿元人民币，成为拖累期内利润率的主因。东亚证券给予阿里“买入”评级，H股目标价156港元。(gc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-29 16:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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