【国盛海外】2025年三季度研报精选

国盛证券研究所
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01阿里巴巴-W(09988.HK):即时零售打造协同,阿里云望持续提速阿里巴巴发布2025年6月季度业绩。阿里巴巴FY2026Q1财季(截至2025年6月季度)录得总收入2476.52亿元,同比增长2%。本季non-GAAP归母净利润约353亿元,同比减少12%。本季阿里资本开支约387亿人民币,超出Bloomberg约292亿的预期。公司表示虽然芯片供给政策时有变化,但是公司将时刻准备好应对...

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