阿里巴巴-W2QFY26前瞻:云收入延续高增,闪购投入及其他业务探索拖累利润表现

华泰证券
Oct 10

我们预计2QFY26阿里巴巴收入端将延续稳健增长(yoy+2.9%),主要得益于AI云业务需求的高景气与电商CMR的稳健增长,部分被银泰等重资产业务出表后的基数影响所拖累;利润端,我们预计电商主业及云业务仍将表现稳健,持续为公司在大消费及AI两大战略领域的投资提供弹药,但集团层面的利润表现或受到闪购投入及其他板块的AI业务探索而有所下滑,我们预计2QFY26集团调整后EBITA利润为77.4亿元。...

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