核心摘要：云端突围：阿里云营收增速预计加速至35%+，AI驱动成效显著，“中国最佳AI赋能者”逻辑强化。核心承压：核心电商CMR增速恐断崖式放缓至3%，消费疲软与高基数效应形成双重打击。利润大考：调整后EBITA预计同比大幅下滑45%，AI投入加大导致“所有其他”板块亏损扩大。估值重构：大摩维持“超配”评级，但基于电商估值下调，将目标价从200美元下调至180美元。阿里巴巴（BABA.N/9988...
Source Link核心摘要：云端突围：阿里云营收增速预计加速至35%+，AI驱动成效显著，“中国最佳AI赋能者”逻辑强化。核心承压：核心电商CMR增速恐断崖式放缓至3%，消费疲软与高基数效应形成双重打击。利润大考：调整后EBITA预计同比大幅下滑45%，AI投入加大导致“所有其他”板块亏损扩大。估值重构：大摩维持“超配”评级，但基于电商估值下调，将目标价从200美元下调至180美元。阿里巴巴（BABA.N/9988...
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