智通财经APP获悉，中信证券发布研报称，阿里巴巴(09988,BABA.US) 25Q4经营性业绩表现稳健，AI全场景深度赋能，增长韧性持续凸显。游戏业务延续“经典IP长线运营 + 新游全球化突破”双轮驱动，AI技术贯穿研发、玩法与运营全流程，成为效率提升与玩家粘性强化的重要抓手；非游戏业务有所分化，有道 AI 原生战略成效突出。展望未来，《遗忘之海》、《无限大》等精品储备充足，全球化、多端化与AI化布局形成协同优势，长期成长潜力凸显。该行维持 “买入” 评级，给予公司 2026 年16x Non-GAAP PE，对应美股目标价150美元/ADR、港股234港元/股。
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