* 中国电商巨头阿里巴巴港股9988.HK周一早盘一度挫3.7%，创2025年8月29日以来新低，早市收低3.6%。
* 汇丰银行在报告中表示，将阿里巴巴美股BABA.N目标价由下调6.7%至180美元。随着平均订单价值提升及规模效应显现，即时零售的单位经济效益改善，其投资亏损将逐步收窄，但AI应用相关投资将显著增加。
汇丰并指，这些投资有助于阿里巴巴巩固在云和电商领域的领导地位，且云业务增长前景的改善令人备受鼓舞。然而，投资对利润的拖累可能对股价构成压力。鉴于阿里巴巴在全栈AI能力方面的领导地位，维持“买入”评级。
* 阿里巴巴港股今年迄今大跌16.1%，同期恒生指数.HSI下滑4.6%。
* 恒生科技指数.HSTECH盘中一度跌3.3%。（完）
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(发稿 徐凯文；审校 吴云凌)
((kaiwen.xu@thomsonreuters.com))
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