野村发布研报称，预计阿里巴巴（09988）（BABA.US）即将公布的2027年度第二财季业绩将进一步彰显其人工智能（AI）策略布局。该行将阿里巴巴2027财年经调整后净利预测调高7%，主要得益于电商业务盈利预期的提升。该行给予阿里巴巴“买入”的投资评级及目标价178美元。
野村指，阿里巴巴进一步聚焦AI与云端业务。在参加阿里巴巴年度云栖大会后，该行对其AI云业务的前景更具信心。在中国AI生态系统中，鲜有企业能像阿里巴巴一样，在AI价值链的几乎每一个关键环节——涵盖芯片、基础设施、模型及AI应用——都占据如此稳固的优势地位。
野村与阿里巴巴的交流进一步印证了其观点：管理层已将重心向AI云业务倾斜，该业务正逐渐成为营收增长的重要引擎；与此同时，公司更加注重其他业务板块的盈利能力，旨在为AI领域的投资储备现金流。
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