这期阿里研报，核心不在电商

SG Visual Research 图解研报

$阿里巴巴(BABA)$ $阿里巴巴-W(09988)$

AI 不再只是工具，而是直接嵌入云、地图、电商和本地生活，开始推动真实的使用和算力需求。

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快手阿里巴巴开盘上涨及港股科技股反弹预期

快手、阿里巴巴等港股科技股开盘上涨，恒生科技指数上涨。广发证券刘晨明团队看好港股市场补涨，认为港股正向AI应用、新能源等硬科技主赛道转型，预计恒科在120~250日均线有反弹可能，流动性改善或带动港股新一轮上涨。

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