社区
首页
集团介绍
社区
资讯
行情
学堂
TigerAI
登录
注册
未料胜先料败
IP属地:浙江
+关注
帖子 · 401
帖子 · 401
关注 · 0
关注 · 0
粉丝 · 0
粉丝 · 0
未料胜先料败
未料胜先料败
·
03-20
啥都干、啥都干不好
华尔街点评阿里财报:短期的“利润重置”是为了长期的AI爆发
阿里财报“增收不增利”怎么看?华尔街投行将其定性为“关键的盈利重置”,指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发:百炼API代币消耗量在3月较12月激增6倍,平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。
华尔街点评阿里财报:短期的“利润重置”是为了长期的AI爆发
看
349
回复
评论
点赞
1
编组 21备份 2
分享
举报
未料胜先料败
未料胜先料败
·
03-19
m4+p8以上全开掉[开心] 保证股价立马翻倍!
阿里巴巴第三财季营收2848.4亿元,调整后净利润同比下滑67%
调整后息税折旧及摊销前利润340.6亿元。
阿里巴巴第三财季营收2848.4亿元,调整后净利润同比下滑67%
看
115
回复
评论
点赞
2
编组 21备份 2
分享
举报
未料胜先料败
未料胜先料败
·
02-13
炒股机器人,啥时候开始售卖?
看
676
回复
1
点赞
1
编组 21备份 2
分享
举报
未料胜先料败
未料胜先料败
·
02-13
咋了,要被AI颠覆了?
阿里巴巴盘前“跳水”,跌幅近6%
跌幅近6%。
阿里巴巴盘前“跳水”,跌幅近6%
看
617
回复
评论
点赞
2
编组 21备份 2
分享
举报
未料胜先料败
未料胜先料败
·
2025-11-19
美国商业AI的对手盘是中国开源AI。长期来看,一定是开源赢闭源、低价胜高价,但短期内美国AI不会崩(除非重启加息或大失业潮引爆),预估还可以搭个顺风车赚最后的铜板一至两年。
看
3,076
回复
1
点赞
1
编组 21备份 2
分享
举报
未料胜先料败
未料胜先料败
·
2025-11-19
满仓防御了一年,不就是等现在吗[开心]
看
1,857
回复
评论
点赞
1
编组 21备份 2
分享
举报
未料胜先料败
未料胜先料败
·
2025-11-11
$iShares 0-3 Month Treasury Bond ETF(SGOV)$
看
1,633
回复
评论
点赞
1
编组 21备份 2
分享
举报
未料胜先料败
未料胜先料败
·
2025-11-04
有定期分红的黄金股或ETF吗?
看
1,373
回复
评论
点赞
1
编组 21备份 2
分享
举报
未料胜先料败
未料胜先料败
·
2025-11-04
美国电力股、能源股,百倍涨幅,快去吧[开心]
看
1,962
回复
评论
点赞
1
编组 21备份 2
分享
举报
未料胜先料败
未料胜先料败
·
2025-10-31
1万亿等于贱卖!让全球一亿人失业的生意,至少值100万亿!
看
1,856
回复
评论
点赞
1
编组 21备份 2
分享
举报
加载更多
暂无粉丝
热议股票
{"i18n":{"language":"zh_CN"},"isCurrentUser":false,"userPageInfo":{"id":"3575695026604385","uuid":"3575695026604385","gmtCreate":1612601003990,"gmtModify":1642132964555,"name":"未料胜先料败","pinyin":"wlsxlbweiliaoshengxianliaobai","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/c2e8677352e7c66bc689e7dce846548c","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":130,"headSize":87,"tweetSize":401,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":7,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":14,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-3","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"偶像虎友","description":"加入老虎社区1500天","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.03.18","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.25","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"35ec162348d5460f88c959321e554969-3","templateUuid":"35ec162348d5460f88c959321e554969","name":"传说交易员","description":"证券或期货账户累计交易次数达到300次","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.25","exceedPercentage":"93.97%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"228c86a078844d74991fff2b7ab2428d-3","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资合伙人虎","description":"证券账户累计交易金额达到100万美元","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.22","exceedPercentage":"93.07%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":9,"crmLevelSwitch":1,"location":"浙江","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":14,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":544791562465640,"gmtCreate":1774015376875,"gmtModify":1774015379703,"author":{"id":"3575695026604385","authorId":"3575695026604385","name":"未料胜先料败","avatar":"https://static.tigerbbs.com/c2e8677352e7c66bc689e7dce846548c","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575695026604385","idStr":"3575695026604385"},"themes":[],"title":"","htmlText":"啥都干、啥都干不好","listText":"啥都干、啥都干不好","text":"啥都干、啥都干不好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544791562465640","repostId":"2620359205","repostType":2,"repost":{"id":"2620359205","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1773972911,"share":"https://www.laohu8.com/m/news/2620359205?lang=zh_CN&edition=full","pubTime":"2026-03-20 10:15","market":"other","language":"zh","title":"华尔街点评阿里财报:短期的“利润重置”是为了长期的AI爆发","url":"https://stock-news.laohu8.com/highlight/detail?id=2620359205","media":"华尔街见闻","summary":"阿里财报“增收不增利”怎么看?华尔街投行将其定性为“关键的盈利重置”,指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发:百炼API代币消耗量在3月较12月激增6倍,平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。","content":"<html><head></head><body><blockquote><p>阿里财报“增收不增利”怎么看?华尔街投行将其定性为“关键的盈利重置”,指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发:百炼API代币消耗量在3月较12月激增6倍,平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。</p></blockquote><p style=\"text-align: left;\">面对阿里巴巴“增收不增利”的最新财报,华尔街投行普遍指出,利润的短期承压是加大AI投资的必然结果,市场应聚焦其长期的“云+生成式AI”变现爆发力。</p><p style=\"text-align: left;\">据追风交易台消息,3月20日,摩根大通与高盛相继发布针对阿里巴巴2026财年第三季度业绩的分析研报。摩根大通报告指出,阿里四季度“营收整体表现尚可……但盈利表现显著不及预期”。具体数据层面,“调整后净利润同比下降67%至167亿元,较摩根大通预测/市场一致预期低40%/44%”。</p><p style=\"text-align: left;\"><strong>利润大幅承压的核心原因在于成本扩张。</strong>报告认为,“各业务板块盈利能力普遍不及预期,抵消了收入端的积极因素,反映公司成本压力大于预期,短期盈利走势偏弱。”其中,包含AI布局的新分类“所有其他业务”板块。</p><p style=\"text-align: left;\">尽管短期盈利逻辑短期承压,但市场最关心的商业逻辑并未破裂,核心叙事未被颠覆。摩根大通强调:“本季度并未动摇核心叙事,即电商变现周期性放缓及AI/云需求稳健。”</p><h2 id=\"id_483313380\" style=\"text-align: left;\">高盛定调“利润重置”,聚焦全栈AI能力</h2><p style=\"text-align: left;\">高盛则将此次财报视为一次<strong>“关键的盈利重置事件(key earnings reset event)”。</strong>该行认为,利润的下降是“考虑到通义千问(Qwen)AI模型/应用投资导致并且可能在未来几个季度继续导致‘所有其他’业务板块亏损上升”。</p><p style=\"text-align: left;\">在利润重置的表象下,业务线正发生向好变化。报告指出,市场已经看到了“令人鼓舞的拐点迹象(encouraging signs of inflections)”。</p><p style=\"text-align: left;\"><strong>这些迹象具体体现在三个方面:一是“云收入进一步加速”,二是“核心电商客户管理收入(CMR)从12月的季节性低点回归常态”,三是“即时零售单位经济效益持续改善”。</strong></p><h2 id=\"id_1189219818\" style=\"text-align: left;\">AI代币消耗激增6倍,云业务迎来增速拐点</h2><p style=\"text-align: left;\">在短期的利润阵痛背后,华尔街看到了AI业务的爆发式增长数据。</p><p style=\"text-align: left;\">在商业化落地的数据上,摩根大通指出,<strong>“云业务外部客户收入同比增速从上季度的29%提升至35%……其中AI相关产品收入仍保持三位数增长”。</strong></p><p style=\"text-align: left;\">高盛则在研报中极其关注阿里新成立的“Alibaba Token Hub”业务(即“Token事业群”)的战略进展。该事业群以整合模型与应用层,“以推动Token消耗的增长(to drive growth in token consumption)”。</p><p style=\"text-align: left;\"><strong>一个极具爆发力的数据是:“管理层分享到,其百炼API业务的Token消耗在3月份比12月份增长了6倍”。</strong></p><p style=\"text-align: left;\">在这样的增速预期下,高盛指出,管理层设定了清晰的远期目标:“<strong>在5年内使年度AI MaaS及云外部收入超过1000亿美元</strong>”。</p><p style=\"text-align: left;\">基于强劲的AI需求,该行上调了对阿里云业务的预期:“鉴于AI需求带来的MaaS(模型即服务)收入的强劲势头以及公司对外部客户的持续承诺和专注,我们现在预测3月季度/2027财年的云业务增长率将达到40%/35%。”</p><p style=\"text-align: left;\">面对未来的市场定价,摩根大通认为:“预计该股将度过短期盈利压力,并在‘云+生成式AI’变现拐点进一步明晰时迎来估值上调”。</p><h2 id=\"id_1660775017\" style=\"text-align: left;\">底层算力:平头哥芯片年化收入达百亿规模</h2><p style=\"text-align: left;\">除了云端的软件与模型,阿里在底层硬件上的布局同样引起了华尔街的重视。高盛深入挖掘了阿里自研平头哥(T-Head)芯片业务的进展。</p><p style=\"text-align: left;\">高盛转述了公司的披露数据:“平头哥芯片总出货量超过47万颗,最新年化收入达到100亿元人民币规模,且60%的芯片由外部客户使用。”这构成了阿里“独特的AI全栈能力(unique AI full-stack capabilities)”。</p><p style=\"text-align: left;\">对于这一业务的战略价值,高盛认为这是阿里的核心护城河:“我们继续将阿里巴巴的自研芯片、中国规模最大的云基础设施以及前沿的Qwen模型,视为其相对于其他中国超大规模云厂商的独特差异化优势。”并且,高盛提及,“公司表示不排除最终将该业务上市的可能性,但尚未提供时间表。”</p><h2 id=\"id_3675989117\" style=\"text-align: left;\">电商与即时零售:CMR回暖,明确盈利时间表</h2><p style=\"text-align: left;\">回到基本盘业务,市场高度关注淘宝天猫的客户管理收入(CMR)以及即时零售(Quick Commerce)的烧钱状况。</p><p style=\"text-align: left;\">高盛转述管理层的预期指出,预计“3月季度的CMR增长率将加速至中个位数以上的百分比(在12月季度1%的季节性低点之后)”。</p><p style=\"text-align: left;\">针对拖累利润的即时零售业务,华尔街给出了公司明确的止损与盈利时间线。高盛指出:“公司目标是在2028财年实现1万亿元人民币的即时零售GTV(总交易额),并瞄准在2029财年实现盈利,这将被履约物流效率的提升、订单结构的优化以及强劲的客户留存率所驱动。”</p><h2 id=\"id_4240111877\" style=\"text-align: left;\">机构共识:风险/回报偏于上行</h2><p style=\"text-align: left;\">面对财报发布后的股价波动,两家投行均重申了看好立场,认为短期的利润率下降是为捕捉AI时代机遇必须支付的合理代价。</p><p style=\"text-align: left;\">摩根大通总结其投资逻辑时表示:“总体而言,我们认为风险/回报偏于上行,原因是AI驱动的云业务上行空间和平台可选择性超过短期投入拖累。”该机构进一步预计,“由于生成式AI工作负载从试点扩展到更广泛的部署,以切实的证据证明阿里巴巴在中国捕捉和具象化AI驱动型需求的能力,未来几个季度阿里云收入将继续加速增长。”</p><p style=\"text-align: left;\">高盛则直言不讳地指出市场波动带来的机会:“尽管混合的业绩表现引发了最初负面的股价反应(下跌达9%),但我们认为,任何股价疲软都为阿里巴巴创造了更有利的入场点。”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>华尔街点评阿里财报:短期的“利润重置”是为了长期的AI爆发</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n华尔街点评阿里财报:短期的“利润重置”是为了长期的AI爆发\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-20 10:15 北京时间 <a href=https://wallstreetcn.com/articles/3767972><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>阿里财报“增收不增利”怎么看?华尔街投行将其定性为“关键的盈利重置”,指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发:百炼API代币消耗量在3月较12月激增6倍,平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。面对阿里巴巴“增收不增利”的最新财报,华尔街投行普遍指出,利润的短期承压是加大AI投资的必然结果,市场应聚焦其长期的“云...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3767972\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/05ddeb1f7be03fe06014ae549a8abe22","relate_stocks":{"BK4587":"ChatGPT概念","BK4558":"双十一","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU0072913022.USD":"UBS (LUX) EQUITY FUND - GREATER CHINA \"P\" (USD) ACC","BK4588":"碎股","BK4565":"NFT概念","09988":"阿里巴巴-W","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","BK4503":"景林资产持仓","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC NC","BK4502":"阿里概念","BK4505":"高瓴资本持仓","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","BK4504":"桥水持仓","LU1046421795.USD":"富达环球科技A-ACC","BABA":"阿里巴巴","BK4581":"高盛持仓","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0651946864.USD":"贝莱德新兴市场股票收益A2","BK4607":"DeepSeek概念股","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","BK4524":"宅经济概念","BK4220":"综合零售","LU1008478684.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY \"P\" (HKD) ACC","BK4527":"明星科技股","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4579":"人工智能","BK4526":"热门中概股","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","BK4575":"芯片概念","BK4122":"互联网与直销零售","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","BK4614":"Manus概念股","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0067412154.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY \"P\" (USD) ACC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","BK4543":"AI","BK4531":"中概回港概念","BK4534":"瑞士信贷持仓","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","BK4535":"淡马锡持仓","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","BK4538":"云计算","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","BK4548":"巴美列捷福持仓","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0072462343.USD":"贝莱德亚洲巨龙基金","BK4554":"元宇宙及AR概念","BK4585":"ETF&股票定投概念","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC"},"source_url":"https://wallstreetcn.com/articles/3767972","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2620359205","content_text":"阿里财报“增收不增利”怎么看?华尔街投行将其定性为“关键的盈利重置”,指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发:百炼API代币消耗量在3月较12月激增6倍,平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。面对阿里巴巴“增收不增利”的最新财报,华尔街投行普遍指出,利润的短期承压是加大AI投资的必然结果,市场应聚焦其长期的“云+生成式AI”变现爆发力。据追风交易台消息,3月20日,摩根大通与高盛相继发布针对阿里巴巴2026财年第三季度业绩的分析研报。摩根大通报告指出,阿里四季度“营收整体表现尚可……但盈利表现显著不及预期”。具体数据层面,“调整后净利润同比下降67%至167亿元,较摩根大通预测/市场一致预期低40%/44%”。利润大幅承压的核心原因在于成本扩张。报告认为,“各业务板块盈利能力普遍不及预期,抵消了收入端的积极因素,反映公司成本压力大于预期,短期盈利走势偏弱。”其中,包含AI布局的新分类“所有其他业务”板块。尽管短期盈利逻辑短期承压,但市场最关心的商业逻辑并未破裂,核心叙事未被颠覆。摩根大通强调:“本季度并未动摇核心叙事,即电商变现周期性放缓及AI/云需求稳健。”高盛定调“利润重置”,聚焦全栈AI能力高盛则将此次财报视为一次“关键的盈利重置事件(key earnings reset event)”。该行认为,利润的下降是“考虑到通义千问(Qwen)AI模型/应用投资导致并且可能在未来几个季度继续导致‘所有其他’业务板块亏损上升”。在利润重置的表象下,业务线正发生向好变化。报告指出,市场已经看到了“令人鼓舞的拐点迹象(encouraging signs of inflections)”。这些迹象具体体现在三个方面:一是“云收入进一步加速”,二是“核心电商客户管理收入(CMR)从12月的季节性低点回归常态”,三是“即时零售单位经济效益持续改善”。AI代币消耗激增6倍,云业务迎来增速拐点在短期的利润阵痛背后,华尔街看到了AI业务的爆发式增长数据。在商业化落地的数据上,摩根大通指出,“云业务外部客户收入同比增速从上季度的29%提升至35%……其中AI相关产品收入仍保持三位数增长”。高盛则在研报中极其关注阿里新成立的“Alibaba Token Hub”业务(即“Token事业群”)的战略进展。该事业群以整合模型与应用层,“以推动Token消耗的增长(to drive growth in token consumption)”。一个极具爆发力的数据是:“管理层分享到,其百炼API业务的Token消耗在3月份比12月份增长了6倍”。在这样的增速预期下,高盛指出,管理层设定了清晰的远期目标:“在5年内使年度AI MaaS及云外部收入超过1000亿美元”。基于强劲的AI需求,该行上调了对阿里云业务的预期:“鉴于AI需求带来的MaaS(模型即服务)收入的强劲势头以及公司对外部客户的持续承诺和专注,我们现在预测3月季度/2027财年的云业务增长率将达到40%/35%。”面对未来的市场定价,摩根大通认为:“预计该股将度过短期盈利压力,并在‘云+生成式AI’变现拐点进一步明晰时迎来估值上调”。底层算力:平头哥芯片年化收入达百亿规模除了云端的软件与模型,阿里在底层硬件上的布局同样引起了华尔街的重视。高盛深入挖掘了阿里自研平头哥(T-Head)芯片业务的进展。高盛转述了公司的披露数据:“平头哥芯片总出货量超过47万颗,最新年化收入达到100亿元人民币规模,且60%的芯片由外部客户使用。”这构成了阿里“独特的AI全栈能力(unique AI full-stack capabilities)”。对于这一业务的战略价值,高盛认为这是阿里的核心护城河:“我们继续将阿里巴巴的自研芯片、中国规模最大的云基础设施以及前沿的Qwen模型,视为其相对于其他中国超大规模云厂商的独特差异化优势。”并且,高盛提及,“公司表示不排除最终将该业务上市的可能性,但尚未提供时间表。”电商与即时零售:CMR回暖,明确盈利时间表回到基本盘业务,市场高度关注淘宝天猫的客户管理收入(CMR)以及即时零售(Quick Commerce)的烧钱状况。高盛转述管理层的预期指出,预计“3月季度的CMR增长率将加速至中个位数以上的百分比(在12月季度1%的季节性低点之后)”。针对拖累利润的即时零售业务,华尔街给出了公司明确的止损与盈利时间线。高盛指出:“公司目标是在2028财年实现1万亿元人民币的即时零售GTV(总交易额),并瞄准在2029财年实现盈利,这将被履约物流效率的提升、订单结构的优化以及强劲的客户留存率所驱动。”机构共识:风险/回报偏于上行面对财报发布后的股价波动,两家投行均重申了看好立场,认为短期的利润率下降是为捕捉AI时代机遇必须支付的合理代价。摩根大通总结其投资逻辑时表示:“总体而言,我们认为风险/回报偏于上行,原因是AI驱动的云业务上行空间和平台可选择性超过短期投入拖累。”该机构进一步预计,“由于生成式AI工作负载从试点扩展到更广泛的部署,以切实的证据证明阿里巴巴在中国捕捉和具象化AI驱动型需求的能力,未来几个季度阿里云收入将继续加速增长。”高盛则直言不讳地指出市场波动带来的机会:“尽管混合的业绩表现引发了最初负面的股价反应(下跌达9%),但我们认为,任何股价疲软都为阿里巴巴创造了更有利的入场点。”","news_type":1,"symbols_score_info":{"09988":2,"BABA":2}},"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544575880692464,"gmtCreate":1773926619244,"gmtModify":1773926622153,"author":{"id":"3575695026604385","authorId":"3575695026604385","name":"未料胜先料败","avatar":"https://static.tigerbbs.com/c2e8677352e7c66bc689e7dce846548c","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575695026604385","idStr":"3575695026604385"},"themes":[],"title":"","htmlText":"m4+p8以上全开掉[开心] 保证股价立马翻倍!","listText":"m4+p8以上全开掉[开心] 保证股价立马翻倍!","text":"m4+p8以上全开掉[开心] 保证股价立马翻倍!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544575880692464","repostId":"1108619400","repostType":2,"repost":{"id":"1108619400","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1773912889,"share":"https://www.laohu8.com/m/news/1108619400?lang=zh_CN&edition=full","pubTime":"2026-03-19 17:34","market":"hk","language":"zh","title":"阿里巴巴第三财季营收2848.4亿元,调整后净利润同比下滑67%","url":"https://stock-news.laohu8.com/highlight/detail?id=1108619400","media":"老虎资讯综合","summary":"调整后息税折旧及摊销前利润340.6亿元。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a> 第三财季营收2848.4亿元人民币,若不考虑银泰和高鑫零售的已处置业务收入,同比增长9%,预估2897.9亿元。</p><h4 id=\"4\">即时零售与用户体验投入拉低利润率,第三财季经营利润率跌至4%</h4><ul style=\"\"><li><p>营业利润:106.45亿元,同比-74%(经营利润率4%,上年同期15%)</p></li><li><p>调整后EBITA:233.97亿元,同比-57%(调整后EBITA利润率8%,上年同期20%)</p></li><li><p>净利润:156.31亿元,同比-66%</p></li><li><p>非GAAP净利润:167.10亿元,同比-67%</p></li></ul><p style=\"text-align: justify;\">利润下滑的核心原因在于“战略性加码开支”:即时零售扩张、用户体验改造与技术投入增加,部分被云业务增长与经营效率改善抵消。分部调整后EBITA也清晰反映了“云赚到的钱被新战场花掉”:</p><ul style=\"\"><li><p>中国电商集团调整后EBITA:346.13亿元,同比-43%</p></li><li><p>国际数字商业调整后EBITA:-20.16亿元(上年同期-49.52亿元,亏损显著收窄)</p></li><li><p>云智能集团调整后EBITA:39.11亿元,同比+25%</p></li><li><p>其他业务调整后EBITA:-97.92亿元(上年同期-31.76亿元,亏损扩大)</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/962510f85c5a4792dab2f87c8062e7fb\" title=\"\" tg-width=\"1080\" tg-height=\"1080\"/></p><h4 id=\"id_1528525031\">即时零售规模扩大 AIDC持续提升效率</h4><p style=\"text-align: start;\">阿里巴巴中国电商集团收入同比增长6%至1,593.47亿元,凭借稳健用户增长,持续巩固竞争优势。本季度,淘宝app月活跃消费者实现同比双位数提升,而88VIP会员数量持续同比双位数增长,超过5,900万。本季度,即时零售业务规模进一步扩大,提升用户体验,优化运营效率。受惠于履约物流效率的提升、订单结构改善及高客户留存率,即时零售业务收入同比升56%,单位经济效益和笔单价持续环比改善。</p><h4 id=\"id_3955514224\">AI相关产品收入保持强劲势头 实现连续第十个季度的三位数同比增长</h4><p style=\"text-align: start;\">阿里云本季度收入同比增长36%至432.84亿元,AI相关产品收入连续第十个季度保持同比三位数增长;管理层称MaaS(Model-as-a-Service)平台增长强劲,正成为带动云业务的新引擎。</p><p style=\"text-align: start;\">消费端,千问 app深度接入淘天、即时零售、高德、飞猪、支付宝等生态服务,推动“从对话到任务执行”的AI Agent落地,2月全平台月活已突破3亿。</p><h4 id=\"id_3681387541\">平头哥业务规模迅速扩大</h4><p style=\"text-align: start;\">阿里巴巴表示,平头哥半导体有限公司作为我们的芯片设计子公司,其自主研发的GPU已实现规模化量产,支持从训练、微调到推理的端到端AI工作负载。该产品兼容主流AI框架,增强了我们算力的长期供给能力,并结合千问模型和云计算,对外提供高性价比的AI服务。该业务规模迅速扩大,现已为我们的云基础设施供应带来实质性贡献。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>阿里巴巴第三财季营收2848.4亿元,调整后净利润同比下滑67%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n阿里巴巴第三财季营收2848.4亿元,调整后净利润同比下滑67%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-03-19 17:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a> 第三财季营收2848.4亿元人民币,若不考虑银泰和高鑫零售的已处置业务收入,同比增长9%,预估2897.9亿元。</p><h4 id=\"4\">即时零售与用户体验投入拉低利润率,第三财季经营利润率跌至4%</h4><ul style=\"\"><li><p>营业利润:106.45亿元,同比-74%(经营利润率4%,上年同期15%)</p></li><li><p>调整后EBITA:233.97亿元,同比-57%(调整后EBITA利润率8%,上年同期20%)</p></li><li><p>净利润:156.31亿元,同比-66%</p></li><li><p>非GAAP净利润:167.10亿元,同比-67%</p></li></ul><p style=\"text-align: justify;\">利润下滑的核心原因在于“战略性加码开支”:即时零售扩张、用户体验改造与技术投入增加,部分被云业务增长与经营效率改善抵消。分部调整后EBITA也清晰反映了“云赚到的钱被新战场花掉”:</p><ul style=\"\"><li><p>中国电商集团调整后EBITA:346.13亿元,同比-43%</p></li><li><p>国际数字商业调整后EBITA:-20.16亿元(上年同期-49.52亿元,亏损显著收窄)</p></li><li><p>云智能集团调整后EBITA:39.11亿元,同比+25%</p></li><li><p>其他业务调整后EBITA:-97.92亿元(上年同期-31.76亿元,亏损扩大)</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/962510f85c5a4792dab2f87c8062e7fb\" title=\"\" tg-width=\"1080\" tg-height=\"1080\"/></p><h4 id=\"id_1528525031\">即时零售规模扩大 AIDC持续提升效率</h4><p style=\"text-align: start;\">阿里巴巴中国电商集团收入同比增长6%至1,593.47亿元,凭借稳健用户增长,持续巩固竞争优势。本季度,淘宝app月活跃消费者实现同比双位数提升,而88VIP会员数量持续同比双位数增长,超过5,900万。本季度,即时零售业务规模进一步扩大,提升用户体验,优化运营效率。受惠于履约物流效率的提升、订单结构改善及高客户留存率,即时零售业务收入同比升56%,单位经济效益和笔单价持续环比改善。</p><h4 id=\"id_3955514224\">AI相关产品收入保持强劲势头 实现连续第十个季度的三位数同比增长</h4><p style=\"text-align: start;\">阿里云本季度收入同比增长36%至432.84亿元,AI相关产品收入连续第十个季度保持同比三位数增长;管理层称MaaS(Model-as-a-Service)平台增长强劲,正成为带动云业务的新引擎。</p><p style=\"text-align: start;\">消费端,千问 app深度接入淘天、即时零售、高德、飞猪、支付宝等生态服务,推动“从对话到任务执行”的AI Agent落地,2月全平台月活已突破3亿。</p><h4 id=\"id_3681387541\">平头哥业务规模迅速扩大</h4><p style=\"text-align: start;\">阿里巴巴表示,平头哥半导体有限公司作为我们的芯片设计子公司,其自主研发的GPU已实现规模化量产,支持从训练、微调到推理的端到端AI工作负载。该产品兼容主流AI框架,增强了我们算力的长期供给能力,并结合千问模型和云计算,对外提供高性价比的AI服务。该业务规模迅速扩大,现已为我们的云基础设施供应带来实质性贡献。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d752152b73947ff2f4b1c08ab9eecc39","relate_stocks":{"BABX":"2倍做多BABA ETF-GraniteShares","BABU":"Direxion Daily BABA Bull 2X ETF","09988":"阿里巴巴-W","BBYY":"GraniteShares YieldBOOST BABA ETF","KBAB":"2倍做多BABA ETF-KraneShares","BABW":"Roundhill BABA WeeklyPay ETF","BABA":"阿里巴巴","BABO":"BABA期权收益策略ETF-YieldMax"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108619400","content_text":"阿里巴巴 第三财季营收2848.4亿元人民币,若不考虑银泰和高鑫零售的已处置业务收入,同比增长9%,预估2897.9亿元。即时零售与用户体验投入拉低利润率,第三财季经营利润率跌至4%营业利润:106.45亿元,同比-74%(经营利润率4%,上年同期15%)调整后EBITA:233.97亿元,同比-57%(调整后EBITA利润率8%,上年同期20%)净利润:156.31亿元,同比-66%非GAAP净利润:167.10亿元,同比-67%利润下滑的核心原因在于“战略性加码开支”:即时零售扩张、用户体验改造与技术投入增加,部分被云业务增长与经营效率改善抵消。分部调整后EBITA也清晰反映了“云赚到的钱被新战场花掉”:中国电商集团调整后EBITA:346.13亿元,同比-43%国际数字商业调整后EBITA:-20.16亿元(上年同期-49.52亿元,亏损显著收窄)云智能集团调整后EBITA:39.11亿元,同比+25%其他业务调整后EBITA:-97.92亿元(上年同期-31.76亿元,亏损扩大)即时零售规模扩大 AIDC持续提升效率阿里巴巴中国电商集团收入同比增长6%至1,593.47亿元,凭借稳健用户增长,持续巩固竞争优势。本季度,淘宝app月活跃消费者实现同比双位数提升,而88VIP会员数量持续同比双位数增长,超过5,900万。本季度,即时零售业务规模进一步扩大,提升用户体验,优化运营效率。受惠于履约物流效率的提升、订单结构改善及高客户留存率,即时零售业务收入同比升56%,单位经济效益和笔单价持续环比改善。AI相关产品收入保持强劲势头 实现连续第十个季度的三位数同比增长阿里云本季度收入同比增长36%至432.84亿元,AI相关产品收入连续第十个季度保持同比三位数增长;管理层称MaaS(Model-as-a-Service)平台增长强劲,正成为带动云业务的新引擎。消费端,千问 app深度接入淘天、即时零售、高德、飞猪、支付宝等生态服务,推动“从对话到任务执行”的AI Agent落地,2月全平台月活已突破3亿。平头哥业务规模迅速扩大阿里巴巴表示,平头哥半导体有限公司作为我们的芯片设计子公司,其自主研发的GPU已实现规模化量产,支持从训练、微调到推理的端到端AI工作负载。该产品兼容主流AI框架,增强了我们算力的长期供给能力,并结合千问模型和云计算,对外提供高性价比的AI服务。该业务规模迅速扩大,现已为我们的云基础设施供应带来实质性贡献。","news_type":1,"symbols_score_info":{"BABA":2.1,"BABW":2,"KBAB":2,"BBYY":2,"BABU":2,"09988":2.1,"BABO":2,"BABX":2}},"isVote":1,"tweetType":1,"viewCount":115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":532373031347848,"gmtCreate":1770992972995,"gmtModify":1770992975686,"author":{"id":"3575695026604385","authorId":"3575695026604385","name":"未料胜先料败","avatar":"https://static.tigerbbs.com/c2e8677352e7c66bc689e7dce846548c","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575695026604385","idStr":"3575695026604385"},"themes":[],"htmlText":"炒股机器人,啥时候开始售卖?","listText":"炒股机器人,啥时候开始售卖?","text":"炒股机器人,啥时候开始售卖?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/532373031347848","isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":532355851253408,"gmtCreate":1770988782770,"gmtModify":1770988785290,"author":{"id":"3575695026604385","authorId":"3575695026604385","name":"未料胜先料败","avatar":"https://static.tigerbbs.com/c2e8677352e7c66bc689e7dce846548c","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575695026604385","idStr":"3575695026604385"},"themes":[],"title":"","htmlText":"咋了,要被AI颠覆了?","listText":"咋了,要被AI颠覆了?","text":"咋了,要被AI颠覆了?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/532355851253408","repostId":"1125580381","repostType":2,"repost":{"id":"1125580381","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1770988172,"share":"https://www.laohu8.com/m/news/1125580381?lang=zh_CN&edition=full","pubTime":"2026-02-13 21:09","market":"us","language":"zh","title":"阿里巴巴盘前“跳水”,跌幅近6%","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580381","media":"老虎资讯综合","summary":"跌幅近6%。","content":"<p>周五, <a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a> 美股盘前快速下挫,截至发稿跌幅近6%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2d96d587e7b7ee10b46b402472d6e8e\" tg-width=\"1152\" tg-height=\"438\"></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>阿里巴巴盘前“跳水”,跌幅近6%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n阿里巴巴盘前“跳水”,跌幅近6%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-02-13 21:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>周五, <a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a> 美股盘前快速下挫,截至发稿跌幅近6%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2d96d587e7b7ee10b46b402472d6e8e\" tg-width=\"1152\" tg-height=\"438\"></p><p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580381","content_text":"周五, 阿里巴巴 美股盘前快速下挫,截至发稿跌幅近6%。","news_type":1,"symbols_score_info":{"BABA":2}},"isVote":1,"tweetType":1,"viewCount":617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":501906888753608,"gmtCreate":1763554773798,"gmtModify":1763554776455,"author":{"id":"3575695026604385","authorId":"3575695026604385","name":"未料胜先料败","avatar":"https://static.tigerbbs.com/c2e8677352e7c66bc689e7dce846548c","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575695026604385","idStr":"3575695026604385"},"themes":[],"htmlText":"美国商业AI的对手盘是中国开源AI。长期来看,一定是开源赢闭源、低价胜高价,但短期内美国AI不会崩(除非重启加息或大失业潮引爆),预估还可以搭个顺风车赚最后的铜板一至两年。","listText":"美国商业AI的对手盘是中国开源AI。长期来看,一定是开源赢闭源、低价胜高价,但短期内美国AI不会崩(除非重启加息或大失业潮引爆),预估还可以搭个顺风车赚最后的铜板一至两年。","text":"美国商业AI的对手盘是中国开源AI。长期来看,一定是开源赢闭源、低价胜高价,但短期内美国AI不会崩(除非重启加息或大失业潮引爆),预估还可以搭个顺风车赚最后的铜板一至两年。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/501906888753608","isVote":1,"tweetType":1,"viewCount":3076,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000187","authorId":"9000000000000187","name":"PeterMoore","avatar":"https://static.tigerbbs.com/999ddb8936398ccbb2193658ca1848c1","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"9000000000000187","idStr":"9000000000000187"},"content":"这个逻辑有意思,开源趋势确实不可逆,但短期波动还是要小心[666]","text":"这个逻辑有意思,开源趋势确实不可逆,但短期波动还是要小心[666]","html":"这个逻辑有意思,开源趋势确实不可逆,但短期波动还是要小心[666]"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":501857595105936,"gmtCreate":1763542143154,"gmtModify":1763542145690,"author":{"id":"3575695026604385","authorId":"3575695026604385","name":"未料胜先料败","avatar":"https://static.tigerbbs.com/c2e8677352e7c66bc689e7dce846548c","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575695026604385","idStr":"3575695026604385"},"themes":[],"htmlText":"满仓防御了一年,不就是等现在吗[开心]","listText":"满仓防御了一年,不就是等现在吗[开心]","text":"满仓防御了一年,不就是等现在吗[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/501857595105936","isVote":1,"tweetType":1,"viewCount":1857,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":499047991038016,"gmtCreate":1762862996984,"gmtModify":1762863002680,"author":{"id":"3575695026604385","authorId":"3575695026604385","name":"未料胜先料败","avatar":"https://static.tigerbbs.com/c2e8677352e7c66bc689e7dce846548c","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575695026604385","idStr":"3575695026604385"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SGOV\">$iShares 0-3 Month Treasury Bond ETF(SGOV)$</a> ","listText":"<a href=\"https://laohu8.com/S/SGOV\">$iShares 0-3 Month Treasury Bond ETF(SGOV)$</a> ","text":"$iShares 0-3 Month Treasury Bond ETF(SGOV)$","images":[{"img":"https://static.tigerbbs.com/5239ef26e8b81f4ee0bec630ce1fc591","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/499047991038016","isVote":1,"tweetType":1,"viewCount":1633,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":496607847641528,"gmtCreate":1762264751931,"gmtModify":1762264754311,"author":{"id":"3575695026604385","authorId":"3575695026604385","name":"未料胜先料败","avatar":"https://static.tigerbbs.com/c2e8677352e7c66bc689e7dce846548c","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575695026604385","idStr":"3575695026604385"},"themes":[],"title":"","htmlText":"有定期分红的黄金股或ETF吗?","listText":"有定期分红的黄金股或ETF吗?","text":"有定期分红的黄金股或ETF吗?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/496607847641528","isVote":1,"tweetType":1,"viewCount":1373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":496546585436232,"gmtCreate":1762264694985,"gmtModify":1762264697675,"author":{"id":"3575695026604385","authorId":"3575695026604385","name":"未料胜先料败","avatar":"https://static.tigerbbs.com/c2e8677352e7c66bc689e7dce846548c","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575695026604385","idStr":"3575695026604385"},"themes":[],"title":"","htmlText":"美国电力股、能源股,百倍涨幅,快去吧[开心] ","listText":"美国电力股、能源股,百倍涨幅,快去吧[开心] ","text":"美国电力股、能源股,百倍涨幅,快去吧[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/496546585436232","isVote":1,"tweetType":1,"viewCount":1962,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":495128127214448,"gmtCreate":1761911838964,"gmtModify":1761911841281,"author":{"id":"3575695026604385","authorId":"3575695026604385","name":"未料胜先料败","avatar":"https://static.tigerbbs.com/c2e8677352e7c66bc689e7dce846548c","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575695026604385","idStr":"3575695026604385"},"themes":[],"htmlText":"1万亿等于贱卖!让全球一亿人失业的生意,至少值100万亿!","listText":"1万亿等于贱卖!让全球一亿人失业的生意,至少值100万亿!","text":"1万亿等于贱卖!让全球一亿人失业的生意,至少值100万亿!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/495128127214448","isVote":1,"tweetType":1,"viewCount":1856,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"followers","isTTM":false}