Guojin Securities: Alibaba-W maintains a "buy" rating, AI business accelerates growth.

Guojin Securities released a research report stating that Alibaba's integrated AI strategy of chip + cloud + model makes it a leading player in the full-stack AI industry in China. The cloud business is accelerating growth, and instant retail is expected to significantly reduce losses. Alibaba Group is expected to achieve adjusted net profits attributable to shareholders of 97.497 billion, 143.890 billion, and 191.977 billion yuan in FY2027-2029, with corresponding adjusted PE ratios of 23.5, 15.9, and 11.9 times, maintaining a "buy" rating.