<p>尽管美国股市承压，但中国股票的美国存托凭证（ADRs）突然变得炙手可热。未来可能还有更多的上涨空间。</p><p>目前最引人注目的中国股票之一是 <strong>阿里巴巴</strong>（BABA -1.26%）。让我们来看一下购买该股票的四个理由，仿佛没有明天。</p><h2 id="cae2kqayi">1. 阿里巴巴在人工智能领域引领潮流</h2><p>尽管面临先进半导体的出口限制，中国公司在人工智能（AI）领域取得了重大进展，而阿里巴巴是该领域的领导者之一。该公司表示，其最新的 Qwen 2.5 模型在性能上超越了竞争对手，包括中国竞争对手 DeepSeek 以及美国公司如 <strong>Meta Platforms</strong> 和 OpenAI 的模型。</p><p>除了基础模型外，阿里巴巴还提供多个特定任务的开源模型。今年秋季，它推出了超过 100 个这样的模型，包括专门为数学和编程等领域设计的模型。与此同时，本月初，它推出了一款新的 AI 助手，基于其新的 QwQ-32B AI 推理模型。</p><p>阿里巴巴的 AI 实力开始在其云智能业务中显现，这是其云计算部门。上个季度，该部门的收入增长了 13%，尽管公司继续让低利润的合同收入流失，但与 AI 相关的收入再次翻了一番。与此同时，盈利能力飙升，部门调整后的息税折旧摊销前利润（EBITDA）增长了 33%。</p><p>此外，该公司开始与其他领先的科技公司合作。<strong>苹果</strong> 将使用阿里巴巴的 AI 模型来推动其在中国的 Apple Intelligence 解决方案，这是一个重大胜利。同时，它最近与中国 AI 初创公司 Manus AI 合作，共同开发代理 AI，使得 AI 代理能够为用户执行任务。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/0b29220ec387a8e2df6a8259fdf7bcdf?x-oss-process=style/lg" alt="" width="700" height="393" original-src="https://pub.pbkrs.com/uploads/2025/0b29220ec387a8e2df6a8259fdf7bcdf"/></figure><p>图片来源：Getty Images。</p><h2 id="4xhr6ugy">2. 阿里巴巴正在扭转其核心电商业务</h2><p>除了 AI 机会外，阿里巴巴还看到其电商业务正在扭转局面，该业务包括领先的平台天猫和淘宝。前者是一个电商市场，成熟品牌在此销售商品，而后者则允许个人和企业销售商品。</p><p>这些业务由于中国经济疲软和竞争压力而受到影响。然而，公司在其电商部门进行了大量投资，首先帮助提升其商品交易总值（GMV），即通过其平台销售的商品总值，然后更好地实现平台的货币化。这体现在增加小额软件服务费、推广其 88VIP 会员以及开发新的 AI 营销工具 “全展推”。</p><p>上个季度，这些努力开始见效，第三方收入增长了 9%，整体部门收入增长了 5%。与此同时，部门 EBITDA 小幅上升了 2%。</p><p>这一扭转仍处于初期阶段，但已经取得了明显进展。</p><h2 id="i8jtdd8p">3. 新兴业务为阿里巴巴提供了良好的上行空间</h2><p>阿里巴巴还运营着多个新兴业务，其中国际商务部门（AIDC）发展最为成熟。该部门包括其 AliExpress 跨境业务，连接中国卖家与海外买家，以及专注于土耳其和中东本地商家的 Trendyol。它还在扩展其菜鸟物流业务，以更好地服务 AliExpress 并缩短交货时间，从而提高平台的竞争力。</p><p>其 AIDC 部门增长迅速，上个季度收入增长了 32%。然而，该部门仍对盈利能力造成拖累，上个季度的 EBITDA 为负 6.78 亿美元，因为该业务尚未达到规模。</p><p>然而，管理层表示预计该部门将在下一个财政年度实现首次盈利。将该业务转为盈利将为公司的盈利增长带来很大的推动。</p><h2 id="ocr7bhvgn">4. 阿里巴巴的股票估值具有吸引力</h2><p>除了面临的机会外，尽管今年股价大幅上涨，阿里巴巴的股票仍然具有吸引力。截止目前，该股今年以来上涨超过 60%。</p><p>根据 2026 财年的分析师预估，其前瞻市盈率（P/E）约为 15。这大约是其最接近的美国同行 <strong>亚马逊</strong> 估值的一半。阿里巴巴的资产负债表上还有 231 亿美元的现金和短期投资，以及 474 亿美元的股权和其他投资，占其市值的 20% 以上。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/3d03f382e5a840e21554ac971fd2be4b?x-oss-process=style/lg" alt="" width="720" height="487" original-src="https://pub.pbkrs.com/uploads/2025/3d03f382e5a840e21554ac971fd2be4b"/></figure><p>数据来源：YCharts。</p><p>虽然我认为阿里巴巴不应该与亚马逊有相同的估值，但我认为有空间缩小这一差距。同时，该公司在不久的将来有很大的潜力开始加速收入和盈利增长，使其成为一个值得购买的稳健选择。</p>

阿里巴巴

阿里巴巴-W

<p>中国股市蓬勃发展，尤其是阿里巴巴，其在人工智能方面的进展、电子商务业务的转机以及新兴领域的增长备受关注。该公司正与主要科技公司合作，并在云计算和国际商业部门实现了显著的收入增长。尽管今年股价上涨了 60%，阿里巴巴与亚马逊等竞争对手相比，仍然具有吸引力的估值，拥有强大的现金储备和未来盈利增长的潜力</p>

<p>While the U.S. stock market has been under pressure, the ADRs (American depositary receipts) of Chinese stocks have suddenly become red hot. And there could be a lot more upside ahead.</p>
<div class="lb-trans"><p>尽管美国股市承压，但中国股票的美国存托凭证（ADRs）突然变得炙手可热。未来可能还有更多的上涨空间。</p>
</div><p>One of the most intriguing Chinese stocks right now is <strong>Alibaba</strong>(BABA -1.26%). Let's look at four reasons to buy the stock like there is no tomorrow.</p>
<div class="lb-trans"><p>目前最引人注目的中国股票之一是 <strong>阿里巴巴</strong>（BABA -1.26%）。让我们来看一下购买该股票的四个理由，仿佛没有明天。</p>
</div><h2>1. Alibaba is leading the way with AI</h2>
<div class="lb-trans"><h2>1. 阿里巴巴在人工智能领域引领潮流</h2>
</div><p>Despite export restrictions on advanced semiconductors, Chinese companies have been making great strides in artificial intelligence (AI), and Alibaba is one of the leaders in the space. The company has said that its newest Qwen 2.5 model outperforms the competition, including models from Chinese rival DeepSeek and U.S. companies such as <strong>Meta Platforms</strong> and OpenAI.</p>
<div class="lb-trans"><p>尽管面临先进半导体的出口限制，中国公司在人工智能（AI）领域取得了重大进展，而阿里巴巴是该领域的领导者之一。该公司表示，其最新的 Qwen 2.5 模型在性能上超越了竞争对手，包括中国竞争对手 DeepSeek 以及美国公司如 <strong>Meta Platforms</strong> 和 OpenAI 的模型。</p>
</div><p>In addition to its foundation model, Alibaba also offers several task-specific open-source models as well. In the fall, it launched over 100 of these models, including ones designed specifically for things like mathematics and coding. Earlier this month, meanwhile, it introduced a new AI assistant powered by its new QwQ-32B AI reasoning model.</p>
<div class="lb-trans"><p>除了基础模型外，阿里巴巴还提供多个特定任务的开源模型。今年秋季，它推出了超过 100 个这样的模型，包括专门为数学和编程等领域设计的模型。与此同时，本月初，它推出了一款新的 AI 助手，基于其新的 QwQ-32B AI 推理模型。</p>
</div><p>Alibaba's AI prowess is starting to show up in its Cloud Intelligence results, which is its cloud computing segment. Last quarter, segment revenue grew 13% despite the company continuing to let lower margin contract revenue roll off, as AI-related revenue once again more than doubled. Profitability, meanwhile, soared with segment-adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumping 33%.</p>
<div class="lb-trans"><p>阿里巴巴的 AI 实力开始在其云智能业务中显现，这是其云计算部门。上个季度，该部门的收入增长了 13%，尽管公司继续让低利润的合同收入流失，但与 AI 相关的收入再次翻了一番。与此同时，盈利能力飙升，部门调整后的息税折旧摊销前利润（EBITDA）增长了 33%。</p>
</div><p>In addition, the company is beginning to partner with other leading tech companies. <strong>Apple</strong> will use Alibaba's AI model to power its Apple Intelligence solution in China, which is a big win. Meanwhile, it recently teamed up with Chinese AI start-up Manus AI to collaborate on agentic AI, with which AI agents can go out and perform tasks for you.</p>
<div class="lb-trans"><p>此外，该公司开始与其他领先的科技公司合作。<strong>苹果</strong> 将使用阿里巴巴的 AI 模型来推动其在中国的 Apple Intelligence 解决方案，这是一个重大胜利。同时，它最近与中国 AI 初创公司 Manus AI 合作，共同开发代理 AI，使得 AI 代理能够为用户执行任务。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTE4ODkvZ2V0dHlpbWFnZXMtMTMyMjAxNzI2MS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F811889%2Fgettyimages-1322017261.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>2. Alibaba is turning around its core e-commerce businesses</h2>
<div class="lb-trans"><h2>2. 阿里巴巴正在扭转其核心电商业务</h2>
</div><p>In addition to its AI opportunities, Alibaba is seeing signs that it is turning around its e-commerce business, which consists of leading platforms Tmall and Taobao. The former is an e-commerce marketplace where established brands sell their merchandise, while on the latter, both individuals and businesses can sell their goods.</p>
<div class="lb-trans"><p>除了 AI 机会外，阿里巴巴还看到其电商业务正在扭转局面，该业务包括领先的平台天猫和淘宝。前者是一个电商市场，成熟品牌在此销售商品，而后者则允许个人和企业销售商品。</p>
</div><p>These businesses had been under pressure due to a lagging Chinese economy and competitive pressures. However, the company invested heavily in its e-commerce segment to first help boost its gross merchandise value (GMV), which is the total value of goods sold through its platforms, and then better monetize its platform. This came in the form of adding a small software service fee, promoting its 88VIP premium memberships, and developing a new AI marketing tool called Quanzhantui.</p>
<div class="lb-trans"><p>这些业务由于中国经济疲软和竞争压力而受到影响。然而，公司在其电商部门进行了大量投资，首先帮助提升其商品交易总值（GMV），即通过其平台销售的商品总值，然后更好地实现平台的货币化。这体现在增加小额软件服务费、推广其 88VIP 会员以及开发新的 AI 营销工具 “全展推”。</p>
</div><p>Last quarter, these efforts started to bear fruit, with third-party revenue climbing 9% and overall segment revenue up 5%. Segment EBITDA, meanwhile, edged up 2%.</p>
<div class="lb-trans"><p>上个季度，这些努力开始见效，第三方收入增长了 9%，整体部门收入增长了 5%。与此同时，部门 EBITDA 小幅上升了 2%。</p>
</div><p>This turnaround is still in its early days, but clear progress has been made.</p>
<div class="lb-trans"><p>这一扭转仍处于初期阶段，但已经取得了明显进展。</p>
</div><h2>3. Emerging businesses offer Alibaba some good upside</h2>
<div class="lb-trans"><h2>3. 新兴业务为阿里巴巴提供了良好的上行空间</h2>
</div><p>Alibaba also operates a number of emerging businesses, of which its International commerce segment (AIDC) is the farthest along. This consists of its AliExpress cross-border business, which connects Chinese sellers to overseas buyers, as well as Trendyol, which is focused on local merchants in Turkey and the Middle East. It has also been building out its Cainiao logistics business to better serve AliExpress and shorten delivery times to make the platform more competitive.</p>
<div class="lb-trans"><p>阿里巴巴还运营着多个新兴业务，其中国际商务部门（AIDC）发展最为成熟。该部门包括其 AliExpress 跨境业务，连接中国卖家与海外买家，以及专注于土耳其和中东本地商家的 Trendyol。它还在扩展其菜鸟物流业务，以更好地服务 AliExpress 并缩短交货时间，从而提高平台的竞争力。</p>
</div><p>Its AIDC segment has been growing quickly, with revenue jumping 32% last quarter. However, the segment remains a drag on profitability, with negative EBITDA of $678 million last quarter, as the business has still not reached scale.</p>
<div class="lb-trans"><p>其 AIDC 部门增长迅速，上个季度收入增长了 32%。然而，该部门仍对盈利能力造成拖累，上个季度的 EBITDA 为负 6.78 亿美元，因为该业务尚未达到规模。</p>
</div><p>However, management has said it expects the segment to turn its first profit within the next fiscal year. Flipping this business to profitability would be a very nice boost to the company's earnings growth moving forward.</p>
<div class="lb-trans"><p>然而，管理层表示预计该部门将在下一个财政年度实现首次盈利。将该业务转为盈利将为公司的盈利增长带来很大的推动。</p>
</div><h2>4. Alibaba's stock is attractively valued</h2>
<div class="lb-trans"><h2>4. 阿里巴巴的股票估值具有吸引力</h2>
</div><p>In addition to the opportunities in front of it, Alibaba's stock remains attractively valued despite the big jump in its share price this year. The stock is up more than 60% year to date as of this writing.</p>
<div class="lb-trans"><p>除了面临的机会外，尽管今年股价大幅上涨，阿里巴巴的股票仍然具有吸引力。截止目前，该股今年以来上涨超过 60%。</p>
</div><p>It trades at a forward price-to-earnings ratio (P/E) of about 15 for fiscal 2026 analyst estimates. That's about half the valuation of its closest U.S. counterpart, <strong>Amazon</strong>. Alibaba also has $23.1 billion in cash and short-term investments, as well as $47.4 billion in equity and other investments on its balance sheet, which accounts for over 20% of its market cap.</p>
<div class="lb-trans"><p>根据 2026 财年的分析师预估，其前瞻市盈率（P/E）约为 15。这大约是其最接近的美国同行 <strong>亚马逊</strong> 估值的一半。阿里巴巴的资产负债表上还有 231 亿美元的现金和短期投资，以及 474 亿美元的股权和其他投资，占其市值的 20% 以上。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2c7edd2df8f147b90313b62c24818ce3.png" alt="" original-src="https://media.ycharts.com/charts/2c7edd2df8f147b90313b62c24818ce3.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>While I don't think Alibaba should have the same valuation as Amazon, I think there is room to close the gap a bit. Meanwhile, the company has a lot of potential to begin accelerating both revenue and earnings growth in the near future, making it a solid option to buy.</p>
<div class="lb-trans"><p>虽然我认为阿里巴巴不应该与亚马逊有相同的估值，但我认为有空间缩小这一差距。同时，该公司在不久的将来有很大的潜力开始加速收入和盈利增长，使其成为一个值得购买的稳健选择。</p>
</div>

China's Bull Market Keeps Growing. 4 Reasons to Buy Alibaba Like There's No Tomorrow.

- 阿里巴巴在人工智能领域领先，推出多款新模型，收入增长显著。  
- 其电商业务正在复苏，第三方收入和整体收入均有所上升。  
- 阿里巴巴股票估值吸引，未来有望加速收入和盈利增长。  

中国的牛市持续增长，购买阿里巴巴的 4 个理由，不容错过