<p>经过一段漫长而艰难的时期，中国电子商务巨头 <strong>阿里巴巴</strong>(BABA 0.16%) 在 2025 年实现了令人印象深刻的反弹；尽管今年股价大幅上涨，但考虑到其各项业务的进展，股票仍然显得被低估。以下是继续购买该股票的五个理由。</p>
<h2>1. 中国的人工智能强者</h2>
<p>尽管面临芯片出口限制，阿里巴巴已成为中国领先的人工智能（AI）参与者之一。其自主研发的 Qwen 模型系列是其人工智能推动的核心，阿里巴巴正在推出针对特定任务（如编码和高级数学）量身定制的版本，甚至还有行业特定模型。其最新版本 Qwen3 增加了超越传统大型语言模型（LLMs）的混合推理能力，使阿里巴巴能够满足更高要求的企业工作负载。</p>
<p>这一努力已经在其数字中显现出来。上个季度是其云智能业务连续第七个季度实现三位数的人工智能相关收入增长。与此同时，细分收入增长了 18%，调整后的息税折旧摊销前利润（EBITA）激增 69%。</p>
<p>或许更重要的是，<strong>苹果</strong> 选择了阿里巴巴的模型来支持其在中国的 Apple Intelligence 产品。尽管监管延迟阻碍了推出，但这一合作关系表明阿里巴巴作为关键人工智能参与者的信誉正在提升，并且刚刚推出了与苹果设备兼容的新 Qwen3 人工智能模型。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMxMTEvZ2V0dHlpbWFnZXMtMTMyMjAxNzI2MS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMxMTEvZ2V0dHlpbWFnZXMtMTMyMjAxNzI2MS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>2. 电子商务的转机</h2>
<p>阿里巴巴的国内电子商务部门终于恢复了势头。尽管竞争加剧，天猫和淘宝仍然是中国最大的在线零售商之一，公司一直在投资以巩固其地位。商品交易总额（GMV）增长有所改善，阿里巴巴现在通过小额软件费用和其人工智能驱动的营销产品 Quanzhantui 更好地实现了货币化。</p>
<p>在最近的一个季度，第三方收入增长了 12%，整体电子商务收入攀升了 9%，细分 EBITA 增长了 8%。公司还继续扩展其 88VIP 高端会员计划，该计划以两位数增长，会员人数超过 5000 万。</p>
<p>下一阶段的增长可能来自 “即时商务”，阿里巴巴希望在淘宝上购买的商品能够在一小时内送达。管理层认为，这可能在未来成为一个十亿客户的机会。它还与中国流行社交媒体平台 Rednote 达成了一项明智的协议，将淘宝链接直接嵌入用户帖子中。这是一种聪明的方式，可以在不从零开始构建的情况下进入社交商务。</p>
<h2>3. 新兴业务的潜力</h2>
<p>除了核心的电子商务和云计算业务外，阿里巴巴还运营着几个新兴业务。其中最重要的是其国际部门 AIDC。该部门包括其 AliExpress 跨境业务，连接中国卖家和海外买家，以及专注于土耳其和中东本地商家的 Trendyol。该部门的收入在上个季度跃升了 22%，但由于业务尚未达到规模，EBITA 仍为负 492 百万美元。然而，管理层相信它可以在下一个财政年度实现盈利。</p>
<p>如果 AIDC 实现盈利，这将对阿里巴巴的底线形成重大推动。随着公司通过菜鸟建立物流能力以支持 AliExpress 的更快运输，它已经成为业务中更具战略意义的一部分。更短的交货时间可能帮助它在海外市场更直接地与 Temu 和 Shein 等竞争对手竞争。</p>
<p>与此同时，地方服务和数字媒体等其他部门仍在亏损，但阿里巴巴拥有足够的资产负债表和现金流来投资其认为的长期机会。</p>
<h2>4. 经营杠杆</h2>
<p>阿里巴巴转型过程中最被低估的故事之一是其经营杠杆的改善。上个季度，其总收入增长了 7%，但调整后的 EBITA 激增了 36%。这是你希望看到的公司在结束投资周期并开始扩大新举措时的经营杠杆。</p>
<p>其云计算业务尤其显示出令人印象深刻的利润率扩张，调整后的 EBITA 增长了 69%。这表明公司在人工智能方面的大规模投资开始见效。如果 AIDC 能如计划那样实现盈利，这将推动利润率的进一步扩张。阿里巴巴正在证明它能够再次高效增长，这对股东来说是个好消息。</p>
<h2>5. 阿里巴巴的股票估值吸引人</h2>
<p>尽管今年股价上涨，阿里巴巴的前瞻市盈率（P/E）仍仅为 2026 财年分析师预估的 11.5 倍（截至 2026 年 3 月）。这大约是其最接近的美国同行 <strong>亚马逊</strong> 估值的三分之一。</p>
<p>阿里巴巴还拥有 198 亿美元的净现金和短期投资，以及 566 亿美元的股权和其他投资在其资产负债表上。两者合计占其市值的近 28%，使得该股票显得非常便宜。</p>
<h2><strong>结论</strong></h2>
<p>阿里巴巴并非没有风险。作为一家中国公司，它可能面临中国的监管阻力，而国内竞争可能非常激烈。尽管如此，它在各个领域的执行表现良好，股票也很便宜。这使得它成为一个稳健的长期投资。</p>

阿里巴巴

阿里巴巴-W

2 倍做多阿里巴巴 ETF - KraneShares

BABO

2 倍做多 BABA ETF - GraniteShares

<p>阿里巴巴的股票被推荐购买，原因在于其在 2025 年的强劲反弹和持续的低估值。主要原因包括其在人工智能领域的领导地位和显著的收入增长、国内电子商务的复苏、新兴业务的潜在盈利能力、改善的运营杠杆，以及具有吸引力的低前瞻市盈率。该公司还拥有大量现金和投资，成为一个引人注目的投资机会</p>

<p>After a long, challenging period, Chinese e-commerce giant <strong>Alibaba</strong>(BABA 0.16%) has staged an impressive rebound in 2025; yet, even with shares up sharply on the year, the stock still looks undervalued given the progress across its businesses. Here are five reasons to keep buying the stock like there's no tomorrow.</p>
<div class="lb-trans"><p>经过一段漫长而艰难的时期，中国电子商务巨头 <strong>阿里巴巴</strong>(BABA 0.16%) 在 2025 年实现了令人印象深刻的反弹；尽管今年股价大幅上涨，但考虑到其各项业务的进展，股票仍然显得被低估。以下是继续购买该股票的五个理由。</p>
</div><h2>1. A Chinese AI powerhouse</h2>
<div class="lb-trans"><h2>1. 中国的人工智能强者</h2>
</div><p>Despite chip export restrictions, Alibaba has emerged as one of China's leading artificial intelligence (AI) players. Its proprietary Qwen model family is at the center of its AI push, and it's been rolling out versions tailored for specific tasks like coding and advanced math. It even has industry-specific models. Its newest iteration, Qwen3, adds hybrid reasoning capabilities that go beyond traditional large language models (LLMs), positioning Alibaba to serve more demanding enterprise workloads.</p>
<div class="lb-trans"><p>尽管面临芯片出口限制，阿里巴巴已成为中国领先的人工智能（AI）参与者之一。其自主研发的 Qwen 模型系列是其人工智能推动的核心，阿里巴巴正在推出针对特定任务（如编码和高级数学）量身定制的版本，甚至还有行业特定模型。其最新版本 Qwen3 增加了超越传统大型语言模型（LLMs）的混合推理能力，使阿里巴巴能够满足更高要求的企业工作负载。</p>
</div><p>That effort is already showing up in its numbers. Last quarter marked the seventh straight period of triple-digit AI-related revenue growth in its Cloud Intelligence business. Segment revenue, meanwhile, rose 18%, and adjusted earnings before interest, taxes, and amortization (EBITA) surged 69%.</p>
<div class="lb-trans"><p>这一努力已经在其数字中显现出来。上个季度是其云智能业务连续第七个季度实现三位数的人工智能相关收入增长。与此同时，细分收入增长了 18%，调整后的息税折旧摊销前利润（EBITA）激增 69%。</p>
</div><p>Perhaps more importantly, <strong>Apple</strong> selected Alibaba's models to power its Apple Intelligence offering in China. While regulatory delays have held up the rollout, the partnership signals Alibaba's growing credibility as a key AI player, and it just launched its new Qwen3 AI models that are compatible with Apple devices.</p>
<div class="lb-trans"><p>或许更重要的是，<strong>苹果</strong> 选择了阿里巴巴的模型来支持其在中国的 Apple Intelligence 产品。尽管监管延迟阻碍了推出，但这一合作关系表明阿里巴巴作为关键人工智能参与者的信誉正在提升，并且刚刚推出了与苹果设备兼容的新 Qwen3 人工智能模型。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMxMTEvZ2V0dHlpbWFnZXMtMTMyMjAxNzI2MS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823111%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. An e-commerce turnaround</h2>
<div class="lb-trans"><h2>2. 电子商务的转机</h2>
</div><p>Alibaba's domestic e-commerce segment is finally regaining momentum. Despite increased competition, Tmall and Taobao are still two of the largest online retailers in China, and the company has been investing to strengthen their positions. Gross merchandise volume (GMV) growth has improved, and Alibaba is now monetizing that better through a small software fee and its AI-powered marketing product, Quanzhantui.</p>
<div class="lb-trans"><p>阿里巴巴的国内电子商务部门终于恢复了势头。尽管竞争加剧，天猫和淘宝仍然是中国最大的在线零售商之一，公司一直在投资以巩固其地位。商品交易总额（GMV）增长有所改善，阿里巴巴现在通过小额软件费用和其人工智能驱动的营销产品 Quanzhantui 更好地实现了货币化。</p>
</div><p>In the most recent quarter, third-party revenue rose 12%, while overall e-commerce revenue climbed 9% and segment EBITA grew 8%. The company also continues to expand its 88VIP premium membership program, which grew by double digits and crossed 50 million members.</p>
<div class="lb-trans"><p>在最近的一个季度，第三方收入增长了 12%，整体电子商务收入攀升了 9%，细分 EBITA 增长了 8%。公司还继续扩展其 88VIP 高端会员计划，该计划以两位数增长，会员人数超过 5000 万。</p>
</div><p>The next phase of growth could come from &#34;instant commerce,&#34; with Alibaba looking to offer delivery on items purchased on Taobao within an hour. Management believes this could be a billion-customer opportunity over time. It also struck a smart deal with Rednote, a popular Chinese social media platform, to embed Taobao links directly into user posts. That's a smart way to tap into social commerce without building it from scratch.</p>
<div class="lb-trans"><p>下一阶段的增长可能来自 “即时商务”，阿里巴巴希望在淘宝上购买的商品能够在一小时内送达。管理层认为，这可能在未来成为一个十亿客户的机会。它还与中国流行社交媒体平台 Rednote 达成了一项明智的协议，将淘宝链接直接嵌入用户帖子中。这是一种聪明的方式，可以在不从零开始构建的情况下进入社交商务。</p>
</div><h2>3. Emerging businesses upside</h2>
<div class="lb-trans"><h2>3. 新兴业务的潜力</h2>
</div><p>In addition to its core e-commerce and cloud computing businesses, Alibaba operates several emerging businesses. The most important of these is its international segment, AIDC. The segment consists of its AliExpress cross-border business, which links up Chinese sellers and overseas buyers, and Trendyol, which is focused on local merchants in Turkey and the Middle East. Revenue for the segment jumped 22% last quarter, but it posted negative EBITA of $492 million, as the business has still not reached scale. However, management believes it can become profitable within the next fiscal year.</p>
<div class="lb-trans"><p>除了核心的电子商务和云计算业务外，阿里巴巴还运营着几个新兴业务。其中最重要的是其国际部门 AIDC。该部门包括其 AliExpress 跨境业务，连接中国卖家和海外买家，以及专注于土耳其和中东本地商家的 Trendyol。该部门的收入在上个季度跃升了 22%，但由于业务尚未达到规模，EBITA 仍为负 492 百万美元。然而，管理层相信它可以在下一个财政年度实现盈利。</p>
</div><p>If AIDC flips to profitability, it could be a major tailwind for Alibaba's bottom line. It's already becoming a more strategic part of the business, especially as the company builds out logistics capabilities through Cainiao to support faster shipping for AliExpress. Shorter delivery windows could help it compete more directly with rivals like Temu and Shein in overseas markets.</p>
<div class="lb-trans"><p>如果 AIDC 实现盈利，这将对阿里巴巴的底线形成重大推动。随着公司通过菜鸟建立物流能力以支持 AliExpress 的更快运输，它已经成为业务中更具战略意义的一部分。更短的交货时间可能帮助它在海外市场更直接地与 Temu 和 Shein 等竞争对手竞争。</p>
</div><p>At the same time, other segments like local services and digital media are still losing money, but Alibaba has the balance sheet and cash flow to invest where it sees long-term opportunities.</p>
<div class="lb-trans"><p>与此同时，地方服务和数字媒体等其他部门仍在亏损，但阿里巴巴拥有足够的资产负债表和现金流来投资其认为的长期机会。</p>
</div><h2>4. Operating leverage</h2>
<div class="lb-trans"><h2>4. 经营杠杆</h2>
</div><p>One of the most under-appreciated stories in Alibaba's turnaround is its improving operating leverage. Last quarter, its total revenue grew 7%, but its adjusted EBITA surged 36%. That's the kind of operating leverage you want to see from a company exiting an investment cycle and beginning to scale its newer initiatives.</p>
<div class="lb-trans"><p>阿里巴巴转型过程中最被低估的故事之一是其经营杠杆的改善。上个季度，其总收入增长了 7%，但调整后的 EBITA 激增了 36%。这是你希望看到的公司在结束投资周期并开始扩大新举措时的经营杠杆。</p>
</div><p>Its cloud computing business, in particular, showed impressive margin expansion, with adjusted EBITA up 69%. That's a good sign that the company's massive AI investments are starting to pay off. If AIDC can flip to profitability as planned, that could drive another leg of margin expansion. Alibaba is proving it can grow efficiently again, which should be good news for shareholders.</p>
<div class="lb-trans"><p>其云计算业务尤其显示出令人印象深刻的利润率扩张，调整后的 EBITA 增长了 69%。这表明公司在人工智能方面的大规模投资开始见效。如果 AIDC 能如计划那样实现盈利，这将推动利润率的进一步扩张。阿里巴巴正在证明它能够再次高效增长，这对股东来说是个好消息。</p>
</div><h2>5. Alibaba's stock is attractively valued</h2>
<div class="lb-trans"><h2>5. 阿里巴巴的股票估值吸引人</h2>
</div><p>Despite this year's rally, Alibaba still trades at a forward price-to-earnings ratio (P/E) of just 11.5 times fiscal 2026 analyst estimates (ending March 2026). That's about a third of the valuation of its closest U.S. counterpart, <strong>Amazon</strong>.</p>
<div class="lb-trans"><p>尽管今年股价上涨，阿里巴巴的前瞻市盈率（P/E）仍仅为 2026 财年分析师预估的 11.5 倍（截至 2026 年 3 月）。这大约是其最接近的美国同行 <strong>亚马逊</strong> 估值的三分之一。</p>
</div><p>Alibaba also has $19.8 billion in net cash and short-term investments, as well as $56.6 billion in equity and other investments on its balance sheet. Combined, that accounts for nearly 28% of its market capitalization, placing the stock squarely in the bargain bin.</p>
<div class="lb-trans"><p>阿里巴巴还拥有 198 亿美元的净现金和短期投资，以及 566 亿美元的股权和其他投资在其资产负债表上。两者合计占其市值的近 28%，使得该股票显得非常便宜。</p>
</div><h2><strong>The bottom line</strong></h2>
<div class="lb-trans"><h2><strong>结论</strong></h2>
</div><p>Alibaba is not without risks. As a Chinese stock, it can be prone to regulatory headwinds in China, while competition in the country can be fierce. That said, it is executing well across the board, and the stock is cheap. That makes it a solid long-term buy.</p>
<div class="lb-trans"><p>阿里巴巴并非没有风险。作为一家中国公司，它可能面临中国的监管阻力，而国内竞争可能非常激烈。尽管如此，它在各个领域的执行表现良好，股票也很便宜。这使得它成为一个稳健的长期投资。</p>
</div>

5 Reasons to Buy Alibaba Stock Like There's No Tomorrow

- 阿里巴巴在 2025 年实现显著反弹，股价仍被低估。  
- 其 AI 业务持续增长，云智能部门收入增长 18%。  
- 国内电商和国际业务也在复苏，整体营收增长 7%。

购买阿里巴巴股票的五个理由：抓住当下机遇