<p>凯西·伍德通过大胆、前瞻性的投资建立了自己的声誉。她在阿克投资的最新举动——在四年内首次投资 <strong>阿里巴巴</strong>(BABA -8.60%)——重新点燃了美国投资者对中国最受关注公司的兴趣。这笔购买本身可能相对较小，但它具有重要的象征意义。</p>
<p>以下是发生了什么，这意味着什么，以及投资者应该如何看待它。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcxNzQvc21pbGluZy1wZW9wbGUtb24tY291Y2gtc2hvcC1vbmxpbmUtaW4tY2hpbmEtc291cmNlLXBpbmR1b2R1by5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="500" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcxNzQvc21pbGluZy1wZW9wbGUtb24tY291Y2gtc2hvcC1vbmxpbmUtaW4tY2hpbmEtc291cmNlLXBpbmR1b2R1by5wbmcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>交易的性质</h2>
<p>在九月底，伍德的阿克投资通过其两个交易所交易基金（ETF）购买了约 1630 万美元的阿里巴巴股票——大约 818 万美元用于 <strong>ARK 金融科技创新 ETF</strong>(ARKF -5.93%)，810 万美元用于 <strong>ARK 下一代互联网 ETF</strong>(ARKW -5.80%)，根据 SCMP 的报告。</p>
<p>这是阿克自 2021 年以来首次投资阿里巴巴，当时全球投资者因监管压力和地缘政治不确定性而逃离中国科技股。这笔购买相对于阿克管理的超过 67 亿美元的资产总额来说规模较小，但时机至关重要。</p>
<p>这一举动，在阿克多年未投资该股票之后，表明了对该公司长期基本面和运营环境改善的信心。不出所料，投资者对这一购买消息反应积极。在披露后，阿里巴巴在香港上市的股票上涨近 9%，达到了四年来的最高水平。这一反应表明，投资者密切关注阿克的交易——市场对阿里巴巴的情绪开始发生变化。</p>
<h2>这一举动的信号</h2>
<p>伍德决定将阿里巴巴重新纳入她的投资组合，表明这家科技公司最糟糕的时刻可能已经过去，基金经理现在正专注于其未来。</p>
<p>首先，阿克可能将阿里巴巴视为一个人工智能（AI）和云增长的故事。阿里巴巴最新的季度报告显示，云收入同比增长 26%，达到 334 亿元人民币（47 亿美元），这一增长率显著超过了集团 10% 的总收入增长。它还报告了连续八个季度 AI 相关产品的收入增长达到三位数百分比，AI 现在占阿里巴巴云外部销售的 20% 以上。</p>
<p>这一增长不仅仅反映了反弹——它显示出向更高利润、以 AI 驱动的业务的结构性转变。凭借其 Tongyi Qianwen 大型语言模型和 AI 驱动的企业工具，阿里巴巴已经从传统的云基础设施提供商转变为 AI 平台。</p>
<p>其次，阿克的举动反映了机构投资者对中国科技的信心恢复。在经历了多年的监管打压后，一小部分外国投资者开始重新进入一小部分中国股票。通过增加阿里巴巴的投资，伍德有效地表明她认为中国对其科技行业的政策环境比几年前更为稳定。</p>
<p>第三，阿克可能将阿里巴巴视为一种不对称的投资。阿里巴巴的股票目前的交易价格约为销售额的 3.3 倍，远低于其超过 15 倍的峰值倍数。如果其 AI 和云业务保持当前的势头，市场可能会重新评估该股票，给予更高的倍数。对于阿克来说，这种设置提供了风险与潜在回报之间的良好平衡。</p>
<h2>投资者应该如何应对</h2>
<p>伍德的举动并不能确认阿里巴巴已经完成了转型，但它表明对这家科技公司的看法发生了重大变化。投资者可以从中吸取几个教训。</p>
<h3>将其视为信号，而非催化剂</h3>
<p>阿克的购买提供了见解，而非指令。它表明阿里巴巴的战略——特别是其 AI 转型——现在在全球投资者中具有更大的可信度。然而，每位投资者都应独立评估公司的进展，而不是简单地跟随资金流动。</p>
<h3>跟踪执行指标</h3>
<p>投资者应关注阿里巴巴如何将云需求和 AI 采用转化为盈利。关键指标包括云收入和运营利润率趋势、AI 收入增长以及推理芯片开发的进展。在这些方面的表现将决定阿里巴巴是否能将其战略潜力转化为持续的财务成果。</p>
<h3>为波动做好准备</h3>
<p>阿里巴巴面临中国经济环境和监管形势的影响，以及来自 <strong>PDD Holdings</strong> 和 <strong>美团</strong> 等激进竞争对手的挑战，这意味着其未来的道路可能仍然崎岖不平。投资者不应期待未来几个季度的平稳轨迹。</p>
<h2>这对投资者意味着什么？</h2>
<p>阿里巴巴重返阿克投资的投资组合不仅仅反映了一次投资组合调整——它标志着市场对该公司的看法发生了变化。多年来，阿里巴巴的故事围绕着其与中国监管机构的困难以及竞争地位的削弱展开。现在，焦点转向以 AI 驱动的增长、电子商务增长的稳定以及机构投资者的重新关注。</p>
<p>该公司仍面临风险。其电子商务利润率仍然承压，中国的经济复苏仍然不均衡。然而，阿里巴巴在云、AI 和半导体设计方面的进展为其提供了新的战略杠杆以实现增长。</p>
<p>如果阿里巴巴执行良好，并且对其的信心持续增强，我们可能会回顾这一时刻，认为这是中国最重要的公司之一新篇章的开始。</p>
<p>投资者应密切关注阿里巴巴在未来几个季度的发展情况。</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>Cathie Wood 的 Ark Invest 购买了价值 1630 万美元的阿里巴巴股票，这是自 2021 年以来首次对该公司的投资。这一举动标志着对阿里巴巴长期基本面的重新信心，特别是在人工智能和云服务方面的增长。公告发布后，阿里巴巴的股价上涨了近 9%。伍德的决定反映了市场对中国科技公司看法的转变，表明政策环境更加稳定。投资者被建议关注阿里巴巴的执行指标，并为公司在恢复和竞争环境中可能面临的波动做好准备</p>

<p>Cathie Wood has built her reputation by making bold, forward-looking bets. Her latest move at Ark Invest -- buying into <strong>Alibaba</strong>(BABA -8.60%) for the first time in four years -- has reignited U.S. investors' interest in one of China's most followed companies. The purchase itself may have been relatively small, but it carries significant symbolic weight.</p>
<div class="lb-trans"><p>凯西·伍德通过大胆、前瞻性的投资建立了自己的声誉。她在阿克投资的最新举动——在四年内首次投资 <strong>阿里巴巴</strong>(BABA -8.60%)——重新点燃了美国投资者对中国最受关注公司的兴趣。这笔购买本身可能相对较小，但它具有重要的象征意义。</p>
</div><p>Here's what happened, what it signals, and how investors should think about it.</p>
<div class="lb-trans"><p>以下是发生了什么，这意味着什么，以及投资者应该如何看待它。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcxNzQvc21pbGluZy1wZW9wbGUtb24tY291Y2gtc2hvcC1vbmxpbmUtaW4tY2hpbmEtc291cmNlLXBpbmR1b2R1by5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837174%2Fsmiling-people-on-couch-shop-online-in-china-source-pinduoduo.png&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>The nature of the transaction</h2>
<div class="lb-trans"><h2>交易的性质</h2>
</div><p>In late September, Wood's Ark Invest bought about $16.3 million worth of Alibaba shares across two of its exchange-traded funds (ETFs) -- roughly $8.18 million for the <strong>ARK Fintech Innovation ETF</strong>(ARKF -5.93%) and $8.1 million for the <strong>ARK Next Generation Internet ETF</strong>(ARKW -5.80%), according to a report by SCMP.</p>
<div class="lb-trans"><p>在九月底，伍德的阿克投资通过其两个交易所交易基金（ETF）购买了约 1630 万美元的阿里巴巴股票——大约 818 万美元用于 <strong>ARK 金融科技创新 ETF</strong>(ARKF -5.93%)，810 万美元用于 <strong>ARK 下一代互联网 ETF</strong>(ARKW -5.80%)，根据 SCMP 的报告。</p>
</div><p>It was Ark's first Alibaba investment since 2021, when global investors fled Chinese tech stocks due to regulatory pressure and geopolitical uncertainty. The size of the purchase was small relative to Ark's total of over $6.7 billion in assets under management, but the timing is crucial.</p>
<div class="lb-trans"><p>这是阿克自 2021 年以来首次投资阿里巴巴，当时全球投资者因监管压力和地缘政治不确定性而逃离中国科技股。这笔购买相对于阿克管理的超过 67 亿美元的资产总额来说规模较小，但时机至关重要。</p>
</div><p>This move, after years during which Ark stayed away from the stock, signals a belief that the company's long-term fundamentals and operating environment have improved. Unsurprisingly, investors responded positively to news of the purchase. Following the disclosure, Alibaba's Hong Kong-listed shares surged nearly 9% to their highest level in four years. The reaction showed that investors closely track Ark's trades -- and that market sentiment toward Alibaba has begun to shift.</p>
<div class="lb-trans"><p>这一举动，在阿克多年未投资该股票之后，表明了对该公司长期基本面和运营环境改善的信心。不出所料，投资者对这一购买消息反应积极。在披露后，阿里巴巴在香港上市的股票上涨近 9%，达到了四年来的最高水平。这一反应表明，投资者密切关注阿克的交易——市场对阿里巴巴的情绪开始发生变化。</p>
</div><h2>What the move signals</h2>
<div class="lb-trans"><h2>这一举动的信号</h2>
</div><p>Wood's decision to add Alibaba back into her portfolio suggests that the worst is likely behind the tech company, and that the fund manager is now focusing on its future.</p>
<div class="lb-trans"><p>伍德决定将阿里巴巴重新纳入她的投资组合，表明这家科技公司最糟糕的时刻可能已经过去，基金经理现在正专注于其未来。</p>
</div><p>First, Ark likely sees Alibaba as an artificial intelligence (AI) and cloud growth story. Alibaba's latest quarterly report showed cloud revenue up 26% year over year to 33.4 billion yuan ($4.7 billion), a growth rate that significantly outpaced the group's 10% total revenue growth. It has also reported triple-digit percentage revenue growth for its AI-related products for eight consecutive quarters, and AI now accounts for more than 20% of Alibaba Cloud's external sales.</p>
<div class="lb-trans"><p>首先，阿克可能将阿里巴巴视为一个人工智能（AI）和云增长的故事。阿里巴巴最新的季度报告显示，云收入同比增长 26%，达到 334 亿元人民币（47 亿美元），这一增长率显著超过了集团 10% 的总收入增长。它还报告了连续八个季度 AI 相关产品的收入增长达到三位数百分比，AI 现在占阿里巴巴云外部销售的 20% 以上。</p>
</div><p>This growth reflects more than a rebound -- it shows a structural shift toward higher-margin, AI-driven businesses. With its Tongyi Qianwen large language model and AI-powered enterprise tools, Alibaba has evolved from a traditional cloud infrastructure provider into an AI platform.</p>
<div class="lb-trans"><p>这一增长不仅仅反映了反弹——它显示出向更高利润、以 AI 驱动的业务的结构性转变。凭借其 Tongyi Qianwen 大型语言模型和 AI 驱动的企业工具，阿里巴巴已经从传统的云基础设施提供商转变为 AI 平台。</p>
</div><p>Second, Ark's move reflects a recovery of institutional investor confidence in Chinese tech. After years of regulatory crackdowns, a small group of foreign investors has started to reenter a select group of Chinese stocks. By adding Alibaba, Wood effectively signaled that she views China's policy environment toward its tech sector as more stable than it was a few years ago.</p>
<div class="lb-trans"><p>其次，阿克的举动反映了机构投资者对中国科技的信心恢复。在经历了多年的监管打压后，一小部分外国投资者开始重新进入一小部分中国股票。通过增加阿里巴巴的投资，伍德有效地表明她认为中国对其科技行业的政策环境比几年前更为稳定。</p>
</div><p>Third, Ark might view Alibaba as an asymmetric bet. Alibaba's stock still trades at about 3.3 times sales, far below its peak multiple of more than 15. If its AI and cloud units maintain their current momentum, the market could rerate the stock to a meaningfully higher multiple. For Ark, which thrives on identifying early inflection points of leading tech companies, this setup offers an appealing balance of risk vs. potential reward.</p>
<div class="lb-trans"><p>第三，阿克可能将阿里巴巴视为一种不对称的投资。阿里巴巴的股票目前的交易价格约为销售额的 3.3 倍，远低于其超过 15 倍的峰值倍数。如果其 AI 和云业务保持当前的势头，市场可能会重新评估该股票，给予更高的倍数。对于阿克来说，这种设置提供了风险与潜在回报之间的良好平衡。</p>
</div><h2>How investors should act on it</h2>
<div class="lb-trans"><h2>投资者应该如何应对</h2>
</div><p>Wood's move doesn't confirm that Alibaba has completed its turnaround, but it suggests that there has been a meaningful shift in perception about the tech company. Investors can take several lessons from this.</p>
<div class="lb-trans"><p>伍德的举动并不能确认阿里巴巴已经完成了转型，但它表明对这家科技公司的看法发生了重大变化。投资者可以从中吸取几个教训。</p>
</div><h3>Treat it as a signal, not a catalyst</h3>
<div class="lb-trans"><h3>将其视为信号，而非催化剂</h3>
</div><p>Ark's buy offers insight, not instruction. It suggests that Alibaba's strategy -- particularly its AI transformation -- now holds greater credibility among global investors. However, every investor should evaluate the company's progress independently, rather than mirroring fund flows.</p>
<div class="lb-trans"><p>阿克的购买提供了见解，而非指令。它表明阿里巴巴的战略——特别是其 AI 转型——现在在全球投资者中具有更大的可信度。然而，每位投资者都应独立评估公司的进展，而不是简单地跟随资金流动。</p>
</div><h3>Track execution metrics</h3>
<div class="lb-trans"><h3>跟踪执行指标</h3>
</div><p>Investors should focus on how Alibaba converts cloud demand and AI adoption into profitability. Key indicators include cloud revenue and operating margin trends, AI revenue growth, and progress in developing inference chips. How it fares on these fronts will determine whether Alibaba turns its strategic potential into sustained financial results.</p>
<div class="lb-trans"><p>投资者应关注阿里巴巴如何将云需求和 AI 采用转化为盈利。关键指标包括云收入和运营利润率趋势、AI 收入增长以及推理芯片开发的进展。在这些方面的表现将决定阿里巴巴是否能将其战略潜力转化为持续的财务成果。</p>
</div><h3>Prepare for volatility</h3>
<div class="lb-trans"><h3>为波动做好准备</h3>
</div><p>Alibaba's exposure to China's economic environment and regulatory situation, as well as to aggressive rivals like <strong>PDD Holdings</strong> and <strong>Meituan</strong>, means that its road ahead is likely to remain bumpy. Investors should not expect a smooth trajectory in the coming quarters.</p>
<div class="lb-trans"><p>阿里巴巴面临中国经济环境和监管形势的影响，以及来自 <strong>PDD Holdings</strong> 和 <strong>美团</strong> 等激进竞争对手的挑战，这意味着其未来的道路可能仍然崎岖不平。投资者不应期待未来几个季度的平稳轨迹。</p>
</div><h2>What does it mean for investors?</h2>
<div class="lb-trans"><h2>这对投资者意味着什么？</h2>
</div><p>Alibaba's return to Ark Invest's portfolio reflects more than a portfolio adjustment -- it marks a change in market perception toward the company. For years, Alibaba's story centered on its difficulties with Chinese regulators and the erosion of its competitive position. Now, the focus has shifted toward AI-driven growth, stabilization of its e-commerce growth, and renewed institutional interest.</p>
<div class="lb-trans"><p>阿里巴巴重返阿克投资的投资组合不仅仅反映了一次投资组合调整——它标志着市场对该公司的看法发生了变化。多年来，阿里巴巴的故事围绕着其与中国监管机构的困难以及竞争地位的削弱展开。现在，焦点转向以 AI 驱动的增长、电子商务增长的稳定以及机构投资者的重新关注。</p>
</div><p>The company still faces risks. Its e-commerce margins remain under pressure, and China's economic recovery continues to be uneven. However, Alibaba's progress in the cloud, AI, and semiconductor design provides it with new strategic levers for growth.</p>
<div class="lb-trans"><p>该公司仍面临风险。其电子商务利润率仍然承压，中国的经济复苏仍然不均衡。然而，阿里巴巴在云、AI 和半导体设计方面的进展为其提供了新的战略杠杆以实现增长。</p>
</div><p>If Alibaba executes well and confidence in it continues to build, we could look back on this moment as marking the start of a new chapter for one of China's most important companies.</p>
<div class="lb-trans"><p>如果阿里巴巴执行良好，并且对其的信心持续增强，我们可能会回顾这一时刻，认为这是中国最重要的公司之一新篇章的开始。</p>
</div><p>Investors should closely monitor Alibaba's developing situation in the coming quarters.</p>
<div class="lb-trans"><p>投资者应密切关注阿里巴巴在未来几个季度的发展情况。</p>
</div>

Cathie Wood Bought Alibaba Stock -- What It Means for Investors

- Cathie Wood 的 Ark Invest 首次在四年内购买了阿里巴巴股票，金额约 1630 万美元。  
- 此举表明对阿里巴巴长期基本面改善的信心，投资者反应积极。  
- 阿里巴巴的云计算和人工智能业务增长显著，市场情绪开始转变。  

Cathie Wood 购买了阿里巴巴股票——这对投资者意味着什么