--- title: "Morgan Stanley: The long-term value story of Alibaba-W remains unchanged, maintaining an \"Overweight\" rating with a target price of HKD 200" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/280418402.md" description: "JP Morgan released a research report stating that the long-term value story of Alibaba-W remains unchanged, maintaining an \"Overweight\" rating and a target price of HKD 200. Management emphasized that the current profit pressure is a strategic result of increased investment in AI, cloud, and instant commerce, rather than a failure of the business model. The meeting clarified that \"Cloud + AI\" is the group's highest strategic priority, and Alibaba hopes investors will view the cloud business as a complete AI platform rather than traditional infrastructure. In the short term, confidence in stock price revaluation has not significantly improved, but there is an optimistic outlook for the 12-month prospects" datetime: "2026-03-25T05:48:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280418402.md) - [en](https://longbridge.com/en/news/280418402.md) - [zh-HK](https://longbridge.com/zh-HK/news/280418402.md) --- > 支持的语言: [English](https://longbridge.com/en/news/280418402.md) | [繁體中文](https://longbridge.com/zh-HK/news/280418402.md) # Morgan Stanley: The long-term value story of Alibaba-W remains unchanged, maintaining an "Overweight" rating with a target price of HKD 200 According to the Zhitong Finance APP, JP Morgan released a research report stating that after Alibaba-W (09988) earnings, there is greater confidence in the strategic logic of its investment story during the investor meeting, but confidence in short-term stock price revaluation has not significantly improved. Management indicated that the current profit pressure is a strategic result of increasing investments in AI, cloud, and instant commerce, rather than evidence of weakened competitiveness or a failing business model. The bank maintains an "overweight" rating on Alibaba's H-shares with a target price of HKD 200. The meeting clarified the reasons why management is willing to endure short-term profit pressure and why they believe these investments can create mid-term value. However, for the stock price, a clearer strategy does not equate to clearer financial data; thus, the meeting supports the 12-month outlook but is insufficient to change the reliance on performance proof in the next three months. Management emphasized that "cloud + AI" remains the group's highest strategic priority. The group's positioning is not only about building infrastructure but also encompasses models, platform tools, and downstream monetization as an AI platform. The bank believes this is the most important message: Alibaba does not want investors to view its cloud business merely as a traditional infrastructure business but as a complete AI platform with monetization potential through model services, token consumption, and application layer usage. In terms of instant commerce, management believes it should be evaluated through ecosystem value rather than just short-term profit and loss impact. This business is becoming an important part of the domestic e-commerce structure by enhancing user acquisition, frequency, category expansion, and platform participation. The bank is more optimistic about the 12-month outlook, stating that Alibaba is simultaneously building scale in AI infrastructure, model services, applications, and e-commerce distribution. If the company can maintain accelerated growth in its cloud business, clearer AI monetization, and demonstrate a credible path to improving the unit economics of real-time commerce, the market will be more willing to value Alibaba beyond the framework of core e-commerce profitability. 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