<p>阿里巴巴集团的股票在周四于香港下跌约 3%，此前 Jefferies 下调了对这家中国科技巨头的目标价。</p>
<p>这一价格走势重新引发了市场关于投资者愿意等待阿里巴巴昂贵的人工智能投资转化为更强利润的时间的讨论。</p>
<p>Jefferies 将美国上市股票的目标价从 212 美元下调至 185 美元，但维持了买入评级，表明该券商并未放弃其长期看法。</p>
<p>阿里巴巴在香港上市的股票下跌约 2.9%，报 122.70 港元。市场反应很重要，因为它显示了情绪的变化。</p>
<p><strong>Jefferies 下调目标价，但未转向看空</strong></p>
<p>Jefferies 的这一举动更应被视为预期的重置，而非全面看空的转变。</p>
<p>在下调目标价的同时保持买入评级，向读者传达了该券商仍然看好阿里巴巴的上涨空间。</p>
<p>市场通常对这些混合信号反应强烈，因为较低的目标价意味着收益空间减少，并对未来收益的质量产生怀疑。</p>
<p>这一细微差别很重要，因为真正的 “卖出” 故事需要更明确的证据表明阿里巴巴的核心论点正在崩溃。</p>
<p>相反，投资者得到的是一个警告，即公司的投资周期正在加剧，而对中国消费者复苏的信心仍然脆弱。</p>
<p><strong>阿里巴巴股票：人工智能推动增长和成本焦虑</strong></p>
<p>阿里巴巴的人工智能战略在运营层面并不是弱点。事实上，这是少数几个明显实现强劲增长的领域之一。</p>
<p>阿里巴巴在 12 月季度的收入增长 1.7%，达到 2848.4 亿元人民币，未能达到分析师预期，而净收入则暴跌 66.3%。</p>
<p>与此同时，云收入增长了 36%，得益于与人工智能相关的需求。</p>
<p>这就是投资者现在试图定价的矛盾。公司在云和人工智能方面显示出真正的动力，但账单迅速上升。</p>
<p>Jefferies 表示，其下调目标价反映了对阿里巴巴 Qwen 人工智能产品的推广支出加大，以及非核心业务预期损失加大。</p>
<p>分析师还指出，针对一小时送达和假期促销的激进支出是影响最新季度利润的因素。</p>
<p><strong>现在是卖出 BABA 的时候吗？</strong></p>
<p>Jefferies 仍然将阿里巴巴评级为买入，摩根士丹利也在 3 月底重申了增持评级和 180 美元的目标价。</p>
<p>分析师们反复认为，阿里巴巴的人工智能生态系统和芯片进展支持了更广泛的长期论点。</p>
<p>这表明市场正在重新评估时机和执行风险，而不是完全放弃该股票。</p>
<p>看空的理由很简单。人工智能支出可能会持续较长时间，非核心损失可能加深，而中国的消费需求疲软可能使主要商业引擎无法抵消这些压力。</p>
<p>在这种情况下，即使战略方向合理，投资者也可能继续失去耐心。</p>

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<p>阿里巴巴集团的股票在香港下跌约 3%，原因是 Jefferies 将其目标价从 212 美元下调至 185 美元，但维持 “买入” 评级。这反映了预期的重置，而非悲观的展望。尽管人工智能和云收入增长强劲，但对成本上升和中国消费需求疲软的担忧依然存在。分析师指出，尽管人工智能战略展现出潜力，但巨额支出可能会影响利润，从而导致对股票时机和执行风险的重新评估。Jefferies 和摩根士丹利仍然看好阿里巴巴的长期上涨潜力</p>

<p>Alibaba Group stock fell approximately 3% in Hong Kong on Thursday after Jefferies reduced its price target for the Chinese tech giant.</p>
<div class="lb-trans"><p>阿里巴巴集团的股票在周四于香港下跌约 3%，此前 Jefferies 下调了对这家中国科技巨头的目标价。</p>
</div><p>The price action revived a familiar market debate on how long investors are willing to wait for Alibaba’s costly AI push to translate into stronger profits.</p>
<div class="lb-trans"><p>这一价格走势重新引发了市场关于投资者愿意等待阿里巴巴昂贵的人工智能投资转化为更强利润的时间的讨论。</p>
</div><p>Jefferies lowered its target price on the US-listed stock to $185 from $212 but maintained a Buy rating, signaling that the brokerage has not abandoned its longer-term case.</p>
<div class="lb-trans"><p>Jefferies 将美国上市股票的目标价从 212 美元下调至 185 美元，但维持了买入评级，表明该券商并未放弃其长期看法。</p>
</div><p>Alibaba’s Hong Kong-listed shares were down roughly 2.9% at HK$122.70. The market reaction matters because it shows where sentiment is shifting.</p>
<div class="lb-trans"><p>阿里巴巴在香港上市的股票下跌约 2.9%，报 122.70 港元。市场反应很重要，因为它显示了情绪的变化。</p>
</div><p><strong>Jefferies cuts target, but stops short of turning bearish</strong></p>
<div class="lb-trans"><p><strong>Jefferies 下调目标价，但未转向看空</strong></p>
</div><p>Jefferies’ move is best read as a reset in expectations rather than a full-blown bearish turn.</p>
<div class="lb-trans"><p>Jefferies 的这一举动更应被视为预期的重置，而非全面看空的转变。</p>
</div><p>Keeping a Buy rating while lowering the target tells readers that the brokerage still sees upside in Alibaba.</p>
<div class="lb-trans"><p>在下调目标价的同时保持买入评级，向读者传达了该券商仍然看好阿里巴巴的上涨空间。</p>
</div><p>Markets often treat these mixed calls harshly because a lower target implies reduced room for gains and raises doubts over the quality of future earnings.</p>
<div class="lb-trans"><p>市场通常对这些混合信号反应强烈，因为较低的目标价意味着收益空间减少，并对未来收益的质量产生怀疑。</p>
</div><p>The nuance is important as a true “sell” story would require clearer evidence that Alibaba’s core thesis is breaking down.</p>
<div class="lb-trans"><p>这一细微差别很重要，因为真正的 “卖出” 故事需要更明确的证据表明阿里巴巴的核心论点正在崩溃。</p>
</div><p>Instead, what investors got was a warning that the company’s investment cycle is intensifying just as confidence in China’s consumer recovery remains fragile.</p>
<div class="lb-trans"><p>相反，投资者得到的是一个警告，即公司的投资周期正在加剧，而对中国消费者复苏的信心仍然脆弱。</p>
</div><p><strong>Alibaba stock: AI is driving growth and cost-anxities</strong></p>
<div class="lb-trans"><p><strong>阿里巴巴股票：人工智能推动增长和成本焦虑</strong></p>
</div><p>Alibaba’s AI strategy is not the weak point in operational terms. In fact, it is one of the few areas clearly delivering strong growth.</p>
<div class="lb-trans"><p>阿里巴巴的人工智能战略在运营层面并不是弱点。事实上，这是少数几个明显实现强劲增长的领域之一。</p>
</div><p>Alibaba’s December-quarter revenue rose 1.7% to 284.84 billion yuan, missing analyst estimates, while net income slumped 66.3%.</p>
<div class="lb-trans"><p>阿里巴巴在 12 月季度的收入增长 1.7%，达到 2848.4 亿元人民币，未能达到分析师预期，而净收入则暴跌 66.3%。</p>
</div><p>At the same time, cloud revenue jumped 36%, helped by AI-related demand.</p>
<div class="lb-trans"><p>与此同时，云收入增长了 36%，得益于与人工智能相关的需求。</p>
</div><p>That is the contradiction investors are now trying to price. The company is showing real momentum in cloud and AI, but the bill is rising quickly.</p>
<div class="lb-trans"><p>这就是投资者现在试图定价的矛盾。公司在云和人工智能方面显示出真正的动力，但账单迅速上升。</p>
</div><p>Jefferies said its lower target reflects heavier spending to promote Alibaba’s Qwen AI offerings and bigger expected losses in non-core businesses.</p>
<div class="lb-trans"><p>Jefferies 表示，其下调目标价反映了对阿里巴巴 Qwen 人工智能产品的推广支出加大，以及非核心业务预期损失加大。</p>
</div><p>The analysts also pointed to aggressive spending on one-hour delivery and holiday promotions as factors that hit profits in the latest quarter.</p>
<div class="lb-trans"><p>分析师还指出，针对一小时送达和假期促销的激进支出是影响最新季度利润的因素。</p>
</div><p><strong>Is it time to sell BABA?</strong></p>
<div class="lb-trans"><p><strong>现在是卖出 BABA 的时候吗？</strong></p>
</div><p>Jefferies still rates Alibaba a Buy, and Morgan Stanley also reiterated an Overweight rating and a $180 target in late March.</p>
<div class="lb-trans"><p>Jefferies 仍然将阿里巴巴评级为买入，摩根士丹利也在 3 月底重申了增持评级和 180 美元的目标价。</p>
</div><p>The analysts have repeatedly argued that Alibaba’s AI ecosystem and chip advances support the broader long-term thesis.</p>
<div class="lb-trans"><p>分析师们反复认为，阿里巴巴的人工智能生态系统和芯片进展支持了更广泛的长期论点。</p>
</div><p>That suggests the Street is reassessing timing and execution risk, not walking away from the stock altogether.</p>
<div class="lb-trans"><p>这表明市场正在重新评估时机和执行风险，而不是完全放弃该股票。</p>
</div><p>The bear case is straightforward. AI spending could remain heavy for longer, non-core losses could deepen, and weak consumer demand in China could keep the main commerce engine from offsetting those pressures.</p>
<div class="lb-trans"><p>看空的理由很简单。人工智能支出可能会持续较长时间，非核心损失可能加深，而中国的消费需求疲软可能使主要商业引擎无法抵消这些压力。</p>
</div><p>In that scenario, investors may continue to lose patience even if the strategic direction makes sense.</p>
<div class="lb-trans"><p>在这种情况下，即使战略方向合理，投资者也可能继续失去耐心。</p>
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Alibaba stock plunges 3% after Jefferies cut: time to sell BABA?

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阿里巴巴股价在 Jefferies 下调评级后下跌 3%：现在是卖出 BABA 的时机吗？