<p>儘管美國股市承壓，但中國股票的美國存託憑證（ADRs）突然變得炙手可熱。未來可能還有更多的上漲空間。</p><p>目前最引人注目的中國股票之一是 <strong>阿里巴巴</strong>（BABA -1.26%）。讓我們來看一下購買該股票的四個理由，彷彿沒有明天。</p><h2 id="cae2kqayi">1. 阿里巴巴在人工智能領域引領潮流</h2><p>儘管面臨先進半導體的出口限制，中國公司在人工智能（AI）領域取得了重大進展，而阿里巴巴是該領域的領導者之一。該公司表示，其最新的 Qwen 2.5 模型在性能上超越了競爭對手，包括中國競爭對手 DeepSeek 以及美國公司如 <strong>Meta Platforms</strong> 和 OpenAI 的模型。</p><p>除了基礎模型外，阿里巴巴還提供多個特定任務的開源模型。今年秋季，它推出了超過 100 個這樣的模型，包括專門為數學和編程等領域設計的模型。與此同時，本月初，它推出了一款新的 AI 助手，基於其新的 QwQ-32B AI 推理模型。</p><p>阿里巴巴的 AI 實力開始在其雲智能業務中顯現，這是其雲計算部門。上個季度，該部門的收入增長了 13%，儘管公司繼續讓低利潤的合同收入流失，但與 AI 相關的收入再次翻了一番。與此同時，盈利能力飆升，部門調整後的息税折舊攤銷前利潤（EBITDA）增長了 33%。</p><p>此外，該公司開始與其他領先的科技公司合作。<strong>蘋果</strong> 將使用阿里巴巴的 AI 模型來推動其在中國的 Apple Intelligence 解決方案，這是一個重大勝利。同時，它最近與中國 AI 初創公司 Manus AI 合作，共同開發代理 AI，使得 AI 代理能夠為用户執行任務。</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>圖片來源：Getty Images。</p><h2 id="4xhr6ugy">2. 阿里巴巴正在扭轉其核心電商業務</h2><p>除了 AI 機會外，阿里巴巴還看到其電商業務正在扭轉局面，該業務包括領先的平台天貓和淘寶。前者是一個電商市場，成熟品牌在此銷售商品，而後者則允許個人和企業銷售商品。</p><p>這些業務由於中國經濟疲軟和競爭壓力而受到影響。然而，公司在其電商部門進行了大量投資，首先幫助提升其商品交易總值（GMV），即通過其平台銷售的商品總值，然後更好地實現平台的貨幣化。這體現在增加小額軟件服務費、推廣其 88VIP 會員以及開發新的 AI 營銷工具 “全展推”。</p><p>上個季度，這些努力開始見效，第三方收入增長了 9%，整體部門收入增長了 5%。與此同時，部門 EBITDA 小幅上升了 2%。</p><p>這一扭轉仍處於初期階段，但已經取得了明顯進展。</p><h2 id="i8jtdd8p">3. 新興業務為阿里巴巴提供了良好的上行空間</h2><p>阿里巴巴還運營着多個新興業務，其中國際商務部門（AIDC）發展最為成熟。該部門包括其 AliExpress 跨境業務，連接中國賣家與海外買家，以及專注於土耳其和中東本地商家的 Trendyol。它還在擴展其菜鳥物流業務，以更好地服務 AliExpress 並縮短交貨時間，從而提高平台的競爭力。</p><p>其 AIDC 部門增長迅速，上個季度收入增長了 32%。然而，該部門仍對盈利能力造成拖累，上個季度的 EBITDA 為負 6.78 億美元，因為該業務尚未達到規模。</p><p>然而，管理層表示預計該部門將在下一個財政年度實現首次盈利。將該業務轉為盈利將為公司的盈利增長帶來很大的推動。</p><h2 id="ocr7bhvgn">4. 阿里巴巴的股票估值具有吸引力</h2><p>除了面臨的機會外，儘管今年股價大幅上漲，阿里巴巴的股票仍然具有吸引力。截止目前，該股今年以來上漲超過 60%。</p><p>根據 2026 財年的分析師預估，其前瞻市盈率（P/E）約為 15。這大約是其最接近的美國同行 <strong>亞馬遜</strong> 估值的一半。阿里巴巴的資產負債表上還有 231 億美元的現金和短期投資，以及 474 億美元的股權和其他投資，佔其市值的 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>數據來源：YCharts。</p><p>雖然我認為阿里巴巴不應該與亞馬遜有相同的估值，但我認為有空間縮小這一差距。同時，該公司在不久的將來有很大的潛力開始加速收入和盈利增長，使其成為一個值得購買的穩健選擇。</p>

阿里財報，一站看懂！

阿里巴巴

阿里巴巴-W

<p>中國股市蓬勃發展，尤其是阿里巴巴，其在人工智能方面的進展、電子商務業務的轉機以及新興領域的增長備受關注。該公司正與主要科技公司合作，並在雲計算和國際商業部門實現了顯著的收入增長。儘管今年股價上漲了 60%，阿里巴巴與亞馬遜等競爭對手相比，仍然具有吸引力的估值，擁有強大的現金儲備和未來盈利增長的潛力</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>儘管美國股市承壓，但中國股票的美國存託憑證（ADRs）突然變得炙手可熱。未來可能還有更多的上漲空間。</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國股票之一是 <strong>阿里巴巴</strong>（BABA -1.26%）。讓我們來看一下購買該股票的四個理由，彷彿沒有明天。</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領域引領潮流</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>儘管面臨先進半導體的出口限制，中國公司在人工智能（AI）領域取得了重大進展，而阿里巴巴是該領域的領導者之一。該公司表示，其最新的 Qwen 2.5 模型在性能上超越了競爭對手，包括中國競爭對手 DeepSeek 以及美國公司如 <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>除了基礎模型外，阿里巴巴還提供多個特定任務的開源模型。今年秋季，它推出了超過 100 個這樣的模型，包括專門為數學和編程等領域設計的模型。與此同時，本月初，它推出了一款新的 AI 助手，基於其新的 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 實力開始在其雲智能業務中顯現，這是其雲計算部門。上個季度，該部門的收入增長了 13%，儘管公司繼續讓低利潤的合同收入流失，但與 AI 相關的收入再次翻了一番。與此同時，盈利能力飆升，部門調整後的息税折舊攤銷前利潤（EBITDA）增長了 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，該公司開始與其他領先的科技公司合作。<strong>蘋果</strong> 將使用阿里巴巴的 AI 模型來推動其在中國的 Apple Intelligence 解決方案，這是一個重大勝利。同時，它最近與中國 AI 初創公司 Manus AI 合作，共同開發代理 AI，使得 AI 代理能夠為用户執行任務。</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>圖片來源：Getty Images。</p>
</div><h2>2. Alibaba is turning around its core e-commerce businesses</h2>
<div class="lb-trans"><h2>2. 阿里巴巴正在扭轉其核心電商業務</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 機會外，阿里巴巴還看到其電商業務正在扭轉局面，該業務包括領先的平台天貓和淘寶。前者是一個電商市場，成熟品牌在此銷售商品，而後者則允許個人和企業銷售商品。</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>這些業務由於中國經濟疲軟和競爭壓力而受到影響。然而，公司在其電商部門進行了大量投資，首先幫助提升其商品交易總值（GMV），即通過其平台銷售的商品總值，然後更好地實現平台的貨幣化。這體現在增加小額軟件服務費、推廣其 88VIP 會員以及開發新的 AI 營銷工具 “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>上個季度，這些努力開始見效，第三方收入增長了 9%，整體部門收入增長了 5%。與此同時，部門 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>這一扭轉仍處於初期階段，但已經取得了明顯進展。</p>
</div><h2>3. Emerging businesses offer Alibaba some good upside</h2>
<div class="lb-trans"><h2>3. 新興業務為阿里巴巴提供了良好的上行空間</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>阿里巴巴還運營着多個新興業務，其中國際商務部門（AIDC）發展最為成熟。該部門包括其 AliExpress 跨境業務，連接中國賣家與海外買家，以及專注於土耳其和中東本地商家的 Trendyol。它還在擴展其菜鳥物流業務，以更好地服務 AliExpress 並縮短交貨時間，從而提高平台的競爭力。</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 部門增長迅速，上個季度收入增長了 32%。然而，該部門仍對盈利能力造成拖累，上個季度的 EBITDA 為負 6.78 億美元，因為該業務尚未達到規模。</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，管理層表示預計該部門將在下一個財政年度實現首次盈利。將該業務轉為盈利將為公司的盈利增長帶來很大的推動。</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>除了面臨的機會外，儘管今年股價大幅上漲，阿里巴巴的股票仍然具有吸引力。截止目前，該股今年以來上漲超過 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>根據 2026 財年的分析師預估，其前瞻市盈率（P/E）約為 15。這大約是其最接近的美國同行 <strong>亞馬遜</strong> 估值的一半。阿里巴巴的資產負債表上還有 231 億美元的現金和短期投資，以及 474 億美元的股權和其他投資，佔其市值的 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>數據來源：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>雖然我認為阿里巴巴不應該與亞馬遜有相同的估值，但我認為有空間縮小這一差距。同時，該公司在不久的將來有很大的潛力開始加速收入和盈利增長，使其成為一個值得購買的穩健選擇。</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領域領先，推出多款新模型，收入增長顯著。  
- 其電商業務正在復甦，第三方收入和整體收入均有所上升。  
- 阿里巴巴股票估值吸引，未來有望加速收入和盈利增長。  

中國的牛市持續增長，購買阿里巴巴的 4 個理由，不容錯過