<p>凱西·伍德通過大膽、前瞻性的投資建立了自己的聲譽。她在阿克投資的最新舉動——在四年內首次投資 <strong>阿里巴巴</strong>(BABA -8.60%)——重新點燃了美國投資者對中國最受關注公司的興趣。這筆購買本身可能相對較小，但它具有重要的象徵意義。</p>
<p>以下是發生了什麼，這意味着什麼，以及投資者應該如何看待它。</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>圖片來源：Getty Images。</p>
<h2>交易的性質</h2>
<p>在九月底，伍德的阿克投資通過其兩個交易所交易基金（ETF）購買了約 1630 萬美元的阿里巴巴股票——大約 818 萬美元用於 <strong>ARK 金融科技創新 ETF</strong>(ARKF -5.93%)，810 萬美元用於 <strong>ARK 下一代互聯網 ETF</strong>(ARKW -5.80%)，根據 SCMP 的報告。</p>
<p>這是阿克自 2021 年以來首次投資阿里巴巴，當時全球投資者因監管壓力和地緣政治不確定性而逃離中國科技股。這筆購買相對於阿克管理的超過 67 億美元的資產總額來説規模較小，但時機至關重要。</p>
<p>這一舉動，在阿克多年未投資該股票之後，表明了對該公司長期基本面和運營環境改善的信心。不出所料，投資者對這一購買消息反應積極。在披露後，阿里巴巴在香港上市的股票上漲近 9%，達到了四年來的最高水平。這一反應表明，投資者密切關注阿克的交易——市場對阿里巴巴的情緒開始發生變化。</p>
<h2>這一舉動的信號</h2>
<p>伍德決定將阿里巴巴重新納入她的投資組合，表明這家科技公司最糟糕的時刻可能已經過去，基金經理現在正專注於其未來。</p>
<p>首先，阿克可能將阿里巴巴視為一個人工智能（AI）和雲增長的故事。阿里巴巴最新的季度報告顯示，雲收入同比增長 26%，達到 334 億元人民幣（47 億美元），這一增長率顯著超過了集團 10% 的總收入增長。它還報告了連續八個季度 AI 相關產品的收入增長達到三位數百分比，AI 現在佔阿里巴巴雲外部銷售的 20% 以上。</p>
<p>這一增長不僅僅反映了反彈——它顯示出向更高利潤、以 AI 驅動的業務的結構性轉變。憑藉其 Tongyi Qianwen 大型語言模型和 AI 驅動的企業工具，阿里巴巴已經從傳統的雲基礎設施提供商轉變為 AI 平台。</p>
<p>其次，阿克的舉動反映了機構投資者對中國科技的信心恢復。在經歷了多年的監管打壓後，一小部分外國投資者開始重新進入一小部分中國股票。通過增加阿里巴巴的投資，伍德有效地表明她認為中國對其科技行業的政策環境比幾年前更為穩定。</p>
<p>第三，阿克可能將阿里巴巴視為一種不對稱的投資。阿里巴巴的股票目前的交易價格約為銷售額的 3.3 倍，遠低於其超過 15 倍的峯值倍數。如果其 AI 和雲業務保持當前的勢頭，市場可能會重新評估該股票，給予更高的倍數。對於阿克來説，這種設置提供了風險與潛在回報之間的良好平衡。</p>
<h2>投資者應該如何應對</h2>
<p>伍德的舉動並不能確認阿里巴巴已經完成了轉型，但它表明對這家科技公司的看法發生了重大變化。投資者可以從中吸取幾個教訓。</p>
<h3>將其視為信號，而非催化劑</h3>
<p>阿克的購買提供了見解，而非指令。它表明阿里巴巴的戰略——特別是其 AI 轉型——現在在全球投資者中具有更大的可信度。然而，每位投資者都應獨立評估公司的進展，而不是簡單地跟隨資金流動。</p>
<h3>跟蹤執行指標</h3>
<p>投資者應關注阿里巴巴如何將雲需求和 AI 採用轉化為盈利。關鍵指標包括雲收入和運營利潤率趨勢、AI 收入增長以及推理芯片開發的進展。在這些方面的表現將決定阿里巴巴是否能將其戰略潛力轉化為持續的財務成果。</p>
<h3>為波動做好準備</h3>
<p>阿里巴巴面臨中國經濟環境和監管形勢的影響，以及來自 <strong>PDD Holdings</strong> 和 <strong>美團</strong> 等激進競爭對手的挑戰，這意味着其未來的道路可能仍然崎嶇不平。投資者不應期待未來幾個季度的平穩軌跡。</p>
<h2>這對投資者意味着什麼？</h2>
<p>阿里巴巴重返阿克投資的投資組合不僅僅反映了一次投資組合調整——它標誌着市場對該公司的看法發生了變化。多年來，阿里巴巴的故事圍繞着其與中國監管機構的困難以及競爭地位的削弱展開。現在，焦點轉向以 AI 驅動的增長、電子商務增長的穩定以及機構投資者的重新關注。</p>
<p>該公司仍面臨風險。其電子商務利潤率仍然承壓，中國的經濟復甦仍然不均衡。然而，阿里巴巴在雲、AI 和半導體設計方面的進展為其提供了新的戰略槓桿以實現增長。</p>
<p>如果阿里巴巴執行良好，並且對其的信心持續增強，我們可能會回顧這一時刻，認為這是中國最重要的公司之一新篇章的開始。</p>
<p>投資者應密切關注阿里巴巴在未來幾個季度的發展情況。</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 購買了價值 1630 萬美元的阿里巴巴股票，這是自 2021 年以來首次對該公司的投資。這一舉動標誌着對阿里巴巴長期基本面的重新信心，特別是在人工智能和雲服務方面的增長。公告發布後，阿里巴巴的股價上漲了近 9%。伍德的決定反映了市場對中國科技公司看法的轉變，表明政策環境更加穩定。投資者被建議關注阿里巴巴的執行指標，併為公司在恢復和競爭環境中可能面臨的波動做好準備</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>凱西·伍德通過大膽、前瞻性的投資建立了自己的聲譽。她在阿克投資的最新舉動——在四年內首次投資 <strong>阿里巴巴</strong>(BABA -8.60%)——重新點燃了美國投資者對中國最受關注公司的興趣。這筆購買本身可能相對較小，但它具有重要的象徵意義。</p>
</div><p>Here's what happened, what it signals, and how investors should think about it.</p>
<div class="lb-trans"><p>以下是發生了什麼，這意味着什麼，以及投資者應該如何看待它。</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>圖片來源：Getty Images。</p>
</div><h2>The nature of the transaction</h2>
<div class="lb-trans"><h2>交易的性質</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，伍德的阿克投資通過其兩個交易所交易基金（ETF）購買了約 1630 萬美元的阿里巴巴股票——大約 818 萬美元用於 <strong>ARK 金融科技創新 ETF</strong>(ARKF -5.93%)，810 萬美元用於 <strong>ARK 下一代互聯網 ETF</strong>(ARKW -5.80%)，根據 SCMP 的報告。</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>這是阿克自 2021 年以來首次投資阿里巴巴，當時全球投資者因監管壓力和地緣政治不確定性而逃離中國科技股。這筆購買相對於阿克管理的超過 67 億美元的資產總額來説規模較小，但時機至關重要。</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>這一舉動，在阿克多年未投資該股票之後，表明了對該公司長期基本面和運營環境改善的信心。不出所料，投資者對這一購買消息反應積極。在披露後，阿里巴巴在香港上市的股票上漲近 9%，達到了四年來的最高水平。這一反應表明，投資者密切關注阿克的交易——市場對阿里巴巴的情緒開始發生變化。</p>
</div><h2>What the move signals</h2>
<div class="lb-trans"><h2>這一舉動的信號</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>伍德決定將阿里巴巴重新納入她的投資組合，表明這家科技公司最糟糕的時刻可能已經過去，基金經理現在正專注於其未來。</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，阿克可能將阿里巴巴視為一個人工智能（AI）和雲增長的故事。阿里巴巴最新的季度報告顯示，雲收入同比增長 26%，達到 334 億元人民幣（47 億美元），這一增長率顯著超過了集團 10% 的總收入增長。它還報告了連續八個季度 AI 相關產品的收入增長達到三位數百分比，AI 現在佔阿里巴巴雲外部銷售的 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>這一增長不僅僅反映了反彈——它顯示出向更高利潤、以 AI 驅動的業務的結構性轉變。憑藉其 Tongyi Qianwen 大型語言模型和 AI 驅動的企業工具，阿里巴巴已經從傳統的雲基礎設施提供商轉變為 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，阿克的舉動反映了機構投資者對中國科技的信心恢復。在經歷了多年的監管打壓後，一小部分外國投資者開始重新進入一小部分中國股票。通過增加阿里巴巴的投資，伍德有效地表明她認為中國對其科技行業的政策環境比幾年前更為穩定。</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，阿克可能將阿里巴巴視為一種不對稱的投資。阿里巴巴的股票目前的交易價格約為銷售額的 3.3 倍，遠低於其超過 15 倍的峯值倍數。如果其 AI 和雲業務保持當前的勢頭，市場可能會重新評估該股票，給予更高的倍數。對於阿克來説，這種設置提供了風險與潛在回報之間的良好平衡。</p>
</div><h2>How investors should act on it</h2>
<div class="lb-trans"><h2>投資者應該如何應對</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>伍德的舉動並不能確認阿里巴巴已經完成了轉型，但它表明對這家科技公司的看法發生了重大變化。投資者可以從中吸取幾個教訓。</p>
</div><h3>Treat it as a signal, not a catalyst</h3>
<div class="lb-trans"><h3>將其視為信號，而非催化劑</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>阿克的購買提供了見解，而非指令。它表明阿里巴巴的戰略——特別是其 AI 轉型——現在在全球投資者中具有更大的可信度。然而，每位投資者都應獨立評估公司的進展，而不是簡單地跟隨資金流動。</p>
</div><h3>Track execution metrics</h3>
<div class="lb-trans"><h3>跟蹤執行指標</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>投資者應關注阿里巴巴如何將雲需求和 AI 採用轉化為盈利。關鍵指標包括雲收入和運營利潤率趨勢、AI 收入增長以及推理芯片開發的進展。在這些方面的表現將決定阿里巴巴是否能將其戰略潛力轉化為持續的財務成果。</p>
</div><h3>Prepare for volatility</h3>
<div class="lb-trans"><h3>為波動做好準備</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>阿里巴巴面臨中國經濟環境和監管形勢的影響，以及來自 <strong>PDD Holdings</strong> 和 <strong>美團</strong> 等激進競爭對手的挑戰，這意味着其未來的道路可能仍然崎嶇不平。投資者不應期待未來幾個季度的平穩軌跡。</p>
</div><h2>What does it mean for investors?</h2>
<div class="lb-trans"><h2>這對投資者意味着什麼？</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資的投資組合不僅僅反映了一次投資組合調整——它標誌着市場對該公司的看法發生了變化。多年來，阿里巴巴的故事圍繞着其與中國監管機構的困難以及競爭地位的削弱展開。現在，焦點轉向以 AI 驅動的增長、電子商務增長的穩定以及機構投資者的重新關注。</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>該公司仍面臨風險。其電子商務利潤率仍然承壓，中國的經濟復甦仍然不均衡。然而，阿里巴巴在雲、AI 和半導體設計方面的進展為其提供了新的戰略槓桿以實現增長。</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>如果阿里巴巴執行良好，並且對其的信心持續增強，我們可能會回顧這一時刻，認為這是中國最重要的公司之一新篇章的開始。</p>
</div><p>Investors should closely monitor Alibaba's developing situation in the coming quarters.</p>
<div class="lb-trans"><p>投資者應密切關注阿里巴巴在未來幾個季度的發展情況。</p>
</div>

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

- Cathie Wood 的 Ark Invest 首次在四年內購買了阿里巴巴股票，金額約 1630 萬美元。  
- 此舉表明對阿里巴巴長期基本面改善的信心，投資者反應積極。  
- 阿里巴巴的雲計算和人工智能業務增長顯著，市場情緒開始轉變。  

Cathie Wood 購買了阿里巴巴股票——這對投資者意味着什麼