CICC: Rates Alibaba as Buy

CICC has released a research report on Alibaba-SW, believing that the establishment of the Alibaba Token Hub business group has the potential to break through AI business barriers, strengthen the "model-intermediate layer-application" closed loop, and improve computing power efficiency and commercial synergies. By integrating the Tengyi Laboratory, MaaS, and C/B-end applications, Alibaba accelerates the landing of AI and seizes application opportunities in 2026. Risks include macroeconomic regulation, intensified competition, and AI progress falling short of expectations.