Open-source Securities: Maintains "Buy" rating on Alibaba-W (09988.HK) as AI saturating investment drives industry growth.

Zh tng cijng ji APP hu zh, kiyun zhngqun fb ynbo chng, lbb-W (09988.HK) jj tur AI jch shsh jinsh bng jhu zhuji gng du tur yuwng dudng yn yw zngzhn tsh, to tin dunq jid shngu tur, dn yngh liling zngzhn xinzh j dinshng jsh fw fi gngxin shur zngling, gi hng wich FY2026-2028 nin tiozhng hu jngl yc 1405/1629/1898 yyun, duyng tngb zngs -11.2%/+16.0%/+16.5%, duyng tndilu hu EPS wi 7.6/9.1/10.9 yun, dngrn gji duyng 19.1/16.1/13.4 bi PE, jj tur shngu qingzhn jsh lngshu fn', qunmin bj AI qdng jizh chng g, wich "mir" pngj. According to the Zhitong Financial App, Open Source Securities released a research report stating that Alibaba-W (09988.HK) is actively investing in AI infrastructure construction and plans to increase more investments, which is expected to drive the growth acceleration of cloud business. Taotian has increased its short-term investment in flash sales, but the significant increase in user traffic and the contribution of e-commerce technology service fees have led to incremental income. The bank maintains adjusted net profit forecasts for FY2026-2028 at 1405/1629/1898 billion yuan, corresponding to year-on-year growth rates of -11.2%/+16.0%/+16.5%, with diluted EPS of 7.6/9.1/10.9 yuan. The current stock price corresponds to PE multiples of 19.1/16.1/13.4 times, actively investing in flash sales to seize instant retail market share, and comprehensively laying out AI-driven value reassessment, maintaining a "buy" rating.