Minsheng Securities: First to give Alibaba-SW a "recommended" rating, establishing two major focuses on "user-first, AI-driven"

Minsheng Securities released a research report stating that the inclusion of Alibaba-SW in the Hong Kong Stock Connect is expected to improve liquidity. They initiated coverage with a "buy" rating for the first time, with estimated adjusted EPS for FY2025-2027 at 7.85/8.62/9.53 yuan respectively. The bank believes that Alibaba's strategic restructuring is expected to stimulate business vitality, focusing on the core business to achieve growth restart. With the slowdown in competition in the e-commerce industry, Alibaba's traditional shelf e-commerce advantage is profound, and is expected to maintain stable market share; the cloud business, driven by AI, has great potential for future development