CITIC Securities has issued a research report, employing the sum-of-the-parts valuation approach to establish a target price of US$206 per ADR for Alibaba's shares listed in the United States, and HK$201 per share for those listed in Hong Kong. This target price aligns with a 24x Non-GAAP P/E (Price-to-Earnings) ratio projected for the group in the fiscal year 2027, prompting the firm to reaffirm its 'Buy' recommendation. The bank highlighted that Alibaba's cloud business revenue surpassed expectations, while losses in its instant retail operations have contracted, factors expected to fuel medium- to long-term stock price appreciation. Regarding the consumer platform, revenue growth from Customer Management Revenue (CMR) remained steady at 10% in the second quarter of fiscal year 2026. Excluding losses from flash sales, Earnings Before Interest, Taxes, and Amortization (EBITA) for the Taobao and Tmall Group demonstrated mid-single-digit growth. The flash sales sector has transitioned into a phase of efficiency enhancement, displaying notable synergies with the e-commerce segment. In the realm of artificial intelligence (AI), both capital expenditures and cloud revenue exhibited exceptional performance in the second quarter of fiscal year 2026, marked by swift internal revenue expansion. AI-related revenue soared, achieving triple-digit year-on-year growth and accounting for over 20% of the total. Looking forward, Alibaba Cloud is set to persist with its 'One Cloud, Multiple Chips' strategy, with expectations that the growth rate of cloud business revenue will continue its upward trajectory.