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阿里巴巴集團(9988.HK) 2026投資分析

AI cloud growth represented by increasing graphs and clouds with servers versus large blocks showing cash flow and expenditure pressures

Alibaba Group is transitioning from a Chinese e-commerce company to an AI cloud platform, showing a 34% cloud revenue growth. However, its free cash flow has turned negative, signaling a need for cash generation improvement. Investors should focus on cloud growth and positive cash flow before increasing their stake.