HSBC Global Research released a report stating that Alibaba’s GMV recorded strong growth in the second half of March, partly due to the low base, but considering that the recovery of the consumer market may take longer to see a more significant improvement, and it is expected that direct sales The future growth of the retail and cloud computing business will be relatively conservative, so the forecast of core business customer management revenue (CMR) in 2024 will be lowered, and the revenue forecast from 2024 to 2025 will be cut by about 3%. Ali announced earlier that its business has been reorganized into six major sectors. The bank believes that the reorganization will have a positive impact and help maintain business profitability. Therefore, it maintains its profit forecast for 2024 to 2025. Taking into account the factors of the RMB appreciation forecast, the bank will Baba raised its target price from HK$135 to HK$139 and maintained a buy rating.