CMB International Securities: Reiterates Alibaba-W (09988.HK) as top pick with a "buy" rating.

According to the Zhitong Finance APP, CMB International released a research report stating that based on the strong execution, business synergy, and full-stack technical product system of Alibaba-W (09988.HK), the AI core benefits position, reiterated as the preferred target, with a rating of "buy". Alibaba officially launched the flagship client AI application "Qianwen APP", positioned as "Alibaba's most powerful model official AI assistant", with features such as dialogue questioning, intelligent writing, and multi-modal all-round camera functions; compared to ChatGPT's model of integrating third-party applications, the bank believes that Alibaba's self-built full ecosystem product system and free strategy constitute a competitive advantage, with short-term attention needed to the growth of daily active users (DAU).