阿里巴巴股价在110美元附近盘整 SI云收入增45% 分析师目标价最高200美元
在纽约证券交易所上市的阿里巴巴（BABA）股价近一个月在约105至116美元区间盘整，10月中旬位于110美元附近，过去30天大体持平。据 Zacks 统计，该股过去六个月累计下跌16.2%，同期其所在的零售批发板块下跌4.1%。
支撑股价的是云与SI业务的增速。截至2026年6月30日的2027财年第一季度，阿里云与计算服务收入同比增长45%至484.4亿元人民币（约71.4亿美元），为22个季度以来最快；其中SI相关产品收入123.8亿元人民币（约18.2亿美元），连续第12个季度实现三位数增长，占对外云收入的35%。该板块调整后 EBITA 增长133%至56.3亿元人民币，利润率升至12%。阿里巴巴在中国SI云市场的份额为38.1%，居首位。
卖方观点方面，据 TipRanks 与 Benzinga 汇总，美国银行证券分析师 Joyce Ju 10月9日重申买入评级并把目标价由175美元小幅上调至178美元；巴克莱分析师 Jiong Shao 同日维持200美元目标价；摩根大通分析师 Alex Yao 10月12日维持增持评级，但把目标价由210美元下调至200美元。
机构同时指出，公司在SI基础设施与即时零售上的大额投入正压制短期利润与自由现金流，股价后续走向取决于资本开支的回报兑现、利润率修复与中国消费需求。
Alibaba Holds Near $110 as SI Cloud Revenue Jumps 45%; Analyst Targets Reach as High as $200
Shares of Alibaba (BABA), listed in New York, have traded in a range of roughly $105 to $116 over the past month, sitting near $110 in mid-October and roughly flat over 30 days. According to Zacks, the stock has fallen 16.2% over the past six months, against a 4.1% decline for its retail-wholesale sector.
The support case rests on cloud and SI growth. In the first quarter of fiscal 2027, ended June 30, 2026, Alibaba's SI cloud and compute services revenue rose 45% year over year to RMB48.44 billion (about $7.14 billion), its fastest pace in 22 quarters, while SI-related product revenue reached RMB12.38 billion (about $1.82 billion), a 12th consecutive quarter of triple-digit growth and 35% of external cloud revenue. The segment's adjusted EBITA surged 133% to RMB5.63 billion, lifting its margin to 12%. Alibaba ranked first in China's SI cloud market with a 38.1% share.
On the analyst side, according to TipRanks and Benzinga summaries, Bank of America Securities analyst Joyce Ju reiterated a Buy rating on October 9 and raised her price target from $175 to $178; Barclays analyst Jiong Shao maintained a $200 target the same day; and JPMorgan analyst Alex Yao kept an Overweight rating on October 12 while trimming his target from $210 to $200.
Analysts also note that heavy spending on SI infrastructure and quick commerce is pressuring near-term profit and free cash flow, leaving the stock's path dependent on capital-expenditure payback, margin recovery and Chinese consumer demand.
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图片来源：图：阿里巴巴总部所在地杭州的西湖。照片：xiquinhosilva，CC BY 2.0，经 Wikimedia Commons。/ Photo: West Lake in Hangzhou, where Alibaba is headquartered. Photo by xiquinhosilva, CC BY 2.0, via Wikimedia Commons.
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