According to a research report, Alibaba will hold the 2026 Yunqi Conference in Hangzhou from September 22 to 24. The theme is Intelligence Goes Beyond. It is expected that it may release a series of news such as the QWEN model v3.8 series update, the new QWEN version v3.9 or v4.0, MaaS platform infrastructure and network upgrades, Pingtouge AI/CPU chip upgrades, new or enhanced versions of enterprise intelligence applications, and physical AI, wearable devices, robots, and intelligent device industry cooperation. The bank expects Alibaba to reaffirm its full-stack capabilities and three-year capital expenditure of 380 billion yuan, external cloud revenue target of 100 billion US dollars by fiscal year 2031, and may provide the latest annual MaaS recurring revenue up to the end of September, while maintaining the ARR target of 30 billion yuan at the end of the year. Following the recent weakening of stock prices in the sector, Citi believes that any positive surprise announcement at the Yunqi conference will likely stimulate a positive response to the stock price, develop a 30-day short-term positive view on Ali, maintain a “buy” rating, and target price of HK$189.

According to a research report, Alibaba will hold the 2026 Yunqi Conference in Hangzhou from September 22 to 24. The theme is Intelligence Goes Beyond. It is expected that it may release a series of news such as Qwen model v3.8 series updates, new QWEN v3.9 or v4.0, MaaS platform infrastructure and network upgrades, Pingtou Ge AI/CPU chip upgrades, new or enhanced versions of enterprise intelligence applications, and physical AI, wearable devices, robots, and intelligent device industry cooperation. The bank expects Alibaba to reaffirm its full-stack capabilities and three-year capital expenditure of 380 billion yuan, external cloud revenue target of 100 billion US dollars by fiscal year 2031, and may provide the latest annual MaaS recurring revenue up to the end of September, while maintaining the ARR target of 30 billion yuan at the end of the year. Following the recent weakening of stock prices in the sector, Citi believes that any positive surprise announcement at the Yunqi conference will likely stimulate a positive response to the stock price, develop a 30-day short-term positive view on Ali, maintain a “buy” rating, and target price of HK$189.