Citigroup released a research report stating an increase in alibaba's target price from 115 Hong Kong dollars to 135 Hong Kong dollars, while maintaining a 'buy' rating. The bank believes the latest mmf and fiscal policies seem to improve wealth effects, as well as drive consumer sentiment and desire. The bank expects alibaba to accelerate investment in market promotion to boost singles' day sales GMV. The report mentions that due to Taotian's service fees and the gradual adoption of the newly launched advertising system, the bank expects customer management revenue (CMR) growth to gradually increase in the coming fiscal quarters, aligning more closely with GMV growth. The bank maintains its financial estimates for the company unchanged but introduces forecast numbers for the fiscal year 2026 and applies higher valuation multiples to Taotian Group to reflect the latest industry valuation revaluation.