CITIC issued a research report that recently, with the gradual warming of the macro environment$BABA-SW (09988.HK) $The performance of the market has improved significantly. In the short term, the rebound in the company's e-commerce performance continues to drive the repair of the company's overall valuation; on the other hand, with Internet regulation continuing to send positive signals, BABA's institutional holdings have declined for seven consecutive quarters, for the first time in the second quarter of 2022 (as of June 28, 2022) positive growth.

The bank said that in the long run, BABA will still be an important participant in China's digital intelligence process, with complete layout of underlying technologies such as cloud computing, AI and intelligent driving, and leading application development potential at the upper level, but the market has not valued many of the company's business layouts. The bank believes that when the external environment of the market improves, the company's long-term technological value is expected to be re-recognized, and the bank is relatively optimistic about the company's medium-and long-term digital business service capabilities. The bank maintains the company's target price of HK $160 and its "buy" rating.