According to the Securities Times APP, Citigroup released a research report stating that Alibaba-SW (09988) has raised its target price from 115 Hong Kong dollars to 135 Hong Kong dollars, maintaining a "buy" rating. The bank believes that the latest monetary and fiscal policies appear to improve wealth effects, while boosting consumer sentiment and desire. The bank expects Alibaba to accelerate investment in market promotion to drive Singles' Day GMV.

The report states that due to Taobao's service fees and the gradual adoption of the newly launched advertising system, the bank expects Customer Management Revenue (CMR) to gradually increase, aligning with GMV growth in the coming quarters. The bank maintains unchanged financial estimates for the company, but introduces forecast numbers for the 2026 fiscal year and higher valuation multiples for Taobao to reflect the latest industry valuation reassessment.