Jefferies Financial published a research report stating that Alibaba has already developed a clear strategy and has solid execution capabilities, which can unleash the potential of various businesses. As for Taotian Group, the bank expects that the year-on-year growth gap between GMV and CMR by the end of September will narrow. Along with the synergistic effect with WeChat Pay, it will unlock the rising potential of young users and users in lower-tier cities. The bank also expects the efficiency of Alibaba's international digital business group to improve, and the stable demand for ai will bring cloud benefits. The bank predicts that the group's investment in 88VIP of Taotian Group will increase, while the fundamentals of Alibaba's international digital business group and other businesses will improve. The bank rates Alibaba as a 'buy', with a target price of HK$137 for the listed in hong kong shares.