After checking the dynamic P/E ratio and forward-looking P/E ratio of Alibaba among the top 20 technology stocks in the world, it is almost the lowest. In fact, the business is slowly reversing the decline of the previous two years: the independent state of each business line in the previous two years has returned to "ONEALIBABA" this year, integrating its Taobao e-commerce (such as Taobao and Tmall) and local life services (such as Ele.me) resources to form a unified and collaborative business system. The recent flash sale daily orders exceeding 80 million can also demonstrate the effectiveness of collaboration. In recent quarters, the performance has continued to rebound, the cloud business is stable, and the AI layout is in place (investing in most domestic AI companies). At the same time, self-developed Tongyi Qianwen has also performed well, and there has been a significant repurchase effort this year. Actually, the important thing is the return of Teacher Ma, which has significant political implications. Ant International is about to go public, and the overall listing of Ant Group is expected to be on the agenda in the future. More importantly, Jiang Fan's position as the crown prince of Alibaba has truly been firmly established: he led Taobao's successful mobile transformation and live streaming strategy at that time, but due to personal issues, he was transferred to Alibaba's international business for only two or three years and started Alibaba's international business again. Now, he has returned to the core of Alibaba while controlling the Taobao series and ONE ALIBABA, which can be considered as the number one actual business of Alibaba. He is a ruthless person. Having a very young but accomplished future commander with top-notch strategic vision and skills is crucial for a large enterprise. https://(x.com)/i/grok/share/ecGqwJX3qXVPKI7Nthi2WBKPy