Daiwa analysts said Alibaba’s long-term outlook remains promising despite weaker-than-expected Q3 profitability. They are cautious on overall profitability but constructive on Alibaba Cloud’s medium-term AI monetization, highlighting the new Token Hub unit as a core engine for scalable token-based consumption. Food delivery losses stayed high in the December quarter but are expected to narrow next quarter. Daiwa maintains a buy rating but lowers the target price to HK$184 from HK$191.(金十数据)