1. Alibaba's core business stabilizes with record monthly active users and 46M loyal VIP members; 2. Political risk is at its lowest since COVID, and market share reduction eases monopoly concerns; 3. Cloud and AI show strong momentum with triple-digit growth in AI products and the Qwen 2.5 model outperforming Meta's Llama 3; 4. Trading at a significant discount, with loss-making segments expected to turn profitable within 1-2 years and international commerce growing 29% YoY.