亚马逊与阿里巴巴：分化战略，趋同野心

EquitiesInternet Software & Services Amazon vs Alibaba: Divergingstrategies,convergingambitions Global ◆AliCloud is set to outgrow AWS, driven by AI and overseasexpansion, while AWS maintains leading scale and profitability◆Amazon retail faces less competition and enjoys highermarginthan Alibaba but its quick commerce(QC)lossesarenarrowing◆Alibaba trades at a discount to AWS on cloud valuation andoffers capital returnsbut can be more susceptible to geopolitics Our new series‘In Stereo’brings together two companies running similarbusinesses but operating in very different geographies to refresh ourunderstanding of their strategies and outlooks. Subscribehereto the series. Charlene Liu*Head of Internet and Gaming Research, Asia PacificThe Hongkong and Shanghai Banking Corporation Limited,Singapore Branchcharlene.r.liu@hsbc.com.sg+65 6658 0615 AmazonvsAlibaba:Both are titans of global e-commerce and cloud computingbutgiven competition andtheinvestment cycle, Amazongross merchandise value(GMV)marginand cloud margin lead Alibababy4x.Having said that, both areincreasingly defined by their divergent strategies in cloud and AI. Paul Rossington*Senior Global Tech Platforms AnalystHSBC Bank plcpaul.rossington@hsbcib.com+44 20 7991 6734 ◆Diverging AI strategies:AmazonWebServices (AWS)remains the world’s largestand most profitable cloud provider, but AliCloud is closing the gap in technology andinternational reach. Notably, AliCloud’s AI-related revenues now exceed 20% ofexternal cloud sales and are growing at triple-digit rates,leveraging quick adoptionof its self-developedopen-sourcemodels, positioning Alibaba as a leader in China’sAI ecosystem and a credible challenger abroad. AWS, meanwhile, focuses on aplatform approach, offering a broad suite of third-party and in-house models, andleverages its unmatched capex and chip development to maintain its edge. Charlotte Wei*Analyst, Internet Research The Hongkong and Shanghai Banking Corporation Limitedcharlotte.wei@hsbc.com.hk+852 2996 6539 Charlie Rothbarth*Global Tech Platforms AnalystHSBC Bank plccharlie.rothbarth@hsbc.com+44 203 2685284 ◆Varying intensity in e-commerce competition:Amazon enjoys a morefavourable competitive landscape in the US and Europe, supporting higher takerates and operating margins. Its asset-heavy model, underpinned by logisticsand Prime membership, drives customer loyalty and efficiency gains.Conversely,Alibaba’s asset-light marketplace model faces intense competitionfrom Pinduoduo, Douyin, and others, as well as regulatory scrutiny, resulting inlower take rates and thinner margins. However, Alibaba’s investments in AI-powered features,QC, and international expansion are expected to defend andpotentially revive growth in its core marketplace. Peishan Wang*Analyst, Internet ResearchThe Hongkong and Shanghai Banking Corporation Limitedpeishan.wang@hsbc.com.hk+852 3941 7008 Nicolas Cote-Colisson*MD, Head of Global Tech PlatformsHSBC Continental Europenicolas.cote-colisson@hsbcib.com+44 20 7991 6826 Lauren Cai*AssociateGuangzhou Valuation trends are converging, with both stocks rated Buy:On a PE basis,Amazon trades at a premium to Alibaba, but the gap has narrowed. We use reverseSOTP (page 44) to compare the valuation of the cloud units. This methodologysuggests that AliCloud has a negative valuation, vs AWS’s valuation of 8x P/S,reflecting higher perceived risks but also offering upside as AI and cloud growthaccelerate. Amazon’s premium is supported by its robust balance sheet, global scale,and consistent reinvestment strategy, while Alibaba’sshareholder returnandimproving margins provide additional support. Both companies are wellpositioned tobenefit from the ongoing global shift to cloud and AI, but investors should remainmindful of regulatory, competitive, and macroeconomic risks, particularly in China. * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulations. HSBC Global Investment Summit 14 to 16 April 2026 Find out more Issuer of report:The Hongkong and ShanghaiBankingCorporation Limited, Singapore Branch Disclosures & DisclaimerThis report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. View HSBC Global Investment Research at:https://www.research.hsbc.com In Stereo-graphic Alibaba(BABA US) Amazon(AMZN US) ◆Alibaba operates a giant e-commerce ecosystem in Chinathat straddles e-commerce, OMO(onlinemergeoffline)supermarkets, food delivery,and on-demand retail, the cloudand artificial intelligence (AI) and much more. ◆Amazon is the market leading e-commerce retailer in NorthAmerica covering general merchandise, grocery,and digitalsubscriptions, and the largest cloud service provider globallyvia AWS, including artificial intelligence (AI). ◆Alibaba’s strengths are rooted in its extensive ecosystem,strong merchant retention, and advanced technology anddata