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Hang on these words from Alibaba: Analyst

Investors shouldn't expect China's stock market volatility to have much effect on Alibaba's growth, says Wedbush Securities Managing Director Gil Luria.

China's struggling economy is a chief theme to watch when Alibaba reports before Wednesday's market open.

"The commentary on the impact of the Chinese economy and stock market—those words will be parsed even more finely than Fed speak," Luria said.

Read MoreSome headwinds for Alibaba ahead of earnings: Analysts

He's also watching the gross merchandise volume coming from Alibaba's online mall, Tmall. The Street is looking for it to be higher than 60 percent.

Luria, who has a "buy" rating on the stock and a $115 price target going into earnings, is paying close attention to Alibaba's number of click-throughs, known as "take rate."

He believes the stock will move higher on the report, which comes just a couple of days after Alibaba said it would invest $4.5 billion in Chinese electronics retailer Suning Commerce Group. The new investment makes Alibaba the second largest shareholder in the company.