美银证券发表报告指，阿里巴巴举行2025云栖大会，阿里云CEO吴泳铭强调，为迎接人工智能超级智能 (ASI)时代的到来，公司将在未来三年内，超越原定的3800亿元预算，进一步增加对人工智能和云端运 算的投资。管理层预期，长远来看，全球可能仅会存在5至6个超级云端运算平台。有鉴于新ASI时代的 巨大机会，公司将自身定位为全球领先的全栈AI服务提供商，提供顶级的大型模型、全球AI云端网 络，以及开放且对开发者友善的生态系统。 在商业化方面，阿里巴巴看好云业务具备庞大增长潜力，主要受强劲的AI原生需求、国际扩张以及传 统产业AI采用率提升所驱动。凭借其全栈式云+AI服务，该行预期阿里电动车、金融及具身智能等垂直 领域将快速增长。该行将其2026至2028财年每股ADS盈利预测上调0%至4%，将美股目标价由168美元 上调至195美元，港股目标价由164港元上调至190港元。基于未来三年云业务复合年增长率预估超过 30%及稳固的电商前景，重申对阿里"买入"评级。 ...

在商业化方面，阿里巴巴看好云业务具备庞大增长潜力，主要受强劲的AI原生需求、国际扩张以及传 统产业AI采用率提升所驱动。凭借其全栈式"云+AI"服务，美银证券预期阿里电动车、金融及具身智能 等垂直领域将快速增长。 该行指阿里巴巴举行2025云栖大会，阿里云CEO吴泳铭强调，为迎接人工智能超级智能(ASI)时代的到 来，公司将在未来三年内，超越原定的3,800亿人民币预算，进一步增加对人工智能和云计算的投资。 管理层认为，大型模型将成为下一代作系统，而AI云将成为下一代电脑。管理层预期，长远来看，全 球可能仅会存在5至6个超级云计算平台。有鉴于新ASI时代的巨大机会，公司将自身定位为全球领先的 全栈AI服务提供商，提供顶级的大型模型、全球AI云端网络，以及开放且对开发者友善的生态系统。 智通财经APP获悉，美银证券发表报告，将阿里巴巴(09988,BABA.US)2026至2028财年每股ADS盈利预 测上调0%至4%，并将目标价由168美元上调至195美元，对应阿里巴巴港股目标价由164港元升至190港 元。基于未来三年云业务复合年增长率预估超过30%及稳固的电商前景，重申对阿里"买入"评级。 ...

Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) rose by 1.26% as of September 25, 2025, with notable increases in constituent stocks such as Hehe Information (688615) up 9.89%, Stone Technology (688169) up 4.88%, and Hengxuan Technology (688608) up 3.99% [1] - The Sci-Tech Artificial Intelligence ETF Huatai (589560) saw a peak increase of over 2%, currently up 1.06%, with a latest price of 1.05 yuan [1] - Over the past week, the Sci-Tech Artificial Intelligence ETF Huatai has accumulated a rise of 2.78%, ranking 2nd out of 9 comparable funds [1] Group 2: AI Investments and Strategies - JD Group announced plans to intensify investments in AI technology, with founder Liu Qiangdong personally leading the JD Exploration Research Institute and recruiting top scientists globally [3] - JD aims to create a trillion-scale AI ecosystem over the next three years, focusing on AI and supply chain sectors, and will open its platform and supply chain data for intelligent enterprise model training and application testing [3] - Alibaba Group's CEO stated that large models represent the next generation of operating systems, with AI cloud being the next computing paradigm, and plans to significantly enhance AI infrastructure with an investment of 380 billion yuan [3] Group 3: Industry Outlook - CMB International noted that the recent Cloud Summit further confirms the growing demand in China's AI and cloud sectors, with trends showing continuous improvement in model capabilities, infrastructure optimization, and a flourishing application ecosystem [4] - Minsheng Securities highlighted that major domestic internet companies are launching cloud expansion strategies and utilizing debt financing to support these initiatives, with Alibaba Cloud aiming to build a global cloud network covering multiple regions [4][5] - The focus on core technologies of the new technological revolution and the potential growth in the AI industry is emphasized, with recommendations to invest in high-growth and high-elasticity funds tracking the AI index [5]

在商业化方面，阿里巴巴看好云业务具备庞大增长潜力，主要受强劲的AI原生需求、国际扩张以及传 统产业AI采用率提升所驱动。凭借其全栈式"云+AI"服务，美银证券预期阿里电动车、金融及具身智能 等垂直领域将快速增长。 美银证券发表报告，将阿里巴巴(09988,BABA.US)2026至2028财年每股ADS盈利预测上调0%至4%，并 将目标价由168美元上调至195美元，对应阿里巴巴港股目标价由164港元升至190港元。基于未来三年云 业务复合年增长率预估超过30%及稳固的电商前景，重申对阿里"买入"评级。 该行指阿里巴巴举行2025云栖大会，阿里云CEO吴泳铭强调，为迎接人工智能超级智能(ASI)时代的到 来，公司将在未来三年内，超越原定的3,800亿人民币预算，进一步增加对人工智能和云计算的投资。 管理层认为，大型模型将成为下一代作系统，而AI云将成为下一代电脑。管理层预期，长远来看，全 球可能仅会存在5至6个超级云计算平台。有鉴于新ASI时代的巨大机会，公司将自身定位为全球领先的 全栈AI服务提供商，提供顶级的大型模型、全球AI云端网络，以及开放且对开发者友善的生态系统。 ...

Summary of Alibaba Group (BABA) Conference Call Company Overview - **Company**: Alibaba Group (BABA) - **Event**: Alibaba Cloud APSARA Conference, Day 1 - **Date**: September 24, 2025 - **Location**: Hangzhou Key Industry Insights - **AI Development**: Alibaba is currently at Stage 2 of 4 in its roadmap to achieve Artificial Superintelligence (ASI), with predictions that Large Language Models (LLMs) will become the next operating system and AI Cloud will be the next computer [1][14] - **Investment in AI**: The global AI industry has seen over US$400 billion in investments in the past year, with expectations to exceed US$4 trillion in the next five years [14] - **Data Center Expansion**: Alibaba anticipates a 10x increase in total data center power consumption by 2032 compared to 2022 [4][18] Financial Performance and Projections - **Stock Performance**: Following the conference, Alibaba's shares reacted positively, with a 10% intra-day increase. The stock has seen a year-to-date increase of over 110% [1] - **Valuation Scenarios**: The refreshed bull case valuation implies a potential upside of over 40%, with a target price of US$179/HK$174. The bear case valuation stands at US$106/HK$103 [1][5] - **Revenue Growth**: Alibaba Cloud's AI revenues have seen triple-digit growth for eight consecutive quarters, now accounting for 20% of total cloud revenues [5] Product and Service Developments - **AI Model Releases**: Alibaba has released over 300 AI models, achieving 6 million downloads and serving over 1 million customers with 170,000 derivative models [18] - **Flagship Model**: The Qwen3-Max model, with 1 trillion parameters, has surpassed competitors like GPT-5 and Claude Opus 4, ranking third on the Chatbot Arena leaderboard [18] - **Agent Development**: The upgraded low-code Agent development platform has seen over 200,000 developers build 800,000 agents, indicating strong adoption across various sectors [23] Strategic Focus Areas - **Global Expansion**: Alibaba Cloud is expanding its international presence, with new data centers planned in regions including Japan, South Korea, France, UAE, Brazil, Malaysia, Netherlands, and Mexico within the next 12 months [24] - **AI Infrastructure**: The company has significantly increased its AI computing power by 5x and storage capacity by 4x over the past year [23] Risks and Challenges - **Market Risks**: Key risks include lower-than-expected GMV growth due to macroeconomic factors and competition, as well as potential deceleration in cloud revenue growth [7] - **Profitability Concerns**: The quick commerce segment is expected to impact group EBITA negatively in the near term, although improvements in unit economics are anticipated [6] Conclusion - **Investment Recommendation**: The company is rated as a "Buy" with a focus on its growth potential in AI and cloud services, differentiating itself from other platforms through its unique offerings and strategic investments [5][6]

Summary of Key Points from the Conference Call Industry and Companies Involved - **Industry**: Data Center and Cloud Services - **Companies**: Alibaba, GDS Holdings, VNET Group Core Insights and Arguments 1. **Alibaba's AI Investment Commitment**: Alibaba's CEO, Eddie Wu, emphasized a commitment to AI investments, with a target of Rmb380 billion over three years, and plans to increase global data center capacity by 10 times by 2032 to support anticipated global AI investments of US$4 trillion in the next five years [1][3] 2. **Expansion Plans**: Alibaba plans to build data centers in Brazil, France, and the Netherlands, while expanding capacity in Mexico, Japan, Korea, Malaysia, and Dubai [1] 3. **Beneficiaries of Alibaba's Investments**: GDS Holdings is identified as a key beneficiary of Alibaba's increasing AI investments, particularly in overseas and domestic data center build-outs. VNET is also expected to benefit from domestic orders [1] 4. **Potential Catalysts for Growth**: The anticipated B30 server updates and shipments in Q4 2025 and Q1 2026, along with new orders in Q4 2025, are seen as positive catalysts for GDS and VNET [1] 5. **Valuation Metrics for Alibaba**: The target price for Alibaba's H-shares is set at HK$183, based on a 12x P/E on FY2026E Ecommerce Group net profit and various P/S ratios for other segments [3] 6. **Risks for Alibaba**: Key risks include failure in executing retail strategy, investment spending pressures, user traffic slowdowns, integration risks from acquisitions, economic slowdowns, and regulatory risks [4] 7. **Valuation for GDS Holdings**: The target price for GDS is set at US$51.2 per share, based on a SoTP valuation of 15x FY26E EV/EBITDA for GDS China and 23x for DayOne [5] 8. **Risks for GDS Holdings**: Risks include revenue fluctuations, potential over-capacity due to government policies, execution risks in delivering data center pipelines, increasing competition, rising utility costs, and interest rate hikes impacting earnings [6] 9. **Valuation for VNET Group**: The target price for VNET is set at US$20.0, based on 16x 2026E adjusted EBITDA, reflecting a premium above the historical average [7] 10. **Risks for VNET Group**: Risks include slower-than-expected demand recovery, intensified competition affecting margins, and lower-than-expected pricing impacting cash flows [8] Other Important but Potentially Overlooked Content - The conference highlighted a broader trend in the industry where peers may follow Alibaba's lead in AI investments, potentially leading to accelerated order growth and stock re-ratings across the sector [1] - The report emphasizes the importance of monitoring macroeconomic conditions and regulatory environments, particularly in the context of US-China trade relations and their impact on the Chinese economy [4]

作者 | 柴旭晨 编辑 | 王小娟 在讲出超级人工智能"ASI"的澎湃故事、拿出三年3800亿元的ALL IN姿态后，这次阿里又站上了全球AI界的C位。 在2025年云栖大会上，阿里巴巴首席执行官吴泳铭畅谈ASI的前景，他认为"大模型是下一代的操作系统"，替代现在OS的地位，AI模型将顺势加速渗透进所 有设备上；而超级AI云将成为下一代的计算机，他断言，未来全世界可能只会有5-6个超级云计算平台。 基于上述可预见的愿景，阿里做了一个战略选择：加码基建投入、开源通义千问，他的阳谋是成为"AI时代的安卓"。这就意味着，阿里要在模型端、算力端 等都保持高速迭代的迅猛姿态，才能在如此内卷的赛道中，锁定赢面。 做到这点并不容易，在会后的访谈中，阿里云CTO周靖人向华尔街见闻坦言，AI市场竞争非常激烈，像Open AI、谷歌、Claude相关的模型都在加速，通义 模型一直在跟全球的领先者你追我赶。 周靖人指出，行业进入加速期后，眼下玩家们比拼的不单单是单几个模型的能力，更重要的是迭代快速创新。 然而，阿里云依旧有底气。在周靖人看来，今天模型之间的竞争，其实是系统的竞争；今天云的竞争，也是模型的竞争，这两者是密不可分的。而 ...

如早前所述，只要科技股及A股继续有好表现，对恒指仍会带来正面支持，料可续于26,300-26,800点水 平整固。另外经昨日之反弹，恒指又再度重上26,500点水平，后市续以20天线(25,958点)为参考，若能 企稳则有望进一步上试26,800点水平。 来源：市场资讯 （来源：真灼财经） 美股三大指数下跌，道指跌0.37%，标普500指数及纳指则分别下跌0.29%及0.34%。反映中概股表现之 金龙指数升逾2.8%。 至于中港股市继续在科技股支持下有好表现。A股方面，在半导体相关概念股造好支持，沪深两市均有 不俗升幅，当中上综指收报3,853点，上升31点或0.83%。深成指则表现更佳，升1.8%，收报13,356点， 两市成交依然活跃，达到2.35万亿元人民币。港股则在阿里巴巴(09988.HK)大升刺激下重上26,500点关 口。恒指早段维持拉锯，其后阿里巴巴宣布推动全球AI计划及与Nvidia合作，刺激股价急升之余亦带动 恒指造好，恒指最多曾升至26,562点，收市报26,518点，上升359点或1.37%，科指则升2.53%，收报 6,323点，全日成交2,888亿元。「ATMXJ」全线上扬，当中阿 ...

Group 1 - Alibaba has publicly disclosed a patent for integrated circuit components and chip packaging, which includes a first wafer with multiple processing units for parallel logic operations and a second wafer with access control units [2] - Researchers from Linköping University in Sweden have developed artificial neurons made from conductive plastics that can simulate advanced functions of biological neurons, presenting significant potential for next-generation implantable sensors and advanced robotics [2] - Microsoft has developed a chip-integrated microfluidic cooling system that can effectively cool servers running core services for Teams meetings, showing performance improvements in heat dissipation compared to traditional cooling methods [2] Group 2 - China successfully launched the 06 group of satellites for the Geli constellation using the Jielong-3 rocket, with the mission achieving its objectives and successfully placing the satellites into their designated orbits [2]

Core Viewpoint - Hangzhou is emerging as a new label, referred to by Bloomberg as the "AI Universe Center of China," driven by a vibrant entrepreneurial culture, substantial government and private funding, and a strong talent pool from local universities [3][4]. Group 1: AI Ecosystem in Hangzhou - The rise of Hangzhou's tech industry is attributed to proactive government policies and a rich private economy, fostering a strong entrepreneurial atmosphere [4]. - Key factors driving the AI ecosystem in Hangzhou include the presence of Alibaba Cloud, which serves as a significant platform for AI innovation and application [7][8][19]. - Alibaba Cloud's commitment to AI infrastructure includes a planned investment of 380 billion RMB over three years, aiming to enhance its global data center capabilities [18]. Group 2: Cloud Computing and AI Integration - Alibaba Cloud's founder, Wang Jian, predicts that AI will propel the cloud computing industry forward, marking the beginning of a new era in technology [13][15]. - The annual Cloud Habitat Conference serves as a crucial platform for discussing the future of cloud computing and AI, showcasing the industry's evolution and innovations [9][10]. - The integration of AI into cloud computing is seen as a transformative force, with predictions that large models will become the next generation of operating systems [18]. Group 3: Local Innovation and Cultural Factors - The "Cloud Habitat Town" in Hangzhou exemplifies a unique "town culture" that attracts businesses through scenario-based investment strategies, fostering a collaborative environment for innovation [29][31]. - The town's focus on cloud computing has led to the establishment of numerous tech companies, creating a vibrant ecosystem that supports startups and innovation [33][34]. - The culture in Hangzhou emphasizes practical applications of AI, with a growing number of AI agents being developed and deployed across various industries [25][41]. Group 4: Future Prospects and Challenges - Hangzhou's ambition to become the AI center of China is supported by significant investments and a strategic focus on building a comprehensive AI ecosystem [38]. - However, challenges remain, including the need for more substantial economic growth and the competition from other major cities in China [39]. - The ongoing development of AI applications and the emphasis on real-world use cases indicate a shift towards more practical and sustainable AI solutions [41].