中信证券：阿里资本开支超预期，看好国产算力需求恢复

Core Viewpoint - Alibaba's latest financial report indicates significant growth in capital expenditure and cloud business for Q2 2025, with AI-related product revenue achieving triple-digit growth for eight consecutive quarters [1] Group 1: Financial Performance - Alibaba's capital expenditure and cloud business have shown high growth, reflecting strong investment in AI infrastructure despite geopolitical disruptions affecting overseas computing chip supply [1] - AI-related product revenue has consistently achieved triple-digit growth over the past eight quarters, highlighting the company's successful integration of AI into its offerings [1] Group 2: Industry Implications - The report from CITIC Securities suggests that the progress in domestic AI chip autonomy is steadily advancing, indicating a shift towards self-sufficiency in AI technology [1] - Domestic cloud service providers are expected to experience a resurgence in capital expenditure driven by AI demand, signaling a return to high growth rates in the sector [1] - Recommendations are made for companies benefiting from the domestic computing wave, particularly in areas such as AIDC, server and network equipment, and upstream switching chip manufacturers [1]