阿里云财报CAPEX超预期，国产算力超节点爆发正当时

Group 1: Industry Trends - Nvidia's Q2 2026 financial report shows strong revenue growth, with total revenue reaching $46.7 billion, a 56% year-on-year increase, and data center business revenue at $41.1 billion, also up 56% [2] - Nvidia's network business revenue reached $7.3 billion, with a quarter-on-quarter increase of 98% and a year-on-year increase of 46%, indicating a positive outlook for the optical module market [2] - Google showcased its TPUv7 at Hotchips 2025, achieving an I/O bandwidth of 1.2TB/s, which could significantly enhance AI infrastructure capabilities [3] Group 2: Company Performance - Alibaba's Q2 revenue surged by 26% year-on-year to 33.4 billion yuan, marking the highest growth rate in three years, driven by AI-related revenue growth [4] - Alibaba Cloud's revenue for the first half of 2025 is projected to reach 63.5 billion yuan, a 22% year-on-year increase, solidifying its position as the leader in China's AI infrastructure AIIaaS market [4] - Alibaba's capital expenditure in Q2 reached 38.6 billion yuan, a staggering increase of 220% year-on-year, significantly exceeding market expectations [4] Group 3: Market Insights - The overall market saw significant gains during the week of August 25-29, 2025, with the Shenwan Communications Index rising by 12.38% and the ChiNext Index increasing by 7.74% [5] - The top three performing sectors included optical cables and marine cables (+52.59%), optical modules (+29.99%), and connectors (+25.09%) [5] - Leading stocks included Changfei Fiber (+55.36%), Cambridge Technology (+41.36%), and Bochuang Technology (+39.07%), while stocks like Zhenbang Intelligent and Yonggui Electric saw declines [5]