Zhong Guo Ji Jin Bao·2025-09-24 10:58Group 1: Alibaba's Partnership with NVIDIA - Alibaba announced a partnership with NVIDIA to develop Physical AI, significantly upgrading its AI infrastructure with an additional capital expenditure of 380 billion yuan [4] - Following the announcement, Alibaba's stock surged by 9.16%, closing at 174.00 HKD per share, with a trading volume of 44.09 billion HKD, nearly four times that of the second-highest stock [4] - Alibaba's CEO emphasized the importance of large models in the evolution from AGI to ASI, stating that they will serve as the core interface for user and software interactions [4][6] Group 2: AI Infrastructure Investment - Alibaba plans to enhance its AI infrastructure, with a projected tenfold increase in energy consumption at its global data centers by 2032 compared to 2022 [6] - The company is expected to drive growth in its cloud business through significant investments in AI infrastructure, with forecasts for adjusted net profits of 140.5 billion yuan, 162.9 billion yuan, and 189.8 billion yuan from 2026 to 2028 [6][7] Group 3: Semiconductor Industry and SMIC - SMIC's stock rose by 5.72%, reaching a historical high of 76.75 HKD per share, driven by expectations of increased demand for AI chips in China [8] - Analysts project SMIC's revenue to reach 67.7 billion yuan, 77.9 billion yuan, and 89.6 billion yuan from 2025 to 2027, with net profits of 5.1 billion yuan, 6.2 billion yuan, and 7.4 billion yuan respectively [8] - The semiconductor capital expenditure is expected to grow by 14% in 2025, reaching 148 billion USD, with a 12% increase in the global equipment market size [9]