Ge Long Hui·2025-09-25 11:03Group 1 - The core viewpoint emphasizes the significant investment in AI infrastructure, which is expected to accelerate cloud business growth and maintain a "buy" rating for the company [1][2] - The company plans to increase its investment in AI infrastructure, with a projected net profit forecast for FY2026-2028 of 140.5 billion, 162.9 billion, and 189.8 billion yuan, reflecting a year-on-year growth rate of -11.2%, +16.0%, and +16.5% respectively [1] - The company is focusing on enhancing its AI capabilities, with a shift from CPU-centric to GPU-centric computing, indicating a transformation in the computing paradigm driven by large models [1] Group 2 - The demand for AI infrastructure is exceeding expectations, with the company actively advancing the construction of 380 billion yuan in AI infrastructure [1] - The company is leveraging its advantages in high-end users, merchants, and fulfillment systems to enhance its instant retail and in-store business [2] - The company is expected to see continuous improvement in the monetization rate of its Taotian platform, driven by increased investment in flash sales [2]