投入翻番：中国移动启动“AI+”豪赌

Core Insights - China Mobile announced an upgrade to its "AI+" action plan and the establishment of the "AI+" ecological alliance, indicating a strategic shift from 5G to AI as a core focus [1][2][3] - The company aims to double its investment in artificial intelligence by the end of 2028, with plans to build the largest and most advanced intelligent computing infrastructure in the country [1][3] - The latest financial report shows a 0.5% decline in revenue for the first half of the year, marking the first revenue drop in six years, raising concerns about the financial implications of high investment in AI [1][4] Investment and Infrastructure - By 2028, China Mobile plans to explore the construction of a 100,000-card intelligent computing cluster and achieve a national intelligent computing power scale exceeding 100 EFLOPS [1][3] - The company is focusing on creating a collaborative ecosystem that enhances the synergy between computing power, models, and data to accelerate AI implementation [2][3] - The "Nine Sky" model is central to the company's strategy, aiming to elevate its position in the AI value chain from merely providing resources to offering capabilities [5][6] Market and Business Strategy - The "AI+" action plan is expected to create a new industrial ecosystem with a market scale in the hundreds of billions [3][10] - China Mobile's strategy includes the development of high-quality data sets across 15 industries and the establishment of a robust AI talent pool [3][7] - The company has created a "1+3+N fleet matrix" to support its AI initiatives, which includes a core infrastructure and specialized teams focused on computing power, model development, and application scenarios [8][9] Financial Considerations - China Mobile's revenue from AI is currently minimal compared to its overall revenue, indicating potential cash flow pressures as the company invests heavily in AI infrastructure [10][11] - The company's capital expenditure plan for 2025 is set at 151.2 billion yuan, with 37.3 billion yuan allocated for computing power investments, representing 25% of total expenditures [10] - The net cash flow from operating activities has significantly decreased, highlighting the financial strain as the company accelerates payments to support its supply chain [11]